Guoyuan Securities·2025-04-22 03:40Investment Rating - The report maintains a positive outlook on the low-altitude economy and domestic substitution direction in the machinery industry [6]. Core Viewpoints - The low-altitude economy is expected to grow due to the recent policy support from multiple government departments, which includes 48 specific tasks aimed at enhancing consumption and expanding new business scenarios [3]. - The machinery equipment sector is facing external pressures from U.S. tariffs, which are accelerating domestic substitution. Companies with strong overseas production capabilities and diversified customer bases are recommended for investment [3]. - The overall performance of leading companies in the engineering machinery sector, such as SANY Heavy Industry, shows good growth in both revenue and orders, indicating a recovery in industry sentiment [3]. Weekly Market Review - From April 13 to April 18, 2025, the Shanghai Composite Index rose by 1.19%, while the ShenZhen Component Index and the ChiNext Index fell by 0.54% and 0.64%, respectively. The machinery equipment sector underperformed, declining by 0.73% [12][14]. - Among sub-sectors, general equipment, automation equipment, and engineering machinery saw declines of 1.08%, 1.40%, and 1.38%, respectively [12][15]. Key Sector Tracking - The low-altitude economy is supported by a government plan that emphasizes policy support and market expansion, which is expected to accelerate the sector's development [3]. - The machinery equipment sector is characterized by "external pressure and internal stability," with a focus on technological breakthroughs and opportunities in non-U.S. markets [3]. Investment Recommendations - For the low-altitude economy, recommended companies include ShenZhen Urban Transport, Suzhou Transportation Science and Technology, and others in various segments such as core components and operations [4]. - In the machinery equipment sector, companies like SANY Heavy Industry, XCMG Machinery, and others are highlighted for their strong performance and growth potential [4].