机械设备行业点评报告：中美协议超预期降低双边关税+90天窗口期，建议关注估值回落的优质机械出口标的

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, suggesting a positive outlook for the sector in the next 6 to 12 months [1]. Core Insights - The recent US-China trade agreement provides a 90-day window for negotiations, which is expected to benefit companies with strong export capabilities and high profit margins [1]. - The adjustment in tariffs allows for a significant reduction in the effective tariff rate on Chinese exports to the US, from 145% to 30% during the 90-day period, enhancing the competitiveness of certain companies [1]. - Companies like Zhejiang Dingli are highlighted for their strong profit margins and ability to withstand tariff increases, with an estimated capacity to absorb about 60% of the new tariffs [2]. - Other companies with potential benefits from the tariff reductions include Juxing Technology, Yindu Co., and Haoyang Co., which have higher exposure to the US market [3]. Summary by Sections Trade Agreement Impact - The US-China trade agreement includes a temporary suspension of certain tariffs, providing a buffer for companies to maintain market share in the US [1]. - The effective tariff rate on Chinese exports will increase to 54% after the 90-day period, emphasizing the importance of this window for strategic planning [1]. Company Recommendations - Zhejiang Dingli is recommended due to its strong profit base and ability to maintain good profitability despite tariff changes [2]. - Other companies with lower direct exposure to the US market, such as Anhui Heli and Hangcha Group, are also suggested as they may benefit from the overall market conditions despite their limited direct exposure [3]. Market Outlook - The report indicates a positive outlook for the mechanical equipment industry, driven by the potential recovery in domestic demand and the favorable trade environment [6].