SINOLINK SECURITIES·2025-05-18 09:18Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [3]. Core Insights - The report highlights a positive outlook for Yingliu Co., driven by the rising demand in the "two machines" sector, with a projected average global gas turbine sales increase of 36% from 44.1 GW in 2023 to 60 GW from 2024 to 2026 [5][25]. - The nuclear fusion sector is expected to see accelerated bidding activity in 2025, with over 70 tenders reported for the Hefei BEST project this year, indicating a robust market environment [5][25]. - Huawei's collaboration with UBTECH in humanoid robotics and Tesla's advancements in their Optimus project signal a rapid development in the humanoid robotics industry [5][25]. Summary by Sections Market Review - The SW Machinery Equipment Index rose by 0.35% during the week of May 12-16, 2025, ranking 18th among 31 primary industry categories, while the CSI 300 Index increased by 1.12% [3][13]. - Year-to-date, the SW Machinery Equipment Index has increased by 9.47%, ranking 3rd among the 31 primary industry categories, contrasting with a 1.16% decline in the CSI 300 Index [3][17]. Key Data Tracking General Machinery - The manufacturing PMI for April was reported at 49.0, indicating a slight decline, with new orders PMI at 49.2, reflecting a decrease of 2.6 percentage points [24]. Engineering Machinery - In April 2025, excavator sales reached 22,100 units, a year-on-year increase of 17.6%, with exports at 9,595 units, up 19.3% [38]. Railway Equipment - From January to April 2025, railway fixed asset investment and passenger volume increased by 5.3% and 5.9% respectively, indicating a recovery in railway equipment demand [40]. Shipbuilding - The global new ship price index reached 187.43 in April 2025, a year-on-year increase of 0.32%, suggesting improved profitability for shipbuilding companies [43]. Oilfield Equipment - Brent crude oil prices fluctuated around $65 per barrel, with ongoing monitoring of production increases and trade negotiations between China and the US [46]. Industrial Gases - Industrial gas prices are experiencing fluctuations, with both liquid oxygen and nitrogen prices showing variability [49]. Industry Dynamics - The report notes significant developments in the general machinery sector, including the delivery of key nuclear pump equipment and advancements in liquid cooling technology for data centers [50]. - The report also mentions a major breakthrough in natural gas exploration by Sinopec in Sichuan, which could enhance the region's production capabilities [51].