机械行业周报：低空经济蓄势待发，出口机械有望回暖-20250521

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6]. Core Insights - The low-altitude economy is showing strong growth potential, driven by intensive events, increased capital investment, and international collaboration. Policies in regions like Sichuan and Chongqing are accelerating the development of low-altitude economy infrastructure, focusing on general airports and vertical take-off and landing sites [3]. - The machinery sector is expected to see a marginal improvement in exports in the second quarter, particularly due to recent developments in US-China trade negotiations. The engineering machinery sector remains robust, with strong domestic and export performance [4]. Weekly Market Review - From May 11 to May 16, 2025, the Shanghai Composite Index rose by 0.76%, while the ShenZhen Component Index and the ChiNext Index increased by 0.52% and 1.38%, respectively. The Shenwan Machinery Equipment Index increased by 0.35%, underperforming the CSI 300 Index by 0.76 percentage points, ranking 18th among 31 Shenwan primary industries [11][13]. - Within sub-sectors, the performance varied: general equipment rose by 0.96%, specialized equipment by 1.05%, rail transit equipment II by 0.54%, while engineering machinery fell by 2.06% and automation equipment increased by 0.44% [11][14]. Key Sector Tracking - The low-altitude economy sector continues to thrive, with significant policy support and international collaboration. Companies like EHang and Archer are making progress in order disclosures and flight testing, indicating a shift towards commercialization [3]. - The machinery equipment sector is advised to focus on companies with strong overseas production capabilities and diversified customer bases, especially in light of the recent US-China tariff negotiations [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group. In the complete machine segment, focus on Wan Feng Ao Wei and EHang Intelligent [4]. - In the machinery equipment sector, recommended companies include Juxing Technology, Quan Feng Holdings, and Sany Heavy Industry for the export chain, while for engineering machinery, Sany Heavy Industry and XCMG Machinery are highlighted [4].