渤海证券研究所晨会纪要（2025.05.29）-20250529

Market Overview - During the week of May 21 to May 27, the A-share market saw all major indices decline, with the ChiNext Index experiencing the largest drop of 2.77%. The Shanghai Composite Index fell by 1.18%, while the Shenzhen Component Index decreased by 2.15% [2] - As of May 27, the margin trading balance in the Shanghai and Shenzhen markets was 1,804.733 billion yuan, a decrease of 2.577 billion yuan from the previous week. The financing balance was 1,792.922 billion yuan, down by 2.292 billion yuan, and the securities lending balance was 11.812 billion yuan, down by 0.285 billion yuan [2] Industry Insights - In the financing activities, the automotive, pharmaceutical, and non-ferrous metal industries saw significant net buying, while the electronics, computer, and non-bank financial sectors experienced lower net buying [3] - The financing buy-in ratio was notably high in the non-bank financial, banking, and steel industries, while it was lower in textiles, light manufacturing, and retail [3] Company Announcements - Huanghe Xuanfeng plans to establish Henan Qianyuan Chip Drilling Semiconductor Technology Co., Ltd. in partnership with Bozhi Jinduan [5] - Tianyi Shangjia intends to change its stock abbreviation to Tianyi New Materials [5] Machinery Industry Performance - From January to April 2025, excavator sales reached 83,500 units, representing a year-on-year increase of 21.40%, with domestic sales accounting for 49,100 units, up by 31.90% [6] - The construction machinery industry is experiencing an upward trend, driven by improved construction activity, particularly in road equipment, which saw significant increases in operating rates [6] Investment Recommendations - The report maintains a "positive" rating for the machinery industry, with specific "buy" ratings for companies such as Sany Heavy Industry, Zoomlion Heavy Industry, Hengli Hydraulic, and CRRC Corporation [6]