Guoyuan Securities·2025-06-04 13:42Investment Rating - The report maintains a positive outlook on the engineering machinery industry for the second quarter of 2025, indicating a recovery in market conditions [5]. Core Insights - The low-altitude economy is expected to grow, with government initiatives supporting the digital transformation of the electronic information manufacturing industry, aiming for comprehensive coverage of over 100 typical scenario solutions by 2027 [3]. - The engineering machinery sector shows resilience in both domestic and export markets, with leading companies reporting good growth in performance and order backlog [4]. Weekly Market Review - From May 25 to May 30, 2025, the Shanghai Composite Index fell by 0.03%, while the Shenzhen Component Index and the ChiNext Index dropped by 0.91% and 1.40%, respectively. The Shenwan Machinery Equipment Index decreased by 0.43%, outperforming the CSI 300 Index by 0.66 percentage points, ranking 21st among 31 Shenwan primary industries [11]. - Sub-sectors within machinery equipment experienced varied performance, with general equipment down by 0.47%, specialized equipment up by 0.32%, and engineering machinery down by 0.38% [11]. Key Sector Tracking - The report highlights the importance of the low-altitude economy, with initiatives from various government bodies to promote applications in consumer drones and smart city management [3]. - The engineering machinery sector is expected to maintain a high level of prosperity, with strong domestic sales and exports anticipated in the second quarter [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Aowei [5]. - In the machinery equipment sector, suggested companies include Sany Heavy Industry, XCMG, and Anhui Heli [5].