Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the performance of various sectors within the equipment manufacturing industry, indicating a mixed outlook for different segments [1][2]. Core Insights - The domestic engineering machinery market is experiencing a short-term decline in activity, with May 2025 data showing a 3.86% year-on-year decrease in average working hours and a 5.01 percentage point drop in operating rates [2]. - The automotive sector shows resilience, with a 6% year-on-year increase in daily retail sales of passenger vehicles in late May 2025, supported by promotional strategies from manufacturers [2]. - The photovoltaic sector is facing challenges, with a slowdown in demand for solar glass and a general decline in prices for various products, indicating a weak market outlook [2]. Summary by Sections Market Overview - From June 3 to June 6, 2025, the indices for machinery equipment, power equipment, and automotive sectors changed by 0.93%, 1.38%, and 0.17% respectively, ranking 19th, 14th, and 25th among 31 primary industries [7][10]. Engineering Machinery - The average working hours for major engineering machinery products in May 2025 were 84.5 hours, down 3.86% year-on-year and 6.25% month-on-month. The operating rate was 59.5%, reflecting a 5.01 percentage point year-on-year decline [2]. Automotive Sector - In the last week of May 2025, the average daily retail sales of passenger vehicles reached 95,000 units, a 6% increase compared to the same period last year, although it represented a 7% decrease from the previous month [2]. Photovoltaic Sector - The prices of photovoltaic cells and modules have seen a slowdown in their decline, but overall demand remains weak, particularly for solar glass, which is experiencing price pressure due to reduced purchasing needs from downstream component manufacturers [2]. Industry News - As of April 2025, China's renewable energy generation capacity reached 2.017 billion kilowatts, a 58% year-on-year increase, with wind, solar, and nuclear power surpassing thermal power capacity for the first time [2].