机械设备行业周报：工程机械开工率有所下降，出口景气度持续恢复-20250609

Investment Rating - The industry investment rating is "Recommended" (maintained) [2][4]. Core Viewpoints - The construction machinery operating rate has decreased, while export sentiment continues to recover. In May 2025, the average operating rate for major construction machinery products was 59.5%, down 5.01 percentage points year-on-year and 2.45 percentage points month-on-month. However, in April 2025, the sales of various excavators reached 22,142 units, a year-on-year increase of 17.6% [4][49]. - The mechanical equipment industry is driven by policy support, technological iteration, and globalization, presenting structural opportunities. The report suggests focusing on sectors with lower crowding, such as semiconductor equipment, scientific instruments, and humanoid robots, as well as domestic demand-driven sectors like construction machinery and general equipment [4][48]. - The manufacturing PMI in May 2025 was 49.5%, indicating a slight recovery in production and new orders, which is expected to improve business expectations and operational activities [50][21]. Summary by Sections Industry Performance - The mechanical equipment index rose by 1.18% from June 3 to June 6, 2025, ranking 18th among 31 primary industries. Sub-industries such as laser equipment (+5.08%) and construction machinery components (+3.46%) performed well, while textile and apparel equipment (-1.77%) and construction machinery complete machines (-1.16%) saw declines [4][48]. - In April 2025, the production of metal cutting machine tools was 74,000 units, a year-on-year increase of 15.6%, maintaining double-digit growth for five consecutive months [25][29]. Key Data - As of April 2025, fixed asset investment increased by 4% year-on-year, with manufacturing investment up by 8.8% and infrastructure investment up by 10.85% [21][38]. - The production of industrial robots in April 2025 reached 71,547 units, a year-on-year increase of 51.5%, driven by the "old-for-new" policy and effective loan interest subsidies [51][29]. Company Focus - Recommended companies include XCMG (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion (000157.SZ) for construction machinery, and Huazhong CNC (300161.SZ), Neway CNC (688697.SH), and Haitian Precision (601882.SH) for general equipment [49][50]. - The report highlights the importance of focusing on high-tech segments such as reducers and servo systems, as well as system integrators benefiting from diversified downstream applications [51][5].