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

Investment Rating - The investment rating for the machinery equipment industry is "Recommended" [2][4][48] Core Views - The machinery industry is experiencing structural opportunities driven by policy support, technological iteration, and globalization. The recent market has shown rapid rotation of hotspots, suggesting a favorable environment for left-side layout in less crowded sectors [4][48] - The operating rate of engineering machinery has decreased, while export demand continues to recover. In May 2025, the average operating rate for major engineering machinery products was 59.5%, down 5.01 percentage points year-on-year and 2.45 percentage points month-on-month [4][49] - Domestic demand is expected to recover due to a new round of concentrated replacement cycles, the gradual effects of real estate easing policies, and the catalytic effects of national large-scale replacement policies [49] Summary by Sections Industry Performance - The machinery 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 engineering machinery components (+3.46%) performed well, while textile and apparel equipment (-1.77%) and engineering machinery complete machines (-1.16%) saw declines [4][48] - In April 2025, excavator sales reached 22,142 units, a year-on-year increase of 17.6%, with domestic sales of 12,547 units (+16.4%) and exports of 9,595 units (+19.3%) [40][49] Key Data - As of May 2025, the manufacturing PMI was 49.5%, with a month-on-month increase of 0.5 percentage points. The production index and new orders index showed signs of recovery, indicating improved business expectations and operational activities [18][50] - The production of industrial robots in April 2025 was 71,547 units, a year-on-year increase of 51.5%, attributed to the "old-for-new" policy and effective loan interest subsidies for equipment upgrades [29][51] Company Focus - Companies to watch include XCMG (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion (000157.SZ) for engineering machinery, and Huazhong CNC (300161.SZ), Neway CNC (688697.SH), and Haitian Precision (601882.SH) for general equipment [4][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]