BOHAI SECURITIES·2025-06-12 03:16Market Overview - The A-share market saw most major indices rise last week, with the ChiNext Index experiencing the largest increase of 1.73%. The Shanghai Composite Index rose by 0.68%, while the Shenzhen Component Index increased by 1.04% [2] - As of June 10, the margin trading balance in the Shanghai and Shenzhen markets was 1,811.46 billion yuan, an increase of 12.36 billion yuan from the previous week. The financing balance was 1,799.24 billion yuan, up by 11.95 billion yuan, and the securities lending balance was 12.22 billion yuan, which increased by 0.42 billion yuan [2] Industry Insights - The electronic, computer, and machinery equipment sectors had significant net buying in margin trading, while the food and beverage, banking, and coal sectors saw less net buying [3] - The average working hours for major construction machinery products in May were 84.5 hours, a year-on-year decrease of 3.86% [5] - Excavator sales in May reached 18,200 units, a year-on-year increase of 2.12%, while loader sales were 10,500 units, up 7.24% [5] Company Announcements - Zhejiang Lino plans to acquire 100% of Xuzhou Chemical Machinery Co., Ltd. [6] - Laisai Laser has adjusted the expected operational date for its fundraising project to August 1, 2026 [6] Performance Review - From June 4 to June 10, the CSI 300 Index rose by 0.35%, while the machinery equipment sector increased by 0.73%, outperforming the CSI 300 by 0.38 percentage points [6] - The price-to-earnings ratio (TTM) for the machinery equipment sector as of June 10 was 26.18 times, with a valuation premium of 117.57% compared to the CSI 300 [8] Future Outlook - Cumulative excavator sales from January to May reached 101,700 units, a year-on-year increase of 17.40%, with domestic sales at 57,500 units, up 25.70% [8] - The report maintains a "positive" rating for the machinery equipment sector, emphasizing the potential for urban renewal initiatives to drive steady demand for construction machinery [8]