SINOLINK SECURITIES·2025-06-22 11:48Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The nuclear fusion sector is entering a period of intensive capital expenditure, with ongoing tenders for auxiliary power systems, suggesting significant investment opportunities in related companies [6][24] - The "marine economy" and "deep-sea technology" policies are emerging, highlighting the importance of high-end marine equipment manufacturing, particularly in shipbuilding and deep-sea robotics [6][25] - Demand for forklifts is slightly better than expected, with sales in May reaching 123,472 units, a year-on-year increase of 11.8%, indicating potential growth in the smart logistics and robotics sectors [6][25] - The general machinery sector is experiencing a slowdown, while engineering machinery shows a stable upward trend, and railway equipment is also on the rise [26][36][47] Summary by Sections Market Review - The SW Machinery Equipment Index fell by 2.16% in the week of June 16-20, 2025, ranking 19th among 31 primary industry categories [3][14] - Year-to-date, the SW Machinery Equipment Index has risen by 3.75%, ranking 8th among the same categories [3][18] Key Data Tracking - General machinery is experiencing a downturn, with May manufacturing PMI at 49.5, indicating a contraction [26] - Engineering machinery sales in May reached 18,200 units, with a year-on-year increase of 2.1%, indicating a stable market [36] - Railway fixed asset investment and passenger volume are both showing positive growth, suggesting a recovery in demand [47] Industry Dynamics - The nuclear fusion sector is seeing significant capital investment, with individual experimental pile projects costing tens to hundreds of billions [6][24] - The marine economy is being prioritized by government policies, with a focus on shipbuilding and deep-sea technology [6][25] - The oil service equipment sector is stabilizing at the bottom, with potential for recovery driven by geopolitical factors and OPEC's production decisions [51] Investment Recommendations - Suggested stocks to watch include Hezhong Intelligent, Lianchuang Optoelectronics, China Shipbuilding, and China CRRC, among others [12]