渤海证券研究所晨会纪要（2025.09.11）-20250911

Market Overview - The A-share market experienced overall fluctuations last week, with the ChiNext index showing the smallest decline of 0.15%, while the Sci-Tech 50 index saw the largest drop of 6.23%. The Shanghai Composite Index fell by 1.32%, and the Shenzhen Component Index decreased by 0.34% [2] - As of September 9, the margin trading balance in the Shanghai and Shenzhen markets reached 2,312.02 billion yuan, an increase of 30.90 billion yuan from the previous week. The financing balance was 2,295.80 billion yuan, up by 30.76 billion yuan, while the securities lending balance was 16.22 billion yuan, increasing by 0.14 billion yuan [2] Industry Insights - In the machinery equipment sector, excavator sales in August reached 16,500 units, representing a year-on-year growth of 12.8%. Loader sales were 9,440 units, with a year-on-year increase of 13.3% [5][6] - The average working hours for major engineering machinery products in August were 78.4 hours, indicating a robust operational environment [6] - The machinery equipment industry maintained a strong recovery trend, with both domestic and international market sales growth remaining in double digits. The demand for engineering machinery is expected to continue benefiting from ongoing infrastructure projects and reduced tariff disturbances globally [7] Company Performance - The top five stocks with the highest net buying in margin trading last week included Sunshine Power (300274), XianDao Intelligent (300450), CATL (300750), Zhongji Xuchuang (300308), and EVE Energy (300014) [4] - The stocks with the highest net selling in securities lending were led by CATL (300750), Agricultural Bank of China (601288), Cangge Mining (000408), Wanhua Chemical (600309), and Giant Network (002558) [4] Valuation Metrics - As of September 9, the price-to-earnings ratio (TTM) for the machinery equipment sector was 30.62 times, with a valuation premium of 133.32% compared to the Shanghai and Shenzhen 300 index [7] Future Outlook - The report maintains a "positive" outlook for the machinery equipment industry, with recommendations to "increase holdings" in companies such as Zoomlion (000157), Hengli Hydraulic (601100), Estun Automation (002747), and Haomai Technology (002595) [7]