GUOTAI HAITONG SECURITIES·2026-02-26 14:36Investment Rating - The report assigns an "Overweight" rating for the mechanical industry [4]. Core Insights - The report highlights a continuous decline in shipping costs on major routes year-on-year, with the U.S. housing market index showing a year-on-year decrease of 14.29% [2][4]. - It suggests focusing on export-oriented consumer companies with global manufacturing layouts, brand output capabilities, and channel integration advantages, especially those with diversified capacity, stable customer loyalty, and pricing power [4]. Summary by Sections Investment Recommendations - The report recommends closely monitoring export-oriented consumer companies that possess global manufacturing layouts and strong brand capabilities. Companies with diversified capacity and stable customer relationships are expected to achieve sustained growth amid changing external environments and policy dynamics. Key recommended stocks include: - Juxing Technology - Yindu Co., Ltd. - Taotao Vehicle - Honghua Digital Science - Jack Co., Ltd. - Related stocks: Haoyang Co., Ltd. [4]. Cost Tracking - The report notes a slight depreciation of the USD and EUR against the RMB. Shipping costs on various routes have decreased year-on-year: - The comprehensive index of the China Export Container Freight Index (CCFI) is 1088.14, down 21.56% year-on-year and 3.03% month-on-month. - Specific route indices include: - Europe: 1508.26, down 7.05% year-on-year - U.S. East: 913.08, down 29.01% year-on-year - U.S. West: 824.72, down 25.73% year-on-year - Southeast Asia: 852.70, down 19.27% year-on-year [4]. Industry High-Frequency Data Tracking - U.S. Restaurant Performance Index (RPI) for December shows a month-on-month decrease of 1.0%, with a value of 98.3 compared to 99.2 in November [4]. - The U.S. housing market index for February shows a year-on-year decline of 14.29%, with a value of 36, down 2.70% month-on-month [4]. - The golf cart industry saw a year-on-year export volume increase of 7.66% in December, while the motorcycle industry experienced a year-on-year export value increase of 15.83% [4].