GUOTAI HAITONG SECURITIES·2026-02-27 00:25Investment Rating - The report assigns an "Accumulate" rating for the mechanical industry [4]. Core Insights - The report highlights a continued decline in shipping costs for 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. 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 for 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) decreased to 98.3 in December, down 1.0% from November [4]. - The U.S. housing market index for February shows a year-on-year decline of 14.29%, with existing home sales down 4.40% year-on-year [4]. - The golf cart export volume increased by 1.33% month-on-month and 7.66% year-on-year, while the motorcycle export value decreased by 2.73% month-on-month but increased by 15.83% year-on-year [4].