Key Recommendations - Consumption performance is strong, but real estate drag deepens, as May economic data shows retail sales up 6.4% YoY, fixed asset investment up 3.7% YoY, and industrial output up 5.8% YoY [6][8] - The white liquor sector continues to bottom out, with a focus on seasonal prosperity in the food and beverage industry, as the sector index fell 4.37% [11][12] - Insurance companies will fully implement new accounting standards starting in 2026, with a focus on policy expectations from the Lujiazui Forum [15][17] - The price of pesticides is rising, presenting opportunities in the agricultural chemical sector, with a significant increase in the price of a key pesticide [19][20] - Nvidia plans to build multiple AI factories in Europe, indicating a strong demand for AI chips and computing power [24][25] Economic Observations - The online retail sector significantly contributed to the retail sales growth, with a 6.3% YoY increase in online retail sales, driven by the "618" shopping festival and trade-in policies [7][8] - Industrial production showed resilience despite a slight decline, with the industrial value-added growth at 5.8% YoY, still above last year's average [8][9] - Fixed asset investment growth is declining, particularly in real estate, with a cumulative YoY decline of 10.7% in real estate investment [10][12] Sector Insights - The white liquor sector is under pressure due to policy impacts and price declines, with major brands experiencing significant price drops [12][13] - The beer sector is showing signs of recovery as the consumption season approaches, with a 4.8% YoY increase in production [13][14] - The insurance sector is expected to see a long-term influx of capital as new accounting standards are implemented, enhancing market activity [15][18] Industry Trends - The agricultural chemical sector is experiencing price increases, particularly for key products, which may benefit certain companies [19][20] - The mechanical equipment sector is seeing a slight decline in domestic sales but maintains growth in exports, with a 5.42% increase in excavator exports [30][32] - The tire industry is expected to see improved profitability as raw material prices decline, with a positive outlook for demand as weather warms [35][36] Investment Recommendations - Focus on high-end liquor and regional leaders in the white liquor sector, with specific companies recommended for investment [14] - In the agricultural chemical sector, companies benefiting from rising pesticide prices are highlighted for potential investment [19][20] - In the mechanical equipment sector, companies with strong global expansion strategies are recommended for investment [34]

Group 1 - In May 2025, a total of 18,202 excavators were sold, representing a year-on-year increase of 2.12%. Domestic sales were 8,392 units, down 1.48%, while exports reached 9,810 units, up 5.42% [1] - From January to May 2025, a total of 101,716 excavators were sold, marking a year-on-year increase of 17.4%. Domestic sales were 57,501 units, up 25.7%, and exports were 44,215 units, up 8.2% [2] - In May 2025, 36 electric excavators were sold, with various weight categories contributing to the total [3] Group 2 - In May 2025, a total of 10,535 loaders were sold, showing a year-on-year increase of 7.24%. Domestic sales were 6,037 units, up 16.7%, while exports were 4,498 units, down 3.31% [4][5] - From January to May 2025, a total of 52,755 loaders were sold, reflecting a year-on-year increase of 14.1%. Domestic sales were 29,607 units, up 25.4%, and exports were 23,148 units, up 2.39% [5] Group 3 - In May 2025, 649 graders were sold, down 3.28% year-on-year. Domestic sales were 112 units, up 31.8%, while exports were 537 units, down 8.36% [7] - From January to May 2025, a total of 3,580 graders were sold, marking a year-on-year increase of 14.9%. Domestic sales were 677 units, up 40.7%, and exports were 2,903 units, up 10.1% [7] Group 4 - In May 2025, 1,748 truck cranes were sold, down 8.1% year-on-year. Domestic sales were 978 units, down 3.36%, while exports were 770 units, down 13.5% [7] - From January to May 2025, a total of 9,103 truck cranes were sold, reflecting a year-on-year decrease of 8.94%. Domestic sales were 5,181 units, down 13.8%, and exports were 3,922 units, down 1.61% [8] Group 5 - In May 2025, 261 crawler cranes were sold, up 31.8% year-on-year. Domestic sales were 56 units, down 3.45%, while exports were 205 units, up 46.4% [10] - From January to May 2025, a total of 1,282 crawler cranes were sold, marking a year-on-year increase of 5.25%. Domestic sales were 402 units, down 1.23%, and exports were 880 units, up 8.51% [11] Group 6 - In May 2025, 1,681 truck-mounted cranes were sold, down 20.3% year-on-year. Domestic sales were 1,286 units, down 27.5%, while exports were 395 units, up 18.6% [13] - From January to May 2025, a total of 10,695 truck-mounted cranes were sold, reflecting a year-on-year decrease of 3.85%. Domestic sales were 8,535 units, down 6.71%, and exports were 2,160 units, up 9.42% [14] Group 7 - In May 2025, 538 tower cranes were sold, down 28.4% year-on-year. Domestic sales were 292 units, down 51.7%, while exports were 246 units, up 67.3% [15] - From January to May 2025, a total of 2,334 tower cranes were sold, marking a year-on-year decrease of 36.6%. Domestic sales were 1,278 units, down 57.1%, and exports were 1,056 units, up 51.1% [16] Group 8 - In May 2025, 123,472 forklifts were sold, representing a year-on-year increase of 11.8%. Domestic sales were 79,129 units, up 9.25%, while exports were 44,343 units, up 16.6% [17] - From January to May 2025, a total of 601,764 forklifts were sold, reflecting a year-on-year increase of 9.33%. Domestic sales were 392,490 units, up 6.66%, and exports were 209,274 units, up 14.7% [18] Group 9 - In May 2025, 1,589 rollers were sold, up 17% year-on-year. Domestic sales were 577 units, up 6.07%, while exports were 1,012 units, up 24.3% [19] - From January to May 2025, a total of 7,772 rollers were sold, marking a year-on-year increase of 23.7%. Domestic sales were 2,905 units, up 10.8%, and exports were 4,867 units, up 32.9% [20] Group 10 - In May 2025, 149 pavers were sold, up 30.7% year-on-year. Domestic sales were 107 units, up 33.8%, while exports were 42 units, up 23.5% [21] - From January to May 2025, a total of 708 pavers were sold, reflecting a year-on-year increase of 31.4%. Domestic sales were 521 units, up 32.2%, and exports were 187 units, up 29% [22] Group 11 - In May 2025, 15,653 aerial work platforms were sold, down 26.2% year-on-year. Domestic sales were 5,284 units, down 48.1%, while exports were 10,369 units, down 5.8% [25] - From January to May 2025, a total of 74,533 aerial work platforms were sold, marking a year-on-year decrease of 33.5%. Domestic sales were 29,191 units, down 48.3%, and exports were 45,342 units, down 18.4% [26] Group 12 - In May 2025, 296 high-altitude work vehicles were sold, down 33.3% year-on-year. Domestic sales were 286 units, down 34.1%, while exports remained flat at 10 units [26] - From January to May 2025, a total of 1,906 high-altitude work vehicles were sold, reflecting a year-on-year increase of 12.2%. Domestic sales were 1,803 units, up 9.74%, and exports were 103 units, up 87.3% [27]

Group 1: Market Overview - A-shares have been in a rebound trend since mid-April, with a significant drop on June 13 due to geopolitical factors, but the overall adjustment is expected to be limited [1] - As of June 13, 2025, the best-performing sectors include pharmaceuticals and banking, while food and beverage and real estate sectors show weaker performance [1] - The financing balance in the market has not significantly increased during this rebound, indicating that the implied risk in major A-share indices is not at a high level [1] Group 2: Investment Style and Trends - The differentiation between large-cap value and small-cap growth styles is at a central level compared to the past two years, with no clear mean reversion opportunity currently [1] - The high basis level of stock index futures is influenced by the seasonal increase in dividend distributions from listed companies during May and June, alongside increased hedging demand from cautious investors [1] Group 3: New Consumption Trends in Cosmetics - The new consumption era in the cosmetics industry is characterized by product innovation and emotional value consumption, moving away from the previous traffic-driven growth [3] - The emergence of new channels and media is accelerating product innovation and market penetration, with platforms like Douyin playing a crucial role in product testing and promotion [4] - Traditional industries such as personal care, health products, and cosmetics are experiencing significant product renewal opportunities, driven by structural changes in consumer demand and channel dynamics [5]

Group 1 - The mechanical equipment index experienced a decline of -0.67% during the week of June 9 to June 13, 2025, with a focus on technological innovation in humanoid robots, recovery in domestic engineering machinery sales, and strengthened demand for semiconductor equipment autonomy [1] - In the robotics sector, a cautious short-term outlook is advised, while a strong long-term optimism is maintained, as the current valuation increase is perceived to be outpacing actual industry progress [1] - The engineering machinery sector shows a cyclical recovery trend, with significant long-term investment value. In May 2025, the average working hours for major products was 84.5 hours (down 3.86% year-on-year, down 6.25% month-on-month), and excavator sales reached 18,202 units (up 2.12% year-on-year), with cumulative sales from January to May at 101,716 units (up 17.4% year-on-year) [1] Group 2 - In the low-altitude economy, accelerated industrial collaboration is expected to benefit the power system sector, enhancing core technology development and industrialization processes through deeper cooperation with eVTOL manufacturers [2] - In the controlled nuclear fusion sector, intensive bidding for fusion reactor components is anticipated to accelerate benefits for power supply and detection systems, supported by increased policy backing and technological breakthroughs [2] - In the export chain, consumer-grade export equipment companies with high demand certainty and low technical dependency are expected to benefit first from the backdrop of fluctuating trade tensions, with short-term order recovery and valuation boosts [2]

日前 ，江苏徐州智能制造产业专项母基金（有限合伙）发布子基金管理 人遴选公告：为贯彻落实 江苏省委省政府部署要求，发挥长期资本、耐心资本、战略资本作用，促进江苏省战略性新兴产业 发展，着力打造发展新质生产力的重要阵地，省级母基金与徐州市共同出资设立江苏徐州智能制造 产业专项母基金（有限合伙）。 对接需求请扫码 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 该支基金规模30亿元，主要投资于工程机械、农业机械、特种车辆、高端装备、智能网联汽车、 机器人、高端数控机床、增材制造、智能测控装备、安全产业、核心零部件等领域，以及江苏 省"51010"战略性新兴产业集群、"1650"现代化产业体系以及徐州市"343"创新产业集群体系内智 能制造领域重大 项目。 公告指出，产业子基金规模应注册在江苏省内，不低于5亿元，苏南地区不低于10亿元，各级政府 出资比例合计不超过50%。 来源：徐州国盛集团 ...

Core Viewpoint - The global asphalt mixing plant market is projected to reach a size of $1.79 billion by 2031, with a compound annual growth rate (CAGR) of 2.3% over the coming years [1]. Market Overview - The asphalt mixing plant can produce various types of asphalt mixtures, including modified and colored asphalt, catering to the needs of highways, urban roads, airports, and ports [1]. - The leading product type in the market is the 3000 to 4000 type, which holds approximately 71% of the market share [6][8]. - The primary application for asphalt mixing plants is road construction, accounting for about 87.2% of the demand [11]. Market Drivers - Continuous growth in infrastructure construction, especially in developing countries and along the Belt and Road Initiative, is driving stable demand for asphalt mixtures [13]. - Accelerated urbanization and the implementation of new urbanization strategies are increasing the demand for modern asphalt production equipment [14]. - Government policies and investment plans, such as the U.S. Infrastructure Investment and Jobs Act, provide financial and policy support for the asphalt mixing equipment market [15]. Market Constraints - High initial investment costs for large asphalt mixing plants may limit the purchasing ability of small and medium-sized enterprises or short-term projects [16]. - Stricter environmental and emission regulations are increasing compliance costs and pressuring traditional equipment to be phased out [17]. - Fluctuations in raw material prices, such as asphalt, cement, aggregates, and fuel, directly impact operational costs and profitability [18]. Competitive Landscape - Major global manufacturers of asphalt mixing plants include MARINI, Ammann, WIRTGEN, Astec, Sany Heavy Industry, and others, with the top ten companies holding approximately 89% of the market share in 2024 [5].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry, indicating a projected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [1]. Core Insights - The 2025 Smart Robot Development Conference was held in Nanjing, showcasing over 40 robots from 29 companies, including the second-generation humanoid robot Codroid 02, which features advanced capabilities for both heavy lifting and precision tasks [2]. - Pudu Robotics achieved a significant milestone with the production of its 100,000th robot, the AI-powered PUDU CC1 Pro, marking a new phase in the commercialization of service robots [3]. - The humanoid robot sector is expected to experience a breakthrough in 2025, with mass production driving the downstream supply chain and addressing data scarcity issues, leading to more practical applications [7]. - The report highlights the importance of various components in the humanoid robot industry, including advanced dexterous hands and cost reduction in production processes [7]. Summary by Sections Humanoid Robots - The humanoid robot industry is poised for significant growth, with advancements in technology and increased production capacity expected to enhance practical applications [7]. - Companies such as Estun and others are leading in the development of complex robotic components [7]. Machine Tools & Cutters - Japan's machine tool orders in April 2025 reached 130.206 billion yen, showing a year-on-year increase of 7.7% [8]. - China's metal cutting machine tool production from January to April 2025 was 264,000 units, reflecting a year-on-year growth of 16.8% [8]. Agricultural Machinery - The agricultural machinery market in China showed a slight decline in the AMI index to 43.5% in May 2025, with various indices indicating mixed trends [9][10]. - The report suggests a long-term increase in demand for agricultural machinery, particularly in the context of the Belt and Road Initiative [10]. Engineering Machinery - The engineering machinery sector is recovering, with excavator sales in May 2025 reaching 18,202 units, a year-on-year increase of 2.1% [14]. - The report anticipates continued demand recovery driven by infrastructure investments [14]. Semiconductor Equipment - The report notes that the implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment [17]. - The emphasis on domestic production capabilities is expected to grow, particularly in light of recent trade policies [18]. New Energy Equipment - Significant technological breakthroughs in solar energy were reported, with new efficiency records set for solar cells [19][20]. - The report indicates a healthy competitive environment returning to the solar market, driven by policy support and technological advancements [20]. Low-altitude Economy and EVTOL - The low-altitude economy is identified as a strategic emerging industry, with expected acceleration in development and investment [21]. - The report highlights initiatives in various regions to support the growth of low-altitude economic activities [21].

Group 1: Japan-China Economic Relations - Guangdong Province and CITIC Group hosted a significant event titled "Japanese Enterprises Guangdong Tour," attended by key officials, emphasizing investment opportunities in new sectors like robotics and AI [3] - The event facilitated specialized meetings across five industries, resulting in 68 projects, with 27 signed on-site, totaling 1,034.64 million RMB [3] - Guangdong is a major hub for Japanese investment, with 3,155 Japanese enterprises established since the reform era, totaling 17 billion USD in actual investment [3] Group 2: Foreign Investment Trends - Foreign investment in China has been declining, making cooperation with Japan and the EU increasingly vital for Guangdong [4] - From January to April, Guangdong's actual foreign investment grew by 8.9%, with Japanese investment increasing by over 40% [4] - Guangdong's strategy to attract Japanese investment is seen as a crucial approach to mitigate economic challenges [4] Group 3: Panasonic's Challenges and Strategies - Panasonic's revenue in China declined by 0.95%, with its market share in core categories like air conditioning dropping below 1% [5] - The company plans to innovate by launching a "Living Space" strategy targeting the second-hand housing renovation market, aiming for a threefold increase in business scale by 2025 [5] - The renovation market presents significant opportunities despite challenges in adapting Japanese aesthetics to practical Chinese needs [5] Group 4: Retail Sector Dynamics - The Chinese department store industry is facing a wave of closures, yet the Shanghai Takashimaya department store is investing 100 million RMB for transformation [6] - Takashimaya has adapted to the Chinese market by balancing Japanese commercial characteristics with local preferences, achieving notable success [6][7] - The store has become the first in Changning District to implement an "immediate refund" tax policy, significantly increasing its refund amounts [7] Group 5: Komatsu's Market Position - Komatsu forecasts a 27% profit decline this fiscal year, attributing part of this to competition from Chinese firms offering lower prices and excess capacity [7][8] - The company acknowledges its strengths in durability and reliability but faces challenges from Chinese manufacturers who provide competitive performance at lower costs [8] - The US-China trade dispute has added an estimated 20 billion JPY (approximately 140 million USD) in tariff burdens for Komatsu [8]

Investment Rating - The report does not explicitly state an investment rating for the industry [4]. Core Insights - The UK government is increasing investment in controllable nuclear fusion, with an expected investment of £2.5 billion over five years, which is anticipated to drive the development of the nuclear fusion sector [7]. - The domestic demand for excavators has shown signs of recovery, with a 25.7% year-on-year increase in sales for the first five months of 2025 [19]. - The gas turbine industry is experiencing an upward trend in demand, with significant order increases from leading companies like Siemens Energy and GE Aviation [27]. - The railway equipment sector is expected to see sustained demand recovery, with a 5.9% year-on-year increase in fixed asset investment [46]. - The shipbuilding industry is witnessing improved profitability, as indicated by a 49.28% increase in the global new ship price index compared to the 2020 cycle low [48]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 1.17% in the week from June 9 to June 13, 2025, ranking 21st among 31 primary industry categories [15]. - Year-to-date, the SW Machinery Equipment Index has risen by 6.04%, ranking 8th among the same categories, while the CSI 300 Index has decreased by 1.80% [18]. Key Data Tracking General Machinery - The manufacturing PMI for May was 49.5, indicating a slight improvement but still in a contraction zone [28]. Engineering Machinery - Excavator sales in May reached 18,200 units, a 2.1% year-on-year increase, with domestic sales showing a short-term decline due to high base effects from the previous year [35]. Railway Equipment - Fixed asset investment in railways and passenger volume both increased by 5.9% and 7.3% year-on-year, respectively, indicating a positive outlook for railway equipment demand [46]. Shipbuilding - The global new ship price index reached 186.69 in May, reflecting a 0.14% year-on-year increase, suggesting improved profitability for shipbuilding companies [48]. Oil Service Equipment - Brent crude oil prices surged to around $74 per barrel, influenced by OPEC's production decisions and geopolitical factors in the Middle East [50]. Industrial Gases - Prices for industrial gases are showing mixed trends, with rare gases experiencing a downward adjustment [52]. Industry Dynamics - The report highlights significant contracts and investments in various sectors, including a 4.5 billion yuan contract for a green hydrogen system by Shuangliang Energy [54]. - The report also notes advancements in robotics, including the introduction of a domestic elderly care robot and significant funding for AI-driven robotics companies [57].

6月12日，在长沙国际会展中心，人们参加第四届中国－非洲经贸博览会。新华社记者 刘琼 摄 "中国已经明确表示非洲是中国的朋友，非洲国家聚在这里就是要加深与中国的关系。我们从加纳来到这里也是因为我们同中国的友好关系， 我们同中国的贸易关系过去几年一直在加深。"加纳共和国贸易、农商与工业部长伊丽莎白·奥福苏-阿贾雷表示。 肯尼亚的小鱼干、南非的红酒、埃塞俄比亚的咖啡……记者在本届中非经贸博览会现场看到，多种多样来自非洲的农产品备受欢迎，正不断丰 富中国人的餐桌。 0:00 中国是世界上最大的发展中国家，非洲是世界上发展中国家最集中的大陆。虽远隔重洋，有经贸搭桥，双方开放合作之路越走越宽广。从新举 措到新领域，记者在第四届中非经贸博览会上，感受到中非经贸往来呈现出多重新气象。 6月12日在长沙国际会展中心拍摄的卢旺达咖啡。新华社记者 金马梦妮 摄 6月12日在长沙的中非经贸博览会常设展馆内拍摄的来自肯尼亚的牛油果。新华社记者 刘琼 摄 2024年9月，一批产自马达加斯加的冷冻羊肉运抵湖南红星进口肉类指定查验场。这是我国首次从非洲进口羊肉产品，标志着非洲肉类产品输 华取得阶段性显著成果。 中非农业合作是中非合作的重要 ...