Group 1 - The mechanical industry is expected to see improved economic benefits in the first half of 2025, with revenue and total profit for large-scale enterprises increasing by 7.8% and 9.4% year-on-year, respectively, both exceeding the national industrial level [1] - Fixed asset investment shows a mixed performance, with an overall growth rate of 3.8% in the mechanical industry; investment in the automotive and general equipment sectors increased by 22.2% and 16.6%, respectively, while specialized equipment grew by 6.2% [1] - In the general equipment sector, the production of metal cutting machine tools and industrial robots increased by 13.5% and 35.6% year-on-year, respectively, and excavator sales in the engineering machinery sector rose by 16.8% [1] Group 2 - The "Guiding Opinions on Financial Support for New Industrialization" aims to establish a financial system supporting the high-end, intelligent, and green development of the manufacturing industry by 2027, with a focus on financing support for the industrial mother machine and instrumentation sectors [1] - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing and its upstream and downstream industries to reflect the overall performance of quality enterprises in this field [1] - Investors without stock accounts can consider the Guotai China Securities Machine Tool ETF Initiated Link A (017471) and Guotai China Securities Machine Tool ETF Initiated Link C (017472) [1]

Group 1 - The mechanical industry is expected to perform well in the first half of 2025, with revenue and total profit of large-scale enterprises increasing by 7.8% and 9.4% year-on-year, respectively, both exceeding the national industrial level [1] - Fixed asset investment in the mechanical industry has grown by 3.8% year-on-year, with significant investment growth in the automotive and general equipment sectors at 22.2% and 16.6%, respectively, while specialized equipment investment increased by 6.2% [1] - In the general equipment sector, the production of metal cutting machine tools and industrial robots has increased by 13.5% and 35.6% year-on-year, respectively, and excavator sales in the engineering machinery sector have risen by 16.8% [1] Group 2 - The "Guiding Opinions on Financial Support for New Industrialization" aims to establish a financial support system for high-end and intelligent manufacturing, focusing on technological breakthroughs in the industrial mother machine and instrumentation sectors [1] - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in the manufacturing and service of machine tools and key components, reflecting the overall performance of the machine tool industry [1] - Investors without stock accounts can consider the Guotai China Securities Machine Tool ETF Initiated Link A (017471) and Guotai China Securities Machine Tool ETF Initiated Link C (017472) [1]

中信建投指出，在全球矿山行业资本开支上行趋势下，矿山机械行业景气度提升，海外矿机公司营收、 订单延续高位水平。矿山机械市场大而广阔，新机与后市场合计规模超1200亿美元，其中后市场占比达 60%-70%。前端开采、运输设备价值量占比高于后端破碎、磨选环节。我国矿机企业正加速出海，通过 服务团队、仓储物流及产能出海等方式打破发展瓶颈，在高端市场取得突破。主要矿石价格稳中有升， 矿山资本开支持续上行，铜、铝等矿产价格稳健，金、银价格走高，支撑矿企资本开支增长预期。矿山 开采成本提升、矿石品位下降进一步推动机械需求，行业有望延续高景气。 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取涉及机床制造及 相关产业链的上市公司证券作为指数样本，以反映国内机床行业上市公司证券的整体表现及发展趋势。 没有股票账户的投资者可关注国泰中证机床ETF发起联接A（017471），国泰中证机床ETF发起联接C （017472）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及 ...

Core Viewpoint - The industrial mother machine ETF (159667) is experiencing significant capital inflow, indicating strong investor interest in industrial mother machine assets [1] Group 1: Market Dynamics - The machine tool industry is on an upward cycle driven by both replacement demand and new updates [1] - The domestic market for mid-to-high-end machine tools has a low localization rate, suggesting ample room for replacement [1] - Policy support from central and local governments is enhancing the ecosystem through tax incentives, special subsidies, talent development, and open scenarios [1] Group 2: Performance Indicators - Short-term performance is showing marginal improvement [1] - The industrial mother machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which includes listed companies involved in machine tool assembly and key components [1] - The index reflects the overall performance of listed companies in the machine tool industry, covering sectors such as CNC machine tools and industrial mother machines [1]

Group 1 - The core viewpoint is that the 2025 Changsha International Construction Machinery Exhibition is expected to sign annual procurement agreements exceeding 13 billion yuan, with domestic manufacturers focusing on large-scale, electrification, and intelligence [1] - The export of excavators in April increased by 19.3% year-on-year, indicating marginal improvement in overseas demand, and the long-term outlook for the construction machinery sector's international expansion is positive [1] - The general automation sector is projected to experience increased volume but decreased prices in 2024 due to intensified competition, with the injection molding machine industry benefiting from rising capital expenditures in 3C and home appliances as well as accelerated exports [1] Group 2 - The Industrial Mother Machine ETF (code: 159667) tracks the China Securities Machine Tool Index (code: 931866), which reflects the overall performance of listed companies involved in machine tool manufacturing and key component production [1] - The constituent stocks of the index cover core enterprises in machine tool manufacturing and related industries, demonstrating significant industry concentration and technological representation [1] - Investors without stock accounts can consider the Guotai China Securities Machine Tool ETF Initiated Link A (017471) and Guotai China Securities Machine Tool ETF Initiated Link C (017472) [1]