重视顺周期及低估值板块投资机会 - 如何看当前工程机械 低估值 通用自动化及出口板块

Summary of Conference Call Industry Overview - The focus is on the engineering machinery industry, which is considered the most stable choice currently due to positive data from January despite fewer working days compared to last year [1] - The demand in Eastern Europe is expected to restart as geopolitical conflicts ease, with some engineering machinery companies making advancements in AI and robotics [2] Key Insights - The real estate sector shows no significant improvement, but demand for excavators and related machinery is driven by infrastructure projects such as municipal, renewable energy, and agricultural water conservancy [3] - Recommended companies in the engineering machinery sector include Sany Heavy Industry, which is expected to perform well due to its involvement in infrastructure projects [3] - Companies with low valuations and good performance, such as Flagship Zhonggong and Zhengmei Machinery, are also highlighted. Flagship Zhonggong benefits from water conservancy projects, while Zhengmei Machinery is diversifying its product offerings despite a downturn in the coal industry [4] Additional Considerations - General enterprises showed stable performance in January, with orders remaining flat or slightly increasing despite the reduced working days during the Spring Festival [5] - The automation sector is ranked third, while the export sector faces challenges due to proposed tariffs on imports from Mexico and Canada, which could affect Chinese goods as well [6][7] - The anticipated tariffs are expected to be 10%, not cumulative, as the previous tariffs announced in February will not take effect until March 4 [7] - Despite the potential for increased tariffs, some companies, like Quxin Technology, have already relocated production to Southeast Asia, mitigating the impact of tariffs [8] - Companies like Dingli are expected to benefit from a decrease in anti-dumping duties, making their overall situation better than last year despite new tariffs [9][10] Recommended Companies - Key companies to watch in the export sector include Juxing Technology, Yindu Co., Zhejiang Dingli, Chunfeng Power, and Jiechang Drive [10]