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Machinery and equipment industry dynamic report: market overall rise, concern cyclical recovery stocks

time:2014-08-27 来源:Ji’

Market performance
     Last week, the market rose as a whole. The CSI 300 index rose, closing at 3446 on Friday, and was up (0.52%) throughout the week. Gem index showed a slight decline in the whole week, Friday closed 1862 points, the weekly decline of 0.32%. Industry overall showed a rising trend, Shen Wan machinery and equipment index closed 1704 points, the whole week rose 1.38%. In the upper plate, the overall trend is upward. Among them, the larger refrigeration and air conditioning equipment, metal products, textile and clothing equipment and other special machinery, the increase was 3.51%, 2.54%, 2.47% and 2.27% respectively. Weekly views and investment advice
     Construction machinery: rigid update demand and downstream operations to improve the birth of demand resonance. Excluding the final consumption expenditure of the total GDP and engineering machinery ownership between the "price scissors" gradually expanded, as the construction machinery industry downturn, the update needs to be suppressed. Construction machinery industry after five years of adjustment, has now entered the update cycle. The macro inventory cycle and supply side reform make the downstream slightly better, so that demand is ignited. The recommended target: Sany, sunward, Xugong, Liugong, Hengli hydraulic.
     Coal: coal machinery industry cycle has come round, the cycle before the coal industry to increase the equipment investment is 2007 to 2012, the second round of the update cycle to the limit state of the equipment used, in need of an update. At the same time, the downstream coal prices rise, coal enterprises are in a state of profitability. In addition, the supply side reform led to coal production capacity, making coal enterprises net cash flow improved, will take into account the production, thereby increasing equipment investment, tender orders and tender orders were increased by more than 30% last year, at least more than. The production of leading coal enterprises began to be tight. The recommended target: bear.
     Oil clothing industry: international oil prices remain at 50-60 U.S. dollars a barrel, the global oil companies can basically achieve breakeven or slightly profit. From the domestic situation, the current three barrels of oil in 2017 capital expenditure growth, while foreign oil companies are stable, capital spending will increase substantially. Therefore, at this point, we focus on overseas related domestic oil clothing enterprises, and on the basis of the current oil price has begun to order domestic oil service enterprises. The recommended target: HBP, Jerry shares. At the same time, we should pay attention to the turnover of domestic oil clothing enterprises in 2018, and recommend: petrochemical machinery, petrochemical oil clothing.
     Natural gas truck: because the rebound in oil prices, and oil prices is expected to continue to rise strongly, while the peak construction period in winter will be over, the price of LNG will be significantly downward, expanding oil and gas began to spread makes part of regional economic type, industry will gradually rise. Secondly, the local government has introduced incentive policies, such as the natural gas crossing toll in Shanxi province halved, Tianjin port will be strictly prohibited diesel heavy truck in the future. Proposal attention: rich Reiter outfit, thick Pu shares.
    Core recommendations of the week
    Bear, Zhejiang, Sany, Whibop, their new research shares, Kodak gas. Average allocation positions, core portfolio income of 0.51% last week.

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