CICC: Focus on the traditional cycle and long-term opportunities for the machinery industry overseas

The downstream demand and investment intensity in the current machinery industry are generally weak, with the midstream demand in a weak recovery trend. CICC focuses on the traditional cycle and long-term opportunities for the machinery industry, recommending structural opportunities including shipbuilding, rail transit demand, mining equipment demand, special equipment demand, and the long-term export growth opportunities brought by the increase in Chinese companies' overseas market share. At the same time, attention is given to the export demand for general equipment, domestic substitution, and the field of consumer goods, as well as the new technological changes in special equipment and mining equipment. In terms of the consumer goods sector, the overseas inventory reduction of consumer goods is ending, waiting for interest rate cuts to drive the recovery of terminal demand. In the real estate and transportation equipment sector, rail transit investment is recovering, the shipping cycle remains strong, and real estate investment is under pressure