Industry
view: In the overseas economy continues to recover , the domestic
economy running smoothly in the background , the demand for machinery
products have moved into the recovery phase , we will be machinery
industry rating from " hold " up to "buy ." Structural
opportunities this week , the central economic work conference, six
tasks, ensuring food security , resolve excess capacity, control local
debt risks were emphasized , which means that the manufacturing sector
may have to adjust the supply -side and demand -side compression
persistent enhancement .
Mechanical
combination : ( 1 ) marine ship marine power industry to benefit from
the construction boom and in the upward phase ; based on the rise of the
national sea power and global industrial transfer, marine equipment
with good growth, continue to give CIMC Offshore Oil Engineering buy into
the rating ; based on the new ship demand to pick up , capacity shrink
significantly , we give BUY shipbuilding industry , focusing on
promising benefit boat price rise, while the presence of the expected
integration of China Shipbuilding Group , GSI , recent attention access
rules for the shipbuilding industry implementation and domestic shipping companies the ship plans. (
2 ) Technology heroic full tire mold business orders , there is still a
large overseas market share improvement, sustainable and rapid
development in the future , BUY. (
3 ) the growth of good Southern Pump , Pump Territories , star
technology , continue to give BUY their good operating cash flow to
support the expansion extends to improve growth . (
4 ) EMU announced the results of the second round of bidding , China
CSR , China CNR 2014 growth has become clear that if the railway reform ,
access to high-speed rail exports will increase the valuation of real
progress . (
5 ) For construction machinery, we continue to favor long-term benefit
in logistics development , and to keep up the recent rapid growth in
sales of Anhui Heli . (
6 ) Evergreen shares in cooperation with Taiwan -ho into the "cloud
print" is expected to achieve the advantages of combining innovative
industry model , BUY. (
7 ) the recent rebound in coal prices significantly , to promote
investment is expected to improve coal , coal technology remained stable
world order , the king slope Coal profit improved significantly promote
the resumption of production next year , while there is integration
Coal Technology & Engineering Group is expected to give careful
holdings recommendations.
Military
portfolio: documents and policies issued since the Third Plenary
Session of good military industry , but it faces the risk of market
valuation adjustments upcoming IPO floodgates and tight liquidity
brought about the near term. But
industry growth , the surrounding situation , and other factors
subsequent policy point of view , we believe that there are still
adjustments after the military industry investment opportunities are
still concerned about the long-term technology upgrade weaponry ,
military reform and the subsequent industrial policy, recommended a
combination of AVIC Avionics , China satellite , air power .
Risk
Warning : macroeconomic changes lead to significant fluctuations in
demand for machinery products ; raw material price increases to suppress
mechanical profitability ; exchange rate changes resulted in a higher
proportion of enterprises in export earnings volatility.
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