Machinery and military industries continue to require steady growth

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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