Optional high boom machinery industry sub-sectors layout

We counted 184 listed companies in the machinery industry 14 sub- sectors of the three quarterly , and found three quarters of the overall mechanical performance up slightly, but the decline narrowed sharply , ending the first two quarters up sharply momentum . Machinery industry as a whole third quarter decreased slightly by 4.8% year on year revenue , net profit attributable to shareholders of listed companies declined slightly 2.15 percent . The first half of the industry 's total revenue fell 9.7% , attributable to shareholders of listed companies net profit fell 36.1%. Third quarter results next year on year decline was mainly due to a substantial narrowing of a three -quarter results of 2012 low base in 2012 third quarter net profit fell 30 percent machinery industry , while the first half of 2012 net profit fell in the range of about 19% .

Industry performance improvement , sales data obtained microscopic and macroscopic fixed asset investment data support. At the micro sales data, we observed excavators, loaders, forklifts and other machinery products, three quarters of sales are in the low base last year, under the influence of positive growth year on year . Macroeconomic data also supported the third quarter began to improve the machinery industry , machinery industry sales and fixed asset investment growth highly correlated . Policy in the context of steady growth , continued to be active around the rail transit construction , led infrastructure investment remain high , 1-2 September infrastructure investment growth of 24.2%. Investment in infrastructure , driven by three quarters of the overall fixed asset investment growth since the end of the downward trend begun to stabilize , 1-2 September fixed asset investment growth of 20.2% , manufacturing investment growth of 18.5% , mining investment growth of 11.1%.

Machinery industry performance improvement was reflected also in the secondary market , the machinery industry as a whole since the third quarter outperformed the market , from July to October 4 months machinery industry index rose 16% , significantly greater than the rate of increase of 8% CSI 300 .

However, three quarters of the performance of the machinery industry sub-sectors greater differentiation . Among them, elevators, machine tools and automation equipment, light industrial machinery, energy saving equipment and other four sub-sectors increased considerably year on year results for the third quarter , net profit rose 58.5% , respectively , 132.8% , 49%, 81.8% ; railway equipment ship port machinery , refrigeration fan equipment , oil and gas equipment, instrumentation five sub-sectors increased slightly year on year third quarter results , net profit increased by 16.1 %, 19.4 %, 11.9 %, 14.1 %, 13% ; engineering machinery, coal machinery , infrastructure components still larger decline year on year , third quarter net profit fell 49.1 percent , respectively , 45%, 34.8% ; while heavy metallurgical chemical equipment continued losses in the third quarter loss of 360 million yuan of the sub-sector .

We believe that the machinery industry as a whole is still in the bottom area , performance gradually improved, but the overall industry trend of investment opportunities still waiting . Sub-sector performance differentiation context, the machinery industry is still a structural investment opportunities , we recommend investors after the recent market correction layout high economic sectors , sub-sectors may be concerned about , such as oil and gas equipment , intelligent equipment, elevators.

Oil and gas equipment industry to benefit from the rise in oil and gas exploration more difficult and gas industry chain high boom , continued strong sales of natural gas , and coal market downturn in stark contrast. Natural gas and coal in the energy mix shift in the proportion of unconventional gas extraction speed , driving oil and gas increased substantially fixed asset investment growth for oil and gas equipment provides continuous investment opportunities. Oil and Gas Equipment outstanding performance leading companies , investors may be concerned with the persistent high performance growth companies, such as Jerry shares .

Intelligent equipment continue to benefit from the demographic dividend over, rising labor costs caused by manufacturing automation equipment to replace the manual greatly trend continued , although also facing downward pressure on manufacturing investment growth , but the excellent performance of the company within the industry performed well . As a technology-intensive industries , universities and research institutes with technical reserves of rich, comprehensive competitive advantages , investors can focus on the recent share price pullback Boese shares robots .

Elevator industry affected by the real estate cycle , but due to maintenance operations and renovation makes the elevator industry is different from the real estate, as of June this year, " Special Equipment Safety Law " was promulgated , the future machine manufacturers maintenance revenue expected to grow rapidly , while urban rail transit construction escalator demand driven growth, the current industry boom is high, investors may be concerned about the industry 's best companies outstanding performance .

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