Mechanical military industry : attention at the end of the valuation switching investment opportunities

China Federation of Logistics and Purchasing released in October manufacturing PMI was 51.4 percent, up 0.3 percentage points , but the new orders index decreased slightly by 0.3 percentage points from last month . Politburo collective study of housing security system and supply system, off the foot of the main point is " to increase supply ." Last week, the Shanghai and Shenzhen 300 Index rose 0.7 percent , while the GEM index fell 3.7 percent , machinery sector have also been adjusted , but by the positive impact of railway equipment, marine equipment , oil and gas equipment performed better.

Industry Views : Manufacturing PMI data showed a moderate improvement in the overall economy , and the upcoming eighth session of the Congress, will help to clear the central market next year 's economic policies and the future direction of reform and measures , thus affecting the industries and companies involved share price performance . Currently machinery industry demand is still the recovery process, we maintain the machinery industry, " hold " rating , the investment strategy is still the bottom-up stock selection , with access by the end of the valuation concerns switching the investment opportunities , according to orders , next year strong growth stocks certainty deserves special attention.

Mechanical combination : ( a ) before the announcement of CNOOC Engineering Q3 net profit rose 188.5 percent , while new contracts significantly improved the situation become clear next year , continue to give buy rating ; Because offshore oil and gas exploration boom rising , is conducive to the CIMC offshore business in the construction project delivery and new contracts fight , give it a buy rating. ( 2 ) based on the " policy support efforts, EMU needs prosperous, strong corporate profitability ," three core reason, we remain optimistic about the railway equipment industry, multi-year market , giving China CSR , China CNR BUY focus on new building shares ; ( 3 ) good growth Southern Pump , Pump Territories , star technology , order full, four quarter growth is expected to further increase , to give buy rating ; which, in the context of inflation gradually since the New Territories Pump as a domestic the leading enterprises of agricultural pumps worth more attention. ( 4 ) Hammer technology tire mold business orders full, overseas market share is still greater room for improvement , sustainable and rapid development of the future , BUY. ( 5 ) For the engineering machinery, we continue to favor long-term benefit from the development of logistics and sales to keep up the recent rapid growth of Anhui Heli . ( 6 ) Evergreen shares Announcement acquisition enlarging enterprises, which should be the main financial investments , and innovative business "cloud printing " is actively preparing for , expected early next year will be formally launched operations give it a buy rating. ( 7 ) World Technology coal machine orders remained stable , its king slope Coal at the end of October through the completion and acceptance , will drive profits improved, giving cautious overweight recommendation.

Military combinations: industry investment strategy is mainly concerned weaponry technology upgrades , restructuring and industrial policies are expected to maintain the aircraft electronics, Chinese satellite , Aviation Precision Machinery and aerospace electrical recommended combinations.

Risk Warning : Macroeconomic changes lead to significant fluctuations in demand for machinery products ; raw material price increases repression machinery corporate profitability ; exchange rate changes lead to a higher proportion of export earnings volatility and other enterprises .

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