The hottest machinery manufacturing is optimistic

Machinery manufacturing: optimistic about rail transit equipment and construction machinery, recommend 6 shares

key points of the report, reduce the reserve requirement and increase the weight to stabilize growth, optimistic about rail transit equipment and construction machinery. On January 4, the people's Bank of China decided to reduce the deposit reserve ratio of financial institutions by 1 percentage point, including 0.5 percentage points on January 15 and January 25, 2019 respectively. Meanwhile, the medium-term lending facility (MLF) due in the first quarter of 2019 will not be renewed. The RRR reduction will release about 1.5 trillion yuan of funds. With the funds released by the upcoming targeted medium-term lending convenience operation and the dynamic assessment of the targeted RRR reduction of Inclusive Finance, and considering the fact that the medium-term lending convenience due in the first quarter of this year will no longer be renewed, the net release of long-term funds is about 800billion yuan

under the background of great downward pressure on the current economy, the comprehensive RRR reduction is an addition to the goal of stable growth. As far as the equipment manufacturing industry is concerned, in addition to the rail transit equipment sector that benefited from the deterministic reversal of "strengthening the strength of infrastructure to make up for weaknesses", the construction machinery on the real estate chain is also expected to usher in a new round of growth driven by the release of liquidity

rail transportation equipment: the general meeting of the railway laid the tone for the continuation of the boom, with strong certainty of the complete vehicle reversal. In 2018, the national railway fixed asset investment completed 802.8 billion yuan, and 4683 kilometers of new lines were put into operation, including 4100 kilometers of high-speed rail. The actual investment scale and the production of high-speed rail exceeded the planning at the beginning of last year. In 2019, the national railway fixed investment will maintain the intensity and scale, and complete the tasks and objectives assigned by the state with high quality and efficiency. Although the specific objectives have not been announced, combined with the "strengthening of infrastructure to make up for weaknesses" discussed in the temperature control meeting of the Ministry of transport, the railway investment this year will remain at a level of more than 800 billion, and adjustment flexibility will be reserved according to national needs. The planned mileage of high-speed rail in 2019 is 3200 kilometers, down from 3500 kilometers at the beginning of 2018. According to the statistics of last year, 9 of the 15 lines are 200 km/h, accounting for 58% of the mileage. According to our arrangement, the mileage of 200 km/h in 2019 accounted for only 17%. Considering that the implementation probability of the current railway planning exceeds the target, it can be divided into two categories: computerized universal tensile testing machine and electronic tensile testing machine. We are optimistic about the opening of high-speed rail in 2019 and the corresponding demand for multiple units. In addition, the meeting mentioned that the number of Fuxing vehicles put into operation by the end of 2019 reached 850 units. Based on this, it is estimated that the delivery of traditional (power decentralized) multiple units in 2019 will reach 340 units, maintaining the level of last year. The general working meeting of the railway laid the tone for the continued prosperity of the industry since the third quarter of last year. The performance of the vehicle leader (,) has been reversed with strong certainty and continued recommendation

construction machinery: the reduction of reserve requirements has boosted the growth rate of infrastructure and real estate investment, and the industry boom is determined to be upward. From the demand side where coal resources have become increasingly scarce, the growth rate of infrastructure in the past 18 years has declined significantly due to the tightening of PPP supervision and financing constraints. However, benefiting from the recovery of real estate growth, the downstream construction demand has remained generally stable, superimposed with environmental protection upgrading and renewal demand release factors, and the sales of excavators have maintained high growth. Looking forward to 2019, the RRR reduction is expected to inject fresh water from the capital side for the recovery of infrastructure and investment growth, so as to lay a strong support for the downstream start-up demand. At the same time, the implementation of the "fourth national" emission standard for the protection and maintenance of non road mobile fatigue testing machines in 2020 will further promote the renewal and upgrading of the stock of high emission old equipment. Comprehensive factors have boosted the industry's prosperity in the past 19 years. At the same time, it is expected that excavators are expected to develop steadily, while lifting and concrete machinery are expected to lead the industry's growth height. Highlight Hengli hydraulic, (,), (,), and focus on (,), XCMG, (,)

（： hn888）