During an institutional investigation on July 2, Naipu Mining Machinery (300818) stated that the company believes that the decline in overall equipment orders in the first quarter is temporary. The equipment is closely related to downstream mining capital expenditures. In 2023, there are many production line planning and construction projects, which will generate a significant demand for the equipment. Currently, the prices of metals such as copper and gold are at a high level, and demand is constantly increasing, but the grade is gradually decreasing. In the future, there will still be relatively large capital expenditures, including the fourth phase of the Camaoa project planned by Zijin Mining Group, the third phase of the Tibet Julong project, etc., which will have a significant demand for equipment. Due to the longer construction cycle of the ore selection production line, it will bring significant fluctuations to equipment procurement.