GTJA Securities believes that in 2025, the three main investment lines in the Machinery Equipment Industry are: Technology-driven, Global Equipment, and Excess Capacity Clearing. The development of China's Machinery Equipment Manufacturing Industry over the decades has gone through: Labor-driven - Investment-driven - Resource-driven phases, and has now entered the Technology-driven phase. Technology will disrupt the production methods of traditional manufacturing, and efficiency will be further enhanced, Bullish on the development prospects of the Technology-driven Industry; at the same time, due to the imbalance in Global economic development, many countries and regions are still at the peak of Infrastructure construction, providing opportunities for our Equipment Manufacturing Industry with competitive advantages to equip globally, Bullish on the fields and companies that possess globalization capabilities; thirdly, some industries with excess capacity are expected to gradually clear in the next 3–5 years, benefiting the profit recovery of leading quality enterprises.