First of all, the traditional eyes on the faucet.Pursuing growth in China's economyUnder the background of quality, the traditional machinery sector has generally experienced supply-side reform, and the investment opportunities of leading enterprises are worthy of attention, especially in the construction machinery, oil and gas equipment and elevator industries:
① construction machinery industry has experienced a low period of 2012-16 years, with the most significant clearing, substantial optimization of the competition pattern, leading company sales growth continues to exceed the industry, overlay statement repair and global expansion, 16 years has been out of more than three years of reversal market. It is expected that the annual performance of the leading construction machinery in 19 years will continue to grow at a high level, and the cash content of the performance is extremely high.Sany heavy Industry、Xugong machinery、Zoomlion Heavy Industry Science and TechnologyIt is still our preferred recommended variety.
② oil and gas equipment: shale gas welcomes the golden period, and the prosperity of drilling and completion equipment is higher than expected. It is judged that natural gas will continue to rise in the proportion of energy structure, but due to the weak growth of conventional natural gas production, shale gas has become a very important resource to balance the contradiction between supply and demand, and shale gas production will enter a golden period, driving the demand for drilling and completion equipment.
Although the reshuffle of the ③ elevator industry in 2017-2018 is not thorough enough, it is expected to benefit from the expected improvement in the completion of real estate and the renovation of old residential areas, and it is expected that there will be a medium-level reversal in the next two years.Shanghai mechanical and electrical、Kangli elevatorSuch leading domestic and foreign investment opportunities are worthy of attention.
Second, the new look at the future.Science and Technology Innovation BoardWith the launch, we all encourage the core technology to be self-controlled and achieve import substitution as soon as possible:
The ① semiconductor industry is related to the national economic lifeline. The logic foundry represented by SMIC and Huali, and the memory factories represented by Changjiang Storage and Hefei Changxin are in the process of accelerating production, which will bring good opportunities for the development of domestic semiconductor equipment manufacturers.North Huachuang、Precision measurement of electrons、To pure science and technology、Changchuan science and technology
② new energy industry is an important economic growth point in the future. The continuous innovation and iteration of technology in this industry has pushed the parity era closer and closer to us. It is suggested that we should pay attention to the investment opportunities of Xineng vehicle battery equipment and photovoltaic equipment head company, with emphasis on recommendation.To become a share、Jiejiawei Chuang、Leading intelligence、Jingsheng mechanical and electrical
③ 2020 5G commercial trial or commercial, is expected to drive end products (not just 3C products) shipments, which is expected to lead to 3C equipment and smart device plate reversal, it is expected that the earliest 19Q4 will observe the clue. Therefore, the investment opportunities in the machinery emerging sector are concentrated in photovoltaic equipment, semiconductor equipment and lithium device head companies in the second half of 2019, and are expected to be extended to 3C equipment and smart device head companies in 2020.
To sum up, the preferred performance in the second half of 2019 contains a high amount of "gold".Sany heavy Industry, Xugong Machinery,Jerry sharesAnd emerging leaders such as Mai Wei shares, pilot Intelligence, North Huachuang, Jingmei Electronics, Changchuan Technology, etc., which are highly related to Science and Technology Innovation Board, etc., and wait for the reversal of 3C devices and smart devices in 2020.
(article source: Citic Construction Investment)