As a strong cyclical industry, mechanical industry trend influenced by the macroeconomic, before the real economy failed to have a fundamental turn for the better, we continue to maintain the industry "neutral" rating. No chance, but it doesn't mean industry we still suggest that investors with super cautious attitude, preferential selection has long-term development prospects and have a certain performance support individual stocks. In the fourth quarter we like: rail transit plate, plate civil-military integration, as well as the individual segments of the plates.
Engineering machinery: trend opportunity is hard to find, grasp the subdivided market opportunities. Affected by the macro-economic cycle, construction machinery industry in recent years has been in the condition of the depth adjustment, from the point of interim results, although the engineering machinery company has a certain degree of less decline in profitability, but in the short term it is difficult to restore to the previous state, trend quotation probability is small. However, some niche for development relatively late in China, found some opportunities. Aerial work platform market with China's labor costs rise, and to the pursuit of security, the market demand gradually accelerated, at the same time, combined with the intermediate links of equipment leasing company geometric growth, poses a huge demand for aerial work platform. We believe that the market or will take 3-5 years of rapid growth, recommends that investors can focus on the investment opportunities related to listed companies. Recommendation: zhejiang full.
Rail transit: since the second half, countries to speed up the promotion and landing of the PPP projects, by the end of the first half, the ministry of finance released two batches of demonstration projects a total of 232, a total investment of 802.54 billion yuan, among them, the execution phase project of 105, total investment 307.8 billion yuan, the floor rate was 48.4%. Local warehousing projects in 9285, a total investment of 10.6 trillion yuan, including execution phase project of 619, a total investment of 1 trillion yuan, be born at a rate of 23.8%. Among them, the rail transit investment of more than 1 trillion yuan, the largest proportion. We continue to watch the development of rail transit in the fourth quarter, as the previous projects gradually fall to the ground and the construction of new, is bound to constitute the demand for rail transit equipment. Continue to recommend relevant rail transportation equipment manufacturing enterprises, suggested attention: ding han technology, Connie electromechanical and build new shares.
Civil-military integration, although since the beginning of the year, the south China sea issue, the problem of northeast Asia and the diaoyu island question appeared frequently, surrounding the situation in China is facing the huge challenge and test. But from the point of view of the long-term trend, peripheral small friction and disputes cannot be upgraded to a higher level of conflict, under the condition of the whole world peace, surrounding the possibility of a large-scale war in our country is still small. For the understanding of defense industry sector, it is recommended that investors from two dimensions of civil-military integration and equipment upgrades to layout. Civil-military integration has become a national strategy, the future support of unprecedented, people will also join the army award or in the fourth quarter in market demand; At the same time, because our equipment is relatively backward, the navy and the air force upgrade or will become the future for a period of time. Continue to recommend: new research co, hite high, day silver electromechanical, catic electromechanical and avic aircraft.