The resumption of work is accelerated, and construction machinery does not need to be pessimistic, and infrastructure leaders are gradually gaining momentum. According to our grassroots investigations, the operating rate of construction machinery and the sales of excavators are good. Even in April and May, sales will be more optimistic. Now it should be the time for good configuration of construction machinery. 1) Operating rate data: Both operating rate data show a marked improvement in the operating rate. One is a 15-minute operating rate, which has increased by 12 percentage points from the beginning of March this year. The 3-hour operating rate has also increased by 16 percentage points from the beginning of the month. Take the 3-hour start-up rate as an example. Compared with the 100-hour start-up rate last month, the current level is generally at a level that proves that the downstream infrastructure and municipal engineering start-up situation has reached a relatively normal point, and the peak sales season is coming . In terms of regions, taking the average operating rate in recent days as an example, Sichuan, Zhejiang, Henan, Shandong, and Anhui are relatively ideal. The major economic provinces are not currently ideal in Beijing, Jiangsu, and Guangdong. The northeast and northwest are normal due to weather. Low operating rate. In addition, the operating rate of Hubei is also rising rapidly, and the current value is only 11 percentage points lower than the normal value. 2) Sales: The domestic sales of excavators in March should be higher than expected, and the market is generally expected to decline year-on-year, or even about 8-15%; judging from recent exchanges, domestic March may The same period last year was able to remain the same, but the structure of small digging sales is very hot, inventory in some areas is already tight, large digging is relatively average. Combined with the operating rate, it is expected that the infrastructure market is starting. Judging from this sales data, the sales data in April and May will be more optimistic, mainly recommending Sany Heavy Industry, Hengli Hydraulics, Xugong Machinery and Zoomlion.
[Semiconductor Equipment] The National Semiconductor Fund II is poised to focus on investment opportunities in the semiconductor equipment sector. National Integrated Circuit Industry Investment Fund Phase II Co., Ltd. ("National Fund II") was incorporated on October 22, 2019. According to the information provided by the Shanghai Stock Exchange, the Phase II of the Fund is currently undergoing intensive development. Quarterly funding capabilities. The first phase of the big fund is mainly manufacturing, taking into account both design and packaging and testing. It is expected that the second phase of the big fund is expected to increase investment in semiconductor equipment and materials, superimposing the peak of domestic wafer fab investment and construction, and the equipment companies' products continue to mature and volume. The semiconductor equipment field is expected to achieve faster growth. It is recommended to focus on domestic semiconductor equipment leaders Jingsheng Electromechanical, Northern China Chuang, China Micro Corporation, Soviet Test, Changchuan Technology, Huafeng Measurement and Control, Precision Measurement Electronics, and Sagitar.
