Investment Highlights:
Macroeconomics are good, but the uptrend still needs to be confirmed
The decline rate of the macroeconomic prosperity index has slowed down and signs of stabilization have been evident; the PMI index has ended its downward trend, and the manufacturing industry has regained its expanding trend; both the amount of urban fixed asset investment and newly completed fixed asset investment have reversed the unfavorable situation at the beginning of the year, on schedule. A rebound was achieved, but the power was obviously insufficient compared with the same period of previous years; the prices of major raw materials were mixed, and the cost pressures faced by the machinery industry showed signs of slowing down. Due to various signs that the recovery of the upstream and downstream sectors of the manufacturing industry still lacks strong support, the rising trend at the beginning of the year is a beginning of a new round of the business cycle, and it is still difficult to determine the beginning of a new round of the business cycle.
The output of major products kept growing
The output of all major machine tools has maintained a trend of growth. Compared with ordinary machine tools, CNC machine tools have shown more robust growth. It shows that the product structure changes gradually with the increase of output, and the rate of numerical control increases. Has become a long-term trend. The output of major mechanical components also maintained a year-on-year growth. Among them, the hydraulic components topped the growth rate of 74.59%, and the year-on-year growth of valves and gears was also significantly higher than the same period of previous years, despite the fact that pneumatic components, Rolling bearings, metal fasteners and other products still achieved year-on-year growth, but the growth rate slowed down significantly from previous years. In addition, the output of major products of construction machinery showed a growth trend, but the difference in gains and differences among different products was more obvious. Among them, the increase in the trend of compaction machinery was the most rapid. Although the output growth of cranes was also higher than the same period of last year, it was substantially larger than at the end of 2010. Callback; excavation shovel transportation machinery, while maintaining a 40.81% year-on-year growth rate, but compared with last year's peak has passed; although the growth rate of concrete machinery has declined compared to the beginning of the year, but still achieved a substantial increase compared with the same period last year.
Market performance and major perspectives
In April, driven by the turbulence in the broader market, the China CITIC First Class Machinery Industry showed a unilateral decline. Despite a slight rebound in the initial period and the end of the month, it was driven by the theme investment trend at the beginning of the year. The pressure on valuation and the poor performance of the fundamentals caused by the tightening of the macro investment environment all made it difficult for the machinery industry to exceed the performance of the broader market. Eventually, the monthly decline of 5.65% ranked the 24th in the industry’s rise and fall of the CITIC level. .
Along with the constant decline of the industry index, the long-term high level of the P/E of the machinery industry has also shown signs of loosening, and in mid-April ushered in a long-lost downward trend, this is not only the first time since 2011, the machinery industry has obviously declined valuations The trend, relative to the continuous expansion of the valuation advantage of Shenzhen A-shares, and the continuous narrowing of the valuation premium of Shanghai A-shares, indicates that despite the short-term investment opportunities in the machinery industry with the theme of “recovery of valuation†The probability is still low, but with the continuous recovery of the industry valuation premium level to a reasonable range, the buying opportunity is gradually emerging.
Looking ahead to May, under the background of the retreating theme investment trend and increasing valuation level, the machinery industry is no longer the focus of funds chasing. With the successive disclosure of the company’s annual report and the quarterly report, it is difficult for the industry’s performance to meet expectations. The market performance provides strong support, so in the relative vacuum period of fundamental information disclosure and industrial policy, in the macro environment with a relatively definite tightening trend, the shock adjustment of the mechanical industry market trend and the price-earnings ratio level is still a large probability event. Give a neutral rating.
Infrared lasers include DPSS (diode-pumped solid-state) Laser and Diode Laser . They are widely use in Laser Marking , track detection, holography and so on.Floowing wavelength are available for Infrared Laser:
â—†Diode-pumped All Solid-state Infrared Laser
914 nm 946 nm 990 nm 1030nm 1040 nm 1047 nm 1064 nm 1105 nm 1112 nm 1177 nm 1313 nm 1319 nm 1342 nm 1413 nm 1444 nm
1573 nm 1645 nm 1910 nm 1940 nm 2096 nm 2796 nm 2940 nm 3800 nm 3900-4500 nm
â—†Diode Infrared Laser
760 nm 785 nm 786 nm 793 nm 800 nm 808 nm 825 nm 830 nm 845 nm 852 nm 860 nm 879 nm 880 nm 885 nm 905 nm 915 nm 940 nm
965 nm 975 nm 980 nm 1060 nm 1120 nm 1208 nm 1275 nm 1310 nm 1320 nm 1380 nm 1450 nm 1470 nm 1532 nm 1550 nm 1600 nm
1710 nm 1850 nm 1870 nm 1900 nm 2200 nm
IR Laser
IR Laser,Infrared Laser,Mid-Infrared Laser,Ultra Compact IR Laser
Changchun New Industries Optoelectronics Technology Co., Ltd. , http://www.lasersciences.com