The hottest the Belt and Road blueprint has been p

2022-08-12
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The implementation of the "the Belt and Road" blueprint and the implementation of the "the Belt and Road" blueprint have attracted the response and support of more than 100 countries and international organizations since the "the Belt and Road" initiative was put forward for more than three years, At present, it has entered the stage of intensive cultivation. In 2015 and 2016, the contract value of newly signed foreign contracted projects was US $92.64 billion and US $126.03 billion respectively, with a year-on-year increase of 7.4% and 36% respectively, accounting for 44.1% and 51.6% of the proportion of foreign contracted projects in the same period. It shows that the terminal project enters the accelerated landing state. At the new time point, the main opportunities brought by the the Belt and Road lie in: (1) in order to focus on the opportunities of every instant service, the bilateral economic and trade relations have been strengthened and upgraded, and the cooperation mode has been diversified; (2) The countries along the line have backward infrastructure and strong demand for infrastructure investment; (3) A multi-level financial service platform will escort the implementation of the the Belt and Road

construction machinery industry: overseas expansion has achieved success. Taking advantage of the spring breeze of the "the Belt and Road", the machinery industry benefits from the "the Belt and Road" mainly through two logics: first, benefiting from the interconnection of facilities along the line, it will increase the infrastructure construction of countries along the line and drive the demand of engineering machinery and other fields; The second is the national trade pull, involving the export of advantageous equipment. At present, many machinery enterprises have achieved good results in overseas expansion, and the proportion of overseas income has been greatly increased. For example, the proportion of overseas income of Sany Heavy Industry (600031) (construction machinery) has reached 42.9%. As the "the Belt and Road" enters the project implementation stage, more and more construction machinery enterprises will increase their overseas layout. At present, important construction machinery enterprises have overseas independent research and development, production, sales and after-sales capabilities

stones from other mountains - from the experience of Japan, overseas exports are expected to relay the growth of domestic demand

from the development process of Japan in the past 60 years, when domestic demand stagnates and the industry gradually enters the stock renewal cycle, overseas export demand effectively undertakes the rich domestic production capacity. It has become another source of growth to drive the demand for construction machinery in Japan. At that time, timely and accurate recording of the pull force value of each experimental section plays a very important role in the success or failure of the experiment. The rapid rise of urbanization in emerging economies represented by China, and the formation of a large number of infrastructure investment requirements, thus enhancing the vitality of Japanese construction machinery. At the current time point, the the Belt and Road is expected to shoulder the window of domestic high-quality capacity output, and excellent leading construction machinery enterprises are expected to take advantage of the situation. Then I changed my thinking to an international layout

investment suggestions

real estate and infrastructure investment is still the most effective way to pull the construction machinery industry, but once it crosses the marginal inflection point, it will gradually move towards a new Mature cycle. We suggest paying active attention to two types of Companies: (1) companies that can cross the industry trough cycle and make adverse adjustments. In short, market share continues to expand; (2) Enterprises that have the ability to expand overseas and seek international business breakthroughs; Based on this, we suggest to actively pay attention to the leading company Sany Heavy Industry, followed by Liugong (000528), XCMG, and Hengli hydraulic (601100), a core component enterprise

risk tips: the macroeconomic environment, especially real estate investment, is uncertain; The price fluctuation of raw materials affects the profit margin of enterprises; Intensifying industrial competition leads to a decline in gross profit margin; International business expansion was less than expected

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