Policies To Promote Development Of The Industry With One Hand Grasping The Host Components

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Basis Parts Industry and renewed status



Revitalization plan for basic parts from before "the development of the host drive parts and components industry" to "host the one hand and grasping the development of key components," which shows the degree of attention to basic components have been strengthened. We believe that this emphasis on the development of the domestic parts industry base is important, in Bearing , Hydraulic Parts Industry, have occurred, "the state of a technology joint research related products in China after a substantial increase in market share" situation. usb to centronics

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However, the three-year revitalization of "planning" may be a macro, some specific methods and measures for the revitalization of the time in the future may be gradually introduced.



Such as spare parts in foreign imports, the domestic production of parts has been able to abolish the duty-free imports, on which China can not be produced, but the host is still in need duty-free imports. This course is also provided before, but after the introduction of the planning application on the host company should be more stringent import components duty-free. R & D, government departments can provide basic technology components to cut interest rates loans, financial support or incentives, or by the authorities come forward to the joint university and other research efforts, focusing on breakthroughs in high-end hydraulic components, bearings, Engine And other development problems; addition, host companies can set up long-term strategic business accessories Cooperation Partnership basis by the host component to the business enterprise group investment funds and technical support, enhancements, enterprise productivity; the same time, policy guidance, support, set up by asset restructuring or mergers and acquisitions the number of large enterprise groups based components, increase parts production enterprise market development and R & D capabilities.



Chance of domestic demand-led units By the State to speed up the development of new railway projects and the impact of energy, railway equipment, the industry boom of new energy equipment can be maintained; construction machinery industry in the fourth quarter domestic sales and exports have both been diving, the industry still does not show signs of recovery, but a quarter of the national large-scale projects will be started successively, the full implementation of value-added tax incentives, we expect the boom of construction machinery industry will continue to decline.



Continue to focus on domestic demand-led investment opportunity standard railway equipment, new energy equipment, construction machinery industry, focusing on the recommended companies Sany Heavy Industry , Xugongkeji, Pegasus shares of China South Locomotive.



Valuation and demand strategy game into the main line of this industry Game



valuation and demand is the industry's main line in 2009. 2008 investment strategy generally ignored the trade boom of the sudden turn in 2009, demand is unlikely to reverse, adjust the level of investment opportunities and demand is to changes in valuation between the game.



Industry needs to smooth short-term policy, but faces a long-term decline in growth rate. The next 10 years, fixed assets investment growth may slow, leading to lower mechanical industry demand growth, leading to the central level down valuation; but short-term demand for large-scale investment in infrastructure measures, smooth, not sharp adjustment .



Raw material price reductions and inventory impairment provision for limited on enhancing profitability. Lower prices of raw materials sub-sectors with low profit margins enhance effects of large, but considering the inventory impairment charge and accounts receivable for bad debts, the industry is limited to enhance overall profitability.



Valuation adjustments and changes in demand for game to find investment opportunities. 10-year fixed-asset investment for the future growth projections indicate that long-term fixed-asset investment growth is likely in the range of 10% -20% volatility, and the resulting decline in machinery industry demand growth and eventually lead to the overall valuation level of industry adjustment.



We fully assess the economy suddenly turned, first, the economic adjustment of the financial crisis triggered by the real economy shocks, by conduction from abroad, if the U.S. financial crisis come and go, then the export-led economy The engine will restart, driving the growth of aggregate demand; second is to restructure the rural market is still bootable. These two factors will be very slow process, is expected to end the second quarter of 2009, the situation will be clearer.