The construction machinery industry is still in the doldrums, and sales of the main construction machinery mill continue to decline. Competition among enterprises has intensified, performance has diverged, and overall profitability has declined. However, the advantages of leading companies have become more prominent.

The "steady growth" policy will improve the macro environment faced by the milling industry. China’s economy is in a downtrend, and prices have continued to fall, adding to the “steady growth” policy. The central bank has cut its reserve ratio twice this year, and lowered the interest rate for deposits and loans twice. In the future, monetary policy is expected to relax further, effectively alleviating financial pressure. Under the above background, the growth rate of infrastructure investment in fixed assets such as railways and water conservancy will accelerate.

The fundamentals of the industry will gradually improve. Under the improvement of the macro-environment, we believe that the fundamentals of construction machinery will gradually improve. The sales of mills for major construction machinery products are expected to increase year-on-year and month-on-month in September and October. We are cautious about the pace of recovery of the entire mill industry in the second half of the year. The reason for optimism is that although the government has introduced a “steady growth” policy, the stimulus will be less than “four trillion”; real estate investment is the main driving force driving the sales of construction machinery, and the real estate control policy cannot be greatly relaxed. In the second half of the year, the growth rate of real estate investment rebounded; the amount of construction machinery and pulverizers has reached a certain scale. At present, the operating rate of main products is insufficient. With the improvement of the downstream industries, the use of existing equipment is the first to increase.

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