tera gold 2002 - CSG

China Merchants securities: shocks to earnings growth looking for value at the end of the mechanical industry rebound Oil prices stood at more than US $ 100, times of high cost manufacturing hard as steel prices do not rise, but other costs such as logistics costs in recent years, labor costs, other raw materials relative to the last economic downturn (2002) a lot higher, so manufacturing profit growth will slow. 2012 is the adjustment year machinery industry in the second quarter last year, TakamotoNumber, the economic slowdown, rising costs, the impact of decline in corporate capital spending, machinery industry profit is still seeking the end of stage, is expected to slow to pick up in the second half. Investment opportunities in the second quarter from the oversold rebound, configure the underestimated value of blue-chip stocks end of machinery industry in the second quarter was still in shock to find stage, expect sequential improvement in the third quarter, broken down relatively optimistic about the industry: energy equipment (LNG plant,Coal chemical industry energy-saving equipment, industrial equipment), printing and packaging machinery, irrigation equipment, forklift trucks. Reduction of investment policy has to take into account the valuation levels, market factors such as pressure, catalyst events, recommended equity portfolio: Evergreen shares, 31, shares tera gold, Hang Li Zheng Meiji, Hangzhou-oxygen cylinder. We judge the adjusted year of 2012 is construction machinery industry leading enterprises of the Gong-Solid dealer network and service brand as the focus of this year. Due to the high base in the first quarter of last year tera gold, so expect negative growth in the first quarter, however, loaders, forklift sales in February was positive. Construction project after the lunar new year starts slow tera power leveling, client money is still tight, dealers generally believe that sales is lower for the year after. Heavy machinery company to market handheld ordersRemained stable, but gross margins falling, industry inflection point is not that the focus on thematic investment opportunity. Nuclear approval cycle, China benefited Twelve-Five deep processing of coal industry plan will also be launched, focusing on supporting construction of large coal oil, coal and natural gas, and coal to olefin upgrading demonstration projects benefit from dynamic, hangyang shares and companies including Shaanxi drum machine. LNG supply shortTight long term easing, prices are expected to decoupling and oil prices, reduced import costs, focus on Fu Ruite loaded. Machine tool demand in the second quarter is still not optimistic because the downstream industries such as automobile, construction machinery demand a significant improvement, particularly cutting machine tool industry boom in the first half of the domestic machine tool industry is still in decline, under the influence of China, foreign machine tool orders also fell. China National's claimEquipment demand remains strong, Korea and Singapore are still leading February number of active drilling rigs at sea increased significantly and the deep sea platform daily rate index sharply higher. February deal order number is the largest marine orders since the start of the end of 2010 for a month. Risk prompts rise in raw material prices, economy fall compressed capital expenditures of enterprises. Others:

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