Investment strategy for the machinery industry: the siege in February and the counterattack in March. Tightening credit will have a negative impact on real estate investment, but it is unlikely that it will continue to grow negatively in 2010. In 2009, real estate demand contributed little to construction machinery. Demand was mainly from government investment projects and is still strong.
The valuation of leading companies in construction machinery is close to historical lows. We believe that construction machinery is expected to launch counterattacks in March as the market's expectations for macroeconomic policies stabilize. Although the international market demand has fluctuated, sales and order data in Japan and the United States indicate that global demand has bottomed out.
Construction machinery demand has not been reversed due to the withdrawal of loose monetary policy. The macroeconomic regulation and control in the economic background, raw material prices, demand conditions, corporate financial conditions are different from the past, after the previous adjustments, the industry valuation has been attractive. Sales of construction machinery in January were hot, generally better than the past two years.
South Korea's sales fell seasonally, exports rebounded; Japanese construction machinery continued to rise, hydraulic excavators were the biggest highlight; Caterpillar's global sales have bottomed out, and sales in the Asia Pacific region are growing.
The performance of heavy machinery was flat: in 2009, the output of metallurgical mining equipment decreased, and the output value continued to increase. The output of foundry machinery in December increased by 31% from the previous month and increased by 90% year-on-year. The output of lifting equipment in December was 383,000 tons, down 7.6% from the previous month. 9.3%.
In December, the output of CNC machine tools reached a new high, and the export of machine tools rebounded strongly. In 2009, the annual output of China's metal cutting machine tools was 620,000 units, down 2.2% year-on-year, while the output of CNC machine tools was 140,000 units, up 17% year-on-year.
In December, China's machine tool exports rebounded strongly, up 31% from the previous month and a substantial increase of 73% year-on-year.
Orders for foreign machinery products are improving: German factory and machinery orders increased by 8% in December 2009, the first increase since May 2008; orders for Japanese cutting machine tools declined slightly in January, and export rebounds were better than domestic demand; China demand boosted Japan Orders for forging machinery exports rose sharply, with orders from China growing more than 24 times year-on-year, accounting for 75% of Japan's total export orders for forging machinery.
The number of container exports continued to rebound in January 2010, the highest level in nearly 14 months. In the first half of the year, CIMC's dry cargo container orders have been filled.
The valuation of leading companies in construction machinery is close to historical lows. We believe that construction machinery is expected to launch counterattacks in March as the market's expectations for macroeconomic policies stabilize. Although the international market demand has fluctuated, sales and order data in Japan and the United States indicate that global demand has bottomed out.
Construction machinery demand has not been reversed due to the withdrawal of loose monetary policy. The macroeconomic regulation and control in the economic background, raw material prices, demand conditions, corporate financial conditions are different from the past, after the previous adjustments, the industry valuation has been attractive. Sales of construction machinery in January were hot, generally better than the past two years.
South Korea's sales fell seasonally, exports rebounded; Japanese construction machinery continued to rise, hydraulic excavators were the biggest highlight; Caterpillar's global sales have bottomed out, and sales in the Asia Pacific region are growing.
The performance of heavy machinery was flat: in 2009, the output of metallurgical mining equipment decreased, and the output value continued to increase. The output of foundry machinery in December increased by 31% from the previous month and increased by 90% year-on-year. The output of lifting equipment in December was 383,000 tons, down 7.6% from the previous month. 9.3%.
In December, the output of CNC machine tools reached a new high, and the export of machine tools rebounded strongly. In 2009, the annual output of China's metal cutting machine tools was 620,000 units, down 2.2% year-on-year, while the output of CNC machine tools was 140,000 units, up 17% year-on-year.
In December, China's machine tool exports rebounded strongly, up 31% from the previous month and a substantial increase of 73% year-on-year.
Orders for foreign machinery products are improving: German factory and machinery orders increased by 8% in December 2009, the first increase since May 2008; orders for Japanese cutting machine tools declined slightly in January, and export rebounds were better than domestic demand; China demand boosted Japan Orders for forging machinery exports rose sharply, with orders from China growing more than 24 times year-on-year, accounting for 75% of Japan's total export orders for forging machinery.
The number of container exports continued to rebound in January 2010, the highest level in nearly 14 months. In the first half of the year, CIMC's dry cargo container orders have been filled.
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