研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus2March2023TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨Nil无焦Research点LatestReports最新报告摘要MorningCompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变SectorReportBi-WeeklyUpdatetheConstructionMachineryIndustryIsMachineryExpectedToRecovertheScientific--Outperform--NSectorInstrumentIndustrySupportedbyPolicies行业报告双周报工程机械行业有望复机械行业--跑赢大市--否苏科学仪器行业受政策支持证告券AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports研后附行业和公司焦点最新报告摘要中文版报究究HSIPerformanceHSCEIPerformance报研告1400031000券EquityResearchReport29000证12000270002500010000230002100080001900060001700015000400013000110002000Mar22Jun22Sep22Dec22Mar23Mar22Jun22Sep22Dec22Mar23SourceBloombergSourceBloombergPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2061971421153921896恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE691430506339443164186国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4185626643571550035311200科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatFeb28Seethelastpagefordisclaimer1of5MorningResearchFocusPleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部的微信公众号公众号账号国泰君安国际研究部研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJIndustryandCompanyFocusNil无TableLatestLatestReportsSectorReportMachinerySectorBi-WeeklyUpdatetheConstructionMachineryIndustryIsExpectedToRecovertheScientificInstrumentIndustrySupportedbyPoliciesRatingOutperform6-18mTPnaAnalystAlexBaiReportDate2023-03-01SummaryTheautomationequipmentindustryisexpectedtoimproveandindustrialrobotsaredevelopingrapidlyAccordingtoMarketingIntelligenceResourceChinasindustrialrobotsalesexceeded280000unitsin2022anincreaseof10YoYTherapiddevelopmentofindustrialrobotshasmainlybeendrivenbydemandfromemergingindustriessuchasnewenergyvehicleslithiumbatteriesphotovoltaicsandmedicalcareWebelievethatindustrialautomationequipmentmayenteranupwardcycleandweareoptimisticaboutopportunitiesinthemachinetoolindustryinjectionmoldingmachineindustryanddie-castingmachineindustrySalesofconstructionmachineryfellinJanuarybutdomesticdemandisexpectedtorecoverthroughouttheyearAffectedbythelocalCovidepidemicandtheSpringFestivalholidaysalesofexcavatorsinChinafellby331YoYand381MoMinJanuaryWiththeimpactoftheepidemicsubsidingandsupportfromrealestatepoliciesordersrelatedtoconstructionmachinerygraduallyrecoveredCMEpredictedthatsalesofexcavatorsinFebruarywillincreaseDemandinoverseasmarketswasstrongerthandomesticdemandmainlyduetohighdemandforengineeringconstructionintheSoutheastAsianmarketwhiledemandinEuropeandtheUnitedStatesremainedstableChineseconstructionmachinerycompaniesareexpectedtobenefitfromcontinueddemandinoverseasmarketsThescientificmachineryindustryissupportedbynationalpoliciesanddomesticsubstitutionisacceleratingThePoliticalBureauofChinaproposedtouseChinasindependentresearchplatformsinstrumentsandequipmenttosolvemajorbasicresearchproblemsassoonaspossibleAtpresentChinasscientificinstrumentindustrymainlyreliesonimportsFrom2016to2019theoverallimportrateoflarge-scalescientificresearchinstrumentsinChinareached7060andthereisagrowingdomesticsubstitutiontrendRiskfactorsEconomicrecoverymaybeweakerthanexpectedSeethelastpagefordisclaimer2of5MorningResearchFocusTableFocusChineseTranslation中文翻译行业和公司焦点TableFocuschiNil无TableLatestchi最新报告行业报告机械行业双周报工程机械行业有望复苏科学仪器行业受政策支持评级跑赢大市6-18m目标价na分析员白舸报告日期2023-03-01报告摘要自动化设备行业预期向好工业机器人发展迅速根据睿工业数据2022年中国工业机器人销量超过28万台同比增长10工业机器人的快速发展主要受益于新能源车锂电光伏医疗等新兴行业需求拉动我们认为工业自动化设备或将进入上行周期我们看好机床行业注塑机行业压铸机行业的机会1月工程机械销量下滑但全年内需有望复苏受疫情及春节假期影响中国1月挖掘机销量同比下滑331环比下滑381随着疫情影响消退及房地产受政策支持工程机械相关订单逐步恢复工程机械杂志预估2月挖掘机销量将增长海外市场需求强于内需主要是由于东南亚市场工程建设需求大欧美地区需求维持稳定中国工程机械企业有望受益于海外市场的持续需求科学仪器行业获国家政策支持国产替代加速中共中央政治局提出要早日实现用中国自主的研究平台仪器设备来解决重大基础研究问题目前中国科学仪器行业主要依赖进口2016-2019年中国大型科研仪器整体进口率达7060国产替代需求强烈风险因素经济复苏不及预期Seethelastpagefordisclaimer3of5MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer4of5MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK09889HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKGUANGZHOUAUTOMOBILE-HSHARES02238HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCNOOC00883HKLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKAACTECHNOLOGIESHOLDINGS02018HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer5of5