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Industry growth rate ramp up exports still grim

YoY growth slow recovery: 2009 January-May industrial output value of 3.783354 trillion yuan industry, the sales value of 3.671445 trillion yuan, respectively, year on year growth of 6.31%, 5.68%, respectively, over last year dropped 23.24,24.67 percentage points, but the ring than the growth rate increased 0.98 percentage points from last month. Sub-industry perspective, in addition to cultural office and the internal combustion engine industry growth rate fell, the rest of the industry growth rate in varying degrees of growth. Including agricultural machinery, construction machinery and heavy mining industry is still outstanding, an increase of 23.05%, 13.19%, 17.24%, but compared with 1-4 months, the growth rate slowed down 0.36,2.61 and 0.72 percentage points, which works machinery larger decline. Negative growth of cultural office and the engine two sub-sectors. Chain point of view, the growth rate decreased with agricultural machinery, internal combustion engines, construction machinery, instrumentation, heavy mining industry and food packaging 5, the chain growth rate increased cultural office, general petrochemical, machine tools, electrical appliances, basic parts, automotive, machinery seven other civilian sectors.
    
Export delivery value of decline continues to widen, the industry's export situation is still grim: the economy dragged down by overseas, the industry's export situation is still grim, export delivery value of the rate of decline continues to increase. January-May to complete industry export delivery value of 397.852 billion yuan, down 23.42 percent, the rapid growth rate dropped 48.63 percentage points. Ring than the growth rate fell 0.65 percentage points from the previous month, the growth rate declined month by month increase. Sub-industry perspective, 13 sub-industry export delivery value of the growth rate showed a downward trend, in which other civilian machinery, automobiles, engineering machinery fell a greater degree, a decline of 36% or more.
    
Sub-sectors: in the month, Statistics 117 kinds of main products, representing a decline of 66 species, accounting for 56.41%, positive growth of 51 species, accounting for 43.59%, with double-digit growth of 39 kinds of products , accounting for 33.33%. May a single month of positive growth of 59 species, accounting for 50.43%, a negative growth of 58 species, accounting for 49.57%, including double-digit growth of 39 species, accounting for 33.33%, 11 kinds of products output growth greater than 50%, the industry further show signs of recovery.
    
Sales rate: 2009 January-May, the machinery industry sales rate was 97.04%, the chain increased 0.16 percentage points relative to 2008 decreased by 0.59 percentage points, and also lower than the national industrial products sales rate 0.21 white points. Year term, only 13 sub-sectors of agricultural machinery, general petrochemical, machine tools, automobiles four sub-industry sales rates have risen, the rest were varying degrees of decline. Where heavy mining, electrical appliances, food packaging machinery and engineering machinery industry sales rate of 4 sub-fell by more than 1 percentage point, which several sub-industry sales pressure is still larger.
    
Industry investment strategy: Industry investment mainly follow three main themes: the railway industry chain related to macroeconomic irrelevant or lesser degree and asset injection, merger and reorganization theme. In the strict pursuit of steady growth along with the main industry to provide a margin of safety, and has assets valued inject integration and other emergencies to provide valuation imagination theme of the two necessary conditions, we are sorting machinery industry investment in listed companies were the first 10 China South Locomotive, China Railway, China Railway Construction, hydraulic power source, Qinchuan development, Longxi shares, Hite high, Weihai Guangtai, Sinovel steel, Tianqi shares.


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