上周(zhou)市(shi)場(chang)顯示:本(ben)(ben)周(zhou)(6月(yue)9日-6月(yue)13日),全(quan)部重(zhong)要指數(shu)全(quan)部走強中(zhong)小板(ban)和(he)創業板(ban)依然(ran)是各板(ban)塊指數(shu)中(zhong)最(zui)為微弱的(de)(de)(de),取上周(zhou)差別的(de)(de)(de)是滬(hu)深綜(zong)指成份還(huan)皆(jie)走強。正在(zai)(zai)重(zhong)要指數(shu)全(quan)部走強的(de)(de)(de)情(qing)況下,中(zhong)信機(ji)器(qi)(qi)行業指數(shu)顯示更加搶眼(yan),本(ben)(ben)周(zhou)上漲(zhang)(zhang)2.85%,凌駕板(ban)塊指數(shu)中(zhong)最(zui)強的(de)(de)(de)創業板(ban)指數(shu)上漲(zhang)(zhang)2.52%的(de)(de)(de)顯示。而正在(zai)(zai)機(ji)器(qi)(qi)行業各子板(ban)塊中(zhong),運輸設別成為了漲(zhang)(zhang)幅(fu)最(zui)高的(de)(de)(de)子板(ban)塊到達3.86%,通用設備和(he)儀器(qi)(qi)儀表板(ban)塊漲(zhang)(zhang)幅(fu)還(huan)正在(zai)(zai)3%擺布,顯示最(zui)弱的(de)(de)(de)工程機(ji)器(qi)(qi)本(ben)(ben)周(zhou)還(huan)上漲(zhang)(zhang)了0.97%。正在(zai)(zai)個股(gu)(gu)層(ceng)面,具(ju)有(you)(you)機(ji)器(qi)(qi)人觀(guan)點的(de)(de)(de)華昌達本(ben)(ben)周(zhou)上漲(zhang)(zhang)35%以(yi)上,具(ju)有(you)(you)相似觀(guan)點的(de)(de)(de)三豐智能、萬訊自控還(huan)皆(jie)有(you)(you)較大(da)漲(zhang)(zhang)幅(fu)。全(quan)部機(ji)器(qi)(qi)類個股(gu)(gu),本(ben)(ben)周(zhou)上漲(zhang)(zhang)占多數(shu),即便(bian)跌幅(fu)榜前5位的(de)(de)(de)跌幅(fu)還(huan)不大(da)。市(shi)場(chang)鄰近IPO時段,觀(guan)點或會降溫,機(ji)器(qi)(qi)個股(gu)(gu)或有(you)(you)調解(jie)。

　　華融(rong)行(xing)(xing)業(ye)看法:我們(men)以(yi)為,受(shou)制于(yu)基建投資和房(fang)地產(chan)行(xing)(xing)業(ye)的(de)(de)近況,機械行(xing)(xing)業(ye)中(zhong)的(de)(de)很(hen)多板塊(kuai)正在(zai)將來相稱長的(de)(de)一段時間內(nei)仍(reng)將沒(mei)法解脫運營的(de)(de)窘境。存眷(juan)可實現制造業(ye)升(sheng)級和進(jin)口替換的(de)(de)個股(gu),和下(xia)流會延續景氣的(de)(de)子(zi)板塊(kuai):油氣鉆采設(she)備(bei)(bei)(bei)、海工設(she)備(bei)(bei)(bei)、天然氣儲(chu)運和利用設(she)備(bei)(bei)(bei)、條約(yue)能源(yuan)管理設(she)備(bei)(bei)(bei)、冷鏈,機器人。

　　一周行業(ye)(ye)(ye)大(da)事記:本周新(xin)(xin)船(chuan)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan)環比上(shang)升較(jiao)多(duo)。2014年06月09日(ri)(ri)至06月15日(ri)(ri),環球(qiu)船(chuan)塢(wu)(wu)共(gong)接獲57+11艘(sou)新(xin)(xin)船(chuan)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan),海工(gong)(gong)行業(ye)(ye)(ye)取(qu)得(de)(de)(de)1個自升式鉆井平臺模塊(kuai)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan)。此中(zhong)(zhong),中(zhong)(zhong)國(guo)(guo)船(chuan)塢(wu)(wu)共(gong)取(qu)得(de)(de)(de)31+3艘(sou)新(xin)(xin)船(chuan)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan);韓(han)國(guo)(guo)船(chuan)塢(wu)(wu)共(gong)取(qu)得(de)(de)(de)12+4艘(sou)新(xin)(xin)船(chuan)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan);日(ri)(ri)本船(chuan)塢(wu)(wu)共(gong)取(qu)得(de)(de)(de)7艘(sou)新(xin)(xin)船(chuan)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan)。別的(de),新(xin)(xin)加坡、意(yi)大(da)利、美國(guo)(guo)、挪威、荷蘭和(he)英國(guo)(guo)等(deng)國(guo)(guo)度的(de)船(chuan)塢(wu)(wu)還(huan)取(qu)得(de)(de)(de)了(le)新(xin)(xin)船(chuan)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan)。本周環球(qiu)船(chuan)塢(wu)(wu)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan)較(jiao)多(duo),我國(guo)(guo)一樣得(de)(de)(de)到(dao)了(le)半數以上(shang)的(de)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan),可是(shi)由(you)范(fan)例來看(kan),我國(guo)(guo)企業(ye)(ye)(ye)以散貨船(chuan)為主(zhu),油(you)船(chuan)和(he)LPG船(chuan)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan)主(zhu)要(yao)被日(ri)(ri)、韓(han)企業(ye)(ye)(ye)取(qu)得(de)(de)(de)。新(xin)(xin)加坡企業(ye)(ye)(ye)取(qu)得(de)(de)(de)了(le)一個海工(gong)(gong)鉆井平臺的(de)模塊(kuai)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan),中(zhong)(zhong)遠船(chuan)務取(qu)得(de)(de)(de)4艘(sou)PSV定(ding)(ding)(ding)單(dan)(dan)(dan)(dan)。造船(chuan)業(ye)(ye)(ye)的(de)定(ding)(ding)(ding)單(dan)(dan)(dan)(dan)反(fan)彈還(huan)在連續。

　　2014年(nian)4月(yue)(yue)份(fen)農機(ji)市場(chang)低迷。2014年(nian)4月(yue)(yue)份(fen),農機(ji)行(xing)業完成出(chu)口交(jiao)貨(huo)(huo)值27.86億元(yuan),同比增加(jia)15.61%。1-4月(yue)(yue)份(fen),全國農機(ji)行(xing)業累計(ji)完成出(chu)口交(jiao)貨(huo)(huo)值105.45億元(yuan),累計(ji)同比增加(jia)12.27%。 由(you)次(ci)要(yao)統(tong)計(ji)的(de)產物看,1-4月(yue)(yue),農機(ji)行(xing)業的(de)次(ci)要(yao)產物產量均(jun)有下落(luo)(luo)。收成機(ji)器下落(luo)(luo)幅度最大,為10.67%。其次(ci)是飼料出(chu)產專用設備(bei),累計(ji)同比下落(luo)(luo)8.72%。

　　5月(yue)(yue)(yue)挖(wa)掘機(ji)施展闡(chan)(chan)發持(chi)續變差。統計(ji)局宣布5月(yue)(yue)(yue)份(fen)(fen)挖(wa)掘機(ji)行(xing)(xing)(xing)(xing)業(ye)產量(liang)數據,中國(guo)共出產11771臺(tai),同(tong)比(bi)(bi)下落(luo)(luo)(luo)26.45%。具(ju)wind整頓的販賣數據,我(wo)國(guo)5月(yue)(yue)(yue)份(fen)(fen)挖(wa)掘機(ji)銷(xiao)量(liang)只(zhi)有7965臺(tai),同(tong)比(bi)(bi)下落(luo)(luo)(luo)31%。每一年3、4、5月(yue)(yue)(yue)基(ji)本上是(shi)挖(wa)掘機(ji)販賣的傳統旺季,尤其是(shi)3、4月(yue)(yue)(yue)份(fen)(fen)。2014年前5個(ge)月(yue)(yue)(yue)挖(wa)掘機(ji)總銷(xiao)量(liang)同(tong)比(bi)(bi)下落(luo)(luo)(luo)9.46%,主如果2月(yue)(yue)(yue)份(fen)(fen)銷(xiao)量(liang)較(jiao)好(hao)(hao)(hao),但3、4月(yue)(yue)(yue)份(fen)(fen)的傳統旺季卻(que)銷(xiao)量(liang)同(tong)比(bi)(bi)下滑(hua)較(jiao)大。出產企業(ye)層面,三一重工(gong)5月(yue)(yue)(yue)份(fen)(fen)販賣1071臺(tai),同(tong)比(bi)(bi)下落(luo)(luo)(luo)26.29%,略好(hao)(hao)(hao)過(guo)行(xing)(xing)(xing)(xing)業(ye)總體(ti)水(shui)平(ping),環比(bi)(bi)降(jiang)(jiang)幅(fu)有所(suo)收窄,銷(xiao)量(liang)仍為(wei)行(xing)(xing)(xing)(xing)業(ye)第一。卡(ka)特彼勒本月(yue)(yue)(yue)販賣937臺(tai),同(tong)比(bi)(bi)只(zhi)下落(luo)(luo)(luo)了5.73%,施展闡(chan)(chan)發相對較(jiao)好(hao)(hao)(hao)。小(xiao)松雖然(ran)5月(yue)(yue)(yue)同(tong)比(bi)(bi)銷(xiao)量(liang)降(jiang)(jiang)幅(fu)還比(bi)(bi)較(jiao)多(duo),但仍是(shi)好(hao)(hao)(hao)過(guo)行(xing)(xing)(xing)(xing)業(ye)總體(ti)水(shui)平(ping)。

　　新三板專題:機(ji)器之北(bei)京(jing)航(hang)峰(feng)。北(bei)京(jing)航(hang)峰(feng)科偉設(she)備(bei)技(ji)能(neng)股(gu)份有限(xian)(xian)公(gong)(gong)(gong)(gong)司的(de)(de)前身為北(bei)京(jing)航(hang)峰(feng)科偉設(she)備(bei)技(ji)能(neng)有限(xian)(xian)公(gong)(gong)(gong)(gong)司。該公(gong)(gong)(gong)(gong)司系(xi)由(you)洛陽(yang)航(hang)峰(feng)自動化(hua)設(she)備(bei)有限(xian)(xian)公(gong)(gong)(gong)(gong)司和鄧玫(mei)配合出資,并經(jing)北(bei)京(jing)市工商(shang)行政管理(li)局(ju)答應(ying),于2007年7月(yue)(yue)19日依法設(she)立的(de)(de)有限(xian)(xian)公(gong)(gong)(gong)(gong)司。2013年8月(yue)(yue)28日公(gong)(gong)(gong)(gong)司團體(ti)變(bian)更(geng)為股(gu)份有限(xian)(xian)公(gong)(gong)(gong)(gong)司,取此同時更(geng)名為北(bei)京(jing)航(hang)峰(feng)科偉設(she)備(bei)技(ji)能(neng)股(gu)份有限(xian)(xian)公(gong)(gong)(gong)(gong)司。2012年4月(yue)(yue)10日正(zheng)在新三板掛牌買賣。公(gong)(gong)(gong)(gong)司產物(wu)主(zhu)如果應(ying)用公(gong)(gong)(gong)(gong)司行業搶先(xian)的(de)(de)油(you)(you)液(ye)(ye)(ye)(ye)凈(jing)化(hua)技(ji)能(neng)、油(you)(you)液(ye)(ye)(ye)(ye)污(wu)(wu)染度(du)檢驗(yan)技(ji)能(neng),和光(guang)電表(biao)現(xian)技(ji)能(neng),設(she)計、研發、出產的(de)(de)集(ji)油(you)(you)液(ye)(ye)(ye)(ye)凈(jing)化(hua)、油(you)(you)液(ye)(ye)(ye)(ye)污(wu)(wu)染度(du)檢驗(yan)、數(shu)控操縱(zong)等多種科技(ji)含(han)量(liang)高、功用綜合性強的(de)(de)體(ti)系(xi)集(ji)成化(hua)產物(wu),如為飛機(ji)液(ye)(ye)(ye)(ye)壓(ya)體(ti)系(xi)給予多功用的(de)(de)平安保(bao)障:YDG-1 型(xing)多功用液(ye)(ye)(ye)(ye)壓(ya)油(you)(you)泵(beng)(beng)車、YDG-2 型(xing)液(ye)(ye)(ye)(ye)壓(ya)油(you)(you)泵(beng)(beng)洗濯(zhuo)車、YDG-3 型(xing)液(ye)(ye)(ye)(ye)壓(ya)油(you)(you)泵(beng)(beng)洗濯(zhuo)車等液(ye)(ye)(ye)(ye)壓(ya)油(you)(you)泵(beng)(beng)設(she)備(bei)通(tong)過了兵工質量(liang)體(ti)系(xi)認(ren)證,現(xian)已設(she)備(bei)到陸海空軍(jun)隊利用。也有油(you)(you)液(ye)(ye)(ye)(ye)檢驗(yan)取洗濯(zhuo)體(ti)系(xi)。公(gong)(gong)(gong)(gong)司2012、2013年收入3424萬(wan)(wan)元(yuan)、3896萬(wan)(wan)元(yuan),實(shi)現(xian)凈(jing)利潤1275萬(wan)(wan)元(yuan)和1401萬(wan)(wan)元(yuan)。近來的(de)(de)成交(jiao)是以18.5元(yuan),成交(jiao)了30000股(gu)。以事(shi)先(xian)每(mei)(mei)股(gu)約(yue)1元(yuan)的(de)(de)EPS盤算(suan),事(shi)先(xian)PE約(yue)為18.5倍(bei)。公(gong)(gong)(gong)(gong)司2014年完成了定增,每(mei)(mei)股(gu)訂(ding)價13.2元(yuan),增發后EPS為0.85元(yuan),成交(jiao)PE約(yue)為15.5倍(bei)。

　　風險提醒:經濟增速進一(yi)步放(fang)緩;新股(gu)刊行(xing)范(fan)圍對市(shi)場(chang)投(tou)資決心信(xin)念和(he)估值中樞的(de)打擊。