The US and China are considered to be the major manufacturing hubs using computer-aided design (CAD) software. China and the US together contributed about 45% to the global R&D spending in 2015.In APAC, the governments of various countries have taken initiatives like cabinetlevel programs in China, and the Skill India and Make in India program in India. The Machine Tool Association in Japan and Korea Institute of Science and Technology in South Korea have invested in the growth of the R&D of machine tools. This, in turn, will impact the industrial machinery market in APAC.This report covers the present scenario and the growth prospects of the global CAD market in the industrial machinery industry for 2016-2020.

Friction stir welding is a technique to join two metals or metal alloys via a solid-state joining process. The process makes use of a third tool that joins the two surfaces. The process involves the generation of heat that softens the surface near the friction stir welding tool. The two pieces of metal are intermixed at the joint, and mechanical pressure is applied by the tool to join the softened metal. Typically, this type of welding technique is applied in the case of aluminum metal (extruded aluminum) and on structures that require superior weld strength. The process does not need any postweld heat treatment.

汽车起重机市场预期差较大：汽车起重机 3 月份销量增速有望接棒挖掘机，加大推荐汽车起重机龙头徐工机械、三一重工，推荐轨交装备等成长型优质底部个股，重点推荐春晖股份，关注鼎汉技术。

机械产品需求总体在回暖过程，龙头企业同时加速扩大市场份额，基于需求改善力度和利润恢复情况，我们继给予机械设备行业“买入”评级，建议同时关注机械大周期领域（工程机械、集装箱、通用机械、油气装备等）的龙头企业，和新智能、新服务领域的优秀成长企业的投资机会。

3C 自动化需求有望逐步释放，关注组装与检测环节设备。1）3C 产品存量更新+新领域增量扩充有望带动设备需求提升。3C 产品存量大，更新周期短，随着技术功能不断创新，更高性价比的产品有望促使存量产品更新，具有较大的存量更新需求，同时新兴电子消费（如：VR/AR、可穿戴设备）等增量市场快速扩充，3C 产品存量更新+新领域增量扩充使 3C行业维持较高景气度，在下游需求的带动下，预计未来 5 年设备投资增速在 10%左右。2）人力成本的提升+自动化成本下降带来设备自动化升级趋势，行业高景气+设备需求旺盛促使自动化阻力小，设备自动化需求有望逐步释放。

This report covers the present scenario and growth prospects of the excavator market in Japan for 2017-2021. To calculate the market size, the report considers the revenue from sales of excavators and the number of units produced by the leading vendors like Hitachi Construction Machinery, Komatsu, and Kobelco Construction Machinery. The types of excavators that are included for market sizing are: Hydraulic excavators、Wheel hydraulic excavators、Hybrid hydraulic excavators、Large excavators、Mini excavators.This report also features vendor landscape, with a corresponding analysis of the top vendors in the market. It presents the market's product segmentation on the basis of different range of product offerings by the leading players in the market. The report also provides segmentation based on the bucket size, machine mass, and engine power rating of the excavators. In addition, it contains a detailed discussion of the major drivers influencing the growth of the market, outlines the major challenges faced by the vendors in the market, and examines key trends that are emerging in the market.

 从收入结构和市场份额的角度分析意义重大 根据行业协会数据显示，2 月份国内挖掘机销量总量为 14530 台，同比增长 297.65%，增速达到有数据跟踪以来的 单月最高纪录。本次我们从企业的收入结构和市场份额进行深入分析，原因有两点： （1）企业的收入结构决定了行 情回暖过程中业务收入和利润的弹性，不同的产品由于销量带来的规模效应不同，毛利率差异非常明显；（2）企业 的市场份额，决定了企业在某个领域的话语权和掌控力，最终市场份额逐步扩张的品种是有可能穿越周期的。工程机械企业收入结构的变迁：混凝土业务向下，挖掘机业务向上 2016 年上半年，各个公司业务格局发生了比较明显的变化：中联重科的工程机械业务（混凝土机械+起重机）占比 从 2012 年上半年的 72.24%下滑到了 48.435，业务格局逐步走向多元化；三一重工的混凝土机械业务占比从 54% 下滑到了 45%，挖掘机业务占比从 21%上升到了 30.41%。企业业务格局的变化带来的是收入利润格局的变化，不 同产品的毛利率差异较大，挖掘机的盈利能力正在逐步超越起重机和混凝土机械，装载机基本维持 22.5%左右的毛 利率水平。同时，挖掘机对装载机的替换作用明显，装挖比从 5 比 1 下滑到了 1 比 1 左右。

1.LNG 重卡有直接复苏至 2014 年巅峰水平态势，数据非常好  关于 LNG 重卡数据，应该从几个维度进行分析，一是其绝对值增长， 二是其在重卡中的渗透率增长，缺一不可。从工信部数据来看，2 月 LNG 产量数据 4119 辆，绝对值超过 13、14 年同期巅峰水平，是 14 年 2 月 1931 辆产量的 2 倍多。同时要注意到现在已经连续 2 个月超 过历史同期最高水平了。  除了绝对值爆表以外，我们一直强调还要关注数据的内在美，即重视 渗透率。从最新数据来看，2 月 LNG 重卡渗透率为 4.7%，超过 17 年 1 月的 3.5%，接近 16 年 12 月最高的 5.0%，超过 14 年巅峰年份 2 月的 3.0%。同样横向来看，渗透率连续 2 月超过 14 年水平。

The global wind turbine market is expected to witness major demand from emerging economies in APAC such as India and China. For instance, India is likely to expand its wind power capacity by adding 4,000 MW per annum over the next five years; whereas, China's wind power capacity is expected to reach 217 GW by 2020.Gearbox bearing costs account for over 50% of the overall wind turbine bearing costs. Technological advances and an increase in R&D in direct-drive turbines,which do not require a gearbox, are expected to hinder the growth of the global wind turbine bearing market.The decline in the levelized cost of energy (LCOE) of wind power and the growth in renewable energy targets worldwide are projected to result in increased installation of wind turbines. During the forecast period, developed economies in Europe such the UK and Germany are expected to invest more in the offshore wind power generation segment. Technological advances in turbines and decline in the LCOE of offshore wind power — from $110/kW in 2014 to $84/kW in 2015 — are the key factors driving investments in this segment.

A significant part of the demand in the global welding safety market will arise from the construction and manufacturing sectors, which jointly accounted for nearly 50% of the overall market in 2015.The demand for welding will increase over the forecast period, especially from the manufacturing industries in developing countries. As welding is extensively used in the manufacturing industries, the rising demand for welding will, in turn, increase the demand for welding safety.Welding is one of the major processes in the construction industry. The global construction output is expected to grow by 85% to reach $15 trillion by the end of 2030. The global construction industry will grow at an annual rate of 4% until 2030,which is higher than the projected global GDP growth rate of 3% per annum.The implementation of robotic welding technology and automated welding technology will significantly limit the market growth as the demand for manual welding will decline. Automated welding solutions offered by companies like Lincoln Electric and Gullco International help end-users execute welding with the highest efficiency. Increased output, improved quality, and reduced overall cost propel endusers to adopt robotic welding. This will decrease the demand for welders, in turn,decreasing the demand for welding safety equipment in the market.