The global automotive industry is experiencing a period of high profitability and strong growth, with annual sales reaching the pre-recession peak. This is mainly due to the rise in globalization and urbanization that have improved the living standard of people, which, in turn, is increasing their purchasing capacity. The global automobile market is at present dominated by the US, but market projections predict that the market will see a shift toward China, with the Chinese automobile market expected to grow at the rate of 12.6%. On the other hand, the US automobile market is projected to grow at a rate of 6.1% during the forecast period.The forecast period is likely to be a real game changer for the software associated with waterjet cutting machines. Though the software is used in the main cutting models, the trend is now shifting toward machine intelligence. For instance, OMAX has developed a new software Intelli-CAM that helps to generate 2D and 3D paths of the tools. This helps to create the tool path and attributes of 3D cutting before it is fed to the waterjet cutting machine.

“中国制造2025”于2015年正式发布，国务院提出创新驱动、质量为先、绿色 发展、结构优化、人才为本，智能制造是核心。近期，工信部部长苗圩多次表示， 2017年将是我国全面实施“中国制造2025”战略的关键一年，工信部等有关部门还 将出台一系列举措，推进“中国制造2025”战略的持续落地和制造业的全面转型升 级。智能制造主题迎来了从概念到成长性转变的契机，相关公司业绩有望迎来高增 长。

5-axis Computerized Numerical Control (CNC) machining had already made a significant difference in the metal processing industry by reducing the cycle time,increasing efficiency, and decreasing the wastage of material. With an everincreasing demand from end-user industries, the 6-axis CNC machine has been introduced. This innovation is expected to redefine machining operations. Reduced CAPEX spending by manufacturers has compelled industries to scout for low-cost options. This trend has contributed to the easy reach of refurbished machines for consumers. In addition, the rising demand for these machines is attributed to their cost differential of 50%-75%. This, coupled with the highly fragmented industry scenario, has provided a threat to established players with a possibility of subdued sales. Low-cost manufacturing opportunities in APAC have compelled manufacturers across all industries to move their manufacturing bases to this region. Rising automotive production in Thailand and initiatives such as Make in India have made this region the focal point of global manufacturing. Therefore, Technavio expects this region to lead in the manufacturing market, and in turn, prove to be a major market for sheet metal equipment.

李克强在政府工作报告中重申坚决遏制钢铁行业新增产能，取缔地条钢。并公布 2017 年的去产能目标为 5000 万吨；中钢协 2 月上旬重点钢企粗钢日均产量 171.78 万吨，环比增长 3.56%，同比增长 10.1%。 

The rupture disc market is in its mature stage, leading to slow growth during the forecast period. Replacement demand from the developed regions such as Europe and North America coupled with new industrial and economic developments in emerging countries such as India and China will account for the majority of the demand during the forecast period.Rupture discs in combination with relief valves will account for major gains in the market share during the forecast period. Reduced process leakage, increased maintenance intervals, and extended valve life are the key advantages of using rupture discs with relief valves that result in cost benefits to end-users.

This report covers the present scenario and the growth prospects of the global rupture disc market for the period 2016-2020. The market size has been estimated by considering the demand for rupture discs from various end-user segments. The average price of various types of rupture discs has also been considered. Forecasting is based on the projected new and replacement demand for rupture discs worldwide

and the unit price estimations during the forecast period.

The water miscible oils dominated the global removal fluids market with a revenue share of 72.86%. This product type is estimated to grow at a CAGR of 4.36% as water miscible oils provide a wide range of performance capabilities to meet industrial requirements in machining operations. These find extensive use in the metal fabricated products and machinery segments.The transportation equipment segment contributed the highest market share of 36.04% in 2015. This application is expected to grow at a CAGR of 4.25%. The transportation equipment segment primarily depends on removal fluids for production as the most common types of operations like machining, stamping, and forging need removal fluids.APAC possessed a share of 45.12% of the global removal fluids market in 2015. It

is projected to grow at a CAGR of 4.39%. There is an enhanced awareness about the benefits of removal fluids use and their cost-effectiveness among the end-user industries. The rise in popularity of electrical-discharge machining and minimum quantity lubrication machining will provide prospects for the market growth in APAC.

（1）范围上超预期：目前市场对于机械传统周期品回暖的 关注聚焦在工程机械行业，我们建议大家放眼所有的传统 周期行业，包括工程机械、重型机械、油气装备与服务、 煤机等等。 （2）时间上超预期：目前市场普遍对于机械传统周期品行 情在 3 月前持乐观态度，在 3 月后持悲观态度，而我们判 断至少 1-7 月工程机械增长无忧，重型机械、油气装备与 服务、煤机全年增长无忧。

1 月挖机销售数量大幅增长，持续推荐工程机械主题投资机会。根据工程 机械协会的最新数据，2017 年 1 月挖掘机销量 4548 台，同比增长 54%。 且随着我国基建及 PPP 项目加速落地，挖掘机的景气度将在 2017 年上半 年持续，并有望传导至其他工程机械设备。此外，经过 2011 年以来的持 续调整，我国工程机械行业去库存过程已经基本结束、去产能也取得显著 效果。我们判断，2017 年上半年，以挖掘机为代表的工程机械产销数据 将持续超预期，建议关注整机厂商柳工、三一重工，以及核心零部件供应 商恒立液压。

 价格变化和板块表现。17 年 1 月经济开局平稳，尽管当月 PMI 指数为 51.3 略 低于 16 年 12 月的 51.4，但仍处于荣枯线以上，高于近 5 年均值。2 月 3 日， 央行释放货币收紧信号，将 7 天逆回购中标利率由 2.25%上调至 2.35%，基建 投资对 17 年经济平稳运行的重要作用更加显著。上周（2017 年 2 月 6 日至 2 月 10 日）机械设备行业表现强于大盘，周累计超额收 0.75%，17 年累计超额 -1.90%。

The oil and gas industry is driving the industrial user segment of the global microturbine market. The segment holds the largest market share and is expected to retain its dominance during the forecast period. Stringent regulations imposed by governments across the world with regard to the adoption of microturbines are likely to drive their use in other industries in the long-term future. The use of flare

gas on rigs is another strong factor that is driving the use of microturbines in the oil and gas industry.The need to curb greenhouse gas (GHG) emissions has been a driving force for the adoption of microturbines. During COP21 summit in France in 2015, countries

committed to bring down the emissions over a period. Most of the countries will be looking for a cost-effective and easily available fuel in the market. The ability of microturbines to work with natural gas and biogas fits the criteria. As a result, the market is expected to grow rapidly during the forecast period.