2018 年是中游设备复苏的重要一年，产业升级将是机械行业的长期主旋律。宏观层面稳定增长，质量提升；上游供给侧改革促中游领域转型升级。在此背景下，传统复苏及下游景气度将是机械板块的重视方向。我们认为，工程机械复苏仍将持续，3C 领域（显示面板设备）需求将快速释放，智能机器人领域将迎来关键突破，高铁作为“大国重器”将持续受益主题行情。

2018 年挖掘机行业预计增长10%~30%。在日前召开的2017 年度中国挖掘机械行业年会上，与会专家预计，2018 年挖掘机行业将保持10%~30%的稳定增长。同时，挖掘机市场呈现出新特点，行业逐步进入龙头企业竞争时代，市场集中度仍有上升空间。（来源：中国机械工业联合会机经网）

目前基金对于机械设备板持仓仍然处于低配状态。截止到2017年三季度，机械设备板块持仓规模为319.38亿元，单季度环比增长6.33%，如果将机械设备板块基金持仓比重与板块流通市值比重对比，目前板块仍然处于低配状态。

2017 前三季度机械行业盈利能力复苏。对机械行业316 家上公司业绩进行梳理，2017 年前三季度机械行业整体实现营业收入6883 亿元，同比增长24.3%，实现归母净利润236 亿元，同比增长81%；从板块内个股增速中枢来看，行业营收增速中位数为25.6%，为7 年同期最高值，272 家公司实现营收的正增长，占比86%，归母净利润增速中位数24.04%，接近2010 年增速高位，229 家公司实现净利润正增长，占比72.5%。

An industrial shredder can shred all kinds of materials such as tires, car wrecks, metals, plastics, wood, and garbage. However, the shredding process depends on the machine's design and size. Shredders are available in numerous sizes and designs. Design variations include horizontal hammer mills, vertical hammer mills, and slow speed and shear-type shredders of single, dual, triple, and quad shaft design. It also includes shaft grinders of single or dual-shaft design, knife hogs, granulators, raspers, flails, mawlers, cracker mills, and refining mills.

供给侧改革加快发展先进制造业：和发达国家相比，我国的制造业大而丌强，绝大部分产品集中在中低端，制造业转型升级迡在眉睫，供给侧改革有效减少落后产能，加快发展先进制造业。

Horizontal machining centers are configured with a spindle placed in horizontal orientation, facilitating uninterrupted manufacturing. A two-pallet work changer can be attached on one side of the work surface, while the CNC machining center is at work with another workpiece at a different surface. Gravity pulls the workpiece out from the machine after completion, allowing lesser clean-up time and longer tool life.The CNC horizontal machining centers have the capability of performing machining operations on objects thrice the size of those handled by vertical machining centers.

The global marine deck machinery market is dependent on the performance of the global shipbuilding industry. This is because marine deck machineries are essential for water-borne vehicles such as boats, cruises, merchant and passenger ships, tankers, and bulk carriers to move on water. Therefore, a greater demand for building new ships will likely lead to higher demand for marine deck machineries. Many countries lack the essential natural resources to produce various consumer goods, because of which these nations are heavily dependent on the shipping industry to carry out trade on a global scale.