机械设备行业：民爆转型升级加速，产业装备面临升级

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights the significance of the transformation and upgrading of the civil explosive industry, which is expected to drive demand for related equipment across the entire industry chain. The policy aims to enhance the industry's high-end, intelligent, and green transformation, supporting the development of new industrialization and the construction of a manufacturing power [5][4] - By the end of 2027, the widespread application of unmanned production lines is anticipated, with a focus on optimizing product structure and capacity layout to improve product quality and supply capabilities [5] - The report emphasizes that the civil explosive industry will benefit from policies promoting innovation, digital transformation, and green manufacturing, leading to increased demand for automation and specialized equipment [5] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 14.33% compared to the CSI 300 index, with an absolute return of 24.24% [2] Investment Highlights - The civil explosive industry is crucial for national economic and social development, with recent innovations improving safety and driving high-quality growth. However, challenges remain in safety production and digital technology integration [5] - The report outlines specific areas of focus for technological development, including unmanned production technologies and smart storage systems, which are expected to enhance market demand for related machinery [5] - The green manufacturing aspect emphasizes energy conservation and clean production, which will also boost demand for efficient production equipment and waste treatment technologies in the civil explosive sector [5]