With the upgrade of equipment manufacturing, R&D companies will benefit. We believe that the comparative advantage of human costs in China's machinery industry is disappearing, and upgrade of equipment manufacturing industry is the only path. At present, the R&D input of 204 listed companies in China's machinery industry accounts for only about 2% of the income. According to the US, 245 listed companies in the machinery industry accounted for 6% of research and development expenses. China's machinery industry R & D investment is relatively inadequate. From the perspective of U.S. development experience, companies whose R&D investment has significantly increased their business performance and profit levels have been significantly improved in the next 5-10 years. At the same time, the excess returns of these listed companies are higher than those of companies with insufficient R&D investment. a lot of.
Layout In 2012, we will grasp the development opportunities of green manufacturing in the next 20 years. The current per capita output of China's equipment manufacturing industry is low, resource consumption is large, sustainability is insufficient, and the industry must be upgraded. We believe that the main direction of future upgrades is green manufacturing. Among them, the short-term focus is on energy-saving and emission reduction of smart equipment and machinery.
Energy Equipment: We are more optimistic about natural gas equipment. At present, coal accounts for 70% of China's energy consumption. Coal power has a huge impact on China's air pollution. Relevant data shows that the end emission treatment including the electrostatic precipitator has limited filtration of a large number of fine particles. From the perspective of the use of natural gas by the United States, Japan, and South Korea, natural gas power generation accounts for a relatively large proportion. We are optimistic about the application of natural gas in China in the future. There is huge room for the development of natural gas equipment in China.
Agricultural machinery: Agricultural water-saving potential is far greater than industrial water-saving. We believe that the future investment opportunities for agricultural machinery are mainly concentrated on the related applications of water conservancy construction and water-saving irrigation. According to the data from the National Bureau of Statistics in 2009, the total amount of water used in China is about 600 billion cubic meters, of which agricultural water accounts for 62.4%, which is much larger than the total amount of industrial water. The uneven distribution of water resources restricts the development of the local economy to some extent. From the perspective of the use of water resources, there is much to be expected from agriculture.
Defense-military: The transformation of scientific and technological achievements and government expenditures will benefit the long-term economic development. We compare the contribution of the US defense expenditure to GDP per year from 1960 to 2010. We find that after 1980, the extent of U.S. defense spending’s contribution to GDP is inversely related to the U.S. economic cycle. For instance, in 2008, the US GDP growth rate was only 0.44%, while the defense expenditure contribution to GDP was 0.36%. GDP growth in the United States in 2009 was -2.44%, and the contribution of defense spending to GDP was 0.3%. In addition, we are optimistic about the role of national defense science and technology in the promotion of national scientific and technological strength. Especially since the 1990s, the transformation of defense scientific and technological achievements worldwide has gradually accelerated, which has, to a certain extent, promoted the progress of national science and technology.
General machinery: The energy saving of gas compressors is far-reaching. According to the International Energy Conservation and Environmental Protection Association, 96% of the energy consumption of compressed air systems is the power consumption of industrial compressors. China's industrial compressor power consumption in 2008 was 214 billion kWh, accounting for about 6-10% of the country's total electricity consumption. In the life cycle cost of air compressors, energy costs account for 70%. Japan's industrial compressors use only 40 billion kWh of electricity, which is less than 4% of Japan's total electricity consumption. This shows that while we are adjusting the industrial economic structure, we must also vigorously increase the energy efficiency of the compressed air system. The energy-saving benefits of gas compressors are of far-reaching significance.
Construction Machinery: Inventories are showing pressure, but the decline has stabilized, and future growth depends on policy-driven and internationalization. We believe that the main driver of construction machinery in 2012 will be export growth and policy-driven. At the same time, we believe that from 2012 to 2013, infrastructure investment will not slow down significantly, including the protection of housing, transportation, and investment in water conservancy construction as potential catalytic factors.
Layout In 2012, we will grasp the development opportunities of green manufacturing in the next 20 years. The current per capita output of China's equipment manufacturing industry is low, resource consumption is large, sustainability is insufficient, and the industry must be upgraded. We believe that the main direction of future upgrades is green manufacturing. Among them, the short-term focus is on energy-saving and emission reduction of smart equipment and machinery.
Energy Equipment: We are more optimistic about natural gas equipment. At present, coal accounts for 70% of China's energy consumption. Coal power has a huge impact on China's air pollution. Relevant data shows that the end emission treatment including the electrostatic precipitator has limited filtration of a large number of fine particles. From the perspective of the use of natural gas by the United States, Japan, and South Korea, natural gas power generation accounts for a relatively large proportion. We are optimistic about the application of natural gas in China in the future. There is huge room for the development of natural gas equipment in China.
Agricultural machinery: Agricultural water-saving potential is far greater than industrial water-saving. We believe that the future investment opportunities for agricultural machinery are mainly concentrated on the related applications of water conservancy construction and water-saving irrigation. According to the data from the National Bureau of Statistics in 2009, the total amount of water used in China is about 600 billion cubic meters, of which agricultural water accounts for 62.4%, which is much larger than the total amount of industrial water. The uneven distribution of water resources restricts the development of the local economy to some extent. From the perspective of the use of water resources, there is much to be expected from agriculture.
Defense-military: The transformation of scientific and technological achievements and government expenditures will benefit the long-term economic development. We compare the contribution of the US defense expenditure to GDP per year from 1960 to 2010. We find that after 1980, the extent of U.S. defense spending’s contribution to GDP is inversely related to the U.S. economic cycle. For instance, in 2008, the US GDP growth rate was only 0.44%, while the defense expenditure contribution to GDP was 0.36%. GDP growth in the United States in 2009 was -2.44%, and the contribution of defense spending to GDP was 0.3%. In addition, we are optimistic about the role of national defense science and technology in the promotion of national scientific and technological strength. Especially since the 1990s, the transformation of defense scientific and technological achievements worldwide has gradually accelerated, which has, to a certain extent, promoted the progress of national science and technology.
General machinery: The energy saving of gas compressors is far-reaching. According to the International Energy Conservation and Environmental Protection Association, 96% of the energy consumption of compressed air systems is the power consumption of industrial compressors. China's industrial compressor power consumption in 2008 was 214 billion kWh, accounting for about 6-10% of the country's total electricity consumption. In the life cycle cost of air compressors, energy costs account for 70%. Japan's industrial compressors use only 40 billion kWh of electricity, which is less than 4% of Japan's total electricity consumption. This shows that while we are adjusting the industrial economic structure, we must also vigorously increase the energy efficiency of the compressed air system. The energy-saving benefits of gas compressors are of far-reaching significance.
Construction Machinery: Inventories are showing pressure, but the decline has stabilized, and future growth depends on policy-driven and internationalization. We believe that the main driver of construction machinery in 2012 will be export growth and policy-driven. At the same time, we believe that from 2012 to 2013, infrastructure investment will not slow down significantly, including the protection of housing, transportation, and investment in water conservancy construction as potential catalytic factors.
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