20231227-国开证券-高水平科技自立自强_工业母机自主可控提速_21页_1mb

Summary of Industry Research Report: Industrial Mother Machine and Technological Self-Reliance

Key Findings

• Manufacturing Status: China's manufacturing sector is the world's largest by scale, with 2022 production reaching record levels. However, it faces challenges such as technological dependency, low innovation levels, and a mid-to-low position in global value chains.
• Macro-Level Focus on Self-Reliance: Central policies emphasize high-level technological self-reliance to drive industrial transformation. This aligns with China's Made in China 2025 strategy, aiming to enhance supply chain resilience and address "bottleneck" issues through increased R&D and national support.
• Importance of Industrial Mother Machine: Machine tools are foundational for various sectors like aerospace and automotive, but China lags in high-end equipment due to import dependency and technical gaps. Policies target reducing reliance on foreign components.
• Acceleration of Import Substitution: Government and fiscal measures, including tax incentives and R&D support, are expected to speed up domestic production. By 2025, targets include raising the domestic market share of high-end CNC machines.
• Risks: Potential issues include market competition driving underperformance, geopolitical tensions escalating, and fluctuations in secondary markets.