Due to the enthusiasm of regional or regional infrastructure construction, the high level of fixed asset investment and the vigorous implementation of affordable housing, it is estimated that the demand for construction machinery industry in the first quarter of 2011 is very strong, and the growth rate of industrial output continues to accelerate. The data shows that the industrial machinery output growth rate of the construction machinery industry in January and February reached 63%, which is the fastest growth rate among all machinery sub-sectors. We believe that the prosperity of the construction machinery industry in 2011 will remain at a high level. Key construction machinery enterprises have established medium and long-term development goals and are optimistic about the industry outlook. Key engineering machinery companies such as Sany Heavy Industry, Shandong Heavy Industry, Xugong Group, Zoomlion and Liugong Group have announced that they will achieve sales revenue of more than RMB 100 billion in the last year of the “Twelfth Five-Year Plan†and accumulated sales of 11 other large enterprises. It will reach 600 billion yuan. In the future, we believe that the concentration of the construction machinery industry will continue to increase. The Ministry of Housing and Urban-Rural Development has previously issued a schedule for the construction of local affordable housing, requiring all affordable housing projects to be fully operational by the end of October 2011. In 2011, the investment in affordable housing projects will exceed 1 trillion yuan, accounting for 20% of the country's real estate investment. We believe that the construction of 10 million sets of affordable housing will help real estate investment to maintain a high growth rate and weaken the impact of real estate control policies on the construction machinery industry. We believe that large-scale water conservancy investment, high-speed railway construction, western development and regional revitalization planning in the next few years will set off a new upsurge in infrastructure construction in various regions. At the same time, the comprehensive promotion of the construction of affordable housing and the recovery of exports will provide new impetus for the development of the industry. In the medium and long term, China's construction machinery industry still has considerable room for growth.
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