On the 17th, Shenyang Machine Tool (Group) Co., Ltd. announced that the company plans to issue 600 million yuan short-term financing bonds. Its prospectus analyzes the machine tool industry in which the company is located. 1. Overall situation of the machine tool industry (1) Completion of major economic indicators of the machine tool industry In 2011, the total industrial output value of the machine tool industry reached 660.65 billion yuan, a year-on-year increase of 32.1%. The sales value of product sales was 654.49 billion yuan, a year-on-year increase of 31.1%. The sales rate of industrial products reached 97.3%, a decrease of 0.8 percentage points over the same period of the previous year. The machine tool industry achieved a profit of 44.58 billion yuan, a year-on-year increase of 28.0%; the output value margin was 6.7%, down 0.3 percentage points year-on-year; the cumulative fixed asset investment completion increased by 54.7% year-on-year, an increase of 30.5 percentage points over the previous year. (2) Completion of economic indicators of major sub-sectors In 2011, the total industrial output value of China's gold-cut machine tool industry was 154.29 billion yuan, up 23.1% year-on-year. The output of gold-cut machine tools increased by 15.1% year-on-year, of which CNC machine tool output increased by 20.6% year-on-year; The total industrial output value of the industry was 58.73 billion yuan, a year-on-year increase of 36.0%. The output of forming machine tools increased by 0.9% year-on-year, of which the output of CNC machine tools increased by 13.0%. (3) Import and export of machine tool products In 2011, the cumulative import of machine tool products reached US$20.29 billion, a year-on-year increase of 29.3%. Among them, the import of metal processing machine tools was US$ 13.24 billion, a year-on-year increase of 40.6%. The export of machine tool products was US$8.9 billion, up 26.4% year-on-year, of which metal processing machine tool exports were US$2.42 billion, up 30.3% year-on-year. 2. Machine tool industry classification The machine tool industry is currently divided into cutting tool manufacturing, metal cutting machine tool manufacturing, metal forming machine tool manufacturing, foundry machinery manufacturing, metal cutting and welding equipment manufacturing, machine tool accessory manufacturing, other metal processing machinery manufacturing, and wood. Processing machinery manufacturing, other metal processing equipment manufacturing and other special equipment manufacturing 10 sub-sectors, the specific industry classification is shown below: Machine tool industry classification 
Shenyang Machine Tool Group belongs to the manufacturing of metal cutting machine tools (hereinafter referred to as gold cutting machine tools). The gold cutting machine tool refers to a mechanical device that uses a cutting method to cold-process a blank and a workpiece to obtain a predetermined shape, size, precision, and smoothness. The gold cutting machine is the main production equipment for the manufacture of various machine parts. It is also called the “working machineâ€. It is an indispensable basic equipment for the machinery manufacturing industry and a universal equipment for all sectors of the national economy. Metal cutting machine tools are subdivided into lathes, milling machines, drilling machines, boring machines, grinding machines, planers, grooving machines, broaching machines, gear processing machines, thread processing machines, electric machining machines, cutting machines, combination machine tools and machining centers, etc., Shenyang Machine Tool Group It mainly produces lathes, milling machines, drilling machines, boring machines and machining centers. 3. Metal processing machinery manufacturing industry (1) Overall situation of metal processing machinery manufacturing industry In 2011, China's metal processing machinery manufacturing industry still maintained a high growth trend. Since the second half of 2011, in addition to the overall slowdown in demand for machine tools in China, the demand structure of products has also undergone significant changes. The demand for most low-end machine tools and heavy-duty machine tools has declined, and the volume of orders has dropped significantly, directly causing the decline in the growth rate of major products. The monthly growth rate of cutting machine tools and forming machine tools turned negative in the fourth quarter. In 2011, the total industrial output value of China's gold cutting machine tool industry was 154.29 billion yuan, up 23.1% year-on-year. The output of gold cutting machine tools was 859,900 units, of which the output of CNC machine tools reached 257,100 units, a year-on-year increase of 15.1% and 20.6% respectively. According to the output of the city, the top three provinces and cities producing metal cutting machine tools in China are Liaoning, Zhejiang and Shandong, accounting for 22.22%, 20.53% and 16.88% of the total output respectively. In 2011, China's metal processing machine tool exports totaled 2.42 billion US dollars, an increase of 30.3%, and the total import value was 13.24 billion US dollars, an increase of 40.6%. The metal processing machinery manufacturing enterprises above designated size achieved a revenue of RMB 403.757 billion, a year-on-year increase of 28.1%; the total profit reached RMB 28.036 billion, a year-on-year increase of 24.2%. China-China Equipment Manufacturing Industry Prosperity Index from 2009 to 2011 and January-March 2012 
Source: Zhongjing Net Data Co., Ltd., National Bureau of Statistics (2) Import and Export of Machine Tool Industry In 2011, the cumulative import of machine tool products in China reached a record high of US$20.29 billion, a year-on-year increase of 29.3%. Among them, the import volume of metal processing machine tools was 115,000 units, a year-on-year increase of 5.5%. The growth rate was 77.8 percentage points lower than the same period of the previous year; the import value was 13.24 billion US dollars, up 40.6% year-on-year, and the growth rate was 19.5 percentage points lower than the same period of the previous year. In 2011, China's machine tool product exports reached US$8.9 billion, up 26.4% year-on-year; among them, the export volume of metal processing machine tools was 7.62 million units, up 0.2% year-on-year, and the growth rate was 8.5 percentage points lower than the same period of the previous year; the export volume was US$2.42 billion. , a year-on-year increase of 30.3%, the growth rate decreased by 0.6 percentage points over the same period of the previous year. China's metal processing machine tool import and export and year-on-year growth in January-December 2011 : millions of dollars,% 
Data source: Imports of CNC machine tools from the General Administration of Customs : From January to December 2011, the cumulative import volume of CNC machine tools in China was 22,230 units, an increase of 31.7% year-on-year. The growth rate decreased by 51.2 percentage points over the same period of the previous year. The cumulative import volume was 51.55. The value of US$100 million was 47.0% year-on-year, and the growth rate was 13.8 percentage points higher than the same period of the previous year. China's imports and growth of CNC machine tools from January to December 2011 : Taiwan, millions of dollars, % 
Data source: General Administration of Customs 4. Supply and demand of metal cutting machine tools in China (1) Total production of major metal cutting machine tools in 2011: In 2011, China produced 859,900 metal cutting machine tools, an increase of 15.11%. From the production of various provinces and cities, from January to December 2011, the top three provinces and cities producing metal cutting machine tools in China were Liaoning, Zhejiang and Shandong, accounting for 22.22%, 20.53% and 16.88% of the total output respectively. The cumulative production and year-on-year growth of China's metal cutting machine tools from 2010 to 2011. Unit: 10,000 units, % 
Source: Zhongjing Net Data Co., Ltd. Monthly output and year-on-year growth of China's metal cutting machine tools from 2010 to 2011. Unit: 10,000 units, % 
Source: Zhongjing Net Data Co., Ltd. (2) Cumulative production of CNC metal cutting machine tools: In 2011, China's cumulative production of CNC metal cutting machine tools was 257,078 units, an increase of 20.60%. The cumulative production growth of CNC metal cutting machine tools in China from 2010 to 2011. Unit: Taiwan, % 
Data source: China Jingjing Data Co., Ltd. Monthly output and year-on-year growth of CNC metal cutting machine tools in China from 2010 to 2011. Unit: Taiwan, % 
Source: Zhongjing Net Data Co., Ltd. (3) Demand for metal cutting machine tools From January to December 2011, China's machine tool industry completed a total industrial output value of 660.65 billion yuan, a year-on-year increase of 32.1%; product sales value of 642.49 billion yuan, The year-on-year growth was 31.1%; the product sales rate reached 97.3%, a decrease of 0.8 percentage points over the same period of the previous year. The growth rate of production and sales has dropped for 7 consecutive months, but it is still higher than the growth rate of production and sales of the entire machinery industry, which is at a relatively high level. In addition to the base effect, the main reason for the continued decline in the growth rate of production and sales in the industry is that macro-control and demand are overdrawn in advance. First, machine tools are the main inputs to fixed asset investment. Demand is susceptible to investment in key industrial sectors such as automobiles, steel, energy, ships, aerospace, and railway locomotives. These industries are the focus of national macroeconomic regulation and control. Taking the largest downstream automobile industry as an example, in 2011, due to the restrictions on purchase policies in some regions, the growth rate of China's auto industry has slowed down remarkably. Although the growth rate of fixed asset investment has remained at a relatively high level, there have been signs of slowdown, 2011. The growth rate was 36.27%, a decrease of 1.63 percentage points from the previous year. Secondly, the economic stimulus policies since the second half of 2008 have led some enterprises to make advanced investment, and to a large extent, overdraft demand for machine tools in 2011 and beyond, resulting in relatively weak industry growth in the second half of the year, and orders are obviously insufficient. In general machine manufacturing, the machining load on the machine tool accounts for 40%-60% of the total manufacturing work of the machine. Since the machine tool industry is the mother machine of the entire equipment manufacturing industry (machinery, aviation, automobile, shipbuilding, military and other industries), its development level can directly measure the overall level of a country's equipment manufacturing industry, and even represents the comprehensive national strength of a country. The National Medium- and Long-Term Plan for Science and Technology Development (2006-2020) clearly stipulates that the major projects of “high-end CNC machine tools and basic manufacturing equipment†must focus on the development of aerospace, shipbuilding, automobile manufacturing, power generation equipment, etc. "High-end CNC machine tools", "gradually improve the independent development capability of China's high-end CNC machine tools and basic manufacturing equipment to meet the basic needs of domestic major industries for manufacturing equipment." The special implementation plan proposes: By 2020, the independent development capability of the main products of high-end CNC machine tools and basic manufacturing equipment will be formed, and the overall technical level will enter the international advanced ranks. The analysis of key industry needs is as follows: Power industry and power generation equipment: The power industry (such as hydropower, thermal power, nuclear power, wind power) is still China's key development industry. China's installed capacity forecast will add 500 million kilowatts of installed capacity in the next 15 years, and will reach 900 million kilowatts by 2020. In the next few years, China's power construction will require an annual investment of 500 billion yuan. During the "11th Five-Year Plan" period, China has increased the scale of construction of nuclear power plants and wind power. By 2020, more than 20 nuclear power plants will be built, increasing the proportion of nuclear energy in China's energy supply from 2% to 4%. Shipbuilding industry: China's shipbuilding industry mainly focuses on ocean-going 10,000-ton freighters and oil tankers. High-horsepower diesel engine, propeller, crankshaft, connecting rod, camshaft and ship generator need high-grade CNC gantry boring and milling machine, CNC floor milling and boring machine, high-grade CNC vertical car, high-grade CNC sleeper and five-axis or higher linkage high-end composite processing machine and special high-grade CNC machine tools, such as marine high-power diesel engine body processing, large-scale ship propulsion and other heavy-duty and super-heavy-duty CNC gantry mobile machining centers, CNC gantry mobile boring and milling machines. The national defense industry: In the face of the complicated and ever-changing international situation, the national defense science and technology industry, as a strategic industry of the country, faces an important task of defending national sovereignty and territorial integrity and must be vigorously developed. The renewing of China's navy, air force, missiles, and armored forces and the realization of technological modernization require high-tech manufacturing equipment. At present, the national defense industry is accelerating the construction of production capacity, and the demand for CNC machine tools is very large. Domestic CNC heavy-duty machine tools are the preferred equipment. Construction machinery industry: During the “Eleventh Five-Year Plan†period, China’s infrastructure has developed rapidly. Major projects such as high-speed railways, highways, and South-to-North Water Transfer will be launched one after another. The demand for construction machinery will further increase. Especially the large-tonnage, large-cube excavators, bulldozers, forklifts, cement machinery and other construction machinery will be the focus of development. . The numerically-controlled heavy-duty machine tools required by construction machinery are: five-face machining CNC gantry boring and milling machine with a working table width of 2,000mm or more, a heavy-duty CNC floor-standing milling and boring machine with a boring diameter of Ф130, Ф160 and Ф200mm, and a CNC vertical turret with a workbench of 2,000mm or more. And large heavy gear hobbing machines. Aerospace industry: China's vast territory and large population have determined that China is a big country in aircraft use and consumption. It is predicted that in the next 10 years, China's civil aviation only needs 600 aircraft under 100 aircraft, and China will need 1,790 aircraft with more than 100 aircraft in the next 20 years. China's military production and self-developed military aircraft and military helicopters have entered capacity building. The third-generation fighters have been mass-produced and participated in service. The fourth generation has begun pre-research. The manufacture of aviation aircraft is mainly engine, other parts of the wing, fuselage, empennage, beam, siding and other parts processing. Most of the parts are titanium alloys and high-strength heat-resistant alloys. The overall requirements for machine tools are high power and rigidity. At present, the five-axis machining center, the large-scale launch vehicle, the cabin, etc., need to be Ф 3,000mm or more, five-axis double-column vertical turning and milling center, è½åœ°160mm or more floor milling and boring processing center, more than 2,000mm Heavy-duty processing machines such as the gantry boring and milling machining center. Transportation industry: During the “Twelfth Five-Year Plan†period, railway construction is still a key investment project in China, especially the large-scale quasi-high-speed speed increase of railways. Diesel locomotives and passenger cars will be fully updated, and their development will inevitably require a wide variety of CNC machine tools. The “Twelfth Five-Year†railway speeds up, and the country has established three major railway track production bases, which require CNC gantry mobile boring and milling machines and special CNC gantry milling machines, as well as various other heavy-duty processing equipment. China is a big automobile consumer. At present, China has become the world's fourth largest automobile producer and the world's third largest automobile consumer. The auto parts industry will accelerate its development, and automobile cover moulds, especially car cover moulds, are developing rapidly. The development of the mold processing industry puts higher demands on the machine tool, and the requirements for high-speed, composite and intelligent machine tools are improved. The gantry mobile (including overhead gantry) high-speed CNC boring and milling machine is a new type of heavy-duty machine tool developed with the development of the mold, which has a large market demand. Metallurgical equipment manufacturing industry: China's metallurgical industry, especially large metallurgical enterprises through the technical transformation during the "Tenth Five-Year Plan" period, the production capacity and product adaptability have been greatly improved, focusing on the production and supply of continuous casting and rolling equipment. The complete equipment for continuous casting and rolling requires heavy-duty CNC gantry boring and milling machine processing mill large-scale arches, heavy-duty CNC horizontal lathes, CNC vertical lathes, CNC floor-milling boring machines, and high-end machine tools such as roll lathes and roll grinders. In short, the rapid development of the main users of the machine tool industry has become a powerful driving force for the development of the machine tool industry, especially high-end CNC machine tools. 5. The problems existing in China's machine tool industry due to China's previous 4 trillion yuan to stimulate domestic demand has produced certain pre-consumption, the uncertainty of the development trend of the international market, the political turmoil in some countries, and the monetary policy adopted by the United States to solve the debt problem. The increase in global inflationary pressures and the changes in the country's macroeconomic regulation and control policies have caused China's machine tool market to increase sharply in May and June 2011 after a rapid growth in recent years. A slow situation has formed. In addition, the problems inherent in China's machine tool industry are mainly reflected in the following aspects: (1) In the short term, due to the contradiction between supply and demand in the machine tool market, the competition among existing enterprises in the industry will become fierce; (2) The supply of the machine tool market has excessive long-term pressure, which has a restraining effect on the price increase, which makes the competition of small and medium-sized enterprises further increase. (3) The economic crisis that began in 2008 has caused the efficiency of the machine tool industry to decline, thus making the machine tool industry The investment enthusiasm is weak, and the threat of new entrants is declining; (4) There will be no large-scale replacement of machine tools in the foreseeable future, but with the advancement of technology, certain application areas of machine tools will be replaced by some new machines. At present, the alternatives to the basic machine will not pose a threat for machine tools; (5) the upstream raw material plays an important role in the production of machine tool enterprises, and enterprises in China's machine tool control of raw material lacks, machine tool enterprises are relatively weak position; ( 6) The rapid increase of investment amount, although ensuring the advanced technology of the machine tool industry, will help to improve the vitality and core competitiveness of the enterprise, but it will also cause problems such as excessive production capacity and repeated construction, and ultimately will inevitably form a market. Disorderly competition and waste of resources; (7) The machine tool industry has always been an import and export deficit industry, and there are problems in the growth rate of import and export and the structure of export products. A considerable number of products are low-priced low-end products and raw material exports. The difference in import and export prices also does not help the deficit to shrink. 6. The policy-oriented machine tool of the machine tool industry is the basic production means of the equipment industry. The machine tool industry is a basic industry and a strategic industry that is related to the national economy and the people's livelihood and the national defense cutting-edge construction. It is closely watched by all parties in the world. In particular, CNC machine tools, which are the mainstream equipment of the contemporary machinery manufacturing industry, are the core products of the market demand, and some high-end CNC machine tools are still regarded as strategic materials in the international market subject to embargo restrictions. In order to promote the fundamental transformation of the economic growth mode and promote the strategic adjustment of the economic structure, China's machine tool industry has identified the development of CNC machine tools and their functional components as the strategic direction of the industry development. The state has adopted CNC machine tools as a key product to encourage development. First, CNC machine tools, as a specific basic machine, have been listed by the state as a priority product of the national economy. It is of great significance to the development of national economy and the strengthening of national defense construction. The "16th National Congress" of the Party put forward the goal of basically achieving industrialization in 2020, which laid a policy foundation for the long-term stable development of China's manufacturing industry. In China's industrial system, manufacturing is at the center. The equipment industry is the foundation of the manufacturing industry and the leading industry of various industrialized countries. It is considered to be the "engine" of national industrialization and modernization. It has an extremely important position in economic construction. Accelerating the development of equipment manufacturing has become an important development strategy for China. . In 2005, the National Development and Reform Commission compiled the "Special Plan for the Development of CNC Machine Tool Industry". The central idea is to implement the industrial support policy, support the development of the CNC machine tool industry through finance, taxation, credit, etc.; implement key technological transformation and build 10-20 CNC machine tools and functional parts manufacturing bases to increase the domestic market share of popular CNC machine tools; strengthen scientific research and development capacity building, establish supporting projects, highlight key development targets, and improve the satisfaction of high-performance CNC machine tools in aerospace, defense and military industries To achieve a strategic breakthrough in the CNC machine tool industry. In 2006, the State has identified 16 major technical equipment areas supported by the revitalization of the equipment manufacturing industry during the 11th Five-Year Plan period in the “Several Opinions of the State Council on Accelerating the Revitalization of Equipment Manufacturing Industryâ€. CNC machine tools are included, focusing on the development of large-scale, precision, high-speed CNC equipment and numerical control systems, functional components, changing the status quo of large-scale, high-precision CNC machine tools relying heavily on imports, to meet the industrial development of machinery, aerospace and other industries. On May 12, 2009, the State Council officially announced the Implementation Rules for the Adjustment and Revitalization Plan of the Equipment Manufacturing Industry. Among them, the planning goal is to achieve a number of major equipment autonomy such as high-end CNC machine tools and basic manufacturing equipment; the main task is to rely on high-efficiency clean power generation, UHV power transmission and other key areas of key projects, revitalize the equipment manufacturing industry, and accelerate the implementation of high-end CNC Major projects in machine tools and basic manufacturing equipment technology, focusing on the development of high-speed precision composite CNC cutting machine, heavy-duty CNC cutting machine, CNC special processing machine, large CNC forming stamping equipment, heavy forging equipment, cleaning and efficient casting equipment, new welding equipment and automation Eight types of mainframe products, such as production equipment, large-scale cleaning heat treatment and surface treatment equipment, basically master the core technology and major projects of high-end numerical control devices, motors and drive devices, CNC machine tool functional components and key components. In order to achieve the goals and tasks, the “Equipment for the Adjustment and Revitalization of the Equipment Manufacturing Industry†has formulated ten policy measures, including the role of the VAT transition policy, strengthening the equipment procurement management of investment projects, and encouraging the use of the first domestically produced equipment. Intensify technological advancement and technological transformation investment, support the export of equipment products, adjust tax preferential policies, promote mergers and acquisitions, implement subsidies for energy-saving products and subsidies for the purchase of agricultural machinery, establish an industrial information disclosure system, and support product inspection and certification institutions. Construction. In March 2010, the State Council agreed to upgrade the Shenyang Economic Zone to a national comprehensive reform pilot zone, providing a good opportunity for industrial development in Shenyang. On September 8, 2010, the State Council held an executive meeting to deliberate and adopt in principle the "Decision of the State Council on Accelerating the Cultivation and Development of Strategic Emerging Industries", high-end equipment manufacturing, energy conservation and environmental protection, new generation information technology, biology, new energy, new materials and The seven industries of new energy vehicles will focus on accelerating the promotion of the seven industries, and the state will strengthen policy support such as fiscal, taxation and finance. The Ministry of Industry of the Development Research Center of the State Council predicts that the next decade will be a decade of vigorous development of strategic emerging industries. By 2020, strategic emerging industries will account for more than 20% of industrial added value. In November 2011, in order to implement the “Twelfth Five-Year Development Plan for Machine Tool Industryâ€, combined with the “12th Five-Year Plan for Implementation of High-end CNC Machine Tools and Basic Manufacturing Equipment Technology Special Projectâ€, based on industry and user research, The "Working Point of the "Twelfth Five-Year Plan" period of the machine tool industry" (Trial) has clearly defined the direction of the machine tool industry from large to strong, and pointed out the key tasks of the industry during the "Twelfth Five-Year Plan" period and the main measures taken. The three major landmarks established are: breakthroughs in providing equipment and services for key manufacturing industries in key industries; the domestic market share of medium and high-end CNC machine tools is significantly improved, and the domestic market share of medium and high-end CNC systems and functional components is significantly improved. ; Formed a number of world-renowned brands and advantageous enterprises. “Working points†further pointed out the direction for the future development of the machine tool industry. From the perspective of long-term development, it will help to significantly improve the technology and manufacturing level of China's machine tool industry and enhance the competitiveness of domestic machine tools. On December 30, 2011, the State Council The release of the "Industrial Transformation and Upgrading Plan (2011-2015)" provides a good opportunity for the development of the issuer. 7. The main competitive situation The global financial crisis occurred more than a year ago. The machine tool powers such as Europe, the United States and Japan have recovered slowly after a severe downturn. Some enterprises have not yet gotten out of trouble; the EU and the United States and other developed countries have seen equipment manufacturing in previous years. The pattern of weak industrial demand in the local machine tool market will continue for a long period of time. Affected by the dual pressures of the local market downturn and the financial crisis, machine tools companies such as Europe, America and Japan have struggled to regain their vitality for a long time. The market structure has undergone fundamental changes, and the market share of emerging countries has become larger and larger, and has become an important driving force for the recovery of the industry; the focus of the industrial structure shifts to East Asia, and the output value of machine tools in East Asia accounts for about 50% of the global total output value. It will become the main producing place of the world's machine tools; as the world's largest market, China's machine tool enterprises must enhance their ability to develop in the Chinese market through investment and joint ventures, and accelerate the transfer of industries, which provides opportunities for China's machine tool enterprises to acquire core technologies. . Domestic market international competition. Attracted by the Chinese market, foreign machine tool manufacturers have adjusted their business strategies and increased their investment in the Chinese market. For example, the establishment of factories and the establishment of marketing service institutions have made the Chinese market a top priority for the world's machine tool manufacturers. . The profound lesson brought by the world-famous enterprises due to the financial economic crisis is that customers are the foundation of the survival and development of enterprises. Only by winning customers can they win their own development and future. With advanced technology and the boss has been unable to adapt to the current objective situation, he has adjusted his business strategy from technology leadership to customer-centric strategy, and will launch high-performance, high-quality, low-cost products to participate in market competition and more drama. Competition in the middle and low-end market. The product structure has a large contrast with market demand, and the product structure needs to be adjusted quickly. The core of product adjustment is the breakthrough of core technology. The rapid rise of Shenyang machine tools has made the world peers look forward. The world's peers have listed Shenyang Machine Tool Group as an important competitor and have imposed a strict blockade on the technical level against Shenyang Machine Tool Group. For Shenyang machine tools to achieve product upgrades, it is impossible to obtain advanced manufacturing technology from developed countries, which determines that Shenyang machine tools must take the road of independent research and development. The main competitors of the machine tool industry at home and abroad, the world's CNC machine tools are generally developing in the direction of high precision, high speed, high efficiency, flexibility, intelligence, green and integration. High-speed, high-precision, composite functions and other advanced CNC machine tools have become the mainstream of CNC machine tool consumption and development. The application of CNC machine tools has also evolved from a single machine to a high level of systemization, integration and networking. The world's leading high-end machine tool manufacturers are: Germany's Coburg Waldrich Coburg, Germany's WaldrichSiegen, Wolverberg Wohlenberg VDF; Italy's Innse Innse, Parma Pama, Gibbs Jobs; France's Lili ForestLine; Spain's Danobat DANOBAT; Japan's Toshiba, Mitsubishi Mitsubisch; Czech Skoda Skoda, etc., these manufacturers' products basically cover all the products of heavy-duty machine tools, and also represent the world's advanced level, the CNC machine tools produced by these manufacturers have far Far more than ordinary machine tools. At present, China's CNC gold-cutting machine tools have become the mainstream products of research and development. China has independently developed large-scale five-axis CNC machine tools, CNC heavy-duty vertical lathes, CNC heavy-duty gantry milling machines, various CNC multi-function machine tools, precision and ultra-precision CNC. Machine tools and some complete processing lines, and formed a number of mid-range CNC machine tool industrialization base. Domestic high-end machine tool products are similar to foreign countries in terms of structure, process performance and technical application. However, there are still some gaps in technological innovation, design concepts, manufacturing processes and delivery times. The main technical gaps are in machine speed, precision, and compound flexibility. The most important gap is in reliability, including electrical and mechanical. Part of reliability and stability. These problems have also led to the domestic machine tool enterprises in a passive position in the market competition, and need to solve all aspects in order to improve their competitiveness. 2011 Shenyang Machine Tool Group's domestic market share and major competitors 
Source: China Machine Tool Industry Association, Shenyang Machine Tool Finishing
Shenyang Machine Tool Group belongs to the manufacturing of metal cutting machine tools (hereinafter referred to as gold cutting machine tools). The gold cutting machine tool refers to a mechanical device that uses a cutting method to cold-process a blank and a workpiece to obtain a predetermined shape, size, precision, and smoothness. The gold cutting machine is the main production equipment for the manufacture of various machine parts. It is also called the “working machineâ€. It is an indispensable basic equipment for the machinery manufacturing industry and a universal equipment for all sectors of the national economy. Metal cutting machine tools are subdivided into lathes, milling machines, drilling machines, boring machines, grinding machines, planers, grooving machines, broaching machines, gear processing machines, thread processing machines, electric machining machines, cutting machines, combination machine tools and machining centers, etc., Shenyang Machine Tool Group It mainly produces lathes, milling machines, drilling machines, boring machines and machining centers. 3. Metal processing machinery manufacturing industry (1) Overall situation of metal processing machinery manufacturing industry In 2011, China's metal processing machinery manufacturing industry still maintained a high growth trend. Since the second half of 2011, in addition to the overall slowdown in demand for machine tools in China, the demand structure of products has also undergone significant changes. The demand for most low-end machine tools and heavy-duty machine tools has declined, and the volume of orders has dropped significantly, directly causing the decline in the growth rate of major products. The monthly growth rate of cutting machine tools and forming machine tools turned negative in the fourth quarter. In 2011, the total industrial output value of China's gold cutting machine tool industry was 154.29 billion yuan, up 23.1% year-on-year. The output of gold cutting machine tools was 859,900 units, of which the output of CNC machine tools reached 257,100 units, a year-on-year increase of 15.1% and 20.6% respectively. According to the output of the city, the top three provinces and cities producing metal cutting machine tools in China are Liaoning, Zhejiang and Shandong, accounting for 22.22%, 20.53% and 16.88% of the total output respectively. In 2011, China's metal processing machine tool exports totaled 2.42 billion US dollars, an increase of 30.3%, and the total import value was 13.24 billion US dollars, an increase of 40.6%. The metal processing machinery manufacturing enterprises above designated size achieved a revenue of RMB 403.757 billion, a year-on-year increase of 28.1%; the total profit reached RMB 28.036 billion, a year-on-year increase of 24.2%. China-China Equipment Manufacturing Industry Prosperity Index from 2009 to 2011 and January-March 2012 Source: Zhongjing Net Data Co., Ltd., National Bureau of Statistics (2) Import and Export of Machine Tool Industry In 2011, the cumulative import of machine tool products in China reached a record high of US$20.29 billion, a year-on-year increase of 29.3%. Among them, the import volume of metal processing machine tools was 115,000 units, a year-on-year increase of 5.5%. The growth rate was 77.8 percentage points lower than the same period of the previous year; the import value was 13.24 billion US dollars, up 40.6% year-on-year, and the growth rate was 19.5 percentage points lower than the same period of the previous year. In 2011, China's machine tool product exports reached US$8.9 billion, up 26.4% year-on-year; among them, the export volume of metal processing machine tools was 7.62 million units, up 0.2% year-on-year, and the growth rate was 8.5 percentage points lower than the same period of the previous year; the export volume was US$2.42 billion. , a year-on-year increase of 30.3%, the growth rate decreased by 0.6 percentage points over the same period of the previous year. China's metal processing machine tool import and export and year-on-year growth in January-December 2011 : millions of dollars,% Data source: Imports of CNC machine tools from the General Administration of Customs : From January to December 2011, the cumulative import volume of CNC machine tools in China was 22,230 units, an increase of 31.7% year-on-year. The growth rate decreased by 51.2 percentage points over the same period of the previous year. The cumulative import volume was 51.55. The value of US$100 million was 47.0% year-on-year, and the growth rate was 13.8 percentage points higher than the same period of the previous year. China's imports and growth of CNC machine tools from January to December 2011 : Taiwan, millions of dollars, % Data source: General Administration of Customs 4. Supply and demand of metal cutting machine tools in China (1) Total production of major metal cutting machine tools in 2011: In 2011, China produced 859,900 metal cutting machine tools, an increase of 15.11%. From the production of various provinces and cities, from January to December 2011, the top three provinces and cities producing metal cutting machine tools in China were Liaoning, Zhejiang and Shandong, accounting for 22.22%, 20.53% and 16.88% of the total output respectively. The cumulative production and year-on-year growth of China's metal cutting machine tools from 2010 to 2011. Unit: 10,000 units, % Source: Zhongjing Net Data Co., Ltd. Monthly output and year-on-year growth of China's metal cutting machine tools from 2010 to 2011. Unit: 10,000 units, % Source: Zhongjing Net Data Co., Ltd. (2) Cumulative production of CNC metal cutting machine tools: In 2011, China's cumulative production of CNC metal cutting machine tools was 257,078 units, an increase of 20.60%. The cumulative production growth of CNC metal cutting machine tools in China from 2010 to 2011. Unit: Taiwan, % Data source: China Jingjing Data Co., Ltd. Monthly output and year-on-year growth of CNC metal cutting machine tools in China from 2010 to 2011. Unit: Taiwan, % Source: Zhongjing Net Data Co., Ltd. (3) Demand for metal cutting machine tools From January to December 2011, China's machine tool industry completed a total industrial output value of 660.65 billion yuan, a year-on-year increase of 32.1%; product sales value of 642.49 billion yuan, The year-on-year growth was 31.1%; the product sales rate reached 97.3%, a decrease of 0.8 percentage points over the same period of the previous year. The growth rate of production and sales has dropped for 7 consecutive months, but it is still higher than the growth rate of production and sales of the entire machinery industry, which is at a relatively high level. In addition to the base effect, the main reason for the continued decline in the growth rate of production and sales in the industry is that macro-control and demand are overdrawn in advance. First, machine tools are the main inputs to fixed asset investment. Demand is susceptible to investment in key industrial sectors such as automobiles, steel, energy, ships, aerospace, and railway locomotives. These industries are the focus of national macroeconomic regulation and control. Taking the largest downstream automobile industry as an example, in 2011, due to the restrictions on purchase policies in some regions, the growth rate of China's auto industry has slowed down remarkably. Although the growth rate of fixed asset investment has remained at a relatively high level, there have been signs of slowdown, 2011. The growth rate was 36.27%, a decrease of 1.63 percentage points from the previous year. Secondly, the economic stimulus policies since the second half of 2008 have led some enterprises to make advanced investment, and to a large extent, overdraft demand for machine tools in 2011 and beyond, resulting in relatively weak industry growth in the second half of the year, and orders are obviously insufficient. In general machine manufacturing, the machining load on the machine tool accounts for 40%-60% of the total manufacturing work of the machine. Since the machine tool industry is the mother machine of the entire equipment manufacturing industry (machinery, aviation, automobile, shipbuilding, military and other industries), its development level can directly measure the overall level of a country's equipment manufacturing industry, and even represents the comprehensive national strength of a country. The National Medium- and Long-Term Plan for Science and Technology Development (2006-2020) clearly stipulates that the major projects of “high-end CNC machine tools and basic manufacturing equipment†must focus on the development of aerospace, shipbuilding, automobile manufacturing, power generation equipment, etc. "High-end CNC machine tools", "gradually improve the independent development capability of China's high-end CNC machine tools and basic manufacturing equipment to meet the basic needs of domestic major industries for manufacturing equipment." The special implementation plan proposes: By 2020, the independent development capability of the main products of high-end CNC machine tools and basic manufacturing equipment will be formed, and the overall technical level will enter the international advanced ranks. The analysis of key industry needs is as follows: Power industry and power generation equipment: The power industry (such as hydropower, thermal power, nuclear power, wind power) is still China's key development industry. China's installed capacity forecast will add 500 million kilowatts of installed capacity in the next 15 years, and will reach 900 million kilowatts by 2020. In the next few years, China's power construction will require an annual investment of 500 billion yuan. During the "11th Five-Year Plan" period, China has increased the scale of construction of nuclear power plants and wind power. By 2020, more than 20 nuclear power plants will be built, increasing the proportion of nuclear energy in China's energy supply from 2% to 4%. Shipbuilding industry: China's shipbuilding industry mainly focuses on ocean-going 10,000-ton freighters and oil tankers. High-horsepower diesel engine, propeller, crankshaft, connecting rod, camshaft and ship generator need high-grade CNC gantry boring and milling machine, CNC floor milling and boring machine, high-grade CNC vertical car, high-grade CNC sleeper and five-axis or higher linkage high-end composite processing machine and special high-grade CNC machine tools, such as marine high-power diesel engine body processing, large-scale ship propulsion and other heavy-duty and super-heavy-duty CNC gantry mobile machining centers, CNC gantry mobile boring and milling machines. The national defense industry: In the face of the complicated and ever-changing international situation, the national defense science and technology industry, as a strategic industry of the country, faces an important task of defending national sovereignty and territorial integrity and must be vigorously developed. The renewing of China's navy, air force, missiles, and armored forces and the realization of technological modernization require high-tech manufacturing equipment. At present, the national defense industry is accelerating the construction of production capacity, and the demand for CNC machine tools is very large. Domestic CNC heavy-duty machine tools are the preferred equipment. Construction machinery industry: During the “Eleventh Five-Year Plan†period, China’s infrastructure has developed rapidly. Major projects such as high-speed railways, highways, and South-to-North Water Transfer will be launched one after another. The demand for construction machinery will further increase. Especially the large-tonnage, large-cube excavators, bulldozers, forklifts, cement machinery and other construction machinery will be the focus of development. . The numerically-controlled heavy-duty machine tools required by construction machinery are: five-face machining CNC gantry boring and milling machine with a working table width of 2,000mm or more, a heavy-duty CNC floor-standing milling and boring machine with a boring diameter of Ф130, Ф160 and Ф200mm, and a CNC vertical turret with a workbench of 2,000mm or more. And large heavy gear hobbing machines. Aerospace industry: China's vast territory and large population have determined that China is a big country in aircraft use and consumption. It is predicted that in the next 10 years, China's civil aviation only needs 600 aircraft under 100 aircraft, and China will need 1,790 aircraft with more than 100 aircraft in the next 20 years. China's military production and self-developed military aircraft and military helicopters have entered capacity building. The third-generation fighters have been mass-produced and participated in service. The fourth generation has begun pre-research. The manufacture of aviation aircraft is mainly engine, other parts of the wing, fuselage, empennage, beam, siding and other parts processing. Most of the parts are titanium alloys and high-strength heat-resistant alloys. The overall requirements for machine tools are high power and rigidity. At present, the five-axis machining center, the large-scale launch vehicle, the cabin, etc., need to be Ф 3,000mm or more, five-axis double-column vertical turning and milling center, è½åœ°160mm or more floor milling and boring processing center, more than 2,000mm Heavy-duty processing machines such as the gantry boring and milling machining center. Transportation industry: During the “Twelfth Five-Year Plan†period, railway construction is still a key investment project in China, especially the large-scale quasi-high-speed speed increase of railways. Diesel locomotives and passenger cars will be fully updated, and their development will inevitably require a wide variety of CNC machine tools. The “Twelfth Five-Year†railway speeds up, and the country has established three major railway track production bases, which require CNC gantry mobile boring and milling machines and special CNC gantry milling machines, as well as various other heavy-duty processing equipment. China is a big automobile consumer. At present, China has become the world's fourth largest automobile producer and the world's third largest automobile consumer. The auto parts industry will accelerate its development, and automobile cover moulds, especially car cover moulds, are developing rapidly. The development of the mold processing industry puts higher demands on the machine tool, and the requirements for high-speed, composite and intelligent machine tools are improved. The gantry mobile (including overhead gantry) high-speed CNC boring and milling machine is a new type of heavy-duty machine tool developed with the development of the mold, which has a large market demand. Metallurgical equipment manufacturing industry: China's metallurgical industry, especially large metallurgical enterprises through the technical transformation during the "Tenth Five-Year Plan" period, the production capacity and product adaptability have been greatly improved, focusing on the production and supply of continuous casting and rolling equipment. The complete equipment for continuous casting and rolling requires heavy-duty CNC gantry boring and milling machine processing mill large-scale arches, heavy-duty CNC horizontal lathes, CNC vertical lathes, CNC floor-milling boring machines, and high-end machine tools such as roll lathes and roll grinders. In short, the rapid development of the main users of the machine tool industry has become a powerful driving force for the development of the machine tool industry, especially high-end CNC machine tools. 5. The problems existing in China's machine tool industry due to China's previous 4 trillion yuan to stimulate domestic demand has produced certain pre-consumption, the uncertainty of the development trend of the international market, the political turmoil in some countries, and the monetary policy adopted by the United States to solve the debt problem. The increase in global inflationary pressures and the changes in the country's macroeconomic regulation and control policies have caused China's machine tool market to increase sharply in May and June 2011 after a rapid growth in recent years. A slow situation has formed. In addition, the problems inherent in China's machine tool industry are mainly reflected in the following aspects: (1) In the short term, due to the contradiction between supply and demand in the machine tool market, the competition among existing enterprises in the industry will become fierce; (2) The supply of the machine tool market has excessive long-term pressure, which has a restraining effect on the price increase, which makes the competition of small and medium-sized enterprises further increase. (3) The economic crisis that began in 2008 has caused the efficiency of the machine tool industry to decline, thus making the machine tool industry The investment enthusiasm is weak, and the threat of new entrants is declining; (4) There will be no large-scale replacement of machine tools in the foreseeable future, but with the advancement of technology, certain application areas of machine tools will be replaced by some new machines. At present, the alternatives to the basic machine will not pose a threat for machine tools; (5) the upstream raw material plays an important role in the production of machine tool enterprises, and enterprises in China's machine tool control of raw material lacks, machine tool enterprises are relatively weak position; ( 6) The rapid increase of investment amount, although ensuring the advanced technology of the machine tool industry, will help to improve the vitality and core competitiveness of the enterprise, but it will also cause problems such as excessive production capacity and repeated construction, and ultimately will inevitably form a market. Disorderly competition and waste of resources; (7) The machine tool industry has always been an import and export deficit industry, and there are problems in the growth rate of import and export and the structure of export products. A considerable number of products are low-priced low-end products and raw material exports. The difference in import and export prices also does not help the deficit to shrink. 6. The policy-oriented machine tool of the machine tool industry is the basic production means of the equipment industry. The machine tool industry is a basic industry and a strategic industry that is related to the national economy and the people's livelihood and the national defense cutting-edge construction. It is closely watched by all parties in the world. In particular, CNC machine tools, which are the mainstream equipment of the contemporary machinery manufacturing industry, are the core products of the market demand, and some high-end CNC machine tools are still regarded as strategic materials in the international market subject to embargo restrictions. In order to promote the fundamental transformation of the economic growth mode and promote the strategic adjustment of the economic structure, China's machine tool industry has identified the development of CNC machine tools and their functional components as the strategic direction of the industry development. The state has adopted CNC machine tools as a key product to encourage development. First, CNC machine tools, as a specific basic machine, have been listed by the state as a priority product of the national economy. It is of great significance to the development of national economy and the strengthening of national defense construction. The "16th National Congress" of the Party put forward the goal of basically achieving industrialization in 2020, which laid a policy foundation for the long-term stable development of China's manufacturing industry. In China's industrial system, manufacturing is at the center. The equipment industry is the foundation of the manufacturing industry and the leading industry of various industrialized countries. It is considered to be the "engine" of national industrialization and modernization. It has an extremely important position in economic construction. Accelerating the development of equipment manufacturing has become an important development strategy for China. . In 2005, the National Development and Reform Commission compiled the "Special Plan for the Development of CNC Machine Tool Industry". The central idea is to implement the industrial support policy, support the development of the CNC machine tool industry through finance, taxation, credit, etc.; implement key technological transformation and build 10-20 CNC machine tools and functional parts manufacturing bases to increase the domestic market share of popular CNC machine tools; strengthen scientific research and development capacity building, establish supporting projects, highlight key development targets, and improve the satisfaction of high-performance CNC machine tools in aerospace, defense and military industries To achieve a strategic breakthrough in the CNC machine tool industry. In 2006, the State has identified 16 major technical equipment areas supported by the revitalization of the equipment manufacturing industry during the 11th Five-Year Plan period in the “Several Opinions of the State Council on Accelerating the Revitalization of Equipment Manufacturing Industryâ€. CNC machine tools are included, focusing on the development of large-scale, precision, high-speed CNC equipment and numerical control systems, functional components, changing the status quo of large-scale, high-precision CNC machine tools relying heavily on imports, to meet the industrial development of machinery, aerospace and other industries. On May 12, 2009, the State Council officially announced the Implementation Rules for the Adjustment and Revitalization Plan of the Equipment Manufacturing Industry. Among them, the planning goal is to achieve a number of major equipment autonomy such as high-end CNC machine tools and basic manufacturing equipment; the main task is to rely on high-efficiency clean power generation, UHV power transmission and other key areas of key projects, revitalize the equipment manufacturing industry, and accelerate the implementation of high-end CNC Major projects in machine tools and basic manufacturing equipment technology, focusing on the development of high-speed precision composite CNC cutting machine, heavy-duty CNC cutting machine, CNC special processing machine, large CNC forming stamping equipment, heavy forging equipment, cleaning and efficient casting equipment, new welding equipment and automation Eight types of mainframe products, such as production equipment, large-scale cleaning heat treatment and surface treatment equipment, basically master the core technology and major projects of high-end numerical control devices, motors and drive devices, CNC machine tool functional components and key components. In order to achieve the goals and tasks, the “Equipment for the Adjustment and Revitalization of the Equipment Manufacturing Industry†has formulated ten policy measures, including the role of the VAT transition policy, strengthening the equipment procurement management of investment projects, and encouraging the use of the first domestically produced equipment. Intensify technological advancement and technological transformation investment, support the export of equipment products, adjust tax preferential policies, promote mergers and acquisitions, implement subsidies for energy-saving products and subsidies for the purchase of agricultural machinery, establish an industrial information disclosure system, and support product inspection and certification institutions. Construction. In March 2010, the State Council agreed to upgrade the Shenyang Economic Zone to a national comprehensive reform pilot zone, providing a good opportunity for industrial development in Shenyang. On September 8, 2010, the State Council held an executive meeting to deliberate and adopt in principle the "Decision of the State Council on Accelerating the Cultivation and Development of Strategic Emerging Industries", high-end equipment manufacturing, energy conservation and environmental protection, new generation information technology, biology, new energy, new materials and The seven industries of new energy vehicles will focus on accelerating the promotion of the seven industries, and the state will strengthen policy support such as fiscal, taxation and finance. The Ministry of Industry of the Development Research Center of the State Council predicts that the next decade will be a decade of vigorous development of strategic emerging industries. By 2020, strategic emerging industries will account for more than 20% of industrial added value. In November 2011, in order to implement the “Twelfth Five-Year Development Plan for Machine Tool Industryâ€, combined with the “12th Five-Year Plan for Implementation of High-end CNC Machine Tools and Basic Manufacturing Equipment Technology Special Projectâ€, based on industry and user research, The "Working Point of the "Twelfth Five-Year Plan" period of the machine tool industry" (Trial) has clearly defined the direction of the machine tool industry from large to strong, and pointed out the key tasks of the industry during the "Twelfth Five-Year Plan" period and the main measures taken. The three major landmarks established are: breakthroughs in providing equipment and services for key manufacturing industries in key industries; the domestic market share of medium and high-end CNC machine tools is significantly improved, and the domestic market share of medium and high-end CNC systems and functional components is significantly improved. ; Formed a number of world-renowned brands and advantageous enterprises. “Working points†further pointed out the direction for the future development of the machine tool industry. From the perspective of long-term development, it will help to significantly improve the technology and manufacturing level of China's machine tool industry and enhance the competitiveness of domestic machine tools. On December 30, 2011, the State Council The release of the "Industrial Transformation and Upgrading Plan (2011-2015)" provides a good opportunity for the development of the issuer. 7. The main competitive situation The global financial crisis occurred more than a year ago. The machine tool powers such as Europe, the United States and Japan have recovered slowly after a severe downturn. Some enterprises have not yet gotten out of trouble; the EU and the United States and other developed countries have seen equipment manufacturing in previous years. The pattern of weak industrial demand in the local machine tool market will continue for a long period of time. Affected by the dual pressures of the local market downturn and the financial crisis, machine tools companies such as Europe, America and Japan have struggled to regain their vitality for a long time. The market structure has undergone fundamental changes, and the market share of emerging countries has become larger and larger, and has become an important driving force for the recovery of the industry; the focus of the industrial structure shifts to East Asia, and the output value of machine tools in East Asia accounts for about 50% of the global total output value. It will become the main producing place of the world's machine tools; as the world's largest market, China's machine tool enterprises must enhance their ability to develop in the Chinese market through investment and joint ventures, and accelerate the transfer of industries, which provides opportunities for China's machine tool enterprises to acquire core technologies. . Domestic market international competition. Attracted by the Chinese market, foreign machine tool manufacturers have adjusted their business strategies and increased their investment in the Chinese market. For example, the establishment of factories and the establishment of marketing service institutions have made the Chinese market a top priority for the world's machine tool manufacturers. . The profound lesson brought by the world-famous enterprises due to the financial economic crisis is that customers are the foundation of the survival and development of enterprises. Only by winning customers can they win their own development and future. With advanced technology and the boss has been unable to adapt to the current objective situation, he has adjusted his business strategy from technology leadership to customer-centric strategy, and will launch high-performance, high-quality, low-cost products to participate in market competition and more drama. Competition in the middle and low-end market. The product structure has a large contrast with market demand, and the product structure needs to be adjusted quickly. The core of product adjustment is the breakthrough of core technology. The rapid rise of Shenyang machine tools has made the world peers look forward. The world's peers have listed Shenyang Machine Tool Group as an important competitor and have imposed a strict blockade on the technical level against Shenyang Machine Tool Group. For Shenyang machine tools to achieve product upgrades, it is impossible to obtain advanced manufacturing technology from developed countries, which determines that Shenyang machine tools must take the road of independent research and development. The main competitors of the machine tool industry at home and abroad, the world's CNC machine tools are generally developing in the direction of high precision, high speed, high efficiency, flexibility, intelligence, green and integration. High-speed, high-precision, composite functions and other advanced CNC machine tools have become the mainstream of CNC machine tool consumption and development. The application of CNC machine tools has also evolved from a single machine to a high level of systemization, integration and networking. The world's leading high-end machine tool manufacturers are: Germany's Coburg Waldrich Coburg, Germany's WaldrichSiegen, Wolverberg Wohlenberg VDF; Italy's Innse Innse, Parma Pama, Gibbs Jobs; France's Lili ForestLine; Spain's Danobat DANOBAT; Japan's Toshiba, Mitsubishi Mitsubisch; Czech Skoda Skoda, etc., these manufacturers' products basically cover all the products of heavy-duty machine tools, and also represent the world's advanced level, the CNC machine tools produced by these manufacturers have far Far more than ordinary machine tools. At present, China's CNC gold-cutting machine tools have become the mainstream products of research and development. China has independently developed large-scale five-axis CNC machine tools, CNC heavy-duty vertical lathes, CNC heavy-duty gantry milling machines, various CNC multi-function machine tools, precision and ultra-precision CNC. Machine tools and some complete processing lines, and formed a number of mid-range CNC machine tool industrialization base. Domestic high-end machine tool products are similar to foreign countries in terms of structure, process performance and technical application. However, there are still some gaps in technological innovation, design concepts, manufacturing processes and delivery times. The main technical gaps are in machine speed, precision, and compound flexibility. The most important gap is in reliability, including electrical and mechanical. Part of reliability and stability. These problems have also led to the domestic machine tool enterprises in a passive position in the market competition, and need to solve all aspects in order to improve their competitiveness. 2011 Shenyang Machine Tool Group's domestic market share and major competitors Source: China Machine Tool Industry Association, Shenyang Machine Tool FinishingCopper Wire Mesh,Metal Mesh ,Stainless Steel Mesh ,Steel Mesh
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