我们维持工程机械市场将缓慢平稳恢复的判断。考虑到去年下半年环比数据大幅弱于季节性，在中性预期下，挖掘机销量8-12月同比增长20%
上半年财政收入增速维持低位，7月份财政支出负增长，财政政策在下半年难有作为
对地方政府债务的审计和金融风险的管控导致城投债发行规模大幅回落。总体而言，下半年财政资金紧缺，基建投资状况不容乐观。
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