【出版时间及名称】：2010年3月中国机械行业研究报告
        【作者】：野村证券
        【文件格式】：pdf
        【页数】：65
        【目录或简介】：
Rapid shift to factory automation amid rising personnel costs,
sharp output growth, and industrial advancement
Amid strong overall demand for machinery in China, we focus in particular on signs that
investment in factory automation is beginning to expand more appreciably. The main
factors supporting this expansion include (1) a sharp increase in production of
automobiles, electrical machinery (home appliances, LCDs, etc), (2) a shortage of workers
and rising personnel costs, particularly in coastal regions, and (3) demands for higher
quality (automation helps to maintain a stable level of quality). We think these present
significant business opportunities to Japanese factory automation companies, which
have few direct local competitors at present. Such companies include NC equipment
manufacturers Fanuc [6954] (Buy; ¥9,380, 24 March close) and Siemens [SIE GR]
(Neutral;