中国工业之旅，第5天五个关键要点：我们中国之行的最后一天专注于海运和自动化。造船厂的订单积压到2028 - 2029年，但今年迄今新订单下降超过50%。自动化需求环比改善，某些产品的库存更加正常，但未来的确定性较低

Restricted - External European Capital GoodsNEUTRALEuropean Capital GoodsTimothy Lee, CFA+44 (0)20 7773 6879timothy.lee@barclays.comBarclays, UKXin Wang+44 (0)20 7773 1380xin.wang@barclays.comBarclays, UKVlad Sergievskii+44 (0)20 7116 1117vlad.sergievskii@barclays.comBarclays, UKGeorge Featherstone, CFA+44 (0)20 3555 8585george.featherstone@barclays.comBarclays, UKJames Winchester+44 (0)20 7773 3537james.winchester@barclays.comBarclays, UKVaspaan Yazdi Avari+91 (0)22 6175 2382vaspaany.avari@barclays.comBarclays, UKUK Capital GoodsJonathan Hurn, CFA+44 (0)20 3134 0468jonathan.hurn@barclays.comBarclays, UK Analyst(s) Certification(s):We, Jonathan Hurn, CFA, Timothy Lee, CFA, Vlad Sergievskii, James Winchester, Xin Wang and George Featherstone, CFA, hereby certify (1) that theviews expressed in this research report accurately reflect our personal views about any or all of the subject securities or issuers referred to in thisresearch report and (2) no part of our compensation was, is or will be directly or indirectly related to the specific recommendations or views expressedin this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Risk Disclosure(s)Master limited partnerships (MLPs) are pass-through entities structured as publicly listed partnerships. For tax purposes, distributions to MLP unitholders may be treated as a return of principal. Investors should consult their own tax advisors before investing in MLP units.Disclosure(s) regarding Information SourcesBloomberg® is a trademark and service mark of Bloomberg Finance L.P. and itsaffiliates(collectively “Bloomberg”) and the Bloomberg Indices aretrademarks of Bloomberg. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve orendorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the resultsto be obtained therefrom and, to the maximum extent allowed by law, Bloomberg shall have no liability or responsibility for injury or damages arisingin connection therewith.Types of investment recommendations produced by Barclays Equity Research:In addition to any ratings assigned under Barclays’ formal rating systems, this publication may contain investment recommendations in the form oftrade ideas, thematic scree