Investment Rating - The report maintains an "Overweight" rating for the forklift industry [1][3]. Core Insights - Amazon has deployed over one million robots globally, establishing an efficient human-machine collaboration model, which is expected to further catalyze the development of the unmanned forklift industry [3]. - The rapid development of embodied intelligence is benefiting both domestic and international forklift companies, e-commerce logistics firms, and robotics companies, leading to a clearer trend towards unmanned forklifts and embodied handling robots [5]. - The report highlights the significant advancements made by leading companies in the unmanned logistics sector since 2025, including collaborations and technological innovations aimed at improving warehouse management and operational efficiency [5]. Summary by Sections Industry Overview - The forklift industry is experiencing a shift towards automation and intelligence, with a focus on unmanned and smart logistics solutions [5]. - Major players like Amazon are setting benchmarks in unmanned warehouse logistics, with their new robots capable of performing tasks at speeds comparable to human workers [5]. Company Developments - Domestic leaders such as Anhui Heli, Hangcha Group, and Zhongli Group are accelerating their investments in unmanned forklift technology and have made significant progress in partnerships and product innovations [5]. - Anhui Heli has announced collaborations with Huawei and major logistics companies to enhance digital transformation and smart logistics [5]. - Hangcha Group has established a smart logistics company in the U.S. and is exploring innovative collaborations in the "smart robot + logistics" sector [5]. - Zhongli Group has introduced new products in smart warehousing and robotics, indicating a clear trend towards automation in the industry [5]. Financial Projections - The report provides earnings forecasts for key companies in the industry, with Anhui Heli expected to have an EPS of 1.59 yuan per share in 2025, Hangcha Group at 1.71 yuan, and Zhongli Group at 2.30 yuan [6].

Group 1 - The rapid development of embodied intelligence is benefiting domestic and international forklift, e-commerce logistics, and robotics companies in the smart logistics sector, with a clear trend towards unmanned forklifts and embodied handling robots [1] - Amazon has deployed over one million robots globally, with new warehouse robot Vulcan capable of performing 75% of tasks at fulfillment centers, matching the efficiency of frontline workers [1] - The report highlights the potential of unmanned and intelligent development in the forklift industry, recommending companies such as Anhui Heli (600761.SH), Hangcha Group (603298.SH), and Zhongli Co., Ltd. (603194.SH) [1] Group 2 - Since 2025, several leading companies have intensified their investments in the unmanned logistics sector, including KION Group collaborating with NVIDIA and Accenture to enhance warehouse management [2] - Figure 02, developed by Figure, autonomously completes package picking tasks, showcasing advancements in robotics for logistics [2] - The partnership between Zhiyuan Robotics and Dematic Group aims to establish a humanoid robot data collection factory, indicating a shift towards data-driven applications in logistics [2] Group 3 - Domestic forklift leaders are accelerating their unmanned logistics initiatives, with Anhui Heli collaborating with Huawei on digital transformation and signing agreements with SF Express and JD.com [3] - Hangcha Group is expanding its presence in the U.S. by establishing a smart logistics company and exploring innovative collaborations in the "smart robot + logistics" field [3] - Zhongli Co., Ltd. is launching new products in smart warehousing and robotics, indicating a clear trend towards unmanned operations in the forklift and warehousing logistics sectors [3]

Core Viewpoint - The report from Zheshang Securities highlights the promising prospects of unmanned vehicles (Robo-X) across various applications, particularly in closed and specialized scenarios such as warehousing, mining, and military use, driven by technological advancements and supportive policies [1][3]. Group 1: Unmanned Vehicle Applications - Unmanned vehicles (Robo-X) have significant potential in multiple scenarios, including passenger transport (Robotaxi), material handling (unmanned forklifts), sanitation (Robosweeper), mining (unmanned mining trucks), military (unmanned combat platforms), and agriculture (unmanned tractors) [2][3]. - The commercial viability of unmanned logistics vehicles (Robovan) is paving the way for broader applications of unmanned vehicles in various sectors [2]. Group 2: Industry Outlook - The essence of unmanned vehicles (Robo-X) lies in the application of autonomous driving technology in specific scenarios, with advancements in algorithms, LiDAR, and domain control chips facilitating faster commercialization [3]. - Three key conditions for the rapid deployment of unmanned vehicles are identified: successful technology implementation, policy support, and sound commercial logic [3]. Group 3: Unmanned Forklift Market Potential - The global market for automated warehousing solutions is projected to exceed 2 trillion RMB, with unmanned forklifts playing a crucial role in enhancing warehouse efficiency and reducing costs [4]. - Traditional warehousing faces challenges such as low space utilization (with rental and operational costs accounting for 8%-12% of total costs) and inefficient labor practices, which unmanned forklifts can address by creating intelligent warehousing systems [4]. - The global market for automated warehousing solutions is expected to grow from approximately 471.1 billion RMB in 2024 to 804 billion RMB by 2029, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024 and 11.3% from 2024 to 2029 [4]. Group 4: AMR Solutions Growth - The global market for Autonomous Mobile Robot (AMR) solutions is anticipated to reach approximately 38.7 billion RMB in 2024, with a CAGR of 30.6% from 2020 to 2024, and is projected to grow to 162.1 billion RMB by 2029, with a CAGR of 33.1% from 2024 to 2029 [5]. - The penetration rate of AMR solutions in the overall automated warehousing sector is expected to increase from 4.4% in 2020 to 20.2% by 2029 [5]. Group 5: Investment Recommendations - Recommended companies include Hangcha Group (leading domestic forklift manufacturer), Zhongli Group (global electric forklift leader), Anhui Heli (state-owned forklift leader), SANY Heavy Industry (leading Chinese construction machinery company), XCMG (emerging global construction machinery leader), Shantui (bulldozer manufacturer), Taotao Vehicle (North American leisure vehicle leader), YTO Group (large tractor leader), Beifang Group (Chinese mining vehicle leader), and Inner Mongolia First Machinery Group (military equipment leader) [6]. - Companies to watch include Zhongyou Technology and Noli Shares [7].

Summary of Conference Call for Anhui Heli Industry Overview - The conference call discusses the **unmanned forklift** industry, highlighting its efficiency in logistics and ability to replace manual operations. Unmanned forklifts offer advanced capabilities compared to traditional Automated Guided Vehicles (AGVs), including **autonomous driving**, **visual recognition**, and **self-path planning** [2][4]. Key Points and Arguments - **Cost and Demand**: The cost environment is favorable due to low steel prices and decreasing shipping costs. Demand is expected to grow at a single-digit rate, indicating a stable market. There are structural opportunities if unmanned forklifts can enhance product value through automation [3][4]. - **Pricing of Unmanned Forklifts**: The price of modified unmanned forklifts can be significantly higher than traditional models, with costs potentially doubling (e.g., from 200,000 RMB to over 400,000 RMB). However, the return on investment can be achieved within two years due to lower operational costs [6][11]. - **Collaboration with Huawei**: Anhui Heli has established a deep partnership with Huawei, focusing on software scheduling, multi-vehicle coordination, and production management systems. A cooperative lab has been set up to advance technology development and market expansion [7][12]. - **Market Expansion**: The ADVAN unmanned forklift business has expanded into various sectors, including home appliances, chemicals, metallurgy, machinery manufacturing, automotive, and new energy. Strategic partnerships have been formed with leading logistics companies like JD.com and SF Express [2][12]. - **AGV Business Growth**: The AGV business is projected to generate revenue of 900-1,000 million RMB in 2025 and 1,500-1,600 million RMB in 2026, with overseas orders expected to contribute around 200 million RMB. The gross margin for overseas orders is anticipated to exceed 30%, higher than the domestic average of 25-26% [4][21][23]. Additional Important Insights - **Labor Reduction**: Unmanned forklifts can significantly reduce labor needs, with a reduction from 20-30 operators to just 2-3 maintenance personnel for the entire system. This leads to lower labor costs and increased efficiency [11][12]. - **Product Positioning**: AGVs and unmanned forklifts serve complementary roles. AGVs are suited for dense automated warehouses, while unmanned forklifts are more applicable in traditional manufacturing settings. AGVs have lower unit costs but lack advanced automation capabilities [16][17]. - **Revenue Composition**: Currently, 70% of the company's revenue comes from manufacturing, while 30% is from general logistics warehousing, differing from competitors focused primarily on the express delivery sector [17]. - **Future Product Launches**: The company plans to showcase new products in October or November 2025, as part of its strategy to enhance its smart logistics segment [16]. - **Market Penetration Challenges**: The low penetration rate of unmanned forklifts is primarily due to cost factors. The company aims to lower costs and improve acceptance as the market evolves [18][19]. Conclusion Anhui Heli is positioned to leverage its partnerships and technological advancements in the unmanned forklift sector, with a focus on expanding its market presence and enhancing operational efficiencies. The company is optimistic about future growth, particularly in international markets, while addressing challenges related to cost and market penetration.

Summary of Key Points from the Conference Call Industry Overview - The mechanical industry has seen significant growth in the first half of 2025, with a nearly 14% increase, ranking sixth among all A-share sectors [2] - The industry is influenced by themes such as robotics, reducers, and hard technology, with a focus on undervalued assets [1][5] Core Insights and Arguments - **Investment Trends**: The mechanical sector's investment opportunities are concentrated in hard technology (e.g., giant wheel intelligence, controllable nuclear fusion) and undervalued assets [1][5] - **Domestic Demand**: The recovery in domestic demand for engineering machinery is moderate, primarily driven by equipment upgrades. Excavator sales slowed in Q2, but large excavators continue to perform well [1][6][7] - **External Demand**: The external demand for engineering machinery is strong, particularly in Asia, Africa, and Latin America, with potential growth in the European and American markets [1][9] - **Industrial Control Sector**: The industrial control sector reversed its downward trend in Q1 2025, showing a 2.35% year-on-year growth, with rapid growth in HVAC and industrial robots [1][10] Important but Overlooked Content - **Overseas Expansion**: China's manufacturing direct investment abroad has grown from $19.108 billion in 2018 to $27.342 billion in 2023, with a CAGR of 7.43%. ASEAN's share in this investment is increasing [4] - **Market Dynamics**: The mechanical industry is closely tied to the performance of the manufacturing, real estate, and infrastructure sectors, which are currently showing signs of weakness [3] - **Future Outlook**: The second half of 2025 is expected to see a focus on hard technology and high-dividend, low-valuation stocks, particularly in the Hong Kong market due to ample supply and global capital inflow [5][52] Recommendations - **Key Companies**: Recommended companies in the mechanical sector include Haitan International, Sany International, and Jerry Holdings, among others, with a focus on hard technology firms like Aobi Zhongguang and Sikang Technology [53] - **Investment Opportunities**: Investors are advised to pay attention to the controllable nuclear fusion sector, which is expected to see significant investment opportunities in the latter half of 2025 [50][51]

Group 1: General Automation Equipment - In May 2025, the production of metal cutting machine tools in China was approximately 67,000 units, a year-on-year increase of 6.3%, with a month-on-month decline of 9.3 percentage points [1] - The cumulative production from January to May 2025 reached about 332,000 units, reflecting a year-on-year growth of 13.3%, with a month-on-month decline of 3.5 percentage points [1] - The production of industrial robots in May 2025 was around 69,000 units, showing a year-on-year increase of 35.5%, but a month-on-month decline of 16.0 percentage points [1] Group 2: Engineering Machinery - In May 2025, the total sales of six types of engineering machinery, including excavators and forklifts, showed varied performance, with excavators up 2.1% and forklifts up 11.8% year-on-year [2] - Conversely, six other types, including truck cranes and aerial work platforms, experienced declines, with truck cranes down 20.3% year-on-year [2] - Domestic demand for engineering machinery appeared weak in May, attributed to insufficient project funding and adverse weather conditions affecting operational rates [2] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.5 percentage points to 49.5% in May 2025, indicating a gradual improvement in manufacturing conditions [3] - The ongoing improvement in U.S.-China relations is expected to support continued growth in exports, further enhancing manufacturing sentiment [3] - The mechanical industry is rated as "buy," with a focus on engineering machinery companies benefiting from recovering domestic demand and sustained export growth [3]

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-032 安徽合力股份有限公司 关于使用部分暂时闲置募集资金进行现金管理 到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2025 年 1 月 17 日，安徽合力股份有限公司（以下简称"公司"）第十一届 董事会第八次会议审议通过了《关于使用部分暂时闲置募集资金进行现金管理的 议案》，在确保不影响募投项目建设和募集资金使用的前提下，使用部分暂时闲 置募集资金进行现金管理，现金管理总额不超过人民币 75,000 万元（含），用 于购买结构性存款、大额存单等安全性高及流动性好的保本型产品，使用期限自 董事会审议通过之日起 12 个月内有效。具体内容详见公司于 2025 年 1 月 18 日 披露于上海证券交易所网站（www.sse.com.cn）的《公司关于使用部分暂时闲置 募集资金进行现金管理的公告》（临 2025-005）。 一、本次使用部分暂时闲置募集资金进行现金管理到期赎回情况 2025 年 4 月 11 日，公司认购了杭州银行"添利宝 ...

Group 1 - The 2025 RCEP Local Government and Friendship City Cooperation Forum was held in Huangshan, Anhui Province, showcasing Anhui Heli's commitment to regional cooperation and its global brand image [1] - Anhui Heli signed an agreement with Siam Motors Parts Co., Ltd. to establish its first overseas manufacturing plant in Thailand, enhancing its localization capabilities and marking a new phase in its international strategy [1] - The forum emphasized the importance of digital technology in enhancing regional supply chain cooperation among RCEP member countries, as discussed by Anhui Heli's General Manager Zhou Jun [1] Group 2 - Anhui Heli showcased its G2 series lithium battery forklifts and other intelligent forklift models, highlighting its commitment to green, high-end, and intelligent development [2] - The company has adopted a marketing model of "1 China headquarters + N overseas centers + X global teams," with overseas revenue accounting for 40% of total sales, indicating a strong international presence [2] - Since establishing its Southeast Asia center in Bangkok in 2019, Anhui Heli has strengthened its cooperation with RCEP member countries and aims to enhance its brand influence and market competitiveness through strategic investments [2] Group 3 - The RCEP Local Government and Friendship City Cooperation Forum has become a key platform for deepening regional cooperation among RCEP member countries since its inaugural event in 2023 [4] - The 2025 forum focused on "Regional Cooperation and Joint Development," aiming to promote economic, cultural, and industrial integration for high-quality regional development [4]

Core Viewpoint - The industrial vehicle industry is undergoing a transformation towards high-end, intelligent, and green development, with Anhui Heli Co., Ltd. actively embracing this trend to become a benchmark in digital transformation and intelligent logistics [1] Group 1: Technological Innovation - Anhui Heli focuses on technological innovation to meet new market demands, leveraging its extensive experience in industrial vehicle R&D and advanced production management [2] - In 2024, Anhui Heli aims to achieve breakthroughs in key technologies, expanding its product range, including the development of a 55-ton lithium battery forklift and 42 low-temperature models [4] - The company plans to invest 1.086 billion yuan in R&D, accounting for 6.27% of its revenue, to enhance its core competitiveness [4] Group 2: Industry Ecosystem - Anhui Heli is committed to leveraging its brand influence to gather upstream and downstream resources, creating an industry co-creation ecosystem to promote sustainable development [5] Group 3: Smart Logistics - The company is positioning itself in the smart logistics sector, extending its industrial chain and establishing the Heli Smart Logistics Industrial Park to transition from equipment manufacturing to system solutions [7] - Strategic partnerships with Huawei and JD.com aim to explore digital transformation and technological integration in logistics [7] Group 4: International Expansion - Anhui Heli maintains a dual market strategy, with plans to open several international centers in 2024, achieving an export of 126,400 units, a 34.08% increase year-on-year [8] - The company is actively integrating into the RCEP market, enhancing its global brand presence and investment strategies [8][9]

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-031 安徽合力股份有限公司 第十一届董事会第十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 安徽合力股份有限公司（以下简称"公司"）第十一届董事会第十三次会议 于2025年5月30日以通讯会议的方式召开，会议通知于2025年5月20日以邮件和专 人送达等方式发出。公司9名董事全部参加了本次会议，符合《公司法》《证券 法》及《公司章程》的有关规定。会议由董事长杨安国主持，审议并通过了以下 议案： 1、《关于拟收购合肥二宫机械有限公司相关资产的议案》： 根据公司发展战略需要，为进一步优化产业布局，公司拟通过收购合肥二宫 机械有限公司土地使用权、建筑（构）物、设备等相关资产，以持续支撑公司战 略新兴业务板块未来发展。本次相关资产收购价格为63,841,011.12元（含税）。 表决结果：同意 9 票，反对 0 票，弃权 0 票 2、《关于建立<公司市值管理制度>的议案》： 《公司市值管理制度》全文详见上海证券交易所网站 www.sse.c ...