Investment Rating - The industry investment rating is maintained at "Market Weight" [36] Core Viewpoints - In June 2025, excavator sales reached 18,804 units, a year-on-year increase of 13.26% and a month-on-month increase of 3.31%. Domestic sales were 8,136 units, up 6.20% year-on-year but down 3.05% month-on-month. Export sales were 10,668 units, up 19.30% year-on-year and 8.75% month-on-month, accounting for 56.73% of total sales [2] - Loader sales in June 2025 totaled 12,014 units, reflecting a year-on-year increase of 11.30% and a month-on-month increase of 14.04%. Domestic sales were 6,015 units, up 13.58% year-on-year but down 0.36% month-on-month. Export sales were 5,999 units, up 9.11% year-on-year and 33.37% month-on-month [3] - The average working hours and operating rates of major construction machinery products decreased by 8.56% and 2.65 percentage points respectively, indicating weak terminal demand. However, the report suggests that sufficient project reserves in domestic downstream sectors could enhance operating rates if funding is timely [4] Summary by Sections Excavator Sales - June 2025 excavator sales: 18,804 units, +13.26% YoY, +3.31% MoM - Domestic sales: 8,136 units, +6.20% YoY, -3.05% MoM - Export sales: 10,668 units, +19.30% YoY, +8.75% MoM, 56.73% of total sales - H1 2025 cumulative sales: 120,520 units, +16.77% YoY [2] Loader Sales - June 2025 loader sales: 12,014 units, +11.30% YoY, +14.04% MoM - Domestic sales: 6,015 units, +13.58% YoY, -0.36% MoM - Export sales: 5,999 units, +9.11% YoY, +33.37% MoM - H1 2025 cumulative sales: 64,769 units, +13.59% YoY [3] Market Outlook - The report highlights a positive outlook for overseas expansion of domestic manufacturers, which is expected to enhance global penetration of domestic equipment. The export trade value of construction machinery in May 2025 was $5.024 billion, up 8.64% YoY, while the cumulative export value from January to May was $23.097 billion, up 9.00% YoY [4]

Investment Rating - The mechanical equipment industry is rated as "Standard Allocation" indicating that the industry index is expected to perform within ±10% of the market index over the next six months [80]. Core Insights - The mechanical equipment sector has shown a strong performance, with a bi-weekly increase of 3.71%, outperforming the CSI 300 index by 2.04 percentage points, ranking 6th among 31 industries [13][14]. - The excavator sales in the first half of 2025 have seen a year-on-year growth of 22.90% in domestic sales and 10.19% in exports, indicating a recovery in demand [3][77]. - The robotics sector is experiencing upward momentum due to significant contracts and acquisitions, suggesting a shift towards higher industry concentration as weaker competitors are phased out [3][77]. Summary by Sections Market Review - As of July 17, 2025, the mechanical equipment industry has increased by 3.71% bi-weekly, outperforming the CSI 300 index [13]. - The engineering machinery sector has the highest increase among sub-sectors at 4.26% [19]. Valuation Situation - The overall PE TTM for the mechanical equipment sector is 27.86 times, with sub-sectors showing varied valuations: General Equipment at 35.77 times, Specialized Equipment at 26.85 times, and Engineering Machinery at 20.43 times [2][23]. Stock Performance - The top three stocks in the mechanical equipment sector by bi-weekly increase are Degute (52.22%), Sanchuan Wisdom (44.50%), and Zhongdali De (37.66%) [2][20]. - The stocks with the largest declines include Dongwei Technology (-14.99%), Weilong Shares (-14.52%), and Weima Agricultural Machinery (-12.80%) [2][21]. Industry News - Significant contracts in the robotics sector, including a 1.24 billion yuan project, are expected to enhance market dynamics and growth potential [3][73]. - The average operating rate for engineering machinery in the first half of 2025 was reported at 44.81%, with a notable increase in operational hours [73]. Recommendations - Companies to watch include Huichuan Technology (300124) and Green Harmonic (688017) in the robotics sector, and Sany Heavy Industry (600031) and Hengli Hydraulic (601100) in engineering machinery, due to their strong market positions and growth potential [77][78].

Investment Rating - The report indicates a positive investment outlook for the humanoid robot industry, highlighting significant growth potential driven by policy support and technological advancements [3][10]. Core Insights - The humanoid robot industry is experiencing rapid development, with government policies emphasizing embodied intelligence as a key focus for future industrial growth [10]. - Major companies are investing heavily in humanoid robotics, leading to accelerated technological progress and market expansion [3][8]. - The production of humanoid robots is set to increase significantly, with projections estimating a global market size of 150 billion yuan by 2029 [3][17]. Summary by Sections 1. Emergence of the Humanoid Robot Industry - The humanoid robot sector is entering a phase of industrialization, with advancements in AI enhancing interaction and learning capabilities [6][8]. 2. Harmonic Reducers: Acceleration of Domestic Production - Domestic manufacturers are ramping up production of harmonic reducers, which are critical components for humanoid robots [22][39]. 3. Planetary Roller Screws: Breakthrough in Domestic Production - The planetary roller screw market is expanding, with increasing applications in various industries, including automotive and robotics [56][68]. 4. Frameless Torque Motors: Domestic Performance Surpassing Expectations - Domestic frameless torque motors are showing competitive advantages in performance and cost, contributing to the overall growth of the humanoid robot market [28][29]. 5. Dexterous Hands: Technological Iteration and Upgrades - The development of dexterous hands is crucial for enhancing the functionality of humanoid robots, with ongoing technological improvements [22][28]. 6. Six-Dimensional Torque Sensors: Continuous Cost Reduction - The market for six-dimensional torque sensors is expected to grow as costs decrease, making them more accessible for humanoid robot applications [22][28]. 7. Market Potential and Production Plans - Companies like Tesla and Figure AI are planning significant production increases, with Tesla aiming for 5000 units in 2025 and up to 1 million units by 2029 [17][19].

Group 1 - Four companies, including Dongshan Precision, Yanghe Brewery, Hudian Co., and Hengli Hydraulic, have recently surpassed a market capitalization of 100 billion yuan, with Jiangsu province having a total of 10 such companies as of July 18 [1][2] - Dongshan Precision's stock price hit a ceiling on July 17, closing at 55.31 yuan per share, resulting in a market capitalization of 101.3 billion yuan. The company has developed three main sectors: electronic circuits, optoelectronics, and precision manufacturing, ranking second globally in flexible printed circuits (FPC) and third in PCBs based on revenue [1] - Hudian Co. saw an 8.59% increase in stock price on July 17, bringing its market capitalization to 102.2 billion yuan. The company is expected to achieve a net profit of 1.65 to 1.75 billion yuan in the first half of 2025, marking a year-on-year increase of 44.63% to 53.40% [1] Group 2 - Yanghe Brewery, a well-known domestic liquor company, has returned to the 100 billion yuan club, focusing on its major products like "Hai Zhi Lan" and "Meng Zhi Lan M6+" while planning to launch new products priced above 50 yuan [2] - Hengli Hydraulic's stock price has nearly doubled since January, with its market capitalization exceeding 100 billion yuan again. The company has entered mass production for its linear actuator project, which is expected to drive new growth [2] - In addition to the four companies mentioned, Jiangsu province also has six other companies, including Jiangsu Bank and Huatai Securities, in the 100 billion yuan market capitalization club, highlighting Jiangsu's status as a manufacturing powerhouse [3]

Macro and Strategy Research - In June, social financing increased by over 90 billion yuan year-on-year, with government bond financing contributing over 50 billion yuan, indicating a strong support for social financing growth [2] - The short-term loans for enterprises increased significantly, with a year-on-year increase of 110 billion yuan in June, reflecting a cautious approach towards long-term loans due to external uncertainties and profit pressures [2][3] - M1 growth rate rebounded significantly by 2.3 percentage points to 4.6% in June, driven by accelerated fiscal spending and a reduction in seasonal government deposits [3] Economic Data Review - The actual GDP growth rate for Q2 2025 was 5.2%, slightly below expectations, while the industrial added value in June grew by 6.8%, exceeding expectations [5] - The contribution rates of final consumption expenditure, gross capital formation, and net exports to GDP growth were 52.3%, 24.7%, and 23.0% respectively, indicating consumption as the main driver of GDP growth [5] - The industrial production index showed a significant rebound in June, supported by increased working days and the release of policies [6] Investment Trends - Fixed asset investment growth has declined for three consecutive months, with manufacturing investment decreasing by 2.7 percentage points to 5.1% in June, reflecting cautious corporate investment sentiment [7] - Real estate investment growth rate fell to -12.9%, indicating ongoing demand-side pressures in the real estate sector [8] Industry Research - The mechanical equipment industry saw a 1.56% increase in the index from July 9 to July 15, outperforming the broader market [10] - Excavator sales in June reached 18,800 units, a year-on-year increase of 13.3%, indicating a strong domestic market for construction machinery [10] - The easing of tariff uncertainties in Southeast Asia is expected to positively impact export dynamics in the mechanical equipment sector [10]

Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a growth rate exceeding 10% compared to the CSI 300 index [45]. Core Viewpoints - In June 2025, excavator sales reached 18,800 units, a year-on-year increase of 13.3%. Cumulatively, sales for the first half of the year reached 120,500 units, up 16.8% year-on-year, with domestic sales at 65,600 units, reflecting a 22.9% increase year-on-year. The domestic engineering machinery market remains in a renewal cycle, and recent government emphasis on urban renewal is expected to boost domestic sales steadily [10][37]. - The gradual implementation of tariffs in major Southeast Asian countries has alleviated short-term uncertainties regarding exports, warranting continued monitoring of export changes [10][37]. Summary by Sections Industry News - The State Council issued a notice to enhance employment support policies, expanding the coverage of work-for-relief programs [4][19]. - Zhiyuan Robotics and Yushu Technology won a humanoid robot order worth 124 million yuan [4][19]. Key Product Recommendations - Companies recommended for "Increase" rating include SANY Heavy Industry, Zoomlion Heavy Industry, Hengli Hydraulic, and CRRC Corporation [5][10]. Market Review - From July 9 to July 15, 2025, the CSI 300 index rose by 0.52%, while the Shenwan Machinery Equipment Industry increased by 1.56%, outperforming the CSI 300 by 1.04 percentage points, ranking 6th among all primary industries [28][29]. Industry Data - As of July 11, 2025, the steel composite price index (CSPI) stood at 90.83 [20]. - As of July 15, 2025, WTI and Brent crude oil prices were $66.98 per barrel and $69.21 per barrel, respectively [21]. Company Announcements - Juxing Technology plans to acquire an 18.47% stake in Weina Technology to enhance its competitiveness in the chip sector [26]. - Yijiahe intends to extend the construction period of its Yangzhou Intelligent Manufacturing Center project by 2 years [27].

Core Viewpoint - The hydraulic motor industry in China is experiencing structural changes, characterized by differentiated import growth and simultaneous increases in export volume and value, reflecting the demand for high-precision and high-reliability products driven by domestic industrial upgrades [1][11]. Industry Overview - Hydraulic motors are key components in hydraulic systems, converting hydraulic pressure into mechanical energy, widely used in various industrial applications such as construction machinery, shipbuilding, and mining [2]. Industry Development History - The hydraulic motor industry in China has evolved through three main stages: the initial phase from 1952 to 1978, the rapid development phase from 1979 to 2000, and the mature and transformative phase from 2000 to present, with significant advancements in technology and production capabilities [4][5]. Industry Status - In the first five months of 2025, China imported 104,400 hydraulic motors, a year-on-year increase of 2.09%, with an import value of 629 million yuan, up 11.84%. Exports reached 929,900 units, growing 12.76%, with an export value of 810 million yuan, up 9.20% [1][11]. - The demand for high-end hydraulic motors is particularly strong in sectors like construction machinery electrification and industrial automation, with local companies making technological breakthroughs in high-end markets [1][11]. Industry Supply Chain - The upstream of the hydraulic motor industry includes raw materials such as steel, castings, and hydraulic oil, while the downstream applications span across various industrial sectors, with construction machinery being the largest application area [7]. Key Enterprises' Performance - The competitive landscape of the hydraulic motor industry features international giants dominating the high-end market, while domestic companies like Hengli Hydraulic and Aidi Precision are gaining market share through cost-effective strategies [15][19]. Industry Development Trends - The industry is undergoing a transformation towards high-end and intelligent products, with advancements in materials and electronic control technologies enhancing performance [21]. - Green manufacturing is becoming a standard, driven by environmental regulations and energy efficiency standards, pushing companies to adopt energy-saving technologies [22][23]. - The globalization of the hydraulic motor industry is shifting from an export-oriented approach to localized development, with companies establishing production bases in countries along the Belt and Road Initiative [24].

本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 江苏恒立液压股份有限公司（以下简称"公司"）于 2025 年 7 月 15 日接到 控股股东常州恒屹智能装备有限公司的通知，其名称由"常州恒屹智能装备有限 公司"变更为"江苏恒立控股集团有限公司"，有关工商变更登记手续已办理完 成，并取得营业执照。 证券代码：601100 证券简称：恒立液压 公告编号：临 2025-014 江苏恒立液压股份有限公司 关于控股股东变更名称及完成工商变更登记的公告 2025 年 7 月 15 日 上述工商变更事项不涉及该股东持股数量及持股比例的变动，对公司治理及 生产经营活动不构成影响，不会导致公司控股股东及实际控制人发生变化。 特此公告。 江苏恒立液压股份有限公司董事会 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].

Investment Rating - The report maintains a "Buy" rating for Hengli Hydraulic, anticipating a sequential business recovery driven by improving excavator component demand and potential growth in the humanoid robot sector [3][25]. Core Views - The report highlights that Hengli's earnings growth is expected to accelerate to 17% year-over-year (YoY) in 2Q25, up from only 3% YoY in 1Q25, primarily due to stronger demand for excavator components from Chinese OEMs and foreign customers [1][19]. - Revenue growth for Hengli is forecasted at 13% YoY in 2Q25, driven by the excavator component business, which is outpacing the overall growth of China's excavator industry [2][19]. - The report emphasizes that the market has not fully accounted for Hengli's potential to outgrow the Chinese excavator industry due to increased exports and restocking by foreign OEMs [2][19]. Financial Summary - Hengli's estimated net profit for 2Q25 is projected to be Rmb800 million, reflecting a 17% YoY increase and a 30% quarter-over-quarter (QoQ) increase [2][8]. - The target price for Hengli is set at Rmb85.0, based on a price-to-earnings (P/E) ratio of 40x for 2025E, which aligns with its historical average [26][7]. - The expected total return for Hengli's shares is 22.1%, comprising a 21.1% price return and a 1.0% dividend yield [4][7]. Market Position and Strategy - Hengli Hydraulic is recognized as China's leading hydraulic parts supplier, focusing on the research, development, and manufacturing of hydraulic components [24]. - The company is preparing to produce up to 100,000 planetary roller screws for humanoid robot clients by 2026, despite uncertainties in demand from clients [25]. - The report notes that losses from Hengli's Mexico and ball screw & linear guide plants are expected to decrease as production ramps up [25].