Zhong Guo Neng Yuan Wang·2025-06-25 03:30Core Viewpoint - The investment strategy report from China Galaxy highlights that in the face of significant external uncertainties, policy efforts to change the deflationary situation and promote domestic demand recovery, along with new productive forces, will be the main investment themes for 2025 [1][2]. Group 1: Market Overview - As of early 2025, the mechanical sector has outperformed the market with a cumulative increase of 6.04%, showing significant differentiation among sub-sectors, particularly in wind power equipment, robotics, and lithium battery equipment [2]. - In Q1 2025, mechanical enterprises experienced a marginal recovery in performance, although gross margins slightly declined. Key sub-sectors such as shipbuilding, semiconductor equipment, engineering machinery, and coal mining machinery continue to show growth momentum [2]. Group 2: Investment Themes - The report emphasizes that the transformation related to new productive forces is expected to maintain high growth, particularly in humanoid robots, controllable nuclear fusion, and the low-altitude economy [1][3]. - The engineering machinery sector is anticipated to see a recovery in domestic demand, supported by sustained high levels of infrastructure investment and new policy tools aimed at stimulating investment in manufacturing [3]. Group 3: Specific Opportunities - Humanoid robots are identified as a key area for investment, with 2025 being the year of mass production, focusing on applications in industrial logistics, elderly care, agriculture, and consumer markets [3]. - The low-altitude economy is expected to gradually scale up, with safety infrastructure development as a foundation, particularly in companies involved in low-altitude control [3]. - Controllable nuclear fusion is highlighted as a sector with significant technological breakthroughs, suggesting a focus on companies benefiting from manufacturing qualifications and related equipment orders [3]. Group 4: Recommendations - The report recommends focusing on new investment opportunities arising from new productive forces, including humanoid robots, low-altitude economy, and controllable nuclear fusion [4]. - It also suggests monitoring the engineering machinery sector, which is expected to benefit from domestic demand recovery and stable export performance [4]. - The cyclical general equipment sector is also highlighted as a focus area, with an emphasis on companies that are well-positioned to benefit from the recovery in domestic demand [4].