机械行业周报：看好人形机器人、可控核聚变和农机

Market Overview - The SW Machinery Equipment Index increased by 1.01% during the trading days from August 25 to August 29, 2025, ranking 13th among 31 primary industry classifications [1] - Year-to-date, the SW Machinery Equipment Index has risen by 30.41%, ranking 6th among the same classifications, while the CSI 300 Index has increased by 14.28% [1] Core Insights - NVIDIA's latest release, Jetson Thor, is a high-performance computing platform designed for physical AI and robotics, enabling the evolution of "robot brains" [2] - Jetson Thor supports multiple AI models, including large language models (LLM), visual language models (VLM), and visual language action models (VLA), establishing a hardware foundation for multi-modal perception and decision-making in robots [2] - This release represents a significant leap in hardware performance and a systematic upgrade of NVIDIA's robotics ecosystem strategy, creating a complete ecosystem from underlying chips to upper-level applications [2] - Investment opportunities are suggested in the core supply chain of the robotics industry and new technology directions [2] Fusion Energy Sector - CFS, a U.S. nuclear fusion energy startup, announced $863 million in funding, with NVIDIA as an investor, bringing its total funding to approximately $3 billion, accounting for one-third of global fusion energy financing [3] - CFS aims to achieve a key technology milestone by 2027, paving the way for its commercial fusion power plant development in Virginia [3] - Investment focus is recommended on companies related to high-temperature superconducting materials and magnets, as well as opportunities driven by bidding in the nuclear fusion sector [3] Agricultural Machinery - July tractor production data shows improvement, indicating potential recovery in agricultural machinery demand [3] - In July 2025, large and medium tractor production was 0.57 and 1.41 million units, with year-on-year changes of -10.8% and +9.4%, respectively [3] - The monthly production decline for large tractors has been narrowing since May, while the year-on-year growth for medium tractors has been expanding, suggesting the worst period for the industry may be over [3] - Grain prices are expected to rebound, which could drive a recovery in agricultural machinery demand [3] Industry Performance Indicators - General machinery remains under pressure, while engineering machinery is accelerating upward [4] - Shipbuilding is experiencing a slowdown, oil service equipment is stabilizing at the bottom, railway equipment is steadily increasing, and gas turbines are also showing steady growth [4]