看好人形机器人和工程机械 | 投研报告

Market Performance - The SW Machinery Equipment Index increased by 3.52% during the trading days from September 8 to September 12, 2025, ranking 7th among 31 primary industry categories in Shenwan [1][2] - Year-to-date, the SW Machinery Equipment Index has risen by 33.14%, ranking 6th among the same categories, while the CSI 300 Index has increased by 14.92% [1][2] Key Insights - Tesla's Optimus V3 is approaching mass production, with significant upgrades expected for its dexterous hand. The production cost per unit is projected to be between $20,000 and $25,000, with AI chip costs around $5,000 to $6,000. The long-term value of Optimus could account for 80% of Tesla's overall value [3] - In August 2025, excavator sales reached 16,523 units, marking a year-on-year increase of 12.8%. Domestic sales were 7,685 units (up 14.8%), while exports totaled 8,838 units (up 11.1%). The demand from Europe and the U.S. is expected to recover in the second half of the year, potentially boosting export growth [3] - The demand for magnetic levitation refrigeration compressors is anticipated to double in the next three years in China due to the increasing power density in AIDC systems, which is driving up cooling requirements [4] Industry Outlook - The engineering machinery sector is expected to benefit from both domestic and international market dynamics, with companies like SANY Heavy Industry, XCMG, Zoomlion, Hengli Hydraulic, and LiuGong recommended for investment [3] - The general machinery sector is under pressure, while the engineering machinery sector is accelerating upward. Other sectors like shipbuilding are stabilizing, and oil service equipment is showing signs of bottoming out [4]