9月挖掘机销量同比高增，建议关注工程机械板块

Core Viewpoint - The CITIC Machinery Industry experienced a decline of 5.21% from October 13 to October 17, 2025, ranking 24th among all primary industries in terms of performance [1][2]. Group 1: Machinery Industry Performance - The engineering machinery sector fell by 1.43%, general equipment by 7.20%, specialized equipment by 6.22%, instruments and meters by 4.45%, metal products by 6.04%, and transportation equipment by 1.66% during the same period [1][2]. Group 2: Engineering Machinery Insights - In September, excavator sales reached 19,900 units, a year-on-year increase of 25.4%, with domestic sales at 9,200 units (up 21.5%) and exports at 10,600 units (up 29%) [3]. - Loader sales were 10,500 units, reflecting a 30.5% year-on-year growth, with domestic sales at 5,100 units (up 25.6%) and exports at 5,500 units (up 35.3%) [3]. - The domestic market for engineering machinery is expected to continue recovering due to equipment renewal cycles and economic stabilization policies, supported by large-scale projects [3]. Group 3: Robotics and Semiconductor Equipment - Zhiyuan Robotics launched the new industrial-grade interactive robot, Zhiyuan Spirit G2, with over 100 million yuan in orders for its first batch delivery [4]. - The U.S. is considering tightening semiconductor export restrictions to China, which may accelerate the domestic semiconductor industry's innovation and provide opportunities for local manufacturers [5]. Group 4: Investment Recommendations - Suggested companies in engineering machinery include SANY Heavy Industry, Zoomlion, XCMG, LiuGong, Shantui, and Hengli Hydraulic [6]. - In the general equipment sector, recommended companies include Anhui Heli, Hangcha Group, and others in machine tools and cutting tools [6]. - For humanoid robots, focus on high-tech components with low domestic production rates, such as assemblies and sensors [6].