【“以旧换新”释放强劲需求,机床ETF(159663)走强,工业机器人产量高增印证景气度】

Group 1 - The A-share market saw a collective rise in the three major indices on November 6, with the Shanghai Composite Index increasing by 0.76%. Key sectors that performed well included non-ferrous metals, electric equipment, and electronics, while media and social services lagged behind [1] - The machine tool sector showed strength, with the machine tool ETF (159663.SZ) rising by 1.35%. Notable individual stocks included Yawen Co., which increased by 7.65%, Huaming Equipment by 5.99%, and Haimeixing by 5.20% [1] Group 2 - In September 2025, China's industrial robot production reached 76,300 units, marking a year-on-year growth of 28.3%. For the first nine months of 2025, production totaled 594,800 units, reflecting a year-on-year increase of 29.8%. This indicates a rapid development phase for the industrial robot industry, with growth rates significantly outpacing the overall industrial value-added growth [3] - The growth in industrial robot production is attributed to the government's "old-for-new" policy, which has stimulated equipment upgrade demand, along with effective loan interest subsidies that have reduced upgrade costs for enterprises. The downstream impact on industrial robot companies is gradually diminishing, and structural adjustments are concluding, suggesting potential investment opportunities as some companies pivot towards humanoid robot businesses [3] - The machine tool ETF (159663) closely tracks the China Machine Tool Index, which encompasses critical sectors in China's manufacturing industry, including high-end equipment manufacturing, laser equipment, machine tools, robots, and industrial control equipment. This ETF represents a core area for the implementation of innovation-driven and industrial upgrade practices [3]