国金证券：全球需求景气上行，具身智能助力叉车行业新成长

Core Viewpoint - The forklift industry is experiencing strong cash flow and resilient demand, with short-term global demand showing an upward trend and long-term growth potential driven by intelligent technology [1] Industry Summary - The current global demand for forklifts is on the rise, indicating a positive market outlook in the short term [1] - The integration of intelligent technology is expected to create new growth opportunities for the industry in the long term [1] - Chinese companies have a significant first-mover advantage in the new wave of industrial intelligence, positioning them to potentially surpass competitors in the future [1] Valuation Summary - The industry is currently valued at a range of 10 to 15 times earnings for the year 2026, suggesting a favorable investment opportunity [1] - A sector-wide allocation strategy is recommended based on the current valuation metrics [1]