机械设备行业成长周期轮动，主题复苏并驱

Group 1 - The core viewpoint of the report emphasizes that the engineering machinery industry is expected to see clear investment opportunities in 2026, driven by stable growth in exports, increased policy support, and large engineering projects acting as new growth engines [1][3] - The humanoid robot sector is highlighted as a key area for investment, focusing on complete machines, critical components, and core modules, with specific companies identified for their production capabilities and order validation [1][3] - The tool industry is recognized as a foundational support sector for machinery manufacturing, with ongoing policy and demand catalysts, presenting clear layout opportunities despite some downstream demand disruptions [1][3] Group 2 - Investment recommendations include companies in the assembly sector such as Joyson Electronics, Sanhua Intelligent Control, and Top Group, as well as hydraulic and reducer manufacturers like Hengli Hydraulic and Green Harmonic [2] - The engineering machinery sector is expected to maintain upward momentum, with recommendations to focus on companies with strong overseas capabilities and comprehensive product lines, such as SANY Heavy Industry and XCMG [3] - The low-altitude economy in China is projected to expand rapidly, with an expected market size exceeding one trillion by 2026, driven by advancements in drone and eVTOL technologies, and significant infrastructure developments [4][5]