Core Viewpoint - The mechanical industry has shown strong performance in December 2025, with a focus on three high-growth areas: AI infrastructure, humanoid robots, and commercial aerospace, while also highlighting structural opportunities in engineering machinery recovery, self-sufficiency, and export chains [1][7]. Group 1: Industry Performance - In December 2025, the mechanical industry performed exceptionally well, with the Shenwan Mechanical Index rising by 8.59%, significantly outperforming the CSI 300 Index by 6.31 percentage points [1]. - Key sub-sectors such as photovoltaic equipment, semiconductor equipment, and coal machinery saw substantial gains, with increases of 22.20%, 13.63%, and 13.30% respectively [1]. - Individual stocks also performed well, with Haozhi Electromechanical leading the industry with a 117.85% increase, and several other companies exceeding 50% growth [1]. Group 2: Valuation and Macro Data - As of December 31, 2025, the mechanical industry's TTM price-to-earnings ratio was 39.31 times, and the price-to-book ratio was 3.18 times, indicating a valuation in the upper-middle range over the past five years [2]. - The manufacturing PMI rose to 50.10%, marking the first expansion since April, while the equipment manufacturing PMI reached 50.40%, and the high-tech manufacturing PMI remained high at 52.50% [2]. - Industrial robots showed significant growth, with a cumulative production of 673,800 units from January to November 2025, representing a year-on-year increase of 29.20% [2]. Group 3: Industry Opportunities - The mechanical industry is currently experiencing three major opportunities: domestic industrial upgrading, self-sufficiency, and accelerated overseas expansion [3]. - High-end equipment self-sufficiency is becoming a cornerstone of industry development, with ongoing breakthroughs in core components and high-end equipment [3]. - The industry is transitioning from "Made in China" to "Created in China," driven by the deep application of industrial interconnectivity and AI [3]. Group 4: Investment Focus - The investment strategy for January 2026 emphasizes three high-growth areas: AI infrastructure, humanoid robots, and commercial aerospace, each with clear driving logic and growth potential [4][5]. - In the AI infrastructure sector, the demand for AI computing power is driving upgrades in the infrastructure supply chain, with gas turbines and liquid cooling becoming key focus areas [4]. - Humanoid robots are moving towards commercial mass production, with several manufacturers receiving large orders, indicating significant long-term growth potential [5]. Group 5: Structural Opportunities - Beyond the three high-growth areas, other structural opportunities in the mechanical industry are also worth exploring, such as the recovery of the engineering machinery sector and the focus on low domestic localization rates in core segments [6]. - The detection services industry is stable with strong cash flow, and current valuations are at historical lows, presenting potential investment opportunities [6]. - Companies in the tool and kitchen equipment sectors are benefiting from overseas replenishment cycles, while engineering machinery and injection molding machines continue to expand into emerging markets [6].
广东博众|机械行业 2026 年锚定三大高成长赛道 结构性机遇显现
Cai Fu Zai Xian·2026-02-26 07:34