2024年中期策略：格局为先，行稳致远

Group 1: Industry Overview - The humanoid robot industry is in the "0 to 1" stage, with significant potential attracting numerous entrants, led by companies like Tesla[3] - The 3D printing industry has entered the "1 to N" phase, focusing on industrial applications such as shoe molds and consumer electronics[3] - The mechanical equipment sector has shown a downward trend in 2024 H1, with a cumulative decline of 22.8%, underperforming the CSI 300 index by 24.0 percentage points[53] Group 2: Market Performance - In the first half of 2024, the engineering machinery sector was the only sub-industry to show positive growth, with a cumulative increase of 8.9%[12] - The railway sector saw passenger numbers reach 1.735 billion, a year-on-year increase of 20.2% from January to May 2024[7] - The total fixed asset investment in railways reached 228.5 billion yuan, reflecting a year-on-year growth of approximately 10.9%[69] Group 3: Investment Recommendations - Companies with robust core businesses and strategic positioning in the humanoid robot and 3D printing sectors are expected to succeed[3] - Recommended stocks include Tier 1 manufacturers like Sanhua Intelligent Control and Top Group in the humanoid robot space[25] - The railway equipment sector is anticipated to benefit from increased passenger demand and equipment updates, with a focus on companies like China CRRC and Times Electric[62]