机械设备行业行业点评报告：特朗普胜选，对机械板块影响几何

Investment Rating - The report maintains a "Recommended" rating for the mechanical equipment industry [1]. Core Viewpoints - The outcome of the 2024 US election, with Donald Trump winning, is expected to have mixed effects on the mechanical equipment sector, negatively impacting the export chain while benefiting domestic control and internal demand [1]. - The potential for a 60% tariff on imports from China poses a risk to the export chain, particularly affecting sectors like engineering machinery and electric tools, although the impact is deemed manageable due to lower export ratios to the US [1]. - The report highlights a favorable outlook for domestic control in the mechanical sector, particularly in high-end machine tools and semiconductor equipment, driven by policies promoting self-sufficiency [1]. - The internal demand is expected to improve due to anticipated fiscal stimulus measures, with a focus on cyclical sectors such as industrial gases and robotics [1]. - The development of humanoid robots is seen as a strategic move to support the return of manufacturing to the US, with potential policy and funding support [1]. Summary by Sections Impact of US Election - The election results are likely to create a "Trump 2.0 Era," with implications for the mechanical equipment industry, particularly in terms of tariffs and domestic production [1]. Export Chain - The export chain is expected to face challenges due to potential tariffs, but the overall impact is considered controllable as companies adapt through local manufacturing [1]. Domestic Control - Companies focusing on self-sufficiency in high-end machinery and semiconductor equipment are expected to gain competitive advantages, with significant market opportunities for domestic brands [1]. Internal Demand - The report anticipates a recovery in internal demand supported by fiscal policies, with a focus on cyclical equipment sectors [1]. Humanoid Robots - The humanoid robot sector is positioned for growth, with expectations of policy support and advancements in technology leading to commercialization [1].