机械行业周报2024年第46周：华为与多家机器人企业签署合作备忘录，看好顺周期景气度提升

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - Huawei has signed cooperation memorandums with multiple robotics companies, indicating a positive outlook on the cyclical recovery of the industry [3][4] - The humanoid robot sector is expected to mature by 2025, with significant advancements in training methods and deployment [5] - The machine tool and cutting tool sectors are showing signs of recovery, supported by government policies aimed at economic improvement [7][8] Summary by Relevant Sections Humanoid Robots - Huawei's collaboration with various robotics firms aims to explore application scenarios [3] - Zhaowei Machine Electric launched a high-reliability dexterous hand with 17 active actuators [3] - Agility Robotics received investment from Schaeffler, which plans to purchase humanoid robots for its global factories [3] Machine Tools & Cutting Tools - Japan's machine tool orders reached 122.42 billion yen in October 2024, a 9.3% year-on-year increase [5] - China's metal cutting machine tool production was 60,000 units in October 2024, up 7.1% year-on-year [5] - The sector is expected to benefit from improved economic conditions and government support [7][8] Agricultural Machinery - The tractor index was 42.8% in October 2024, down 7.4 percentage points from the previous month but up 3.0 percentage points year-on-year [8] - China's tractor exports amounted to $0.07 billion in September 2024, a 15.8% increase year-on-year [8] Mining Machinery Exports - China's mining machinery exports reached $3.66 billion from January to September 2024, a 23.0% year-on-year increase [10] Engineering Machinery - Excavator sales in October 2024 were 16,791 units, a 15.1% year-on-year increase, with domestic sales up 21.6% [12] - The sector is expected to recover as infrastructure investment increases [12] Rail Transit Equipment - The National Railway Group has significantly increased its procurement of train maintenance services, indicating strong demand for rail transit equipment [13] Semiconductor Equipment - The domestic semiconductor equipment market is expected to grow, with a focus on local production due to international restrictions [14] New Energy Equipment - The photovoltaic sector is seeing a recovery in production capacity and technological advancements [15] Low-altitude Economy and EVTOL - EHang Intelligent announced partnerships to develop high-performance electric motors and solid-state batteries for low-altitude applications [17]