机械行业周报2024年第47周：Figure02升级版速度和效率均显著提升，看好顺周期景气度提升

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - The report highlights significant improvements in speed and efficiency with the upgraded Figure02 humanoid robot, which has quadrupled its mobility speed and increased task completion accuracy by seven times, enhancing its integration into BMW's sustainable automation processes [4] - The humanoid robot industry is expected to mature by 2025, driven by large-scale deployment and innovative training methods, with a focus on high-complexity dexterous hands and cost reduction in screw production [5] - The machine tool and cutting tool sector shows a positive outlook, with Japan's machine tool orders increasing by 9.3% year-on-year in October 2024, and China's metal cutting machine tool production rising by 7.1% [6][8] - Agricultural machinery demand is projected to grow, with tractor exports increasing by 17.9% year-on-year in October 2024, indicating a strong market potential [9] - The engineering machinery sector is experiencing marginal improvements, with excavator sales in October 2024 up by 15.1% year-on-year, supported by infrastructure investment [10][11] Summary by Sections Humanoid Robots - Agility has secured $150 million in new financing to expand its RoboFab production line, aiming to deploy humanoid robots across Schaeffler's global network by 2030 [3] - The report emphasizes the importance of training for humanoid robots, with a focus on gathering high-quality motion data to enhance their capabilities [5] Machine Tools & Cutting Tools - Japan's machine tool orders reached 122.42 billion yen in October 2024, with a year-on-year increase of 9.3% [6] - The report suggests focusing on companies like Kode CNC and Haitai Precision in the machine tool sector [8] Agricultural Machinery - The tractor index for October 2024 was 42.8%, reflecting a 7.4 percentage point decrease from the previous month but a 3.0 percentage point increase year-on-year [8] - The report highlights the potential for growth in tractor exports, particularly in the Belt and Road Initiative markets [9] Engineering Machinery - Excavator sales in October 2024 totaled 16,791 units, marking a 15.1% increase year-on-year, with domestic sales up by 21.6% [10] - The report indicates that infrastructure investment is expected to support future demand for engineering machinery [11] Semiconductor Equipment - The report notes the urgent need for domestic production of semiconductor equipment, particularly photolithography machines, due to increasing restrictions on imports [15] - The domestic semiconductor equipment market is projected to grow, with a focus on companies like North China Innovation and Zhongwei Technology [15] New Energy Equipment - The report discusses the adjustment of export tax rebates for solar and battery products, which is expected to boost overseas pricing [16] - Companies like Maiwei and Weidong Nano are recommended for investment in the solar manufacturing sector [16] Low-altitude Economy & EVTOL - The report highlights the rapid development of the low-altitude economy, with pilot projects for eVTOLs in six cities [17] - Companies such as EHang and Yihua Technology are suggested for investment in this emerging sector [18]