机械行业周报：人形机器人利好催化频出，产业进展不断加速

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [72]. Core Viewpoints - The humanoid robot sector is experiencing frequent positive catalysts, with accelerated industrial progress. Tesla's Optimus robot has showcased significant advancements, including a 22-degree-of-freedom dexterous hand capable of catching a tennis ball, marking a substantial improvement from the previous generation's 11 degrees of freedom. The focus has shifted towards application demonstrations, with various tasks being showcased throughout the year [11][12]. - Major companies like Tesla and NVIDIA are entering the humanoid robot field, while domestic players such as Huawei are also making strides. Huawei has launched a global embodied intelligence innovation center and signed strategic cooperation agreements with 16 companies to promote innovation in embodied intelligence applications. The supportive policy environment from the government further enhances the industry's growth prospects [11][12]. Summary by Sections Industry Viewpoints and Investment Recommendations - The report emphasizes the rapid development and commercialization potential of humanoid robots, driven by both domestic and international industry dynamics. It recommends focusing on companies such as Mingzhi Electric, Buke Co., Green Harmonics, Shuanghuan Transmission, Best, and Sanhua Intelligent Control [12]. Key Industry News - In November 2024, domestic loader sales reached 4,383 units, a year-on-year decline of 15.7%. However, the export volume increased by 16.1% [13]. - Excavator sales in November 2024 totaled 9,020 units, reflecting a year-on-year growth of 20.5%, with exports also showing positive growth [14][17]. - The average working hours for major construction machinery products in November 2024 increased by 8.79% month-on-month, indicating a recovery in operational activity [18]. Key Company Announcements - Leju Robotics has partnered with China Telecom to promote the "humanoid robot+" ecosystem, focusing on applications in family settings such as elder care and household assistance [19]. - The number of robotics companies in Hangzhou has surpassed 700, highlighting the city's commitment to intelligent manufacturing and robotics development [20]. - Raystar Intelligent plans to invest at least 500 million RMB to establish a new base for humanoid robot core components in Dongguan, enhancing its production capabilities [24]. Market Performance Review - From December 2 to December 6, 2024, the CSI 300 index rose by 1.4%, while the machinery sector outperformed with a 3.9% increase, ranking 7th among all primary industries. The industrial robotics and control systems sub-sector saw the highest growth at 11.4% [59].