机械行业2025年投资策略：聚焦科技加速及内需修复，全球化出海波动加大

Investment Rating - The report maintains an "Overweight" rating for key companies in the machinery sector, including Zhaowei Electromechanical, Oat Technology, Saiteng Co., Su Shi Testing, Puyuan Precision, Sany Heavy Industry, and XCMG Machinery [1][12]. Core Insights - The machinery industry investment strategy for 2025 focuses on technology acceleration, domestic demand recovery, and increased globalization amidst rising volatility [1][12]. - Domestic demand is expected to stabilize and recover, with a focus on the pan-technology sector, real estate recovery chain, and accelerated overseas expansion [1][12]. - The report highlights the impact of U.S. political dynamics, particularly Trump's return to the presidency, which may lead to increased tariffs and a push for U.S. manufacturing to return [1][17][20]. Summary by Sections 1. Technology Growth - The new wave of technology is accelerating, focusing on humanoid robots and low-altitude economy [1][12]. - Humanoid robots are seeing rapid development, with Tesla's Optimus showing significant performance improvements and potential for mass production by 2025 [1][24][29]. - The low-altitude economy is identified as a blue ocean market, with policies driving its development [1][12]. 2. Domestic Demand Recovery - Domestic demand is gradually recovering, with a focus on state-owned enterprise investments [1][12]. - The real estate chain is stabilizing due to supportive policies, leading to a potential recovery in the engineering machinery market [1][13]. 3. Globalization and Overseas Expansion - The trend of accelerated overseas expansion is driven by both internal and external pressures, with a focus on exporting excess capacity to international markets [1][14]. - The report emphasizes the importance of tariffs as a core variable affecting globalization strategies [1][19]. 4. Key Companies and Valuation - The report recommends specific companies such as Zhaowei Electromechanical, Oat Technology, Saiteng Co., and others based on their potential to benefit from the outlined trends [1][12].