机械行业研究周报：看好人形机器人、工程机械与农业机械

Investment Rating - The report maintains a "Buy" rating for the industry [1]. Core Insights - The robot industry is experiencing continuous catalysis with the official mass production of general-purpose robots by Zhiyuan, which is expected to reach nearly 1,000 units by the end of the year. This period is seen as a critical node for humanoid robots achieving mass production from 0 to 1, presenting comprehensive investment opportunities in the sector [10][71]. - The domestic engineering machinery market is still in a bottoming phase, while exports continue to show growth. Domestic sales of various cranes have seen significant declines, but some products are beginning to recover. In contrast, the export value of Chinese engineering machinery reached $4.485 billion, reflecting a year-on-year increase of 16.3% [10][71]. - The agricultural machinery sector is in a seasonal downturn, with a focus on inventory reduction and potential bottom reversal. The tractor AMI index was reported at 38.2%, indicating a decline compared to previous months, but the overall situation remains stable [10][71]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Hengli Hydraulic, Best, Tuosida, Aifute-U, Sany Heavy Industry, XCMG, Zoomlion, Liugong, Shantui, and Yituo [64]. 2. Market Review - The SW Machinery Equipment Index decreased by 2.27% over the past week, ranking 14th among 31 primary industry categories. Year-to-date, the index has increased by 9.36%, while the CSI 300 Index has risen by 14.47% [9][81]. 3. Key Data Tracking 3.1 General Machinery - The manufacturing PMI for November was 50.3, indicating a slight recovery in the manufacturing sector, with metal cutting machine tool sales showing a year-on-year increase of 8% [72]. 3.2 Engineering Machinery - Excavator export sales reached 8,570 units in November, reflecting a year-on-year increase of 15.2%, indicating a positive trend in the fourth quarter [86]. 3.3 Agricultural Machinery - The agricultural machinery sector is currently experiencing a downturn, with tractor production showing declines across various scales. However, the overall situation is stable, and inventory reduction is ongoing [10][71]. 3.4 Railway Equipment - Railway fixed asset investment and passenger volume have shown year-on-year increases of 11.1% and 12.6%, respectively, indicating a recovery in railway equipment demand [97]. 3.5 Shipbuilding Data - The report includes data on global new ship orders and deliveries, reflecting trends in the shipbuilding industry [100][101].