机械设备行业2025年年度投资策略：新质科技启航，内外需求共振

Investment Rating - The report maintains a "Buy" rating for the industrial sector, specifically highlighting the mechanical equipment industry as a focus area for investment opportunities [1]. Core Insights - The report emphasizes the potential for mass production of humanoid robots, particularly from Tesla, which is expected to lead the market. It suggests monitoring the supply chain and key component suppliers involved in this sector [2]. - The report identifies significant investment opportunities in core components for humanoid robots, including actuators, sensors, and motors, as various manufacturers begin small-scale deliveries and trials [2]. - The low-altitude economy is highlighted as a burgeoning sector with vast market potential, driven by supportive policies and technological advancements in eVTOL (electric Vertical Take-Off and Landing) vehicles [3]. Summary by Sections Humanoid Robots - Tesla's humanoid robot, Optimus, is expected to achieve mass production by 2025, with a projected price point below $20,000, opening up substantial market opportunities [2][77]. - Domestic and international manufacturers are beginning to deliver demo units, focusing on hardware and performance, with companies like Unitree and Ubiquity Robotics leading the charge [2][80]. - Key components for humanoid robots include six-dimensional force sensors, with companies like Donghua Testing and Keli Sensor recommended for investment [2][76]. Export Chain - The report forecasts a stable export value for China, with a total export value of 23.04 trillion yuan in the first eleven months of 2024, reflecting a year-on-year growth of 6.7% [12]. - The export chain is viewed as a semi-cyclical and semi-consumption/growth sector, with specific companies showing clear layout opportunities despite trade policy disruptions [12]. Low-altitude Economy - The low-altitude economy is positioned as a new growth engine, with various provinces and cities actively developing supportive policies [42]. - The report anticipates a trillion-level market space for the low-altitude economy, with eVTOL vehicles expected to play a crucial role in its development [42]. - Companies such as EHang and WanFeng Aviation are highlighted as key players in the eVTOL market, with significant advancements expected in the coming years [42].