机械行业2025年度策略报告：内需复苏与新质生产力共舞

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical equipment industry [3]. Core Viewpoints - The mechanical equipment industry is expected to benefit from policy-driven recovery in domestic demand, with a focus on infrastructure and real estate chains as key investment themes for 2025 [6][9]. - Key investment keywords for 2025 include engineering machinery, humanoid robots, and self-controllable technologies [6][32]. - The report highlights the importance of high-tech investments and equipment upgrades to drive manufacturing investment growth amid external uncertainties [6][32]. Summary by Sections 2024 Review & 2025 Outlook - The mechanical equipment sector's performance is closely tied to the macroeconomic environment, with manufacturing investment being a significant driver [14][33]. - In 2024, manufacturing investment growth was primarily driven by exports, while domestic demand recovery was weak [25][34]. Infrastructure and Real Estate Chain Recovery - Engineering machinery is expected to see a rebound in domestic demand, supported by policy measures aimed at stimulating infrastructure investment [6][9]. - The urban rail signaling system is anticipated to benefit from new demand and maintenance needs as the economy recovers [6][9]. General Equipment Recovery - The report suggests that general equipment, including industrial control devices and machine tools, is likely to experience a cyclical recovery as manufacturing investment rebounds [6][9]. - The industrial gas sector is highlighted as a resilient option, with potential for growth as the economy recovers [6][9]. New Energy Vehicle Chain - The lithium battery equipment sector is poised for a new expansion cycle, with improving profitability for equipment manufacturers [6][9]. New Quality Productivity - Humanoid robots are identified as a significant growth area, with the industry moving towards mass production [6][9]. - The low-altitude economy is also highlighted as a new emerging industry with substantial growth potential [6][9]. Investment Recommendations - The report recommends focusing on engineering machinery and urban rail signaling systems, as well as general equipment that benefits from cyclical recovery [9][32]. - Key companies to watch include Xugong Machinery, Xianlead Intelligent, and Huichuan Technology, among others [8][9].