机械行业2025年投资策略：攻守兼备，聚焦新质生产力和顺周期

Investment Rating - The report suggests a focus on new economic sectors such as low-altitude economy and humanoid robots, indicating a positive investment outlook for these areas [3][8]. Core Insights - The report emphasizes the importance of policy support for the low-altitude economy and humanoid robots, recommending active investment in these sectors [3][8]. - It highlights the expected increase in railway investment in 2025, projecting over 800 billion yuan, which will drive demand for railway equipment [3][8]. - The oil service industry is expected to benefit from sustained high oil prices, with capital expenditures remaining elevated [3][8]. - The engineering machinery sector is anticipated to see a recovery in domestic demand and stabilization in overseas demand [3][8]. - The report also points out opportunities in undervalued segments with growth potential, suggesting a focus on industry leaders with alpha opportunities [3][8]. Summary by Sections New Economy - The report recommends continued investment in humanoid robots and low-altitude economy, identifying key stocks along three paths and five directions [3][8]. General Equipment - It advises monitoring the order situation and effective demand for general equipment in the first half of 2025, noting that demand has not yet shown significant improvement [3][8]. Railway Equipment - The report forecasts a significant increase in railway investment in 2025, with a focus on the aftermarket for railway equipment [3][8]. Oil Service Industry - The oil service sector is expected to benefit from high oil prices, with capital expenditures remaining robust, leading to increased revenues and profits for oil companies [3][8]. Engineering Machinery - The report indicates that 2024 will be a window for investment in engineering machinery, with continued optimism for opportunities in 2025 [3][8]. Undervalued Segments - It suggests focusing on undervalued, high-growth segments and industry leaders with alpha opportunities beyond the main sectors mentioned [3][8].