机械行业月报：人形机器人加速落地，持续推荐行业向好的机器人、工程机械、船舶板块

Investment Rating - The report maintains a "Market Perform" rating for the mechanical industry, indicating a stable outlook amidst market fluctuations [2]. Core Views - The mechanical sector showed a slight increase of 0.07% in January, outperforming the CSI 300 index by 3.18 percentage points, ranking third among 30 primary industries [2][10]. - Key sub-industries such as industrial robots, basic components, and aerial work vehicles experienced significant gains, with increases of 9.14%, 8.59%, and 6.63% respectively [2][10]. - The report suggests a focus on cyclical recovery and strong performers in engineering machinery, shipbuilding, and high-speed rail equipment, which have lagged in the current market cycle [3]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January was characterized by a minor increase, with specific sub-industries showing notable growth [2][10]. - The sector's valuation is approaching average levels, with some growth sub-industries still below the 20th percentile [16] [19]. 2. Engineering Machinery - Excavator sales in December reached 19,369 units, marking a 16% year-on-year increase, with domestic sales up 22.1% [22]. - The report highlights a positive trend in the engineering machinery sector, with expectations for performance recovery among leading companies [39]. 3. Robotics - Industrial robot production surged by 36.7% in December, indicating a strong upward trend in the robotics sector [40]. - The report emphasizes the acceleration of humanoid robot production, with significant growth anticipated in the coming years [48]. 4. Shipbuilding - The shipbuilding sector is experiencing sustained growth, with a 13.8% increase in completed shipbuilding volume in 2024 [50]. - New orders and hand-held orders also saw substantial increases, indicating a robust outlook for shipbuilding companies [50].