机械行业周报：关注工程机械内需回暖，多家机器人企业进入商业交付阶段

Investment Rating - The report maintains an "Accumulate" rating for the machinery industry [1] Core Insights - The machinery industry has shown a positive trend with a 5.72% increase in the CITIC machinery sector during the week of January 13-17, 2025, ranking fifth among all primary industries [14][15] - The report highlights a recovery phase in the domestic engineering machinery market after three years of adjustment, with significant growth in excavator and loader sales [4][20] - The humanoid robot sector is accelerating its commercialization, with several companies entering the delivery phase, indicating a growing market opportunity [5][6] Summary by Sections Market Review - The CITIC machinery sector outperformed the broader market, with a 5.72% increase compared to a 2.14% rise in the CSI 300 index during the same period [14] - Specific segments such as general equipment and specialized equipment saw notable increases, with general equipment rising by 7.46% [15] Engineering Machinery - In December 2024, excavator sales reached 19,000 units, a year-on-year increase of 16.0%, while domestic sales of excavators have shown consistent growth for ten consecutive months [20] - The report indicates a clear signal of recovery in domestic demand, supported by fiscal policy adjustments and infrastructure investments [4] Humanoid Robots - Companies like Foxconn and UBTECH are establishing strategic partnerships to enhance the application of humanoid robots in smart manufacturing [5] - The report notes that several domestic companies have achieved mass production and delivery of humanoid robots, marking a significant step towards commercialization [6] Investment Recommendations - The report suggests focusing on key players in the engineering machinery sector such as SANY Heavy Industry, Zoomlion, and XCMG, as well as companies in the humanoid robot space with high technological barriers [7]