机械行业周报：1月挖机销量保持正增，宇树、Figure等机器人厂商均有重要进展

Investment Rating - The report maintains an "Accumulate" rating for the machinery industry [1] Core Views - The machinery industry is experiencing a recovery in domestic demand, particularly in the excavator segment, with January sales showing a slight year-on-year increase of 1.1% [3][4] - The report highlights the positive trend in excavator exports, which have maintained growth for six consecutive months, although the growth rate has slowed [4] - The report emphasizes the importance of fiscal policy in stabilizing the real estate sector and improving infrastructure investment, which is expected to boost demand for machinery [5] - The report notes significant advancements in humanoid robots, with companies like Yushutech and Figure AI making strides in commercialization [6][8] Summary by Sections Market Review - The machinery sector saw a slight increase of 0.01% in the week of February 10-14, 2025, ranking 24th among all primary industries [14][15] - Specific segments showed varied performance, with construction machinery up by 2.45% while general equipment and specialized equipment saw declines [15] Industry High-Frequency Data Tracking - January 2025 excavator sales reached 13,000 units, a year-on-year increase of 1.1% [19] - January 2025 loader sales were 7,920 units, also reflecting a year-on-year increase of 1.5% [20] - The report indicates that the penetration rate of electric loaders is increasing, reaching 13.71% in January [4] Automation Equipment - In January 2025, the industrial robot production was 71,000 units, showing a year-on-year increase of 70% [24] - The report notes a 37.3% year-on-year increase in the production of metal cutting machine tools in December 2024 [24] Semiconductor Equipment - Global semiconductor sales in December 2024 reached $56.97 billion, a year-on-year increase of 17.1% [32] - China's semiconductor sales for the same period were $15.53 billion, reflecting a year-on-year increase of 2.6% [32] Raw Material Prices and Exchange Rate Trends - As of February 14, 2025, LME copper was priced at $9,465 per ton, a 0.20% increase from the previous week [37] - The report also notes the latest exchange rate of USD to CNY at 7.27, a decrease of 0.32% from the previous week [37] Industry News and Announcements - Yushutech launched humanoid robots with significant advancements in algorithms, enhancing their performance in various tasks [6] - Figure AI is negotiating a new round of financing, indicating strong investor interest in humanoid robotics [45]