机械行业月报：人工智能主题持续，继续推荐人形机器人、算力设备相关板块

Investment Rating - The mechanical industry maintains a "Market Perform" rating, synchronized with the market [1] Core Views - The mechanical sector outperformed the CSI 300 index by 7.15 percentage points in February, with a rise of 11.38% [3][8] - Key sub-industries such as boiler equipment, industrial robots, and lithium battery equipment saw significant increases, with growth rates of 39.76%, 28.19%, and 22.95% respectively [3][8] - The report emphasizes the ongoing recovery in the engineering machinery sector, driven by traditional peak seasons and increasing demand for equipment updates [17][38] Summary by Sections 1. Mechanical Sector Performance - The mechanical sector rose by 11.38% in February, outperforming the CSI 300 index which increased by 4.23% [3][8] - Sub-industries like boiler equipment and industrial robots showed the highest growth rates [3][8] 2. Engineering Machinery - The engineering machinery sector is expected to continue its recovery as traditional peak seasons approach [17] - January saw a slight increase in excavator sales, with a total of 12,512 units sold, marking a 1.1% year-on-year growth [17][18] - The report highlights the importance of equipment updates and the potential for improved performance among leading companies like SANY Heavy Industry and XCMG [38] 3. Robotics - The industrial robotics sector is experiencing a cyclical recovery, with significant growth in production and sales [41][46] - The report notes that human-shaped robots are becoming a key focus, with expectations for rapid production increases in the coming years [39][46] - Companies like Estun and key component suppliers are highlighted as potential investment opportunities [46] 4. Shipbuilding - The shipbuilding sector is noted for its sustained growth, with expectations for accelerated performance among shipbuilding companies [4][38] 5. Equipment Updates - The report indicates that fixed asset investments in coal and non-ferrous metals are increasing, which is beneficial for mining machinery demand [38] - The railway investment is projected to peak in 2025, further supporting the demand for railway equipment [38]