机械设备行业周报：工程机械迎来开门红，关注低位布局机会-20250319

Investment Rating - The industry investment rating is "Recommended" [3][5] Core Viewpoints - The engineering machinery sector has shown resilience with a 1.1% year-on-year increase in excavator sales in January 2025, totaling 12,500 units sold, despite a slight decline in domestic sales [4][14] - The humanoid robot segment is experiencing rapid advancements, highlighted by the successful performance of Yush Robot's H1 and G1 models during the Spring Festival, indicating significant potential for growth in the robotics industry [4][15] - The engineering machinery sector is expected to benefit from a low base effect in February, leading to substantial growth in sales, particularly in the domestic market [4][14] Summary by Sections Industry Performance Review - The mechanical equipment sector experienced a slight decline of 0.16% last week, underperforming compared to the Shanghai and Shenzhen 300 Index, which rose by 1.19% [12] - The engineering machinery sub-sector performed relatively well with a 2.65% increase [12] Engineering Machinery Insights - In January 2025, excavator sales reached 12,500 units, with domestic sales at 5,405 units (down 0.3%) and export sales at 7,107 units (up 2.19%) [4][14] - The outlook for the engineering machinery sector remains positive, with expectations of improved performance in Q1 2025 due to favorable market conditions and policy support [4][15] Humanoid Robot Developments - Yush Technology's humanoid robots showcased advanced motion control capabilities during a high-profile performance, indicating significant technological progress [4][15] - The G1 humanoid robot is priced at 99,000 yuan, while the H1 model is priced at 650,000 yuan, both of which have seen strong demand [4][16] Investment Recommendations - The report recommends focusing on low-position investment opportunities in the engineering machinery sector, particularly in companies like SANY Heavy Industry, XCMG, and Zoomlion [4][15] - Continuous monitoring of developments in the humanoid robot sector is advised, as recent advancements suggest a promising future for the industry [5][16]