深圳打造具身智能机器人先锋城市，工程机械2月迎开门红

Investment Rating - The report rates the mechanical industry as "Overweight" [1] Core Views - The mechanical equipment index increased by 6.39% during the week of March 3 to March 7, 2025, driven by technological innovations in humanoid robots and a rebound in construction machinery sales [3] - 2025 is expected to be a pivotal year for humanoid robots in China, with Shenzhen aiming to become a leading city in this sector through strong policy support and industry advantages [8] - The excavator sales in February 2025 reached 19,270 units, marking a 52.8% year-on-year increase, indicating a strong start for the engineering machinery sector [8] Summary by Sections Key Industry Insights and Company Profit Forecasts - The humanoid robot industry is entering a transition phase from "technological explosion" to "commercial validation," with significant breakthroughs achieved by leading companies like Tesla [8] - The report emphasizes the importance of local government policies and supply chain conditions in catalyzing industry growth [8] Mechanical Sector Sub-Industry Data Summary - Excavator sales in February 2025 were 19,270 units, with domestic sales at 11,640 units (up 99.4% year-on-year) and exports at 7,630 units (up 12.7% year-on-year) [8] - The manufacturing PMI index for February 2025 was 50.2, indicating a return to expansion, with production and new orders showing significant improvement [8] Investment Recommendations - Recommended stocks in the humanoid robot sector include Hengli Hydraulic, Zhaowei Electric, Best, and others [8] - For engineering machinery, recommended stocks include Hengli Hydraulic, Sany Heavy Industry, XCMG, and Zoomlion [8]