Autowell(SH:688516) Haitong Securities·2025-03-17 03:13Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The mechanical equipment industry has shown a year-to-date cumulative excess return of +15.05% as of March 2025, despite a negative weekly excess return of -2.07% in the 11th week of 2025 [6][11] - The report highlights significant growth in various segments, including a 5.1% year-on-year increase in fixed asset investment in railways and a 49% year-on-year increase in forklift sales in February 2025 [6][7][8] Summary by Relevant Sections Rail Transit Equipment - Fixed asset investment in railways reached 68.54 billion yuan in January and February 2025, marking a 5.1% increase year-on-year [6] - The number of passengers transported by railways was 726 million, a 4.7% increase year-on-year, achieving a historical high for the same period [6] Forklifts - In February 2025, forklift sales totaled 101,451 units, representing a 49.1% year-on-year increase, with domestic sales up 59.4% [6] - Anhui Heli plans to establish a factory in Thailand with an annual production capacity of 10,000 forklifts and lithium battery packs [6] Industrial Gases - Prices for liquid gases have shown a week-on-week recovery, with liquid oxygen priced at 424 yuan/ton, up 5% from the previous week [6] Oilfield Equipment - Jerry Natural Gas has begun shipping gas turbine pressure station equipment to Saudi Arabia, supporting local clean energy initiatives [6] Shipbuilding - The global container ship capacity reached 31.88 million TEU, with the delivery of three bulk carriers by Sumida [6] Lithium Battery Equipment - The global shipment of lithium batteries for embodied intelligent robots is expected to reach 2.2 GWh in 2025, with a compound annual growth rate exceeding 100% from 2025 to 2030 [7] Robotics - The launch of the first general-purpose embodied base model, GO-1, by Zhiyuan, which integrates advanced AI capabilities [8] Engineering Machinery - In February 2025, sales of truck cranes increased by 11.9% year-on-year, with total sales of 1,656 units [8]