机械行业月报：挖掘机国内销量高增长，人形机器人产品密集发布

Investment Rating - The report maintains a "Market Perform" rating for the mechanical industry, indicating a stable outlook in line with the broader market performance [1]. Core Insights - The mechanical sector has shown strong growth, particularly in excavator sales, which have doubled year-on-year, signaling a recovery in the industry cycle [18][24]. - The report highlights the increasing production and demand for humanoid robots and related technologies, suggesting a positive trend in automation and robotics [33][39]. Summary by Sections 1. Mechanical Sector Performance - In March, the CITIC mechanical sector rose by 3.27%, outperforming the CSI 300 index by 0.75%, ranking 11th among 30 CITIC primary industries [4][10]. - Key sub-sectors such as lifting and transportation equipment, oil and gas equipment, and mining metallurgy machinery saw significant gains, with increases of 19.83%, 13.38%, and 12.9% respectively [4][10]. 2. Engineering Machinery - Excavator sales reached 19,270 units in February, a 52.8% increase year-on-year, with domestic sales growing by 99.4% [18][24]. - The report anticipates continued recovery in the engineering machinery sector, driven by equipment updates and increased export competitiveness [32]. 3. Robotics - Industrial robot production increased by 27% year-on-year in the first two months of 2025, with service robots growing by 35.7% [33][39]. - The report emphasizes the emergence of humanoid robots, with several companies launching advanced models that enhance operational capabilities in various sectors [33][36]. 4. Investment Strategies - The report recommends focusing on traditional engineering machinery companies with stable fundamentals and high dividend yields, such as SANY Heavy Industry and XCMG [5]. - It also suggests investing in leading companies in the humanoid robot sector and core components, highlighting firms like Estun and Harmonic Drive [5].