China Securities·2025-03-31 07:59Investment Rating - The report maintains a "Strong Buy" rating for the machinery equipment sector [4]. Core Insights - The report highlights a significant growth expectation in the engineering machinery sector, with excavator domestic sales projected to increase by approximately 25% year-on-year in March, indicating a positive outlook for domestic demand recovery in 2024 and sustained growth over the next three years [1][3][12]. - In the humanoid robotics sector, there is a growing focus on the dexterous hand industry chain and screw rod equipment, with trends indicating increased flexibility, diverse pricing, and richer application scenarios, suggesting a potential acceleration in market adoption [1][2][11]. Summary by Relevant Sections Engineering Machinery - The report notes that prior to February, the market's most optimistic forecast for 2025 domestic sales was only a 10% increase, but recent data shows a much stronger performance, with March's excavator sales expected to exceed expectations [3][12]. - Key recommended companies include XCMG, SANY Heavy Industry, Anhui Heli, LiuGong, and others, reflecting confidence in the sector's recovery and growth potential [19][12]. Humanoid Robotics - The report emphasizes the increasing attention on dexterous hand products showcased at the Shenzhen Industrial Exhibition, highlighting trends such as increased degrees of freedom and rising usage of screw rods [2][11]. - Recommended companies in this space include Reasee Intelligent, Bozhong Precision, and Hengli Hydraulic, among others, indicating a strong investment interest in the sector [11][38]. Injection Molding Machines - The report indicates that leading companies in the injection molding machine sector have shown good order growth in the first two months of the year, with expectations for continued domestic demand growth [12][39]. - Recommended companies include Haitian International and Yizumi, reflecting a positive outlook for the industry [12][39]. Industrial Gases - The report discusses the steady growth of the industrial gases market, with prices for liquid oxygen and other gases showing signs of recovery post-Spring Festival, indicating potential for exceeding expectations in retail gas prices [12][40]. - Key recommended companies in this sector include Hangyang and Shaanxi鼓动力, suggesting strong investment opportunities [12][40]. Other Equipment Sectors - The report also covers various other equipment sectors, including semiconductor equipment, 3C equipment, oil service equipment, elevators, and more, each with specific growth drivers and recommended companies [20][24][25][26][30][31].