智能制造行业周报：设备为锚，掘金4月先进制造景气主线

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" with a performance of -3.49% compared to the Shanghai Composite Index's +0.01% during the week of March 24-28, 2025 [3][8]. Core Insights - The report highlights a shift from thematic investment to investment based on industry prosperity, with equipment serving as a value anchor. The human-shaped robot sector is expected to follow an "order landing - equipment first" logic, driven by breakthroughs in domestic capabilities and a starting equipment prosperity cycle [3][29]. - The semiconductor equipment sector is experiencing a potential reshaping of investment logic due to the introduction of new products by companies like Xinkailai at the SEMICON China exhibition, which could enhance domestic substitution trends [3][37]. - The engineering machinery sector shows strong domestic sales momentum, particularly in excavators, driven by infrastructure projects and equipment renewal cycles [3][29]. - The renewable energy equipment sector is entering a growth phase, with significant orders reported by leading companies, indicating a clear upward trend in the supply chain [3][29]. Summary by Sections 1. Overall Performance of the Mechanical Equipment Sector - The mechanical equipment sector experienced an overall adjustment with a PE-TTM valuation decrease of 4.01% during the week [16][3]. - The machine tool segment led the sector with a weekly increase of 0.78% [12][3]. 2. Focus on Advanced Manufacturing and New Product Releases - The report emphasizes the importance of new product launches in advanced manufacturing, particularly in core components [29][30]. - Notable advancements include Figure AI's progress in humanoid robot walking technology and various new product releases at the ITES Shenzhen Industrial Exhibition [30][31]. 3. Recovery Cycle in Manufacturing - The report indicates a clear recovery cycle in manufacturing, supported by macroeconomic indicators such as PMI remaining in the prosperity zone and a narrowing decline in PPI [3][29]. - The engineering machinery sector is highlighted for its strong domestic sales, particularly in excavators, with significant year-on-year growth [3][29]. 4. Semiconductor Equipment Developments - New product announcements from companies like Xinkailai and Beifang Huachuang at the SEMICON China exhibition are expected to impact the domestic semiconductor equipment market positively [37][39]. - The report notes that TSMC is set to begin mass production of 2nm chips, indicating a significant advancement in semiconductor technology [41]. 5. Renewable Energy Equipment Trends - The renewable energy equipment sector is witnessing a surge in orders, with leading companies confirming substantial contracts, indicating a positive industry outlook [3][29].