爱建智能制造周报：关税催化内需闭环，“东升西落”下的攻守之道-2025-04-07

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" with a recent performance of -2.51% compared to the Shanghai Composite Index's -1.37% [3][8]. Core Insights - The mechanical equipment sector has shown a mixed performance, with all sub-sectors experiencing declines this week, although the declines were less severe than the overall market [3][8]. - The human-shaped robot market is experiencing strong demand, with significant investments in software-driven domestic robots, indicating a potential growth area [3][31]. - The semiconductor equipment sector is advised to focus on domestic substitution, especially companies closely tied to major wafer foundry clients and those achieving breakthroughs in advanced process nodes [3][37]. - The engineering machinery sector is expected to benefit from domestic demand and the "Belt and Road" initiative, with limited exposure to U.S. tariffs [3][41]. - The renewable energy equipment sector, particularly wind power, is highlighted for its strategic value and growth potential, with strong order visibility and international project wins [3][41]. Summary by Sections Section 1: Market Performance - The mechanical equipment sector underperformed the Shanghai Composite Index by 1.14 percentage points this week, with all sub-sectors declining [3][8]. - The sector's PE-TTM valuation decreased by 4.61%, with notable declines in metal products and general equipment sub-sectors [3][16]. Section 2: Company Developments - The launch of new collaborative robots and advancements in solid-state battery technology are drawing market attention, indicating innovation within the sector [31][39]. - Companies like Yuanshu Technology and Cheng Tian Technology are making strides in the exoskeleton robot market, showcasing strong consumer interest and demand [32][35]. Section 3: Sector Opportunities - The semiconductor equipment sector is advised to pivot towards domestic alternatives, especially in light of recent tariff impacts [3][37]. - The engineering machinery sector is positioned to benefit from strong domestic sales and limited exposure to U.S. markets, presenting a favorable investment opportunity [3][41]. - The renewable energy equipment sector, particularly in wind energy, is noted for its defensive attributes and growth potential, with significant order inflows expected [3][41].