机械行业：新关税落地，关注新质生产力

Investment Rating - The industry investment rating is "Positive" based on the expectation of strong performance relative to the market benchmark index [17]. Core Insights - The recent tariff increases by the U.S. government have exceeded market expectations, prompting a focus on enhancing new quality productivity in China, particularly in low-altitude economy, deep-sea technology, and humanoid robots [1][2]. - The low-altitude economy is expected to benefit from increased fiscal policy support, with projections indicating that by 2035, the delivery of drones in China could exceed 61 million units, generating a manufacturing output of approximately 490 billion yuan [2]. - The deep-sea technology sector is highlighted for its potential in energy security, with significant oil and gas resources located in deep-sea areas, and domestic companies are expected to benefit from import substitution as the government increases exploration efforts [3][7]. - Humanoid robots are identified as a key tool for improving manufacturing productivity, with ongoing policy and financial support anticipated to drive their adoption [8]. Summary by Sections Low-Altitude Economy - The low-altitude economy is included in the special bond capital category, allowing local governments to prioritize funding through special bonds [2]. - The market for eVTOL (electric vertical takeoff and landing aircraft) is projected to reach 570 billion yuan by 2035, with a delivery estimate of 300,000 units [2]. - Investment opportunities are identified in low-altitude lighting, electric motors for flying vehicles, and eVOLT seats, with significant market potential and high industry barriers [2]. Deep-Sea Technology - The deep-sea sector is crucial for energy security, with over 34% of the world's oil and gas resources located in marine environments [3]. - The domestic deep-sea equipment market has substantial room for growth, particularly in high-end equipment that has been dominated by foreign companies [7]. - Companies such as CNOOC Engineering and others are recommended for their potential to benefit from domestic production and import substitution [7]. Humanoid Robots - Humanoid robots are positioned as a solution to customization challenges in manufacturing, enhancing overall productivity [8]. - The Shenzhen government is promoting the integration of AI and robotics across various sectors, which is expected to accelerate industry growth [8]. - Key beneficiaries in this sector include companies involved in sensors, testing, and automation technologies [8].