高端制造产业跟踪4月：工控需求回暖，工程机械盈利改善

Investment Rating - The investment rating for the high-end manufacturing industry is "Positive" [3] Core Viewpoints - The humanoid robot sector remains a key focus, with advancements in technology and performance being highlighted, particularly in the context of a recent marathon event showcasing humanoid robots [15][16] - The industrial control sector is experiencing a recovery, with a reported 26% year-on-year increase in industrial robot production from January to March 2025 [15][51] - The engineering machinery sector is seeing improved profitability, with excavator sales in March 2025 increasing by 18.5% year-on-year, and domestic sales rising by 28.5% [16][63] Summary by Sections Section 1: Sector Insights - The humanoid robot marathon in Beijing demonstrated the maturity of humanoid robots in bipedal movement, with the winning robot completing the race in 2 hours and 40 minutes [15] - The focus on lightweight materials and innovative joint designs is expected to drive the next phase of humanoid robot development [15] - The industrial control sector shows a positive trend, with FANUC's orders in China growing by 34.3% year-on-year for the first quarter of 2025 [15][52] Section 2: Data Tracking - In March 2025, excavator sales reached 29,600 units, marking an 18.5% increase year-on-year, with domestic sales up by 28.5% [63] - The engineering machinery market index (CMI) for April 2025 was reported at 130.95, reflecting a 27.22% year-on-year increase [84] - The industrial robot production in China for the first quarter of 2025 saw a 26% increase compared to the previous year [51] Section 3: Market Review - The performance of various machinery sub-sectors in April 2025 showed a decline, with general equipment down by 5.68% and specialized equipment down by 4.80% [18] - The engineering machinery sector experienced a 3.90% decline in April but maintained a cumulative increase of 7.09% for the year [18] - The overall market sentiment remains cautious, with fluctuations in the stock performance of machinery sectors compared to the broader market [18]