EBSCN·2025-05-20 07:18Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Views - The mechanical industry is experiencing a recovery in demand, particularly in the humanoid robotics sector, with significant collaborations and technological advancements being reported [1][2][3] - The humanoid robot industry is expected to see a breakthrough in 2025, with mass production reaching the scale of thousands, which will enhance data collection and training capabilities [5] - The engineering machinery sector is witnessing a continuous recovery, with excavator sales showing a year-on-year increase of 17.6% in April 2025 [12] Summary by Relevant Sections Humanoid Robotics - Huawei and UBTECH signed a comprehensive cooperation agreement focusing on humanoid robotics, aiming to enhance product technology development and application scenarios [1] - The collaboration will leverage Huawei's AI infrastructure to support UBTECH in building an innovation center for humanoid robots [1] Engineering Machinery - In April 2025, excavator sales reached 22,142 units, a year-on-year increase of 17.6%, indicating a recovery in the engineering machinery sector [12] - The report suggests that infrastructure investment will remain high, benefiting the engineering machinery demand [12] Agricultural Machinery - The agricultural machinery market in China showed a decline in the market sentiment index to 47.9% in April 2025, with all six primary indices showing a downward trend [7] - Despite the current downturn, long-term demand for agricultural machinery is expected to rise, particularly in the tractor segment, which has significant export potential [8] Robotics and Automation - The report highlights the growth in the robotics sector, with companies like Magic Atom and Self-Variable Robotics securing significant funding for technology development [3] - The focus is on enhancing core technologies and accelerating the deployment of robots in industrial and commercial applications [3] Market Trends - The report notes a significant increase in the production of industrial robots, with a year-on-year growth of 51.5% in April 2025 [28] - The overall machinery industry is expected to benefit from favorable macroeconomic policies and infrastructure investments, leading to a gradual recovery in demand [12][38]