Great Wall Securities·2025-05-21 07:04Investment Rating - The industry investment rating is "Outperform the market" [7] Core Views - The report highlights the easing of tariffs between China and the United States, with the U.S. committing to cancel 91% of tariffs on Chinese goods and China reciprocating similarly [20][22] - Huawei and Ubtech Robotics signed a comprehensive cooperation agreement to innovate in the fields of embodied intelligence and humanoid robots, aiming to enhance efficiency and application in industrial and household scenarios [22] - The fourth Changsha International Construction Machinery Exhibition saw a record participation of 1,806 companies, showcasing over 1,500 new technologies, with a significant focus on AI, remote control, and green technologies [24] Summary by Sections Industry News - The U.S. will cancel 91% of tariffs on Chinese goods, while China will also cancel 91% of its retaliatory tariffs [20][22] - Huawei and Ubtech Robotics will collaborate on humanoid robots, leveraging Huawei's AI infrastructure and Ubtech's technology [22] - Tesla released videos of its Optimus humanoid robot performing in a simulated environment, showcasing advancements in AI and training methods [23] - The Changsha International Construction Machinery Exhibition attracted 1,806 exhibitors, marking a 20% increase from the previous year, with a strong emphasis on high-end and intelligent products [24] Market Performance - In the week of May 12-16, 2025, the mechanical equipment sector underperformed the CSI 300 index, with a gain of only 0.35% compared to the index's 1.12% [12][13] - The price-to-earnings ratio for the mechanical equipment sector was reported at 31.94 times as of May 16, 2025 [13] Key Data Tracking - The report includes various macro and microeconomic indicators, such as manufacturing PMI, fixed asset investment, and industrial production statistics, which are crucial for assessing the industry's health [25][26][27]