机械设备行业双周报（2025、05、09-2025、05、22）：人形机器人泛用性提升，服务用途拓展提速-20250523

Investment Rating - The mechanical equipment industry maintains a standard rating with a recent bi-weekly decline of 2.44%, underperforming the CSI 300 index by 4.02 percentage points, ranking 28th among 31 industries [1][13]. Core Insights - The versatility of humanoid robots is expected to increase, accelerating their service applications, with strategic collaborations such as that between Huawei and UBTECH [3][73]. - Domestic demand for excavators continues to grow, supported by replacement policies and the issuance of special bonds, while exports have seen a 7.62% year-on-year increase in the first quarter of 2025 [3][73]. - The mechanical equipment sector has shown a year-to-date increase of 7.74%, outperforming the CSI 300 index by 8.28 percentage points, ranking 5th among 31 industries [1][13]. Summary by Sections Market Review - As of May 22, 2025, the mechanical equipment industry has experienced a bi-weekly decline of 2.44%, with a monthly increase of 2.16% and a year-to-date increase of 7.74% [1][13]. - Among the five sub-sectors, the rail transit equipment II sector had the highest bi-weekly increase of 0.35%, while automation equipment saw the largest decline of 3.87% [1][19]. Stock Performance - The top three stocks in the mechanical equipment sector for bi-weekly gains were Zhongyou Technology (82.68%), Hengerd (78.92%), and Huaxi Technology (52.83%) [2][20]. - The top three stocks for bi-weekly losses were Shandong Molong (-22.20%), Saimo Intelligent (-17.48%), and Huicheng Vacuum (-16.55%) [2][21]. Valuation - As of May 22, 2025, the overall PE TTM for the mechanical equipment sector is 26.46 times, with specific sub-sectors showing varied valuations: general equipment at 33.39 times, specialized equipment at 25.40 times, and automation equipment at 44.86 times [2][23]. Industry News - The establishment of the first global standard for humanoid robot intelligence levels was announced, indicating a significant step in the development of humanoid robotics [3][71]. - A strategic partnership between Huawei and UBTECH aims to enhance humanoid robot applications in various sectors, leveraging Huawei's AI capabilities [3][71]. Recommendations - Suggested stocks to watch include Huichuan Technology (300124) for its strong market position in servo products, and Sany Heavy Industry (600031) due to its leadership in the excavator market amid increasing domestic demand [3][74].