机械行业月报：工程机械、机器人行业复苏持续，人形机器人应用落地加速-20250527

Investment Rating - The report maintains a "Market Perform" rating for the mechanical industry, in line with the overall market performance [1]. Core Views - The mechanical industry is experiencing a continuous recovery, particularly in the engineering machinery and robotics sectors, with a notable acceleration in the application of humanoid robots [1][3]. - The report highlights a positive outlook for domestic demand-driven sectors, emphasizing stable profitability and high dividend yields in leading companies within engineering machinery, high-speed rail equipment, and mining metallurgy equipment [4]. Summary by Sections 1. Mechanical Sector Performance - In May, the CITIC mechanical sector rose by 2.51%, underperforming the CSI 300 index by 0.44 percentage points, ranking 18th among 30 CITIC primary industries [3][10]. - The top-performing sub-industries included service robots, nuclear power equipment, textile machinery, and other transportation equipment, with increases of 18.96%, 17.48%, 9.92%, and 9.17% respectively [3][10]. 2. Engineering Machinery - April excavator sales reached 22,142 units, a year-on-year increase of 17.6%, with domestic sales up by 16.4% and exports up by 19.3% [22][33]. - The report indicates a sustained growth trend in excavator sales, with a total of 83,514 units sold in the first four months of 2025, marking a 21.4% year-on-year increase [22][33]. 3. Robotics - In April, industrial robot production reached 71,547 units, reflecting a significant year-on-year growth of 51.5%, while service robot production saw a slight decline of 3.4% [41][46]. - The report notes a strong upward trend in the industrial automation sector, driven by the increasing production of industrial robots and metal cutting machine tools [41][46]. 4. Investment Strategies - The report recommends focusing on companies with stable fundamentals and high dividend yields, particularly in traditional engineering machinery and high-speed rail equipment [4][40]. - It suggests continued attention to the humanoid robot sector and core component leaders, indicating potential for growth as the market recovers [4][40].