机械设备行业周报：装备制造业景气向好，机器人企业推进应用场景领域合作

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [33]. Core Insights - The manufacturing PMI for May 2025 improved to 49.5%, up by 0.5 percentage points from the previous month, with large enterprises performing better than smaller ones [9][10]. - The equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing PMIs were all in the expansion zone, indicating positive growth trends in these sectors [9]. - The robot industry is seeing strategic collaborations, such as the partnership between Yujian Technology and Yaoshi Bang to develop intelligent robots for the pharmaceutical sector [13]. - Dazhu CNC has submitted an application for H-share listing in Hong Kong, focusing on PCB production equipment, with a global market share of 6.5% as of 2024 [18][19]. Summary by Sections 1. Macro Data Tracking - The manufacturing PMI for May 2025 is 49.5%, with large enterprises above the critical point and small enterprises showing slight improvement [9]. - Equipment manufacturing PMI is at 51.2%, indicating expansion, while high-energy-consuming industries are below the critical point [9][10]. 2. Robot Industry Dynamics - Yujian Technology and Yaoshi Bang signed a strategic cooperation agreement to develop intelligent robots for various pharmaceutical applications [13]. - Galaxy General has opened seven unmanned pharmacies in Beijing, utilizing humanoid robots for 24-hour service [13]. 3. Hong Kong Listing Dynamics - Dazhu CNC has applied for H-share listing, focusing on PCB production equipment, with significant revenue growth expected in 2024 [18][19]. 4. Focus on Export Chain Enterprises - Companies with proactive overseas capacity layouts may gain market share amid changing competition dynamics due to tariffs [21]. 4.1. Jiechang Drive - Jiechang Drive reported a 20.4% increase in revenue in 2024, with significant growth in medical and home products [22][24]. - The company is expanding its overseas production bases to mitigate tariff risks [24]. 4.2. Yindu Co., Ltd. - Yindu Co., Ltd. achieved a 7.8% increase in overseas sales in 2024, focusing on building a robust overseas warehouse network [28][29]. 5. Market Review - The CSI 300 index rose by 0.88%, while the machinery equipment sector outperformed with a 0.93% increase [30].