Tesla(US:TSLA) EBSCN·2025-06-23 15:40Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Views - The humanoid robot sector is expected to see significant advancements, with mass production anticipated in 2025, which will drive the downstream supply chain into a phase of substantial growth [5] - The forklift market shows strong performance, with sales in May 2025 reaching 123,472 units, a year-on-year increase of 11.8% [13] - The agricultural machinery market is experiencing a mixed outlook, with a market sentiment index of 43.5% in May 2025, indicating a slight decline [7] Summary by Relevant Sections Humanoid Robots - Five continents New Spring plans to raise up to 1 billion yuan for the development of humanoid robots and automotive core components [3] - Tesla's Optimus humanoid robot is set to undergo major improvements, highlighting its potential for everyday consumer applications [3] - The first industrial humanoid robot in Guangxi has been launched, showcasing its adaptability to complex production line needs [3] Forklifts - In May 2025, domestic sales of forklifts reached 79,129 units, up 9.3% year-on-year, while exports increased by 16.6% [13] - The average working hours for forklifts in May 2025 were 97.6 hours, a 22.5% increase from the previous month [13] Agricultural Machinery - The agricultural machinery market sentiment index decreased by 4.4 percentage points month-on-month but improved by 1.0 percentage point year-on-year [7] - The production of large, medium, and small tractors in the first five months of 2025 showed mixed results, with small tractors down 20.6% year-on-year [7][8] Machine Tools & Cutting Tools - Japan's machine tool orders in May 2025 amounted to 128.716 billion yen, a year-on-year increase of 3.4% [6] - China's metal cutting machine tool production in the first five months of 2025 reached 332,000 units, up 13.3% year-on-year [6] Engineering Machinery - Excavator sales in May 2025 totaled 18,202 units, a year-on-year increase of 2.1%, with domestic sales down 1.5% [12] - The engineering machinery sector is expected to see demand recovery as infrastructure investments increase [12] Semiconductor Equipment - The implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment [15] - The third phase of the major fund has a registered capital of 344 billion yuan, indicating strong governmental support for the semiconductor industry [16] New Energy Equipment - Jiangsong Technology plans to raise 1.053 billion yuan for high-efficiency photovoltaic battery automation equipment [17] - First Solar is significantly investing to enhance its domestic component production capacity in the U.S. [17] Low-altitude Economy and EVTOL - The establishment of a new headquarters for an EVTOL company in Hangzhou aims to leverage local advantages in AI and smart transportation [19] - The low-altitude economy is expected to accelerate in 2025, creating new travel and entertainment opportunities [20]