BOHAI SECURITIES·2025-07-02 08:30Core Insights - The report maintains a "positive" rating for the mechanical equipment industry, with a focus on the production rhythm of humanoid robots and the potential investment opportunities in the industry chain [8][70][71] - The report recommends "overweight" ratings for specific companies including SANY Heavy Industry, Zoomlion, Hengli Hydraulic, and CRRC [2][71] Industry Overview - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, with domestic sales at 8,392 units, down 1.48% [7][24][70] - The report highlights that the domestic construction machinery market is currently in a renewal cycle, with urban renewal initiatives expected to drive steady demand for engineering machinery [70][71] - The humanoid robot industry is progressing well, with major manufacturers like Tesla clarifying their mass production routes, which is anticipated to accelerate the development of the industry chain [70][71] Market Performance - From June 1 to July 1, 2025, the CSI 300 index rose by 2.67%, while the Shenwan Mechanical Equipment industry increased by 2.85%, outperforming the CSI 300 by 0.18 percentage points [5][59] - As of July 1, 2025, the TTM price-to-earnings ratio for the Shenwan Mechanical Equipment industry was 26.75 times, with a valuation premium of 115.88% compared to the CSI 300 [67][68] Key Recommendations - The report suggests maintaining a focus on investment opportunities in companies involved in urban renewal and humanoid robotics, emphasizing the importance of these sectors for future growth [70][71] - Specific companies recommended for investment include SANY Heavy Industry, Zoomlion, Hengli Hydraulic, and CRRC, all rated as "overweight" [2][71]