Dongguan Securities·2025-07-04 08:36Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [43]. Core Insights - The humanoid robot industry is expected to see early industrial applications, with local government policies accelerating the commercialization process. Key investment themes include technological upgrades and advancements in robotics [2][39]. - The engineering machinery sector is projected to maintain growth due to stable infrastructure investment and the acceleration of special bond issuance, despite a negative growth rate in excavator sales in May 2025 [2][39]. - The mechanical equipment sector has shown a bi-weekly increase of 4.30%, outperforming the CSI 300 index by 1.05 percentage points, ranking 17th among 31 industries [12][19]. Market Performance - As of July 3, 2025, the Shenyin Wanguo mechanical equipment sector's PE TTM is 26.77 times, with sub-sectors such as general equipment at 34.10 times and automation equipment at 45.21 times [1][23]. - The general equipment sub-sector had the highest bi-weekly increase of 5.64%, followed by automation equipment at 4.41% and rail transit equipment II at 3.53% [19][22]. Company Recommendations - The report suggests focusing on companies like Huichuan Technology (300124) and Greentech Harmonic (688017) for humanoid robots, and Sany Heavy Industry (600031) and Hengli Hydraulic (601100) for engineering machinery [2][39][41].