Orient Securities·2025-07-08 10:13Investment Rating - The industry investment rating is "Positive" (维持) [5] Core Viewpoints - The rapid development of embodied intelligence is driving global e-commerce logistics giants and domestic forklift companies to further push their layouts in the smart logistics field, indicating accelerated progress in the smart logistics industry. The forklift industry is positioned at the starting point of a new narrative of comprehensive intelligence, with the industrialization process of unmanned forklifts expected to accelerate further [3][8]. Summary by Sections Investment Recommendations and Targets - It is recommended to focus on leading companies in the forklift equipment sector that are steadily expanding their layouts in embodied intelligence, smart logistics, unmanned forklifts, and intelligent logistics robots. The suggested companies include Anhui Heli (600761, Buy), Hangcha Group (603298, Buy), Zhongli Co., Ltd. (603194, Not Rated), and Noli Co., Ltd. (603611, Not Rated) [3]. Industry Developments - Amazon has developed a new robot named Vulcan, which is designed to assist in picking and placing bulk items on movable shelves, completing automated replenishment tasks. This robot is equipped with force feedback sensors and AI, allowing it to manipulate objects with a sense of touch, enabling it to pick and store about 75% of items in Amazon's warehouses at speeds comparable to human workers [8]. - Hangcha Group has signed a strategic cooperation agreement with JD Industrial in Thailand to promote local supply chain construction, marking an expansion into Southeast Asia and North America for smart logistics [8]. - The logistics industry is characterized by a large volume of work both inside and outside factories, with simple tasks that are easier to automate. The reliance on human labor for tasks like handling and picking makes logistics robots, particularly unmanned forklifts, a necessary solution for enhancing efficiency [8].