机械设备行业跟踪周报：推荐业绩持续兑现的工程机械、船舶板块，重视新技术迭代的锂电设备机会-20250713

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and shipbuilding sectors, emphasizing the importance of new technology iterations in lithium battery equipment opportunities [1]. Core Insights - The engineering machinery sector shows resilience in domestic sales and continued high demand for exports, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13% [2]. - The shipbuilding industry is experiencing a recovery in sentiment, with a significant increase in the order backlog, and Chinese shipbuilding companies are expected to see substantial profit growth in the first half of 2025 [3]. - The solid-state battery equipment sector is in a trial production phase, with equipment manufacturers actively validating and iterating technologies, anticipating a large-scale verification period in the second half of 2025 [3][20]. - The railway transportation sector is benefiting from steady growth in fixed asset investment, with China Railway's profits expected to increase significantly in the first half of 2025 [4]. Summary by Sections Engineering Machinery - Domestic excavator sales in June 2025 reached 8,136 units, a 6% year-on-year increase, while exports totaled 10,668 units, up 19% [2]. - The sector is expected to maintain considerable growth due to government funding and increasing demand from emerging markets [2]. Shipbuilding Industry - The new ship price index remains high, with a 20% year-on-year increase in the order backlog [3]. - Chinese shipbuilding companies are projected to achieve net profits of 2.8 to 3.1 billion yuan in the first half of 2025, marking a year-on-year growth of 98% to 119% [3]. Solid-State Battery Equipment - The solid-state battery sector is expected to enter a large-scale verification phase in late 2025, with significant demand for new equipment arising from the transition to dry processing methods [20][21]. - Key players in the solid-state battery equipment market include leading suppliers like Xian Dao Intelligent and Hangke Technology [22]. Railway Transportation - As of May 2025, China's railway fixed asset investment reached 242.1 billion yuan, a 6% year-on-year increase [4]. - China Railway is expected to report a net profit of 6.72 to 7.56 billion yuan in the first half of 2025, reflecting a year-on-year growth of 60% to 80% [4].