ZD Leader(SZ:002896) NORTHEAST SECURITIES·2025-07-23 09:46Investment Rating - The report rates the mechanical equipment industry as "Outperforming the Market" [1] Core Insights - Urban renewal is expected to become a key direction, with a focus on engineering machinery, pipeline, and sanitation equipment. The State Council has issued a five-year action plan emphasizing livable, resilient, and smart cities, which will drive demand for engineering machinery, pipeline equipment, sanitation equipment, and fire-fighting equipment [3][23] - The market for unmanned sanitation vehicles is vast, with global potential exceeding 200 billion. Based on third-party data, with over 2 million official sanitation workers in China, the annual demand for new vehicles is approximately 130,000, corresponding to a market size of 26 billion. Considering maintenance and replacement needs, the domestic market is estimated to be around 50 billion annually, with global demand potentially exceeding 250 billion [4][23] - The overall economic resilience in the first half of 2025 is strong, with GDP growth rates of 3.7% for the primary industry, 5.3% for the secondary industry, and 5.5% for the tertiary industry. Industrial production has seen a significant increase, with a year-on-year growth of 6.4% in industrial value added [24][29] Summary by Sections Mechanical Equipment Market Performance - The mechanical equipment sector rose by 2.91% this week, ranking 4th among the Shenwan industry classifications. The overall performance of the Shenwan mechanical sub-industries was positive, with significant gains in printing and packaging machinery, engineering machinery components, metal products, and other automation equipment [3][15] General Automation Tracking - The report highlights the strong economic resilience in the first half of 2025, with stable production demand growth. The industrial production growth rate of 6.4% and manufacturing growth of 7.0% are expected to gradually lead the machine tool industry towards recovery [24][29] - The market sentiment has improved, with a focus on opportunities in robot mass production. The easing of geopolitical tensions and the potential cancellation of tariffs are expected to enhance market sentiment [25][29] Humanoid Robot Tracking - The report emphasizes the importance of focusing on core companies in the humanoid robot sector, particularly those involved in key components such as reducers, lead screws, dexterous hands, motors, and sensors. The report suggests that the market for humanoid robots is still in a relatively low position, presenting opportunities for investment [56][57]