机械行业周报：雅下水电工程开工+宇树开启上市辅导，持续推荐工程机械、人形机器人、可控核聚变板块-20250725

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the commencement of the Yarlung Zangbo River downstream hydropower project, which has a total investment of approximately 1.2 trillion yuan, creating significant opportunities for upstream equipment investments [5] - The report emphasizes the continuous advancement in the nuclear fusion industry, with the successful ignition of plasma in the HHMAX-901 device, marking a step towards commercialization by 2025 [6] - The report also notes the initiation of listing guidance for Yushun Technology, a prominent player in the humanoid robot sector, indicating a growing interest in this field [7][8] Summary by Sections Market Review - The CITIC machinery sector rose by 2.81% from July 14 to July 18, 2025, ranking fifth among all primary industries [15][16] - Specific segments showed varied performance: engineering machinery increased by 1.24%, general equipment by 4.71%, and specialized equipment by 2.88% [16] Industry High-Frequency Data Tracking - In June 2025, the PMI for the manufacturing sector was 49.7%, with fixed asset investment in manufacturing up by 7.5% year-on-year [21] - Forklift sales reached 138,000 units, up 23.1% year-on-year, while excavator sales were 19,000 units, up 13.3% year-on-year [21][22] Investment Recommendations - The report suggests focusing on engineering machinery companies such as SANY Heavy Industry, Zoomlion, and XCMG [9] - It also recommends attention to general equipment, humanoid robots, and semiconductor equipment sectors, highlighting companies with high technical barriers and low domestic production rates [9]