Shanxi Securities·2025-07-29 09:00Investment Rating - The report maintains an "Outperform" rating for the machinery sector, indicating expected performance above the market average [1]. Core Insights - The report highlights the trend of companies expanding overseas and identifies 2025 as the year of mass production for humanoid robots, presenting hardware investment opportunities [1][3]. - The easing of trade tensions between China and the US is expected to support the growth of domestic companies in overseas markets, particularly in the tool market where relocation to the US is challenging due to cost and efficiency advantages [3]. - Key companies to watch include Giant Technology, Changrun Co., Honghua Digital Science, and others, which are positioned to benefit from these trends [3][4]. Summary by Sections Recommended Stocks - The report lists preferred stocks with ratings: - Jack Co. (603337.SH) - Buy-A - Hengli Hydraulic (601100.SH) - Buy-A - Zhejiang Rongtai (603119.SH) - Accumulate-A - Qiaocheng Ultrasonic (688392.SH) - Buy-A - Honghua Digital Science (688789.SH) - Buy-A - Tianzhun Technology (688003.SH) - Buy-A - Jiechang Drive (603583.SH) - Accumulate-A [2][10]. Industry Key Data Tracking - Forklifts: In June 2025, 137,570 units were sold, a 23.1% increase year-on-year. For the first half of 2025, sales totaled 739,334 units, up 11.7% [13]. - Excavators: June 2025 sales reached 18,804 units, a 13.3% increase. Total sales for the first half were 120,520 units, up 16.8% [14]. - Automotive Cranes: June sales were 1,649 units, down 5.28%. Total sales for the first half were 10,752 units, down 8.4% [17]. - Tower Cranes: June sales were 437 units, down 44.8%. Total sales for the first half were 2,771 units, down 38% [21]. - Loaders: June sales were 12,014 units, up 11.3%. Total sales for the first half were 64,769 units, up 13.6% [22]. - Metal Cutting Machine Tools: June production was 70,500 units, up 12.7%. Total production for the first half was 403,000 units, up 13.5% [24]. - Industrial Robots: June production was 74,764 units, up 37.9%. Total production for the first half was 379,000 units, up 35.6% [28].