机械行业周报：终端需求保持高景气，关注半导体设备和锂电设备-20250914

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Views - Terminal demand remains high, with a focus on semiconductor equipment and lithium battery equipment [1] - Global semiconductor sales reached $62.1 billion in July, a year-on-year increase of 20.6%, driven by improved shipments of consumer electronics and rapid growth in AI-related chip demand [3] - In August, China's new energy vehicle sales were approximately 1.395 million units, a year-on-year increase of 26.8%, indicating strong terminal demand for lithium battery equipment [4] - The manufacturing PMI in August rose by 0.1 percentage points to 49.4, reflecting improvements in production and new orders, suggesting a gradual recovery in manufacturing profitability [5] Summary by Sections Semiconductor Equipment - July global semiconductor sales were $62.1 billion, up 20.6% year-on-year, with China's sales at $17.02 billion, up 10.4% [3] - Japan's semiconductor manufacturing equipment shipments in July were approximately 410.95 billion yen, a year-on-year increase of 18.1% [3] Lithium Battery Equipment - In August, China's new energy vehicle sales reached about 1.395 million units, a year-on-year increase of 26.8%, with total sales from January to August at approximately 9.62 million units, up 36.7% [4] - The production of power batteries in August increased by 37.3% year-on-year to 139.6 GWh [4] - Capital expenditure in the lithium battery industry grew by 36.6% year-on-year in Q2 2025, indicating a new round of capital investment [4] Investment Recommendations - The report suggests focusing on semiconductor equipment companies benefiting from high terminal demand and increasing domestic production rates, such as Zhongwei Company [5] - It also recommends lithium battery equipment companies like Xian Dao Intelligent and Hangke Technology, which are expected to benefit from the growth in new energy vehicles and the application of new technologies [5] Market Performance - Over the past 12 months, the mechanical industry has outperformed the CSI 300 index, with a relative return of 36.8% [2] - The mechanical industry has seen a cumulative increase of 33.1% year-to-date, with lithium battery equipment leading the gains at 108.4% [8]