高端装备制造迎来自主化与智能化战略机遇期：四中全会公报解读

Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by over 5% in the next six months [10]. Core Insights - The report emphasizes the transition from a "manufacturing power" to a "manufacturing strong power," positioning advanced manufacturing as the backbone of a modern industrial system, highlighting the importance of intelligent transformation and digitalization as national strategic tasks [3][4]. - The report identifies "self-reliance" and "intelligent upgrading" as the two main investment themes, suggesting a focus on companies that achieve breakthroughs in key core technologies and those that enhance efficiency through technological empowerment [5][8]. Summary by Sections Policy and Industry Trends - The core policy direction is to build a modern industrial system supported by advanced manufacturing, with a focus on intelligent, green, and integrated development [3]. - The report indicates that the high-end equipment manufacturing industry is at the beginning of a high prosperity growth cycle, with industrial robot production increasing by 29.8% year-on-year in the first three quarters of 2025 [4]. Investment Recommendations - Investment Theme 1: Focus on "self-reliance" by targeting leading companies that make breakthroughs in critical core technology areas, particularly in high-end machine tools [5][8]. - Investment Theme 2: Emphasize "intelligent upgrading" to drive efficiency across the entire industrial chain, with a growing demand for automation equipment and industrial software [8]. - Investment Theme 3: Long-term investment in core components and basic processes, as highlighted by the emphasis on original innovation [8]. - Investment Theme 4: Focus on sectors that can create new productive forces, particularly in the humanoid robot market, which is expected to see significant growth [8].