机械设备行业周报：关注工程机械、机器人等板块投资机会-20251110

Investment Rating - The report maintains a "Recommended" investment rating for the machinery equipment industry [2][49]. Core Views - The machinery equipment industry saw a slight increase of 0.12% in the last week, ranking 20th among 31 primary industries. All sub-industries except automation equipment recorded gains, with rail transit equipment leading at +2.18% [3][48]. - The report suggests that with the completion of the third-quarter disclosures, market risk appetite is expected to improve. It recommends a balanced approach between technology growth and cyclical investments, focusing on sectors and stocks with performance support [3][49]. - Key sectors to watch include semiconductor equipment, PCB equipment, and humanoid robots for technology, while general equipment recovery and engineering machinery are highlighted for cyclical investments [3][49]. Summary by Sections Industry Performance - In October 2025, excavator sales reached 18,096 units, a year-on-year increase of 7.77%. Domestic sales were 8,468 units (+2.44%), while exports were 9,628 units (+12.9%). For the first ten months of 2025, total excavator sales were 192,135 units, up 17% year-on-year [4][50]. - The report indicates that domestic demand is benefiting from a new round of concentrated replacement cycles and the commencement of large projects, while overseas demand is driven by infrastructure needs along the Belt and Road Initiative [4][50]. Sub-Industry Insights - The humanoid robot sector is gaining attention, with significant developments from companies like Xpeng and Tesla, both planning to launch humanoid robots by 2026 [4][51]. - The semiconductor equipment sector is entering a new phase of "attack and volume" due to increased export restrictions from the Netherlands, which enhances the urgency for domestic semiconductor supply chain independence [5][52]. - The report highlights the acceleration of high-end machine tool production driven by policy support under the "14th Five-Year Plan," emphasizing the need for high-precision and stable equipment [5][53]. Key Companies and Recommendations - Recommended companies in the engineering machinery sector include XCMG (000425.SZ), SANY Heavy Industry (600031.SH), and Zoomlion (000157.SZ) due to their strong market positions and growth potential [4][50]. - In the semiconductor equipment space, companies such as Newray Materials (300260.SZ) and Pure Technology (603690.SH) are highlighted for their potential growth amid rising domestic production rates [5][52]. - The report also suggests monitoring companies in the forklift sector, such as Anhui Heli (600761.SH) and Hangcha Group (603298.SH), as they benefit from increasing sales and technological advancements [5][54].