晨会纪要：对近期重要经济金融新闻、行业事件、公司公告等进行点评-20251112

Group 1: Machinery Industry - In October 2025, the total sales of excavators in China increased by 7.8% year-on-year, with domestic sales and exports growing by 2.4% and 12.9% respectively. From January to October, total excavator sales rose by 17.0%, with domestic sales and exports increasing by 19.6% and 14.4% respectively [2] - In October, the total sales of loaders in China grew by 27.7% year-on-year, with domestic sales and exports increasing by 33.2% and 22.6% respectively. From January to October, total loader sales increased by 15.8%, with domestic sales and exports rising by 21.8% and 9.7% respectively [2] - The average working hours for major engineering machinery products in October were 80.9 hours, a decrease of 9.0% year-on-year. However, the decline in working hours for excavators and loaders narrowed, indicating a potential for continued growth in domestic sales of earth-moving machinery [2] Group 2: Robotics Industry - Xiaopeng Motors launched a new generation humanoid robot, IRON, featuring a unique bionic design with a skeletal structure, muscle lines, and flexible skin for realistic touch experiences. The robot has 22 degrees of freedom for precise movements [3] - Tesla announced that its third-generation humanoid robot production line will be established next year, with an expected cost of less than $20,000 per unit once mass production begins. Tesla's humanoid robot project aims to deliver 1 million units [4] - UBTECH has secured a contract worth 159 million yuan for humanoid robots, with the Walker S2 model expected to be delivered by the end of November. UBTECH's Walker series has received over 789 million yuan in orders this year [4] Group 3: Investment Recommendations - The manufacturing PMI in China fell by 0.8 percentage points to 49.0% in October, with various sub-indices showing declines due to factors such as pre-holiday demand release and a complex international environment. However, domestic policies and measures are expected to gradually improve manufacturing profitability and overall demand for machinery [5] - The report maintains a "buy" rating for the machinery industry, recommending companies that benefit from domestic and international demand, such as Liugong, Sany Heavy Industry, XCMG, and Hengli Hydraulic. It also highlights the growth potential in the humanoid robotics sector, recommending companies like UBTECH, Estun, and Harmonic Drive [5]