智能制造行业周报：人形机器人整机厂正加速资本化进程-20251117

Investment Rating - The report rates the industry as "stronger than the market" [2] Core Insights - The humanoid robot manufacturers are accelerating their capitalization process, with leading companies optimizing their capital structures to lay the foundation for large-scale production and resource integration [4] - The semiconductor equipment sector is experiencing increased demand elasticity due to the evolution of storage chips towards higher layers and more complex 3D structures, which raises process difficulty and yield pressure [4] - The report suggests focusing on key component suppliers for humanoid robots and domestic equipment suppliers for thin film deposition and storage testing [4] Summary by Sections Mechanical Equipment Sector - The mechanical equipment sector underperformed the CSI 300 index, with a decline of 2.22% compared to the index's drop of 1.08% during the week of November 10-14, 2025 [8][10] - The best-performing sub-sector was abrasives and grinding materials, which increased by 3.38% [8][10] - The overall PE-TTM valuation for the mechanical equipment sector decreased by 1.48%, with the highest increases in PE-TTM seen in abrasives and grinding materials (+8.48%), general automation (+2.09%), and rail transportation III (+1.01%) [16] Humanoid Robots - Leading humanoid robot manufacturers are advancing product cost reduction and channel expansion, accelerating the pace of commercialization [4] - Yushutech has completed its IPO counseling and plans to submit its IPO application between October and December 2025 [4] - ZhiYuan Robotics has completed its shareholding reform and is in the process of acquiring a 63.62% stake in Shangwei New Materials [4] Semiconductor Equipment - The demand for thin film deposition and storage testing equipment is expected to rise significantly due to the increasing complexity of structures in semiconductor manufacturing [4] - Micro-Guide Nano's equipment has achieved large-scale application in domestic storage chip production lines, with over 80% of new orders coming from leading NAND and DRAM customers [4] - The report highlights the importance of wafer testing and product reliability verification, predicting a notable increase in demand for related equipment [4] Controlled Nuclear Fusion - The report notes significant advancements in the controlled nuclear fusion sector, particularly with the successful development of diagnostic tools for plasma contact diagnostics [4] - The tungsten-based Langmuir probe developed by the West Institute has passed the final design review for ITER, marking a critical achievement in the field [4]