智能制造行业周报：晶圆产能持续扩张，看好薄膜沉积设备需求上行-20251202

Investment Rating - The industry is rated as "Outperform" based on the performance of the mechanical equipment sector compared to the CSI 300 index, which increased by 1.64% while the mechanical equipment sector rose by 3.91% during the week [2][8]. Core Insights - The demand for thin film deposition equipment is expected to grow continuously due to the ongoing expansion of wafer production capacity, with thin film deposition equipment accounting for approximately 22% of global semiconductor equipment sales [4]. - The investment in global 300mm wafer fabs is projected to increase by 20% to $11.65 billion in 2025 and by another 12% to $13.05 billion in 2026, with China's annual investment expected to exceed $30 billion from 2025 to 2027 [4]. - Major companies in the semiconductor equipment sector, such as Tuo Jing Technology and Wei Dao Nano, are accelerating their capacity and technology development to meet the growing demand [4]. Summary by Sections Industry Performance - The mechanical equipment sector outperformed the CSI 300 index with a weekly increase of 3.91%, ranking 7th out of 31 sectors [2][8]. - The best-performing sub-sector was printing and packaging machinery, which rose by 9.01% [2][10]. Valuation Changes - The PE-TTM valuation for the mechanical equipment sector increased by 0.33%, with the top three sub-sectors showing significant increases: engineering components (+13.92%), printing and packaging machinery (+3.61%), and building equipment (+3.42%) [17][14]. - The overall PE-TTM for the mechanical equipment sector is reported at 36.2x, with robotics and other automation leading in valuation [14][17]. Key Developments - Automotive manufacturers are leveraging their technological expertise in intelligent driving to accelerate the development of humanoid robots, with companies like Dongfeng and Changan investing significantly in this area [4]. - The controlled nuclear fusion sector is witnessing rapid financing progress, with private investment soaring from €9.9 billion to €13 billion in just three months, indicating a growing interest in fusion energy [4]. Investment Recommendations - Focus on leading robot manufacturers and their component suppliers, as well as domestic equipment suppliers in the thin film deposition and storage testing chains [4]. - The controlled nuclear fusion supply chain, particularly in tungsten materials and temperature control systems, is expected to benefit from ongoing projects like ITER and BEST [4].