机械行业周报（2025.12.29~2025.12.31）：12月PMI重回扩张区间，关注通用设备、机器人-20260104

Investment Rating - The report maintains a "Buy" rating for the machinery industry [2][7]. Core Insights - The December PMI for general equipment returned to the expansion zone at 50.1%, up 0.9 percentage points from the previous month, marking the first return to expansion since April of the previous year. Key sub-indices such as production, new orders, new export orders, and backlog orders also showed improvements [4]. - The domestic humanoid robot shipment is expected to exceed 18,000 units in 2025, representing a growth of over 650% compared to 2,400 units in 2024. Major companies in this sector include Zhiyuan Robotics and Yusu Technology [5]. - The report suggests that the recovery of manufacturing demand will continue to drive the overall demand for upstream general equipment, supported by ongoing macroeconomic policies and the upcoming Spring Festival inventory preparations [6][7]. Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 27.5% and an absolute return of 50.2% [3]. - In the last week, the machinery sector rose by 1.3%, with the robotics segment leading at 5.2% [9]. Key Companies and Predictions - The report includes earnings forecasts and ratings for key companies, with several companies such as Huichuan Technology and Sany Heavy Industry receiving a "Buy" rating [21]. - Notable companies with significant stock performance include Buke Co., which saw a weekly increase of 50.4% [16]. Market Trends - The report highlights the positive impact of government policies on manufacturing recovery, with expectations for continued improvement in profitability and manufacturing sentiment in 2026 [6][7]. - The machinery industry's current PE (TTM) is 39.3 times, indicating a high valuation compared to historical levels [14].