制造成长周报（第 45 期）：Meta 预计 26 年资本支出超 1150 亿美元,Figure 发布 Helix02-20260203

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by more than 10% [5][10]. Core Insights - Meta's projected capital expenditure for 2026 is expected to reach between $115 billion and $135 billion, nearly double that of the previous year, driven by AI-enhanced advertising business [17]. - Figure's Helix02 humanoid robot has achieved significant breakthroughs in large models and neural networks, enhancing its applicability in household scenarios [3][18]. - The commercial aerospace sector is experiencing intensified competition for orbital resources, with SpaceX applying to deploy a constellation of up to 1 million satellites [2][5]. Summary by Sections Commercial Aerospace - The limited capacity of satellites in low Earth orbit will intensify the "first-come, first-served" effect, leading to increased competition for orbital resources. The report remains optimistic about long-term investment opportunities in commercial aerospace, particularly in the rocket segment [2]. - Key companies to watch include SpaceX and domestic private rocket manufacturers like Landspace and CASIC, focusing on critical structural components and new applications of 3D printing [2]. Humanoid Robots - The report highlights the long-term investment potential in humanoid robots, emphasizing the importance of value capture and certainty in investment. Companies with strong positions in the Tesla supply chain are recommended, such as Hengli Hydraulic and Wuzhou New Spring [3][8]. - The report suggests focusing on incremental segments with high stock elasticity, including core suppliers and companies with strong market positions [3][8]. AI Infrastructure - Meta's capital expenditure forecast indicates a robust outlook for AI infrastructure, particularly in gas turbines and liquid cooling technologies. The report suggests focusing on the gas turbine supply chain, including key components like turbine blades and generator sets [4][8]. - The report also emphasizes the importance of liquid cooling systems, recommending companies involved in both primary and secondary cooling components [4][8]. Key Company Earnings Forecasts - The report provides earnings forecasts for several companies, all rated "Outperform," including: - Green's Harmony (688017.SH) with an EPS of 0.67 for 2025 and 0.95 for 2026 [10]. - Huichuan Technology (300124.SZ) with an EPS of 2.06 for 2025 and 2.46 for 2026 [10]. - Hengli Hydraulic (601100.SH) with an EPS of 0.79 for 2025 and 1.00 for 2026 [10].