机械设备行业点评：2026政府工作报告发布，聚焦新质生产力、扩内需及设备更新相关机会

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [12]. Core Insights - The report emphasizes the focus on new productive forces and domestic demand expansion, highlighting opportunities related to equipment upgrades and innovation in emerging industries [2][3]. - The government plans to implement an industrial innovation project in 2026, encouraging state-owned enterprises to lead in application scenarios, particularly in emerging pillar industries such as integrated circuits, aerospace, and biomedicine [2]. - Significant investment in future industries, including controllable nuclear fusion and embodied intelligence, is expected to accelerate commercialization and development [2]. - The report outlines a strong domestic market strategy, with plans for active fiscal policies and long-term special bonds to support major projects and infrastructure, which will benefit sectors like engineering machinery and mining equipment [2][3]. Summary by Relevant Sections Government Work Report Highlights - The government work report focuses on nurturing emerging industries and future industries, with a particular emphasis on controllable nuclear fusion, embodied intelligence, and aerospace as key areas for development [2]. - The report mentions a planned issuance of 1.3 trillion yuan in long-term special bonds to support infrastructure and major projects, which is expected to bolster demand in the engineering machinery sector [2]. Equipment Upgrade and Investment - In 2025, equipment purchase investment is projected to grow by 11.8%, with 200 billion yuan allocated for large-scale equipment upgrades in 2026, indicating a sustained demand for engineering machinery and related sectors [2]. - The report highlights the importance of optimizing traditional industries and advancing key technology upgrade projects to enhance productivity [2]. Focus Areas for Investment - For controllable nuclear fusion, companies with key materials and core components manufacturing capabilities are recommended, including companies like AnTai Technology and HeZhong Intelligent [2]. - In the field of embodied intelligence, the report suggests focusing on core components for humanoid robots, recommending companies such as Hengli Hydraulic and Wuzhou New Spring [2]. - The aerospace sector is highlighted for its transition from state-led to commercial space initiatives, with recommendations for companies involved in rocket and satellite components [2].