2026年两会政府工作报告解读：新质生产力加码，高端装备制造长期向好

Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by over 5% in the next six months [16]. Core Insights - The report emphasizes that the high-end equipment manufacturing industry is positioned for long-term growth, supported by strong government policies aimed at enhancing new productivity and technological advancements [4][10]. - The integration of "Artificial Intelligence +" is expected to drive the demand for intelligent equipment, leading to significant market opportunities in sectors such as industrial robots and smart factories [5]. - The report highlights the acceleration of equipment updates and technological renovations, which will release substantial demand for high-end equipment replacements, particularly in traditional industries [10]. - Future industry layouts are being strengthened, with a focus on emerging technologies like embodied intelligence, which is expected to open new growth avenues for high-end equipment manufacturing [11]. - The dual approach of expanding domestic demand while promoting international trade is anticipated to benefit competitive equipment enterprises, creating a robust market environment [12]. Summary by Sections Government Policy Support - The government has identified high-end equipment manufacturing as a core area for new productivity, with a commitment to increasing R&D funding by over 7% annually, aligning with the "14th Five-Year Plan" goals [4]. - A significant investment of 200 billion yuan in long-term special bonds is allocated for large-scale equipment updates, which is expected to stimulate investment in traditional industries [10]. Market Performance - As of March 6, 2026, the report indicates a strong performance in the high-end equipment manufacturing sector, with a 9.2% increase in added value and a 28% growth in industrial robot production by 2025 [4][10]. Investment Recommendations - The report suggests focusing on four main investment lines: 1. Core components sector, targeting companies with technological barriers in critical areas like reducers and servo systems [14]. 2. Intelligent equipment sector, emphasizing leaders in industrial robots and high-end machine tools [14]. 3. Future industry sectors, particularly in embodied intelligence and humanoid robots [14]. 4. Companies benefiting from international expansion, especially those with strong competitiveness in countries along the "Belt and Road" [14].