上交所受理宇树科技科创板IPO申请，2月挖掘机销量同比-10.6%

Investment Rating - The report rates the industry as "Overweight" [4]. Core Insights - The mechanical equipment index experienced a decline of 5.94% during the week of March 16-20, 2026, underperforming the CSI 300 index, which fell by 2.19% [2][7]. - The Shanghai Stock Exchange has accepted the IPO application of Yushu Technology, a leading humanoid robot company, which aims to raise 4.202 billion yuan for R&D and manufacturing expansion [2][4]. - Excavator sales in February 2026 decreased by 10.6% year-on-year, indicating weak domestic demand, while exports showed resilience with a 37.2% increase [2][4]. Summary by Sections Industry Overview - The report highlights the ongoing challenges in the mechanical equipment sector, with the index ranking 27th among 31 sub-industries in terms of performance [7]. - The overall performance of the mechanical equipment sector since the beginning of 2025 has been better than the CSI 300 index, with a gain of 47.23% compared to 19.54% for the CSI 300 [9]. Key Sub-Sectors Robotics - Yushu Technology's IPO aims to fund the development of humanoid and quadruped robots, with a comprehensive product system that includes core components like sensors and collaborative robotic arms [4]. - The company reported a revenue of 1.708 billion yuan in 2025, with a net profit of 600 million yuan, marking a significant year-on-year growth of 674.29% [4]. Construction Machinery - In February 2026, a total of 17,226 excavators were sold, reflecting a 10.6% decline year-on-year, with domestic sales dropping by 42% to 6,755 units, while exports rose by 37.2% to 10,471 units [4][35]. - Cumulatively, from January to February 2026, excavator sales reached 35,934 units, a 13.1% increase year-on-year, with domestic sales down by 9.19% and exports up by 38.8% [4][35]. Optical Module Equipment - The demand for AI computing continues to drive the upgrade to high-speed optical modules, with a clear trend towards 1.6T from 800G, enhancing the need for precision equipment in the packaging and testing stages [4]. Investment Recommendations - The report recommends several companies across different sectors, including: - Humanoid Robots: Hengli Hydraulic, Changying Precision, Zhaowei Electric, Anpeilong, and Ubtech [4]. - Optical Chip Equipment: Keri Technology, Bozhong Precision, and Kaige Precision [4]. - AI Infrastructure: Icewheel Environment and Hanzhong Precision [4]. - Construction Machinery: Sany Heavy Industry, XCMG, and Zoomlion [4]. - New Energy Equipment: Aotewi, Maiwei, and Laplace [4].