机械：设备更新政策陆续出台，机器替人趋势持续

Industry Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Viewpoints - The trend of machines replacing human labor continues, supported by the rollout of equipment renewal policies [1] - The long-term performance of the equipment manufacturing and high-tech manufacturing sectors has been better than the overall manufacturing industry [9] - Central government departments and some provinces have successively issued equipment renewal-related documents [12] - The robotics industry in China is experiencing significant growth, with domestic brands gaining market share [22] Summary by Sections What is Smart Equipment? - Smart equipment refers to devices that fully utilize modern information and communication technologies, enabling optimized production management and process control It includes not only traditional manufacturing equipment with sensing, analysis, reasoning, decision-making, and control functions but also the ecosystems and business models they establish [3] Recent Policies on Smart Manufacturing Equipment - Since 2012, China has introduced several top-level policy documents, including "Made in China 2025," "Robotics Industry Development Plan," and "Smart Manufacturing Development Plan" These policies aim to enhance the competitiveness of the robotics industry, increase the market share of high-end products, and promote the integration of information technology and manufacturing [7] Performance of Equipment and High-Tech Manufacturing - High-tech manufacturing and equipment manufacturing have consistently outperformed the overall manufacturing sector in terms of PMI indicators and fixed asset investment growth [9] Equipment Renewal Policies - In March 2024, the State Council released the "Action Plan for Promoting Large-Scale Equipment Renewal and Consumer Goods Replacement," followed by related policies from various ministries and provinces These policies focus on updating outdated equipment, promoting green equipment, and enhancing safety standards [12][13] Current Status of China's Robotics Industry - In 2023, China's industrial robot sales reached 283,000 units, with a compound annual growth rate (CAGR) of 23.7% since 2012 The domestic market share of Chinese robot brands has risen to 45.3% [20][22] - The robotics industry has seen a surge in financing, with over 70 billion yuan raised in 2021 across 281 financing events [25]