国泰海通｜机械：马斯克万亿股权激励方案获批，工程机械挖机销量延续增长

Core Insights - The article highlights the approval of Elon Musk's $1 trillion stock incentive plan by Tesla shareholders, which is expected to accelerate the development of the Optimus robot technology [1] - The construction machinery sector is experiencing a recovery, with significant increases in excavator and loader sales [2] Group 1: Tesla and Robotics - Tesla's CEO Elon Musk's 10-year stock incentive plan was approved on November 6, 2025, potentially allowing him to earn nearly $1 trillion in Tesla stock, contingent on achieving challenging targets, including the sale of 1 million Optimus robots [1] - The new generation of Xpeng's IRON robot was showcased on November 5, featuring bionic spine, muscle, and flexible skin, enabling it to walk in a "catwalk" manner with 82 degrees of freedom for enhanced posture accuracy [1] Group 2: Construction Machinery - From January to October 2025, excavator sales reached 192,100 units, a year-on-year increase of 18.1%, while loader sales totaled 104,400 units, up 15.8% year-on-year [2] - In October 2025 alone, excavator sales were 18,096 units, reflecting a year-on-year growth of 7.77%, with external demand growing significantly by 12.9% [2] - The current recovery cycle in the construction machinery sector is marked by strong overseas performance, with manageable trade friction risks and a focus on expanding into Southeast Asia, Europe, and South America [2] Group 3: Meta's Investment in AI Data Centers - Meta announced plans to invest $600 billion in AI data center infrastructure and talent recruitment by 2028, which is expected to benefit the liquid cooling and power equipment sectors [2] - Recent announcements include plans for building or expanding data centers in El Paso, Texas, Montgomery, Alabama, and Kansas City, Missouri [2]