十大板块，订单增长——战略看多中游制造系列二

Core Viewpoint - The report emphasizes the positive outlook for the midstream sector, highlighting strong order growth across various industries, including gas turbines, power transmission, storage chips, semiconductor equipment, and robotics [2]. Group 1: Gas Turbines - Strong demand for gas turbines is reported, with companies like Jerry Holdings, Siemens Energy, Mitsubishi Heavy Industries, and GE Vernova disclosing high order volumes. Jerry Holdings has signed four contracts for gas turbine power generation with the U.S. since November 2025 [4][15]. - Siemens Energy reported a record order backlog of €146 billion, indicating increasing delivery times [15]. Group 2: Power Transmission - The domestic signed contracts for power transmission by Tebian Electric amounted to CNY 41.5 billion from January to September 2025, a year-on-year increase of approximately 10%. International product contracts reached USD 1.24 billion, up over 80% [21]. - China XD Electric reported a total of CNY 115.4 billion in contracts for 2025, a 35.4% year-on-year increase [21]. Group 3: Shipbuilding - As of December 2025, the shipbuilding industry held an order volume of 27.442 million deadweight tons, a 31.5% year-on-year increase, accounting for 66.8% of the global total. The delivery cycle is projected to reach 5.1 years, the highest since 2009 [26]. - Companies like Sumida and China Shipbuilding have reported full order books extending into 2028 and beyond [26][27]. Group 4: Offshore Equipment - The offshore equipment sector shows a strong order reserve, with CIMC reporting approximately USD 5.55 billion in hand orders, scheduled for production until 2027/2028 [28]. - Tianhai Defense has captured about 30-40% of the market share for wind power installation platforms, with total orders around CNY 14 billion, of which 25% are offshore vessel orders [28]. Group 5: Construction Machinery - Caterpillar reported a record backlog of USD 51 billion, a 71% increase year-on-year. The outlook for North America remains optimistic, driven by demand in the resource sector [29][31]. - Excavator production in 2025 is expected to grow by 16.6%, with exports increasing by 22.16% [29]. Group 6: Aircraft Manufacturing - The aircraft manufacturing sector is experiencing growth, with an increase in added value of 24.8% in 2025. Airbus reported a record backlog of 8,754 aircraft by year-end [36]. - Boeing's net order volume reached 1,173 aircraft, with a backlog value of USD 567 billion [36]. Group 7: Robotics - The global robotics market is thriving, with ABB reporting a 32% increase in comparable orders in Q4 2025. Most segments achieved double-digit growth, particularly in electrification and automation [37]. - Japan's industrial robot order value increased by 41.1% in 2025, while China's industrial robot production grew by 28% [37]. Group 8: Storage Chips - The storage chip market is benefiting from increased capital expenditure in artificial intelligence, leading to tight supply conditions. Micron Technology reported that its HBM supply for 2026 is already sold out [41][42]. - Western Digital also indicated that its 2026 products are nearly sold out, with long-term agreements signed with major clients [41][42]. Group 9: Semiconductor Equipment - The semiconductor equipment sector is expected to continue its strong growth, with AMAT forecasting over 20% growth in 2026. Wafer fab equipment spending is projected to reach USD 135 billion [45][46]. - ASML and Lam Research also express optimism about sustained demand driven by artificial intelligence [45][46]. Group 10: Optical Modules - The outlook for optical modules is positive, with companies like Coherent and Lumentum expecting significant revenue growth. Coherent anticipates that most of its bookings for 2026 are already filled [47][50]. - Domestic company Zhongji Xuchuang reported rapid growth in demand and orders, with many clients placing orders extending into 2026 [47][50].