Group 1 - The Ministry of Industry and Information Technology is implementing major technological upgrades and large-scale equipment renewal projects in the manufacturing sector, expected to unlock a market exceeding 5 trillion yuan [1] - In Q1, the national enterprise procurement of machinery and equipment increased by 11% year-on-year, continuing a rapid growth trend [1] - The machinery and equipment industry is showing a structural recovery, with excavator sales in April 2025 increasing by 17.6% year-on-year, driven by domestic sales growth of 16.4% and export growth of 19.3% [1] Group 2 - The demand for domestic machinery is benefiting from a concentrated renewal cycle, relaxed real estate policies, and national renewal policies [1] - In the automation equipment sector, industrial robot production surged by 51.5% year-on-year in April, primarily due to the "old-for-new" policy stimulating equipment renewal demand [1] - Despite a decline in the manufacturing PMI to 49%, government support for "two new" and "two heavy" projects is expected to create incremental demand for general equipment such as machine tools [1] Group 3 - The machinery industry is driven by policy support, technological iteration, and globalization, with a focus on self-control and domestic demand in engineering machinery and general equipment [1]