11月26日，贝恩公司发布《未来已来，智驱新程——全球人形机器人产业趋势洞察》指出，未来十 年，人形机器人不仅将重塑工业生产，更将深刻影响商业服务和家庭生活，开启"通用型劳动力"时代。 从工业制造到服务场景，机器人技术已广泛应用，而人形机器人被视为下一代智能化的核心力量。 它不仅重新定义"通用型劳动力"和"生活伙伴"，更重塑人机协同生态，改变工作与生活的交互模式。 未来十年，人形机器人将经历三个阶段：早期商业探索、工业领域率先应用、商业及家庭场景普 及。初期，C端科技爱好者和工业试点将成为主要市场；随后，汽车、电子、机械设备制造等耐用品行 业将率先实现替代；最终，医疗、物流、商用清洁等商业场景，以及家庭陪伴、教育、娱乐、家庭清洁 等消费场景将全面铺开。 综上，贝恩建议，对财务投资者而言，需关注市场规模、盈利能力、技术壁垒、降本潜力及跨界应 用前景，其中行星滚柱丝杠、触觉传感器和AI芯片被认为是最具投资吸引力的硬件领域。对潜在行业 参与者而言，必须明确战略目标，选择竞争赛道，制定商业化路径，构建差异化优势。对未来将部署人 形机器人的应用客户而言，在引入人形机器人之前，则需从价值创造和落地实施两大维度进行评估，包 ...

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - The machinery industry is experiencing a continuous recovery in its business climate, particularly in the engineering machinery sector, with significant growth in excavator sales and a positive outlook for infrastructure investments [13][14] - The humanoid robot sector is highlighted as a key area for growth, with advancements in technology and strategic partnerships indicating a robust future for the industry [6][9] Summary by Relevant Sections Humanoid Robots - A strategic partnership was signed between Dongfeng Liuzhou Motor Co., Ltd. and Zhifang Technology to explore the application of embodied large models in automotive manufacturing [2] - Tesla's Optimus project leader announced his departure, indicating potential shifts in leadership and strategy within the humanoid robotics sector [2] Engineering Machinery - In April 2025, excavator sales reached 22,142 units, a year-on-year increase of 17.6%, with domestic sales at 12,547 units and exports at 9,595 units [13] - The report suggests that infrastructure investment will maintain a high level of activity, benefiting the engineering machinery sector [13] Agricultural Machinery - The agricultural machinery market's sentiment index dropped to 47.9% in April 2025, indicating a downturn in the sector [8] - Despite the current challenges, long-term demand for agricultural machinery is expected to rise, particularly in the context of the Belt and Road Initiative [9] Semiconductor Equipment - The report notes that the implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment [16] - The emphasis on domestic production capabilities is expected to grow, particularly in light of geopolitical tensions affecting supply chains [17] New Energy Equipment - The report highlights significant investments in photovoltaic projects, with a total investment of 135.3 billion yuan in Yibin City, Sichuan Province [18] - The solar power generation utilization rate was reported at 94.0% in April 2025, indicating strong performance in the renewable energy sector [19] Low-altitude Economy and EVTOL - The Chongqing Development and Reform Commission released a list of 42 low-altitude economic application scenarios, indicating a focus on integrating low-altitude technologies into urban management and logistics [21] - The report anticipates rapid development in the low-altitude economy, which could create new industries and enhance consumer spending [23]