Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The humanoid robot company Galaxy General has completed a new round of financing of $300 million, achieving a valuation of $3 billion, making it the highest-valued company in China's humanoid robot sector [2] - The semiconductor equipment sector is seeing consolidation, with companies like Zhongwei planning acquisitions to enhance their product offerings [3] - The liquid cooling industry is experiencing growth, with major players like Vertiv expanding their manufacturing capabilities, indicating strong confidence in the sector's long-term potential [4] - PCB equipment and consumables are set for expansion, with companies like Pengding Holdings planning significant investments to meet the rising demand driven by AI applications [5] Summary by Sections Humanoid Robots - Galaxy General's recent financing round has positioned it as a leader in the humanoid robot market, with significant partnerships in industrial manufacturing and retail sectors [2] Semiconductor Equipment - Zhongwei's acquisition of Hangzhou Zhonggui aims to enhance its CMP equipment offerings, complementing its existing dry process equipment [3] - Other leading companies are also pursuing acquisitions to strengthen their platforms, indicating a trend towards consolidation in the semiconductor equipment market [3] Liquid Cooling - Vertiv's new R&D and manufacturing base in Suzhou reflects the industry's confidence in liquid cooling technology, which is becoming essential for data centers due to increasing power densities [4] - The report highlights the potential for significant market growth, estimating the global server liquid cooling market could reach $80 billion by 2026 [19] PCB Equipment & Consumables - Pengding Holdings is set to invest 4.3 billion yuan in Thailand to expand its production capabilities for AI-related PCB products, with expected order growth in 2026 [5] - The report emphasizes the increasing demand for high-end PCB drilling tools, driven by the rise of AI servers and advanced PCB designs [32]

智通财经APP获悉，东吴证券发布研报称，2026年度，美联储降息周期下，海外需求或于2026年进入新 一轮上行周期，工程机械出口有望延续景气，形成国内外共振局面。内需有望β筑底需求景气度改善， 推荐FA/注塑机/检测/机床行业的α标的；高景气赛道上，该行认为AI催化下的PCB设备/液冷产业链/柴 发&燃气轮机迎来黄金期。新技术方面，人形机器人量产仍需打通降本关键一环，国产零部件厂商有望 充分受益。 东吴证券主要观点如下： 装备出海：油服设备面向沙漠寻蓝海市场，工程机械出口一带一路景气高 工程机械：2025年工程机械板块国内全面复苏&出口温和复苏，看好盈利质量持续提升。内需方面，在 资金到位情况的扰动下，该行判断此轮周期将呈现斜率较低但周期较长的特征；外需方面，美联储降息 周期下，海外需求有望于2026年进入新一轮上行周期，形成国内外共振局面。工程机械重点推荐出口盈 利贡献较高的三一重工(600031.SH)、徐工机械(000425.SZ)、中联重科(000157.SZ)、柳工(000528.SZ)、 恒立液压(601100.SH)。 半导体设备：景气复苏+国产替代共振，AI&存储周期带动设备高增。国产设备率先 ...

Group 1: Equipment Export - The engineering machinery sector is expected to see a full domestic recovery and moderate export recovery in 2025, with a projected revenue growth of 12% year-on-year in the first three quarters of 2025 [52] - Key recommended companies for engineering machinery include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic, which are expected to benefit from both domestic and international demand [3][52] - The oil service equipment sector is poised for significant growth due to historical opportunities in the Middle East and the Belt and Road Initiative, with recommended companies including Jereh and Neway [3] Group 2: Domestic Demand Improvement - The photovoltaic equipment sector is entering a platform integration phase, with significant advancements in perovskite and heterojunction technologies, leading to increased equipment value [3] - The lithium battery equipment sector is expected to benefit from ongoing capacity expansions and solid-state battery technology, with recommended companies including Lead Intelligent and Hanke Technology [4] - The semiconductor equipment sector is experiencing a recovery driven by domestic substitution and AI-related demand, with key recommendations including Northern Huachuang and Zhongwei [4] Group 3: High-Growth Sectors - The PCB equipment sector is entering a new expansion cycle driven by AI, with high demand for advanced HDI and SLP boards, with recommended companies including Dazhu CNC and Ding Tai High-Tech [5] - The liquid cooling equipment market is growing rapidly as it becomes a standard for AI server cooling, with key recommendations including Hongsheng and a focus on Invec [5] - The gas turbine and diesel generator sectors are expected to see significant growth due to increased electricity demand driven by AI, with recommended companies including Jereh and Yingliu [5] Group 4: New Technologies and Directions - The mass production of humanoid robots is anticipated, with domestic component manufacturers expected to benefit from cost reductions, with recommended companies including Hengli Hydraulic and New Coordinates [5] - The integration of new technologies in the photovoltaic sector is leading to industry transformation, with a focus on innovative solutions [5] Group 5: Performance Analysis - The semiconductor equipment and PCB equipment sectors are leading in revenue growth, with semiconductor equipment benefiting from advanced process expansions and PCB equipment driven by AI server demand [33] - The profit growth in the PCB equipment and general automation sectors is notable, with improvements in product structure and scale effects [33] - The overall machinery sector is experiencing a mild upward trend, with significant performance disparities among sub-sectors [11][20]

Group 1 - The company reported stable overall operations with positive growth in net profit attributable to shareholders for the first three quarters of 2025 [1] - Financial and consulting business maintained steady performance, with inclusive finance business showing significant growth, achieving over 100% year-on-year revenue growth and over 60% growth in interest-earning asset scale [1] - Asset quality remained stable, with prudent write-off policies for inclusive finance-related non-performing assets, indicating controllable overall risk [1] Group 2 - Macroxin Jianfa's overall revenue declined by over 10% due to unchanged domestic supply and demand conditions, although equipment rental rates remained high, with a utilization rate of approximately 80% for aerial work platforms by the end of Q3 2025 [2] - By the end of Q3 2025, overseas revenue accounted for over 15% of Macroxin Jianfa's total revenue, with overseas gross profit contributing over 25% [2] - The company expects total operating revenue for 2025-2027 to be 38.299 billion, 39.555 billion, and 40.752 billion yuan, with respective year-on-year growth rates of -3.74%, 3.28%, and 3.03% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported stable overall operations with a positive growth in net profit attributable to shareholders for the first three quarters of 2025. The financial and consulting business revenues showed positive growth, with interest margins improving both year-on-year and quarter-on-quarter. The inclusive finance business maintained high growth, with revenue increasing over 100% year-on-year and interest-earning asset scale growing over 60% [5][11][12]. Summary by Sections Financial and Consulting Business - The overall financial and consulting business revenue maintained positive growth, with net interest income for the first half of 2025 reaching 5.946 billion yuan, a year-on-year increase of 0.77%. The scale of interest-earning assets was 260.273 billion yuan, up 2.35% from the beginning of the period, with a net interest margin of 4.06%. The inclusive finance business generated interest income of 1.451 billion yuan, a year-on-year increase of 124.10%, and the net amount of interest-earning assets was 21.831 billion yuan, up 56.39% year-on-year [12]. Industrial Operations - The industrial operations segment, particularly the equipment leasing business, saw a revenue decline of over 10% due to ongoing domestic supply and demand issues. However, the utilization rate for high-altitude work platforms remained high at approximately 80% as of Q3 2025. The overseas revenue proportion exceeded 15%, with overseas gross profit accounting for over 25%. For the first half of 2025, the industrial operations segment reported revenue of 4.350 billion yuan, down 10.72% year-on-year, and a net profit attributable to shareholders of 35 million yuan, down 86.77% year-on-year [13]. Investment Recommendations - The report maintains a "Buy" rating, projecting total operating revenue for 2025-2027 to be 38.299 billion, 39.555 billion, and 40.752 billion yuan, with year-on-year growth rates of -3.74%, 3.28%, and 3.03%, respectively. The net profit attributable to shareholders is expected to be 3.924 billion, 4.036 billion, and 4.139 billion yuan for the same period, with corresponding growth rates of 1.59%, 2.86%, and 2.55%. The current dividend yield is 7.30%, indicating a high overall investment value [14].

Group 1 - The company is a leading enterprise in the domestic cryogenic technology field, achieving a dual-driven development model of "equipment manufacturing + gas operation" [1] - The core products in the equipment manufacturing segment include natural gas liquefaction devices and large air separation units, with the plate-fin heat exchangers being a domestic leader and exported to 53 countries and regions [1] - The company has diversified its operations by investing in the sales of natural gas, industrial gases, and rare gases, enhancing its overall competitiveness [1] Group 2 - Rising oil prices have led to increased upstream investment, with the economic viability of energy and chemical industries improving, particularly in coal chemical and synthetic gas sectors [2] - Fixed asset investment in the domestic petroleum, coal, and other fuel processing industries increased by 18.8% year-on-year from January to May 2025 [2] - The company signed new orders worth approximately 1.8 billion yuan in 2024, representing a year-on-year growth of over 25%, with overseas orders also showing significant growth [2] Group 3 - The gas operation segment is expanding, with the company investing in industrial and rare gases, which are expected to become new revenue growth sources as projects reach production capacity [3] - A joint venture with Korea's Posco Holdings marks the company's first step in both equipment and operation overseas, providing valuable experience for future expansions [3] - The profit margin for industrial gas operations is relatively high, and as the business expands, the company's profitability is expected to improve [3] Group 4 - The company is projected to achieve revenues of 3.23 billion, 3.86 billion, and 4.72 billion yuan from 2025 to 2027, with year-on-year growth rates of 18.8%, 19.7%, and 22.2% respectively [4] - Net profit attributable to the parent company is expected to reach 400 million, 510 million, and 630 million yuan during the same period, with significant growth in 2025 [4] - The company is assigned a target price of 20.9 yuan based on a 20x PE ratio for 2025, indicating a potential upside of approximately 39% from the current stock price [4]