Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and shipbuilding sectors, emphasizing the importance of new technology iterations in lithium battery equipment opportunities [1]. Core Insights - The engineering machinery sector shows resilience in domestic sales and continued high demand for exports, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13% [2]. - The shipbuilding industry is experiencing a recovery in sentiment, with a significant increase in the order backlog, and Chinese shipbuilding companies are expected to see substantial profit growth in the first half of 2025 [3]. - The solid-state battery equipment sector is in a trial production phase, with equipment manufacturers actively validating and iterating technologies, anticipating a large-scale verification period in the second half of 2025 [3][20]. - The railway transportation sector is benefiting from steady growth in fixed asset investment, with China Railway's profits expected to increase significantly in the first half of 2025 [4]. Summary by Sections Engineering Machinery - Domestic excavator sales in June 2025 reached 8,136 units, a 6% year-on-year increase, while exports totaled 10,668 units, up 19% [2]. - The sector is expected to maintain considerable growth due to government funding and increasing demand from emerging markets [2]. Shipbuilding Industry - The new ship price index remains high, with a 20% year-on-year increase in the order backlog [3]. - Chinese shipbuilding companies are projected to achieve net profits of 2.8 to 3.1 billion yuan in the first half of 2025, marking a year-on-year growth of 98% to 119% [3]. Solid-State Battery Equipment - The solid-state battery sector is expected to enter a large-scale verification phase in late 2025, with significant demand for new equipment arising from the transition to dry processing methods [20][21]. - Key players in the solid-state battery equipment market include leading suppliers like Xian Dao Intelligent and Hangke Technology [22]. Railway Transportation - As of May 2025, China's railway fixed asset investment reached 242.1 billion yuan, a 6% year-on-year increase [4]. - China Railway is expected to report a net profit of 6.72 to 7.56 billion yuan in the first half of 2025, reflecting a year-on-year growth of 60% to 80% [4].

Group 1 - The core viewpoint is that the humanoid robot sector is seeing improvements from leading overseas manufacturers, which will facilitate better foundations for large-scale production, with the upcoming V3 release expected to be a significant catalyst [1] - Domestic manufacturers are advancing their mass production plans and releasing orders to the supply chain, contributing to incremental performance [1] - The industry is actively exploring software and hardware upgrades, focusing on "embodied intelligence" application spaces, with structural opportunities in sensors, dexterous hands, and vertical applications [1] Group 2 - Lithium battery equipment is gradually emerging from the industry bottom, with solid-state batteries expected to be commercialized by 2027; recent activities from companies like Guoxuan High-Tech and Qingtai are accelerating vehicle testing and capacity layout [1] - In the construction machinery sector, there is marginal improvement in components and forklifts, with component production benefiting from the recovery of foreign demand and significant growth in domestic forklift sales; excavator domestic sales are expected to remain stable [1] - The Industrial Mother Machine ETF tracks the China Securities Machine Tool Index, which reflects the overall performance of listed companies involved in machine tool manufacturing and key components, showcasing significant industry representation and market influence [1]

Group 1: Robotics Sector - The robotics sector is experiencing accelerated overseas expansion, driven by technological breakthroughs and profitability improvements, leading to a reassessment of value [1] - Wan'an Robotics focuses on AI embodied robots, achieving a global market share of 11.9%, with over 57% in the Japanese market; Cloudwise Technology leads globally in the number of online service robots in hotels [1] - Geekplus has maintained its position as the global leader in warehouse AMR for six consecutive years, with over 70% of its revenue coming from overseas; companies with core technology, global layout, and improving profitability are expected to see value reassessment [1] Group 2: Solid-State Battery Development - The solid-state battery industry is accelerating, with major companies like CATL, EVE Energy, and BYD advancing pilot lines and sample validations, with some achieving semi-solid mass production [2] - Full solid-state small batch production is expected to begin between 2025 and 2027; the equipment segment is likely to benefit first from this industrialization process [2] - Leading equipment manufacturers are accelerating product validation and customer onboarding, with companies like Xianlead Smart and Winbond Technology providing comprehensive solutions for key processes [2] Group 3: Other Key Sectors - The forklift sector is benefiting from the rapid development of embodied intelligence, with domestic and international forklift companies, e-commerce logistics firms, and robotics companies making strides in intelligent logistics [3] - The export chain is seeing advantages due to the implementation of Vietnam's tariff policy, which enhances regional manufacturing cost differentials, allowing companies with global capacity and brand channel capabilities to improve profitability and market share [3] - The 3C equipment sector is expected to benefit in the short term from innovations in Apple's hardware products, and in the medium term from supply chain security issues driving new capacity in Southeast Asia [3]

Group 1: Human-Robot Interaction - Leading overseas manufacturers are adjusting technical details, impacting short-term supply chain order rhythm, but further product optimization will lay a better foundation for large-scale production, with the upcoming V3 release expected to significantly catalyze the sector [2] - Domestic manufacturers are continuing their plans for mass production of humanoid robots and gradually releasing orders to the supply chain, contributing to incremental performance for companies [2] - The industry is actively exploring hardware and software iterations, which will drive product exploration and uncover more potential downstream opportunities, emphasizing "embodied intelligence" applications rather than being limited to humanoid robots [2] Group 2: Engineering Machinery - Component and forklift sectors show marginal improvement, with ongoing observation of excavator trends [2] - In June, upstream component companies reported full production schedules, benefiting from recovering foreign client demand, with Q2 growth expected to be strong [2] - In May, domestic forklift sales increased by 9.93% year-on-year, and exports rose by 11.46%, indicating a significant improvement in domestic sales growth [2] Group 3: Lithium Battery Equipment - The lithium battery equipment sector is gradually emerging from the industry bottom, with solid-state batteries expected to achieve commercial application by 2027, leading equipment advancements [3] - Since September 2024, domestic leading battery manufacturers have seen an increase in operating rates, with significant improvements in domestic orders expected for 2025 [3] - Recent catalysts for solid-state batteries include developments from Guoxuan High-Tech and other companies, indicating a strong industry momentum [3] Group 4: Export Chain - The U.S. and China are refining the implementation of the Geneva meeting consensus, indicating marginal improvements for the export chain, especially for exports to the U.S. [4] - Following the Geneva economic talks, the U.S. and Vietnam reached a trade agreement, reducing tariffs on Vietnamese exports to the U.S. from 46% to 20% [4] - The 90-day grace period for reciprocal tariffs imposed by the U.S. on most countries is set to expire on July 9, suggesting that the negative impacts from previous tariff increases on export chain companies may improve [4] Group 5: Recommended Companies - Companies such as Xianlead Intelligent, Xianhui Technology, and Haimeixing are recommended for attention, along with composite flow equipment firms like Dongwei Technology and Jiaocheng Ultrasonic [4] - Key recommendations in the machinery sector include Anhui Heli, XCMG, SANY Heavy Industry, and others, indicating a strong outlook for these companies [4]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The solid-state battery industry is rapidly developing, with equipment manufacturers expected to benefit in the early stages of industrialization. Solid-state batteries offer high energy density and safety, with applications anticipated in various fields by 2030 [2][17] - The humanoid robot sector is advancing with the release of the DM series 17-degree-of-freedom dexterous hand, which enhances operational capabilities and is crucial for the commercialization of humanoid robots [3][26] - The forklift industry shows promising growth, with May sales reaching 123,000 units, a 12% year-on-year increase, indicating strong performance from leading companies [4] Summary by Sections Solid-State Battery Equipment - Solid-state batteries are expected to transition from pilot testing to small-scale production between 2026 and 2027, with mass production anticipated by 2028-2029. The equipment value for a single GWh is projected to decrease from 500-600 million to 250 million yuan as production scales up [2][17][18] - Key equipment manufacturers include: - XianDai Intelligent, which has achieved mass production of pilot line equipment [19] - Winbond Technology, focusing on front-end equipment [19] - Mannesmann, which has completed dual-line layouts for dry and wet processes [19] Humanoid Robots - The DM series dexterous hand features advanced drive and transmission systems, enhancing its operational capabilities. The integration of sensors allows for high sensitivity and durability, crucial for the interaction between humanoid robots and their environment [3][26] - Investment recommendations in this sector include: - Zhaowei Electromechanical for dexterous hands and micro drive systems [3] - Fulei New Materials for sensors and electronic skin [3] Forklift Industry - The forklift industry saw a significant increase in sales, with domestic sales reaching 79,000 units and exports at 44,000 units in May, reflecting a strong demand for domestic manufacturers [4] - Recommended companies in this sector include: - Anhui Heli, which has strategic partnerships with major logistics companies [4] - Hangcha Group, focusing on intelligent logistics solutions [4] - Zhongli Group, investing in automation and intelligent solutions [4]

Summary of Haimeixing Conference Call Company Overview - **Company**: Haimeixing - **Industry**: Solid-state battery manufacturing, laser technology, photovoltaic industry, and medical devices Key Points Industry and Market Dynamics - Haimeixing benefits from rapid growth in overseas markets, with overseas orders accounting for approximately 60% of total orders, primarily from the Asia-Pacific region, including Southeast Asia and Japan/Korea [2][3] - The company has established four new overseas subsidiaries to enhance customer interaction and efficiency, particularly in Europe, where customer acceptance cycles are about two years [27][23] Financial Performance - As of the end of May, Haimeixing's total order amount reached 4 billion yuan, with the lithium battery business accounting for 70% [7][3] - The company aims for a total order target of 7 to 8 billion yuan for the year, with over 5 billion yuan expected from lithium battery equipment [20][19] - The gross margin for domestic orders is below 25%, while for overseas orders, it is below 35%. This year, the gross margin has improved compared to last year, with domestic margins around 20% and overseas margins around 35% [22][22] Product Development and Technology - Haimeixing is pursuing a dual technology route in solid-state batteries: lithium metal with oxide (in mass production) and sulfide with silicon-carbon anode (in pilot testing) [2][4] - The company has made significant progress in solid-state battery technology, including a partnership with Xinjie Energy for high-energy-density lithium metal solid-state battery production equipment [4][8] - Laser technology is widely applied in solid-state battery manufacturing, including processes like laser baking, self-densification, cleaning, and lithium metal cutting [14][2] Business Segments - The 3C (computer, communication, consumer electronics) and photovoltaic businesses combined account for less than 20% of total orders, while the sheet metal business has seen significant growth, increasing from less than 200 million yuan to over 200 million yuan due to the introduction of high-speed cutting equipment [7][2] - The company is the only one to receive orders for Topcon back contact technology in the photovoltaic sector, with mature technology reserves [29][2] Future Outlook - The solid-state battery market is still in the pilot stage, with full-scale applications expected to take time, particularly for automotive-grade applications [18][34] - The company anticipates that half-solid-state batteries will be used in vehicle applications sooner than full-solid-state batteries, which are expected to be fully integrated by around 2030 [18][34] - The 3C business is expected to grow by 50% to double this year, driven by market share expansion and new technology reserves [32][38] Challenges and Risks - The company faces challenges in cash flow and customer payment timelines, which may impact overall performance this year [39][40] - Downstream capital expenditure willingness remains conservative, with expected pressure in the second half of the year [29][2] Additional Developments - Haimeixing has acquired a Swiss plastic welding company to expand its laser welding applications and has obtained medical device certifications to enter the medical laser field [6][30] - The company is collaborating with a leading dermatology hospital in Shanghai to gather more data for future medical device qualifications [6][30] This summary encapsulates the key insights from Haimeixing's conference call, highlighting the company's strategic positioning, financial performance, technological advancements, and market outlook.

Summary of Soft Control Co., Ltd. Conference Call Company Overview - Soft Control Co., Ltd. specializes in lithium battery equipment, providing both wet and dry process equipment. The wet process is already in use with domestic customers, while the dry process is in discussions with universities and potential clients. The solid-state battery production lines are currently small-scale, mostly in laboratory or pilot testing stages, with some actual transaction contracts signed with domestic clients [2][6]. Key Points and Arguments Industry and Market Position - The company provides front-end equipment for lithium batteries, including material conveying, mixing, and coating, with an investment of approximately 20 million to 30 million yuan per GWh, accounting for about 20% of total investment [2][8]. - Soft Control's main clients include top domestic companies such as CATL, EVE Energy, Guoxuan High-Tech, and BYD [3]. - The company has a competitive edge in material conveying, while competitors like Hong Kong Technology excel in mixing [4][5]. Technical Challenges and Developments - The dry process for solid-state battery production faces significant technical challenges, including material uniformity, fiberization avoidance, hydrogen sulfide leakage, and precision temperature control during rolling [9]. - Currently, very few companies in China are capable of mass-producing solid-state batteries using the dry process, with most still in the research or small-scale testing phase [9][12]. Future Outlook and Orders - Orders for lithium battery equipment are primarily in pilot or mass production stages, with a production line capacity reaching 0.5 GWh, mainly targeting end users [2][11]. - The company anticipates an increase in orders for wet process solid-state batteries in the second half of this year and into next year, as discussions with clients progress [11]. Global Expansion and Strategy - Since 2024, Soft Control has actively expanded into overseas markets, leveraging the group's extensive global network to enhance local service capabilities [10][11]. - The company aims to meet international customer demands and further develop its global business [11]. Financial and Operational Insights - The delivery cycle for traditional lithium battery equipment typically spans 12 to 18 months, while rubber machinery has a shorter cycle of about 6 to 9 months [7][17]. - The company maintains a stable order situation in the rubber machinery sector, with expectations for steady performance through the first half of next year [13]. Research and Development - Soft Control invests approximately 4% to 5% of its total revenue in R&D annually, continuously introducing new products and processes to support future order growth [23]. Additional Important Information - Solid-state batteries are primarily used in sectors that prioritize safety and endurance over cost, such as drones, while their application in the electric vehicle market remains limited due to high costs [12]. - The company’s rubber machinery orders are expected to peak around 2025-2026 before gradually declining, influenced by the tire industry's investment trends [13].

Group 1: Global Computing Power Market - The global computing power market is entering a new high prosperity cycle, with rapid expansion in the HVAC and cooling market [1] - Four companies dominate the cooling source side in overseas markets, as global computing power construction accelerates, leading to a gradually balanced supply and demand [1] - On the cabinet side, cold plate liquid cooling is the current mainstream solution, with continuous upgrades and iterations of related product solutions due to the trend of increasing server power density [1] Group 2: Pharmaceutical Innovation and Internationalization - China's innovative drug development has achieved phased results, with a focus on innovation-driven strategies and internationalization, along with self-control and outpatient marketing model reforms as key investment directions for the second half of the year [2] - The innovative drug sector is expected to benefit from strong domestic policy support in addition to overseas achievements, leading to a steady upward trend in the sector [2] - It is recommended to focus on three areas: innovation-driven strategies, internationalization, and outpatient marketing model reforms, particularly in the innovative drug field which has the highest beta effect [2] Group 3: Solid-State Battery Commercialization - Solid-state batteries are expected to achieve commercial application by 2027, with equipment leading the way as the lithium battery equipment industry gradually emerges from the bottom [3] - Since September 2024, the operating rates of leading domestic battery manufacturers have improved, and overseas orders for leading lithium battery equipment companies have continued, with significant domestic improvements expected [3] - Recent catalysts for solid-state batteries include developments from companies like Guoxuan High-Tech and QuantumScape, indicating a strong momentum in the industry [3]

及轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动时间： 2025年7月10-11日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助/演讲/合作单位： 雅迪科技集团/台铃集团/新日股份/菜鸟集团/嘟嘟换电/司马出行/河豚换电/中兴派能/孚能科技/保力新/创明新能源/多氟多/博力威/ 睿恩新能源/诺达智慧/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/威胜能源/兆科动力/中国钠电/比克电池/鹏辉能源/亿纬锂能/星恒电源/先导智 能/小安科技/鑫晟达/精锐精密等 起点研究院 SPIR 数据显示， 2024 年中国国产锂电池卷绕设备市场规模为 61 亿元，同比下降 36.5% ，下降原因主要是下游锂电池企业 扩产放缓及设备价格下降。长期来看下游需求增长明确，锂电池企业在未来 2-3 年仍将纷纷扩产以满足市场需求 。 起点研究院 SPIR 数据显示， 2024 全球圆柱电池出货量为 146.1 亿只，预计到 2027 年全球圆柱电池出货量将达 195 亿只，未来几年圆 柱电池出货的持续增长将带动圆柱电池新能产能的增长进而带动卷绕设备 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][5]. Core Insights - The company is focusing on dry process technology, which is expected to replace traditional wet processes in battery manufacturing, leading to significant cost savings and efficiency improvements [2][4]. - The company has established a joint venture, Qingyan Nako, to enhance its capabilities in dry electrode equipment, which is becoming a core component in future battery manufacturing [2][34]. - The performance of the company's roller press machines is leading the market, with strong partnerships with major new energy companies enhancing its competitive position [2][4]. Financial Projections - Expected revenues for 2025, 2026, and 2027 are projected to be 1.58 billion, 2.37 billion, and 3.56 billion RMB respectively, with net profits of 244 million, 362 million, and 544 million RMB [2][4]. - The company anticipates a revenue growth rate of 50% for 2025 and 2026, and 50.46% for 2027 [4]. Company Overview - The company specializes in high-precision lithium battery roller press equipment, with a focus on dry process technology for electrode production [16][25]. - It has received various accolades, including being recognized as a "National High-tech Enterprise" and a "Specialized and Innovative Small Giant" [16]. Market Trends - The dry process technology is gaining traction due to its compatibility with solid-state batteries, which are expected to see significant growth in the coming years [2][69]. - The overall lithium battery market is projected to grow, with a notable increase in demand for roller press equipment as manufacturers shift towards dry processing methods [2][66].