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]

Group 1: Core Insights - The report emphasizes the importance of accounts receivable management in the property industry, highlighting its significant impact on cash flow and potential dividend sustainability for companies [1][17] - The analysis of 30 sample companies reveals a notable increase in accounts receivable from 291.8 billion to 753.7 billion from 2020 to 2024, with growth rates declining significantly in recent years [2][17] - The report indicates a shift towards greater business independence, with the proportion of accounts receivable from related parties decreasing from 47% to 39% over five years, while third-party receivables increased from 53% to 61% [2][18] Group 2: Financial Trends - The average collection period for accounts receivable has lengthened, with the proportion of receivables due within one year dropping from 89% in 2019 to 58% in 2024, indicating increased difficulty in collection [3][18] - The provision for bad debts has risen sharply, with the ratio of provisions to trade receivables increasing from 4% in 2019 to 26% in 2024, reflecting heightened credit risk [3][18] - The overall collection rate for the sample companies has decreased from 90% to 78% between 2019 and 2024, with companies linked to distressed parent firms experiencing even lower rates [3][18] Group 3: Investment Recommendations - The report recommends focusing on property companies with strong independent business capabilities and low reliance on related transactions, as these are critical indicators of financial health [19][20] - Specific companies highlighted for their strong parent company backgrounds and effective risk management include China Overseas Property, Poly Property, and China Merchants Jinling [19][20] - Companies like Wanwu Cloud, Country Garden Services, and Sunac Services are noted for their manageable accounts receivable risks, while China Resources Mixc Life is recognized for its advantageous business model [19][20] Group 4: Market Strategy - The report tracks monthly strategies for small-cap and growth styles, suggesting that small-cap stocks are likely to outperform in July based on historical data and quantitative models [5][6] - The growth style is also expected to perform well in July, with a recommendation to overweight growth stocks based on the analysis of market factors [6]

Investment Rating - The report maintains an "Overweight" rating for the forklift industry [1][3]. Core Insights - Amazon has deployed over one million robots globally, establishing an efficient human-machine collaboration model, which is expected to further catalyze the development of the unmanned forklift industry [3]. - The rapid development of embodied intelligence is benefiting both domestic and international forklift companies, e-commerce logistics firms, and robotics companies, leading to a clearer trend towards unmanned forklifts and embodied handling robots [5]. - The report highlights the significant advancements made by leading companies in the unmanned logistics sector since 2025, including collaborations and technological innovations aimed at improving warehouse management and operational efficiency [5]. Summary by Sections Industry Overview - The forklift industry is experiencing a shift towards automation and intelligence, with a focus on unmanned and smart logistics solutions [5]. - Major players like Amazon are setting benchmarks in unmanned warehouse logistics, with their new robots capable of performing tasks at speeds comparable to human workers [5]. Company Developments - Domestic leaders such as Anhui Heli, Hangcha Group, and Zhongli Group are accelerating their investments in unmanned forklift technology and have made significant progress in partnerships and product innovations [5]. - Anhui Heli has announced collaborations with Huawei and major logistics companies to enhance digital transformation and smart logistics [5]. - Hangcha Group has established a smart logistics company in the U.S. and is exploring innovative collaborations in the "smart robot + logistics" sector [5]. - Zhongli Group has introduced new products in smart warehousing and robotics, indicating a clear trend towards automation in the industry [5]. Financial Projections - The report provides earnings forecasts for key companies in the industry, with Anhui Heli expected to have an EPS of 1.59 yuan per share in 2025, Hangcha Group at 1.71 yuan, and Zhongli Group at 2.30 yuan [6].

证券研究报告：机械设备|深度报告 行业投资评级 强于大市 |维持 景气度向好，无人叉车快速放量 行业基本情况 | 收盘点位 | | 1574.84 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | 行业相对指数表现（相对值） 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 近期研究报告 《智能养老场景应用政策发布，长期看 好人形机器人应用场景向 C 端渗透》 - 2025.06.17 叉车行业 ...

Summary of Key Points from Conference Call Records Industry Overview - **PCB Equipment Industry**: Benefiting from high-end HDI board expansion and domestic substitution, with equipment orders from January to May 2025 increasing by 40%-50% year-on-year. Dongwei Technology's water cooling segment orders doubled. The current PCB expansion cycle is expected to last at least two years, starting from the second half of 2024 until the end of 2026 [1][4]. Core Insights and Arguments - **AI Capital Expenditure Impact**: Global capital expenditure in the AI sector is significantly driving demand for PCB and its equipment. Major companies like Microsoft, Google, Amazon, and Meta have a combined capital expenditure exceeding $320 billion, a 31% year-on-year increase. In China, ByteDance, Alibaba, and Tencent's expected capital expenditure exceeds 350 billion yuan, with a year-on-year increase of over 50%. Revenue for 14 listed PCB companies in China is projected to grow by 17% in 2024, with net profit increasing by 19% [2]. - **Robotics and Cloud Empowerment**: Huawei Cloud has launched a robotic model focusing on cloud empowerment, enhancing robot intelligence through simulation data and end-to-end task planning. The short-term commercialization expectations for CloudRobotics are low, with a focus on government projects and enterprise collaborations [1][5][10]. - **Domestic Engine Technology**: The domestic engine technology has seen breakthroughs, benefiting from price increases. The pricing system has shifted to a market-driven model, allowing domestic manufacturers to retain more profits. OEM manufacturers like Yuchai and Weichai are experiencing significant order growth due to these advancements [1][13]. Additional Important Content - **Solid-State Battery Equipment**: The solid-state battery equipment industry is expected to grow significantly in the coming years, with major manufacturers currently in trial production stages. The cost for a 1G watt-hour solid-state battery production line is estimated to be around 300-500 million yuan [3][16]. - **Forklift Industry Trends**: Domestic forklift sales turned positive for the first time in May, with exports maintaining double-digit growth. The industry is expected to benefit from increased automation and digitalization, with a focus on lithium battery and unmanned forklift developments [21][22]. - **Market Dynamics in Diesel Generators**: The diesel generator segment has seen a significant pullback in A-share OEM stocks, with a decline of 20%-40%. However, domestic manufacturers are expected to benefit from increased orders and production capacity, with a focus on the upcoming demand from major companies [11][12][14]. - **Investment Recommendations**: Companies such as Yuchai International, Weichai Heavy Machinery, and KOTAI Power are recommended for investment due to their strong positions in the diesel power sector and the expected growth from domestic production [18]. - **Future of Solid-State Battery Technology**: The transition from liquid to solid-state batteries is marked by significant changes in equipment requirements, with a focus on improving production efficiency and addressing challenges in material consistency [19][20]. This summary encapsulates the key points from the conference call records, highlighting the trends, insights, and recommendations across various industries, particularly in PCB equipment, robotics, engine technology, solid-state batteries, and forklifts.

从行业销量增速来看，叉车行业外销依然保持较快增长，但国内已有良好复苏，特别是不含电动步行式 仓储车辆的叉车。根据中国工程机械工业协会微信公众号，1-5月，叉车行业销量60.2万台，同比 +9.3%，内销39.2万台，同比+6.7%，外销20.9万台，同比+14.7%;单5月份来看，行业销量12.3万台，同 比+11.8%，内销7.9万台，同比+9.3%，外销4.4万台，同比+16.6%。分车型来看，5月份不含电动步行式 仓储车辆的叉车销量为5.2万台，同比+10.4%，其中内销3.6万台，同比+9.9%，外销1.7万台，同比 +11.5%。 5月制造业景气环比改善，工业生产保持较快增长 智通财经APP获悉，国泰海通发布研报称，工程机械主要产品5月平均工作时长为84.5小时;工程机械主 要产品月开工率为59.5%，其中叉车56.5%。叉车与宏观经济关联度高，制造业景气回暖对国内叉车销 量有望带来积极影响。同时，国产叉车制造商凭借成本、电动化及交期优势持续开拓海外市场，凸显全 球竞争力。 国泰海通主要观点如下： 生产动能恢复，叉车开工时长及开工率转暖 5月份，叉车与工程机械行业整体生产状况有所分化。根据中国工程机 ...

Core Viewpoint - The article emphasizes the optimistic outlook for China's stock market, highlighting the emergence of new technology trends and business models, a decrease in opportunity costs for stock investments, and improved economic policies that favor investor returns. This creates a favorable environment for thematic investments, particularly in frontier technologies, advanced manufacturing, and structural improvements, with a focus on investment opportunities for the second half of 2025 [1][6][11]. Group 1: Frontier Technologies - Theme 1: AI and Embodied Intelligence - Artificial intelligence is expected to follow a path of "information infrastructure construction," "basic software deployment," "online application explosion," and "restructuring offline industries," with AI becoming a key catalyst for commercialization and increasing demand for computing power [2]. - The application of embodied intelligence is accelerating in fields such as research, education, and healthcare, with a focus on specific robotic products like quadrupedal and exoskeleton robots [2]. - Theme 2: Bioeconomy and Brain-Machine Interfaces - Biotechnology is rapidly advancing, enabling traditional industries to upgrade, with synthetic biology and information crossover technologies opening new spaces in the bioeconomy [3]. - The brain-machine interface industry is in the exploratory phase, with several tech companies attempting breakthroughs in hardware and applications [3]. - Theme 3: 6G Communication - 6G technology is set to revolutionize communication with significant improvements in speed and latency, with research expected to start in 2025 and commercial systems planned for 2030 [4]. Group 2: Advanced Manufacturing - Theme 4: Low-altitude Economy and Commercial Space - The low-altitude economy is entering a "manned era," with market size expected to exceed one trillion yuan by 2026, driven by the establishment of non-controlled airspace and operational certifications [7]. - The commercial space sector is anticipated to see significant growth due to the increasing demand for satellite launches and the development of satellite constellations [7]. - Theme 5: Deep-sea Technology - The government has prioritized deep-sea technology, with policies accelerating the industrialization process and a projected marine production value exceeding ten trillion yuan by 2024 [8]. - Theme 6: Self-sufficiency - The semiconductor sector is becoming a focal point in the technology competition, with policies promoting mergers and acquisitions to deepen domestic replacements [9]. Group 3: Structural Improvements - Theme 7: Smart Driving - The penetration of advanced smart driving technologies is accelerating, with significant cost reductions expected in related hardware due to scale effects from companies like BYD [10]. - Theme 8: New Consumption Brands - The consumption recovery is showing a "K-shaped" divergence, with traditional consumption under pressure while new consumption is thriving, driven by digital economy and infrastructure changes [12]. - Theme 9: Price Cycle Products - Some cyclical industries are beginning to reduce capacity, with expectations for improved supply-demand dynamics leading to price recoveries in related sectors [13]. - Theme 10: Regional Economy - There is an increasing urgency to address regional development imbalances, with accelerated investment in western infrastructure and supportive policies for local industries [14].

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and oil service equipment sectors [1] Core Insights - The oil service equipment sector is experiencing rapid growth in exports to the Middle East, driven by China's increasing foreign investments in energy projects, with a projected total investment of $50.28 billion from 2020 to 2024 in six countries [2][21] - The engineering machinery sector shows a mixed outlook, with a decline in domestic excavator sales but a recovery in non-excavator sales and exports, indicating undervalued investment opportunities [3] - The trend towards lightweight humanoid robots is accelerating, with increased application of magnesium alloys and PEEK materials, enhancing performance and efficiency [4][27] Summary by Sections Oil Service Equipment - China's foreign investment in energy projects in the Middle East is expected to reach $50.28 billion from 2020 to 2024, with oil and gas projects accounting for $29.15 billion [2][21] - Leading companies like Jerry and Neway have seen explosive growth in orders from the Middle East, with Jerry's orders expected to double in 2024 [2][23] - The Middle East oil service market is projected to be worth over $100 billion, with significant growth potential for Chinese companies [2][21] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, with domestic sales declining by 1.48% [3] - Non-excavator machinery sales are recovering, with significant year-on-year increases in sales of road rollers and pavers [3] - The sector is currently undervalued, presenting investment opportunities as export sales continue to support overall performance [3] Humanoid Robots - Lightweight design is becoming a core focus for humanoid robot manufacturers, utilizing materials like magnesium alloys and PEEK to reduce weight and improve performance [4][25] - Magnesium alloy's density is only two-thirds that of aluminum, offering advantages in strength and processing, while PEEK materials are expected to see increased application as costs decrease [26][27] - Investment opportunities in magnesium alloy die-casting and PEEK materials are highlighted, with specific companies recommended for attention [5][28] Forklifts and AI in Logistics - The integration of AI in logistics is driving the transformation towards automation, with a focus on unmanned forklifts and smart logistics solutions [6] - Key players in the forklift industry are forming strategic partnerships to enhance their technological capabilities and market reach [6] Lithium Battery Equipment - The lithium battery equipment sector is expected to benefit from the expansion of major players like CATL, with significant investments in new production facilities [10][30] - The report emphasizes the importance of solid-state battery technology as a future growth area, with companies like Xian Dao Intelligent positioned to capitalize on this trend [10][30] Investment Recommendations - The report suggests focusing on companies in the magnesium alloy die-casting sector such as Xusheng Group and Baowu Magnesium, as well as PEEK material companies like Zhongyan Co. and Watte [5][28]

Group 1 - AI technology is accelerating the development of forklift technology, with multiple listed companies actively positioning themselves in the industry [1] - The core of smart forklifts lies in the control system, which enables the forklift to execute tasks based on natural language commands and navigate autonomously [1] - AI enhances the efficiency of warehouse logistics by enabling forklifts to quickly identify shelf locations, types of goods, and storage positions, thus optimizing routes and improving space utilization [1] Group 2 - Anhui Heli (600761) has entered into a deep cooperation agreement with Huawei to enhance its smart logistics solutions through digital transformation and AI technology [1] - Hangcha Group (603298) has established three business units focusing on smart logistics solutions, including AGV and software integration systems, to strengthen its market position [2] - The application of AI technology in forklifts is expected to expand into more scenarios, such as ports and open road environments, promoting broader logistics automation [2]

Group 1 - Zhongce Rubber Group Co., Ltd. successfully listed on the Shanghai Stock Exchange on June 5, 2023, with a closing price of 50.65 CNY per share, an increase of 8.92% from the issue price of 46.5 CNY, resulting in a market capitalization of 44.293 billion CNY [2][9] - The company is part of the "Juxing System," which includes four listed companies with a combined market value exceeding 100 billion CNY as of June 5, 2023 [6][30] - Zhongce Rubber, established in 1992, is recognized as the leader in China's tire industry, producing various types of tires for major domestic automotive manufacturers [6][15] Group 2 - The controlling shareholder of Zhongce Rubber is Qiu Jianping, who, along with his daughter Qiu Fei, holds 46.95% of the company's shares through Juxing Holding Group [4][29] - The company has a significant reliance on distributors, with nearly 80% of its revenue generated from this channel, and 74 distributors have become indirect shareholders through a debt-to-equity swap [16][17] - Financial performance from 2021 to 2024 shows steady growth, with revenues increasing from 306.01 billion CNY to 392.5 billion CNY, and net profits rising from 13.75 billion CNY to 37.9 billion CNY [15][22] Group 3 - The company's main products, steel radial tires and semi-steel tires, account for nearly 80% of its revenue, with semi-steel tires becoming a new growth driver due to the rise of electric vehicles [13][15] - Zhongce Rubber's financial structure has raised concerns, with a high debt ratio, which was 65.83% at the end of 2019, and has remained above 60% in subsequent years [22][23] - The company has engaged in complex capital operations, including the conversion of distributor debts into equity, which has been characterized as "visible equity, hidden debt" [22][25]