2025 年 8 月 26 日 行业研究 宇树发布新款人形机器人预告，看好液冷行业发展趋势 ——机械行业周报 2025 年第 34 周（2025.8.18-2025.8.24） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 分析师：夏天宇 执业证书编号：S0930525070006 021-52523805 xiatianyu@ebscn.com 要点 重点子行业观点 人形机器人： 8 月 19 ...

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Views - The humanoid robot sector is experiencing significant advancements, with notable collaborations and funding activities indicating a robust growth trajectory [4][5][6][7] - Liquid cooling technology is becoming essential for data centers due to increasing power demands from high-performance chips, with a projected increase in adoption rates [8][9] - The machine tool and cutting tool sectors are showing signs of recovery, driven by improved economic expectations and policy implementations [9][15] - The engineering machinery sector is expected to benefit from major infrastructure projects, particularly the Yarlung Tsangpo River hydropower project [14][15] - The forklift market is witnessing growth in both domestic and export sales, with a significant increase in the penetration of unmanned forklifts [16][17] Summary by Relevant Sections Humanoid Robots - A collaboration between Zhiyuan Robotics and Fulian Precision Engineering marks the first large-scale commercial order for humanoid robots in the industrial sector [4] - Nvidia's new AI models for robotics development, including the Cosmos Reason model, are set to enhance capabilities in physical AI applications [4] - Significant funding rounds for companies like Lingdong General Robotics and Daimeng Robotics are aimed at advancing humanoid robot technology [5][6] Liquid Cooling - Nvidia's latest chip releases indicate a shift towards liquid cooling solutions, with traditional air cooling systems becoming inadequate [8] - China's "East Data West Computing" initiative mandates new data centers to achieve a PUE of less than 1.25, further pushing the adoption of liquid cooling [8] - The report suggests a transition from single-phase to dual-phase cooling technologies as chip power consumption continues to rise [8][9] Machine Tools & Cutting Tools - Japan's machine tool orders show a slight decline, but orders from China continue to grow, indicating a positive trend for the sector [9] - China's metal cutting machine tool production has increased by 13.5% year-on-year in the first half of 2025, reflecting a recovery in demand [9] Engineering Machinery - The Yarlung Tsangpo River hydropower project, with an investment of approximately 1.2 trillion yuan, is expected to drive demand for engineering machinery [14] - Excavator sales in July 2025 increased by 25.2% year-on-year, indicating a recovery in the domestic market [15] Forklifts - Forklift sales reached 118,605 units in July 2025, with a year-on-year growth of 14.4%, driven by increased operational hours and demand for unmanned forklifts [16][17]

◎农银汇理基金经理 宋永安 7月30日召开的中央政治局会议提出，纵深推进全国统一大市场建设，推动市场竞争秩序持续优化。依 法依规治理企业无序竞争。推进重点行业产能治理。 这一政策导向不仅是行业"反内卷"的关键抓手，更蕴含企业盈利改善与资本市场估值重塑的双重机遇。 钢铁、光伏、化工、新能源车等领域，在蓬勃发展的同时，企业却陷入利润亏损的怪圈。追本溯源，核 心症结在于"内卷式"竞争——企业脱离利润目标盲目追求规模扩张，最终导致产能浪费、整体盈利承 压。 从发展逻辑看，地方政府早期通过电价优惠、信贷支持等政策扶持企业成长，在行业培育期起到了积极 作用。但随着行业步入成熟期，若仍依赖政策推动规模扩张，易引发无序竞争。因此，优化竞争秩序， 既是遏制资源空耗的必然选择，更是推动行业回归健康发展轨道的关键一步，这将为技术迭代、效率提 升腾挪空间，从根本上改善企业盈利基本面。 ■普惠金融·农银汇理基金投资视点 企业盈利回暖 与投资机遇共振信号显现 映射到资本市场，A 股市场对相关行业的估值普遍偏低，核心原因在于过度竞争让投资者难以看到清晰 的盈利前景，只能被动等待行业底部出清。但政策的明确指引有望打破这一局面，相较行业自发调 ...

（文章来源：证券日报） 证券日报网讯 8月8日晚间，运达股份发布公告称，公司第五届监事会第二十七次会议审议通过了《关 于注册发行可续期公司债券的议案》。 ...

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - The implementation of the "Artificial Intelligence +" initiative is expected to drive demand for engineering machinery, particularly with the commencement of the Yarlung Zangbo River hydropower project, which has a total investment of approximately 1.2 trillion yuan [15] - The humanoid robot sector is poised for significant growth, with expectations of mass production reaching the ten-thousand-unit level in 2025, which will enhance data collection and training capabilities [7] - The agricultural machinery market is anticipated to see long-term demand growth, particularly in tractor exports, which have shown a year-on-year increase of 11.9% in quantity and 27.0% in value for the first half of 2025 [10] Summary by Relevant Sections Humanoid Robots - The government is promoting policies to develop humanoid robots and related technologies, with significant investments being made in the sector [4][5] - RoboScience completed nearly 200 million yuan in angel financing, indicating strong investor interest [6] - The humanoid robot industry is expected to see breakthroughs in 2025, with a focus on high-complexity components and cost reduction strategies [7] Machine Tools & Cutters - Japan's machine tool orders in June 2025 amounted to 133.15 billion yen, showing a slight year-on-year decline of 0.5% but a month-on-month increase of 3.4% [8] - China's metal cutting machine tool production in the first half of 2025 increased by 13.5% year-on-year, indicating a recovery in the sector [8] Agricultural Machinery - The agricultural machinery market's sentiment index was at 40.9% in June 2025, reflecting a decline [9] - Tractor production in China saw a decrease in the first half of 2025, with large, medium, and small tractors down by 4.1%, 6.9%, and 15.8% respectively [9] - Despite the decline in domestic production, tractor exports have increased significantly, suggesting a shift towards international markets [10] Engineering Machinery - The engineering machinery sector is benefiting from the Yarlung Zangbo River hydropower project, which is expected to create substantial demand for machinery [15] - Excavator sales in June 2025 reached 18,804 units, a year-on-year increase of 13.3%, with domestic sales up by 6.2% [15][16] - The industry is expected to recover as infrastructure investments increase, with a focus on leading companies like SANY Heavy Industry and Zoomlion [16] Forklifts - Forklift sales in June 2025 reached 137,570 units, a year-on-year increase of 23.1%, with domestic sales growing by 27.3% [16] - The market for unmanned forklifts is projected to expand significantly, driven by advancements in robotics and artificial intelligence [17] Rail Transit Equipment - The rail transit equipment sector is expected to benefit from increased railway investments and passenger traffic recovery, with significant contracts awarded for high-speed train maintenance [18] Semiconductor Equipment - The report highlights the acceleration of domestic substitution for semiconductor equipment due to trade tensions, with a focus on companies involved in the production of critical components [19][20] New Energy Equipment - The new energy sector is seeing growth in renewable energy installations, with a notable increase in solar power capacity [22] - Solid-state battery technology is on the verge of commercialization, which will drive demand for specialized manufacturing equipment [23]

Company Analysis - Bilibili (BILI US) is expected to achieve a total revenue of RMB 7.38 billion in Q2 2025, representing a year-on-year growth of 20% and a quarter-on-quarter growth of 5% [2] - Adjusted net profit is projected to increase by 36% quarter-on-quarter to RMB 493 million, aligning with consensus expectations [2] - The strong performance in advertising and mobile gaming is supported by a well-established commercial infrastructure, contributing to the improvement in profit margins [2] - The FY25 total revenue forecast has been slightly adjusted downwards by 1% due to a more conservative outlook for value-added services in the second half of 2025, considering intense industry competition [2] - Despite the downward adjustment, the company’s profit growth outlook remains positive due to enhanced commercialization capabilities and operational leverage [2] - The target price for Bilibili has been raised to USD 28.8 from USD 26.5, maintaining a "Buy" rating [2] Market Overview - Global market sentiment has improved due to agreements between the US and Japan, and nearing agreements between the US and Europe, which has positively impacted Hong Kong stocks [3] - The Hong Kong stock market saw a continuation of upward trends, led by sectors such as information technology, consumer discretionary, and financials, while industrials and utilities declined [3] - A shift in capital from new consumption to the internet sector was noted, with southbound funds recording a net sell of HKD 1.32 billion [3] - In the A-share market, there was a pullback after reaching highs, with declines in sectors like building materials, defense, and machinery, while non-bank financials, beauty care, and home appliances saw gains [3] - Investors are closely monitoring the progress of China's anti-involution policies, with expectations that this round of capacity reduction may affect a broader range of industries, including steel, coal, building materials, photovoltaic, new energy equipment, lithium batteries, and pig farming [3]

Core Points - The document outlines the management measures for fund transactions between Jiangsu CITIC Bo New Energy Technology Co., Ltd. and its related parties, aiming to protect investors' rights and interests [1][2] - The measures are established based on relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1] - The company is required to implement effective internal control systems to prevent fund occupation by controlling shareholders and related parties [2][3] Summary by Sections - **Section 1: Purpose and Scope** - The measures aim to regulate fund transactions with controlling shareholders and related parties, ensuring compliance with laws and protecting investor rights [1] - **Section 2: Responsibilities of Related Parties** - Controlling shareholders and related parties must not harm the company's interests and are liable for any losses caused by violations [2] - **Section 3: Internal Controls** - The company must establish internal controls to prevent fund occupation and manage external guarantee risks, ensuring proper disclosure of related transactions [2][3] - **Section 4: Prohibited Transactions** - Specific transactions that are prohibited include providing funds for personal expenses, lending company funds to related parties, and issuing commercial acceptance bills without real transaction backgrounds [2][3][4] - **Section 5: Audit and Self-Inspection** - The company must conduct self-inspections of fund transactions with related parties and disclose any findings, ensuring timely rectification of any fund occupation [3][4] - **Section 6: Settlement of Occupied Funds** - Funds occupied by related parties should generally be settled in cash, with strict controls on non-cash asset settlements [3][4] - **Section 7: Asset Settlement Conditions** - Non-cash assets used for settling occupied funds must belong to the same business system and be evaluated by qualified intermediaries [4] - **Section 8: Accountability and Legal Consequences** - Any violations by the company or its related parties resulting in losses must be compensated, and criminal activities will be reported to law enforcement [4][5] - **Section 9: Effectiveness** - The measures will take effect upon approval by the company's board of directors [5]

Core Viewpoint - HeShun Electric has signed a procurement contract worth 195 million yuan with Shanghai Jingneng Lingjin New Energy Development Co., Ltd for mobile power comprehensive systems, which is expected to positively impact the company's operating performance in the current and future years [1]. Group 1 - The total contract value is 195 million yuan, including tax [1]. - The contract is categorized as a routine business contract for the company [1]. - The expected positive impact on the company's operating performance is highlighted for both the current and future years [1].

Core Viewpoint - Hezhong Electric has experienced a decline in stock price over six consecutive trading days, with a cumulative drop of -5.81% [1] Company Overview - Shenzhen Hezhong Electric Co., Ltd. (stock code: 603063) focuses on the research, production, sales, and service of new energy and electrical transmission products, including wind power generation products, photovoltaic products, energy storage products, hydrogen power products, power quality products, and electrical transmission products [1] - The company possesses complete independent development capabilities and testing platforms for large power electronic devices and monitoring systems [1] Fund Involvement - Two funds under Guotai Fund have entered the top ten shareholders of Hezhong Electric, both of which are new entries in the first quarter of this year. The funds are Guotai Valuation Advantage Mixed (LOF) A and Guotai Ju Xin Value Advantage Mixed A [1] - Guotai Valuation Advantage Mixed (LOF) A has a year-to-date return of 22.39%, ranking 334 out of 4529 in its category, while Guotai Ju Xin Value Advantage Mixed A has a year-to-date return of 11.06%, ranking 398 out of 2301 [1] Fund Manager Profiles - Wang Zhaoxiang, the fund manager for Guotai Valuation Advantage Mixed (LOF) A, has been with Guotai Fund since August 2014 and has held various positions including researcher and assistant fund manager. He has been the fund manager since June 21, 2022 [3][4] - Cheng Zhou, the fund manager for Guotai Ju Xin Value Advantage Mixed A, has extensive experience in the industry, having joined Guotai Fund in April 2004 and held multiple managerial roles in various funds [4] Company Background - Guotai Fund Management Co., Ltd. was established in March 1998, with its chairman being Zhou Xiangyong and general manager being Li Sheng. The company has three shareholders: China Jianyin Investment Co., Ltd. (60%), Assicurazioni Generali S.p.A. (30%), and State Grid Yingda International Holdings Group Co., Ltd. (10%) [5]

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]