Core Insights - The article discusses the evolution of unmanned forklifts, highlighting their integration of traditional forklift and AGV technologies, which enhances automation in logistics and reduces labor costs and safety risks [1][2] - The industry is experiencing rapid growth driven by factors such as rising labor costs, policy support for smart manufacturing, and advancements in technology [2] Group 1: Technology and Market Trends - Unmanned forklifts have become essential in smart logistics, featuring automatic navigation, obstacle avoidance, and path planning, making them suitable for standardized and repetitive tasks [1] - The market for unmanned forklifts in China has expanded significantly, with shipments increasing from 2,700 units in 2019 (0.44% penetration rate) to 19,500 units in 2023 (1.66% penetration rate), and projected to reach 39,000 units by 2025 (3.17% penetration rate) [2] - The global market size for unmanned forklifts in China reached $2.385 billion in 2023, accounting for 45% of the global market, with Asia's overall share at 47% [2] Group 2: Industry Dynamics and Competitive Landscape - The industry is characterized by a shift from traditional forklift modifications to specialized designs and autonomous systems, with a dual architecture of local controllers and cloud-based scheduling platforms [2] - Key players include Linde (China), Hangcha Intelligent, Toyota Material Handling, and Geek+, with the latter achieving the highest market share in global warehouse robotics by 2021 [2] - The global robotics control system market is expected to reach approximately 80 billion yuan by 2024, with a compound annual growth rate of 84.4% from 2020 to 2024 [2]

Macro Strategy - The report indicates that the US non-farm payrolls for June exceeded expectations, leading to a delay in interest rate cut expectations to September. The 10-year US Treasury yield rose by 6.89 basis points to 4.346% during the week [1][15][17] - The ISM services PMI returned above the expansion line, reflecting strong economic data, while the unemployment rate decreased, contributing to a positive market sentiment [1][15][17] - The signing of Trump's "One Big Beautiful Bill" (OBBB) increased the debt ceiling by $5 trillion to $41 trillion, which may lead to a "buy the rumor, sell the news" trading pattern [1][15][17] Fixed Income - In the week of June 30 to July 4, 12 green bonds were issued in the interbank and exchange markets, totaling approximately 34.961 billion yuan, an increase of 3.531 billion yuan from the previous week [4] - The secondary market saw a total trading volume of green bonds amounting to 56.2 billion yuan, a decrease of 17.3 billion yuan from the previous week [4] Industry Analysis Robotics and Automation - The report highlights that the human-like robot sector is entering a year of mass production, with supply chain adjustments and component innovations being crucial. Tesla's Musk has set a production target of 5,000 to 10,000 units for the year [7][8] - The report emphasizes the importance of component innovations such as dexterous hands and lightweight materials in enhancing robot capabilities [7][8] Insurance Industry - The insurance sector is expected to see improvements on both the liability and asset sides, with low valuations and low holdings providing a balanced risk-reward profile. The estimated valuation for the insurance sector is between 0.61-0.96 times PEV and 0.98-2.21 times PB, indicating historical lows [9] REITs - The report discusses the potential of REITs in a low-interest-rate environment, highlighting the importance of policy support and structural optimization to enhance investment value. The diversification of asset types is expected to accelerate, with new assets like data centers and wind power emerging [10] Engineering Machinery - The domestic engineering machinery market is at the beginning of an upward cycle, with a projected demand growth of 0-3% for the year. The report notes that the export market remains strong, contributing to high industry sentiment [11] Unmanned Forklift Industry - The report suggests that the unmanned forklift sector is poised for rapid growth driven by AI technology and smart logistics. It recommends investing in leading companies in the smart forklift space [12] Consumer Services - The analysis of consumer spending in China indicates that the overall consumption rate is low, with both service and goods consumption needing improvement. The service consumption rate in China was 21.1% in 2019, compared to an average of 28.4% across 43 countries [20][21]