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, indicating a projected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [1]. Core Insights - The 2025 Smart Robot Development Conference was held in Nanjing, showcasing over 40 robots from 29 companies, including the second-generation humanoid robot Codroid 02, which features advanced capabilities for both heavy lifting and precision tasks [2]. - Pudu Robotics achieved a significant milestone with the production of its 100,000th robot, the AI-powered PUDU CC1 Pro, marking a new phase in the commercialization of service robots [3]. - The humanoid robot sector is expected to experience a breakthrough in 2025, with mass production driving the downstream supply chain and addressing data scarcity issues, leading to more practical applications [7]. - The report highlights the importance of various components in the humanoid robot industry, including advanced dexterous hands and cost reduction in production processes [7]. Summary by Sections Humanoid Robots - The humanoid robot industry is poised for significant growth, with advancements in technology and increased production capacity expected to enhance practical applications [7]. - Companies such as Estun and others are leading in the development of complex robotic components [7]. Machine Tools & Cutters - Japan's machine tool orders in April 2025 reached 130.206 billion yen, showing a year-on-year increase of 7.7% [8]. - China's metal cutting machine tool production from January to April 2025 was 264,000 units, reflecting a year-on-year growth of 16.8% [8]. Agricultural Machinery - The agricultural machinery market in China showed a slight decline in the AMI index to 43.5% in May 2025, with various indices indicating mixed trends [9][10]. - The report suggests a long-term increase in demand for agricultural machinery, particularly in the context of the Belt and Road Initiative [10]. Engineering Machinery - The engineering machinery sector is recovering, with excavator sales in May 2025 reaching 18,202 units, a year-on-year increase of 2.1% [14]. - The report anticipates continued demand recovery driven by infrastructure investments [14]. Semiconductor Equipment - The report notes that the implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment [17]. - The emphasis on domestic production capabilities is expected to grow, particularly in light of recent trade policies [18]. New Energy Equipment - Significant technological breakthroughs in solar energy were reported, with new efficiency records set for solar cells [19][20]. - The report indicates a healthy competitive environment returning to the solar market, driven by policy support and technological advancements [20]. Low-altitude Economy and EVTOL - The low-altitude economy is identified as a strategic emerging industry, with expected acceleration in development and investment [21]. - The report highlights initiatives in various regions to support the growth of low-altitude economic activities [21].

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - The machinery industry is experiencing a continuous recovery in its business climate, particularly in the engineering machinery sector, with significant growth in excavator sales and a positive outlook for infrastructure investments [13][14] - The humanoid robot sector is highlighted as a key area for growth, with advancements in technology and strategic partnerships indicating a robust future for the industry [6][9] Summary by Relevant Sections Humanoid Robots - A strategic partnership was signed between Dongfeng Liuzhou Motor Co., Ltd. and Zhifang Technology to explore the application of embodied large models in automotive manufacturing [2] - Tesla's Optimus project leader announced his departure, indicating potential shifts in leadership and strategy within the humanoid robotics sector [2] Engineering Machinery - In April 2025, excavator sales reached 22,142 units, a year-on-year increase of 17.6%, with domestic sales at 12,547 units and exports at 9,595 units [13] - The report suggests that infrastructure investment will maintain a high level of activity, benefiting the engineering machinery sector [13] Agricultural Machinery - The agricultural machinery market's sentiment index dropped to 47.9% in April 2025, indicating a downturn in the sector [8] - Despite the current challenges, long-term demand for agricultural machinery is expected to rise, particularly in the context of the Belt and Road Initiative [9] Semiconductor Equipment - The report notes that the implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment [16] - The emphasis on domestic production capabilities is expected to grow, particularly in light of geopolitical tensions affecting supply chains [17] New Energy Equipment - The report highlights significant investments in photovoltaic projects, with a total investment of 135.3 billion yuan in Yibin City, Sichuan Province [18] - The solar power generation utilization rate was reported at 94.0% in April 2025, indicating strong performance in the renewable energy sector [19] Low-altitude Economy and EVTOL - The Chongqing Development and Reform Commission released a list of 42 low-altitude economic application scenarios, indicating a focus on integrating low-altitude technologies into urban management and logistics [21] - The report anticipates rapid development in the low-altitude economy, which could create new industries and enhance consumer spending [23]

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The machinery industry is experiencing a continuous recovery in its economic climate, particularly in the engineering machinery segment, with significant growth in sales and production expected in 2025 [6][13]. - The introduction of the "Ge Wu - Zhi Zhi" general embodied intelligence development platform is expected to accelerate the application and research of humanoid robots, addressing existing challenges in the field [3]. - The report highlights the importance of various sub-industries, including humanoid robots, machine tools, agricultural machinery, and engineering machinery, each showing distinct trends and growth potential [4][7][8][13]. Summary by Relevant Sections Humanoid Robots - The launch of the "Zhi Zhi" platform aims to enhance humanoid robot development by integrating core technologies across operating systems, middleware, and software frameworks [3]. - Companies like Shanghai Aoyi Information Technology and Hefei Zero Point are introducing innovative humanoid robots targeting various applications, including healthcare and hospitality [4][5]. - The humanoid robot industry is projected to see significant production increases in 2025, with a focus on high-complexity dexterous hands and cost reduction in production [6]. Machine Tools - Japan's machine tool orders in April 2025 reached 130.206 billion yen, showing a year-on-year increase of 7.7% [7]. - China's metal cutting machine tool production in the first four months of 2025 was 264,000 units, reflecting a year-on-year growth of 16.8% [7]. Agricultural Machinery - The agricultural machinery market in China showed a decline in the AMI index to 47.9% in April 2025, indicating a downturn in the sector [8]. - Despite the current challenges, long-term demand for agricultural machinery is expected to rise, particularly in the context of the Belt and Road Initiative [9]. Engineering Machinery - The engineering machinery sector is witnessing a recovery, with excavator sales in April 2025 reaching 22,142 units, a year-on-year increase of 17.6% [13]. - The report suggests that infrastructure investment will remain robust, supporting the demand for engineering machinery [13]. Semiconductor Equipment - The report notes that the implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment, particularly photolithography machines [16]. - The establishment of the third phase of the Big Fund, with a registered capital of 344 billion yuan, is expected to significantly boost the domestic semiconductor industry [17]. New Energy Equipment - The report highlights several new energy projects, including the launch of a 100GW monocrystalline silicon wafer production line by Longi Green Energy, indicating a strong push towards renewable energy technologies [19]. - The market for photovoltaic components is expected to stabilize and grow due to policy support and technological advancements [19]. Low-altitude Economy and EVTOL - The report discusses the government's initiatives to promote the low-altitude economy, including the development of drone delivery systems and infrastructure [20][22]. - The low-altitude economy is anticipated to drive new consumption patterns and industry growth, with significant investments being made in this area [22].

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - The humanoid robot industry is expected to see significant breakthroughs in 2025, with mass production reaching the scale of thousands, which will drive the downstream supply chain into a phase of certainty and expansion [8] - The introduction of advanced AI models, such as Google's Gemini Robotics, enhances the capabilities of robots in understanding new situations and performing precise physical tasks [3] - The launch of new humanoid robots, such as Muks Robotics' Spaceo series and Dobot Atom, indicates a technological advancement in the humanoid robotics sector, focusing on industrial operations and service applications [4][7] Summary by Sections Humanoid Robots - Google's DeepMind has released new AI models aimed at improving robot capabilities in real-world tasks, focusing on generality, interactivity, and flexibility [3] - Muks Robotics has introduced the Spaceo series, which includes models designed for industrial, social, and space tasks, showcasing advancements in AI systems [4] - The Genie Operator-1 model from Zhiyuan Robotics demonstrates strong generalization capabilities, reducing the data requirements for training robots [5] - The humanoid robot Tian Gong Xing Zhe, priced at 299,000 yuan, aims to reshape the research and education ecosystem for humanoid robots [7] Engineering Machinery - The engineering machinery sector maintains a stable outlook, with excavator sales in February 2025 showing a 52.8% year-on-year increase [13] - The demand for engineering machinery is expected to recover gradually due to the anticipated increase in infrastructure investment [13] - Key companies to watch include Zoomlion Heavy Industry, XCMG, and SANY Heavy Industry [13] Agricultural Machinery - The agricultural machinery market in China shows a significant increase in the market sentiment index, indicating a positive outlook for demand [10] - The export of tractors has seen substantial growth, with a 49.6% increase in quantity year-on-year [10] Semiconductor Equipment - The domestic replacement of semiconductor equipment is becoming essential, with a projected revenue growth of 29% for semiconductor equipment companies in 2024 [16] - The emphasis on domestic production capabilities is expected to benefit leading equipment manufacturers [16] New Energy Equipment - The solar energy sector is experiencing a price adjustment and technological breakthroughs, which are expected to foster a healthier competitive environment [18] - Companies like Maiwei Co., Ltd. and Weidong Nano are recommended for investment in this sector [18] Low-altitude Economy - The low-altitude economy is anticipated to accelerate in 2025, with developments in drone logistics and regulations supporting its growth [20] - Companies such as EHang Intelligent and Yingli Technology are highlighted as potential investment opportunities [21]