中金研究 展望2026年，我们判断机械行业中科技创新板块仍具备显著投资机会；其次，出口端虽面临不确定性，但随着国际化进程推进，叠加美联储降息落地 等，我们认为外需存结构性机遇；内需层面，下游短期难见大范围产能扩张，但随着产能出清和通用企业向成长行业转型，股价有望反弹。 点击小程序查看报告原文 Abstract AI基建：高景气资本开支和高频技术迭代带来机械发展新机遇。 1）海外算力资本开支超预期，行业扩产带动PCB设备和AIDC设备需求持续高增，全球 供给紧张，钻孔设备、柴油发动机、燃气轮机等有望迎来国产替代机会。2）AI算力升级催生设备及耗材新需求，下一代芯片Rubin在PCB、散热等架构上 创新，提高了PCB耗材和冷板、快接头等结构件的加工要求，并带动微通道液冷等新技术方案，设备及耗材价值量有望进一步提升。 人形机器人：2026年 产业 进度加速，关注头部扩产。 国产企业如宇树、智元等公司有望陆续上市，国产人形机器人性能快速迭代，应用场景合作生态加 速打开。重视软硬件技术发展，关注汽车、消费电子零部件跨界切入。 专用设备：关注景气拐点和技术变革的子赛道。 供给出清+技术创新趋势，看好：1）存在技术变革或技 ...

Summary of Conference Call Notes Industry or Company Involved - The discussion revolves around the AIDC (Artificial Intelligence Data Center) sector and specific companies within this industry Core Points and Arguments 1. **Revenue Growth**: The combined revenue of three companies in the AIDC sector for the fiscal year ending in Q2 2025 is reported at 2.39 billion, reflecting a year-on-year growth rate of 17% to 18%. The revenue growth rate for Q4 2024 is noted to be 8.6%, indicating a significant increase compared to previous periods [1] 2. **Contract Liabilities**: The total contract liabilities for the three companies amount to 850 million, which is a substantial increase from 540 million in the previous year, indicating nearly a threefold growth [1] 3. **Inventory Levels**: The inventory level stands at 3.76 billion, showing a year-on-year increase of 21.5%, which is higher than the revenue growth rate. This suggests a potential for increased product delivery in Q2 [2] 4. **Profitability Indicators**: The improvement in contract liabilities and inventory levels is expected to lead to high revenue growth and an increase in profit margins for the companies involved [4] 5. **Market Sentiment**: The sentiment in the domestic market is influenced by concerns over global tax center construction slowdowns, but major companies like Amazon, Microsoft, and Meta are maintaining high capital expenditure growth [5][6] 6. **Infrastructure Investment**: There is a strong emphasis on continued investment in infrastructure projects, with government support for foundational and industrial data infrastructure projects [6] 7. **Tendering Process**: The tendering process for major companies like Alibaba has been slower than anticipated, but there is optimism regarding upcoming tenders from Tencent and others [9][10] 8. **OEM Environment**: The OEM (Original Equipment Manufacturer) environment is highlighted as currently the most profitable segment, with strong pricing power [11] 9. **Market Opportunities**: The current market conditions present a good opportunity for investment, especially as the sector has seen a price correction of 10% to 20% [8] 10. **Performance Expectations**: There is an expectation that the performance of the AIDC companies will exceed conservative market expectations in Q2 and Q3, with potential profit catalysts emerging [15] Other Important but Possibly Overlooked Content 1. **Price Trends**: The price of scattered orders has reportedly exceeded 3.5 million, indicating a shift in pricing dynamics within the industry [13] 2. **AI Development Impact**: The ongoing development of AI is noted as a significant factor influencing industry trends and sentiment [14] 3. **Company-Specific Performance**: Companies like KOTAI and Taihao are mentioned as having strong positions within the industry, with expectations for their performance to be closely monitored [12]