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].

Group 1 - The rapid development of embodied intelligence is benefiting domestic and international forklift, e-commerce logistics, and robotics companies in the smart logistics sector, with a clear trend towards unmanned forklifts and embodied handling robots [1] - Amazon has deployed over one million robots globally, with new warehouse robot Vulcan capable of performing 75% of tasks at fulfillment centers, matching the efficiency of frontline workers [1] - The report highlights the potential of unmanned and intelligent development in the forklift industry, recommending companies such as Anhui Heli (600761.SH), Hangcha Group (603298.SH), and Zhongli Co., Ltd. (603194.SH) [1] Group 2 - Since 2025, several leading companies have intensified their investments in the unmanned logistics sector, including KION Group collaborating with NVIDIA and Accenture to enhance warehouse management [2] - Figure 02, developed by Figure, autonomously completes package picking tasks, showcasing advancements in robotics for logistics [2] - The partnership between Zhiyuan Robotics and Dematic Group aims to establish a humanoid robot data collection factory, indicating a shift towards data-driven applications in logistics [2] Group 3 - Domestic forklift leaders are accelerating their unmanned logistics initiatives, with Anhui Heli collaborating with Huawei on digital transformation and signing agreements with SF Express and JD.com [3] - Hangcha Group is expanding its presence in the U.S. by establishing a smart logistics company and exploring innovative collaborations in the "smart robot + logistics" field [3] - Zhongli Co., Ltd. is launching new products in smart warehousing and robotics, indicating a clear trend towards unmanned operations in the forklift and warehousing logistics sectors [3]

Core Viewpoint - Amazon has reached a significant milestone by deploying 1 million robots across its global operations, indicating a shift towards increased automation in its warehouses and a potential reduction in human labor needs [1][2][5]. Group 1: Automation and Workforce Impact - The rise of automation has significantly improved productivity at Amazon, with the number of packages handled per employee increasing from approximately 175 to 3,870 since 2015 [2]. - Automation has led to a reduction in the average number of employees per facility, with the average dropping to about 670, the lowest in 16 years [2]. - Newer facilities are operating with fewer employees while achieving faster delivery times, suggesting a shift in labor demand [5]. Group 2: AI and Robotics Integration - Amazon is deploying AI in its warehouses to enhance inventory placement, demand forecasting, and robot efficiency, which may lead to a reduction in overall employee numbers in the coming years [6]. - The company plans to build "next-generation logistics centers" equipped with ten times more robots than current facilities, with the first center located in Shreveport, Louisiana [7]. - Amazon has introduced the Vulcan robot, designed for inventory management and equipped with tactile sensors, indicating advancements in robotic capabilities [7]. Group 3: Workforce Training and New Job Creation - Over 700,000 workers have been trained globally to take on higher-paying jobs that involve collaboration with robots, reflecting a shift in workforce skills [7]. - New job roles, such as robotics technicians, are emerging as a result of increased automation, with warehouse workers receiving training in mechatronics and robotics [7]. - Amazon is also testing humanoid robots capable of performing tasks, indicating ongoing innovation in robotic technology [8].