Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry, indicating a positive outlook for the sector [6]. Core Insights - The mechanical industry is experiencing stable growth in exports, with domestic leading enterprises maintaining strong competitive advantages. The report highlights a 13.9% year-on-year increase in excavator sales in November 2025, with domestic sales up by 9.11% and exports up by 18.8% [3]. - The low-altitude economy is being bolstered by key policy guidance aimed at developing low-altitude tourism and integrating artificial intelligence into civil aviation, enhancing safety and operational efficiency [2]. Summary by Sections Weekly Market Review - From November 30 to December 5, 2025, the Shanghai Composite Index rose by 0.37%, while the Shenzhen Component Index and the ChiNext Index increased by 1.26% and 1.86%, respectively. The Shenwan Mechanical Equipment Index outperformed with a 2.77% increase, ranking 4th among 31 Shenwan first-level industries [1][11]. - Sub-sectors such as engineering machinery saw a significant rise of 5.86%, while rail transit equipment II experienced a decline of 0.97% [1][11]. Key Sector Tracking - The report emphasizes the low-altitude economy's growth, supported by policies from the Ministry of Culture and Tourism and the Civil Aviation Administration of China, which aim to develop low-altitude tourism and enhance safety through AI applications [2]. - In the mechanical equipment sector, the report notes that leading domestic companies are well-positioned for continued growth, with a total of 212,162 excavators sold from January to November 2025, reflecting a 16.7% year-on-year increase [3]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group. In the complete machine sector, companies like Wanfeng Aowei and Yihang Intelligent are highlighted, while core component firms include Zongshen Power and Wolong Electric Drive [4]. - In the mechanical equipment sector, recommended companies include Juxing Technology and Sany Heavy Industry, with a focus on the export chain and engineering machinery segments [4].

随着全球工业正迎来具身智能的黄金时代，兼具感知、交互、决策的移动操作机器人作为工业具身智能的核心载体，正在汽车制造、3C电子、半导体、新 能源等行业加速应用，成为推动产业升级的中坚力量。 位于南方电网广东广州供电局的一座220千伏变电站高压室内，双臂协作巡操机器人"钧仪"正在进行高危环境下的巡检操作，通过高精度的双臂协作多线程 并行作业，完成开关柜巡检、按钮操作、手柄切换等复杂任务，实现稳定高效的无人化巡检操作。 硬件层面，"钧仪"搭载全向高速移动底盘，通过融合激光导航算法技术（Fusion Slam)实现毫米级精准定位，高精度双臂协同实现多线程并行作业，双臂负 载能力达5公斤，操作重复定位精度达±0.1毫米，极大提升了巡检效率与操作安全性。 基于微服务架构设计的灵活设计，"钧仪"支持敏捷迭代与功能扩展适应业务增长，具备强大的跨场景部署能力，可进一步拓展至电站、数据机房等无人值守 场景，满足多样化、复杂化的智能运维需求。 根据弗若斯特沙利文预测，全球移动操作机器人解决方案市场规模将从2024年的92亿元，增长至2030年的1569亿元，年复合增速60.4%。其占全球具身智能 机器人市场规模比例将从2024年的 ...