Investment Rating - The industry investment rating is "Recommended" [3][5] Core Views - The engineering machinery sector has shown a positive start in 2025, with excavator sales in January reaching 12,500 units, a year-on-year increase of 1.1%. Domestic sales were 5,405 units, down 0.3%, while export sales were 7,107 units, up 2.19% [4][14] - The humanoid robot segment is experiencing rapid advancements, highlighted by the successful performance of Yush Robot's humanoid robots during the Spring Festival Gala. The G1 humanoid robot is priced at 99,000 yuan, while the H1 model is priced at 650,000 yuan, with both models quickly selling out [4][16] - The engineering machinery sector is expected to see significant growth in February due to a low base effect, and the overall performance in Q1 2025 is anticipated to be strong [4][14] Summary by Sections Industry Performance Review - The mechanical equipment sector saw a decline of 0.16% last week, underperforming compared to the CSI 300 index, which rose by 1.19%. The engineering machinery sector performed relatively well with a gain of 2.65% [12][13] - The price-to-earnings ratio (TTM) for the mechanical equipment sector is 32.61x, compared to 18.72x for the entire A-share market [12] Industry Perspective Update - In January 2025, various types of excavators sold totaled 12,500 units, with domestic sales at 5,405 units and export sales at 7,107 units. The sales of loaders reached 7,920 units, with domestic sales at 3,706 units and export sales at 4,214 units [14][15] - The export market continues to show recovery, with expectations for improved conditions in the European and American markets, as well as sustained demand in emerging markets like the Middle East and India [14][15] Company Information Tracking - A partnership agreement was signed between Anhui Forklift Group and Huawei to enhance cooperation in digital transformation and intelligent logistics, indicating a trend towards smart logistics in the industry [17]