（文章来源：每日经济新闻） 广发证券指出，2025年机械设备、自动化设备行业受益于外需和"两新"（新兴产业、新型基础设施）相 关链条的驱动，工程机械、能源设备、汽车零部件等细分领域表现突出。中观层面存在明显"温差"，新 兴部门如AI产业链、高端装备制造景气度高，而传统部门受投资和消费偏弱影响景气度较低。2025年 前10个月设备工器具投资累计同比增长13.0%，高技术制造业增加值同比增长9.3%，显示产业升级趋势 明确。在"十五五"规划推动下，预计2026年传统制造业将通过"优化提升"政策改善供需平衡，新兴与传 统部门的景气度差值有望收敛，行业整体盈利广度将有所扩展。 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从中国A股市场中选取涉及机床制 造、零部件供应及相关服务的上市公司证券作为指数样本，以反映机床产业链相关上市公司证券的整体 表现。指数覆盖从上游材料到下游应用的全产业链条，尤其聚焦于高端装备制造领域。 ...

光大证券指出，机械设备行业聚焦"周期复苏+科技升级+海外拓展"三大主线。工程机械领域，国内市 场需求持续复苏，2025Q1-Q3挖掘机销量同比增长18.1%，其中内销增长21.5%，更新换代需求预计未来 四年复合增长30%。政策支持力度加大，基建投资有望带动设备需求，雅下水电工程开工将进一步拉动 大型挖掘机等设备需求。国际化、电动化、智能化进程推进，电动装载机销量同比增长157.2%，无人 叉车、无人矿山等智能化应用有望率先突破。核聚变行业进入资本开支扩张阶段，重点关注磁体系统、 真空室及内部件、电源系统等高价值量环节。低空经济政策强调安全健康与高质量发展，看好基础设施 建设和低空装备研发应用两条主线。 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机制造及关键零部件供应的上市公司证券作为指数样本，覆盖机械设备、电子、新能源、机器人等多个 制造业领域，以反映机床产业链相关上市公司证券的整体表现与发展态势。 （文章来源：每日经济新闻） ...

Core Insights - The humanoid robot industry is showing positive trends, with a focus on the "mother machine" industrial ETF (159667) investment opportunities [1] Group 1: Humanoid Robot Developments - Xiaopeng has launched a new generation of IRON humanoid robots, planning for large-scale production by the end of 2026 [1] - The humanoid design features a "skeleton-muscle-skin" three-layer structure, including a human-like spine, bionic muscles, and fully covered flexible skin [1] - The robot has a high degree of freedom with 82 degrees of freedom in total, including 22 in the hands [1] - Enhanced intelligence is achieved through three Turing AI chips, integrating VLT, VLA, and VLM physical world models [1] - It is the world's first robot equipped with a solid-state battery, offering a 30% increase in energy capacity and a 30% reduction in weight [1] Group 2: Industrial Mother Machine ETF (159667) - The industrial mother machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in machine tool manufacturing and key component production [1] - The index covers core areas such as CNC systems, bearings, spindles, and tools, reflecting the overall performance of related enterprises in the machinery, electronics, new energy, and robotics industries [1] - The ETF may provide sustainable investment opportunities related to the components and production equipment required for humanoid robots [1]

Core Insights - The industrial mother machine is crucial for various industries such as automotive, electronics, aerospace, and engineering machinery, and is expected to benefit from downstream market developments [1][2] - The Industrial Mother Machine ETF (159667) is positioned to capture investment opportunities in this sector [2] Group 1: Tungsten - The ETF contains approximately 10% tungsten, with recent price increases: black tungsten concentrate at 279,000 CNY/ton (up 3.3% week-on-week) and APT at 409,000 CNY/ton (up 3.5% week-on-week) [1] - Price increases are driven by tight supply conditions and rising demand, alongside improved overseas tungsten supply chain inventory [1] Group 2: PCB Industry - The ETF has over 30% exposure to PCB equipment, with the PCB industry expected to maintain high growth, as leading manufacturers are just beginning to expand production [1] - Nvidia's decision to use M9 materials in its Rubin project in the second half of 2026 indicates higher equipment requirements and increased wear on drilling needles, benefiting PCB equipment and consumables companies [1] Group 3: Robotics - The ETF includes nearly 40% in humanoid robots, which demand high production efficiency for key components like screws and gears [1] - Domestic and international machine tool manufacturers are launching specialized products for humanoid robot component manufacturers, indicating potential for further growth in this segment [1] Group 4: Policy and Investment Opportunities - The "14th Five-Year Plan" emphasizes the need for technological self-reliance and breakthroughs in key areas such as integrated circuits and industrial mother machines [2] - The Industrial Mother Machine ETF tracks the CSI Machine Tool Index, which includes 50 listed companies involved in machine tool manufacturing, reflecting the overall performance of the mechanical equipment, electronics, new energy, and robotics industries [2]

Group 1 - The engineering machinery industry is experiencing a continuous recovery, with strong performance in overseas markets and manageable trade friction risks, as Chinese manufacturers deepen their presence in Southeast Asia, Europe, and South America [1] - In the humanoid robot sector, domestic companies are actively engaging, with UBTECH receiving a 32 million yuan order for the Walker S2, ZhiYuan's G2 production line launched in Ningbo, Xiaomi's investment in the third-generation robot, and Hangzhou implementing the country's first embodied intelligence regulations to accelerate industry layout [1] - The domestic substitution process for semiconductor equipment is accelerating due to external technological restrictions and internal countermeasures [1] Group 2 - In the shipbuilding equipment sector, China has imposed special port fees on American ships, indicating noteworthy changes in industry policies that warrant attention [1] - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing and related industries to reflect the overall performance of the machine tool sector [1] - The China Securities Machine Tool Index has a high industry concentration, primarily focusing on the industrial machinery sector, allowing it to accurately capture the overall development trends of the machine tool industry [1]

Core Viewpoint - The engineering machinery industry is experiencing a sustained recovery, with significant growth in excavator sales and advancements in automation equipment, indicating positive market trends and investment opportunities [1]. Industry Summary - The industrial mother machine ETF (159667) rose over 1.1% on October 22, reflecting positive market sentiment [1]. - Excavator sales reached 174,000 units in the first three quarters of 2025, representing a year-on-year increase of 18.1%. September alone saw a sales increase of 25.4% year-on-year, driven by strong domestic demand (+21.5%) and foreign demand (+29.0%) [1]. - The overseas market is performing well, with manageable trade friction risks, as Chinese manufacturers continue to deepen their presence in Southeast Asia, Europe, and South America [1]. - In the automation equipment sector, significant progress is noted in the domestic humanoid robot industry, with companies like UBTECH receiving a 32 million yuan order for the Walker S2, and Xiaomi expanding its third-generation CyberOne robot [1]. - Hangzhou has accelerated its industrial layout through the introduction of the country's first embodied intelligence regulations [1]. Company Summary - The industrial mother machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in machine tool manufacturing and services to reflect the overall performance of China's machine tool industry [1]. - The index covers various sub-sectors, including CNC systems and bearings, serving a wide range of industries such as industrial and electronics [1].

Core Viewpoint - The industrial mother machine ETF (159667) has seen a rise of over 2% in intraday trading, indicating positive market sentiment towards the machinery equipment sector, which is expected to experience revenue and net profit growth in the first half of 2025 [1] Industry Summary - The overall operating environment for the machinery equipment industry is projected to be favorable in the first half of 2025, with both revenue and net profit attributable to the parent company showing growth [1] - For the period of January to June 2025, the machinery equipment sector is expected to achieve a gross profit margin of 23.17% and a net profit margin of 8.08%, reflecting an increase of 0.06 and 0.86 percentage points respectively compared to the same period in 2024 [1] - The increase in net profit margin is greater than that of the gross profit margin, primarily driven by stringent cost control and improvements in operational efficiency, showcasing significant results in "cost reduction and efficiency enhancement" [1] - The development of strategic emerging industries such as new energy vehicles, photovoltaics, energy storage, and semiconductors has enhanced China's global competitiveness in machinery equipment, leading to an increase in overseas market share [1] Company Summary - The industrial mother machine ETF (159667) tracks the CSI Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing, CNC systems, and key components from the Shanghai and Shenzhen markets [1] - This index encompasses sectors such as machinery equipment, electronics, new energy, and robotics, aiming to reflect the overall performance of listed companies related to the machine tool industry chain [1]

Group 1 - The core viewpoint indicates that the excavator sales are expected to grow rapidly by 2025, showing clear signs of industry recovery, driven by a new round of concentrated replacement cycles and the commencement of large projects, which will boost domestic demand [1] - The overseas market is experiencing structural prosperity, with continuous growth in infrastructure construction demand in countries along the "Belt and Road" initiative, leading to an increase in exports [1] - The overall industry fundamentals are showing a positive trend, with significant improvements in overall performance and structural opportunities existing in specific segments [1] Group 2 - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing and key component supply from the Shanghai and Shenzhen markets [1] - This index covers multiple fields including machinery, electronics, new energy, and robotics, reflecting the overall performance of listed companies in China's machine tool industry [1]

Group 1 - The core viewpoint is that commercial aerospace capacity has become crucial for the development of satellite internet and commercial aerospace, with a potential turning point expected due to high-frequency launches and the anticipated first flights of several medium to large commercial rockets in Q4 2025 and the first half of 2026 [1] Group 2 - The mechanical equipment industry is expanding its applications in areas such as unmanned sanitation vehicles, aircraft engines, gas turbines, and 3D printing, indicating a broad market space [1] Group 3 - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing and key component supply from the mechanical equipment industry [1] - The index covers various sub-sectors including CNC systems, bearings, spindles, and tools, aiming to reflect the overall performance of listed companies in China's machine tool industry chain [1] - Component stocks widely serve downstream industries such as industrial, electronics, new energy, and robotics [1]

Group 1 - The domestic humanoid robot commercialization is accelerating, with leading companies continuously releasing positive news [1] - UBTECH has recently secured large orders, with the total order amount reaching nearly 400 million yuan [1] - Companies like Zhiyuan and Huizhi Wulian are actively promoting the application of humanoid robots in various scenarios, with contracts gradually forming [1] Group 2 - In the overseas market, Figure has obtained $1 billion in financing, and Tesla has released significant updates on its Optimus 3 product [1] - The humanoid robot industry is expected to enter a rapid development phase due to policy support and accelerated collaboration among industry chain enterprises [1] Group 3 - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing, CNC systems, and key component supply [1] - The index focuses on the core segments of China's machine tool industry chain, aiming to reflect the overall performance of listed companies in this sector, characterized by stable profitability and technological innovation [1] Group 4 - Investors without stock accounts can consider the Guotai Zhongzheng Machine Tool ETF Initiated Link A (017471) and Link C (017472) [1]