Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The engineering machinery sector is experiencing a continuous recovery, with significant growth in excavator sales, which reached 19,858 units in September, a year-on-year increase of 25.4% [12][62] - The domestic humanoid robot industry is advancing towards commercialization, highlighted by the launch of the ZhiYuan G2 robot, which has secured over 100 million yuan in procurement contracts [12][55] - The report suggests focusing on the growth trajectories of engineering machinery, humanoid robots, and PCB equipment, while also monitoring the performance of process industries and tool sectors as quarterly reports are released [12][13][57] Summary by Sections Company Updates - **Rili Technology**: The company, a leading supplier of industrial X-ray intelligent detection equipment, saw new orders nearly double year-on-year, with revenue increasing by 38.34% and net profit rising by 7.8% [3][13] - **Kangst**: The company specializes in digital detection instruments and reported a significant recovery in Q3, with revenue, net profit, and non-recurring net profit increasing by 22.24%, 30.66%, and 36.2% respectively [4][14] - **Xinxin Co.**: The company, which produces hard alloys and tools, experienced revenue growth of 28.97% and net profit growth of 2.88% in the first half of the year [5][15] Industry Performance - In September, excavator sales reached 19,858 units, with domestic sales at 9,249 units and exports at 10,609 units, reflecting strong growth across the board [12][62] - The loader sales in September were 10,530 units, marking a 30.5% year-on-year increase, while the sales of automotive cranes also turned positive with a 21.9% increase [12][72] - The industrial robot sector saw a production increase of 28.3% in September, with a cumulative production of 594,816 units in the first nine months of the year, indicating robust growth in the market [48][49] Market Trends - The manufacturing PMI for September was reported at 49.8%, showing a slight recovery, with production and new orders indices also improving [25] - The report highlights the ongoing policy support for the machine tool industry, which is expected to enhance domestic production capabilities and drive growth in high-end machine tools [29][37] - The logistics sector is also showing resilience, with forklift sales in September reaching 130,380 units, a 23% increase year-on-year, supported by a favorable logistics index [38][42]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [29]. Core Insights - The humanoid robot concept index experienced a decline of 7.22% from October 12 to October 17, 2025, underperforming the CSI 300 index by 4.99 percentage points. However, year-to-date, the humanoid robot index has increased by 65.45%, outperforming the CSI 300 index by 47.28 percentage points [2][11]. - Key developments include the announcement by Hangzhou's mayor to achieve an industrial output value exceeding 20 billion yuan for various humanoid robot manufacturers by 2027, and the launch of the new G2 humanoid robot by Zhiyuan Robotics, which has already secured orders worth several hundred million yuan [3][5][19]. Summary by Sections Weekly Market Review - The humanoid robot index saw a weekly decline of 7.22%, while the year-to-date performance shows a significant increase of 65.45% [11][17]. Weekly Hotspots Review Policy News - Hangzhou aims for an industrial output of over 20 billion yuan from humanoid robots by 2027, with plans for supportive local legislation [19]. Product and Technology Iteration - Zhiyuan Robotics launched the G2 humanoid robot, featuring high-performance joints and advanced sensory capabilities, with applications in various industrial scenarios [21][22]. Investment and Financing - Suzhou Junyue Robotics secured B+ round financing to enhance its humanoid robot development, while Qianjue Robotics completed a Pre-A round financing to advance its tactile perception technology [23][24]. Key Company Announcements - Xiaomi registered copyright for its third-generation humanoid robot CyberOne, and several companies, including Niuwei CNC and Longlide, are expanding their applications of humanoid robots in various sectors [24][25][26].

Investment Rating - The investment rating for the defense and military industry is "Positive" [2] Core Viewpoints - The industry is experiencing continuous improvement, with a focus on military trade and robotics. The year 2025 is anticipated to be a significant turning point for military investment, driven by a combination of economic recovery, value reassessment, and event catalysts [5][48] - The military trade market is expected to see substantial growth, particularly with Indonesia's potential procurement of Chinese J-10 fighter jets, which could serve as a breakthrough for domestic military trade [5][25] - The robotics sector is rapidly evolving, with significant advancements in both consumer and business applications, including the launch of the ZhiYuan G2 robot and the Figure 03 humanoid robot [4][11][12] Summary by Sections 1. Robotics Industry Tracking - The ZhiYuan G2 robot has received over 100 million yuan in orders and is now in commercial delivery, showcasing its capabilities in various industrial applications [11] - The Figure 03 humanoid robot has made significant advancements, enabling it to perform household tasks and serve in hospitality roles [12][15] - Police robots have been officially deployed in Zhejiang for patrol duties, indicating a new application area for robotic technology [17][20] 2. Military Trade Prospects - Indonesia is expected to procure Chinese J-10 fighter jets, marking a significant milestone in China's military trade exports [5][23] - The domestic military trade market has substantial growth potential, with China ranking sixth globally in military exports, accounting for only 3.9% of the market [25] 3. Market Performance Review - The defense and military index underperformed the broader market, with a decline of 5.12% during the week of October 13-17, 2025 [3][26] - Year-to-date, the defense and military index has increased by 15.0%, slightly outperforming the broader market [29][30] 4. Investment Focus and Beneficiary Stocks - Key investment themes include "new quality combat capabilities" and "value reassessment in a recovering market," with recommended stocks in various segments such as next-generation combat systems, unmanned equipment, and satellite internet [6][48] - Specific beneficiary stocks include AVIC Shenyang Aircraft, Huayin Technology, and various companies involved in unmanned systems and missile production [6][48]

Core Insights - Zhiyuan Robotics has officially announced a deep strategic cooperation with Longqi Technology, a leading global ODM in smart products, focusing on the application of embodied intelligent robots in industrial scenarios [1] - Longqi Technology has placed a framework order worth several hundred million yuan for the Zhiyuan Spirit G2 robots, marking one of the largest orders in the domestic industrial embodied intelligent robot sector [1] Summary by Categories Partnership and Collaboration - The collaboration will deploy nearly a thousand robots, emphasizing the scale of the partnership [1] - Longqi Technology plans to introduce Zhiyuan Robotics to cover more production lines and categories in the future [1] Product Application - The Zhiyuan Spirit G2 will initially focus on applications in flat panel production lines, facilitating the mass deployment of embodied intelligent robots in consumer electronics assembly manufacturing [1] - The G2 will enhance AI interaction and collaboration in flexible grasping, multi-station coordination, and production line data linkage [1] Future Prospects - There are plans for broader cooperation between Longqi Technology and Zhiyuan Robotics in robot components supply and manufacturing outsourcing [1]