Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

近日均普智能旗下普智机器人举行"机器人通用产品制造认证"启动仪式，成为智元机器人首个启动通用产 品认证的生产企业。双方宣布，将依托均普智能首条人形机器人量产中试线，启动智元G1机器人大规模量 产及A2全人形机器人一定规模量产。今年4月，均普智能与智元机器人合资成立普智机器人，整合双方工 业化生产与智能化技术优势。目前，首条中试线一期占地2000平方米，预计年产能1000台，未来有望实 现"机器人生产机器人"的智慧制造场景。 1、 亚马逊机器人数量突破100万台 数量与全球员工总数持平 2025年7月，亚马逊披露最新运营数据：全球仓储物流中心部署的机器人数量突破100万台，与该公司全球 约156万名员工总量接近。据介绍，机器人已深度参与分拣、搬运等环节，覆盖75%的包裹处理流程，日 本千叶港等超大型仓库日均处理量超60万件，全程无需人工干预。尽管亚马逊强调技术旨在提升效率而非 替代人力，但近十年其仓储部门员工规模缩减超六成。行业观察人士指出，物流业自动化进程加速，传统 劳动密集型岗位持续减少，而机器人维护、系统管理等新兴技术岗位需求显著增长。 2、 普智机器人启动通用产品认证，智元机器人两大核心产品将量产 3、 ...

Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The humanoid robot industry is experiencing accelerated technological iteration and initial commercialization, with domestic manufacturers like ZhiYuan, YueJiang, and ByteDance starting mass production of humanoid robots, indicating a speeding up of the commercialization process [8][21] - Key components such as screws and reducers have seen a greater-than-expected decrease in costs, and the technological solutions are becoming increasingly diverse [8] - Investment focus is shifting towards AI-enabled valuation recovery, with breakthroughs in AI technology expanding application scenarios for humanoid robots and enhancing corporate valuation expectations [8] Summary by Sections Recent Market Review - The humanoid robot index fell by 1.81% during the week of June 30 to July 4, 2025, underperforming compared to the STAR 50 and the CSI 300 indices, but has risen 21.18% year-to-date [15][16] Important Industry Dynamics 1. **Industry Development**: - Madi Technology and Shanghai Robot Industry Technology Research Institute have formed a strategic partnership to enhance the application of intelligent robots in medical, rehabilitation, and elderly care sectors [21] - ZhiYuan Robotics has initiated mass production of its core products G1 and A2 [22] - YueJiang's humanoid robot Atom has begun global delivery, and its CR30H high-speed collaborative robot was showcased in Japan [23][24] - ByteDance's logistics robot production has exceeded 1,000 units, significantly surpassing its initial target [25] 2. **Policy News**: - Shanghai has issued measures to enhance the investment environment, particularly supporting the humanoid robot and intelligent sectors [33] - The establishment of a 10 billion yuan humanoid robot industry investment fund in Hubei Province aims to foster innovation and development in the sector [39] 3. **Supply Chain Dynamics & Company Announcements**: - Jinyang Co. has established a joint venture to focus on the development of joint module products [40] Industry Perspectives - The report emphasizes the importance of focusing on core supply chain companies with technological advantages and mass production capabilities, particularly in key areas such as screws, reducers, motors, and sensors [8][9]