央视网消息：全长22.13公里的天山胜利隧道，打破了世界高速公路隧道里程的纪录，在天山之上书写了新的世界第一。超长里程、复杂地 质，看中国建设者如何啃下这块"硬骨头"。 天山胜利隧道修建于海拔近3000米的天山腹地，这里群山环抱、常年积雪，最低气温零下42摄氏度。洞内最大埋深1112米，最深的竖井超过 700米。 让建设者团队没有想到的是，仅有技术和装备还是远远不够的。2021年7月的一天，硬岩掘进机掘进到了横穿隧道的F6断层核心区，尽管此前 有诸多预案，但危险还是发生了。 中国交建新疆乌尉高速土建05标段副总工程师崔华新介绍，头顶往上塌了将近20米，还有一股很粗的水在头顶，就像瀑布一样往下冲。 原本坚硬能提供支撑的岩壁，突然碎成了豆腐渣，让硬岩掘进机的两只脚没有了着力点，无法正常前进。 此后的十多条断裂带，硬岩掘进机也一一突破，并以每月300米的速度向前挺进。 中交天和南京分公司副总经理康健介绍，马上组织工人在创新的壳体里进行拱架安装完成支护，相当于人打了一把伞，在伞下边工作，更安 全、更可靠。 中交新疆交通投资发展有限公司总工程师苗宝栋介绍，天山胜利隧道如果采用两端对打的方式，一个洞只有两个工作面，贯通时 ...

Investment Rating - The report indicates a positive outlook for the engineering machinery industry, expecting a significant increase in both quantity and quality during the "14th Five-Year Plan" period and beyond [1][19]. Core Insights - The engineering machinery industry is positioned as a core pillar of equipment manufacturing, crucial for national infrastructure development and economic growth, reflecting the overall strength and competitiveness of a country's manufacturing sector [1]. - The industry is transitioning from scale expansion to quality and efficiency improvement, driven by policy support, technological advancements, and international market expansion [2][3]. - The report forecasts that the industry's revenue will reach 910 billion yuan by 2025, representing a 17.4% increase from 2020, with strong recovery momentum [3]. Policy Drivers - A series of policies have been implemented to create a favorable environment for the engineering machinery industry, including large-scale equipment updates and long-term special bonds, which are expected to stabilize market demand [4][20]. - Major infrastructure projects and the rise of county economies are providing substantial support for industry demand, with significant growth in orders for large equipment in western regions [4]. Technological Advancements - The industry is experiencing a wave of innovation focused on high-end, intelligent, and green technologies, with leading companies achieving breakthroughs in key technologies [8]. - Notable advancements include the development of electric and intelligent machinery, which significantly reduce energy consumption and enhance operational efficiency [8]. International Expansion - Chinese engineering machinery companies are actively expanding into global markets, successfully breaking into high-end markets in Europe and North America, with exports projected to reach or exceed 59 billion USD by 2025 [12][19]. - The report highlights the importance of overseas markets as a growth engine, with a significant increase in the share of overseas revenue for major companies [12][19]. Market Trends - The report identifies a shift from new machine sales to after-market services, including maintenance and remanufacturing, as a new growth area for the industry [38]. - The domestic market is transitioning from an incremental to a stock market, with a strong demand for remanufactured machinery expected to emerge during the "14th Five-Year Plan" period [39][40]. Future Outlook - The engineering machinery industry is anticipated to achieve a dual increase in quantity and quality during the "15th Five-Year Plan" period, driven by policy support and technological advancements [19]. - The report emphasizes the potential for significant market space and growth opportunities, estimating an additional market space of approximately 10 trillion yuan over the next five years [19].

Group 1 - The mechanical equipment industry is experiencing increased demand for specialized equipment such as drilling and blasting equipment, shield machines, and hard rock tunneling machines due to the core engineering volume of long-distance deep-buried water diversion tunnels, which is significantly higher than traditional hydropower projects [1] - High-altitude complex geological conditions are raising the requirements for equipment tunneling efficiency, intelligence level, and cold adaptability, which is expected to drive the verification and volume production of high-end domestic equipment technology [1] - The solid-state battery equipment industrialization process is accelerating, with semi-solid batteries achieving GWh-level shipments and all-solid-state batteries entering the pilot verification stage [1] Group 2 - The Robot Industry ETF (159551) tracks the Robot Index (H30590), focusing on companies involved in the research, production, and application of robotics and automation, reflecting the overall performance of listed companies in intelligent manufacturing and industrial automation [1] - The index exhibits strong characteristics of technological innovation and growth, effectively reflecting the development trends and market movements of the related industries [1] - Investors without stock accounts can consider the Guotai Zhongzheng Robot ETF Initiated Link A (020289) and Guotai Zhongzheng Robot ETF Initiated Link C (020290) [1]

Investment Rating - The mechanical equipment sector is rated as "Outperform" compared to the market, with a weekly performance of +2.56% against the Shanghai Composite Index's +1.69% [2][12]. Core Insights - The mechanical equipment sector has shown strong performance, particularly in the engineering machinery segment, which increased by +5.91% [2][12]. - The Yarlung Zangbo River downstream hydropower project has commenced, with a planned capacity exceeding 60 million kilowatts and an estimated annual generation of 300 billion kilowatt-hours [26][27]. - The investment intensity of the Yarlung hydropower project is significantly higher than that of the Three Gorges project, indicating a greater demand for advanced equipment due to its complex construction requirements [27][28]. Summary by Sections Weekly Market Review - The mechanical equipment sector outperformed the Shanghai Composite Index with a weekly increase of +2.56% [12]. - The engineering machinery segment led the performance with a +5.91% increase [12][16]. Investment Recommendations - Focus on companies involved in specialized equipment for large-scale engineering projects, such as 铁建重工 (China Railway Construction Heavy Industry), 中铁工业 (China Railway Industry), and 山河智能 (Shanhe Intelligent) [5]. - The humanoid robot sector is recommended for investment due to its high cost-performance ratio and upcoming mid-year reporting period, with a focus on core companies like 拓普集团 (Top Group) and 震裕科技 (Zhenyu Technology) [5]. - Companies in high-end computing and storage chip production, such as 拓荆科技 (Tuojing Technology) and 盛美上海 (Shengmei Shanghai), are expected to benefit from the ongoing demand for key equipment [5]. Hydropower Project Analysis - The Yarlung hydropower project is the largest globally, with a total investment of 1.2 trillion yuan, indicating a high unit investment intensity of 0.28 million USD per megawatt, which is 2.3 times that of the Three Gorges project [27][28]. - The construction phases of traditional hydropower projects involve significant equipment demand, particularly during the peak construction phase [30][31]. Robotics and Automation - The humanoid robot market is accelerating, with companies like 宇树科技 (Unitree Technology) launching new products at competitive prices, indicating a trend towards cost reduction and increased market penetration [39][40]. - 优必选 (UBTECH) has secured a significant order for humanoid robots, highlighting the growing demand in industrial applications [39][40]. Semiconductor and Battery Equipment - Longjiang Storage is set to trial its first fully domestic production line, aiming to double its output and capture a larger market share in NAND flash memory [41]. - Companies like 孚能科技 (Fengneng Technology) and 豪鹏科技 (Haopeng Technology) are advancing in solid-state battery production, with significant improvements in energy density and safety features [42]. Nuclear Fusion - The establishment of the Fusion Energy Group, aimed at accelerating the commercialization of nuclear fusion technology, marks a significant development in the energy sector [43].