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、 ...

证券研究报告：机械设备|深度报告 发布时间：2025-07-07 行业投资评级 | 收盘点位 | | 1643.73 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | 行业相对指数表现（相对值） -7% -1% 5% 11% 17% 23% 29% 35% 41% 47% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:傅昌鑫 SAC 登记编号:S1340524070004 Email:fuchangxin@cnpsec.com 近期研究报告 强于大市|维持 行业基本情况 《关注特斯拉 Optimus Gen3 发布》 - 2025.06.30 智元 G1、A2 等核心产品启动一定规模量产 ⚫ 本周行情回顾 本周（2025.06.30-07.04）人形机器人指数下跌-1.81%，跌幅超 过同期科创 ...