Investment Rating - The report maintains a "Buy" rating for the mechanical industry, indicating a projected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [1]. Core Insights - The 2025 Smart Robot Development Conference was held in Nanjing, showcasing over 40 robots from 29 companies, including the second-generation humanoid robot Codroid 02, which features advanced capabilities for both heavy lifting and precision tasks [2]. - Pudu Robotics achieved a significant milestone with the production of its 100,000th robot, the AI-powered PUDU CC1 Pro, marking a new phase in the commercialization of service robots [3]. - The humanoid robot sector is expected to experience a breakthrough in 2025, with mass production driving the downstream supply chain and addressing data scarcity issues, leading to more practical applications [7]. - The report highlights the importance of various components in the humanoid robot industry, including advanced dexterous hands and cost reduction in production processes [7]. Summary by Sections Humanoid Robots - The humanoid robot industry is poised for significant growth, with advancements in technology and increased production capacity expected to enhance practical applications [7]. - Companies such as Estun and others are leading in the development of complex robotic components [7]. Machine Tools & Cutters - Japan's machine tool orders in April 2025 reached 130.206 billion yen, showing a year-on-year increase of 7.7% [8]. - China's metal cutting machine tool production from January to April 2025 was 264,000 units, reflecting a year-on-year growth of 16.8% [8]. Agricultural Machinery - The agricultural machinery market in China showed a slight decline in the AMI index to 43.5% in May 2025, with various indices indicating mixed trends [9][10]. - The report suggests a long-term increase in demand for agricultural machinery, particularly in the context of the Belt and Road Initiative [10]. Engineering Machinery - The engineering machinery sector is recovering, with excavator sales in May 2025 reaching 18,202 units, a year-on-year increase of 2.1% [14]. - The report anticipates continued demand recovery driven by infrastructure investments [14]. Semiconductor Equipment - The report notes that the implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment [17]. - The emphasis on domestic production capabilities is expected to grow, particularly in light of recent trade policies [18]. New Energy Equipment - Significant technological breakthroughs in solar energy were reported, with new efficiency records set for solar cells [19][20]. - The report indicates a healthy competitive environment returning to the solar market, driven by policy support and technological advancements [20]. Low-altitude Economy and EVTOL - The low-altitude economy is identified as a strategic emerging industry, with expected acceleration in development and investment [21]. - The report highlights initiatives in various regions to support the growth of low-altitude economic activities [21].

1、荣耀CEO李健回应机器人业务 近日，荣耀CEO李健在荣耀400系列发布会上官宣了荣耀已经进军机器人业务的消息，并展示了一款机器 人。据悉，展示的这款机器人，跑步速度已经达到4m/s，打破了之前的机器人行业纪录。值得注意的是， 荣耀在机器人方面进行布局铺垫已久。早在今年3月举行的2025世界移动通信大会上，荣耀正式发布"荣耀 阿尔法战略"，宣告其将从智能手机制造商向全球领先的AI终端生态公司转型，该战略计划在未来五年内 投入100亿美元，构建全球AI终端生态体系。 近日，NVIDIA Connect 成员优必达 (Ubitus) 宣布已与马偕纪念医院合作开发三款 AI 驱动的多模态医疗 机器人。据悉，此次合作项目将使用 NVIDIA Omniverse和Isaac Sim模拟医院环境，从而能够实现部署前 的虚拟测试、协作和任务训练。作为合作的一部分，优必达与马偕纪念医院联合开发了三款适用于各种医 疗应用的智能机器人，将 NVIDIA 的尖端技术与专有的 AI 模型相结合，包括自主移动机器人、人形机器 人和四足机器人。此外，优必达表示每个机器人都使用带有 Llama 4 大型语言模型 (LLM) 和 NVID ...