证券研究报告 行业研究 / 行业点评 2025 年 08 月 04 日 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《智能制造行业周报：如何从水电站全建设期， 看工程机械投资节奏？》2025-07-30 《智能制造行业周报：宇树科技启动 IPO 辅导， 机器人资本化进程再进一步》2025-07-21 《智能制造行业周报：智元与宇树共获亿元大 单，机器人规模化落地进入新阶段》 2025-07-14 《智能制造行业周报：国产算力高景气，设备 确定性凸显》2025-07-06 《智能制造行业周报：固态电池加速验证，整 线设备率先受益》2025-06-30 证券分析师 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 宇树科技加速产品降本与应用场景扩展 ——爱建智能制造周报（2025/07/28-2025/08/01） 投资建议： 1）头部机器人整机厂商加速推进产品降本与渠道拓展，商业化落地节奏加快，建议关注核心 零部件配套企业：【德昌电机控股】【隆盛科技】【中大力德】； 2）算力高景 ...

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].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1] Core Viewpoints - The report highlights the continuous upward trend in prices within the photovoltaic industry chain, driven by supply-side improvements and increasing demand [1][4] - The global photovoltaic installation forecast for 2025 has been adjusted upwards to 570-630 GW, with China's forecast also increased to 270-300 GW [4] - The report emphasizes the importance of technological advancements in humanoid robots and their potential impact on the market [3] Summary by Sections Investment Highlights - The report lists preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Daqian Energy (688303.SH) - Buy-B - Fulete (601865.SH) - Buy-A - Hengdian East Magnet (002056.SZ) - Buy-A - Sunshine Power (300274.SZ) - Buy-A - Canadian Solar (688472.SH) - Buy-A - Deyang Co., Ltd. (605117.SH) - Buy-A - Langxin Group (300682.SZ) - Buy-B - Quartz Co., Ltd. (603688.SH) - Buy-A [2] Market Performance - The report notes that as of June 2025, the cumulative installed capacity of solar power in China reached 110 million kW, representing a year-on-year growth of 54.2% [4] - The average price of polysilicon has increased by 13.5% to 42.0 CNY/kg, while the average price of silicon wafers has also seen significant increases [5][6] Price Tracking - The report provides detailed price tracking for various components in the photovoltaic supply chain, indicating a general upward trend in prices for polysilicon, silicon wafers, battery cells, and modules [5][6][7][8] Investment Recommendations - The report recommends focusing on companies with new technology directions, supply-side improvements, overseas layouts, and domestic substitution strategies, including Aishuo Co., Ltd., Longi Green Energy, Daqian Energy, and others [9]