机械- 中国调研要点：需求与竞争均超预期；个股选择至关重要-Machinery_ China research trip takeaways_ Demand and competition both exceeding expectations; stock selection is essential

As our China Industrial Tech analyst Jacqueline Du has noted (related report), post-Chinese New Year demand trends are clearly polarizing between companies maintaining favorable yoy momentum and those that are not. We believe the two factors determining the divergence in momentum are: (1) whether or not a company is involved in the semiconductor sector, and (2) whether or not a company has AI-related demand as a driver. The strength and bright outlook of the former is evident, and we conducted a China resea ...