CITIC Securities released a research report stating that the U.S. government is prioritizing robotics development, elevating its strategic importance, which aligns with China's industrial advancements, fostering sustained synergy between the two nations. November construction machinery data surpassed expectations, maintaining solid fundamentals and supporting optimism for year-end performance.
In solid-state battery equipment, mid-term evaluations are expected to conclude by year-end, leading to refined technical solutions and heightened certainty. Leading battery and automakers may initiate new rounds of order bidding soon. Key insights include:
**Humanoid Robots** The U.S. administration is focusing on robotics, reinforcing its strategic role in global competition. Robotics, as the physical embodiment of AI, is emerging as a critical frontier in China-U.S. rivalry. U.S. firms are actively investing in robotics, forming a "model-simulation-hardware" closed loop with concentrated capital and technology. Meanwhile, China’s robust supply chain accelerates real-world applications and full-stack technological development. The sector’s recent correction presents opportunities, with catalysts like Gen3 contracts, new product launches, and Unitree’s IPO progress warranting attention.
**Construction Machinery** November excavator domestic sales exceeded forecasts, while exports maintained strong growth despite a high base. Non-excavator segments also saw rapid expansion, underpinning healthy fundamentals. Overseas sales now contribute over 70% to profits for many firms, with recovery trends persisting. Domestic growth extends beyond excavators, ensuring stable Q4 performance.
**Lithium Battery Equipment** Marine electrification is unlocking new applications for lithium batteries. Their high energy density, longevity, and fast charging align with evolving demands across eVTOLs, ships, and energy storage. Solid-state and sodium-ion battery breakthroughs will further accelerate adoption. Year-end evaluations may spur new equipment orders, bolstering sector prospects.
**PCB Equipment** AI-driven PCB upgrades are fueling demand for advanced manufacturing tools. High-layer counts, precision wiring, and reliability requirements are reshaping processes. Key segments like drilling (15% value share) and plating (19%) offer high barriers and growth potential. Companies like *Dingtai Hi-Tech* (drilling) and *Dongwei Technology* (plating) are well-positioned.
**Forklifts & Mobile Robots** Domestic and export sales of large forklifts grew steadily (July–October: +5% to +23% YoY). Smart logistics and autonomous forklifts are gaining traction, with leading firms launching embodied intelligence products in Q4.
**Top Picks**: *Hengli Hydraulics, Orbbec, Liugong, XCMG, Jereh, Nabeltec, Sany Heavy Industry, Zoomlion, Anhui Heli, Hangcha Group, CTI, Capital Realm, Lead Intelligent, Bozhon Precision, Haitian International, Yizumi, Rigol, Zhongji Innolight, and Maxwell Technologies.*
**Risks**: Domestic/global macroeconomic volatility, slower-than-expected downstream capacity expansion.
Comments