Analysts from China Securities Co., Ltd. have released a research report stating that the humanoid robotics sector is experiencing multiple catalytic drivers resonating together, with Tesla's humanoid robot moving towards mass production, and they remain optimistic about the sector's sustainability. AIDC power generation equipment continues to maintain high prosperity, and they firmly believe in the overseas expansion of domestic gas turbines. Excavator sales in June, both domestic and international, continued to exceed expectations, suggesting a firm opportunity to position at lower levels. The global semiconductor equipment sector has entered a major cycle, with attention on price increases and international expansion. For lithium battery equipment, energy storage is taking over as a driver and solid-state batteries are breaking new ground, with high equipment-side demand resonating with accelerated industrialization.
Humanoid Robotics: Multiple Catalysts Resonate, Focus on Quality Segments
Tesla's Optimus is entering the mass production era, Unitree's IPO is progressing smoothly, and Ubtech has released a new hyper-realistic bionic product, indicating multiple catalysts resonating within the sector. Physical AI is considered the next wave of artificial intelligence, with robots being one of the best physical carriers for AI, and the industry's development trend is clear. Leading manufacturers are actively promoting the application of humanoid robots in industrial and commercial scenarios. As the generalization capabilities of robots improve, their application scenarios are expected to further expand, with 2026 potentially being a significant year for vertical applications of humanoid robots. The orderly progress of mass production by leading companies and the gradual clarification of supply chain volume guidance validate the scaling-up pace. Subsequent releases of V3 products and mass production applications warrant close attention. Additionally, new product releases, IPO progress, and application deployments by domestic robotics companies continue to catalyze the sector's performance. The outlook for the sector is positive, with a recommendation to focus on high-quality segments.
AIDC Power Generation Equipment: High Industry Prosperity Continues, Firmly Optimistic About Domestic Gas Turbine Exports
On the demand side: Doosan Enerbility secured orders for 10 gas turbines in the first quarter; Meta announced the construction of a 1GW AI data center in Canada, with a supporting 932MW (phase one, expandable to 1,864MW long-term) gas-fired combined cycle power plant; Kodiak signed a multi-year framework agreement with Baker Hughes for up to 1.8GW of gas turbines, with the first batch of approximately 1GW equipment planned for delivery before 2030.
On the supply side: The Chestnut Run project in the US was forced to adjust its turbine model and installed capacity due to an inability to secure the originally planned units, indicating that equipment supply remains a core bottleneck for the industry, suggesting that original equipment manufacturers' delivery times and pricing power are likely to remain strong. Domestically, Dweller obtaining a supply qualification for a Mitsubishi overseas project further validates the trend of overseas OEMs releasing orders to China's high-end component supply chain.
Viewpoint: This week, there were no signs of cooling in the industry's fundamentals, and they remain firmly optimistic about the overseas expansion of domestic gas turbines. The short-term market may trade on order timing and overseas supply expansion, but what is truly scarce at the industrial level is gas turbine capacity and delivery capability for 2028-2030. Furthermore, domestic gas turbines themselves represent a short-delivery capacity supplement. For the domestic gas turbine supply chain, entering the overseas performance period could lead to upward potential, and companies demonstrating sustained order-winning ability are expected to stand out.
Construction Machinery: June Excavator Sales Exceed Expectations, Firm Positioning at Lower Levels
In June 2026, sales of various types of excavators totaled 25,445 units, a year-on-year increase of 35.3%. Of these, domestic sales were 10,898 units (including 65 electric excavators), up 33.9% year-on-year; exports were 14,547 units (including 34 electric excavators), up 36.4% year-on-year. Both domestic and international growth rates accelerated. Domestic excavator sales this year have shown a clear shift of the peak season later in the year, as the Chinese New Year was later compared to last year. Domestic excavator sales have maintained relatively high year-on-year positive growth since March and are expected to continue growing. Exports maintained strong performance, seemingly unaffected by international situations, tariff changes, or interest rate cuts, with China's engineering machinery maintaining a high-growth trend.
Domestic market structure is improving, with leading companies beginning to raise prices. Starting May 1st, companies including Sany, XCMG, Liugong, and Shantui announced price increases for excavators of approximately 5%. Sany and XCMG also raised prices for crane products, reflecting a moderation in the industry price war that began early in the year and a shift towards healthier development.
Semiconductor Equipment: Global Prosperity Cycle Confirmed, Focus on Price Increases and Exports
SEMI's upward revision of full-year expectations and SK Hynix's plan to triple capacity by 2034 continue to confirm the global semiconductor equipment prosperity cycle. On June 11, SEMI released a report significantly raising its 2026 growth forecast for the global front-end semiconductor equipment market size from the previous 16.5% to 23.5%, reaching $152.2 billion. Global semiconductor equipment billings in Q1 reached $36.55 billion, up 14% year-on-year, setting a new historical quarterly record. Following the announcement of SK Hynix's five-year plan to double capacity earlier this month, SK Group Chairman Chey Tae-won recently revealed in an interview that if all construction plans proceed as expected, Hynix's capacity by 2034 will be three times the current level.
The components segment is the most elastic direction in this cycle. The global semiconductor equipment components sector is experiencing a historically rare, full-chain wave of price increases. Pricing power within the semiconductor industry chain is structurally shifting from chip end-products towards the equipment and components segments. Component companies are typically smaller with a high proportion of fixed costs, meaning price increases directly translate into profits; simultaneously, production line expansion cycles are long, at 12-18 months, making supply the least elastic. Attention should be paid to the domestic substitution demand and price increase logic driven by extended delivery times from overseas suppliers of valves/piping, ceramic parts, RF power supplies, GASBOX, etc.
Lithium Battery Equipment: Energy Storage Takes Over and Solid-State Breaks Through, High Equipment Demand Resonates with Industrialization Acceleration
The lithium battery equipment industry continues the logical chain of "record-high production schedules — order fulfillment — profit recovery." China's lithium battery production scheduling for July is approximately 283 GWh, up 5.6% month-on-month, marking the fifth consecutive month of刷新历史峰值, with the proportion of energy storage cells rising to 42.9%. Demand is shifting from single-pole growth driven by new energy vehicles to multi-pole growth, with energy storage leaping to become the primary growth engine, sustaining equipment-side prosperity.
Solid-state battery industrialization is accelerating. GWh-scale all-solid-state production lines are密集投产, pilot line construction by leading battery manufacturers is同步提速, and the official release of the solid-state battery industry classification standard in July is accelerating the industry's move from policy guidance towards standardized development. Equipment-side orders are gradually materializing, with Jin Yin Hua securing a front-end core equipment order for a 2GWh solid-state production line from Jinlongyu, marking the beginning of equipment-side benefits. Many automakers view 2026 as the first year for all-solid-state industrialization verification, with the equipment bidding window opening.
Sodium-ion batteries entering their first year of commercialization form a third main theme. CATL released its "Tianheng Sodium Battery Energy Storage" solution in June, with the first batch of deliveries in September, establishing the industry trend from 1 to N. Additionally, lithium battery equipment companies are building second growth curves through platform expansion, overseas布局, and new technology positioning, smoothing cyclical fluctuations operationally and driving a revaluation from "cyclical lithium battery equipment suppliers" to "platform-type high-end equipment manufacturers" in terms of valuation. The sector is currently in a triple resonance window of "high production scheduling prosperity + accelerated solid-state industrialization + sodium battery commercialization," and they continue to看好 the allocation value of the lithium battery equipment and solid-state battery sectors.
Key Recommendations in the Machinery Sector
The report highlights key recommendations within the machinery sector, including China Shipbuilding Industry Group Power Co., Ltd., Dongwei Technology Co., Ltd., Jereh Oilfield Services Group Co., Ltd., China State Shipbuilding Corporation Limited, Hengli Hydraulic Co., Ltd., Orbbec Inc., Sany Heavy Industry Co., Ltd., Hi-Micro, Acuity Technologies, Advanced Micro-Fabrication Equipment Inc., LEAD Intelligent Equipment Co., Ltd., Bozhon Precision Industry Technology Co., Ltd., XCMG Construction Machinery Co., Ltd., China International Marine Containers (Group) Ltd., Centre Testing International Group Co., Ltd., and Maxwell Technologies Inc.
Risk Analysis
Risks include fluctuations in the domestic macroeconomic environment, volatility in overseas markets, and the risk of downstream capacity expansion falling short of expectations.
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