Investment Rating - The industry rating is "Positive" [4] - The companies recommended for "Increase" rating are Zoomlion (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [4] Core Insights - The national construction machinery operating rate for 2025 is projected to be 44.89%, with 18 provinces exceeding 50% [14] - The sales volume of excavators for the entire year of 2025 is expected to reach 235,300 units, with domestic sales of 118,500 units, reflecting a year-on-year growth of 17.9% [33] - The domestic humanoid robot industry remains highly prosperous, with several companies initiating IPO processes, indicating significant investment opportunities in the sector [33] - The Ministry of Industry and Information Technology and other departments have issued guidelines for the construction of zero-carbon factories, aiming to enhance energy efficiency and promote green transformation in key industries [14][15] Industry News - The construction machinery operating rate in 2025 is 44.89%, with leading provinces including Anhui, Zhejiang, and Jiangxi [14] - The port equipment operating rate has shown continuous growth from July to December 2025, indicating a shift in foreign trade dynamics [14] - The guidelines for zero-carbon factory construction emphasize systematic advancement and innovation-driven approaches to reduce carbon emissions in various industries [15] Company Announcements - Tianjin Jinrong Tianyu Precision Machinery Co., Ltd. announced an investment in an industrial fund to enhance its strategic development and market insight [23] - Guangzhou Dayilong Packaging Machinery Co., Ltd. forecasts a net profit growth of 51.88% to 86.27% for 2025, driven by market expansion and operational efficiency improvements [24] Market Review - From January 14 to January 20, 2026, the Shanghai and Shenzhen 300 Index fell by 0.89%, while the Shenwan Machinery Equipment Industry rose by 1.23%, outperforming the index by 2.11 percentage points [25] - As of January 20, 2026, the price-to-earnings ratio (PE) for the Shenwan Machinery Equipment Industry is 50.55, with a valuation premium of 254.64% compared to the Shanghai and Shenzhen 300 Index [26]

Investment Rating - The report rates the robotics industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][8]. Core Insights - The robotics industry is currently experiencing a phase of intensive capitalization, with leading companies preparing for IPOs and existing firms leveraging differentiated capital platforms for expansion. This trend is driven by the industry's transition from zero to one, requiring significant capital for operations, and the favorable regulatory environment creating an optimal window for capitalization over the next 1 to 2 years [2]. - The commercialization of robotics is accelerating, with increased capital expenditure expected to catalyze the development of funding, R&D, industrialization, and application scenarios. The report outlines three stages of commercialization: industrial use, commercial use, and ultimately household use [2]. - Key segments benefiting from the 2026 industrialization of robotics include: 1. The robotics body segment, where leading companies are expected to catalyze market growth through IPOs [2]. 2. The robotics components and modules segment, supported by manufacturing companies in regions like the Yangtze River Delta and Pearl River Delta [2]. 3. The soft technology segment, which may see mergers and acquisitions involving quality startups and unicorns [2]. 4. The application segment, where companies with strong customer loyalty and viable scenarios are likely to launch successful products in collaboration with established robotics firms [2]. Summary by Sections - **Capitalization Phase**: The robotics industry is in a critical phase of capitalization, with numerous companies preparing for public offerings and leveraging existing platforms for growth [2]. - **Commercialization Stages**: The report identifies three stages of robotics commercialization, emphasizing the need for capital and policy support to transition from industrial to household applications [2]. - **Beneficial Segments**: The report highlights four key segments poised for growth, including robotics body, components, soft technology, and applications, each with unique investment opportunities [2]. - **Investment Opportunities**: Recommended stocks include leading companies such as Hengli Hydraulic, Zhejiang Rongtai, and others, indicating a focus on both core and domestic chains within the robotics sector [2].

Core Viewpoint - Hengli Hydraulic's stock has experienced fluctuations, with a recent decline of 2.02% and a total market capitalization of 153.93 billion yuan, while the company shows a year-to-date stock price increase of 4.45% [1] Financial Performance - For the period from January to September 2025, Hengli Hydraulic achieved a revenue of 7.79 billion yuan, representing a year-on-year growth of 12.31%, and a net profit attributable to shareholders of 2.09 billion yuan, which is a 16.49% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Hydraulic decreased by 15.76% to 36,900, while the average circulating shares per person increased by 18.70% to 36,379 shares [2] - The company has distributed a total of 6.177 billion yuan in dividends since its A-share listing, with 3.111 billion yuan distributed over the last three years [3] Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 118 million shares, an increase of 15.19 million shares from the previous period [3] - Huatai-PB CSI 300 ETF is the sixth largest shareholder with 9.1186 million shares, a decrease of 412,000 shares, while E Fund CSI 300 ETF and Huaxia CSI 300 ETF have also seen reductions in their holdings [3]

Core Insights - The hydraulic system is a critical component of construction machinery, acting as its "muscle" by transmitting pressure through liquids to perform various tasks [1][10] - The market size of China's construction machinery hydraulic system industry is projected to grow from 24.477 billion yuan in 2016 to 41 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.66% [11] - By 2025, the market size is expected to reach 43.747 billion yuan, driven by increased investment in major engineering projects and the transition towards intelligent and green manufacturing [11] Industry Overview - The hydraulic system consists of power components (pumps), actuating components (cylinders and motors), control components (valves), auxiliary components (oil tanks, pipelines, seals), and hydraulic oil [4][10] - Hydraulic systems can be classified into open, closed, and semi-closed systems based on their degree of closure [6][7] Market Dynamics - The construction machinery hydraulic system industry has seen a significant increase in demand due to ongoing infrastructure development, urbanization, and advancements in industrial automation [11] - In 2022, the construction machinery industry faced challenges with a revenue drop to 797.7 billion yuan, a 12% year-on-year decrease, but is expected to rebound to 876.6 billion yuan in 2024 [9] Policy Support - Various policies have been implemented to support the hydraulic system industry, including plans to accelerate the replacement of outdated equipment and promote innovation in the sector [8] Industry Chain - The upstream of the hydraulic system industry chain includes raw materials such as steel, cast iron, non-ferrous metals, and rubber products, which are essential for production [9] - The midstream involves the research, production, and sales of hydraulic components, while the downstream focuses on applications in construction machinery [9] Key Companies - Notable companies in the hydraulic system industry include Eddie Precision Machinery, Hengli Hydraulic, and Changling Hydraulic, which are making strides in technology and market presence [2][13] - Eddie Precision has become a leading manufacturer of hydraulic components, with a revenue of 2.374 billion yuan in the first three quarters of 2025, reflecting a 16.49% year-on-year growth [14] - Hengli Hydraulic reported a revenue of 7.79 billion yuan in the same period, with a 12.31% increase [15] Future Trends - The hydraulic system industry is expected to advance towards integration with electromechanical systems and smart technologies, enhancing operational precision and efficiency [16] - There will be a focus on energy efficiency and sustainability, with the adoption of variable pumps and eco-friendly hydraulic fluids [16] - Customized solutions tailored to specific operational environments will become increasingly important as the industry addresses diverse application needs [17]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on mining equipment, AI devices, and consumables [1]. Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant capital expenditure anticipated in mining due to rising prices of non-ferrous metals [6][8]. - The AI sector is experiencing rapid growth, leading to increased demand for high-performance servers, GPUs, and advanced PCBs, which are critical for AI applications [6][20]. - The report highlights key companies in various segments, including industrial control, robotics, machine tools, and testing industries, suggesting a broad range of investment opportunities [6][8]. Summary by Sections Industry Overview - The mechanical industry comprises 636 listed companies with a total market capitalization of approximately 70,956.73 billion yuan and a circulating market value of about 58,998.75 billion yuan [3]. Company Profit Forecasts and Valuations - Several companies are highlighted with strong profit forecasts and investment ratings, including: - Huichuan Technology (300124.SZ): EPS forecasted at 2.11 yuan for 2025, with a strong buy rating [2]. - Falan Technology (603966.SH): EPS forecasted at 0.60 yuan for 2025, with a strong buy rating [2]. - Xinjie Electric (603416.SH): EPS forecasted at 1.83 yuan for 2025, with a strong buy rating [2]. - Other notable mentions include companies like Anhui Heli (600761.SH) and Sany Heavy Industry (600031.SH), both receiving strong buy ratings [2]. Market Performance - The mechanical sector has shown a positive performance with a 1.4% increase in the index, while the overall market performance varied across different indices [10][13]. - The 3C equipment segment experienced the highest growth at 14.4%, indicating strong demand in this area [11]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the AI wave, such as: - Dingtai High-Tech and Zhongtung High-Tech in the consumables sector [20][21]. - Dazhu CNC and Xinqi Micro-Assembly in the equipment sector [20]. - The report emphasizes the importance of high-end equipment and consumables in the PCB market, projecting significant growth in this area [20][21]. Key Data Tracking - The report includes macroeconomic indicators and industry-specific data, such as the manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's health [32][36].

Investment Rating - The SW Machinery Equipment Index increased by 1.91% during the week of January 12-16, 2026, ranking 5th among 31 primary industry categories [3][13]. - Year-to-date, the SW Machinery Equipment Index has risen by 7.40%, ranking 7th among the same categories, while the CSI 300 Index increased by 2.20% [16]. Core Insights - Emphasis on the potential of SpaceX's chain and 3D printing in rocket technology, with a significant increase in satellite frequency resource applications in China [5][23]. - The engineering machinery sector is expected to experience a major upward cycle, with December sales figures exceeding expectations for both domestic and export markets [5][24]. - The AI upgrade potential in CNC systems is highlighted, particularly with the domestic leader Huazhong CNC, which is positioned to leverage AI for performance improvements [5][24]. Summary by Sections Market Review - The SW Machinery Equipment Index's performance during the week and year-to-date is noted, with specific rankings against the CSI 300 Index [3][16]. Core Insights Update - The report discusses the advancements in 3D printing technology in the aerospace sector, the robust demand for engineering machinery, and the growth potential of AI in CNC systems [5][24]. Key Data Tracking - General machinery sector remains under pressure, while engineering machinery shows accelerated growth, and railway equipment maintains steady growth [25][35][45]. - The shipbuilding sector is experiencing a slowdown, while oil service equipment is stabilizing at the bottom [49][51]. Industry Dynamics - The report outlines significant developments in various sectors, including the successful launch of new technologies and projects in the general machinery and robotics fields [60][62][64].

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The report highlights three major investment opportunities in the mechanical equipment sector: the Belt and Road Initiative, demand recovery in Europe and the US, and the transition from capacity to technology export in high-end manufacturing [2][18] - Solid-state battery technology is accelerating, benefiting equipment manufacturers, with significant investments from leading companies like BYD and Gotion [3][20] - The humanoid robot sector is poised for growth with Tesla's Optimus V3 nearing mass production, indicating strong market potential for core suppliers [4][41] Summary by Sections Investment Recommendations - Recommended companies include: Northern Huachuang, Sany Heavy Industry, Zhongwei Company, Hengli Hydraulic, CIMC, Tuojing Technology, Haitai International, Bichu Electronics, Jingsheng Mechanical, and others [1][15] Mechanical Equipment Export - China’s foreign investment is growing rapidly, with a focus on the Belt and Road Initiative, which is driving demand for domestic equipment in resource-rich countries [2][18] - The report emphasizes the importance of high-quality targets with significant exposure to European and American markets, particularly in hand tools and forklifts [19] Lithium Battery Equipment - The solid-state battery industry is experiencing rapid industrialization, with key players accelerating their production capabilities [3][20] - Recommended companies in this sector include: Xian Dao Intelligent, Lian Ying Laser, and Hangke Technology [3][20] Humanoid Robots - The report notes that the release and mass production of Tesla's Optimus V3 will be a significant event for the industry, with a focus on core suppliers with high production certainty [4][41] - Recommended companies include: Hengli Hydraulic, Sanhua Intelligent Control, and Top Group [4][41] Forklift Industry - The report indicates a decline in domestic forklift sales but anticipates a recovery in 2026 due to low base effects and improving overseas market conditions [5][19] - Recommended companies include: Hangcha Group, Anhui Heli, and Zhongli [5][19] High-end Manufacturing Export - The report highlights the shift from capacity export to technology export, with a focus on light module equipment and lithium battery equipment [2][18] - Recommended companies include: certain HJT equipment leaders and Aotewei [20][39] Data Center and Liquid Cooling - The report discusses the emergence of liquid cooling technology as essential for data centers, driven by increasing power density and cooling demands [45] - Recommended companies in this sector include: Yingwei Technology and others [34][45]

人民财讯1月17日电，恒立液压（601100）消息，1月16日上午，全球首套156米打桩船闭式能量回收系 统及最大启闭液压缸下线仪式在江苏常州恒立液压总部举行。该套油缸交付后，将正式进入打桩船的安 装与全系统联调阶段，预计今年6月应用于世界最大水深桩基础工程——巴西萨尔瓦多跨海大桥的建 设。 ...

#搭载常州造智能油缸的打桩船首站出海拉美#【#这颗打桩船的超级心脏由常州造#】1月16日，全球首 套156米打桩船闭式能量回收系统及全球最大启闭油缸在江苏恒立液压成功下线，将装配于目前在建的 全球最大156米动力定位打桩船"铁建大桥桩1"号上，开启服务全球基建的使命。标志着全球首套及全球 最大"常州造"智能油缸成功下线，即将出海参建拉美最大跨海斜拉桥。@新华日报 ...

Core Insights - The world's first closed energy recovery system and the largest hydraulic cylinder, both developed in Changzhou, have successfully rolled off the production line, set to be installed on the world's largest 156-meter dynamic positioning pile driver, "Tie Jian Da Qiao Zhuang 1" [1][3] Group 1: Product Specifications - The hydraulic cylinder features a diameter of 1.6 meters, a piston stroke of 21 meters, and a fully extended length of nearly 50 meters, equivalent to a 17-story building [3] - It has a rated thrust of 5,000 tons, capable of lifting 3,500 family cars simultaneously, making it the largest in terms of weight, diameter, length, and thrust globally [3] Group 2: Technological Advancements - The development involved collaboration between China Railway Construction Bridge Bureau, leading domestic enterprises like Hengli Hydraulic, and renowned universities, forming a comprehensive industry-academia-research application system [6] - The project team addressed significant manufacturing challenges, achieving a straightness error of less than 0.2 millimeters for a 24.6-meter-long piston rod, ensuring high reliability and durability [6] Group 3: Energy Efficiency and Environmental Impact - The newly developed system incorporates a closed energy recovery system, achieving a 40% energy recovery rate by converting braking energy into electrical energy during various operational conditions [10] - Compared to traditional open systems, the closed hydraulic system reduces the hydraulic oil tank volume from 55 cubic meters to 48 cubic meters, freeing up valuable space for equipment and personnel [10] Group 4: Strategic Importance - The 156-meter dynamic positioning pile driver will first be deployed for the Salvador Cross-Sea Bridge in Brazil, contributing to the "Belt and Road" initiative and marking a significant milestone for China's high-end marine engineering equipment in global infrastructure [13] - This delivery breaks the foreign monopoly in the ultra-large hydraulic component sector, establishing complete autonomy from core components to systems, thereby strengthening China's capabilities in deep-sea engineering and offshore wind power construction [15]