高端制造产业跟踪（3月）：Optimus订单落地，工程机械关税影响可控

Investment Rating - The report assigns an investment rating of "Positive" for the high-end manufacturing industry [3]. Core Viewpoints - The humanoid robot industry is advancing towards commercialization, with Tesla's Optimus orders being fulfilled and Figure AI announcing plans for a production line capable of producing 100,000 units over the next four years. The current market lacks valuable application scenarios, but demand exists, and advancements in large model technology are expected to bridge the gap between supply and demand in the next 3-5 years. Companies to watch include Wuzhou Xinchun, Zhaowei Electromechanical, and Fengcai Technology [15][16]. - The engineering machinery sector is experiencing a strong start, with significant sales growth in excavators and forklifts. In February 2025, excavator sales reached 19,300 units, up 52.8% year-on-year, with domestic sales increasing by 99.4%. The China Machinery Industry Index (CMI) for March 2025 was 128.56, indicating a robust market [15][16]. - The comprehensive tariff on China's exports of engineering machinery to the U.S. has risen to 79%, but the impact is manageable due to the limited proportion of exports to the U.S. The expected export value for 2024 is $52.859 billion, with the U.S. accounting for$4.055 billion, or 7.7% [16]. - The mining machinery sector is showing signs of recovery, with the Parker Bay surface mining equipment index rebounding significantly in Q4 2024. Orders for mining equipment from major companies like Weir and Metso have also seen notable growth [16]. Summary by Sections Section 1: Industry Insights - The humanoid robot industry is in its early stages of commercialization, with significant developments expected in the next few years [15]. - The engineering machinery market is thriving, with impressive sales figures and a positive outlook for the coming months [15][16]. Section 2: Data Tracking - In February 2025, excavator sales reached 19,300 units, with domestic sales up 99.4% year-on-year [67]. - The CMI for March 2025 indicates a strong market, with a year-on-year increase of 18.28% [15][16]. Section 3: Market Performance - The engineering machinery sector has shown resilience despite tariff challenges, with a diversified export market [16]. - The mining machinery sector is expected to maintain steady growth, driven by global demand for mining resources [16].