China Securities Co., Ltd.: Siasun Robot & Automation's humanoid robot division gradually enters the configuration range. AIDC power generation equipment continues to benefit from North American power shortages.

China Securities Co., Ltd. issued a research report stating that the humanoid Siasun Robot & Automation sector is gradually entering the configuration range. Domestic companies such as Yushu are continuously advancing their IPO, and the value of their core products is high and close to end customers. They hold a significant position in the industry chain, with prominent brand power. Manufacturers of core products are expected to undergo revaluation, and it is recommended to pay attention to the related supply chain. On the overseas front, Tesla's Optimus 3 is set to start production this summer, with the potential to enter a high production stage next year. The Optimus version continues to be updated, further enriching product applications and moving towards consumer end (C-end). In the AIDC power generation equipment sector, according to the bank's calculations, global demand for gas turbines is expected to exceed 120GW by 2028, with global supply estimated at around 90GW. The gap continues to widen, and trends such as gas turbine industry chain and ship-to-gas conversions are still favored. China Securities Co., Ltd.'s main points are as follows: Humanoid Siasun Robot & Automation: The sector is gradually entering the configuration range, and the Yushu IPO and Tesla V3 are both poised for action. The domestic market has shown great interest in domestic Siasun Robot & Automation during the Chinese New Year's Eve Gala, demonstrating outstanding control performance and operational capabilities. It is expected that by 2026, it will be a banner year for humanoid applications. Meanwhile, domestic companies like Yushu in Siasun Robot & Automation are continuing their IPO, and their core products have high value and are close to end customers. They hold a significant position in the industry chain, with prominent brand power, and manufacturers of core products are expected to undergo revaluation. It is recommended to pay attention to the related supply chain. On the global front, Tesla's Optimus 3 is set to start production this summer, and is expected to enter a high production stage by next year, following the S-curve of production. At the same time, the Optimus version continues to be updated, with the potential to further enrich product applications and move towards consumer end (C-end). Construction machinery: Exports of excavators in January-February showed high growth, and it is expected that Q1 performance will be good. In January-February 2026, a total of 35,934 excavators were sold, an increase of 13.1% year-on-year. Among them, domestic sales were 15,478 units, a decrease of 9.19% year-on-year; exports were 20,456 units, an increase of 38.8% year-on-year. While domestic sales declined year-on-year, exports showed strong performance. As a major contributor to business performance, it is expected that the performance of main machine manufacturers in Q1 will achieve high growth. Overall, the bank expects the domestic market to achieve a growth of over 10% in 2026, and exports to achieve a growth of over 15%. Semiconductor equipment: With the SEMICON exhibition approaching, new product releases from various companies are expected to catalyze the sector. In terms of downstream expansion, it is expected that capital expenditure for fab factories will continue to rise in 2026. Storage is strongest, and advanced logic is expected to continue to show strong performance. In terms of localization, downstream industries are accelerating the inclusion of domestic equipment, and the process of domesticating components, especially module components, is expected to accelerate. The sector's fundamentals are generally good, and it is important to focus on "dejaponizing" this round. Lithium battery equipment: Automakers have clearly outlined guidelines for all-solid-state for vehicles, waiting for bids on the equipment side to catalyze. Significant progress has been made in the industrialization of solid-state batteries. Major companies have announced the successful launch of all-solid-state batteries and subsequent guidelines for vehicles, attracting significant attention. Currently, the sector is in a "hit zone." Leading battery manufacturers have also started bidding for GWh-level all-solid-state battery production equipment, planning to achieve small-scale demonstration vehicles by 2027 and mass production by 2030. The time window for equipment orders to be fulfilled and performance to be released is opening, and expectations are high for the rise in quantity and price of the industry chain. The configuration value of the solid-state battery sector continues to be favored. Forklift & Mobile Siasun Robot & Automation: Predicted double increase in domestic and export forklifts in January-February, bullish on smart logistics-related businesses. Bullish on domestic and export demands for forklifts resonating upwards. Leading companies are actively deploying intelligent logistics and unmanned forklifts. In Q4 2025, they launched intelligent products related to logistics with physical intelligence, and "unmanned" is expected to rapidly expand. Risk warnings (1) Risks of fluctuation in domestic macroeconomic conditions: Machinery is a typical intermediate capital goods industry, connecting upstream and downstream, closely related to macroeconomic fluctuations. Any major shift in domestic macroeconomic policies will inevitably affect the overall demand of the machinery industry. (2) Risks of volatility in overseas markets: Chinese companies going abroad will inevitably face various frictions in the future. Whether they are temporary setbacks or the formation of new trends needs to be judged cautiously. (3) Risks of downstream expansion falling short of expectations: If downstream industries expand less than expected, the corresponding demand for equipment will decrease, adversely affecting companies' orders and performance in the industry.