China Securities Co., Ltd.: Continuous catalysts for humanoid Siasun Robot & Automation; AIDC, construction machinery, semiconductors, and lithium battery equipment see synchronized prosperity.

China Securities Co., Ltd. released a research report stating that Unitree's (688836.SH) listing on the STAR Market establishes a valuation anchor, and valuations of humanoid robot OEMs are expected to be reshaped, with Optimus V3, domestic new products, and IPOs continuing to provide catalysts. Global gas turbine orders in 2026Q2 reached approximately 38GW, a record quarterly high. In July, excavator domestic and export sales resonated upward, with exports up 21.2% year-on-year, industry structure improving, and leading enterprises raising prices. SEMI expects sales to reach a record high of $165.9 billion in 2026, with attention on domestic substitution of components. The solid-state mass production timetable for lithium battery equipment is converging, with triple catalysts from policy, mass production, and equipment resonating, bullish on the lithium battery equipment and solid-state battery sectors. China Securities Co., Ltd.'s main viewpoints are as follows: Humanoid Siasun Robot & Automation: Continuous catalysts at home and abroad, recommend focusing on high-quality segments Unitree's listing on the STAR Market establishes a valuation anchor for the humanoid Siasun Robot & Automation sector. OEMs can directly reach end customers and occupy a high value position in the value chain, with valuations expected to be reshaped. Currently, Siasun Robot & Automation companies are actively promoting multi-dimensional capability building including "brain," "cerebellum," and "body," actively exploring applications in industrial, commercial, and other scenarios, with shipment scale continuously expanding; as the generalization level of Siasun Robot & Automation improves, its application scenarios are expected to further expand. Physical AI is the next wave of artificial intelligence, and Siasun Robot & Automation is one of the best physical carriers of AI, with a clear industry development trend. Subsequent Optimus V3 release and mass production progress, domestic Siasun Robot & Automation new product launches, Siasun Robot & Automation company IPO advancement, and application implementation will continue to bring catalysts to the sector, and it is recommended to focus on high-quality segments. AIDC Power Generation Equipment: Global gas turbine prosperity continues, core component segments constrain delivery, gas internal combustion engines growing rapidly Demand side: Global gas turbine orders in 2026Q2 were approximately 38GW, a record quarterly high, with the US contributing nearly half; meanwhile, internal combustion engine capacity for data center-related projects under development (including announced, pre-construction, and construction stages) has more than tripled to 45GW over the past six months. Malaysia's data center electricity share rose to 9.3% in the second week of August, above the 2026 average of 7%, and is expected to account for up to 31% of Peninsular Malaysia's electricity demand by 2035. To accommodate demand growth, approximately 9GW of new gas power generation capacity is expected to be needed by 2032. In addition, Shanghai Electric Group won the bid for Malaysia's first 500MW-class combined cycle project with its first gas turbine set, laying a solid foundation for its deep cultivation of the Malaysian and Southeast Asian gas turbine markets. Supply side: BNEF expects announced expansion plans to drive global gas turbine annual capacity up by more than 50% by 2030, with the three giants contributing 28GW of the 35GW of new capacity, but upstream segments such as single-crystal blades, forgings, special alloys, and generators still constrain delivery. The bank's view: Q2 global gas turbine orders hit a record high, with US gas power generation under construction and AIDC-related project proportions rising simultaneously. Heavy-duty gas turbine delivery slots are scarce, some customers need to shorten commissioning cycles through modular equipment, hot-end components still constrain heavy-duty gas turbine delivery, the gas internal combustion engine market is also growing rapidly, and the industry supply-demand gap will continue. Domestic gas turbines, with shorter delivery cycles, higher cost-effectiveness, and continuously enhanced product competitiveness, are expected to accelerate gaining overseas market share. Construction Machinery: July excavator domestic and export sales continue to resonate upward, sector will see quarterly improvement In July 2026, 19,521 excavators of various types were sold, up 13.9% year-on-year. Among them: domestic sales were 7,608 units (including 41 electric excavators), up 4.13% year-on-year; exports were 11,913 units (including 62 electric excavators), up 21.2% year-on-year. Overall, domestic and export sales maintained positive growth, with exports still maintaining a high growth rate of over 20%, while domestic sales growth decelerated somewhat, with small excavator growth declining structurally, and affected by the relatively high domestic sales base in Q3 last year, the overall trend remains favorable, and continued resonance of domestic and external demand is expected. This year's excavator domestic sales show a noticeable post-peak shift, because this year's Spring Festival was later than last year, and domestic excavators have recovered to high year-on-year positive growth since March, expected to continue growing. Exports maintain strong performance, unaffected by international situations, tariff changes, interest rate hike expectations, and other disturbances, with China's construction machinery high-growth momentum maintained. Domestic structure improving, leading enterprises beginning to raise prices. Sany, XCMG, Guangxi Liugong Machinery, Shantui, and other companies announced price increases for excavators, cranes, and other products, reflecting the easing of the industry price war since the beginning of the year, with the industry turning toward healthy development. Semiconductor Equipment: Global prosperity cycle continues to be confirmed, focus on overseas expansion progress SEMI updated its forecast, expecting semiconductor equipment to continue growing over the next 3 years. SEMI expects global semiconductor manufacturing equipment sales to hit a historic high of $165.9 billion in 2026, up 23.2% year-on-year. Growth momentum is expected to continue through 2028, with total equipment sales expected to reach a record $229.5 billion, achieving five consecutive years of growth. TSMC raised its 2026 capex. TSMC expects full-year 2026 capital expenditure of $60-64 billion, previously estimated at $52-56 billion, an increase of $8 billion, or about 15%. ASML's overall performance comprehensively exceeded market and the company's previous guidance. Quarterly total net sales were 9.326 billion, up 21% year-on-year and 6.4% quarter-on-quarter, significantly surpassing the company's previous guidance of 8.4-9.0 billion and the market consensus of 8.85 billion, raising full-year performance targets for the second time this year, with AI computing power + storage recovery dual-driven industry prosperity, and profit structure continuously optimizing. Global semiconductor equipment components are experiencing a historically rare full-chain price increase wave. Pricing power in the semiconductor industry chain is structurally shifting upward from chip terminals to equipment and components segments. Component companies are smaller in scale with high fixed cost ratios, so price increases directly profits; meanwhile, production line expansion cycles last 12-18 months, with the worst supply elasticity. Attention should be paid to domestic substitution demands and price increase logic brought by extended delivery times from overseas suppliers of valves and piping, ceramic parts, RF power supplies, GAS BOX, etc. Lithium Battery Equipment: Solid-state mass production timetable converging, equipment segment inflection point established First, on the policy side, supporting the strong and limiting the weak reshapes cost order: On September 1, lithium-ion batteries ended a decade-plus tax exemption cycle and began levying a 2% consumption tax, rising to 4% from September 2027, while solid-state batteries, sodium-ion batteries, and fuel cells are exempt until the end of 2028, and tax exemption eligibility must be premised on meeting national standards and obtaining CMA test reports. Tax leverage and the national standard system are linked for the first time, both accelerating the clearing of low-end capacity through tax burden costs and setting a certification standard for the authenticity of technology routes, thus rewriting the relative cost curves of liquid and solid-state. Second, on the industry side, mass production milestones are converging across the board: the Yibin World Power Battery Conference concluded with a 2027 vehicle installation target, Chery announced all-solid-state vehicle verification in 2027 and hybrid solid-liquid battery installation in Q4, BYD Company Limited's Bishan 20GWh all-solid-state mass production line broke ground in Q3, the Ministry of Industry and Information Technology clarified the route for lithium-rich manganese-based, silicon-based anode, and solid electrolyte, leading battery customers have initiated GWh-level mass production line tenders and gradually placed orders, and the all-solid-state full line has completed delivery and phased acceptance to leading automakers, with the equipment segment transitioning from R&D verification to small-scale delivery. Third, on the trend side, engineering manufacturing has become the competitive focus: dry electrode is regarded as the necessary path for all-solid-state mass production, with comprehensive energy consumption reduced by about 60% compared to wet process, and the value of iconic equipment such as isostatic pressing and dry roll pressing is rising. Industry consensus is shifting from parameter competition to equipment entry and yield ramp-up, with low-altitude and embodied high-specific-energy scenarios leading volume growth, and a clear layered path for automotive-scale production by 2030. Policy, mass production, and equipment triple catalysts resonate, continue to be bullish on the allocation value of the lithium battery equipment and solid-state battery sectors. Risk reminders: (1) Domestic macroeconomic fluctuations; (2) Overseas market fluctuations; (3) Downstream expansion falling short of expectations.