Guosen Securities: The growth of the machinery industry in 2026 focuses on AI infrastructure and humanoid robots, seizing the growth opportunities of industry upgrading.

Guosen Securities released a research report stating that the AI wave and energy revolution bring opportunities for industrial upgrading. The rapid development of AI itself has led to explosive growth in AI infrastructure demand, AI empowerment continuously improves social efficiency, and promotes technological progress to open up more new application areas. The utilization of new energy continuously reduces social costs, providing better supply support for industrial upgrading. All of this cannot be separated from the support of the midstream machinery industry. The bank believes that most of the sub-industries in the machinery industry are expected to usher in opportunities for industrial upgrading under AI empowerment. Taking into account the long-term industry logic and the medium-term industry outbreak rhythm, the bank focuses on investment opportunities in the sub-sectors and core targets that have both performance and valuation growth in the current market environment with sufficient liquidity. From top to bottom, the focus is on AI infrastructure and humanoid robots for growth, while value is emphasized on engineering machinery and leading subsectors with scale capability. At the bottom, the focus is on benefiting from the unified market and countering the internal competition in photovoltaic equipment and lithium battery equipment.