20260727 Weekly View: Bullish on semiconductor equipment industry trend; high-end mSAP process IC substrate expansion benefits PCB equipment leaders

English summary

Core views: (1) Humanoid robots: Multiple catalysts resonate in the sector; Tesla humanoid robots move toward mass production; optimistic about sector sustainability. (2) AIDC power generation equipment: GE V raises order intake and capacity targets; Jereh receives another 10-billion-yuan order, verifying global gas turbine boom. (3) Engineering machinery: June excavator domestic and export sales continue to beat expectations; firmly position at low levels. (4) Semiconductor equipment: Global semiconductor equipment enters a major cycle; focus on price increases and going overseas. (5) Lithium battery equipment: New national standards implemented; solid-state battery industry development accelerates. Key recommendations in machinery sector: China Power, Dongwei Technology, Jereh, CSSC, Hengli Hydraulic, Orbbec, Sany Heavy Industry, Haoma Technology, Eko Photoelectric, AMEC, Lead Intelligent, Bozhon Precision, XCMG, CIMC, CTI, Maxwell. CITIC Construction Investment Machinery Team