China Industrials Industrial insights (July): exports, AI-capex and NEV remain key drivers

研报英文原文证据摘录

China Industrials Industrial insights (July): exports, AI-capex and NEV remain key drivers

cate that industry fundamentals

+86-21-3866 8894

continue to strengthen. We expect HDT sales of 100k units in July, up 18% YoY and

down 14% MoM. July's shipbuilding newbuild price index is almost flat MoM. New Yuhua Li

order wins remained strong in June, up 124% YoY. Analyst

yuhua.li@ubs.com

+852-2971 6491

FA demand remains resilient; Maxwell raises 2026 front-end semi target

Jiayi DuFactory automation (FA). We expect July automation order growth to maintain good

Analyst

YoY momentum, albeit possibly sequentially weaker due to the base effect. We expect S1460524040002

robust demand from AIDC-related sectors across a broad base and a mild traditional jiayi-za.du@ubs.com

downstream recovery. Solar/semi equipment. We visited Maxwell this week and +86-21-3866 8684

management remained very positive. The key highlight was the semiconductor front-

Zed Sheng

end business, as the company raised its 2026 revenue target from cRmb2bn to Rmb2- Analyst

2.5bn, driven by faster than expected customer qualification and production ramp. The S1460525030003

company said photovoltaics orders are on track to achieve its 2026 target of Rmb6bn, zed.sheng@ubs.com

supported by HJT equipment and the ongoing ramp of perovskite tandem-cell +86-21-3866 8730

equipment.

Tao Wang

Emerging themes: humanoid deployment and space-computing S1460523110002

Humanoid robots. WAIC 2026 showcased humanoid robots moving from demo to tao-za.wang@ubs.com

real-world deployment, supported by more exhibitors, diverse robot forms and a +86-21-3866 8341

stronger focus on task execution. Differentiation is emerging around generalised

manipulation, long-horizon tasks, multi-robot coordination and closed-loop scenarios,