According to the Zhitong Finance APP, Guojin Securities has released a research report stating that the current global economic landscape is undergoing deep adjustments, domestic manufacturing is accelerating its transformation and upgrading, technological self-innovation continues to break through, and the global competitiveness of domestic brands is continuously improving. Looking ahead to the second half of the year, equipment going overseas and technological confidence will become two core main lines to seek new growth points. It is recommended to pay attention to companies with international competitiveness and those actively embracing new industries, such as JSHL (601100.SH), First Tractor (601038.SH), Yingliu Co., Ltd. (603308.SH), Anhui Heli (600761.SH), and Xugong Machinery (000425.SZ).

The main viewpoints of Guojin Securities are as follows:

Currently, the global economic landscape is undergoing deep adjustments, competition is becoming increasingly fierce, and domestic manufacturing is at a critical historical turning point.

On one hand, traditional manufacturing is facing multiple pressures such as rising costs and resource and environmental constraints, making transformation and upgrading urgent; on the other hand, a new round of technological revolution and industrial transformation is booming, bringing new opportunities and challenges for the development of manufacturing. Against this backdrop, domestic manufacturing is accelerating its transformation and upgrading, technological self-innovation continues to break through, and the global competitiveness of domestic brands is continuously improving, moving towards a new picture of high-quality development. Therefore, looking ahead to the second half of the year, the firm suggests focusing on the two main lines of equipment going overseas and technological confidence to seek new growth points.

Equipment going overseas writes a new chapter in going global.

In the current reshaping of the global industrial landscape, China's equipment manufacturing industry is strongly going overseas through high-end transformation. Since 2020, Chinese machinery equipment, represented by construction machinery and forklifts, has been advancing rapidly overseas; in fact, exports have become one of the main driving forces for the growth of related enterprises in China. The firm is optimistic about the growth potential of emerging markets and the further increase in market share of Chinese enterprises, recommending attention to globally competitive advantageous industries such as construction machinery, forklifts, and ships; as well as agricultural machinery and oil and gas equipment, which have significant room for export share improvement.

Construction machinery: The domestic market has entered a new round of replacement cycle, and emerging markets maintain high prosperity. Forklifts: Demand is bottoming out in the second quarter, and demand is expected to recover in the second half of the year, with the application of unmanned forklifts and humanoid robots opening up growth potential. Ships: The upward cycle of replacement and improved profitability drive rapid growth in performance. Agricultural machinery: Domestic demand is increasing, and exports are expected to open up growth space; oil and gas equipment: The Middle East market has broad space, and domestic oil service companies have great potential.

Technological confidence

In the global technological wave, technological innovation is the only way for new industries to break through. In the field of artificial intelligence, without algorithm innovation and computing power breakthroughs, large models cannot achieve intelligent interaction across languages and fields, nor can they give rise to emerging business formats such as intelligent customer service and AI painting. Technological innovation can not only break through technical bottlenecks and seize the commanding heights of industries but also create new economic growth points. Only by adhering to independent innovation can we take the initiative in "bottleneck" areas such as chips and high-end equipment, solidify the foundation of new industries with hard-core technology, and drive technological confidence to a higher level with innovation engines. From humanoid robots to controllable nuclear fusion, the firm has achieved global leadership in many technical indicators. Technological breakthroughs in emerging technology directions are expected to bring valuation improvements to related sectors It is recommended to pay attention to humanoid robots, controllable nuclear fusion, gas turbines, and industrial mother machines. Humanoid robots: Commercialization of the industry is expected to land in Q4 2025, driving the upstream of the industrial chain. Controllable nuclear fusion: Breakthroughs in high-temperature superconducting materials accelerate the commercial landing of nuclear fusion, with domestic fusion entering the experimental construction phase. Gas turbines: A major national asset, domestic production is accelerating, and AIDC construction opens up new space. Industrial mother machines: The competitiveness of domestic brands continues to improve under independent control, and the humanoid industry is expected to spur a new round of capacity expansion.

Risk Warning: Downstream demand may fall short of expectations, new product innovation may not meet expectations, and competition may intensify