Recently, Soochow Securities released a weekly tracking report on the machinery and equipment industry, which conducted an in-depth analysis of the development of multiple fields and gave corresponding investment suggestions.
In the field of construction machinery, 24,794 excavators of various types were sold in May 2026, a year-on-year increase of 36.2%.
Among them, domestic sales were 11,628 units, a year-on-year increase of 38.6%; exports were 13,166 units, a year-on-year increase of 34.2%.
From January to May 2026, a total of 126,875 excavators were sold, a year-on-year increase of 24.7%.
Among them, domestic sales were 68,127 units, a year-on-year increase of 18.5%; exports were 58,748 units, a year-on-year increase of 32.9%. Both domestic and foreign performance far exceeded market expectations.
Domestic expectations exceeded expectations mainly due to the month-on-month improvement in the Q2 funding rate, which was compounded by last year’s low base; exports exceeded expectations mainly due to the strong prosperity of mining areas such as Africa, which not only hedged against the decline in the Middle East, but also supported the sector to achieve higher growth despite last year’s high base.
Previously, due to differences in capital styles and exchange losses, the sector has been pulled back to a lower position. Sany Heavy Industry, XCMG Machinery, Zoomlion Heavy Industry, Liugong, Shantui Co., Ltd. and Hengli Hydraulics are recommended. It is recommended to pay attention to Aidi Precision.
In terms of optical module equipment, NVIDIA Spectrum-X Ethernet silicon photonics technology is in full mass production, and CPO equipment is gradually approaching.
Spectrum-X silicon photonics technology is in full mass production, with Foxconn, Tianfu and others making outstanding contributions.
The new generation of Spectrum –
Coupling and testing are the core processes of pluggable optical modules &CPO.
Investment suggestions focus on recommending Robotco (CPO double-sided testing, coupling equipment), Keiger Precision Machinery (coupling), Tianzhun Technology (CPO testing equipment), Puyuan Precision (sampling oscilloscope), Bozhong Precision (coupling), pay attention to Huaxing Yuanchuang (sampling oscilloscope), Lianxun Instruments (sampling oscilloscope, KGD test sorting machine), Kerui Technology (coupling, optical devices), Qiangyi Co., Ltd. (CPO probe card), etc.
In the field of PCB industry chain equipment, the NVIDIA GTC Taibei2026 conference was held to release the NVIDIA RTX Spark chip and showcase the Agent PC jointly developed with Microsoft.
This product release has greatly promoted the development of AI terminal lateralization, and the large-scale popularization of Agent is expected to enter an accelerated stage.
At this stage, the industry is focusing on the infrastructure supporting cloud computing power. The accelerated penetration of end-side AI is expected to drive a larger-scale consumer market upgrade and put forward higher requirements for end-side hardware such as PCB and storage.
The mSAP process was mainly used in the field of mobile phone motherboards and BT carrier boards in the past. The current speed upgrade of optical modules has made the production of 1.6T optical module PCBs standard with the mSAP process to achieve denser line width and line spacing.
At this stage, in addition to traditional mSAP process leaders Pengding, Shennan, and Xingsen, many PCB companies are actively expanding production, bringing opportunities to increase equipment demand.
Investment advice: PCB equipment & consumables are mainly recommended [Han’s CNC] [Xinqi Micro Assembly] [Dongwei Technology] [Kage Precision Machinery] [Dier Laser] [Dingtai High-tech] [China Tungsten High-tech] [Xinrui Shares] [Oukeyi], it is recommended to pay attention to [Civil Explosion Optoelectronics].
In the field of HVLP copper foil production equipment, it is recommended to pay attention to [Hongtian Shares] and [Taijin New Energy], and in the field of electronic cloth production equipment, it is recommended to pay attention to [Titan Shares] and [Saurer Intelligent].
In the robotics industry, on June 1, the Shanghai Stock Exchange announced that Yushu Technology’s Science and Technology Innovation Board IPO application had been reviewed by the Listing Committee, and it planned to raise 4.202 billion yuan, mainly for the research and development of intelligent robot models and the construction of manufacturing bases; on June 5, Nvidia CEO Jen-Hsun Huang said that robotics technology is South Korea’s next major industry.
On June 1, NVIDIA announced at the Taipei GTC conference that it had reached an in-depth strategic cooperation with Yushu Technology to jointly launch a new generation of humanoid robot reference design H2Plus. The product is planned to be mass-produced and delivered by the end of 2026, expressing NVIDIA’s optimism for the robot industry chain.
It is recommended to pay attention to the deterministic targets of the T chain: [Hengli Hydraulics] [Sanhua Intelligent Control] [Top Group] [Zhejiang Rongtai] [Wuzhou New Year]; Harmonic consumption is expected to be revised upward: [Green Harmonic] [Sling Intelligent Drive]; Smart hand sector [Zhaowei Electromechanical] [Hanwei Technology] [New Coordinate]; Yushu Chain Core [First Journey Holdings] [Meihu Shares] Galaxy General Chain Core [Tianqi Shares].
In terms of the tungsten industry chain, the tungsten industry has experienced nearly 2 months of tungsten price adjustments and entered a rebound and recovery range in early June.
On May 29, 2026, the online quotation price of tungsten in black tungsten concentrate (≥65%) is 420,000 yuan/ton, and the quotation price of tungsten powder and tungsten carbide powder is 1,000 yuan/kg and 950 yuan/kg.
By June 5, 2026, the online quotation price of tungsten in black tungsten concentrate (≥65%) has rebounded to 500,000 yuan/ton, and the quotation price of tungsten powder and tungsten carbide powder has rebounded to 1,200 yuan/kg and 1,150 yuan/kg.
Within a week, the prices of various finished products in the tungsten industry chain rebounded by 20%.
The investment recommendations focus on recommending [Chinatungsten High-tech], the leader in the entire tungsten industry chain, [Oukeyi] and [Xinrui Shares] in the field of carbide cutting tools and cross-border PCB drill bits through mergers and acquisitions; and [Huarui Precision] in the field of PCB drill bit bars.
However, the report also pointed out risks, including downstream fixed asset investment falling short of market expectations, industry cyclical fluctuation risks, geopolitical and exchange rate risks, etc.
