Guoyuan Securities recently released its 2026 annual investment strategy for the machinery and equipment industry, providing in-depth analysis of the development trends of multiple sectors and offering valuable references for investors.
In the construction machinery and cutting tool sectors, construction machinery exports are growing steadily, policy support is increasing, and large-scale engineering projects are driving new growth. There are still clear investment opportunities in construction machinery next year. We recommend focusing on companies with strong overseas expansion capabilities and well-developed product lines, such as Sany Heavy Industry, XCMG, and Liugong.
The cutting tool industry, as a fundamental supporting industry for machinery manufacturing, continues to be catalyzed by policy and industry demand. Although affected by some downstream demand disruptions, there are currently clear investment opportunities. We recommend focusing on companies with expectations of a reversal in downstream prosperity and the ability to raise prices against the trend, such as Huari Precision and OKE.
In the humanoid robot sector, investment opportunities in 2026 will revolve around three main themes: complete robots, key components and core modules, and capability evolution paths. For complete robots, overseas focus will be on companies like Tesla, Figure, and 1X Technologies, while domestic focus will be on companies like Unitree Robotics, Logic, UBTECH Robotics, and XPeng. At the component level, core execution modules are expected to see a surge in orders in 2026, with industry restructuring and increased production from OEMs contributing to the growth. The evolution of humanoid robot capabilities will proceed along two paths: optimization of the “brain’s” generalization capabilities and iteration of end effectors, influencing their application boundaries and commercialization pace. In terms of investment recommendations, for power assemblies, focus on companies like Joyson Electronics and Sanhua Intelligent Control; for ball screws, focus on companies like Hengli Hydraulic and Zhejiang Rongtai; for reducers, focus on companies like Green Harmonic and Zhongda Lide; for motors, focus on companies like Mingzhi Electric and Buke Technology; for sensing components, focus on companies like Hanwei Technology and Donghua Testing; and for dexterous hands, focus on companies like Zhaowei Electromechanical and Leisai Intelligent. The low-altitude economy is experiencing rapid expansion, expected to exceed one trillion yuan in 2026, with a compound annual growth rate of approximately 30%. In the industrial structure, aircraft manufacturing and operation services account for 55%, while supply chain, consumption, and transportation account for approximately 40%, leaving room for infrastructure development. China and the US are leading the world in drone manufacturing, with China’s drone industry showing significant advantages and eVTOL commercialization accelerating. Driven by both policy and capital, airspace reform is deepening, with pilot programs and deployments underway in multiple locations. Technologically, drones and eVTOL are at the core, with continuous iterations in intelligent and unmanned operation. Logistics, urban transportation, and emergency rescue are the main application areas, with infrastructure development progressing simultaneously. Investment recommendations cover multiple areas including aviation batteries and core components, low-altitude security and air traffic control systems, eVTOL and drones, low-altitude operation and maintenance, and infrastructure. However, investment also faces numerous risks, including global macroeconomic environment risks, trade friction risks, exchange rate fluctuation risks, intensified market competition risks, technology R&D risks, and the risk of losing key technical personnel. Investors must fully consider these factors and make investment choices cautiously.
