The Zhitong Finance App learned that CITIC Construction Investment released a research report saying that Yu Shu (688836.SH) landed on the Science and Technology Innovation Board to determine the valuation anchor point, the valuation of the main body manufacturer is expected to be reshaped, and Optimus V3, domestic new products, and IPOs will continue to be catalyzed. In 2026Q2, global gas engine orders were about 38 GW, a record high for a single quarter. Domestic and foreign sales of excavators resonated upward in July. Exports increased 21.2% year on year, the industry pattern improved, and prices of leading companies increased. SEMI expects sales to reach a new high of US$165.9 billion in 2026, focusing on domestic replacement of parts. The solid state mass production schedule for lithium battery equipment has converged, and the triple catalytic resonance of policy, mass production, and equipment is optimistic about the lithium battery equipment and solid state battery sector.
CITIC Construction Investment's main views are as follows:
Humanoid robots: continuous catalysis at home and abroad, it is recommended to focus on high-quality links
Yu Shu landed on the Science and Technology Innovation Board to determine valuation anchors for the humanoid robot sector. Ontology manufacturers can directly touch terminals and occupy a high value position in the value chain, and valuations are expected to be reshaped. Currently, robot companies are actively promoting multi-dimensional capacity building such as “brain”, “cerebellum”, and “body”, and actively exploring applications in multiple industrial and commercial scenarios, and the scale of shipments continues to expand; as the level of generalization of robots increases, it is expected that their implementation scenarios will expand further. Physical AI is the next wave of artificial intelligence. Robots are one of the best physical carriers of AI, and the development trend of the industry is clear. Subsequent Optimus V3 release and mass production progress, new domestic robot product launches, robot companies' IPO promotion, and application implementation will continue to catalyze the market. It is recommended to focus on quality links.
AIDC power generation equipment: the global combustion engine boom continues, delivery of core components is limited, and gas internal combustion engines are growing rapidly
Demand side: 2026Q2 global combustion engine orders were about 38 GW, a record high in a single quarter, with the US contributing nearly half; at the same time, internal combustion engine development capacity (including announced, pre-construction, and construction) of data center-related projects has more than doubled to 45 GW in the past six months. The share of electricity used in data centers in Malaysia rose to 9.3% in the second week of August, higher than the 2026 average of 7%. It is expected to account for up to 31% of electricity demand in the Malay Peninsula in 2035. In order to handle the increase in demand, it is estimated that about 9 GW of additional gas power generation capacity will be needed by 2032. Furthermore, Shanghai Electric's first combustion engine won the bid for Malaysia's 500MW combined cycle project, laying a solid foundation for it to further develop the Malaysian and Southeast Asian combustion engine markets. Supply side: BNEF expects the announced expansion plan to increase global combustion engine production capacity by more than 50% by 2030. The Big Three will contribute 28 GW of the 35 GW additional production capacity, but upstream links such as single crystal blades, forgings, special alloys, and generators will still limit delivery. The bank's view: Q2 global gas engine orders reached a record high, and the scale of gas power generation under construction in the US and the share of AIDC-related projects increased simultaneously. Delivery slots for heavy combustion engines are scarce, and some customers need to shorten the production cycle through modular equipment. Hot end components still limit the delivery of heavy combustion engines, the gas internal combustion engine market is also growing rapidly, and the supply and demand gap in the industry will continue. Domestic combustion engines are expected to gain overseas market share faster with shorter delivery cycles, higher cost performance, and continuously enhanced product competitiveness.
Construction machinery: Domestic and foreign sales of excavators continued to resonate upward in July, and the sector will usher in quarterly improvements
In July 2026, sales of 19,521 excavators of various types were sold, an increase of 13.9% over the previous year. Among them: domestic sales volume was 7,608 units (including 41 electric excavators), up 4.13% year on year; exports were 1,1913 units (including 62 electric excavators), up 21.2% year on year. Overall, domestic and foreign sales have maintained positive growth. Among them, exports are still maintaining a high growth rate of more than 20%, and the growth rate of domestic sales decelerated a lot. Structurally, the growth rate declined slightly, and was affected by the relatively high domestic sales base in Q3 last year. Overall, it is still maintaining a good trend, and I am optimistic that domestic and foreign demand will continue to resonate and improve. Domestic sales of excavators showed a clear backward trend in the peak season this year, because this year's Spring Festival is late compared to last year, and domestic excavators have recovered a high year-on-year positive growth since March, and it is expected to continue to grow in the future. Exports maintained strong performance. They were not disturbed by the international situation, changes in tariffs, or expectations of interest rate hikes. China's construction machinery growth trend continued. The domestic landscape has improved, and leading companies have begun to raise prices. Companies such as Sany, Xugong, Liugong, and Shantui announced price increases for products such as excavators and cranes, reflecting the slowdown in the price war in the industry since the beginning of the year and the shift to healthy development in the industry.
Semiconductor equipment: The global business cycle continues to be confirmed, and attention is being paid to the overseas market process
The SEMI update forecasts that semiconductor equipment will continue to grow over the next 3 years. SEMI expects global semiconductor manufacturing equipment sales to reach a record high of US$165.9 billion in 2026, +23.2% year over year. The growth momentum is expected to continue until 2028, and total equipment sales are expected to reach a record $229.5 billion, achieving five consecutive years of growth. TSMC raised its 26-year capital expenditure. TSMC expects capital expenditure of 60 billion to 64 billion US dollars for the full year of 2026. The previous estimate was 52 billion to 56 billion US dollars, an increase of 8 billion US dollars, or about 15%. ASML's overall performance comprehensively surpassed the market and the company's early guidance. The total quarterly net sales volume was 9.326 billion euros, +21% year over month, significantly exceeding the company's previous guidance of 84-9 billion euros and the market's consensus forecast of 8.85 billion euros. The annual performance target was raised for the second time in the year. The AI computing power+storage recovery both drove the boom in the industry, and the profit structure continued to be optimized. The world's semiconductor equipment components are experiencing a wave of price increases throughout the entire chain, which is rare in history. The pricing power in the semiconductor industry chain is shifting structurally from chip terminals to equipment and components. Parts companies are small in scale and account for a high proportion of fixed costs, and price increases directly translate into profits; at the same time, the production line expansion cycle lasts 12-18 months, and supply elasticity is the worst. Pay attention to domestic substitution demands and price increase logic brought about by extended delivery times from overseas suppliers such as valve pipelines, ceramic parts, RF power supplies, and GAS BOX.
Lithium battery equipment: solid state mass production schedule converged, equipment implementation established an inflection point
First, on the policy side, fueling advantages and disadvantages and reshaping the cost order: On September 1, lithium-ion batteries ended the tax exemption cycle for more than 10 years, and consumption tax was introduced at a 2% tax rate. Solid state batteries, sodium ion batteries, and fuel cells are exempt from tax until the end of 2028, and tax exemption eligibility must be based on the premise that they meet national standards and obtain CMA test reports. For the first time, tax leverage is linked with the national standard system, which not only accelerates the clearance of low-end production capacity, but also sets a certification scale for the real and false technical route. Second, on the industrial side, mass production nodes have converged: Yibin World Power Battery Conference closed and scheduled to be launched in 2027, Chery announced the launch of all-solid state certification in 2027, and the BYD Bishan 20GWh all-solid-state mass production line will commence construction in the third quarter. The Ministry of Industry and Information Technology has clarified the target routes for lithium-rich manganese-based, silicon-based anodes, and solid electrolytes. Leading battery customers have launched tenders and gradually issued orders for GWh-class mass production lines. The entire solid-state line has completed the delivery and acceptance phase and acceptance of leading car companies., the equipment process moved from R&D verification to small-scale delivery. Third, on the trend side, engineering manufacturing has become the focus of competition: dry electrodes are seen as a necessary path for all-solid-state mass production; comprehensive energy consumption can be reduced by about 60% compared to the wet method. The value of iconic equipment such as isostatic pressure and dry rolling has increased. The industry consensus is shifting from parameter competition to equipment entry and yield climbing, and the large-scale layering path of low altitude and vehicle use in 2030 is clear. The triple catalytic resonance of policy, mass production, and equipment continues to be optimistic about the allocation value of lithium battery equipment and solid state battery sectors.
Risk warning: (1) domestic macroeconomic fluctuations; (2) overseas market fluctuations; (3) downstream production expansion falls short of expectations.