Everbright Securities High-end Manufacturing 2026 Strategy: Grasp the Technology Main Line and Focus on the Recovery of Domestic and Foreign Demand

According to the Zhitong Finance APP, Everbright Securities has released a research report stating that high-end manufacturing will remain a key focus and investment theme in the market in 2026. Among them, the humanoid robot, liquid cooling equipment, and solid-state battery equipment industries will successively welcome key catalysts for industrial breakthroughs. The prosperity of the PCB equipment industry is expected to further improve against the backdrop of continued growth in AI computing power demand. It is anticipated that with the stabilization of tariff impacts and policies to boost domestic demand, both domestic and foreign demand markets will show marginal improvement. In terms of foreign demand, the focus is on the recovery of exports in tools & OPE and mining machinery, while for domestic demand, the focus is on the recovery of orders for machine tools & cutting tools and automation equipment.

The main points of Everbright Securities are as follows:

Humanoid Robots

2026 will be a breakthrough year for mass production. The firm is optimistic about the humanoid robot industry, and based on the current hardware technology routes and the progress of various manufacturers, it is recommended to pay attention to: 1) the realization of functions for highly complex dexterous hands: ZHAOWEI, Mingzhi Electric, etc.; 2) mass production and cost reduction of lead screws: Hengli Hydraulic, Rongtai Co., Ltd., etc.; 3) the reducer industry chain: LVDT, Zhongdali De, etc.; 4) six-dimensional force sensors: Amperelong, Lingyun Co., Ltd., etc.; 5) precision injection molding and MIM: Weike Technology, Zhaomin Technology, etc.

Liquid Cooling Equipment

Overall, the increase in chip power density and the decrease in data center PUE are driving the penetration rate of the liquid cooling industry. The liquid cooling technology route is expected to evolve from the current single-phase cold plate to dual-phase cold plates and immersion liquid cooling. It is recommended to pay attention to Envicool, Gaolan Co., Ltd., Shenling Environment, Tongfei Co., Ltd., Dayuan Pump Industry, Mag Valley Technology, Han's Laser, etc.

PCB Equipment

The prosperity of AIPCB has transmitted to the upstream equipment side, with domestic manufacturers actively seizing the high-end PCB equipment market. The market space for domestic equipment is vast, and it is optimistic about the simultaneous increase in orders and market share of leading companies. It is recommended to pay attention to Han's Laser, Dongwei Technology, Dingtai High-tech, and Rilian Technology, etc.

Solid-State Battery Equipment

Several battery manufacturers have clarified their plans for mass production of all-solid-state batteries, and demand expectations in the industrial chain are heating up; R&D results on the material side are continuously being realized; on the policy side, subsidies continue, and the new national standard for electric vehicle batteries is favorable, etc.; with multiple favorable factors, the industry is expected to welcome a key breakthrough. It is recommended to pay attention to Xianlead Intelligent, Liyuanheng, and Haimeixing, etc.

Foreign Demand

With the easing of tariff impacts, the proactive replenishment demand for tools & OPE is expected to continue. It is recommended to pay attention to Juxing Technology, etc. Investment in mining equipment focuses on two main lines: 1) the decline in copper ore grade and inflation in demand for consumables and spare parts, it is recommended to pay attention to Naipu Mining Machinery, etc.; 2) under the supply gap of copper mines, capital expenditure is expected to accelerate, thereby driving equipment demand, it is recommended to pay attention to CITIC Heavy Industries, etc.

Domestic Demand

The recovery of manufacturing prosperity is expected to drive the recovery of demand for machine tools & cutting tools, it is recommended to pay attention to Oke Yi, Huarei Precision, etc.; the pace of automation upgrades in manufacturing enterprises is continuously accelerating, and the domestic substitution of automation equipment is accelerating, it is recommended to pay attention to Estun, etc.

Risk Analysis: Risks of fluctuations in industry investment growth, risks of high-end manufacturing R&D progress falling short of expectations, risks of overseas expansion falling short of expectations, risks of rising raw material prices, etc