CLSA has released a research report stating that against the backdrop of ongoing anti-involution policies, China's industrial sector is witnessing the emergence of three key growth drivers: rising demand for mining equipment, maturation of the humanoid robot supply chain, and consolidation within the express delivery industry. Regarding core business operations, the firm anticipates that the equipment replacement cycle will persist, and coupled with record-high investments in power grids and renewable energy, this is expected to drive excavator sales growth by approximately 10%. Leading suppliers' overseas factories are reportedly ready and set to commence mass production of humanoid robots in the second half of the year; meanwhile, driven by strength in the lithium-related sector and rising prices, automation demand is forecast to recover by about 5% year-on-year. The firm expresses a preference for companies with stable or recovering core businesses that can also benefit from these emerging growth drivers, naming Hengli Hydraulic (601100.SH), Sany Heavy Industry (600031.SH), SANY International (00631), and J&T Global Express-W (01519) as its top picks; among these, Hengli Hydraulic received a "High-Conviction Outperform" rating, while the other stocks were assigned an "Outperform" rating.