证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 每经讯，2026年1月22日，北交所上市公司建邦科技（920242，收盘价：31.26元）发生一笔大宗交易，成交价31.26元/股，成交 数量13.65万股，成交金额426.8万元，为平价交易。买入营业部是国泰海通证券股份有限公司河北承德世纪中路营业部，卖出营 业部是西部证券股份有限公司上海世纪大道证券营业部。 ...

建邦科技（920242）1月22日大宗交易平台出现一笔成交，成交量13.65万股，成交金额426.80万元，大 宗交易成交价为31.26元。该笔交易的买方营业部为国泰海通证券股份有限公司河北承德世纪中路营业 部，卖方营业部为西部证券股份有限公司上海世纪大道证券营业部。 | 成交量 | 成交金额 | 成交价格 | 相对当日收 盘价折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | | | | | | | | （%） | | | | | | | | 国泰海通证券股份有限公 | 西部证券股份有限公司 | | 13.65 | 426.80 | 31.26 | 0.00 | 司河北承德世纪中路营业 | 上海世纪大道证券营业 | | | | | | 部 | 部 | （文章来源：证券时报网） 1月22日建邦科技大宗交易一览 证券时报·数据宝统计显示，建邦科技今日收盘价为31.26元，上涨1.17%，日换手率为1.58%，成交额为 1814.04万元，近5日该股累计上涨1.79%。（数据宝） ...

Core Viewpoint - Jianbang Technology announced a change of address for its wholly-owned subsidiary, Qingdao Kaku Remanufacturing Technology Co., Ltd., due to operational development needs [2] Group 1 - The address change was completed on January 8, 2026, and the necessary business registration procedures have been finalized [2] - The company has obtained a business license issued by the Jiaozhou Administrative Approval Service Bureau [2] - Other business registration items recorded in the business license remain unchanged [2]

（文章来源：证券日报） 证券日报网讯 1月5日，建邦科技发布公告称，公司于2025年12月31日收到美国专利商标局授予的1项 《发明专利证书》。 ...

证券日报网讯 12月24日，建邦科技发布公告称，公司通过股份回购专用证券账户，共回购9，000股， 占回购前公司总股本的比例为0.01%。公司已于2025年12月23日在中国证券登记结算有限责任公司北京 分公司办理完毕上述9，000股回购股份的注销手续。本次回购股份注销完成前，公司股份总额为65， 823，750股，本次回购股份注销完成后，公司股份总额为65，814，750股，公司剩余库存股0股。 （文章来源：证券日报） ...

证券日报网讯12月18日晚间，建邦科技发布公告称，公司2025年12月17日召开2025年第五次临时股东 会，审议《关于公司符合向特定对象发行可转换公司债券条件的议案》《关于公司向特定对象发行可转 换公司债券方案的议案》《关于公司向特定对象发行可转换公司债券募集说明书(草案)的议案》等多项 议案。 ...

Group 1 - Chinese Premier Li Qiang will hold a "1+10" dialogue meeting with leaders of major international economic organizations on December 9, focusing on global governance and development [1] Group 2 - On December 9, a total of 9 companies will have their restricted shares unlocked, with a total of 1.13 billion shares and a market value of 12.531 billion yuan based on the latest closing price [2] - Among the companies, Ningbo Yiyang, Wanyuantong, and Juhe Materials have the highest unlock volumes, with 1.06 billion shares, 24.723 million shares, and 20.255 million shares respectively [2] - The companies with the highest unlock market values are Ningbo Yiyang at 9.932 billion yuan, Juhe Materials at 1.081 billion yuan, and Wanyuantong at 812 million yuan [2] Group 3 - On December 9, 14 companies disclosed progress on stock repurchases, with 3 companies announcing new repurchase plans and 4 companies having their plans approved by shareholders [3] - The companies with the highest proposed repurchase amounts are Taihe Intelligent at 2.1629 million yuan, Huayang Racing at 270.6 thousand yuan, and Jianbang Technology at 27.3 thousand yuan [3] - The total number of repurchase plans disclosed is 16, with 5 companies having completed their repurchase plans [3]

Core Viewpoint - The company Jianbang Technology (920242.BJ) plans to issue convertible bonds to specific investors, with a total amount not exceeding 200 million yuan, aimed at funding industrial upgrades and R&D projects in the automotive and robotics sectors [1][2]. Group 1: Convertible Bond Issuance - The convertible bonds will have a face value of 100 yuan each, with a total issuance amount not exceeding 200 million yuan, and a maximum of 2 million bonds to be issued [2]. - The interest rate for the bonds will be determined through a bidding process, with the final rate to be set based on market conditions and company specifics [2]. - The funds raised will be allocated entirely to projects for upgrading non-durable automotive parts and household garden products, as well as R&D for auxiliary intelligent robots and automotive products [2][3]. Group 2: Company Ownership and Control - The issuance of convertible bonds will not change the controlling shareholder or actual controller of the company, maintaining compliance with listing conditions [3]. - As of the date of the prospectus, the controlling shareholder and actual controller is Zhong Yongduo, who holds 50.13% of the shares directly and controls an additional 5.84% indirectly, totaling 55.96% [3]. Group 3: Financial Performance - For the third quarter of 2025, the company reported revenue of 211 million yuan, a decrease of 7.10% year-on-year, and a net profit attributable to shareholders of 22.87 million yuan, down 37.86% [7][8]. - Year-to-date revenue reached 586 million yuan, an increase of 8.99% compared to the same period last year, while net profit attributable to shareholders decreased by 4.46% to 72.28 million yuan [9].

Policy and Market Trends - The Ministry of Industry and Information Technology and eight other departments issued a plan aiming for approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%[7] - The plan emphasizes the core position of intelligent development and promotes the industrial application of intelligent network technology, including the approval of L3 level vehicles for conditional autonomous driving[13] Industry Analysis - The market for automotive-grade SoC (System on Chip) in China is projected to reach 38.1 billion yuan in 2024, representing a year-on-year growth of 42.7%[26] - SoC chips have become the mainstream intelligent driving chips due to their enhanced computing power and data transmission efficiency, addressing the challenges faced by traditional MCU chips[21] Stock Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was -1.84% from September 15 to September 19, 2025, with 43 companies (28%) experiencing an increase[45] - Notable gainers included Kaiter Co. (+33.76%), Anhui Phoenix (+19.99%), and Tianhong Lithium (+19.11%) during the same period[45] Valuation Metrics - The median TTM (Trailing Twelve Months) P/E ratio for the automotive industry increased by 2.96% to 38.2X, while the electronic equipment industry saw a decrease from 63.1X to 60.7X[45] - The median market capitalization for the automotive industry rose from 22.1 billion yuan to 22.6 billion yuan[45] Company Developments - Kaiter Co. specializes in automotive sensors and has a market capitalization of 7.728 billion yuan with a TTM P/E ratio of 47.65[44] - Aweit intends to establish a wholly-owned subsidiary in Anhui Province with a registered capital of 30 million yuan[39]