证券研究报告 | 行业深度报告 2025 年 07 月 15 日 智慧物流东风起，无人叉车晓将至 无人系列专题报告（一） 中游制造/机械 SLAM 自然导航技术的崛起推动了场内物流从简易自动化迈向自主智能化，无 人驾驶叉车作为叉车技术与 AGV 技术的融合产物，近年渗透率提升迅速，是受 益于智慧物流迎来商业化奇点的代表性品种。本篇报告将围绕无人叉车的发展 现况、渗透动能、竞争格局进行探讨分析，并就未来趋势进行演绎判断。 ❑ 无人叉车起源自 AGV、升级为 AMR，是商业化进程领先的"无人赛道"。 无人叉车属于 AGV 产品广谱，行业距今已有 70 余年的悠久历史。其中导航 技术是发展核心，从最初的有轨牵引、到后来的磁/二维码/激光反射导航，"物 理路径依赖"是最大特点；2010 年来，AGV 实现"环境自主感知"跨越式发 展、升级为具备智能决策能力的 AMR。无人叉车本质上是 AMR 在物料搬运 领域的深度应用，是较 AGV 在环境适应性、功能复合性、作业效率性上处于 更高代际的智能移动机器人，"场内物流"的属性又决定了其较其他无人赛 带具备更领先的商业化进程。 ❑ "经济性+技术迭代+政策鼓励"三重奏，无人 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].

来看，市场已趋于稳定。7 月份第一周的数据也显示出个位数的增长，这表明 市场不存在明显的冲量现象。此外，非挖掘类产品如起重机和混凝土设备在上 半年表现平稳。一季度营收增速超过 10%的企业在二季度也保持了类似增速。 因此，今年 1-6 月国内营收略微超过去年或年初预期。 中信建投机械 建"机"行事：机械周观点 20250613 摘要 2025 年工程机械内需预计温和复苏，出口维持 15%增速。市场对内需 过度关注导致股价波动，但 6 月数据已趋稳，7 月初数据显示个位数增 长，非挖掘类产品上半年表现平稳，头部企业营收增长约 15%。 下半年工程机械看好国内大周期向上趋势，由设备更新换代和二手机出 海推动，预计温和复苏。上半年头部企业营收增长约 15%，亚非拉和东 南亚地区表现良好，欧洲已恢复，出口预计保持双位数增长。 推荐徐工机械、三一重工、山推柳工、中联重科等传统主机厂，叉车子 板块自 5 月以来需求回暖，无人化技术有望成为新增长点。锂电化技术 已推动叉车行业发展。 智能物流和无人叉车市场渗透率预计快速提升，相关企业已布局智能物 流，预计 2025 年有企业营收超 10 亿元。国内叉车企业在硬件和场景 方面 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-034 安徽合力股份有限公司 关于使用部分暂时闲置募集资金 进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次现金管理产品种类：结构性存款。 本次现金管理受托方：杭州银行股份有限公司合肥分行（以下简称"杭州银 行"）。 本次现金管理金额：4,000 万元、3,000 万元、3,000 万元。 本次现金管理产品名称及期限：杭州银行"添利宝"结构性存款产品（30 天）、杭州银行"添利宝"结构性存款产品（91 天）、杭州银行"添利宝"结 构性存款产品（120 天）。 履行的审议程序：2025 年 1 月 17 日，安徽合力股份有限公司（以下简称"公 司"）第十一届董事会第八次会议审议通过了《关于使用部分暂时闲置募集资金 进行现金管理的议案》，在确保不影响募投项目建设和募集资金使用的前提下， 使用部分暂时闲置募集资金进行现金管理，现金管理总额不超过人民币 75,000 万元（含），用于购买结构性存款、大额存单等安全性高及 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-033 安徽合力股份有限公司 关于使用部分暂时闲置募集资金进行现金管理 到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2025 年 1 月 17 日，安徽合力股份有限公司（以下简称"公司"）第十一届 董事会第八次会议审议通过了《关于使用部分暂时闲置募集资金进行现金管理的 议案》，在确保不影响募投项目建设和募集资金使用的前提下，使用部分暂时闲 置募集资金进行现金管理，现金管理总额不超过人民币 75,000 万元（含），用 于购买结构性存款、大额存单等安全性高及流动性好的保本型产品，使用期限自 董事会审议通过之日起 12 个月内有效。具体内容详见公司于 2025 年 1 月 18 日 披露于上海证券交易所网站（www.sse.com.cn）的《公司关于使用部分暂时闲置 募集资金进行现金管理的公告》（临 2025-005）。 一、本次使用部分暂时闲置募集资金进行现金管理到期赎回情况 1、交通银行"蕴通财富"定期型结构性存款 2025 年 1 ...

Investment Rating - The industry investment rating is "Positive" (维持) [5] Core Viewpoints - The rapid development of embodied intelligence is driving global e-commerce logistics giants and domestic forklift companies to further push their layouts in the smart logistics field, indicating accelerated progress in the smart logistics industry. The forklift industry is positioned at the starting point of a new narrative of comprehensive intelligence, with the industrialization process of unmanned forklifts expected to accelerate further [3][8]. Summary by Sections Investment Recommendations and Targets - It is recommended to focus on leading companies in the forklift equipment sector that are steadily expanding their layouts in embodied intelligence, smart logistics, unmanned forklifts, and intelligent logistics robots. The suggested companies include Anhui Heli (600761, Buy), Hangcha Group (603298, Buy), Zhongli Co., Ltd. (603194, Not Rated), and Noli Co., Ltd. (603611, Not Rated) [3]. Industry Developments - Amazon has developed a new robot named Vulcan, which is designed to assist in picking and placing bulk items on movable shelves, completing automated replenishment tasks. This robot is equipped with force feedback sensors and AI, allowing it to manipulate objects with a sense of touch, enabling it to pick and store about 75% of items in Amazon's warehouses at speeds comparable to human workers [8]. - Hangcha Group has signed a strategic cooperation agreement with JD Industrial in Thailand to promote local supply chain construction, marking an expansion into Southeast Asia and North America for smart logistics [8]. - The logistics industry is characterized by a large volume of work both inside and outside factories, with simple tasks that are easier to automate. The reliance on human labor for tasks like handling and picking makes logistics robots, particularly unmanned forklifts, a necessary solution for enhancing efficiency [8].

行 业 及 产 业 研究支持 苏萌 A0230122080001 sumeng@swsresearch.com 联系人 苏萌 (8621)23297818× sumeng@swsresearch.com 机械设备/ 通用设备 2025 年 07 月 06 日 证 券 研 究 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研 究 / 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 叉车景气回升，AI 赋能无人化趋势 看好 ——叉车行业点评 本期投资提示： 行 业 点 评 报 告 - ⚫ 2025 年 5 月叉车内外销量均保持增长，体现下游景气度逐渐回升。根据中国工程机械 协会数据，2025 年 5 月我国叉车销量 12.35 万台，同比增长 11.8%，其中国内销量 7.91 万台，同比增长 9.3%，出口销量 4.43 万台，同比增长 16.6%。20 ...

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

[Table_Invest] 评级： 增持 ——叉车行业跟踪报告 股票研究 /[Table_Date] 2025.07.03 亚马逊机器人部署超百万台，无人叉车趋 势加速 投资要点： 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Industry] 叉车 [Table_Summary] 投资建议。受益具身智能的快速发展，国内外的叉车企业、电商物 流企业以及机器人企业在智能物流领域有所布局，无人叉车、具身 搬运机器人趋势逐渐明晰。我们看好叉车行业无人化、智能化的发 展前景，推荐标的为安徽合力、杭叉集团、中力股份。 亚马逊机器人部署超百万，新款机器人效率与人相当。据财联社微 信公众号、移动机器人产业联盟微信公众号，亚马逊自 2012 年起持 续推进机器人进程，今年有两大突破：1）7 月 1 日，亚马逊机器人 全球部署数量超百万台，机器人主要承担重型搬运及重复性任务， 形成人机协作的高效模式；2）今年新发布仓储机器人 Vulcan，配备 两支机械臂可完成库存整理、抓取功能，同时拥有感知正在抓取物 品的"触觉"，能够拣选、存放履行中心 75%的物品，速 ...

Group 1 - The rapid development of embodied intelligence is benefiting domestic and international forklift, e-commerce logistics, and robotics companies in the smart logistics sector, with a clear trend towards unmanned forklifts and embodied handling robots [1] - Amazon has deployed over one million robots globally, with new warehouse robot Vulcan capable of performing 75% of tasks at fulfillment centers, matching the efficiency of frontline workers [1] - The report highlights the potential of unmanned and intelligent development in the forklift industry, recommending companies such as Anhui Heli (600761.SH), Hangcha Group (603298.SH), and Zhongli Co., Ltd. (603194.SH) [1] Group 2 - Since 2025, several leading companies have intensified their investments in the unmanned logistics sector, including KION Group collaborating with NVIDIA and Accenture to enhance warehouse management [2] - Figure 02, developed by Figure, autonomously completes package picking tasks, showcasing advancements in robotics for logistics [2] - The partnership between Zhiyuan Robotics and Dematic Group aims to establish a humanoid robot data collection factory, indicating a shift towards data-driven applications in logistics [2] Group 3 - Domestic forklift leaders are accelerating their unmanned logistics initiatives, with Anhui Heli collaborating with Huawei on digital transformation and signing agreements with SF Express and JD.com [3] - Hangcha Group is expanding its presence in the U.S. by establishing a smart logistics company and exploring innovative collaborations in the "smart robot + logistics" field [3] - Zhongli Co., Ltd. is launching new products in smart warehousing and robotics, indicating a clear trend towards unmanned operations in the forklift and warehousing logistics sectors [3]