[Table_Main] 行业研究|工业 证券研究报告 机器人自主换电专利 ——人形机器人周报 [Table_Summary] 报告要点： 周度行情回顾 2026 年 3 月 22 日至 3 月 27 日，人形机器人概念指数下跌 1.07%， 相较沪深 300 指数跑赢 0.34pct；年初至今累计涨跌幅来看，人形机 器人概念指数下跌 6.59%，相较沪深 300 指数跑输 3.84pct。 A 股人形机器人指数（iFinD 概念）相关个股中，长飞光纤周涨幅最大 （+26.46%），华达科技周跌幅最大（-32.34%)。 周度热点回顾 政策端，具身智能领域首个行业标准正式发布；广州提出推动具身智 能机器人商业化，拓展智能机器人在工业制造、家庭服务、医疗健康 等领域的应用；广东省要锚定量子科技、具身智能等未来产业重点领 域，加强前沿与颠覆性技术创新。 工业行业周报、月报 2026 年 03 月 31 日 [Table_Title] 具身智能首个行业标准发布，广汽公布 风险提示 人形机器人发展不及预期风险；政策不及预期风险；行业内竞争加剧 风险；零部件降本进程不及预期风险；应用场景不及预期风险。 [Table_I ...

证券研究报告 长飞光纤 (601869 CH/6869 HK) 港股通 光纤景气上行驱动盈利能力快速提升 华泰研究 年报点评 2026 年 3 月 30 日│中国内地/中国香港 通信设备制造 长飞光纤发布年报，2025 年实现营收 142.52 亿元（yoy+16.85%），归母 净利 8.14 亿元（yoy+20.40%），扣非净利 5.16 亿元（yoy+40.56%）。其 中 Q4 实现营收 39.77 亿元（yoy+13.53%，qoq+2.21%），归母净利 3.44 亿元（yoy+234.23%，qoq+97.81%）。公司业绩快速增长得益于光纤光缆 行业供需结构改善，以及公司在光纤领域的全球优势地位，公司 Q4 利润同 比大幅提升，公司 Q4 利润同比大幅提升，其中单季度毛利率达 35.7%，创 上市以来新高。我们看好在光纤光缆主业景气度上升与光互连组件等多元化 业务双重驱动下，公司业绩有望迎来显著增厚。维持"增持"评级。 光纤光缆主业景气上行，驱动盈利能力快速修复 2025 年公司光传输产品分部实现收入 83.46 亿元（yoy+6.09%），毛利率 达 35.90%，同比+4.22pct。2 ...

Group 1 - The article emphasizes the importance of focus and attention as the most valuable capital, suggesting that without it, one cannot seize opportunities in the market [1] - Recent discussions have revolved around sectors such as energy storage, computing power, and innovative pharmaceuticals, highlighting the need to identify main lines and leading companies within these sectors [1] - Specific investment opportunities have been identified, such as lithium materials and lithium mines, particularly those with quality domestic sources, as well as companies like Fucjing Technology and Changfei Optical Fiber related to the Faraday optical slice catalysis theme [1] Group 2 - The article discusses the Santa Fe artificial stock market, noting that while the content is significant, it receives less attention compared to articles focused on market trends and formulas, indicating a general preference for practical techniques over philosophical inquiries [2] - It is suggested that understanding one's ecological niche and knowing what to engage with or avoid is more crucial than merely applying formulas, particularly in the context of the electricity sector [2] - The article advises against increasing exposure to physical assets unless a foundational understanding of first principles and underlying philosophies is established, as superficial knowledge is deemed ineffective [2]

Market Overview - The A-share market showed a strong rebound today, with the Shanghai Composite Index rising by 0.24%, while Japanese and Korean markets fell by nearly 3% each, indicating a competitive advantage for China [1] - The total market turnover reached 19,277.83 billion yuan, an increase of 637.87 billion yuan compared to the previous day, with over 2,800 stocks rising [21] Sector Performance - The aluminum sector led the gains, with companies like Tianshan Aluminum and Chang Aluminum hitting the daily limit. This surge is attributed to attacks on two Middle Eastern aluminum producers, which disrupted global aluminum supply chains [21][31] - The pharmaceutical sector continued to perform well, with stocks like Meinuo Pharma achieving five consecutive limits. The first quarter saw China's innovative drug licensing transactions exceed $60 billion, nearing half of last year's total [21] - The aerospace sector also saw increased activity, with companies like Shenjian Co. and Zengsheng Technology experiencing multiple limit-ups due to recent contract wins and upcoming launches [21] Company Updates - Maiwei Co. experienced a significant drop in stock price, attributed to market rumors regarding export restrictions on equipment and weak first-quarter performance expectations. However, the company has completed the first phase of equipment delivery for HJT production lines in the U.S. [16][18] - The optical fiber sector showed strong performance, with companies like Hengtong Optic-Electric and Changfei Optic-Fiber seeing stock price increases due to rising prices from operators and strong demand from data centers [19][23] - The agricultural sector also saw gains, driven by rising energy prices impacting fertilizer and logistics costs, which in turn raised expectations for agricultural product prices [23] Financial Performance - Zhaoyan New Drug reported a revenue of 1.658 billion yuan for 2025, a decrease of 17.87% year-on-year, but a net profit increase of 302.08% to 298 million yuan [27] - New Sharp Co. expects first-quarter revenue for 2026 to be between 1 billion and 1.15 billion yuan, a year-on-year increase of 89.28% to 117.68% [27] - Huazhi Precision anticipates a first-quarter net profit of 150 to 190 million yuan for 2026, reflecting a year-on-year growth of 413.28% to 550.15% [27] Industry Insights - Goldman Sachs has downgraded the target for the MSCI China Index and the CSI 300 Index by 5% and 4%, respectively, indicating a potential price return of 24% and 12% over the next 12 months [12] - The global economic backdrop is expected to lower the fair value of Chinese stocks by approximately 5%, with 2% attributed to profit deterioration and 3-4% due to a decline in the price-to-earnings ratio [11]

早 报 精 选 4、北京启动智能网联新能源汽车商业保险开发应用。 5、中国石油：2025年净利润1573亿元，同比下降4.5%。 宏 观 新 闻 1、商务部新闻发言人就对美启动两项贸易壁垒调查答记者问。商务部表示，针对美对华两起301调查，商务部于3月27日对外发布两 则公告，分别就美国破坏全球产供链相关做法和措施、美国阻碍绿色产品贸易相关做法和措施，对等发起两项贸易壁垒调查。商务部 将根据《对外贸易法》《对外贸易壁垒调查规则》的有关规定，推进对美壁垒调查工作，并根据调查情况采取相应措施，坚决捍卫自 身正当权益。 行 业 新 闻 1、海湾国家巴林和阿拉伯联合酋长国境内两家大型铝厂近日分别证实遭到伊朗方面袭击。袭击造成人员受伤和财产损失。中东出口 的铝产品约占全球供应一成，可能会对市场造成一定冲击。巴林铝业公司3月29日说，该公司旗下工厂28日遭伊朗方面打击，有2人 受轻伤，公司正评估财产损失。这家公司及其母公司先前因霍尔木兹海峡航运受阻宣告遭遇"不可抗力"，减产约20%。 2、据中国科学院高能物理研究所消息，大科学装置中国散裂中子源近日首次实现医用级阿尔法同位素居里级量产，将加速我国自主 化阿尔法核药从实验室 ...

Market Overview - Major indices showed positive performance with Shenzhen Component Index up by 1.13%, Sci-Tech Innovation 50 Index up by 0.93%, and Shanghai Composite Index up by 0.63% [1] - TMT sector led the gains with SW Electronic Chemicals III increasing by 4.78% and SW Semiconductor Materials rising by 2.80% [1] - Conversely, TMT sector also saw declines with SW Communication Network Equipment down by 1.23% [1] Domestic News - Huahong Semiconductor is steadily expanding its capacity, achieving its first-phase target for 12-inch production lines and planning to reach its capacity goals by Q3 2026 [2] - The cumulative shipment of the Tianyue 510 SSD controller chip from Pingtouge has exceeded 500,000 units, making it one of the highest recent shipments in China [2] - Demand for data communication optical modules in the domestic market is expected to grow significantly, with an estimated total of 20 to 30 million units needed this year [2] - Dinglong has established China's first full-process production line for high-end wafer photoresist, with three products already in stable supply [2] Overseas News - Two U.S. senators plan to propose a U.S. Security Robot Act that would prohibit the federal government from purchasing or using unmanned ground vehicles made in China [3] - Some DDIC suppliers are assessing price adjustments to counteract rising upstream costs, with potential price increases depending on product type and market [3] - Counterpoint Research indicates that shipments of mobile SoCs with advanced process nodes (5nm and below) will exceed 50% by 2025, with TSMC supporting the production of 2nm nodes [3] AI Insights - OpenAI has indefinitely suspended the development of an "adult mode" for ChatGPT and has also halted its Instant Checkout shopping feature [4] - Webtoon announced significant updates to its user-uploaded comic platform, including an optional AI translation tool [4] - Mistral AI released an open-source voice synthesis model that supports multi-language and emotional voice generation [4] Industry Tracking - A satellite developed by the Chinese Academy of Sciences and the European Space Agency for solar wind-magnetosphere interaction has completed pre-launch preparations [5] - A foreign research team demonstrated a method for generating high-dimensional topological photon entanglement, providing a feasible path for scalable and fault-tolerant quantum photonic states [5] - The first national standard system covering the entire chain of embodied intelligence has been released, emphasizing unified interfaces and ecological collaboration [5] Annual Reports - Jingwang Electronics reported total revenue of 15.308 billion yuan for 2025, a year-on-year increase of 20.92%, with a net profit of 1.231 billion yuan, up 5.3% [8] - Sitaiwei achieved total revenue of 9.031 billion yuan, a 51.32% increase year-on-year, with a net profit of 1.001 billion yuan, up 154.94% [8] - Changfei Fiber reported total revenue of 14.252 billion yuan, a 16.85% increase year-on-year, with a net profit of 814 million yuan, up 20.4% [8] - Changxin Bochuang reported total revenue of 2.533 billion yuan, a 44.93% increase year-on-year, with a net profit of 335 million yuan, up 364.62% [8]

重要内容提示： 证券代码：601869 证券简称：长飞光纤 公告编号：临 2026-010 长飞光纤光缆股份有限公司 担保对象及基本情况 | | | | | | | 是否 | 本次 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | | 实际为其提供的担 | | 在前 | 担保 | | 被担保人名称 | | | | 保余额（不含本次担 | | 期预 | 是否 | | | | | | 保金额） | | 计额 | 有反 | | | | | | | | 度内 | 担保 | | 长飞秘鲁有限公司 | 美元 | 万元 6,000 | | 美元 4,117.51 | 万元 | | 否 | | 长飞国际印度尼西亚有限公司 | 美元 | 1,000 万元 | | 美元 704.45 | 万元 | 不适 | 否 | | 长飞国际（泰国）有限公司 | 人民币 | 万元 850 | | 0 | | 用： | 否 | | 长飞墨西哥光缆有限公司 | 美元 500 | 万元 | | 0 | | 本次 | 否 | | 长飞国际（波兰）有限公司 | 欧元 5 ...

证券代码：601869 证券简称：长飞光纤 公告编号：临 2026-008 长飞光纤光缆股份有限公司 2025 年年度利润分配方案公告 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法律责任。 重要内容提示： 一、 利润分配方案内容 （一）利润分配方案的具体内容 经毕马威华振会计师事务所（特殊普通合伙）审计，长飞光纤光缆股份有限 公司（以下简称"公司"、"本公司"）2025 年度归属于上市公司股东的净利 润为人民币 813,737,266 元。截至 2025 年 12 月 31 日，公司母公司报表中期末未 分配利润为人民币 6,829,040,098 元。 经本公司第四届董事会第十九次会议决议，公司拟以实施权益分派股权登记 日登记的总股本为基数分配利润。本次利润分配方案如下： 公司拟以实施权益分派的股权登记日的总股本为基数向全体股东每 10 股派 发现金红利人民币 2.95 元（含税）。截至 2025 年 12 月 31 日，公司总股本为 827,905,108 股，以此计算合计拟派发现金红利人民币 244,232,007 元（含税）。 ...

长飞光纤光缆股份有限公司 内部控制审计报告 2025 年 12 月 31 日 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2606902 号 长飞光纤光缆股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了长 飞光纤光缆股份有限公司（以下简称"贵公司"）2025 年 12 月 31 日的财务报告内部控制的有 效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《 ...

长飞光纤光缆股份有限公司 自 2025 年 1 月 1 日 至 2025 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2605912 号 长飞光纤光缆股份有限公司全体股东： 一、审计意见 我们审计了后附的长飞光纤光缆股份有限公司 (以下简称"长飞公司") 财务报表，包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以 ...