摘要 ► 引言：灵巧手 人机器人实现精细化操作的核心执行终端。 本篇为《人形机器人系列报告五》，详细分析灵巧手的技术演进脉络及核心技术路线（自由度设 计、驱动系统、传动方式、感知技术）。基于"电机 - 传动 - 感知"三大核心环节的供应链图谱，量化分析千亿级市场空间与国产替代路径。我们认为，当前随人形 机器人产业化加快落地，看好灵巧手产业链长期增量空间。 ► 国际龙头引领 + 国产新锐追赶 特斯拉引领发展。 灵巧手起步于 20 世纪 70 年代， 1974 年日本 Okada 灵巧手开启先河； 20 世纪 80 年代美、日推动技术集 成化； 21 世纪中国高校实现突破。近五年行业加速发展，特斯拉于 2022 年推出 Optimus 系列灵巧手，设计更加集成，后持续迭代并逐渐成为人形机器人行业标 杆；国内如宇树科技、灵巧智能等也相继推出自己的灵巧手产品。当前灵巧手正向高自由度、触觉传感、绳驱传动方向持续进化。 ► 灵巧手技术多元 技术路线逐渐收敛 。 灵巧手的未来将以欠驱动架构为核心自由度设计，结合高效电机驱动（直流无刷与空心杯电机为主导），并采用绳驱与连 杆融合的传动方案，辅以力传感器、与触觉传感器提升感知能 ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [37]. Core Insights - The report highlights the upcoming launch of seven significant new models in March 2026, including the Chery iCAR V27, Zhijie V9, and Zeekr 8X, which are expected to have a substantial impact on the market and related stock prices [6][8]. - The focus for March is on the Chery Zhijie V9 and Zeekr 8X, both of which are anticipated to achieve monthly sales of 5,000 to 8,000 units [10][19]. - Investment opportunities are identified in the automotive sector, particularly in companies like Geely, JAC Motors, and Leap Motor, which are expected to exceed market expectations in terms of sales and profitability [6][8]. Summary by Sections Industry Basic Data - The automotive industry comprises 225 listed companies with a total market capitalization of approximately 30,810.37 billion yuan and a circulating market capitalization of about 23,623.17 billion yuan [3]. Relative Index Performance - The absolute performance of the automotive sector has seen declines of -3.5% over the past month, -4.3% over six months, and -9.1% over the past year, while relative performance shows a slight outperformance of 1.3% over six months and 3.2% over twelve months [4]. Upcoming New Models - The report outlines seven key new models expected to launch in March 2026, including: 1. Chery iCAR V27: C-class hard-core extended-range SUV 2. Zhijie V9: C-class extended-range MPV 3. Zeekr 8X: C-class high-performance plug-in hybrid SUV 4. Other models from various manufacturers [8][9]. Investment Recommendations - The report suggests focusing on the new product launches in March as potential catalysts for investment in the automotive sector, particularly recommending Geely (Zeekr 8X) and Chery (Zhijie V9) [6][8]. - Specific recommendations include: 1. Geely: Positioned as a top choice for rebound due to low valuation 2. JAC Motors: Expected to benefit from a favorable competitive landscape 3. Leap Motor: Potential investment opportunity if sales expectations improve [6][8].

Investment Rating - The report maintains a recommendation for the automotive sector, indicating a gradual recovery in retail sales expected in March 2026 [1]. Core Insights - The automotive sector continues to face challenges from weak retail sales and rising material costs. However, March is anticipated to see improvements due to several factors, including the reduction of deferred consumers from last year, new car launches, and the opening of subsidy programs [1]. - The report highlights that the cost of lithium carbonate for PHEVs has increased by approximately 1,000-2,000 CNY year-on-year, while for BEVs, the increase is about 2,000-4,000 CNY. The cost for economic storage has risen by several hundred CNY, and for high-end models, it has increased by 1,000-3,000 CNY [1]. - The report emphasizes that automakers often find ways to mitigate the impact of rising material costs, such as cost reduction in the supply chain, adjustments in product configurations, and price increases. The acceptance of reasonable price hikes by consumers will be crucial for new car launches and annual model updates [1]. Data Tracking - The discount rate in early February decreased to 9.3%, with a year-on-year increase of 0.3 percentage points and a month-on-month decrease of 0.2 percentage points. The average discount amount was 20,714 CNY, showing a year-on-year increase of 307 CNY but a month-on-month decrease of 828 CNY [3]. - In December, wholesale and retail sales of passenger vehicles saw a year-on-year decline, with wholesale sales at 2.85 million units (down 8.7% year-on-year) and retail sales at 2.28 million units (down 16.8% year-on-year) [3]. Market Performance - The automotive sector index increased by 0.59%, ranking 22 out of 29 sectors. The overall market indices showed positive growth, with the Shanghai Composite Index up by 1.98% [7][8]. - Key material prices have shown significant fluctuations, with lithium carbonate averaging 152,881 CNY per ton in Q1 2026, a year-on-year increase of 102% [7].

金山热电公司制定新一年"作战图"，聚焦"关键战役"持续发力，朝着既定目标坚实迈进。安全保障方 面，在巩固标准化一级企业成果的基础上，印发《安全自愿报告制度》等20项制度，让每名职工都成为 安全生产的守护者。随着一年一度的春季安全大检查进入预热阶段，隐患排查治理的闭环管控责任进一 步压实。经营管理方面，将"减亏增盈"贯穿全年。细化"营销+生产+燃料"联动机制，覆盖关键指标的动 态管控体系已开始高效运转。摸排潜在用户，着手制定差异化供汽方案。机组灵活性改造、熔盐储能等 技改项目倒排工期、挂图作战。 围绕火电固本强基发展战略、提质升级目标任务，内蒙古能源集团煤电板块系统推进安全生产治本攻坚 三年行动、安全生产标准化管理体系建设，统筹安全管理、三改联动、机组检修、技术管理等工作，持 续稳固能源保供、民生供热基本盘；锚定绿色转型发展方向，加快864万千瓦火电项目建设步伐，严管 施工质量，严控投资造价，严把工程进度，推动形成"高质量投产一批、开工一批、建设一批"的滚动发 展格局；加快信息化智能化建设，积极推进"人工智能+"在煤电板块的深度应用，不断提升综合竞争 力；多措并举打好"增收+降本"组合拳，通过深化售电协同联动、 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ■ 贾 丽 2月27日，中证指数有限公司正式发布中证港股通机器人主题指数和中证美股30指数，为市场提供更丰 富的投资标的。其中，中证港股通机器人主题指数精选30只港股通标的，中证美股30指数聚焦美股大市 值核心龙头。 笔者认为，此次两条指数齐发，不仅是中证指数体系的丰富完善，更是国内指数化投资走向全球化、细 分化、工具化的关键一步。在全球经济数字化转型与人工智能产业异军突起的当下，该举措亦是中国资 本市场拥抱新质生产力、提升资源配置效率的主动作为，为投资者布局前沿科技、共享全球发展红利架 起了新的桥梁。 当前，人工智能与机器人的深度融合正迅速重塑产业格局。2026年被市场普遍视为机器人商业化量 产"元年"。从马年春晚舞台上的人形机器人惊艳亮相，到工业制造领域机器人加速上岗，行业已从技术 验证期迈入规模化应用的关键窗口期。 这两条主题鲜明、定位清晰的指数在此时推出，进一步完善了涵盖A股、港股及美股的指数矩阵。从新 兴产业的纵深挖掘，到对成熟市场核心资产的精选，在投资逻辑上形成了高低搭配、内外互补的格局。 特别是中证港股通机器人主题指数与内 ...

■贾丽 2月27日，中证指数有限公司正式发布中证港股通机器人主题指数和中证美股30指数，为市场提供更丰 富的投资标的。其中，中证港股通机器人主题指数精选30只港股通标的，中证美股30指数聚焦美股大市 值核心龙头。 笔者认为，此次两条指数齐发，不仅是中证指数体系的丰富完善，更是国内指数化投资走向全球化、细 分化、工具化的关键一步。在全球经济数字化转型与人工智能产业异军突起的当下，该举措亦是中国资 本市场拥抱新质生产力、提升资源配置效率的主动作为，为投资者布局前沿科技、共享全球发展红利架 起了新的桥梁。 当前，人工智能与机器人的深度融合正迅速重塑产业格局。2026年被市场普遍视为机器人商业化量 产"元年"。从马年春晚舞台上的人形机器人惊艳亮相，到工业制造领域机器人加速上岗，行业已从技术 验证期迈入规模化应用的关键窗口期。 这两条主题鲜明、定位清晰的指数在此时推出，进一步完善了涵盖A股、港股及美股的指数矩阵。从新 兴产业的纵深挖掘，到对成熟市场核心资产的精选，在投资逻辑上形成了高低搭配、内外互补的格局。 特别是中证港股通机器人主题指数与内地相关指数形成呼应，勾勒出中国硬科技全景图谱，提升了科技 资产的整体定价影响力 ...

Group 1 - The forum hosted by Dongfang Securities focused on the profound changes in the international landscape and structural transformations in the capital market, gathering experts from popular industries for in-depth discussions [1] - Dongfang Securities aims to implement a financial strategy by 2025 that emphasizes serving the real economy and promoting high-quality development, while maintaining strategic determination in response to complex international situations [1] - The stability and attractiveness of the Chinese economy and market have become more pronounced in 2026, with safety, resilience, and innovation emerging as new reference points for investors [1] Group 2 - The main discussion highlighted that global capital markets are experiencing a shift in core variables, with investment logic being reshaped, where geopolitical factors and supply chain resilience are becoming key to asset pricing [2] - Investment opportunities are expected to concentrate on two main lines: critical minerals, chemicals, energy, and agriculture for security, and technological breakthroughs representing new productive forces [2] - Dongfang Securities plans to continue building high-level platforms for intellectual exchange to empower research and assist investors in navigating complex environments [2]

证券代码：603040 证券简称：新坐标 公告编号：2026-009 杭州新坐标科技股份有限公司 2026年第一次临时股东会决议公告 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： (二)股东会召开的地点：杭州市余杭区仓前街道龙潭路 18 号公司一楼多功 能室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 103 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 71,000,943 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 52.4624% | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026 年 2 月 27 日 本次会议由公司董事会召集，由公司董事长徐纳先生主持，本次会议以现场 投票和网络投票相结合的方式召开，会议的召集、召开符合《公司法》、《 ...

上海市锦天城律师事务所 关于杭州新坐标科技股份有限公司 2026 年第一次临时股东会的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址: 上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 传真: 021-20511999 电话:021-20511000 邮编: 200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于杭州新坐标科技股份有限公司 2026 年第一次临时股东会的 法律意见书 致:杭州新坐标科技股份有限公司 上海市锦天城律师事务所(以下简称"本所")接受杭州新坐标科技股份有 限公司(以下简称"公司"或"新坐标") 委托,就公司召开2026年第一次临 时股东会(以下简称"本次股东会")的有关事宜,根据《中华人民共和国公司 法》(以下简称《公司法》)、《上市公司股东会规则》等法律、法规、规章和 其他规范性文件以及《杭州新坐标科技股份有限公司章程》(以下简称《公司章 程》)的有关规定,出具本法律意见书。 为出具本法律意见书. 本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则(试行)》等规 ...

Core Viewpoint - The company New Coordinates (603040) announced a share reduction plan by its directors and senior management due to personal financial needs, involving a total of up to 108,500 shares, which is approximately 0.0795% of the total share capital [1][2]. Group 1: Share Reduction Details - Director and Vice President Yang Zhijun plans to reduce his holdings by up to 15,000 shares, representing 0.0110% of the total share capital [2][3]. - Director Ren Haiyun intends to reduce his holdings by up to 13,700 shares, accounting for 0.0100% of the total share capital [2][3]. - Secretary of the Board and Vice President Zheng Xiaoling plans to reduce her holdings by up to 69,800 shares, which is 0.0512% of the total share capital [2][3]. - Financial Director Qu Wei aims to reduce his holdings by up to 10,000 shares, representing 0.0073% of the total share capital [3]. Group 2: Historical Context - Previous announcements indicate that several directors and senior management members have completed share reductions in the past year, with some individuals having already executed reductions prior to this announcement [3]. - On May 6, 2025, the company reported that Ren Haiyun and Yang Qiping had completed their share reduction plans, with Ren reducing 18,200 shares and Yang reducing 3,700 shares [3]. - On July 29, 2025, Zheng Xiaoling reported a reduction of 30,000 shares, adhering to her planned reduction schedule [3]. Group 3: Company Performance - For the first three quarters of 2025, New Coordinates achieved a total revenue of 593 million CNY, representing a year-on-year increase of 19.45% [4]. - The net profit attributable to shareholders was 209 million CNY, reflecting a year-on-year growth of 29.41% [4]. - The company's basic earnings per share stood at 1.55 CNY, with a weighted average return on equity of 14.69% [4].