汽车与零部件行业 行业研究 | 行业周报 能源安全将促进我国新能源车出海，关注 出海链整车及汽零 核心观点 投资建议与投资标的 从投资策略上看，预计部分强α整车及汽零公司有望抵御行业风险，实现营收及盈利增 长；数据中心液冷及燃气发电产业链、能确定进入特斯拉、Figure、智元、宇树等机器人 配套产业链的汽零及高级别自动驾驶产业链将持续迎来催化。建议持续关注部分竞争力 较强的出海整车、燃气发电机/柴发产业链、人形机器人链、液冷产业链、智驾产业链公 司。 整车相关标的：比亚迪、吉利汽车、上汽集团、江淮汽车、赛力斯等；燃气发电机相关 标的：银轮股份、潍柴动力；液冷相关标的：英维克、银轮股份、拓普集团、飞龙股 份、川环科技等；机器人相关标的：新泉股份、拓普集团、银轮股份、岱美股份、三花 智控、浙江荣泰、旭升集团、嵘泰股份、斯菱智驱、爱柯迪、精锻科技、博俊科技、沪 光股份等；智驾相关标的：经纬恒润、伯特利、德赛西威等。 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2026 年 03 月 23 日 中性（维持） | 姜雪晴 | 执业 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 23 年 月 日 汽车 周观点：油价上涨强化出海逻辑，重视整车配置机会 行情回顾：本周（3.16-3.22）SW 汽车板块整体-4.40%，板块排名 16/31， 上证指数-3.38%，深证成指-2.90%，沪深 300 指数-2.19%。 乘用车：周度数据大幅改善，油价上涨预计加速新能源出海。根据乘联会 数据，3 月第一周/第二周批发日均 3.1 万辆/5.8 万辆，零售日均 3.1 万辆 /4.5 万辆，随着假期结束及新车上市，终端数据环比大幅改善。此外受中 东形势影响，海外油价上涨，对新能源车需求有望提升，车企出海有望加 速。考虑包括电池、存储等成本影响，车企盈利水平及当前销售均处在年 内低点，预计随着新车上市及行业销售节奏回暖，叠加出海贡献，3-6 月 整车板块边际改善确定性强。 零部件：宇树 IPO 受理，GTC 大会超百款机器人亮相，国内外产业有望 共振。3 月，英伟达 GTC 大会现场展示超百款机器人，几乎包括所有主流 研发企业；宇树科技 IPO 获受理，材料显示 2025 年公司实现营收和利润 高增，并募资 42 亿元加码研 ...

汽车与零部件行业 行业研究 | 行业周报 能源安全将促进我国新能源车出海，关注 出海链整车及汽零 核心观点 投资建议与投资标的 从投资策略上看，预计部分强α整车及汽零公司有望抵御行业风险，实现营收及盈利增 长；数据中心液冷及燃气发电产业链、能确定进入特斯拉、Figure、智元、宇树等机器人 配套产业链的汽零及高级别自动驾驶产业链将持续迎来催化。建议持续关注部分竞争力 较强的出海整车、燃气发电机/柴发产业链、人形机器人链、液冷产业链、智驾产业链公 司。 整车相关标的：比亚迪、吉利汽车、上汽集团、江淮汽车、赛力斯等；燃气发电机相关 标的：银轮股份、潍柴动力；液冷相关标的：英维克、银轮股份、拓普集团、飞龙股 份、川环科技等；机器人相关标的：新泉股份、拓普集团、银轮股份、岱美股份、三花 智控、浙江荣泰、旭升集团、嵘泰股份、斯菱智驱、爱柯迪、精锻科技、博俊科技、沪 光股份等；智驾相关标的：经纬恒润、伯特利、德赛西威等。 风险提示 ⚫ 油价中枢上行及能源安全战略地位上升将推动全球新能源渗透率提升，我国新能源 车出海将迎机遇。据媒体报道，美伊冲突引发的油价上涨正在亚太地区掀起电动车 抢购潮，近期比亚迪、上汽名爵等国内车企新 ...

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating a projected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [11]. Core Insights - In 2026, NVIDIA's advancements in embodied intelligence have transitioned from technical exploration to engineering implementation and ecosystem development, focusing on software models, simulation infrastructure, hardware deployment, and collaborative ecosystems [2][4]. - The humanoid robot industry is entering the "engineering implementation" phase, with significant investment opportunities identified in both beta (software and embodied models) and alpha (hardware) categories [4]. Summary by Relevant Sections Investment Recommendations - The report suggests focusing on: 1. Beta opportunities in embodied models and software, recommending companies such as Hangcha Group, UBTECH, and Woan Robotics. 2. Alpha opportunities in hardware, including: - Force/Torque sensors: Anpeilong - Encoders: Yapu Co., Ltd., Shuo Beid - Visual sensors: Aoptical, Orbbec - IMU: Joyson Electronics, Huayi Technology - Power devices: Innodisk - MCU and hollow cup: Fengcai Technology - Dexterous hands: Zhaowei Electric - Linear joints: Hengli Hydraulic, Zhejiang Rongtai, Zhenyu Technology - Rotary joints: Lide Harmonic, Shuanghuan Transmission, Minshi Group, Keda Li [4][5]. NVIDIA's Ecosystem Development - NVIDIA is building a "CUDA ecosystem" for robotics, utilizing Cosmos (data generation), Isaac (simulation training), and GROOT (robotic foundational models) to attract developers and accelerate commercialization [4]. - The GROOT N1.7 model has been released, enhancing robotic operational capabilities and introducing reasoning modules, with the upcoming GROOT N2 aimed at achieving world-model-level physical understanding [4]. Robotics Training and Infrastructure - The report highlights the release of Isaac Lab 3.0, which features a new Newton physics engine and enhanced support for complex dexterous operation scenarios [4]. - The DGX™-AI training server platform integrates multiple high-end GPUs and is optimized for AI training, capable of forming GPU clusters to enhance training scale [4].

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The energy storage lithium battery sector is experiencing an upward trend, while Europe and North America continue to face electricity shortages [1] - The report highlights the strong demand for energy storage and the ongoing positive outlook for the industry, driven by various government policies and market dynamics [3][7] Industry Trends - The report notes significant price increases in various segments, including lithium carbonate and battery materials, indicating a robust market environment [3] - The energy storage capacity in the U.S. is projected to grow significantly, with expectations of 51% year-on-year growth in 2026 [7] - The report emphasizes the importance of new energy policies in various regions, including the U.S. and Europe, which are expected to further stimulate demand for energy storage solutions [3][19] Company Performance - Notable companies such as CATL and Tianqi Lithium are highlighted for their strong financial performance, with CATL's net profit expected to reach 72.2 billion yuan in 2025, a year-on-year increase of 42.3% [3] - The report mentions several companies with significant growth potential, including Ningde Times, Sunshine Power, and others, which are positioned well in the energy storage and lithium battery markets [3][6] Investment Strategy - The report suggests a focus on leading companies in the energy storage and lithium battery sectors, recommending investments in firms like CATL, Yihua Lithium Energy, and others due to their strong growth prospects and market positions [3][6] - The report also indicates a favorable outlook for companies involved in the development of solid-state batteries and advanced energy storage technologies [3][4]

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][3]. Core Insights - The supply-demand structure is continuously optimizing, with many product prices on the rise. In February, China's new energy vehicle production and sales reached 694,000 and 765,000 units, respectively, down 21.8% and 14.2% year-on-year. Cumulatively, from January to February, production and sales totaled 1.735 million and 1.71 million units, down 8.8% and 6.9% year-on-year. New energy vehicles accounted for 41.2% of total new car sales. The supply side is seeing new products from battery and main engine manufacturers, with positive feedback from demand, leading to a continuous optimization of the supply-demand structure. Prices are stabilizing and rising, particularly for lithium carbonate and lithium iron phosphate, with strong demand and tight supply [3][4][5]. Summary by Sections 1. Market Tracking - The new energy vehicle index, lithium battery index, fuel cell index, charging pile index, and energy storage index had weekly changes of +0.91%, +5.37%, -0.79%, -2.15%, and +5.55%, respectively. Notable performers included Foshan Technology, Hunan Youneng, and Penghui Energy, with increases of 29.9%, 22.6%, and 22.0% [4][24]. 2. Lithium Battery Industry Chain Price Tracking - Since the beginning of the year, lithium carbonate prices have increased by 33.1%, driving up lithium iron phosphate by 27.3%. This week, lithium carbonate was priced at 159,100 CNY/ton, up 2.5% from last week. Other materials like nickel and cobalt also saw slight increases [29][30][32]. 3. Production and Sales Data Tracking - In February, the production and sales of new energy vehicles were 694,000 and 765,000 units, respectively, with year-on-year declines of 21.8% and 14.2%. Cumulatively, from January to February, production and sales reached 1.735 million and 1.71 million units, with new energy vehicles making up 41.2% of total new car sales [45][49]. 4. Industry Dynamics - The U.S. has decided not to impose tariffs on battery materials imported from China, which is expected to positively impact the industry. Additionally, significant developments in the new energy sector were highlighted, including NIO's record quarterly profit and Li Auto's substantial revenue growth [71][68][69]. 5. Key Company Announcements - Companies like Shenling Environment and Jiebang Technology have made significant announcements regarding investments and shareholder changes, indicating active engagement in the market [73][74][75]. 6. Industry Rating and Investment Strategy - The report suggests focusing on high-potential areas such as data center liquid cooling, solid-state batteries, battery materials, robotics, and autonomous driving, while maintaining a positive outlook on the new energy vehicle industry [3][4].

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Views - The energy storage lithium battery sector is experiencing an upward trend, while Europe and North America continue to face electricity shortages [1] - The report highlights the strong demand for energy storage and the ongoing positive outlook for the sector, driven by various national policies and market dynamics [3][7] Industry Trends - Energy Storage: The 14th Five-Year Plan emphasizes the development of new energy storage and flexible power sources. In Germany, the EEG 2027 draft proposes to stop fixed feed-in tariffs for small photovoltaic installations [3] - Electric Vehicles: In February, electric vehicle sales in China reached 765,000 units, with exports increasing by 115% year-on-year. The domestic battery production was 142 GWh, showing a 41% year-on-year increase [3] - Market Prices: Lithium carbonate prices remain high, with battery prices adjusting accordingly. The report notes a significant increase in the prices of various battery materials [3] Company Performance - CATL reported a net profit of 72.2 billion yuan for 2025, a year-on-year increase of 42.3% [3] - Tianqi Lithium's performance is expected to improve significantly, with a projected increase in net profit due to rising lithium prices [3] - Other companies like Ganfeng Lithium and BYD are also highlighted for their strong growth potential in the electric vehicle and energy storage markets [3][4] Investment Strategy - The report suggests a strong push for energy storage, with expectations of over 60% growth in global installations in 2026. It emphasizes the importance of leading companies in the energy storage and lithium battery sectors [3][4] - Key investment recommendations include CATL, Sungrow Power, and other leading firms in the energy storage and electric vehicle supply chains [3][4]

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][3]. Core Insights - The supply-demand structure is continuously optimizing, with many product prices on the rise. In February, China's new energy vehicle production and sales reached 694,000 and 765,000 units, respectively, down 21.8% and 14.2% year-on-year. Cumulatively, from January to February, production and sales totaled 1.735 million and 1.71 million units, down 8.8% and 6.9% year-on-year. New energy vehicles accounted for 41.2% of total new car sales. The supply side is seeing new products from battery and main engine manufacturers, with positive feedback on demand, leading to a continuous optimization of the supply-demand structure. Prices are stabilizing and rising, particularly for lithium carbonate and lithium iron phosphate, with strong demand and tight supply [3][4][5]. Summary by Sections 1. Market Tracking - The new energy vehicle index, lithium battery index, fuel cell index, charging pile index, and energy storage index had weekly changes of +0.91%, +5.37%, -0.79%, -2.15%, and +5.55%, respectively [4][21]. 2. Lithium Battery Industry Chain Price Tracking - Since the beginning of the year, lithium carbonate prices have increased by 33.1%, driving up lithium iron phosphate by 27.3%. The price of lithium hexafluorophosphate has decreased by 38.3%. This week, lithium carbonate was priced at 159,100 CNY/ton, up 2.5% from last week [29][30][32]. 3. Production and Sales Data Tracking - In February, China's new energy vehicle production and sales were 694,000 and 765,000 units, respectively, with year-on-year declines of 21.8% and 14.2%. Cumulatively, from January to February, production and sales reached 1.735 million and 1.71 million units, with new energy vehicles making up 41.2% of total new car sales [45][49]. 4. Industry Dynamics - The U.S. has decided not to impose tariffs on certain battery materials imported from China, which is expected to positively impact the industry [5][71].

Core Insights - The article discusses the evolution and core technology routes of dexterous hands, which are essential for humanoid robots, highlighting the significant market potential and domestic replacement paths in the industry [2][3][4]. Group 1: Industry Overview - The dexterous hand, as a critical end-effector of humanoid robots, determines the efficiency and performance of robots, enabling complex interactions with the environment [11]. - The development of dexterous hands has accelerated in recent years, with Tesla's Optimus series becoming a benchmark in the industry, while domestic companies like Yushu Technology and Lingqiao Intelligent are also emerging [6][21]. Group 2: Technology Evolution - The future of dexterous hands will focus on under-actuated architectures, efficient motor drives, and advanced transmission methods, combined with enhanced sensing capabilities to achieve natural and precise operations [3][7]. - The article outlines four core technology routes: degrees of freedom, drive systems, transmission methods, and sensing technologies, which together form a comprehensive technical chain from mechanical structure to intelligent interaction [8][36]. Group 3: Market Potential - The market for dexterous hands is projected to reach a scale of hundreds of billions, with Tesla's Optimus expected to achieve mass production of over one million units in the next 4-5 years, significantly contributing to market growth [3][4][6]. - Domestic listed companies are deepening their layout in core components of dexterous hands, focusing on motors, tendons, screws, sensors, and covers [3][4]. Group 4: Investment Recommendations - Key investment areas include motors, screws, tendons, and sensors, which are characterized by high value and growth potential, with companies positioned advantageously in the supply chain likely to benefit from the industrialization of humanoid robots [4][5]. - Companies in the automotive parts sector are recommended for their strong customer positioning and production capabilities, as their main products are closely related to robotics [5].

证券代码：603119 证券简称：浙江荣泰 公告编号：2026-009 浙江荣泰电工器材股份有限公司 关于变更对外投资项目的公告 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法律责任。 一、变更投资项目概述 （一）前述项目概况 浙江荣泰电工器材股份有限公司（以下简称"浙江荣泰"或"公司"）于 2025 年 12 月 8 日召开的第二届董事会第十四次会议，审议通过了《关于对外投 资暨全资子公司在泰国投资新生产项目的议案》，同意公司以自有资金或融资通 过全资子公司投资建设新生产项目，同时授权公司经营管理层依据法律、法规的 规定办理投资的审批及注册登记等相关工作并签署相关协议，最终投资建设年产 1.4 万吨云母纸、4,500 吨云母制品及 700 万套机器人部件生产项目。具体情况详 见公司于 2025 年 12 月 9 日在上海证券交易所网站上披露的《浙江荣泰电工器材 股份有限公司关于对外投资暨全资子公司在泰国投资生产项目的公告》（公告编 号：2025-090）。 （二）变更项目情况 为了满足公司业务布局需求及相关监管备案的要求，公司拟将原 ...