1）端到端神经网络——技术栈全链路自研、高上限：打造"像素到控制"单 一端到端神经网络实现感知、规划、决策、执行全闭环自主控制，无模块间信 息损耗，复杂场景决策响应速度达 120 毫秒接近人类水平； 2） 自 主 可 控 的 算 力 硬 件 — — 模 型 训 练 效 率 领 先 ： 布 局 AI 芯 片 研 发 （AI5/AI6），计划建设 Terafab 晶圆厂，整合逻辑芯片、内存与封装生产，搭配 Dojo 3 超级计算机，实现模型训练效率数倍提升； 浙江荣泰(603119) 报告日期：2026 年 02 月 26 日 特斯拉 Optimus 有望重塑行业天花板，看好公司大客户卡位优势 ——浙江荣泰点评报告 投资要点 证券研究报告 | 公司点评 | 汽车零部件 3）影子模式——海量真实数据复用：依托全球 700 万辆车队"影子模式"，运 算了超过 30 亿英里（约合 48.3 亿公里）的驾驶里程，每天特斯拉自动驾驶研 发团队都会收到大量的案例，自动驾驶数据与机器人场景可深度复用，再利用 数据引擎对算法进行训练，解决具身智能数据稀缺的行业痛点； 4）世界模拟器——无限的虚拟试炼场：自研神经世界模拟器可实现高 ...

截至2025年9月末，现金及等价物为3.91亿元，现金流状况稳健。 核心产品包括云母硬质材料、柔质材料、发热组件、热管理安全组件及衍生品，适用于新能源汽车、轨道交 通、航天船舶、特种电缆和智能家电等高端领域，提供电绝缘与热绝缘一体化解决方案，在制造业供应链中 占据关键位置。 2025年，公司通过并购扩展业务，进入机器人精密结构件领域。以1.65亿元收购狄兹精密41.2%股权，并追加 8000万元增资，最终持有51%股权并取得控制权。此次交易完善高端制造布局，并为业绩增长提供新动力。 财务指标显示，公司保持稳定增长。2023年和2024年营收分别为8亿元和11.35亿元，毛利分别为2.82亿元和 3.63亿元，净利润分别为1.72亿元和2.3亿元。2025年前三季度营收达9.60亿元，同比增长18.7%；毛利3.27亿 元，净利润2.04亿元。 浙江荣泰冲刺H股，码绝缘材料与精密结构件，拓宽国际化布局 据新浪财经报道，2026年1月，浙江荣泰电工器材股份有限公司向香港交易所提交上市申请，拟发行H股并在 主板挂牌，中信证券为独家保荐人。 此举将使公司进入A+H双资本市场阶段，利用国际融资渠道支持海外产能扩展和新业 ...

【人形机器人】市场新信息汇总260224 注：以下信息为市场传言汇总，未经二次加工，不代表个人观点，不构成投资建议，请谨慎参考。 1、主流标的 【维宏股份】子公司汉姆电子为宇树零巧手电机供应商，高ASP。 汉姆董事长目前仍在北美，节后特斯拉进展，国产头部零巧手客户合作等催化值得期待。 【维宏股份】子公司汉姆电子为宇树零巧手电机供应商，高ASP。 汉姆董事长目前仍在北美，节后特斯拉进展，国产头部零巧手客户合作等催化值得期待。 【凯众股份】新能源车TPU结构件龙头，切入T机器人缓震结构件、足部总成、手套；主业含并购2亿利润，T链市 值最小、弹性最大。 已为小鹏、智元、YS累计提供近万套产品。 【科达利】谐波环节最强势的进攻方，有望成为贝塔时代、V4时代的核心供应商。 【万向钱潮】T机器人轴承/新型万向节核心供应商，格局最优；量产单机ASP 1万元；新增轻量化骨架，ASP提升 15%。 机器人轴承已覆盖国内主要本体企业。 【凯众股份】新能源车TPU结构件龙头，切入 【人形机器人】市场新信息汇总260224 注：以下信息为市场传言汇总，未经二次加工，不代表个人观点，不构成投资建议，请谨慎参考。 1、主流标的 【模塑科 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Core Viewpoint - The humanoid robot sector is expected to gradually converge by 2026, with Tesla's Optimus moving from the laboratory phase to mass production, highlighting the need to focus on mass production certainty and new technological directions for efficiency improvement or significant cost reduction [1][2]. Industry Core Changes - The humanoid robot industry in 2025 saw significant order placements, primarily from government, data collection, and life service scenarios, with companies like Yuzhu, Zhiyuan, and UBTECH leading in shipment volumes [2]. - The prices of core robot components have significantly decreased due to industrial capital support, although there is still room for improvement in precision and lifespan [2]. - The model end has confirmed the correct path for VLA, with some models beginning to show intelligence, but the lack of sufficient data has prevented the formation of a scaling law cycle in the short term [2]. 2026 Strategy Outlook - The successful iteration of Tesla's Optimus is expected to lead to a large-scale production year in 2026, with key focus areas including Tier 1 suppliers, lead screws, and harmonic reducers, as the supply chain enters a contraction phase [3]. - For flexible robot targets, attention should be paid to technological iterations and cost reduction, with key drivers including improvements in dexterous hands, motors, and lightweight materials [3]. Investment Recommendations - For certainty in direction, focus on Tier 1 suppliers such as Sanhua Intelligent Control and Top Group, lead screws from Hengli Hydraulic and Zhejiang Rongtai, and harmonic reducers from Lide Harmonic and Siling Intelligent Drive [4]. - For technological transformation and cost reduction, key companies to watch include Zhaowei Electromechanical and Hanwei Technology for dexterous hands and electronic skin, Hengshuai Co. and Buke Co. for motors, and Hengbo Co. and Xingyuan Zhuomei for lightweight materials [4].

Core Viewpoint - Zhejiang Rongtai Electric Equipment Co., Ltd. is utilizing idle raised funds for cash management to enhance fund efficiency and increase returns for the company and its shareholders [3][11]. Investment Overview - **Investment Purpose**: The company aims to improve the efficiency of raised funds while ensuring safety and not affecting normal operations [3]. - **Investment Amount**: A total of 70 million RMB is allocated for cash management [3]. - **Source of Funds**: The funds are sourced from the company's initial public offering, which raised a net amount of 970.05 million RMB after deducting issuance costs [4]. Investment Method - **Investment Type**: The company is investing in a structured deposit product, specifically a principal-protected floating income deposit [6][7]. - **Investment Amount**: The total investment in cash management products is 70 million RMB [6]. Risk Analysis and Control Measures - **Investment Risks**: While the investment is in low-risk financial products, there are still potential market volatility risks [8]. - **Risk Control Measures**: The company has established strict procedures for cash management, including compliance with regulatory requirements and regular monitoring of investment products [9]. Impact on the Company - **Financial Indicators**: The cash management will not affect the company's daily operations or the normal implementation of investment projects [11]. - **Accounting Treatment**: The principal of cash management will be recorded as monetary funds and trading financial assets, with interest income reflected in the profit statement [11]. Progress Disclosure - The structured deposit product purchased with idle funds has matured, with the company recovering the principal of 70 million RMB and realizing a profit of 303,200 RMB [12].

证券代码：603119 证券简称：浙江荣泰 公告编号：2026-006 浙江荣泰电工器材股份有限公司 关于使用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法律责任。 重要内容提示： 已履行的审议程序：浙江荣泰电工器材股份有限公司（以下简称"公 司"）于 2025 年 2 月 28 日召开的第二届董事会第五次会议、第二届监事会第 四次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。具 体内容详见公司于 2025 年 3 月 1 日在上海证券交易所网站（www.sse.com.cn） 披露的《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025- 013）。 特别风险提示：尽管公司本次购买的保本浮动收益型存款产品属于较低 风险理财品种，但金融市场受宏观经济影响较大，不排除该项投资受到市场波 动影响的风险。 一、投资情况概述 （一）投资目的 为提高募集资金使用效率，在确保募集资金安全、不影响募集资金投资计 划正常进行及公司正常生产经营活动的前提下，合理利用暂时闲置募集资金、 增 ...

Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

Group 1 - The core viewpoint of the article highlights the performance of the Electric Grid Equipment ETF Guangfa (159320), which rose by 1.27% to 1.908 yuan with a trading volume of 25.56 million yuan as of the midday close on February 6 [1] - The major holdings of the Electric Grid Equipment ETF include companies such as Tebian Electric Apparatus, which increased by 0.94%, and Zhongtian Technology, which rose by 4.79%, among others [1] - The performance benchmark for the Electric Grid Equipment ETF is the return rate of the Hang Seng A-share Electric Grid Equipment Index, with a return of 88.21% since its establishment on December 12, 2024, and a one-month return of 12.09% [1]

Group 1 - Zhejiang Rongtai Electric Equipment Co., Ltd. experienced a stock price increase of 5.19%, reaching 103.93 CNY per share, with a trading volume of 702 million CNY and a turnover rate of 3.44%, resulting in a total market capitalization of 37.804 billion CNY [1] - The company, established on April 22, 1998, and listed on August 1, 2023, specializes in the research, production, and sales of high-temperature resistant insulating mica products, with 99.92% of its revenue coming from mica products and other products contributing 0.08% [1] Group 2 - Citic Prudential Fund has a significant holding in Zhejiang Rongtai, with its Citic Prudential Advanced Manufacturing Mixed A Fund (019219) holding 13,600 shares, representing 4.76% of the fund's net value, making it the largest holding [2] - The Citic Prudential Advanced Manufacturing Mixed A Fund, established on October 9, 2023, has a total size of 19.2893 million CNY, with a year-to-date return of 10.53%, ranking 717 out of 8,873 in its category, and a one-year return of 61.52%, ranking 982 out of 8,123 [2] Group 3 - The fund manager of Citic Prudential Advanced Manufacturing Mixed A is Sun Haozhong, who has been in the position for 6 years and 46 days, managing assets totaling 2.703 billion CNY, with the best fund return during his tenure being 101.46% and the worst being -49.03% [3]