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]

证券研究报告 行业周报 美国取消部分电池材料关税，产业景气度迎来上行 n 分析师：黎江涛 n SAC编号：S1050521120002 投资要点 供需结构持续优化，众多产品价格上行。根据中汽协数据，2月，我国新能源汽车产销分别完成69.4万辆和76.5万辆，同比分 别下降21.8%和14.2%。1-2月，我国新能源汽车产销累计完成173.5万辆和171万辆，同比分别下降8.8%和6.9%，新能源汽 车新车销量达到汽车新车总销量的41.2%。供给端，电池及主机厂新品不断推出，材料结构优化，需求端反馈积极，供需结构 持续优化。价格层面，产业链历经价格大幅下行，资本开支不断收缩，供需格局不断优化，行业协会、产业链公司均在积极优 化产能与供给，推行"反内卷"，力争价格保障企业盈利。整体而言，产业链价格企稳回升，部分环节如碳酸锂、磷酸铁锂需 求强劲，供给偏紧，价格进入上升阶段，看好产业链优质公司。 行业评级及投资策略： 供给端部分企业开始收缩资本开支，供需结构在边际优化，产业链众多产品价格持续上行。继续优选 有望贡献超额收益方向，看好数据中心液冷、固态电池、电池材料α品种、机器人阿尔法品种、自动驾驶等方向。维持新能源 ...

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].

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 ...

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 ...

证券代码：603119 证券简称：浙江荣泰 公告编号：2026-008 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" 或"浙江荣泰"）于 2026 年 2 月 28 日召开的第二届董事会第十七次会议，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 2026 年 3 月 2 日在上海证券交易所网站披露的《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：2026-007）。 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、 增加公司的收益，为公司及股东获取更好回报。 ...

东兴证券股份有限公司 关于浙江荣泰电工器材股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 · 东兴证券股份有限公司(以下简称"东兴证券"或"保荐人")作为浙江荣 泰电工器材股份有限公司(以下简称"浙江荣泰"或"公司")首次公开发行股 票并在上交所主板上市的保荐人,根据《证券发行上市保荐业务管理办法》《上 海证券交易所股票上市规则》《上市公司募集资金监管规则》《上海证券交易所上 市公司自律监管指引第1号 -- 规范运作》等有关规定,就浙江荣泰使用部分闲 置募集资金进行现金管理的事项进行了核查,核查意见如下: 一、募集资金的基本情况 根据中国证券监督管理委员会《关于同意浙江荣泰电工器材股份有限公司首 次公开发行股票注册的批复》(证监许可[2023]1288 号),浙江荣泰电工器材股份 有限公司首次公开发行人民币普通股(A 股)股票 7,000.00 万股,每股发行价格 为 15.32 元,募集资金总额为 107,240.00 万元,扣除各项发行费用 10,234.54 万 元后,募集资金净额为 97,005.46 万元。中汇会计师事务所(特殊普通合伙)对 公司本次公开发行新股的资金到位情况进行了审验,并 ...

现金管理额度及期限：浙江荣泰电工器材股份有限公司（以下简称"公 司"或"浙江荣泰"）拟使用不超过人民币 3.8 亿元（含本数）的闲置募集资金 进行现金管理。该额度自公司第二届董事会第十七次会议审议通过之日起 12 个 月内有效。在上述额度和期限内，资金可循环滚动使用。 投资种类：安全性高、流动性好、期限不超过 12 个月（含）的投资产 品（包括但不限于银行理财产品、协议存款、结构性存款、定期存款、通知存 款、大额存单等）。 证券代码：603119 证券简称：浙江荣泰 公告编号：2026-007 浙江荣泰电工器材股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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。 重要内容提示： 已履行的审议程序：经公司第二届董事会第十七次会议审议通过，保荐 机构对本事项出具了明确的核查意见。本事项无需提交公司股东会审议。 特别风险提示：尽管公司拟使用暂时闲置募集资金投资安全性高、流动 性好的保本型产品，投资风险可控。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、 ...