高盛闭门会：机器人与自动驾驶-实体 AI 考察之旅的核心 要点 20260325 标的筛选：绿的谐波在中国人形机器人减速器份额达 70%；美股关注 Jabil，其机器人业务利润贡献高且已切入沃尔玛、亚马逊及特斯拉自动 化链条。 Q&A 在近期对美国机器人生态系统的考察中，会见了哪些企业？选择当前时间点进 行考察的原因是什么？ 此次考察会见了特斯拉 Optimus 人形机器人项目负责人、Rivian 的 AI 硬件与 软件工程主管，以及自动驾驶公司 Aurora、Codasip、Waymo 和 Plus 的首 席执行官与创始人。当前是行业的关键时刻，全球物理 AI 领域的自动驾驶企业 正在扩张，尤其是在中美两国。美国方面，Waymo 于 2025 年底已进入 5 座 城市，并计划在 2026 年底前覆盖至少 15 座城市；特斯拉则专注于拓展 Robotaxi 服务及消费者全自动驾驶产品。多家电动卡车企业计划在 2026 年或 2027 年扩大商业化运营。同时，机器人领域也进入新阶段，例如特斯拉计划 于 2026 年开始内部使用人形机器人，并计划在 2027 年底前对外销售。 在机器人技术发展中，驱动设备的软件（ ...

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, with a focus on AI and mechanical equipment investment opportunities [1]. Core Insights - The report emphasizes the potential of AI-driven mechanical equipment, particularly in the robotics sector, where companies like Yushu Technology are showing significant growth in revenue and profitability [1]. - The GTC conference highlighted the increasing demand for AI computing power, which is expected to drive growth in PCB and liquid cooling segments [2]. - The solar equipment sector is poised to benefit from Tesla's procurement of photovoltaic equipment and Blue Origin's satellite launch plans, indicating strong demand for leading equipment manufacturers [3]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, Sany Heavy Industry, and Zhongwei Company, among others, across various segments including robotics, AI devices, and solar equipment [1][2][3]. Industry Trends - The robotics industry is experiencing a significant rebound, with Yushu Technology's IPO materials indicating a revenue increase of 335.36% and a net profit increase of 674.29% for 2025 [1]. - The AI device sector is seeing advancements in architecture and cooling solutions, with Nvidia's LPU architecture expected to enhance performance and drive PCB demand [2]. - The solar equipment market is benefiting from increased demand driven by major companies like Tesla and innovative projects like Blue Origin's satellite constellation [3]. Market Dynamics - The oil service equipment sector is facing short-term adjustments due to geopolitical tensions, but long-term demand is expected to rise as oil prices remain high and reconstruction efforts in conflict areas increase [7]. - The mechanical equipment industry is projected to see significant growth opportunities due to China's increasing foreign investments and the global demand for advanced machinery [37].

证券代码：688017 证券简称：绿的谐波 公告编号：2026-007 苏州绿的谐波传动科技股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 3 月 19 日 （二） 股东会召开的地点：苏州市吴中区尧峰西路 68 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 275 | | --- | --- | | 普通股股东人数 | 275 | | 2、出席会议的股东所持有的表决权数量 | 21,405,222 | | 普通股股东所持有表决权数量 | 21,405,222 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 17.8509 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 17.8509 | （四） 表决 ...

注律音 见 书 绿的谐波 江苏世纪同仁律师事务所 关于苏州绿的谐波传动科技股份有限公司 2026 年第一次临时股东会的法律意见书 致:苏州绿的谐波传动科技股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证监会《上 市公司股东会规则》等法律、法规和规范性文件以及《公司章程》的规定,本所 受贵公司董事会的委托,指派本所律师出席贵公司 2026年第一次临时股东会, 并就本次股东会的召集、召开程序、出席会议人员资格、召集人资格、表决程序 以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书,本所律师对本次股东会所涉及的有关事项进行了审查, 查阅了本所律师认为出具法律意见所必须查阅的文件,并对有关问题进行了必要 的核查和验证。 本法律意见书仅供公司 2026年第一次临时股东会之目的使用。本所律师同 意将本法律意见书随贵公司本次股东会决议一并公告,并依法对本法律意见书承 担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业 务标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东会的召集、召开程序 (一)本次股东会由董事会召集。2026年3月3 ...

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].

苏州绿的谐波传动科技股份有限公司 2026 年第一次临时股东会会议资料 苏州绿的谐波传动科技股份有限公司 2026 年第一次临时股东会会议资料目录 | | 年第一次临时股东会会议须知 （1） | | --- | --- | | 1．2026 | | 2．2026 年第一次临时股东会会议日程...............................................................（3） 3．关于公司预计 2026 年度日常关联交易的议案..............................................（5） 苏州绿的谐波传动科技股份有限公司 2026 年第一次临时股东会会议资料 2026 年 3 月 苏州绿的谐波传动科技股份有限公司 2026 年第一次临时股东会会议资料 苏州绿的谐波传动科技股份有限公司 2026 年第一次临时股东会会议资料 苏州绿的谐波传动科技股份有限公司 2026 年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保公司股东会的正常秩序和议事效率，根 据《中华人民共和国公司法》、《中华人民共和国证券法》、《公司章程》和《股 ...

Industry Overview - The humanoid robot industry is at a pivotal moment, transitioning from technological breakthroughs to large-scale commercialization, with 2026 expected to be a key window for mass production and scenario validation [2] - Supply-side dynamics show clear mass production paths for overseas leaders, while domestic manufacturers are accelerating iterations and reducing prices, driving the industry from prototypes to large-scale delivery [2][4] - On the demand side, aging populations and rising labor costs create long-term demand, supported by policy incentives and capital enthusiasm [2][4] Investment Highlights - The humanoid robot index is characterized by high volatility and elasticity, outperforming the Wind All A index in 2025, with cumulative gains of 62.08% compared to 31.09% for the Wind All A index [3][15] - The index's excess return of 30.99% is attributed to continuous technological iterations, mass production catalysts, and a positive feedback loop from policies, financing, and orders [3][15] Long-term Drivers - Global aging trends are intensifying, leading to a tightening labor market and increasing demand for robots to replace human labor [4][24] - The market for elderly care robots is expanding, with "robot + elderly care" emerging as a viable solution to address aging issues [4][25] - The global humanoid robot market is projected to reach $20 billion by 2030, indicating significant future market potential [4][31] Supply-side Developments - The supply side of the humanoid robot industry is rapidly flourishing, with consensus on prioritizing industrial applications and scaling production from thousands to tens of thousands of units [5] - Domestic manufacturers are releasing numerous new products, showcasing strong competitiveness in key features like intelligence and motion control, while prices are rapidly decreasing from millions to tens of thousands [5][9] Policy Support - A series of favorable policies for the humanoid robot industry have been introduced at both national and local levels, marking the sector as a strategic focus for future industrial development [20][21] Market Dynamics - The dual pressures of demographic changes and rising labor costs are driving the trend of machine replacement for human labor, with significant implications for labor-intensive industries [24][28] - The humanoid robot market is expected to grow rapidly, with projections indicating a market size of $200 billion by 2030, driven by technological advancements and increasing social demand [31][32] Product Development and Iteration - Continuous product iterations and performance breakthroughs are evident, with both overseas leaders and domestic players accelerating their commercialization processes [33] - Tesla's humanoid robot, Optimus, is rapidly evolving, with significant upgrades in hardware and capabilities, indicating a clear path towards mass production [34][40] Investment Recommendations - The report suggests focusing on key supply chain opportunities, particularly in precision reducers, actuators, and sensors, as these components are critical for the humanoid robot industry [9] - Attention should also be given to domestic supply chain breakthroughs that can drive down costs and enhance competitiveness [9]

Summary of Leader Harmonious Drive Systems Co. (688017.SS) Conference Call Company Overview - **Company**: Leader Harmonious Drive Systems Co. (688017.SS) - **Industry**: Harmonic reduction gear market, focusing on humanoid and industrial robots Key Points Sales Growth and Demand - LeaderDrive anticipates strong sales growth in 2026, driven by a significant increase in humanoid applications, with year-to-date humanoid orders surpassing total orders for 2025 [2][5] - Expected growth rates for 2026: - 15% to 20% for industrial robot applications - 30% to 40% for collaborative robots (cobots) - Multi-fold increase for humanoid robots [5] Capacity and Utilization - The company achieved full utilization of its 600k–700k unit capacity in 2025, with humanoid applications accounting for 20% to 30% of production [2][5] - Plans for aggressive capacity expansion in 2026 to meet "pulse-like" demand from the humanoid industry, which may exceed current capacity [2][6] Market Position and Pricing Strategy - LeaderDrive holds over 70% market share in the domestic harmonic reduction gear market for humanoid applications [2][10] - Management aims to reduce the average selling price (ASP) of harmonic reduction gears to US$50–$60 (Rmb350–420) to maintain market dominance [2][10] - Current gross profit margin (GPM) for humanoid applications is high at 40% to 50%, but is expected to normalize as production scales [2][10] Product Diversification - The company is diversifying its product offerings, including bearings, planetary roller screws, cycloidal pinwheel reduction gears, and integrated modules [2][10] - Collaborations with auto OEMs to enter the NEV EMB (Electro-mechanical Brake System) and SBW (Steering-By-Wire) markets [10] Investment Thesis and Valuation - The investment rating for LeaderDrive is Neutral, with a 12-month target price set at Rmb123.00, indicating a potential downside of 42.1% from the current price of Rmb212.45 [11][9] - Positive long-term growth potential due to expanding total addressable market (TAM) across various applications [8] - Risks include slower-than-expected domestic demand for industrial robots and increased competition from local and overseas brands [9] Financial Projections - Revenue projections for the next few years: - 2025: Rmb581.6 million - 2026: Rmb897.7 million - 2027: Rmb1,187.7 million [11] Upside and Downside Risks - **Upside Risks**: - Faster-than-expected production and technology advancements in humanoid robots - Quick penetration into key robot customers, especially foreign brands [9] - **Downside Risks**: - Weaker-than-expected demand for domestic industrial and collaborative robots - Increased competitive pressure from both local and international brands [9] Conclusion Leader Harmonious Drive Systems Co. is positioned for significant growth in the humanoid robotics sector, with a strong market share and plans for capacity expansion. However, the company faces risks related to demand fluctuations and competition, leading to a Neutral investment rating.

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [4]. Core Insights - The focus of the Two Sessions on humanoid robots and the acceleration of their application by companies like BMW and Samsung indicates a significant technological breakthrough and investment momentum in the industry [2][3]. - The humanoid robot sector is experiencing a surge in financing and technological advancements, with domestic companies making notable progress [2][3]. Summary by Sections Industry News and Company Developments - BMW has introduced humanoid robots in its Leipzig factory for real industrial applications, marking the first deployment in Europe for the company [6]. - Samsung plans to transform all its factories into AI-driven facilities by 2030, integrating humanoid robots into various operational processes [7]. - The Chinese government is emphasizing the importance of humanoid robots in its technology innovation strategy, with notable entrepreneurs advocating for accelerated development in this field [7][9]. Investment Dynamics - The humanoid robot sector is witnessing increased investment activity, with companies like UniX AI and Galaxy General Robotics securing significant funding rounds [11]. - Notable financing includes UniX AI's completion of nearly 300 million yuan and Galaxy General Robotics' 2.5 billion yuan funding, positioning them as leaders in the domestic humanoid robotics market [11]. Investment Recommendations - The report suggests focusing on both complete robot manufacturers and core component suppliers, highlighting specific companies for investment: 1. Actuators and Motors: Recommended companies include Zhaowei Electromechanical and Mingzhi Electric, with related firms like Weichuang Electric and Boke Co [15]. 2. Gear Reducers: Key players include Lide Harmony and Keda Li, among others [15]. 3. Sensors: Recommended companies include Amperelong and Hanwei Technology [15]. - The report notes that the robotics sector accounted for approximately 4.5% of total A-share trading volume, indicating a slight decrease in activity [13].

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [42]. Core Insights - The mechanical equipment industry is supported by three policy dividends in 2026: equipment upgrades, AI + manufacturing, and high-end manufacturing upgrades, which provide strong upward momentum. There is significant differentiation within sub-sectors [3][39]. - In the engineering machinery sector, both domestic and international demand are resonating, with continued growth in excavator and non-excavator sales. Macro policies such as interest rate cuts are expected to further stimulate demand [3][39]. - The report highlights the acceleration of humanoid robot industrialization, with Tesla's Optimus Gen3 expected to be released soon, potentially leading to small-scale trial production and a mass production milestone later in the year [3][39]. - The oil service equipment sector is anticipated to benefit from rising oil prices due to geopolitical factors, with stable capital expenditures from domestic and international oil and gas companies driving demand for oil service equipment [3][39]. Market Review - As of March 5, 2026, the mechanical equipment industry has seen a bi-weekly increase of 0.31%, outperforming the CSI 300 index by 0.58 percentage points, ranking 15th among 31 industries. Year-to-date, the sector has increased by 9.91%, also outperforming the CSI 300 index by 9.53 percentage points, ranking 10th [13][14]. - The five sub-sectors of the mechanical equipment industry showed varied performance, with the automation equipment sector leading with a 1.61% increase, while the engineering machinery sector saw a decline of 3.08% [18][20]. Valuation Overview - As of March 5, 2026, the overall PE TTM for the mechanical equipment sector is 36.37 times. The PE TTM for sub-sectors is as follows: general equipment at 53.58 times, specialized equipment at 37.83 times, rail transit equipment II at 17.28 times, engineering machinery at 24.12 times, and automation equipment at 57.12 times [2][24]. Recommended Stocks - The report suggests focusing on the following companies: - Huichuan Technology (300124) for its strong market share in general servos and product competitiveness - Greentech Harmonic (688017) as a leading company in harmonic reducers benefiting from the push for smart manufacturing - SANY Heavy Industry (600031) as a leader in excavators, expected to see demand growth due to infrastructure investments - Hengli Hydraulic (601100) as a leading player in hydraulic cylinders with a stable market position [40].