Core Viewpoint - The A-share market is experiencing an upward trend, particularly in the technology sector, with a notable rise in the robotics sector, as evidenced by the performance of the Robotics ETF Huatai-PineBridge (159213) which increased by 1.25% [1] Group 1: Robotics ETF Performance - The Robotics ETF Huatai-PineBridge (159213) has shown a mixed performance among its constituent stocks, with major gains from companies like Dazhu Laser, which rose over 7%, and others like Greentech Harmony and iFlytek, which increased by over 2% [2][3] - The top ten constituent stocks of the Robotics ETF include iFlytek with a 2.21% increase and Dazhu Laser with a 7.33% increase, indicating strong performance in the sector [4] Group 2: Technological Developments - Xiaomi has officially launched and open-sourced its first-generation robotics VLA model, Xiaomi-Robotics-0, which features 4.7 billion parameters and excels in visual language understanding and real-time execution capabilities [5] - Alibaba's DAMO Academy has released the RynnBrain model, which significantly enhances robotic intelligence by introducing spatial reasoning and memory capabilities, outperforming leading models like Google's Gemini Robotics ER 1.5 [5] Group 3: Market Trends and IPO Activity - There is a surge in companies focused on embodied intelligence initiating IPO processes, with three companies already advancing their A-share listings as of February 10 [6] - The robotics industry is compared to the electric vehicle sector, with both undergoing a phase of technological validation and expected to benefit from policy support and market demand [7][8] Group 4: Investment Insights - The investment focus in the humanoid robotics sector is shifting from thematic investments to expectations of mass production, with key milestones anticipated from Tesla's developments in humanoid robots [8] - The industry is expected to see a reduction in the timeline from technology validation to commercial rollout compared to the electric vehicle sector, due to the accumulated resources and capital in the robotics field [8]

华泰证券发表报告称，展望后续，敏实集团传统业务有望保持稳健增长，电池盒业务全球范围加速放 量，机器人/AI 液冷/低空经济等战略新业务前瞻布局、多点开花，有望打开公司中长期成长上限。维 持"买入"评级。 智通财经APP获悉，敏实集团(00425)再涨近5%，截至发稿，涨4.22%，报42港元，成交额2.21亿港元。 消息面上，敏实集团近日宣布，与绿的谐波签订框架协议，拟在美国成立合资公司开展人形机器人关节 模组业务，机器人业务全球化布局再落地。据悉，敏实已于2025年12月与某头部机器人公司签署欧洲战 略合作协议，布局整机代工及零部件供应。 ...

Core Viewpoint - The partnership between Sensata Technologies and Lide Harmonic aims to establish a joint venture in the U.S. focused on humanoid robot joint module assembly, targeting the North American market to capitalize on the growing demand for core components in the humanoid robotics industry [1][6]. Company Overview - Sensata Technologies is a leading global automotive parts manufacturer with production bases in 14 countries, supplying major automakers like Tesla and BMW, and has extensive experience in large-scale manufacturing and global operations [2][7]. - Lide Harmonic is a leading domestic company in harmonic reducers, with its products already integrated into the supply chain of Tesla's Optimus robots, showcasing strong technical expertise in precision transmission [2][7]. Market Potential - The humanoid robot industry is projected to experience explosive growth, with global shipments expected to reach nearly 18,000 units by 2025, representing a 508% year-over-year increase, and order volumes exceeding 35,000 units [2][7]. - Joint modules, as core motion components of robots, integrate harmonic reducers, servo motors, and encoders, presenting high technical barriers and strong customization demands [2][7]. Strategic Goals - The joint venture aims to provide localized humanoid robot joint modules in North America, covering the entire service chain from R&D to production and maintenance, addressing the increasing demand from leading robot products like Tesla's Optimus [1][6]. Financial Market Response - The market reacted positively to the announcement, with Sensata's stock price rising over 9% on the day of the announcement, reaching a new high since January 2021, and a cumulative increase of 160% over the past year [3][8]. - Financial institutions like UBS and Citigroup have expressed optimism about the long-term value enhancement for Sensata, with UBS raising its target price to 45.5 HKD, highlighting the potential for new revenue sources from localized robot joint modules [3][8]. Challenges Ahead - The humanoid robot industry is still in its early commercialization phase, with Morgan Stanley noting that actual global shipments may fall short of 20,000 units by 2025, indicating a slower-than-expected scaling process [3][8]. - The complexity of joint modules and the dispersion of orders may hinder significant revenue contributions in the short term, alongside potential profit margin pressures from fluctuating aluminum prices and high costs of customized production [3][8]. Industry Trends - The collaboration reflects a broader trend of traditional manufacturing giants and niche technology experts working together to seize emerging market opportunities in humanoid robotics [4][9]. - The partnership signifies a shift in Chinese manufacturing from "globalized OEM" to "technology-driven ecosystems," providing a new growth narrative amid slowing electric vehicle growth [4][9].

Summary of the Conference Call for Green Harmonic Company Overview - **Company**: Green Harmonic - **Industry**: Harmonic Reducers Key Points Industry Position and Core Competitiveness - Green Harmonic holds a leading position in the harmonic reducer market, primarily due to its cost control and large-scale production capabilities, which are critical for maintaining a competitive edge [2][3] - The company continuously reduces production costs through ongoing R&D and technological innovation, creating a significant gap between itself and competitors [2][3] Production Capacity and Quality Control - The current monthly production capacity is approximately 50,000 harmonic reducers, with plans to double this to 100,000-150,000 by 2026, showcasing its global leadership in production capacity [2][5] - Strong quality control capabilities enable the company to meet the stringent supply and quality requirements of high-end clients like Tesla [2][3] R&D and Innovation - Green Harmonic has demonstrated exceptional performance in R&D, having supplied over 1,000 harmonic reducers for Tesla's third-generation robots by December 2025 and is currently developing products for the fourth generation [4] - The company has expanded its product range from a few sizes to over a dozen, refining it down to six specifications, indicating improved marginal R&D capabilities and market adaptability [4] Strategic Partnerships and Business Expansion - Collaborations with top-tier companies such as Sanhua Intelligent Control and Minth Group have been established to enhance market share and expand business scope [2][6] - A localized production layout in North America has been initiated in partnership with Minth Group to address supply chain localization issues and improve long-term supply capabilities [5][6] Market Perception and Future Outlook - The market may be underestimating Green Harmonic's advantages in R&D iteration, large-scale high-quality supply, and business expansion capabilities [7] - These unexpected performances are anticipated to lead to significant increases in market capitalization, with projections suggesting a potential market value of 80 billion RMB, indicating room for a doubling of current valuations [8]

Summary of Conference Call Records Industry Overview: Humanoid Robotics Key Companies and Developments - **Hengshuai Co., Ltd.** - The North American robotics team has completed factory audits, confirming that the hand motors are on the direct supply list, with body motors expected to follow, potentially becoming the only tier-one supplier in the motor segment [1] - Estimated value of body and hand motors per unit exceeds 10,000 yuan [1] - Set to become the fifth core supplier to sign a framework cooperation agreement with major North American clients, following companies like Sanhua, Topband, Rongtai, and Changying Precision [1] - **Minshi Group and Lide Harmony** - Minshi Group announced a joint venture with Lide Harmony to design, manufacture, and commercialize humanoid robot joint modules in the U.S., with Minshi holding a 60% stake and Lide Harmony 40% [1] - **Changyuan Donggu** - Core supplier for quadruped robots, capable of large-scale supply; the biped robot subsidiary is expected to launch prototypes in Q1, with leg joint testing ongoing [2] - **Kedali** - Secured North American clients for harmonic reducers, rotary modules, and customized screw drawings, with positive feedback on sample tests leading to potential bulk procurement agreements [2] - **Wankai New Materials** - Participated in a technology innovation showcase in Beijing, receiving significant attention for its dexterous hand product capable of complex tasks [2] - **Shuanghuan Transmission** - The cycloidal pinwheel reducer is confirmed for use in the V4 C-end robot at two hip positions [2] - **Fule New Materials** - Signed a comprehensive strategic cooperation agreement with Lingxin Qiaoshou for the procurement of 100,000 tactile sensors [2] - **Hua Yi Technology** - IMU has been sent for testing, with no domestic competitors and a high probability of passing tests; the value per humanoid unit is several thousand yuan, with usage ranging from 3 to 10 units [3] - **Anpeilong** - Achieved breakthrough progress with North American clients, with positive feedback on single-dimensional sensors valued at 10,000 yuan per unit; discussions on expanding production in Thailand are ongoing [4] - **Siling Zhichui** - Confirmed harmonic agreements with a production capacity of 1 million harmonic drives, with significant progress in bearing products and a 70%+ increase in average selling price (ASP) [4] Industry Insights - The conference highlighted the rapid advancements and collaborations within the humanoid robotics sector, indicating a strong market potential and increasing demand for components and systems [4] - The emphasis on joint ventures and strategic partnerships suggests a trend towards consolidation and resource sharing among key players in the industry [1][2][4] Additional Notes - All information presented is based on market rumors and should be considered with caution, as it does not represent personal opinions or investment advice [5]

花旗认为，上述合作旨在策略性结合敏实在本地生产和机器人/零件制造方面的优势，及绿的谐波在减 速器领域的技术领导地位；料合作将大幅提升来自美国人形机器人制造商的订单量；并预计合资企业将 于今年下半年正式成立，届时公司应会提供关于营收与产量前景的进一步细节。 智通财经APP获悉，花旗发布研报称，敏实集团(00425)宣布与绿的谐波(688017.SH)达成框架协议，拟 在美国成立一家合资企业，从事人形机器人关节模组组装业务。敏实的全资子公司敏加州敏实将持有合 资企业60%的股权，而绿的谐波则保留40%的股权。花旗重申对敏实的"买入"评级；目标价46港元；并 列入90日内潜在上涨催化剂观察名单。 ...

花旗发布研报称，敏实集团(00425)宣布与绿的谐波(688017.SH)达成框架协议，拟在美国成立一家合资 企业，从事人形机器人关节模组组装业务。敏实的全资子公司敏加州敏实将持有合资企业60%的股权， 而绿的谐波则保留40%的股权。花旗重申对敏实的"买入"评级；目标价46港元；并列入90日内潜在上涨 催化剂观察名单。 花旗认为，上述合作旨在策略性结合敏实在本地生产和机器人/零件制造方面的优势，及绿的谐波在减 速器领域的技术领导地位；料合作将大幅提升来自美国人形机器人制造商的订单量；并预计合资企业将 于今年下半年正式成立，届时公司应会提供关于营收与产量前景的进一步细节。 ...

证券日报网讯 2月9日，绿的谐波在互动平台回答投资者提问时表示，公司与三花智控合作的项目请以 上市公司公告为准。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 2月9日，绿的谐波在互动平台回答投资者提问时表示，公司正积极推进海外市场拓展战 略，通过深化与海外合作伙伴的沟通交流，海外客群布局初见成效，为整体增长注入新的动力。公司境 外销售产品包括谐波减速器及精密零部件、机电一体化产品等，其中谐波减速器和机电一体化产品采用 直销与经销相结合的模式，精密零部件采用直销模式。 ...

（文章来源：证券日报） 证券日报网讯 2月9日，绿的谐波在互动平台回答投资者提问时表示，公司始终高度重视与投资者的沟 通交流，搭建了全方位、多渠道的沟通互动平台，常态化通过业绩说明会、投资者交流会、上证E互动 平台、公司现场调研等线上线下多元化渠道，与投资者保持良好互动，积极向市场传递公司的价值理念 和业务发展动态。 ...