这种分化不仅体现在出货量上，更关键的是谁能完成从实际部署到迭代改进的闭环——包括模型优化、任务能力提升和成本控制。尽管单位出货量快速增 长，但机器人操作能力的改进速度仍然缓慢，受限于模型、数据和算力。 摩根士丹利警告，中国人形机器人行业已从PPT演示阶段进入真刀真枪的量产竞争期。 据追风交易台信息，摩根士丹利调研团队于1月26-28日密集走访了多家整机厂商（傅利叶、开普勒、MagicBot）和核心零部件供应商（绿的谐波、恒立液 压、双林股份、振宇协能、福莱特、卧龙电驱、思灵科技），分析师观察到一个关键变化：领先者与落后者之间的差距正在迅速扩大，首轮行业洗牌即将到 来。 大摩分析师认为，具备技术实力和量产能力的核心零部件供应商将在这轮产业化浪潮中占据主导地位。随着2026年行业出货量实现数倍增长，具备先发优势 的供应商将获得显著的市场份额和定价权。 2026年出货量将实现数倍跃升 大摩调研显示，所有整机厂商都对2026年出货量持乐观预期。一家领先的国内整机厂商2025年出货量已超过5000台，2026年预计将实现数倍增长。其他厂商 的具体目标包括：傅利叶目标2000台（2025年为400-500台）；Magic ...

摩根士丹利警告，中国人形机器人行业已从PPT演示阶段进入真刀真枪的量产竞争期。 据追风交易台信息，摩根士丹利调研团队于1月26-28日密集走访了多家整机厂商（傅利叶、开普勒、 MagicBot）和核心零部件供应商（绿的谐波、恒立液压、双林股份、振宇协能、福莱特、卧龙电驱、斯 灵科技），分析师观察到一个关键变化：领先者与落后者之间的差距正在迅速扩大，首轮行业洗牌即将 到来。 大摩分析师认为，具备技术实力和量产能力的核心零部件供应商将在这轮产业化浪潮中占据主导地位。 随着2026年行业出货量实现数倍增长，具备先发优势的供应商将获得显著的市场份额和定价权。 2026年出货量将实现数倍跃升 大摩调研显示，所有整机厂商都对2026年出货量持乐观预期。一家领先的国内整机厂商2025年出货量已 超过5000台，2026年预计将实现数倍增长。其他厂商的具体目标包括：傅利叶目标2000台（2025年为 400-500台）；MagicBot目标超过1000台；开普勒目标300台（2025年为70-80台）。 零部件供应商方面，恒立液压和斯灵科技正根据北美整机厂商的生产计划准备产能——该客户计划到 2026年7月实现每周1000台 ...

4Q25 Robot/Automation Landscape Analyzer: How are market shares shifting? 4Q25 key observations on the China Industrial Robot & Automation competitive landscape 28 January 2026 | 9:44AM HKT Equity Research CHINA INDUSTRIAL TECH Post MIR's estimated sales data (vs. production data reported by the NBS) as well as our coverage companies' business segment disclosures, we compile our latest landscape analyzer within. n Total industrial automation (IA) market was -3% yoy in 4Q25, with the project/OEM markets at - ...

投资逻辑 公司基本盘复苏，国产替代打开主业增长空间。谐波减速器是技术 密集型行业，材料、加工工艺、加工设备等方面均存在较高技术壁 垒，以公司为首的国产谐波减速器厂商经过多年发展，打破了国际 品牌在国内机器人谐波减速器领域的垄断、并持续深化国产替代。 公司技术+成本优势领先，中商情报局披露，2024 年公司市占率 达到全球 12%，位居全球第二，国产第一。受公共安全事件结束和新 能源汽车、3C 电子等下游需求拉动影响，2024-2025 年行业持续回 暖，国家统计局披露，2024/2025 年中国工业机器人产量分别同比提 升 14.2%/28.0%，2025 年产量达到 77 万台，创历史新高。 人形机器人风口将至，公司是人形领域谐波减速器的龙头。人形机 器人市场随着 AI 技术的进步和以特斯拉为首的科技巨头加码，有望 迎来快速爆发，人形机器人自由度有持续增长趋势，将带动谐波减 速器行业数倍增长的需求。以特斯拉 Optimus 为例，单台人形机器 人谐波减速器需求量为 14 台，后续有望提升到 20 个以上。国产厂商 具备较强的创新及降本能力，相对优势显著，有望充分受益人形机 器人市场爆发带来的产业机遇。公司在 ...

证券之星消息，1月27日自动化设备板块较上一交易日上涨1.37%，凯迪股份领涨。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。自动化设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605288 | 凯迪股份 | 131.42 | 10.00% | 1.22万 | | 1.54亿 | | 300486 | 东杰智能 | 23.76 | 9.90% | 50.70万 | | 11.69亿 | | 688017 | 绿的谐波 | 221.00 | 8.12% | 12.56万 | | 26.58亿 | | 300461 | 田中精机 | 34.82 | 7.74% | 1 25.64万 | | 8.70亿 | | 603666 | 亿嘉和 | 33.89 | 4.76% | 12.58万 | | 4.19亿 | | 002008 | 大族激光 | 53.38 | 4.71% | 43.05万 | | 22.5 ...

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, indicating a positive outlook compared to the market [1]. Core Insights - The mechanical sector has shown strong performance, with a 9.68% increase in January, outperforming the CSI 300 index by 8.02 percentage points, ranking 8th among 30 major industries [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have experienced significant growth, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as leading companies in shipbuilding and mining metallurgy equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was robust, with a 9.68% increase, significantly outpacing the CSI 300 index [3][10]. - The sector's valuation is currently at a relatively high level, with the industry P/E ratio at 43.4 times, placing it in the 78.4th percentile of the past decade [15][19]. 2. Engineering Machinery - The engineering machinery sector is expected to see a recovery in 2026, driven by equipment replacement cycles and increasing domestic demand [20][41]. - Sales of excavators and loaders showed strong growth in December 2025, with excavator sales up 19.2% and loader sales up 30% year-on-year [20][28]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in December 2025 production [42]. - The humanoid robot industry is rapidly developing, with over 140 domestic companies and significant production expected in 2025 [42][45]. 4. Shipbuilding - The shipbuilding sector is stabilizing, with new ship price indices showing an upward trend and ongoing recovery in profitability for shipbuilding companies [50].

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, relative to the Shanghai and Shenzhen 300 Index [1]. Core Insights - The mechanical sector has shown a strong performance, with a 9.68% increase in January, outperforming the Shanghai and Shenzhen 300 Index by 8.02 percentage points [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have seen significant gains, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as on humanoid robots and AIDC supporting equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was strong, with a 9.68% increase, ranking 8th among 30 major industries [3][10]. - The report highlights the recent upward trend in sub-sectors, particularly in photovoltaic and semiconductor equipment, which had previously been lagging [4][10]. 2. Engineering Machinery - The report indicates a positive outlook for the engineering machinery sector in 2026, driven by a recovery in demand and an ongoing equipment update cycle [20][41]. - Key statistics include a 19.2% year-on-year increase in excavator sales in December 2025, with total sales for the year reaching 235,257 units, a 17% increase [20][27]. - The report recommends focusing on leading companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG [41]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in production in December 2025, totaling 90,116 units [42][49]. - The humanoid robot industry is rapidly developing, with over 140 companies and more than 330 products launched in 2025, marking it as a year of mass production [42][44]. - The report emphasizes investment opportunities in leading companies and core component suppliers within the robotics sector [49]. 4. Shipbuilding - The shipbuilding sector shows signs of recovery, with new ship price indices stabilizing and ongoing profitability improvements for shipbuilding companies [50]. - In the first three quarters of 2025, China's shipbuilding output increased by 6.0%, maintaining a leading position globally [50].

Read-Across from Veichi Electric CITI'S TAKE We talked to mgmt. of Veichi Electric (688698.SS, not rated) today (20 January) to get a sense of key humanoid robots' development status. Veichi is a supplier of inverters, servo motors, and PLCs (Programmable Logic Controllers). Recently, it not only supplies rotary joint modules, coreless motors, frameless motors, as well as dexterous hands to Chinese humanoid robot makers but also penetrates the leading US humanoid robot maker by offering micro motors used on ...

人形机器人概念盘初走强，百达精工、天奇股份双双涨停，中控技术涨超10%，兆丰股份、鹿山新材、 汉威科技、绿的谐波、福达股份等跟涨。 人形机器人概念盘初走强，百达精工、天奇股份双双涨停，中控技术涨超10%，兆丰股份、鹿山新材、 汉威科技、绿的谐波、福达股份等跟涨。 ...

2025年， 张江机器人谷 以清晰的产业布局、扎实的平台建设与活跃的生态活力，交出了一份厚重的"年度 答卷"。作为上海市特色产业园区之一、浦东新区具身智能机器人产业的核心承载区，这里不仅是机器人 的"制造谷"，更是技术、人才、资本与场景深度融合的"创新雨林"。 PART 0 1 重要项目落地，产业格局清晰 张江机器人谷园区位于张江科学城中部核心区，规划总面积4.2平方公里，位于浦东南北科创走廊中段，张江 科学城中部核心位置，是浦东新区打造具身智能机器人产业的重要承载区。 园区秉持"高端引领、核心突破、整机带动、全面赋能"理念，以人形机器人为核心，形成"一核、三重点、两 突破"的产业发展格局，聚焦构建全球领先的机器人产业生态。 这一年，张江机器人谷空间载体建设迎来重要节点：张江机器人谷一期平台（张江机器人谷@叠桥128）项目 顺利竣工。项目聚焦机器人产业，总建筑面积共计11万平方米，集机器人产业生产、研发、办公等功能于一 体，进一步夯实了产业承载能力，为地区机器人产业的高质量发展注入了新动力。 PART 0 2 这一年，张江机器人谷遵循张江科学城"智能造"硬核产业集中承载区的功能定位，通过各类政策加强产业培育 ...