Investment Rating - The report recommends a focus on HJT equipment leaders with overseas customer bases, specifically highlighting Maiwei Co., Ltd. and Gaomei Co., Ltd. for their production capabilities of ultra-thin silicon wafers [4]. Core Insights - The space computing paradigm is emerging due to the imbalance in supply and demand for computing power driven by AI advancements, leading to the development of "orbital data centers" [3]. - The energy system's weight significantly impacts the overall cost of satellites, with rollable photovoltaic arrays paired with flexible batteries being crucial for development [4]. - The current mainstream orbital resources are limited, prompting the evolution of computing platforms towards large motherships and multi-satellite clusters [5]. Summary by Sections Space Computing - Space computing represents a new paradigm where modular server nodes with training and inference capabilities are deployed on low or medium orbit satellites, creating "orbital data centers" [9]. - The first batch of AI satellites in the "Trinity Computing Constellation" has been launched, with plans for a total of 1,000 satellites [9]. Energy Systems - The cost of energy systems accounts for 22% of the total satellite cost, making it a critical factor in satellite economics [4]. - Rollable structures are gradually replacing traditional Z-shaped structures, becoming the mainstream solution for LEO orbits, and are compatible with flexible, thin-film batteries [4]. Market Dynamics - The limited availability of orbital resources is driving the development of computing platforms towards larger motherships and multi-satellite clusters, with significant deployment plans outlined by companies like Starcloud and Google [5]. - The report emphasizes the importance of HJT technology as the optimal solution for large-scale applications in space computing, particularly due to its compatibility with new energy systems [7]. Investment Recommendations - The report specifically recommends investing in HJT equipment leaders and companies capable of producing ultra-thin silicon wafers, indicating a strong potential for growth in this sector [4].

Important Matters - Pritchard has achieved a significant breakthrough in LCP film technology, being the only company in China to do so, and is collaborating with overseas clients for applications in brain-computer interfaces [1] - Zhongtian Rocket's small guided rocket products primarily serve military trade, with product gross margins fluctuating between 35% and 40% [1] - CIMC's subsidiary is providing liquid oxygen storage tanks and other equipment in the commercial aerospace sector, with expected revenue and orders exceeding 100 million yuan by 2025 [1] - Gaode Infrared is supplying infrared detector cores for commercial aerospace and satellite applications [1] - Zhongfu Shenying's M55J-grade carbon fiber is undergoing application verification in satellite structural components [1] Investment and Operations - Dazhong Mining plans to invest 3.688 billion yuan in a 20 million tons per year lithium mining and selection project [1] - Zhongkuang Resources has commenced trial production for a high-purity lithium salt project with an annual output of 30,000 tons [1] - Cuiwei Co., Ltd. has indirectly invested 150 million yuan in Super Fusion through its subsidiary fund [1] - Huagong Technology has launched a self-developed silicon photonic chip for 1.6T optical modules [1] - Gaomei Co., Ltd. has formed small batch orders for composite tungsten wire tendon ropes [1] - Xinlitai's innovative drug SAL0145 injection has had its clinical trial application accepted [1] - Hengrui Medicine's innovative drug Rilaforpu α injection has been approved for market launch, with no similar products approved domestically or internationally [1] - Yifan Pharmaceutical's wholly-owned subsidiary has received a registration acceptance notice for Yihuang Decoction granules, with no similar products from the same prescription available domestically [1] Partnerships and Collaborations - Taisheng Wind Power has formed strategic partnerships with multiple arrow manufacturers [2] - Guangqi Technology's subsidiary has signed batch production contracts totaling 264 million yuan for metamaterials with four clients [2] - Lingyi Intelligent Manufacturing has reached a strategic cooperation agreement with Qiangnao Technology [2] Performance - Zhongke Lanyun expects a net profit increase of 367%-377% year-on-year in 2025, driven by significant fair value changes from investments in Moer Thread and Muxi Co., Ltd. [2] - Kangchen Pharmaceutical anticipates a net profit increase of 243%-315% year-on-year in 2025 [2] - Chuanjinno expects a net profit increase of 144%-173% year-on-year in 2025 [2] - Beifang Navigation forecasts a net profit increase of 86.32%-137.14% year-on-year in 2025 [2]

Brain-Computer Interface - Daoshih Technology has strategically invested in Qiangnao Technology [1] - Lingyi Zhi Zao has reached a strategic cooperation agreement with Qiangnao Technology [1] Commercial Aerospace - Taisheng Wind Power is collaborating with multiple complete rocket manufacturers [1] - Tianqi Mould has obtained supplier qualifications from COMAC and XAC for its aviation products [1] - Guotai Group's Xinyu Guotai has achieved stable mass production of small solid rocket engines [1] - Gaode Infrared's products are applied in commercial aerospace and satellite-mounted infrared detector cores [1] Other Developments - Cuiwei Co., Ltd. has indirectly invested 150 million yuan in Super Fusion through its fund [1] - AVIC Optoelectronics has developed mature interconnection solutions for the robotics sector [1] - Gaomei Co., Ltd. has formed small batch orders for composite tungsten wire tendon ropes [1] - Huagong Technology is actively laying out business directions in embodied intelligence, focusing on torque and tactile sensor products [1] - Zhongfu Shenying's M55J carbon fiber is undergoing application verification in satellite structural components [1]

证券日报网讯1月7日，高测股份在互动平台回答投资者提问时表示，公司主推的复合钨丝腱绳性能优势 明显，受到市场高度关注，目前该产品已进入多家机器人相关企业试用，并已与国内头部企业开展深入 研发合作，在国内已形成小批量订单。产品已在多家头部企业试用并反馈良好，基于客户保密协议，不 方便披露相关信息。 ...

格隆汇1月7日丨高测股份(688556.SH)在投资者互动平台表示，公司主推的复合钨丝腱绳性能优势明 显，受到市场高度关注，目前该产品已进入多家机器人相关企业试用，并已与国内头部企业开展深入研 发合作，在国内已形成小批量订单。产品已在多家头部企业试用并反馈良好，基于客户保密协议，不方 便披露相关信息。 ...

格隆汇1月7日丨高测股份(688556.SH)在投资者互动平台表示，公司主推的复合钨丝腱绳性能优势明 显，受到市场高度关注，目前该产品已进入多家机器人相关企业试用，并已与国内头部企业开展深入研 发合作，在国内已形成小批量订单。产品已在多家头部企业试用并反馈良好，基于客户保密协议，不方 便披露相关信息。 ...

证券之星消息，1月6日光伏设备板块较上一交易日上涨2.41%，高测股份领涨。当日上证指数报收于4083.67，上涨1.5%。深证成指报收于 14022.55，上涨1.4%。光伏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) | | | --- | --- | --- | --- | --- | --- | --- | | 688556 | 筒测股份 | 12.74 | 12.74% | 130.23万 | | 16.88 Z | | 300827 | 上能电气 | 38.92 | 11.52% | 64.97万 | | 24.90 Z | | 688390 | 固德威 | 70.85 | 11.22% | 17.05万 | | 11.98亿 | | 002865 | 钧达股份 | 57.97 | 10.00% | 35.68万 | | 19.64亿 | | 688560 | 明冠新材 | 15.94 | 9.93% | 16.75万 | | 2.59亿 | | 688147 | 微导纳米 | 69.97 | 9.53% | 13.79万 | | 9.4 ...

数据宝统计，截至11:24，高测股份成交额12.40亿元，创上市以来新高。最新股价上涨12.83%，换手率 11.44%。上一交易日该股全天成交额为3.43亿元。（数据宝） （文章来源：证券时报网） ...

光伏设备板块盘初上扬，高测股份涨超17%，奥特维涨超10%，固德威、上能电气、国晟科技跟涨。 ...

Investment Rating - The report does not explicitly provide an investment rating for the humanoid robot tendon material industry. Core Insights - The humanoid robot tendon materials are essential for simulating biological tendon functions and transmitting motion and force. Key materials include ultra-high molecular weight polyethylene (UHMWPE) fibers, tungsten wire ropes, aramid fibers, carbon fiber composite ropes, and mixed woven tendons [3][9][13]. Industry Overview - The report outlines the current development status of the humanoid robot tendon material industry, analyzing the industry chain, market size, and development trends. It addresses key questions regarding the industry's competitive landscape and market scale [3][4][5][8]. Competitive Landscape - The competitive landscape of the humanoid robot tendon market features international giants such as Honeywell, Evante, Toyobo, and Hitachi Metals in the first tier. Leading Chinese companies like Nanshan Zhishang, Henghui Anfang, Tongyi Zhong, and Daye Co., Ltd. occupy the second tier, while emerging firms such as Lianhong Xinke, Gaocai Co., Ltd., Maiswei, and Beize Precision are in the third tier [4][54][58]. Market Size - The market size for humanoid robot tendons is projected to grow significantly. For UHMWPE fibers, the market size is expected to increase from approximately 0.1 million yuan in 2024 to 5.3 million yuan by 2030. For tungsten wire ropes, the market size is anticipated to grow from about 0.3 million yuan in 2024 to 22 million yuan by 2030, with a compound annual growth rate (CAGR) of 101.4% [5][59][61]. Development Trends - The development trends in the humanoid robot tendon materials indicate a shift from metal tendons to a coexistence of metal and polymer tendons, with polymers offering advantages in lightweight applications. In the later stages, a combination of metal, polymer fibers, and mixed woven tendons will dominate, with mixed woven tendons showing significant potential due to their combined strengths [6][40][41]. Material Performance Requirements - Humanoid robot tendons require specific performance characteristics, including tensile strength, material strength, fineness, elastic modulus, static load, mechanical life, wear coefficient, and heat resistance. For instance, the tensile strength must reach between 2.5 GPa and 3.5 GPa, and the mechanical life should exceed one million cycles [16][18][22]. Pain Points of Mainstream Materials - The main pain points for UHMWPE fibers include poor creep resistance and wear performance, necessitating high-level algorithms for compensation. Tungsten wire ropes face challenges in lightweight applications, impacting the overall performance of humanoid robots [33][36][38]. Mixed Weaving Solutions - Companies like Gaocai Co., Ltd. and Nanshan Zhishang are focusing on mixed woven tendon solutions, which combine multiple high-performance fibers to enhance durability and performance. This approach aims to achieve longer lifespans and better mechanical properties [44][45][48]. Industry Chain Overview - The industry chain for humanoid robot tendons consists of upstream raw material suppliers, midstream tendon material manufacturers, and downstream application scenarios. The supply chain is evolving, with companies increasingly integrating vertically to enhance competitiveness [49][51]. Future Directions - The future of humanoid robot tendons is expected to evolve towards "smart tendon" systems that integrate sensing, transmission, and feedback capabilities. This advancement will enable real-time monitoring of key parameters, enhancing the precision and safety of robotic operations [64][69].