格隆汇2月5日丨科达利(002850.SZ)披露投资者关系活动记录表显示，公司产能利用率高，将持续推进 设备升级与产能扩张。目前公司一季度生产经营排产有序推进，运行节奏符合预期。具体经营情况敬请 关注公司后续披露的定期报告。 ...

格隆汇2月5日丨科达利(002850.SZ)披露投资者关系活动记录表显示，公司机器人业务聚焦核心零部件 赛道，形成了以减速器为主的旋转关节、以丝杠为主的直线关节和灵巧手三大方向协同的产品布局。围 绕机器人核心运动控制环节，打造全品类、全场景、协同化的机器人业务体系，持续赋能机器人产业应 用落地。 ...

南财智讯2月5日电，科达利在投资者关系活动中表示，大圆柱电池结构件是具备高壁垒、高成长性的优 质项目，公司具备生产大圆柱结构件的技术和批量生产能力，今年相关产品的产出规模将稳步爬坡，逐 步实现大规模产出与交付。 ...

Group 1: Production Capacity and Utilization - The company maintains a high production capacity utilization rate and is actively upgrading equipment and expanding capacity [2] - The production schedule for Q1 2026 is progressing as expected, with operations running smoothly [2] Group 2: Impact of Raw Material Prices - Rising raw material costs have a certain impact on the company, which is implementing multiple measures to mitigate these effects [3] - Key strategies include capacity expansion, technological innovation, and internal management improvements to reduce costs [3] Group 3: Robotics Business Development - The company focuses on core components in the robotics sector, including reducers, linear joints, and dexterous hands [5] - A comprehensive robotics business system is being developed to enhance industry applications [5] Group 4: International Market Expansion - The company is optimistic about overseas market growth, with steady progress in international projects [6] - European production bases are advancing, while projects in the U.S. and Thailand are in preparatory stages [6] Group 5: Battery Structure Components - The energy storage battery structure components are experiencing significant growth due to high demand [7] - Despite this, the structural components for power batteries remain the primary revenue source [7] Group 6: Future Strategic Planning - The company aims to solidify its position as a leader in precision components for power batteries, focusing on capacity upgrades and technological advancements [9] - A "dual-core strategy" is being implemented to develop humanoid robots and high-precision reducers, creating a second growth curve [9] Group 7: Large Cylindrical Battery Components - The company has the capability to produce large cylindrical battery structure components, with production expected to ramp up steadily this year [9]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry [1] Core Insights - The report analyzes the humanoid robot sector, highlighting trading emotions, low trading levels, and rapid rotation, with market trends lasting approximately 2-3 months [6] - It reviews the historical performance of various indices related to the humanoid robot sector and discusses the logic and opportunities for 2025 and 2026 [6] - The report anticipates significant growth in the humanoid robot sector in 2026, driven by macro, meso, and micro factors [6] Summary by Sections 1. Review of 2025 Trading - The humanoid robot sector's performance in 2025 was influenced by trading emotions and low trading levels, with significant events driving market fluctuations [12] - Key events included Tesla's performance announcements and the debut of robots at major events, which significantly impacted trading sentiment [12] 2. Opportunities in 2026 - The report identifies several opportunities for 2026, including: - Macro: Strong transmission and rotation of technology themes, with a clear trend of growth in the robot sector driven by upstream AI [19] - Meso: Expected volume production in humanoid robots, with several companies planning significant production increases [22] - Micro: Specific catalytic events related to major companies and their production plans [25] 3. Key Indices and Components - The report compiles indices for core components of humanoid robots, noting that the screw component outperformed the motor component in 2025 [15] - It highlights the importance of core suppliers and their impact on sector performance, particularly in the screw and motor segments [15] 4. Related Companies and Investment Suggestions - The report suggests monitoring several key companies in the humanoid robot sector, including: - Companies focused on embodied intelligence such as UBTECH and Geek+ [28] - Gear and material suppliers like Harmonic Drive and Keda Li [28] - Motor manufacturers such as Weichuang Electric and Mingzhi Electric [28] - Companies involved in dexterous hands and electronic skin like Hanwei Technology and Nanshan Zhishang [28]

Core Viewpoint - The performance of the storage battery ETF Guangfa (159305) shows a slight decline, indicating market volatility in the energy storage sector [1] Group 1: ETF Performance - As of the midday close on February 4, the storage battery ETF Guangfa (159305) decreased by 0.63%, priced at 1.883 yuan, with a trading volume of 6.08 million yuan [1] - The performance benchmark for the storage battery ETF Guangfa is the return rate of the National Securities New Energy Battery Index during the same period [1] - Since its establishment on September 18, 2024, the fund has achieved a return of 89.55%, with a one-month return of 2.46% [1] Group 2: Major Holdings - Key stocks in the storage battery ETF include: - Contemporary Amperex Technology Co., Ltd. (宁德时代) increased by 1.58% - Sungrow Power Supply Co., Ltd. (阳光电源) decreased by 0.27% - EVE Energy Co., Ltd. (亿纬锂能) decreased by 1.24% - Inovance Technology Co., Ltd. (英维克) decreased by 3.55% - Guoxuan High-Tech Co., Ltd. (国轩高科) decreased by 1.82% - Magpower Technology Co., Ltd. (麦格米特) decreased by 1.40% - Sunwoda Electronic Co., Ltd. (欣旺达) decreased by 0.73% - Deyi Co., Ltd. (德业股份) increased by 0.35% - Keda Technology Co., Ltd. (科达利) increased by 0.01% - Jinpan Technology Co., Ltd. (金盘科技) increased by 2.42% [1]

Core Viewpoint - KedaLi's stock price increased by 5.33% to 159.81 CNY per share, with a trading volume of 946 million CNY and a turnover rate of 3.05%, resulting in a total market capitalization of 43.939 billion CNY [1] Company Overview - KedaLi, established on September 20, 1996, and listed on March 2, 2017, is located in Shenzhen, Guangdong Province. The company specializes in the research and manufacturing of precision structural components [1] - The revenue composition of KedaLi is as follows: lithium battery structural components account for 96.52%, automotive structural components 3.26%, other components 0.13%, and additional structural components 0.09% [1] Shareholder Information - The Guangfa Fund has a presence among KedaLi's top ten circulating shareholders, with the Guangfa National Index New Energy Vehicle Battery ETF (159755) newly entering the top ten in the third quarter, holding 1.8824 million shares, which is 0.96% of the circulating shares. The estimated floating profit today is approximately 15.2287 million CNY [2] - The Guangfa National Index New Energy Vehicle Battery ETF (159755) was established on June 15, 2021, with a current scale of 14.086 billion CNY. It has experienced a loss of 3.62% this year, ranking 5402 out of 5562 in its category, while achieving a one-year return of 60.64%, ranking 563 out of 4285 [2] Fund Performance - The fund manager of Guangfa National Index New Energy Vehicle Battery ETF (159755) is Luo Guoqing, who has been in the position for 10 years and 117 days. The total asset scale under his management is 116.678 billion CNY, with the best fund return during his tenure being 109.05% and the worst being -48.08% [3] Fund Holdings - The Guangfa National Index New Energy Battery ETF (159305) has also increased its holdings in KedaLi, adding 17,200 shares to reach a total of 52,900 shares, which constitutes 3.39% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is around 428,300 CNY [4] - This fund (159305) was established on September 18, 2024, with a current scale of 247 million CNY. It has recorded a slight loss of 0.11% this year, ranking 4327 out of 5562, while achieving a one-year return of 59.62%, ranking 601 out of 4285 [4] Additional Fund Management - The fund manager for Guangfa National Index New Energy Battery ETF (159305) is Xia Haoyang, who has been in the role for 4 years and 261 days. The total asset scale under his management is 19.99 billion CNY, with the best fund return during his tenure being 88.94% and the worst being -27.07% [5]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, aimed at various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, expanding the scope to include various energy sources and enhancing market-oriented reforms [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 targeting lightweight drones and Gen2 designed for eVTOLs, featuring a 10-minute fast charge and a range of 320km [2][15]. - The company plans to introduce a Gen3 battery with over 400Wh/kg energy density by 2026 and a 500Wh/kg all-solid-state battery by 2027 [15][19]. New Energy Generation - The new capacity compensation mechanism aims to create a more market-oriented and unified system, allowing various energy sources to participate in capacity compensation [3][38]. - The mechanism will assess the "reliable capacity" based on actual peak output rather than installed capacity, enhancing the scientific evaluation of capacity value [38][39]. Electric Equipment and Automation - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including the "Xinjiang Electricity into Hunan" project [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in national grid projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, supporting large-scale AI applications globally [5]. Company Earnings Forecasts - Key companies such as Ningde Times and Kodali are projected to have increasing earnings per share (EPS) from 2024 to 2026, with recommended ratings indicating strong future performance [6].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, targeting various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, aiming to create a more market-oriented and unified system [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 (320Wh/kg) for lightweight drones and Gen2 (380Wh/kg) for eVTOLs, featuring fast charging and high safety standards [2][15][19]. - The company plans to introduce Gen3 batteries with over 400Wh/kg energy density by 2026 and 500Wh/kg full solid-state batteries by 2027 [15][21]. New Energy Generation - The new capacity compensation mechanism expands the scope to include coal and gas power, as well as independent storage resources, promoting a more scientific and market-driven approach [3][38]. - The mechanism aims to unify compensation standards based on actual peak output capabilities rather than installed capacity, enhancing the reliability of power supply [38][39]. Electric Equipment and Industrial Control - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including high-voltage transmission projects [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in major power projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, indicating a significant advancement in commercial aerospace [5]. Market Performance - The report highlights key companies to watch, including Ningde Times, Kodali, and others, as they navigate the current market dynamics [12].

（编辑 王雪儿） 证券日报网讯 1月30日，科达利在互动平台回答投资者提问时表示，公司在建工程款项主要用于机器设 备安装及生产基地建设项目的相关费用，具体情况可查阅公司定期报告中合并财务报表项目注释相关章 节内容。 ...