Accessible version Greater China Industrials China humanoid robot & EV supply chain tour takeaways Auto/EV OEMs & supply chain: eyes on demand/costs The weak auto/EV sales trend is extendng into January, given EV purchase tax subsidy has been cut and trade-in subsidy has not been fully in place yet. In light of this, Chery plans new model launches after Lunar New Year in February. Impacts from recent BOM costs hike is another key question: Chery estimates c. RMB4.5-5k BOM costs increase for EV models, facto ...

证券代码：002896 证券简称：中大力德 公告编号：2026-001 宁波中大力德智能传动股份有限公司 关于变更签字会计师的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 宁波中大力德智能传动股份有限公司（以下简称"公司"）于2025年4月16日分别召开第三届董事会第二 十三次会议和第三届监事会第十九次会议，审议通过了《关于续聘会计师事务所的议案》，同意续聘中 汇会计师事务所（特殊普通合伙）（以下简称"中汇会计师事务所"）为公司2025年度审计机构。该事项 已经公司2024年度股东大会审议通过，具体内容详见公司分别于2025年4月18日、2025年5月16日刊登在 巨潮资讯网（www.cninfo.com.cn）上的《关于续聘会计师事务所的公告》（公告编号：2025-016）、 《2024年度股东大会决议公告》（公告编号：2025-029）。 登录新浪财经APP 搜索【信披】查看更多考评等级 项目合伙人、签字注册会计师近三年不存在因执业行为受到刑事处罚，受到证监会及其派出机构、行业 主管部门的行政处罚、监督管理措施，受到证券交易所、行业协会等自律组织的 ...

（文章来源：证券日报） 证券日报网讯 1月26日，中大力德发布公告称，近日，公司收到中汇会计师事务所（特殊普通合伙） （简称"中汇会计师事务所"）《关于变更签字会计师的告知函》。中汇会计师事务所原委派章祥为项目 合伙人、曾威为签字注册会计师为公司提供2025年度审计服务。由于中汇会计师事务所内部工作调整， 现委派章祥、叶至杰为公司提供2025年度审计服务。变更后，为公司提供2025年度审计服务的项目合伙 人、签字注册会计师分别为章祥、叶至杰。 ...

宁波中大力德智能传动股份有限公司 关于变更签字会计师的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002896 证券简称：中大力德 公告编号：2026-001 项目合伙人、签字注册会计师近三年不存在因执业行为受到刑事处罚，受到 证监会及其派出机构、行业主管部门的行政处罚、监督管理措施，受到证券交易 所、行业协会等自律组织的自律监管措施、纪律处分的情况。 3、独立性 项目合伙人、签字注册会计师不存在可能影响独立性的情形。 宁波中大力德智能传动股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日分别召开第三届董事会第二十三次会议和第三届监事会第十九次会议，审 议通过了《关于续聘会计师事务所的议案》，同意续聘中汇会计师事务所（特殊 普通合伙）（以下简称"中汇会计师事务所"）为公司 2025 年度审计机构。该 事项已经公司 2024 年度股东大会审议通过，具体内容详见公司分别于 2025 年 4 月 18 日、2025 年 5 月 16 日刊登在巨潮资讯网（www.cninfo.com.cn）上的《关 于续聘会计师事务所的公告》（公告 ...

Group 1 - On January 16, Zhongda Lide's stock rose by 3.03%, with a trading volume of 1.008 billion yuan. The margin trading data showed a financing purchase of 122 million yuan and a net financing purchase of 38.47 million yuan for the day [1] - As of January 16, the total margin trading balance for Zhongda Lide was 612 million yuan, with the financing balance accounting for 3.48% of the circulating market value [1] - The company specializes in the research, production, sales, and service of key components in the mechanical transmission and control application fields, with main business revenue composition being: intelligent execution units 38.49%, reduction motors 37.00%, precision reducers 22.41%, others 1.30%, and accessories 0.80% [1] Group 2 - As of September 30, Zhongda Lide had 86,300 shareholders, an increase of 51.99% from the previous period, while the average circulating shares per person decreased by 34.21% to 2,276 shares [2] - For the period from January to September 2025, Zhongda Lide achieved operating revenue of 765 million yuan, a year-on-year increase of 3.14%, and a net profit attributable to shareholders of 57.21 million yuan, a year-on-year increase of 0.48% [2] - Since its A-share listing, Zhongda Lide has distributed a total of 160 million yuan in dividends, with cumulative distributions over the past three years amounting to 61.98 million yuan [2] Group 3 - As of September 30, 2025, the top ten circulating shareholders of Zhongda Lide included several ETFs, with E Fund National Robot Industry ETF being the third largest shareholder, holding 3.7161 million shares as a new shareholder [3] - The Huaxia CSI Robot ETF ranked fourth, increasing its holdings by 606,000 shares to 3.2417 million shares [3] - Other notable changes included a decrease in holdings by Hong Kong Central Clearing Limited by 771,500 shares, while Tianhong CSI Robot ETF and other ETFs entered the top ten circulating shareholders list as new shareholders [3]

Core Viewpoint - The A-share market has seen a strong performance in the reducer sector, with several companies leading the gains, indicating a growing interest and potential in automation-related technologies. Group 1: Company Highlights - Xinshi Da (002527.SZ) reported a stock price of 17.15 yuan with a daily increase of +10.01%. The company specializes in planetary reducers primarily used in the automation industry, having achieved mass production [1]. - Haozhi Electromechanical (300503.SZ) has a stock price of 63.80 yuan and a daily increase of +18.59%. The company possesses complete and fully independent design, manufacturing, and testing technology for harmonic reducers, overcoming key technical challenges [2]. - Henggong Precision (301261.SZ) has a stock price of 98.09 yuan with a daily increase of +13.11%. The technical team has made breakthroughs in core components of RV reducers and has begun small batch supply [3]. - Lide Harmonic (688017.SH) has a stock price of 191.10 yuan and a daily increase of +9.19%. It is a leading domestic company in harmonic reducers, having completed technology development for industrial robot harmonic reducers and achieved large-scale production [4]. - Siling Smart Drive (301550.SZ) has a stock price of 135.39 yuan with a daily increase of +8.92%. The company plans to cover various fields including industrial robots and humanoid robots, with harmonic reducers in the early stages of mass production preparation [5]. - Zhongdali De (002896.SZ) has a stock price of 92.15 yuan and a daily increase of +7.73%. The company leads in the domestic market for micro-reduction motors, with significant sales in precision planetary reducers and RV reducers, and has achieved small batch production of harmonic reducers for industrial robots [6]. - Shuanghuan Transmission (002472.SZ) has a stock price of 47.25 yuan with a daily increase of +6.59%. The company is a leader in domestic robot reducers, having developed a full series of RV reducers for industrial robots and successfully applied new high-load and high-power-to-weight ratio reducers [7]. - Yokogawa Precision (300539.SZ) has a stock price of 43.50 yuan with a daily increase of +6.44%. The company has successfully developed various harmonic reducers and is actively expanding its market and customer base in the reducer field [8].

Core Viewpoint - The robotics sector is experiencing a positive trend, with significant gains in the National Robotics Industry Index and notable performances from key stocks and ETFs [1] Group 1: Market Performance - The National Robotics Industry Index rose by 1.2% as of 10:25 AM, with notable stock performances including Boke Co., Ltd. up over 15%, Haozhi Electromechanical up over 7%, and Zhongdali De up over 4% [1] - The robotics ETF managed by E Fund (159530) saw a net subscription of over 20 million units during the trading session, accumulating over 1 billion yuan in the past week [1] Group 2: Industry Developments - Qingtian Rental launched a "1 yuan flash rental" experience event for intelligent robots in ten major cities, allowing consumers to interact with advanced technology for a minimal fee [1] - Huaxi Securities believes that breakthroughs in AI large models are pushing robotics into a new phase of embodied intelligence, creating opportunities for companies with clear application scenarios [1] Group 3: Index Composition and Investment Opportunities - The National Robotics Industry Index focuses on humanoid robots and core components, recently adding five companies from the robotics parts supply chain, with humanoid robots making up approximately 80% of the index [1] - The E Fund robotics ETF has a current scale exceeding 14.3 billion yuan, ranking first among similar index ETFs, providing investors with a packaged investment in core humanoid robotics stocks [1]

Group 1 - The Robot ETF (562500) rose by 0.50%, showing strong upward momentum after an early dip, with significant trading volume reaching 4.09 billion yuan [1] - Several stocks within the sector experienced a surge, with Buke Co., Ltd. leading with over a 10% increase, and other companies like Xinshi Da and Haoshi Jidian also showing strong performance [1] - The liquidity in the market was highlighted by a substantial trading volume within the first hour of opening, indicating robust investor interest [1] Group 2 - CITIC Securities reported that multiple supply chain companies are actively advancing their business development through product layout, customer collaboration, and overseas expansion [2] - Notable companies such as Lide Harmony showcased core components at international exhibitions, while Buke Co., Ltd. expanded both domestic and international customer bases [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion, covering various segments including humanoid robots, industrial robots, and service robots [2]

Core Insights - The actuator industry in China has established a complete industrial chain, with upstream focusing on raw materials and core technology components, midstream accelerating towards intelligent development, and downstream driven by traditional industries and emerging fields like robotics and renewable energy [1][5][9]. Industry Overview - Actuators are critical components in automation control systems, converting controller signals into mechanical actions to regulate production parameters [2][3]. - The actuator market is projected to reach 33 billion yuan in 2024 and 82 billion yuan by 2030, driven by technological upgrades and domestic replacements [1][13]. Upstream Development - The upstream sector includes key components like motors, reducers, and sensors, with domestic breakthroughs in motors and reducers, but a notable gap in high-end precision components like encoders [7][9]. - Domestic companies have made significant progress in servo motors and harmonic reducers, but high-end encoder markets remain dominated by international firms [7][9]. Downstream Demand - The demand for actuators is characterized by a dual structure of traditional and emerging markets, with industrial automation as the foundation and new energy and robotics as growth drivers [9][10]. - The humanoid robot sector is expected to see explosive growth, with the market projected to increase from approximately 2.4 billion yuan in 2025 to 25.4 billion yuan by 2030, highlighting the actuator's role as a core component [11][12]. Market Segmentation - The actuator market is segmented into electric, pneumatic, hydraulic, and special actuators, with electric actuators leading growth due to their advantages in smart applications [14][15]. - The electric actuator market is expected to reach 17.8 billion yuan by 2025, while pneumatic and hydraulic actuators maintain stable growth in their respective applications [14][15]. Competitive Landscape - The actuator industry features a diverse competitive landscape with foreign brands dominating high-end markets and domestic leaders making significant inroads through innovation and localization [15][16]. - Domestic brands are expected to capture 58% of the market share by 2024, with projections to exceed 70% by 2030, driven by technological advancements and market responsiveness [15][16]. Future Trends - The industry is set to evolve with a focus on technological innovation, market optimization, and industrial upgrades, emphasizing the integration of IoT and AI into actuator products [16][17]. - The market will see a shift towards high-end applications and a collaborative development model among core and supporting enterprises, enhancing overall competitiveness [18].

Group 1 - The market showed a significant recovery on December 22, with the Robotics Index ETF (560770) rising by 1.84%, and key component stocks such as Siasun Robot & Automation Co., Ltd. increasing by 10.35% [1] - The introduction of the Yushutech G1 humanoid robot at Wang Leehom's concert in Chengdu on December 18 marked the world's first concert featuring a robot on stage, performing "Firepower Fully Open" [1] - Tesla released an annual report video on December 19 showcasing rapid technological advancements of its humanoid robot, Optimus, from basic movements to complex interactions over the past year [1] Group 2 - CITIC Securities highlighted the ongoing overseas capacity planning in the robotics supply chain, suggesting a focus on high-quality segments as mass production approaches [1] - The Trump administration's emphasis on the development of the robotics sector is expected to elevate the strategic importance of the U.S. robotics industry, with potential positive implications for domestic policies [1] - The robotics sector is anticipated to experience a resurgence following previous corrections, with upcoming events such as Gen3 launches, new product releases, and Yushutech's IPO progress being key catalysts to watch [1] Group 3 - The Robotics Index ETF (560770) tracks the CSI Robotics Index, which includes top ten component stocks such as iFlytek, Huichuan Technology, Top Group, Dahua Technology, Roborock, Dazhong Laser, and others, covering various segments of the robotics industry [2]