Core Viewpoint - Zhaowei Electromechanical has developed a high-performance planetary gearbox series (SMDφ4～42mm) that works in conjunction with the new MC series brushless hollow cup motors, providing a compact and efficient micro-drive solution [1] Group 1: Product Features - The new 4mm brushless hollow cup motor can reach speeds of up to 100,000 rpm, and when paired with the gearbox, it offers flexible reduction ratios from 3.9:1 to 1526:1 [1] - The product boasts advantages such as small size, high torque density, low noise, precise control, and long lifespan [1] Group 2: Applications and Market Impact - Zhaowei Electromechanical's products are deeply applied in strategic emerging fields such as humanoid robots, high-end medical equipment, and aerospace [1] - The technology breakthrough helps support the intelligent upgrade of high-end equipment, overcoming foreign technological bottlenecks [1]

| 产业别 | | 电气设备 | | | --- | --- | --- | --- | | A 股价(2025/9/28) | | | 135.18 | | 深证成指(2025/9/28) | | 13209.00 | | | 股价 12 个月高/低 | | 168.33/41.14 | | | 总发行股数(百万) | | | 240.20 | | A 股数(百万) | | | 206.82 | | A 市值(亿元) | | | 279.59 | | 主要股东 | | 深圳前海兆威 | | | | | 金融控股有限 | | | | | 公司(35.44%) | | | 每股净值(元) | | | 13.69 | | 股价/账面净值 | | | 9.87 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 10.5 28.6 224.9 | | | | 近期评等 | | | | | 2025 年 09 月 29 日 | | | --- | --- | | 赵旭东 | | | H70556@capital.com.tw | | | 目标价(元) | 160 | 公司基本信息 | 出刊日期 | ...

Core Viewpoint - Elon Musk emphasized that Tesla is fully committed to scaling the Optimus project, defining it as the most important product in the company's history, with expectations that it will account for 80% of the company's future value [2][6]. Group 1: Production Timeline and Goals - Tesla aims for internal limited production and testing of thousands of Optimus units by 2025, ramping up to 50,000-100,000 units for external sales in 2026, and targeting an annual production of 1 million units within five years [2]. - The current supply chain for Optimus is based on the design of Optimus V2, with actuators and sensors each accounting for approximately 30% of material costs [4]. Group 2: Supply Chain and Component Suppliers - The supply chain for Optimus includes Tier 1 suppliers such as Sanhua Intelligent Controls and Top Group for actuators, and Mingzhi Electric and Zhaowei Electromechanical for dexterous hands [7]. - Key component suppliers include Shuanghuan Transmission and Lide Harmony for reducers, Best for lead screws, and Rongtai Health for insulation parts [7]. - International Tier 1 suppliers include Amphenol for cables, TE Connectivity for six-dimensional torque sensors, and THK for lead screws [8]. Group 3: Challenges and Development Needs - Current challenges for Optimus include hardware issues such as overload and overheating of joint motors, insufficient dexterity and load capacity of dexterous hands, and the lifespan of transmission components [10]. - There is a need for improved compatibility between hardware and software, particularly in complex dynamic environments and multi-task coordination [10]. Group 4: Thermal Management Solutions - The thermal management system for Optimus V3 is similar to that of electric vehicles, focusing on the management of key components like batteries and motors [11]. - Sanhua Intelligent Controls is developing liquid cooling modules for Optimus, leveraging its experience in electric vehicle thermal management to address overheating issues in robotic joints [13]. - Sanhua plans to deliver approximately 2,000 actuators to Tesla by Q3 2025, with an annual order forecast of 5,000-10,000 units [13]. Group 5: Industry Trends and Future Outlook - Domestic suppliers are increasing investments to meet the demand for high-performance, miniaturized thermal management components for robots [14]. - The year 2025 is anticipated to be a pivotal year for humanoid robot mass production, with 2026 expected to be a critical turning point for the industry landscape [14]. - The upcoming iTherM 2025 conference will address advanced thermal management technologies and materials relevant to humanoid robots [15].

Investment Rating - The report suggests a focus on the robotics industry, particularly on whole machine manufacturers and core component suppliers, with an overall investment rating of "Neutral" for the industry [26]. Core Insights - The humanoid robotics sector is experiencing a dual momentum of "technological deepening" and "scene landing," indicating a positive outlook for the robotics industry [2]. - Google has launched the latest Gemini Robotics 1.5 series, enhancing robot autonomy and task execution capabilities through advanced models [4][16]. - The report highlights significant investment opportunities in various segments of the robotics supply chain, including motors, joints, sensors, and more [18]. Summary by Sections Industry News and Company Dynamics - Jiangsu Donghua Testing Technology Co., Ltd. signed a strategic cooperation agreement with Nantong Zhenkang Machinery Co., Ltd. to enhance collaboration in robotic joint module technology [6]. - Fourier's third-generation humanoid robot GR-3C made its debut at the 2025 Industrial Expo, showcasing advanced design and capabilities [7]. Investment and Financing Dynamics - 1X Robotics is seeking to raise up to $1 billion, aiming for a valuation of at least $10 billion, following the launch of its new home robot Neo Gamma [16]. - Quan Zhibo completed two rounds of financing exceeding 100 million yuan, focusing on talent development and R&D [16]. Investment Recommendations - The report recommends focusing on key robotics component suppliers, including: 1. Motors: Mingzhi Electric 2. Rotating joints: Zhongchen Technology, Shuanghuan Transmission, Landai Technology 3. Linear joints: Hengli Hydraulic 4. Dexterous hands: Zhaowei Electromechanical 5. Encoders: Yap Technology, Fengqiao Technology 6. Sensors: Donghua Testing, Keli Sensor, Anpeilong, Hanwei Technology 7. Screw equipment: Qinchuan Machine Tool, Huachen Equipment 8. Bearings: Longxi Co., Ltd. [18][19]

Market Overview - The electric motor sector experienced a decline of 1.87% on the previous trading day, with Sanxie Electric leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Xiangdian Co. (600416) saw a significant increase in its stock price, closing at 16.71 with a rise of 10.01% and a trading volume of 1.1642 million shares, amounting to 1.908 billion yuan [1] - Other notable performers included Ocean Electric (002249) with a 2.56% increase, and Jiadian Co. (000922) with a 1.27% increase [1] - Conversely, Sanxie Electric (920100) led the decline with a drop of 6.61%, closing at 70.91, with a trading volume of 35,800 shares and a turnover of 259 million yuan [2] Capital Flow - The electric motor sector experienced a net outflow of 831 million yuan from institutional investors, while retail investors contributed a net inflow of 826 million yuan [2] - The data indicates that retail investors were more active in the market, contrasting with the outflow from institutional investors [2] Individual Stock Capital Flow - Xiangdian Co. (600416) had a net inflow of 376 million yuan from institutional investors, while it faced a net outflow of 216 million yuan from speculative funds [3] - Ocean Electric (002249) reported a net inflow of 62.63 million yuan from institutional investors and a net inflow of 126 million yuan from speculative funds [3] - Jiadian Co. (000922) had a net inflow of 36.62 million yuan from institutional investors, while it faced a net outflow of 7.65 million yuan from speculative funds [3]

Investment Rating - The mechanical industry is rated as "Outperform" relative to the market, maintaining a strong performance compared to the CSI 300 index [2]. Core Insights - The mechanical sector has shown a positive trend, with a 5.23% increase in the CITIC mechanical sector in September, outperforming the CSI 300 index by 3.08 percentage points [4][11]. - Key sub-sectors such as lithium battery equipment, semiconductor equipment, and forklifts have experienced significant growth, with increases of 49.22%, 24.73%, and 17.72% respectively [4][11]. - The report emphasizes the importance of focusing on domestic demand-driven sectors with stable fundamentals, high dividends, and solid earnings, particularly in engineering machinery and high-speed rail equipment [5]. Summary by Sections 1. Mechanical Sector Performance - As of September 25, 2025, the CITIC mechanical sector rose by 5.23%, ranking 4th among 30 CITIC primary industries [11]. - All three sub-sectors recorded positive growth, with notable increases in lithium battery and semiconductor equipment [4][11]. 2. Engineering Machinery - In August, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales growing by 14.8% [21][32]. - Loader sales also increased by 13.3% year-on-year, with total sales of 9,440 units in August [33]. - The report suggests that the engineering machinery sector is in a recovery phase, driven by equipment upgrades and favorable policies [39]. 3. Robotics - Industrial robot production in August was 63,747 units, reflecting a 14.4% year-on-year growth, while metal cutting machine tool production increased by 16.4% [40]. - The report highlights the upward cycle in the robotics industry, with significant growth expected in humanoid robots and automation technologies [46][51]. - Key players in the robotics sector, such as Estun and core component suppliers, are recommended for investment [51].

兆威机电的发展历程及其主要业务领域有哪些？ 兆威机电自 2001 年成立以来，主要从事精密注塑件的生产制造，并确立了微 小技术路线。公司早期供应松下、尼康、博士等公司。2010 年至 2020 年， 公司拓展至微型传动系统，开发出齿轮箱、微型电机及电控系统全方案。2021 年开始切入 XR 领域，2023 年进入人形机器人领域，并于 2024 年 11 月发布 第一代灵巧手，与华为签署合作备忘录。今年（2025 年）7 月，公司发布第二 代灵巧手产品。公司的产品应用领域包括智能汽车、消费及医疗科技、先进工 业制造和机器人等，其中智能汽车领域营收占比最大，从 2020 年的 19.9%提 兆威机电 20250923 摘要 兆威机电通过自主研发传动、电机及电控系统，已从传统齿轮箱业务拓 展至 XR 和人形机器人领域，并于 2024 年发布第一代灵巧手，2025 年 发布第二代，与华为等建立合作关系。 公司营收和规模稳步增长，尤其受益于汽车电子行业快速发展，汽车领 域营收占比从 2020 年的 19.9%提升至 2024 年的 58.7%。2025 年上 半年营收 7.9 亿元，同比增长 22%，规模达 1.1 亿 ...

Market Performance - The electric motor sector increased by 1.38% on the previous trading day, with Mingzhi Electric leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Top Gainers - Mingzhi Electric (603728) closed at 80.31, up 10.00% with a trading volume of 281,000 shares and a transaction value of 2.157 billion [1] - Jiangsu Changli (300660) closed at 62.21, up 4.38% with a trading volume of 261,400 shares [1] - Weiguang Co. (002801) closed at 37.61, up 3.04% with a trading volume of 44,000 shares [1] Top Losers - Wolong Electric (600580) closed at 49.96, down 5.36% with a trading volume of 2,328,800 shares and a transaction value of 11.54 billion [2] - Huaxin Precision (603370) closed at 54.05, down 3.86% with a trading volume of 80,900 shares [2] - Xiangdian Co. (600416) closed at 15.86, down 3.35% with a trading volume of 987,700 shares [2] Capital Flow - The electric motor sector experienced a net outflow of 1.175 billion from institutional investors, while retail investors saw a net inflow of 1.059 billion [2] - The overall capital flow indicates a mixed sentiment among different investor types within the electric motor sector [2] Individual Stock Capital Flow - Mingzhi Electric saw a net inflow of 425 million from institutional investors, while retail investors had a net outflow of 178 million [3] - Jiangsu Changli experienced a net inflow of 101 million from institutional investors, with retail investors also showing a net outflow [3] - Zhaowei Electromechanical (003021) had a net inflow of 62 million from institutional investors, while retail investors faced a net outflow of 4.662 million [3]

9月24日，兆威机电盘中下跌2.01%，截至09:51，报136.50元/股，成交1.95亿元，换手率0.68%，总市值 327.87亿元。 资金流向方面，主力资金净流出161.41万元，特大单买入916.93万元，占比4.70%，卖出610.26万元，占 比3.13%；大单买入2882.30万元，占比14.79%，卖出3350.38万元，占比17.19%。 兆威机电今年以来股价涨85.40%，近5个交易日跌8.70%，近20日涨12.17%，近60日涨30.83%。 截至6月30日，兆威机电股东户数5.56万，较上期增加40.23%；人均流通股3709股，较上期减少 28.69%。2025年1月-6月，兆威机电实现营业收入7.87亿元，同比增长21.93%；归母净利润1.13亿元，同 比增长20.72%。 分红方面，兆威机电A股上市后累计派现3.33亿元。近三年，累计派现1.92亿元。 今年以来兆威机电已经7次登上龙虎榜，最近一次登上龙虎榜为4月23日，当日龙虎榜净买入9353.71万 元；买入总计2.64亿元 ，占总成交额比19.95%；卖出总计1.71亿元 ，占总成交额比12.89%。 资料显示，深圳市 ...

Market Performance - The electric motor sector increased by 1.39% compared to the previous trading day, with Dayang Electric leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Key Stocks in Electric Motor Sector - Dayang Electric (002249) closed at 10.63, up 10.04%, with a trading volume of 238.37 thousand and a transaction value of 2.458 billion [1] - Kangping Technology (300907) closed at 39.49, up 3.38%, with a trading volume of 52.4 thousand and a transaction value of 207 million [1] - Zhaowei Electromechanical (003021) closed at 141.46, up 2.92%, with a trading volume of 92.9 thousand and a transaction value of 1.303 billion [1] - Other notable stocks include Wolong Electric Drive (600580) with a closing price of 51.80, up 1.57%, and a transaction value of 11.023 billion [1] Fund Flow Analysis - The electric motor sector experienced a net outflow of 93.3008 million from institutional investors, while retail investors saw a net inflow of 83.6059 million [2] - Dayang Electric had a net inflow of 45.4 million from institutional investors, but a net outflow of 21.6 million from speculative funds [3] - Kangping Technology had a net inflow of 12.6756 million from institutional investors, but a net outflow of 17.3432 million from retail investors [3]