Investment Rating - The report assigns an "Overweight" rating for the industry, indicating a projected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [11]. Core Insights - In 2026, NVIDIA's advancements in embodied intelligence have transitioned from technical exploration to engineering implementation and ecosystem development, focusing on software models, simulation infrastructure, hardware deployment, and collaborative ecosystems [2][4]. - The humanoid robot industry is entering the "engineering implementation" phase, with significant investment opportunities identified in both beta (software and embodied models) and alpha (hardware) categories [4]. Summary by Relevant Sections Investment Recommendations - The report suggests focusing on: 1. Beta opportunities in embodied models and software, recommending companies such as Hangcha Group, UBTECH, and Woan Robotics. 2. Alpha opportunities in hardware, including: - Force/Torque sensors: Anpeilong - Encoders: Yapu Co., Ltd., Shuo Beid - Visual sensors: Aoptical, Orbbec - IMU: Joyson Electronics, Huayi Technology - Power devices: Innodisk - MCU and hollow cup: Fengcai Technology - Dexterous hands: Zhaowei Electric - Linear joints: Hengli Hydraulic, Zhejiang Rongtai, Zhenyu Technology - Rotary joints: Lide Harmonic, Shuanghuan Transmission, Minshi Group, Keda Li [4][5]. NVIDIA's Ecosystem Development - NVIDIA is building a "CUDA ecosystem" for robotics, utilizing Cosmos (data generation), Isaac (simulation training), and GROOT (robotic foundational models) to attract developers and accelerate commercialization [4]. - The GROOT N1.7 model has been released, enhancing robotic operational capabilities and introducing reasoning modules, with the upcoming GROOT N2 aimed at achieving world-model-level physical understanding [4]. Robotics Training and Infrastructure - The report highlights the release of Isaac Lab 3.0, which features a new Newton physics engine and enhanced support for complex dexterous operation scenarios [4]. - The DGX™-AI training server platform integrates multiple high-end GPUs and is optimized for AI training, capable of forming GPU clusters to enhance training scale [4].

证券研究报告 行业研究 / 行业专题 2026 年 03 月 17 日 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《智能制造行业周报：看好多层板放量下 PCB 设备升级机遇》2026-03-16 《智能制造行业周报：持续看好半导体设备零 部件国产化替代》2026-03-09 《全球人形机器人产业周报（二）：产业化提 速，标准体系与应用落地共振》2026-03-09 《全球商业航天产业周报（一）：蓝箭航天动 力系统实现突破》2026-03-09 《全球人形机器人产业周报（一）：人形机器 人供应链海外产能布局加速推进》2026-03-02 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 GTC 催化，量产预期仍是核心锚点 ——全球人形机器人产业周报（二） 资料来源：iFinD，爱建证券研究所 资料来源：iFinD，爱建证券研究所 图表 3：人形机器人指数在万得全 A 指数成交额占比 图表 4：人形机器人指数走势与两融余额 资料来源：iFinD，爱建证券研究所 资料来源：iFin ...

Investment Rating - The report rates the humanoid robotics industry as "Outperform the Market" [2] Core Insights - The humanoid robotics index experienced a decline of 1.37% during the week of March 9 to March 13, 2026, maintaining a volatile pattern. The current PE ratio is at a 23.81% percentile over the past three months [2] - Key companies in the humanoid robotics sector are accelerating their listings in Hong Kong, enhancing their global presence and supply chain influence [2] - The upcoming NVIDIA GTC 2026 conference is expected to be a significant catalyst for advancements in robotics and AI, focusing on industrial-grade embodied intelligence and foundational models [2] Summary by Sections Industry Overview - The humanoid robotics industry is in a transitional phase from engineering to mass production, with technological advancements and event-driven catalysts influencing short-term pricing [2][19] - The report highlights the importance of production rhythm and application scenarios for long-term growth [2] Market Performance - The humanoid robotics index has shown fluctuations, with notable gains from companies like Bozhong Precision (+38.28%) and Shuangyi Technology (+26.27%), while companies like Huapei Power (-23.42%) and Hengfeng Tools (-17.09%) faced significant declines [2][14] - The report emphasizes the need to monitor the production and iteration progress of leading humanoid robotics manufacturers [2] Investment Recommendations - The report recommends investing in companies with core component capabilities that can enhance value through collaboration with complete machine manufacturers, such as reducers, screws, motors, sensors, and control systems [2] - It also suggests focusing on platform-type manufacturers with integrated algorithm and control system capabilities, as their market leadership is expected to become more evident with the advancement of industrialization [2]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment and power equipment sectors [6] Core Insights - The humanoid robot motor industry is experiencing rapid development driven by technological iterations and industrialization, with motors expected to benefit significantly from the mass production of humanoid robots [1][3] - The global market for humanoid robot motors is projected to reach 91.76 billion yuan by 2030, with a compound annual growth rate (CAGR) of 119.9% from 2026 to 2030 [3][13] - The report emphasizes that domestic motor companies are on par with international counterparts in terms of R&D capabilities and technological strength, with a focus on the advantages of domestic firms in responsiveness and cost control [4][16] Summary by Sections Humanoid Robot Motors - The humanoid robot motor market is expected to grow significantly, with annual production projected to increase from 238,000 units in 2026 to 11.765 million units by 2030 [3][13] - Key motor types for humanoid robots include: 1. **Frame-less Torque Motors**: Currently the mainstream choice for joint drives due to their compact size and high torque output [14][44] 2. **Axial Flux Motors**: Suitable for high torque density applications, particularly in large rotational joints [14][48] 3. **Harmonic Field Motors**: Utilize magnetic field modulation for enhanced performance [53][56] 4. **Hollow Cup Motors**: Feature a design that eliminates the iron core, resulting in reduced weight and size [58] 5. **Brushless Slotless Motors**: Offer cost advantages with simpler structures [14] 6. **Micro Frame-less Motors**: Highly integrated designs for compact applications [14] Market Dynamics - The report highlights a divergence in technology routes for joint motors and dexterous hand motors, each with distinct advantages [2] - The global humanoid robot motor market is expected to reach 39.2 billion yuan in 2026, growing to 91.76 billion yuan by 2030 [3][13] - The report argues that the barriers to mass production for humanoid robot motors are high, favoring leading companies with strong R&D and supply chain capabilities [4][15] Investment Recommendations - The report recommends focusing on companies with comprehensive product matrices and deep industry collaborations, including: - **Weichuang Electric**: Complete product matrix in humanoid robot motors [5] - **Leisai Intelligent**: High precision control technology for industrial applications [5] - **Huichuan Technology**: Leading in industrial automation [5] - **Xinjie Electric**: Strategic partnerships in frame-less motor technology [5] - Other notable companies include Mingzhi Electric and Zhaowei Electromechanical, along with domestic firms like Buke Co., Dechang Electric Holdings, and others [5]

Summary of Key Points from the Conference Call on Humanoid Robotics Sector Industry Overview - The humanoid robotics sector has experienced a significant pullback of 20%-25% after a prior increase of 2-4 times, indicating a potential left-side entry point for investments as current valuations have absorbed pessimistic expectations [1][2] - The upcoming Tesla V3 launch in April 2026 is anticipated to be a core catalyst, showcasing advancements in dexterous hands and AI, which could revise market expectations from 1 million units to a potential 2-5 million units in the long term [1][2] Core Insights and Arguments - The investment paradigm for 2026 is expected to shift towards differentiation, prioritizing companies with confirmed supply chains for V3 and those with customer barriers and deep applications in downstream scenarios, such as Hangzhou Forklift Group and Yongchuang Intelligent [1] - Ampelron is identified as a leader in force sensors, with the V3 version's unit value projected to rise to 12,000 yuan, corresponding to a market size of 12 billion yuan for 1 million robots; the company's target market cap is estimated between 16 billion to 30 billion yuan [1][7] - Zhaowei Electromechanical is highlighted for its core role in the Tesla and Figure supply chains, with expected profits of 400-500 million yuan in 2026, driven by over 30% growth in automotive and AI home business [1][9] Market Dynamics and Sentiment - The humanoid robotics sector has faced a significant correction due to three main factors: crowded trading, pessimistic market sentiment regarding the industry's bottlenecks, and a shift in investment focus towards faster-return themes like North American power shortages and commercial aerospace [2][3] - Historical data suggests that the sector typically experiences pullbacks of 20%-25%, which has been reached, indicating limited further downside potential [2] - The market sentiment is expected to shift from extreme pessimism to neutrality or even optimism if short-term catalysts emerge, particularly around Tesla's V3 release [3][4] Potential Catalysts - Key short-term catalysts include the release of Tesla's V3 video and the actual production figures for 2026, with three potential market reactions based on the V3 release outcomes: 1. Exceeding expectations could lead to a rapid shift in sentiment and an upward revision of long-term unit expectations [3] 2. Meeting expectations would likely stabilize the market and reinforce confidence in Tesla's production capabilities [3] 3. Falling short of expectations could maintain downward pressure on the sector, although the long-term outlook remains positive [4] Investment Focus for 2026 - The investment focus for 2026 is expected to diverge from the previous two years, with a greater emphasis on companies that are confirmed suppliers for V3 and those with high barriers to entry in sensor technology [4][5] - Companies with strong customer orders and performance capabilities, particularly those already engaged with Tesla, are prioritized [5][6] - The importance of data and application scenarios is emphasized, with companies like Hangzhou Forklift Group and Yongchuang Intelligent being highlighted for their understanding of downstream applications [5][6] Company-Specific Insights - Ampelron's sensor business is projected to grow significantly, with a conservative estimate of 11 billion yuan in option value for its humanoid robotics segment, alongside a solid valuation for its core sensor business [7][8] - Zhaowei Electromechanical is noted for its strong positioning in the Tesla supply chain, with a projected profit of 400-500 million yuan in 2026, driven by its innovative automotive components [9][10] Conclusion - The humanoid robotics sector is viewed as a promising investment opportunity, particularly for companies like Zhaowei Electromechanical and Ampelron, which possess strong fundamentals and growth potential in the context of the upcoming technological advancements and market recovery [10]

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [35] Core Insights - The report highlights significant advancements in the robotics sector, including the launch of Optimus V3 and the capabilities of Helix 02, which enable full-body end-to-end operations [2][4] - Domestic companies like Estun and Yushutech are leading the market, with Yushutech projected to be the global leader in humanoid robot shipments by 2025, achieving a market share of 32.4% with 5,500 units [18][19] - The report emphasizes the importance of focusing on both complete robot manufacturers and core component suppliers, suggesting specific companies for investment [35] Industry News and Company Developments - Estun has initiated its Hong Kong stock listing to accelerate internationalization, aiming to enhance its global sales network and R&D capabilities [15] - Yushutech is expected to dominate the humanoid robot market by 2025, surpassing competitors like Tesla and Figure AI [18][19] - The report notes the successful development of a liquid metal universal gripper by a team from Suzhou University, achieving unprecedented precision and speed in robotic manipulation [21][22] - JD.com showcased over 60 new robotic products at AWE 2026, launching an industry acceleration plan in collaboration with top robotics brands [22][24] Investment Recommendations - The report recommends focusing on complete robot manufacturers and core component suppliers, including: 1. Complete Robots: Recommended companies include UBTECH and Hangcha Group, with related stocks being Woan Robotics and Jizhi Jia [35] 2. Actuators and Motors: Recommended companies include Zhaowei Electromechanical and Mingzhi Electric, with related stocks being Weichuang Electric and Buke Co [35] 3. Gear Reducers: Related stocks include Harmonic Drive, Keda Li, and others [35] 4. Lead Screws: Recommended company is Hengli Hydraulic, with related stocks being Zhejiang Rongtai and others [35] 5. Sensors: Recommended companies include Amperelong and Hanwei Technology [35] 6. Encoders: Related stocks include Fengcai Technology and Yap Technology [35] 7. Joints: Recommended company is Changying Precision [35] 8. Structural Parts: Recommended company is Ningbo Huaxiang [35] 9. Equipment: Recommended companies include Jinsang Machine Tool China and Bozhong Precision [35]

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [35] Core Insights - The report highlights significant advancements in the robotics sector, including the launch of Optimus V3 and the capabilities of Helix 02, which enhance robotic functionalities [2][4] - Domestic companies like Estun and Yushutech are making strides, with Estun initiating a Hong Kong IPO and Yushutech projected to lead global humanoid robot shipments by 2025 [4][18] - The report emphasizes the importance of focusing on both complete robot manufacturers and core component suppliers, indicating a robust investment landscape [31][35] Industry News and Company Developments - Estun Automation has started the process for a Hong Kong IPO to accelerate its international expansion, aiming to enhance its global sales network [15] - Yushutech is expected to dominate the humanoid robot market in 2025, with a projected shipment of 5,500 units, capturing 32.4% market share [19] - The report notes the successful development of a liquid metal universal gripper by a team from Suzhou University, achieving record-breaking performance in precision control [21][22] - JD.com showcased over 60 new robotic products at AWE 2026, launching an industry acceleration plan in collaboration with top robotics brands [22] Investment Recommendations - The report recommends focusing on complete robot manufacturers and core component suppliers, including: 1. Complete Robots: Recommended companies include UBTECH and Hangcha Group, with related companies like Woan Robotics and Jizhijia [35] 2. Actuators and Motors: Recommended companies include Zhaowei Electromechanical and Mingzhi Electric, with related companies like Weichuang Electric and Buke Co. [35] 3. Gear Reducers: Related companies include Harmonic Drive and Keda Li [35] 4. Lead Screws: Recommended company is Hengli Hydraulic, with related companies like Zhejiang Rongtai and Best [35] 5. Sensors: Recommended companies include Amperelong and Hanwei Technology [35] 6. Encoders: Related companies include Fengcai Technology and Yapu Co. [35] 7. Joints: Recommended company is Changying Precision [35] 8. Structural Components: Recommended company is Ningbo Huaxiang [35] 9. Equipment: Recommended companies include Jinsang Machine Tool China and Bozhong Precision [35]

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证券代码：003021 证券简称：兆威机电 公告编号：2026-008 深圳市兆威机电股份有限公司 | 股增加至 | 267,482,700 | | 股，公司股东前海兆威投资、李海周先生及其一致 | | | | --- | --- | --- | --- | --- | --- | | | | | 行动人清墨投资股份数量不变，持有股份比例被动稀释，合计持股比例由 | | | | | 62.40%降至 56.16%。 | | | | | | 股票简称 | 兆威机电 | 股票代码 | 003021 | | | | 变动方向 | 上升□ | 一致行动人 下降☑ | 有☑ | 无□ | | | 是否为第一大股东或实 际控制人 | | 是☑ | 否□ | | | | 2.本次权益变动情况 | | | | | | | 股份种类（A 股、B 股等） | | 增持/减持/其他变动（请注明）股数（股） | | 增持/减持/其他变动（请注明） 比例（%） | | | 前海兆威投资 （A 股） | | 持股数量未变，持股比例被动稀释 | | 稀释比例 3.54 | | | 李海周 （A 股） | | 持股数量未变，持股比例被动稀释 ...

证券代码：003021 证券简称：兆威机电 公告编号：2026-007 深圳市兆威机电股份有限公司 关于境外上市外资股（H 股）挂牌并上市交易的公告 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。 深圳市兆威机电股份有限公司（以下简称"公司"）正在进行发行境外上市 外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板 挂牌上市（以下简称"本次发行并上市"）的相关工作。 公司本次全球发售 H 股总数为 26,748,300 股，其中，香港公开发售 2,674,900 股，占全球发售总数的 10.00%；国际发售 24,073,400 股，占全球发售总数的 90.00%。公司本次发行不行使超额配售权，根据每股 H 股发售价 71.28 港元计算， 经扣除全球发售相关承销佣金及其他估计费用后，公司将收取的全球发售所得款 项净额估计约为 18.28 亿港元。 经香港联交所批准，公司本次发行的 26,748,300 股 H 股股票于 2026 年 3 月 9 日在香港联交所主板挂牌并上市交易。公司 H 股股票中文简称为"兆威機電"， 英文简称为"ZH ...