Core Viewpoint - The humanoid robot sector is expected to gradually converge by 2026, with Tesla's Optimus moving from the laboratory phase to mass production, highlighting the need to focus on mass production certainty and new technological directions for efficiency improvement or significant cost reduction [1][2]. Industry Core Changes - The humanoid robot industry in 2025 saw significant order placements, primarily from government, data collection, and life service scenarios, with companies like Yuzhu, Zhiyuan, and UBTECH leading in shipment volumes [2]. - The prices of core robot components have significantly decreased due to industrial capital support, although there is still room for improvement in precision and lifespan [2]. - The model end has confirmed the correct path for VLA, with some models beginning to show intelligence, but the lack of sufficient data has prevented the formation of a scaling law cycle in the short term [2]. 2026 Strategy Outlook - The successful iteration of Tesla's Optimus is expected to lead to a large-scale production year in 2026, with key focus areas including Tier 1 suppliers, lead screws, and harmonic reducers, as the supply chain enters a contraction phase [3]. - For flexible robot targets, attention should be paid to technological iterations and cost reduction, with key drivers including improvements in dexterous hands, motors, and lightweight materials [3]. Investment Recommendations - For certainty in direction, focus on Tier 1 suppliers such as Sanhua Intelligent Control and Top Group, lead screws from Hengli Hydraulic and Zhejiang Rongtai, and harmonic reducers from Lide Harmonic and Siling Intelligent Drive [4]. - For technological transformation and cost reduction, key companies to watch include Zhaowei Electromechanical and Hanwei Technology for dexterous hands and electronic skin, Hengshuai Co. and Buke Co. for motors, and Hengbo Co. and Xingyuan Zhuomei for lightweight materials [4].

Group 1: REITs Market Overview - The regulatory standards for REITs have been raised, with all asset types experiencing an increase in January 2026 [3] - The total market value of public REITs reached 228.709 billion yuan, an increase of 10.246 billion yuan from the previous month, indicating heightened market activity [4] - The water conservancy facilities sector saw the highest increase in REITs, with a monthly growth rate of 9.70% [4] Group 2: Chemical Industry Insights - The global chemical industry is entering a new demand cycle driven by anti-involution and AI, with a focus on the upcoming chemical peak season and price increases [6] - The National Chemical Industry Prosperity Index rose to 94.19, reflecting a slight increase of 0.15 from the previous week [6] - Key investment opportunities in the chemical sector include companies in coal chemical, oil refining, polyurethane, and fertilizers, among others [7] Group 3: Traditional Chinese Medicine (TCM) Sector - The TCM sector is expected to benefit from a new development plan aimed at enhancing the resilience and stability of the TCM industrial chain [32] - The plan emphasizes quality improvement and stable supply of raw materials, which is crucial for the efficacy of TCM products [33] - Companies like China Traditional Chinese Medicine, Yunnan Baiyao, and others are highlighted as potential beneficiaries of this policy shift [33] Group 4: Company-Specific Developments - Zhaowei Electric has entered the hearing stage for its Hong Kong listing, with a focus on its "1+1+1" strategy integrating micro-drives, precision drives, and control systems [38] - The company has successfully launched multiple series of dexterous hands, showcasing its technological advancements in micro-drive systems [39] - Revenue projections for Zhaowei Electric are optimistic, with expected revenues of 1.867 billion yuan in 2025, growing to 2.810 billion yuan by 2027 [41]

Investment Rating - The report rates the industry as "Buy" [4] Core Insights - Optimus is expected to become the first von Neumann machine, with a target annual production of one million units by 2026, marking a significant advancement in the robotics industry [2][5] - The report emphasizes the transition of robots from "being able to move" to "being able to act" through the development of force control technology, which is crucial for human-like robots [5][34] - Investment focus should be on robot manufacturers and core component suppliers, including actuators, motors, reducers, and sensors, highlighting specific companies for potential investment [5][46] Summary by Sections Industry News and Company Dynamics - Tesla's Optimus is set to be the first von Neumann machine, capable of establishing civilization on suitable planets, with a significant upgrade in its learning capabilities through observation of human behavior [8] - The Indian company Muks Robotics has launched its first humanoid robot, SPACEO-M1, indicating a global expansion of humanoid robot development [9] - Faraday Future has entered the robotics sector with three new products, aiming to deliver them immediately, marking a strategic shift for the company [11] Investment Recommendations - The report suggests focusing on key robot manufacturers and core component suppliers, recommending specific companies for investment in various categories such as actuators, reducers, and sensors [5][46] - Notable recommended companies include Zhaowei Electric, Hengli Hydraulic, and Unibot, among others [5][46] Force Control Technology - Force control technology is identified as a critical support for humanoid robots, enabling them to interact with their environment more effectively [34][35] - The report discusses two main technical solutions for force control: current loop-based and torque sensor-based, with the latter expected to dominate in humanoid robotics due to its higher precision [36][37] Financing Dynamics - Significant financing activities are noted in the robotics sector, with companies like LingMonkey Robotics and LimX Dynamics securing substantial funding to enhance their technological capabilities and production capacity [31][33]

Market Overview - The machinery sector experienced a slight decline of 0.04% on the previous trading day, with China Electric Motor leading the losses [1] - The Shanghai Composite Index closed at 4102.2, up by 0.85%, while the Shenzhen Component Index closed at 14156.27, up by 0.21% [1] Stock Performance - Key stocks in the machinery sector showed varied performance, with Jiadian Co. rising by 3.37% to a closing price of 14.74, and China Electric Motor falling by 3.32% to 30.54 [1][2] - The trading volume and turnover for notable stocks included: - Jiadian Co.: 155,500 shares, turnover of 228 million yuan - Zhaowei Electromechanical: 84,300 shares, turnover of 1.038 billion yuan - China Electric Motor: 153,000 shares, turnover of 479 million yuan [1][2] Capital Flow - The machinery sector saw a net outflow of 154 million yuan from institutional investors, while retail investors contributed a net inflow of 57.18 million yuan [2] - Notable capital flows for specific stocks included: - Zhaowei Electromechanical: net inflow of 1.21 billion yuan from institutional investors - China Electric Motor: net outflow of 39.74 million yuan from institutional investors [3]

Core Viewpoint - The electric motor sector experienced a significant increase, with a 2.28% rise on the trading day, led by Zhaowei Electric [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Zhaowei Electric (stock code: 003021) led the gains in the electric motor sector with a closing price of 119.68, reflecting a 4.02% increase [1] - Other notable performers included Huayang Intelligent (301502) with a 3.52% increase, and Xiangdian Co. (600416) with a 3.34% increase [1] Group 2: Trading Volume and Value - Zhaowei Electric recorded a trading volume of 47,200 shares and a transaction value of 558 million yuan [1] - The electric motor sector saw a total net inflow of 980.28 million yuan from institutional investors, while retail investors experienced a net outflow of 2,030.16 million yuan [2][3] Group 3: Individual Stock Performance - The top stocks by net inflow included Zhaowei Electric with 41.57 million yuan from institutional investors, and Xiangdian Co. with 31.93 million yuan [3] - Conversely, retail investors showed significant outflows from stocks like Zhaowei Electric and Xiangdian Co., indicating a divergence in investor sentiment [3]

Core Viewpoint - Shenzhen Zhaoweide Run Trading Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by Shenzhen Zhaoweijidian Co., Ltd. [1] Company Information - The legal representative of Shenzhen Zhaoweide Run Trading Co., Ltd. is Xie Yanling [1] - The company is classified under the wholesale and retail industry, specifically in other wholesale sectors [1] - The registered address is located at 62 Yanhua Road, Office Building 101, Yanchuan Community, Yantian District, Shenzhen [1] - The business license allows for self-operated activities without the need for prior approval, except for projects that require legal authorization [1] Shareholding Structure - Shenzhen Zhaoweijidian Co., Ltd. holds 100% of the shares in Shenzhen Zhaoweide Run Trading Co., Ltd. [1] Business Scope - The business scope includes sales of gears and gear reducers, sales of bearings, sales of high-speed precision gear transmission devices, import and export of goods and technology, sales of electronic components and electromechanical equipment, wholesale of hardware products, sales of molds, and sales of bearings [1]

Core Viewpoint - Zhaowei Electromechanical is the largest provider of integrated micro drive and drive system products in China and the fourth largest globally, with market shares of 3.9% and 1.4% respectively according to Frost & Sullivan [4] Company Overview - Zhaowei Electromechanical offers micro drive and drive systems, precision components, and customized molds based on specific customer needs [4] - The micro drive and drive systems are highly integrated systems that typically include a drive system, micro motor system, and/or electronic control system, which together convert and transmit power to actuators for key functions such as power transmission, control, speed change, and steering [4] - The company's clients span multiple industries, including automotive, industrial, consumer electronics, medical devices, and telecommunications [4] Product Offerings - The company has launched three major platform-based proprietary product lines: high-performance servo motor series, roller motors, and dexterous hands [4] - The high-performance servo motor series is noted for its strong output capability, dynamic performance, and efficiency, suitable for various applications including high-end consumer technology products [4] Production Capacity - Zhaowei Electromechanical has established production bases in Shenzhen, Dongguan, and Suzhou, with utilization rates for the Shenzhen base at 82.2%, 80.4%, 80.8%, and 81.0% for the years 2022, 2023, 2024, and the first nine months of 2025 respectively [7] - The Dongguan base's utilization rates were 83.9%, 77.5%, 81.4%, and 85.3% for the same periods [7] - The company is set to utilize part of the facilities at the newly established Suzhou production base by mid-2025 [7] Market Growth - The integrated micro drive and drive system market in China has grown from RMB 20.3 billion in 2020 to RMB 33.2 billion in 2024, with a compound annual growth rate (CAGR) of 13% [7] - The market is projected to reach RMB 72.6 billion by 2029, with the CAGR from 2025 to 2029 expected to increase to 17.3% driven by industrial upgrades and technological advancements [7] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2024 and 2025 were approximately RMB 1.15 billion, RMB 1.20 billion, RMB 1.52 billion, RMB 1.06 billion, and RMB 1.26 billion respectively [8] - The net profit for the same periods was approximately RMB 150 million, RMB 180 million, RMB 225 million, RMB 159 million, and RMB 182 million respectively [8]

Group 1 - The company Zhaowei Electromechanical announced that its third board meeting will be held on January 30, 2026, combining in-person and communication methods [1] - The meeting will review the proposal to amend the company's articles of association applicable after the H-share issuance [1] Group 2 - The article discusses the development of China's autonomous driving sector, highlighting its expansion and potential in Abu Dhabi [1]

深圳市兆威机电股份有限公司章程 （草案） （H股发行并上市后适用） 二〇二六年一月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 3 | | 第四章 | 股东和股东会 | 7 | | 第五章 | 董事和董事会 | 28 | | 第六章 | 高级管理人员 | 44 | | 第七章 | 财务会计制度、利润分配和审计 46 | | | 第八章 | 通知和公告 | 52 | | 第九章 | 合并、分立、增资、减资、解散和清算 53 | | | 第十章 | 修改章程 | 57 | | 第十一章 | 附则 | 58 | 深圳市兆威机电股份有限公司 章程 第一章 总则 第一条 为维护深圳市兆威机电股份有限公司（以下简称"公司"、"股份 公司"）、股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司章程指引》《深圳证券交易所股票上 市规则》《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市规 则》" ...

证券代码：003021 证券简称：兆威机电 公告编号：2026-004 2025 年 11 月 21 日，公司收到了中国证券监督管理委员会（以下简称"中 国证监会"）就公司本次发行并上市出具的《关于深圳市兆威机电股份有限公司 境外发行上市备案通知书》（国合函[2025]2074 号）。具体内容详见公司于 2025 年 11 月 24 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于发行境外 上市外资股（H 股）获得中国证监会备案的公告》（公告编号：2025-053）。 截至本公告出具之日，香港联交所上市委员会已举行上市聆讯，审议了公司 本次发行并上市的申请。根据本次发行并上市计划，公司按照有关规定在香港联 交所网站刊登本次发行并上市聆讯后资料集，该聆讯后资料集为公司根据香港联 交所、香港证券及期货事务监察委员会的要求而刊发，刊发目的仅为提供资讯予 符合相关条件的境外投资者及依据中国相关法律法规有权进行境外证券投资的 境内合格投资者，除此之外并无任何其他目的。同时，该聆讯后资料集为草拟版 本，其所载资料可能会适时作出更新和变动。 1 深圳市兆威机电股份有限公司 关于刊发 H 股发行 ...