Key Points - The mechanical sector has seen a significant increase of 30.12% as of November 20, 2025, outperforming the CSI 300 index by 14.11 percentage points, ranking 6th among 30 sectors [5][14]. - The lithium battery equipment, basic components, and semiconductor equipment sub-sectors have shown strong growth, with increases of 103.2%, 58.93%, and 48.05% respectively [5][14]. - The report maintains a "stronger than market" investment rating for the mechanical industry, highlighting a new investment cycle and growth opportunities [5][6]. Mechanical Sector Performance - As of November 20, 2025, the mechanical sector's price-to-earnings ratio stands at 36.1, placing it in the 70.5 percentile of its 10-year historical range, indicating a higher valuation compared to historical averages [19][20]. - Among 632 listed companies in the mechanical sector, 549 have seen stock price increases in 2025, with a median increase of 30.23% [21][24]. New Recovery Cycle: Traditional Machinery Upgrading - The engineering machinery sector is entering a new equipment renewal cycle starting in 2025, driven by the aging of existing equipment and export expansion [25][28]. - Major products in the engineering machinery sector, such as excavators and loaders, have shown positive sales growth, with excavator sales reaching 192,135 units in the first ten months of 2025, a 17% year-on-year increase [28][29]. - The internationalization of engineering machinery is accelerating, with exports becoming a significant growth driver, as evidenced by excavator exports accounting for 53.21% of total sales in October 2025 [40][43]. New Technology Growth: Emerging Industries - The humanoid robot sector is experiencing a recovery, with mass production expected to drive significant market expansion [7][20]. - The AIDC (Automatic Identification and Data Capture) equipment sector is poised for rapid growth, benefiting from the fast development of the artificial intelligence industry [9][27]. - The lithium battery equipment sector is witnessing a rebound, with leading companies like Xian Dao Intelligent expected to benefit from the growing demand for solid-state battery equipment [9][35]. Investment Ratings and Key Targets - The report recommends key companies in the engineering machinery sector, including SANY Heavy Industry and XCMG, as primary investment targets due to their strong performance and growth potential [5][54]. - The focus on core components such as pumps, valves, and hydraulic cylinders is also emphasized as part of the investment strategy [54].

深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2025-006 A：尊敬的投资者，您好！当前公司基本面向好，生产经营正常， 各项工作有序开展。二级市场的股票价格受到宏观经济环境、公 司所属行业、市场情绪、投资者预期等多方面因素的影响，公司 密切关注二级市场股价走势，也请广大投资者注意投资风险。感 谢您的关注! Q7：为什么两个月了股价一直创新低，公司是否有市值管理计 划？ A：尊敬的投资者，您好！公司始终专注于提升经营质量和核心 竞争力，推动业绩稳定增长，为投资者创造长期价值。公司重视 市值管理，坚持做好信息披露质量、投资者关系管理。感谢您的 关注！ Q8：目前对于灵巧手的订单如何，市占率如何。 A：尊敬的投资者，您好！公司密切关注行业市场动态和技术发 展趋势，紧跟客户需求，把握市场机遇。感谢您的关注！ Q9：你好董秘，兆威机电预计多久能在港交所上市，有没有明 确的时间节点。 A：尊敬的投资者，您好！公司 H 股上市正常推进过程中，后续 如有进展需要披露，公司将及时在交易所指定网站披露相关内 | | 特定对象调研 □分析师会议 | | --- | --- ...

Core Insights - Morgan Stanley's recent research indicates that humanoid robots have transitioned from the R&D phase to the delivery validation phase, with a significant scaling milestone expected in 2026, although work efficiency and technological convergence remain key challenges [3][4]. Industry Trends - The delivery of humanoid robots is set to increase significantly, with major companies establishing expansion targets for 2026. For instance, UBTECH anticipates delivering 500 humanoid robots in 2025, generating approximately 400 million yuan in revenue, with a further increase to 2000-3000 units in 2026 [3][4]. - The total number of humanoid robots with practical work capabilities is projected to exceed 10,000 units by 2026, with component manufacturers also expected to benefit significantly [3][4]. Application Feedback - Despite a notable increase in success rates for humanoid robots (e.g., UBTECH achieving a 99% success rate in box handling tasks), their efficiency remains at only 30%-60% of human capabilities. The development cycle for new task models is lengthy, making application scenario validation a critical factor for industry growth in 2026 [4][5]. Technological Exploration - Companies in the humanoid robot industry are actively testing new technological pathways, but no unified standards have emerged. Key areas of focus include innovations in hardware (e.g., harmonic reducer materials, drive solutions) and software (e.g., large model applications limited by edge computing capabilities) [5][6]. Key Company Dynamics - **UBTECH (9880.HK)**: Plans to release the Walker S3 version in the first half of 2026, featuring the NVIDIA Thor chip. The company aims to improve task completion times and efficiency, with a projected 4-6 times increase in delivery volume by 2026 [6][7]. - **Zhaowei Electromechanical (003021.SZ)**: A leader in the dexterous hand sector, with a product matrix that includes modular and customized solutions. The company expects significant revenue growth in its dexterous hand business from 20-30 million yuan in 2025 to 100 million yuan in 2026 [7][8]. - **Fortior (1304.HK)**: Focuses on innovative motor and sensor technologies, including coreless motors and rotary transformers. The company aims to enhance market share in the robotics sector while maintaining stable profit margins [8][9]. - **Youibot**: As a leader in industrial mobile robots, it targets revenue of 550-600 million yuan in 2026, with growth driven by increased market penetration and expansion into new fields [9].

Core Viewpoint - Zhaowei Electromechanical is focused on building an open ecosystem for dexterous hand technology, collaborating with partners for innovation and advancing the application and breakthroughs in related technologies [1] Group 1 - The company is committed to developing dexterous hand technology [1] - Zhaowei Electromechanical emphasizes collaboration with partners to foster innovation [1] - The goal is to promote the application and breakthroughs in dexterous hand technology [1]

Group 1 - The article emphasizes the collaboration between humanoid robotics and flexible skin technology, highlighting that Zhaowei Electromechanical has received bulk orders for electronic skin products and is set to release a new generation of flexible sensing systems integrated with large models [1] - The partnership between Super Fusion and Huawei Ascend is noted, focusing on the development of an AI knowledge base integrated machine, which aims to create a proprietary Ascend large model machine, indicating a deep integration of domestic computing power with the Nvidia ecosystem [1]

Core Viewpoint - The company has signed a strategic cooperation memorandum with Zhaowei Electromechanical at their conference, focusing on the development of a new generation of flexible robotic hands using third-generation materials [1] Group 1 - The upcoming third-generation flexible sensing product integrates flexible sensing, chips, algorithms, and large models, achieving multiple core technological breakthroughs [1] - The new product is designed to provide a "mass-producible and cost-effective" system solution [1]

Core Points - Shenzhen Zhaowei Electromechanical Co., Ltd. will participate in the 2025 Annual Online Collective Reception Day for Investors organized by the Shenzhen Securities Regulatory Bureau and other entities [1][2] - The event aims to enhance interaction and communication with investors, allowing them to engage with the company's board members and executives regarding various topics [1] - The online event is scheduled for November 20, 2025, from 14:30 to 17:00, and will cover company performance, governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1] Event Details - The event will be conducted remotely, and investors can participate through the "Panjing Roadshow" website, WeChat public account, or the Panjing Roadshow APP [1] - The company encourages active participation from investors during the event [1]

Core Viewpoint - The company, Zhaowei Electromechanical, is enhancing investor communication by participating in an online collective reception day for investors organized by regulatory bodies and local associations [1] Group 1 - The event is scheduled for November 20, 2025, and aims to improve interaction with investors [1] - The initiative is guided by the Shenzhen Securities Regulatory Bureau and the China Securities Investor Services Center [1] - The event is a collaboration between the Shenzhen Stock Exchange Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [1]

关于参加 2025 年度深圳辖区上市公司投资者 证券代码：003021 证券简称：兆威机电 公告编号：2025-052 深圳市兆威机电股份有限公司 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，深圳市兆威机电股份有限公司（以下简 称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公 司协会与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投 资者网上集体接待日活动"，现将相关事项公告如下： 特此公告。 深圳市兆威机电股份有限公司 董 事 会 2025 年 11 月 18 日 1 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00。届时公 司部分董事和高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计 划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与 ...

Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]