Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [28]. Core Views - The company has demonstrated rapid growth in performance, with a revenue of 787 million yuan in the first half of 2025, representing a year-on-year increase of 21.93%. The net profit attributable to shareholders reached 113 million yuan, up 20.72% year-on-year, while the net profit excluding non-recurring items was 96.7 million yuan, reflecting a growth of 33.39% [7][8]. - The demand for micro transmission systems is rapidly increasing, driven by developments in the automotive electronics and humanoid robotics sectors [8][10]. - The company has established long-term partnerships with key clients in the automotive industry, including Bosch, BYD, and Li Auto, and has made significant progress in providing precision components and transmission systems for various automotive applications [10][12]. Financial Performance - The gross margin for the first half of 2025 was 31.97%, an increase of 0.74 percentage points year-on-year, while the net profit margin was 14.4%, a slight decrease of 0.14 percentage points. The net profit margin excluding non-recurring items improved by 1.05 percentage points to 12.29% [9]. - Revenue breakdown by business segment shows that micro transmission systems generated 498 million yuan, accounting for 63.25% of total revenue, with a year-on-year growth of 20.51%. Precision components contributed 239 million yuan, growing 16.25%, while precision molds and others saw a significant increase of 88.52% to 50 million yuan [11]. Industry Trends - The rapid development of new energy vehicles and artificial intelligence is catalyzing demand in the industry, with the market for micro transmission and micro drive systems expanding significantly [10][12]. - The company is leveraging its strengths in precision planetary gear reducers and has made breakthroughs in humanoid robotics, positioning itself to benefit from the growth of the humanoid robotics industry [12][13]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.866 billion yuan, 2.34 billion yuan, and 2.977 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 273 million yuan, 355 million yuan, and 465 million yuan, with price-to-earnings ratios of 114.71X, 88.25X, and 67.39X [14][15].

9月12日，兆威机电涨5.19%，截至发稿，报137.15元/股，成交14.49亿元，换手率5.21%，总市值329.43 亿元。 资料显示，深圳市兆威机电股份有限公司位于广东省深圳市宝安区燕罗街道燕川社区燕湖路62号办公楼 101,香港铜锣湾希慎道33号利园1期19楼1910室，成立日期2001年4月19日，上市日期2020年12月4日， 公司主营业务涉及微型传动系统、精密注塑件和精密模具的研发、生产与销售。主营业务收入构成为： 微型传动系统63.25%，精密零件30.44%，精密模具及其他产品6.31%。 责任编辑：小浪快报 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模649.53亿。今年以来收益25.52%，同 类排名1878/4222；近一年收益66.59%，同类排名1276/3800；成立以来收益11.08%。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间6年311天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 137.65%， 任职期间最差基金回报-18.89%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型 ...

Market Overview - The electric motor sector increased by 3.25% compared to the previous trading day, with Wolong Electric leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Top Performers - Wolong Electric (600580) closed at 46.15, up 10.01% with a trading volume of 2.3722 million shares and a transaction value of 1.0657 billion [1] - Ocean Motor (002249) closed at 9.28, up 9.95% with a trading volume of 1.6612 million shares and a transaction value of 1.504 billion [1] - Zhaowei Electromechanical (003021) closed at 136.00, up 4.31% with a trading volume of 196,800 shares and a transaction value of 2.670 billion [1] Underperformers - Sanxie Electric (920100) closed at 84.12, down 4.85% with a trading volume of 48,000 shares and a transaction value of 417 million [2] - Huaxin Precision (603370) closed at 52.48, down 3.81% with a trading volume of 85,700 shares and a transaction value of 458 million [2] Capital Flow - The electric motor sector saw a net inflow of 1.966 billion from main funds, while retail funds experienced a net outflow of 569 million [2][3] - Wolong Electric had a main fund net inflow of 1.873 billion, but retail funds saw a net outflow of 571 million [3] - Ocean Motor had a main fund net inflow of 423 million, with retail funds experiencing a net outflow of 202 million [3]

Market Overview - A-shares experienced slight fluctuations in early trading, with the Shanghai Composite Index reaching a nearly 10-year high and the Shenzhen Component Index touching 13,000 points for the first time in three years [1] - The market showed a mild increase in trading volume, with sectors such as electric motor manufacturing, industrial metals, cultivated diamonds, and communication engineering leading the gains, while glass fiber, agricultural product processing, gaming, and medical beauty sectors saw declines [1] Robotics Sector - The robotics industry chain saw a strong performance, with the sector index rising over 4% to reach a historical high, led by electric motor manufacturing [2] - Notable stocks such as Dayang Electric and Wolong Electric achieved strong gains, with several companies like Zhaowei Electromechanical and Fangzheng Electric also performing well [2] - Human-shaped robots, reducers, and Tesla-related concepts also reached historical highs, with companies like Runjian Co., Xingsen Technology, and Bai Li Technology seeing significant increases [5] Human-shaped Robots - The Ministry of Industry and Information Technology announced that China has developed a complete manufacturing capability for human-shaped robots, with sales expected to exceed 10,000 units this year, representing a 125% year-on-year increase and accounting for about 50% of the global market [7] - Companies like Zhiyuan and UBTECH have secured orders for embodied human-shaped intelligent robots, while Yushu Technology is preparing for an IPO [7] - Morgan Stanley predicts that by 2030, China will have 252,000 human-shaped robots, increasing to 300 million by 2050, with a market growth rate of 63% annually [7] - Huolong Securities suggests that the human-shaped robot sector is entering a golden cycle of "technological breakthroughs → mass production cost reduction → scenario penetration," making it a core investment theme [7] Evergrande Property - Evergrande Property resumed trading after a brief suspension, surging over 40% at one point and closing with a gain of over 30%, with trading volume increasing from 31.28 million HKD to over 600 million HKD [8][10] - The Hang Seng Property Services Management Index also opened significantly higher, with several property service stocks following suit [10] - Evergrande Property announced that it is in preliminary discussions for potential share sales, with a projected revenue of approximately 6.647 billion CNY for the first half of 2025, a year-on-year increase of about 6.9% [13]

Core Viewpoint - The release of the "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" by three government departments is a significant positive development for the industry, aiming to ensure steady growth and quality improvement in the power equipment sector [1][7]. Summary by Sections Overall Requirements - The plan emphasizes the need to adhere to the new development philosophy, promote high-quality development, and support the green and low-carbon transition in the energy sector [8]. Main Goals - The primary objectives for 2025-2026 include maintaining an average revenue growth rate of around 6% for traditional power equipment, ensuring stable revenue growth for new energy equipment, and achieving a 10% average revenue growth rate for leading enterprises [5][9]. Work Measures - **Improving Equipment Supply Quality**: Focus on enhancing the supply level of power equipment through technological breakthroughs and innovation in key components [10]. - **Expanding Domestic Effective Demand**: Leverage major energy projects to stabilize demand for power equipment and promote the development of wind and solar energy projects [10]. - **International Market Expansion**: Strengthen cooperation with emerging market countries in the wind, solar, and energy storage sectors, encouraging enterprises to explore overseas markets [11]. - **Accelerating Equipment Promotion and Application**: Implement policies to support the promotion of innovative products in the power equipment sector [12]. - **Optimizing Industry Development Environment**: Foster a competitive environment and establish industry standards to enhance quality and service [12]. - **Strengthening Standard Support**: Improve the standard system in the power equipment sector to drive quality enhancement and equipment updates [13]. - **Promoting Green and Intelligent Transformation**: Integrate new information technologies with power equipment to enhance efficiency and sustainability [13]. - **Enhancing Industry Chain Collaboration**: Support advanced manufacturing clusters in the power equipment sector to stabilize industry growth [14]. Guarantee Measures - **Strengthening Organizational Support**: Encourage collaboration between departments and local governments to stabilize growth in the power equipment industry [15]. - **Enhancing Monitoring and Analysis**: Establish mechanisms for monitoring industry data and addressing growth challenges [15]. - **Reinforcing Financial and Tax Support**: Implement tax incentives and financial services to support the high-quality development of the power equipment sector [16].

A股三大指数11日早盘集体大涨，截至午盘，沪指涨1.12%，深成指涨2.63%，创业板指涨4.31%，北证 50指数涨1.49%，科创50指数涨5.34%。沪深京三市半日成交额14962亿元，较上日放量1934亿元。全市 场超3300只个股上涨。板块题材方面，CPO、PCB、半导体等算力硬件股领涨；贵金属、油气、旅游、 游戏、体育板块跌幅居前。盘面上，CPO、PCB、半导体等算力硬件股集体大涨，工业富联连续两日涨 停，海光信息触及20cm涨停创新高，寒武纪、中际旭创、新易盛多股涨超10%。机器人概念股表现活 跃，崇达技术、兆威机电、新时代封板涨停。6G、卫星通信概念股同样走高，东方通信、汇源通信、 星网锐捷涨幅居前。黄金股多数调整，西部黄金盘中跌超7%。旅游、影视院线等昨日上涨板块调整， 幸福蓝海跌超10%。 （来源同花顺，以上信息为南都·湾财社AI大数据自动生成） ...

9月11日，兆威机电涨5.03%，截至发稿，报124.49元/股，成交9.75亿元，换手率3.85%，总市值299.02 亿元。 截至发稿，张荫先累计任职时间1年324天，现任基金资产总规模14.25亿元，任职期间最佳基金回报 92.16%， 任职期间最差基金回报28.08%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，平安基金旗下1只基金重仓兆威机电。平安先进制造主题股票发起A（019457）二季度持有 股数53.26万股，占基金净值比例为4.06%，位居第三大重仓股。根据测算，今日浮盈赚取约317.44万 元。 平安先进制造主题股票发起A（019457）成立日期2023年10月24日，最新规模4.3亿。今年以来收益 81.89%，同类排名31/4222；近一年收益156.67%，同类排名9/3798；成立以来收益92.35%。 平安先进制造主题股票发起A（019457）基金经理为张荫先。 资料显示，深圳市兆威机电股份有限公司位于广东 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced additional requirements for the overseas listing application of Zhaowei Electric (003021), focusing on compliance with foreign investment regulations and the company's operational scope [1] Group 1: Regulatory Requirements - CSRC requires Zhaowei Electric to clarify the specific situation regarding its Hong Kong entity and to obtain a legal opinion on whether the failure to complete overseas investment filing procedures constitutes a significant violation [1] - The company must also explain whether its business operations fall within the restricted areas outlined in the "Negative List for Foreign Investment Access (2024 Edition)" [1] Group 2: Company Overview - Zhaowei Electric is an integrated provider of micro-drive and drive system solutions, primarily targeting high-growth sectors such as smart vehicles, embodied robotics, consumer technology, medical technology, and advanced industrial manufacturing [1] Group 3: Financial Performance - For the first half of 2025, Zhaowei Electric reported revenue of 787 million yuan, representing a year-on-year increase of 21.93% [1] - The net profit attributable to shareholders reached 113 million yuan, up 20.72% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 96.7 million yuan, reflecting a year-on-year growth of 33.39% [1] - The basic earnings per share stood at 0.47 yuan [1]

兆威机电2025年半年度报告显示，报告期内，公司实现营业收入7.87亿元，同比增长21.93%。实现归属 于上市公司股东的净利润1.13亿元，同比增长20.72%。实现归属于上市公司股东的扣除非经常性损益的 净利润9669.75万元，同比增长33.39%。基本每股收益0.47元。 智通财经APP获悉，9月5日，中国证监会公布境外发行上市备案补充材料要求公示(2025年8月29日— 2025年9月4日)。证监会要求兆威机电说明香港兆威设立的具体情况，并请律师就未履行境外投资备案 程序是否构成重大违法违规行为出具明确结论性意见。据港交所6月18日披露，兆威机电(003021.SZ)向 港交所递交上市申请，招商证券国际和德意志银行为其联席保荐人。 据招股书披露，兆威机电是一体化微型传动与驱动系统解决方案提供商，主要面向智能汽车、具身机器 人、消费科技、医疗科技以及先进工业制造等高增长行业提供应用场景定制的一体化微型传动与驱动系 统解决方案。 同时，证监会要求兆威机电说明发行人及下属公司经营范围和实际业务经营是否涉及《外商投资准入特 别管理措施(负面清单)(2024年版)》外资禁止或限制准入领域。 ...

Core Insights - Tesla's Optimus humanoid robot has sparked a global supply chain frenzy, with four notable A-share companies—Zhaowei Electromechanical, Leisai Intelligent, Mingzhi Electric, and Jiangsu Leili—gaining attention as they enter Tesla's robot supply chain [1][2] - The focus of these companies is on the lucrative market for dexterous hands, with projections indicating a market size nearing 100 billion yuan by 2030 if humanoid robot production exceeds 3 million units [2][3] Company Strategies - Zhaowei Electromechanical has adopted a dual approach of product development and ecosystem building, launching its first dexterous hand product in November 2024 and establishing a subsidiary dedicated to dexterous hand technology [5][6] - Leisai Intelligent has been proactive, forming multiple subsidiaries focused on high-density motors and dexterous hand solutions, and has already secured several commercial orders, indicating significant growth potential [6][7] - Jiangsu Leili is taking a more cautious approach, leveraging academic resources for dexterous hand R&D while exploring various technical routes, including cable-driven designs [7][8] - Mingzhi Electric, while less visible in the dexterous hand market, has established itself as a potential supplier for Tesla's hollow cup motors, with expectations for mass supply starting in Q1 2026 [8][12] Technical Comparisons - The dexterous hands from Zhaowei and Leisai both feature 20 degrees of freedom, but differ in their actuation methods, with Zhaowei using direct drive and Leisai employing a linkage system [10][11] - Leisai's dexterous hand boasts a superior load capacity of 40 kg per hand and 10 kg per finger, making it particularly suited for industrial applications [11][12] - Pricing strategies vary, with Zhaowei's products priced between 40,000 to 50,000 yuan, while Leisai's offerings are expected to be under 10,000 yuan, highlighting competitive positioning in the market [12] Financial Performance - In the first half of 2025, Zhaowei Electromechanical reported a revenue of 787 million yuan, a 21.93% increase, while Leisai Intelligent achieved 891 million yuan, an 8.28% increase [13][14] - Jiangsu Leili, despite being the largest in terms of revenue, reported a negative free cash flow of -17.5 million yuan, indicating financial challenges [13][14] - Mingzhi Electric experienced a 32.66% decline in net profit due to operational challenges, while Zhaowei and Leisai demonstrated strong cash flow positions, essential for future investments [14]