Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued approval for Shenzhen Zhaowei Electromechanical Co., Ltd. and Maiwei (Shanghai) Biotechnology Co., Ltd. to proceed with their overseas listing plans in Hong Kong [1] Group 1: Company Details - Zhaowei Electromechanical plans to issue no more than 69,058,450 ordinary shares for its overseas listing [1] - Maiwei Biotechnology intends to issue no more than 62,664,600 ordinary shares for its overseas listing [1] Group 2: Market Context - Both companies will be listed on the Hong Kong Stock Exchange, indicating a trend of Chinese companies seeking international capital markets for growth [1]

针对发行时限，通知书特别指出，若兆威机电在自本通知出具之日起12个月内未能完成境外发行上市， 拟继续推进相关工作的，应当重新更新备案材料。证监会同时强调，本次备案仅为对企业境外发行上市 备案信息的确认，不构成对该公司证券投资价值、投资者收益的实质性判断或保证，亦不对备案材料的 真实性、准确性、完整性作出实质性认定。 此次备案的完成，标志着兆威机电H股发行上市工作取得阶段性进展，为其拓展国际资本市场融资渠道 奠定了监管基础。 2025年11月19日，中国证监会国际合作司发布备案通知书，对深圳市兆威机电股份有限公司（以下简 称"兆威机电"）境外发行上市事项予以备案确认。 根据备案文件内容，兆威机电拟发行不超过69,058,450股境外上市普通股，计划在香港联合交易所实现 上市。证监会在通知书中明确三项核心要求：一是自备案通知书出具之日起至发行上市结束前，公司若 发生重大事项，须通过证监会备案管理信息系统及时报告；二是完成发行上市后15个工作日内，需通过 该系统报送发行上市情况；三是发行过程中必须严格遵守境内外相关法律法规及监管规则。 来源：新浪港股-好仓工作室 声明：市场有风险，投资需谨慎。 本文为AI大模型基于 ...

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].

证券日报网讯兆威机电（003021）11月19日在互动平台回答投资者提问时表示，兆威机电致力于构建开 放的灵巧手技术生态，携手合作伙伴协同创新，共同推进灵巧手相关技术的应用与突破。 ...

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]