Core Insights - Qingdao Zhenghe Industrial Co., Ltd. hosted the "Embodied Intelligent Dexterous Hand Development Forum and Global Launch of the Chain Dexterous Hand" in Shanghai, introducing the world's first chain dexterous hand, CHOHOHand [1][5] Group 1: Product Features - The CHOHOHand features eight core advantages: high load capacity, high resistance, high reliability, high durability, high precision, high energy efficiency, low weight, and low cost, making it an all-around "octagonal warrior" in the dexterous hand industry [5][6] - The product boasts 17 degrees of freedom (7 active + 10 passive), with a fingertip repeat positioning accuracy of ±0.1mm, a single-hand load capacity exceeding 40kg, and a cycle life of over 1 million actions [6][8] - The chain transmission efficiency reaches 95%-98%, allowing for a balance between high precision and high load requirements, with a maintenance cost of only 730 yuan over a 5-year lifecycle [6][8] Group 2: Market and Industry Context - The global dexterous hand market is experiencing rapid growth, with a compound annual growth rate of 110% over the past five years [8] - The launch of CHOHOHand fills a gap in the chain-driven dexterous hand sector and supports the industrial application of embodied intelligence technology [8] - The product is expected to shift China's robotics core components from a "follower" to a "leader" position in the global manufacturing upgrade [8] Group 3: Strategic Partnerships and Development - Zhenghe Industrial has signed strategic cooperation agreements with multiple companies and research institutions to accelerate technology transfer and industrial upgrades [7] - The company aims to leverage the complete industrial ecosystem in Zhangjiang to enhance core technology transformation and release stronger innovative vitality [7] - Collaborative efforts will focus on the technical iteration, market expansion, and scene implementation of the chain dexterous hand, promoting high-quality development in the embodied intelligence industry [7]

Market Overview - The motorcycle and other sectors experienced a decline of 1.46% on January 13, with Zhenghe Industrial leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Aima Technology (603529) closed at 30.60, up 0.72% with a trading volume of 81,700 shares and a transaction value of 250 million [1] - Qianjiang Motorcycle (000913) closed at 15.87, up 0.38% with a trading volume of 84,300 shares and a transaction value of 134 million [1] - Zhenghe Industrial (003033) closed at 69.77, down 3.04% with a trading volume of 25,400 shares and a transaction value of 180 million [2] - Ninebot Company (60006899) closed at 55.65, down 2.79% with a trading volume of 104,700 shares and a transaction value of 590 million [2] Capital Flow - The motorcycle and other sectors saw a net outflow of 150 million from main funds, while retail investors had a net inflow of 70.9 million [2] - The main funds' net inflow for Aima Technology was 13.7 million, while Qianjiang Motorcycle saw a net inflow of 12.9 million [3] - Spring Wind Power (603129) experienced a net outflow of 20.4 million from main funds [3]

Group 1: Geely Automobile - Geely Automobile achieved a total sales volume of 3.025 million vehicles in 2025, a year-on-year increase of 39%, exceeding its annual target [3] - The sales target for 2026 is set at 3.45 million vehicles, with brand-specific targets of 2.75 million for Geely (including Galaxy), 300,000 for Zeekr, and 400,000 for Lynk & Co [3] - The Galaxy brand significantly contributed to growth, with December 2025 sales exceeding 100,000 units, a 45% year-on-year increase, and total annual wholesale of 1.236 million units, up 149.9% [3][4] - Geely's export volume remained stable at 420,000 vehicles in 2025, with entry into 13 new markets and local production advancements in Egypt and Indonesia [5] Group 2: OSL Group - OSL Group completed the strategic acquisition of Banxa Holdings, enhancing its compliance and global payment capabilities [7] - Banxa serves as a bridge between traditional finance and digital assets, focusing on B2B payment solutions and compliance systems [8] - The acquisition is expected to significantly increase OSL's payment business revenue, with Banxa's revenue for the first half of 2025 projected at 53.93 million HKD [9] Group 3: Royal Technology - Royal Technology announced an employee stock ownership plan (ESOP) involving 48 core employees, representing 6.41% of the workforce, aimed at enhancing employee engagement and retention [13][15] - The ESOP includes performance targets for 2026, requiring a minimum of 12% growth in sales or net profit compared to 2025 [14][16] - The company is a leading producer of specialty surfactants, with a focus on customized products to meet diverse customer needs [17][18] Group 4: Huijia Times - Huijia Times reported a revenue of 1.868 billion CNY in the first three quarters of 2025, a 1.2% year-on-year increase, with a net profit of 80 million CNY, up 60.1% [20] - The company is implementing a self-reform strategy inspired by the "Pang Donglai" model, which has significantly boosted sales [21] - The company is also exploring low-altitude economy opportunities, integrating technology, logistics, and tourism for long-term growth [21] Group 5: Industry Trends - The photovoltaic industry is experiencing price increases, with polysilicon prices rising by approximately 10% week-on-week [33] - The wind power sector is seeing a surge in project approvals, with significant increases in both offshore and onshore wind projects expected in 2026 [34][35] - The energy storage market is expanding, with nearly 60 GWh of storage systems and equipment contracts awarded in December 2025 [36]

Group 1 - The core point of the news is that Zhenghe Industrial's stock price dropped by 5.05% to 69.00 CNY per share, with a trading volume of 113 million CNY and a turnover rate of 1.98%, resulting in a total market capitalization of 5.641 billion CNY [1] - Zhenghe Industrial, established on October 9, 1999, and listed on January 11, 2021, is located in Pingdu City, Qingdao, Shandong Province. The company specializes in the research, development, manufacturing, and sales of various chain transmission systems [1] - The revenue composition of Zhenghe Industrial includes vehicle chain systems (58.07%), agricultural machinery chain systems (17.46%), industrial equipment chain systems (16.81%), scrap materials (5.04%), and other products (2.62%) [1] Group 2 - Among the top circulating shareholders of Zhenghe Industrial, a fund under Southern Fund, specifically Southern Jinxiang Stable Income Bond A (018471), entered the top ten shareholders in the third quarter, holding 297,800 shares, which accounts for 0.37% of the circulating shares. The estimated floating loss today is approximately 1.0929 million CNY [2] - Southern Jinxiang Stable Income Bond A (018471) was established on June 20, 2023, with a latest scale of 3.867 billion CNY. Year-to-date returns are 0.36%, ranking 1525 out of 7475 in its category; the one-year return is 3.47%, ranking 1270 out of 6593; and since inception, the return is 11% [2] Group 3 - The fund managers of Southern Jinxiang Stable Income Bond A (018471) are Wu Ranjie and Zheng Shaobo. As of the report, Wu Ranjie has a tenure of 4 years and 357 days, with a total fund asset size of 12.664 billion CNY, achieving a best fund return of 16% and a worst return of -1.2% during his tenure [3] - Zheng Shaobo has a tenure of 3 years and 204 days, managing a total fund asset size of 14.4 billion CNY, with a best fund return of 16.77% and a worst return of 3.4% during his tenure [3]

Investment Rating - The report indicates a positive investment outlook for the humanoid robotics sector, highlighting 2026 as a pivotal year for the realization of humanoid robots from concept to mass production [3][19]. Core Insights - The robotics industry is experiencing accelerated growth, with significant advancements in humanoid robot designs, including the announcement of Tesla's third-generation robot and the unveiling of the world's first fully controllable small humanoid robot, "Shangwei Q1" [1][24]. - Strategic collaborations are forming, such as the partnership between Tencent's Robotics X Lab and Yushun Technology, aimed at enhancing humanoid robot applications in various sectors [1][21]. - The report emphasizes the importance of technological convergence in the development of humanoid robots, with companies like Xiaopeng leveraging their expertise in smart vehicles to enhance robot capabilities [19]. Summary by Sections 1. Robotics - The robotics sector is witnessing a surge in activity, with a focus on commercial applications and ecosystem development. Companies are making strides in integrating AI services into robotics, enhancing their capabilities [8][9]. - The unveiling of the "Shangwei Q1" humanoid robot marks a significant step towards personal and family-oriented robotics, emphasizing portability and user-friendliness [24][26]. - Major industry players are collaborating to create robust ecosystems, as seen in the partnership between Tencent and Yushun Technology, which aims to deploy humanoid robots in cultural and commercial settings [21][22]. 2. Investment Recommendations - 2026 is projected to be a critical year for humanoid robots, with expectations for mass production and significant market penetration. The report identifies key areas for investment, including supply chain consolidation and technological advancements in electric drive systems and smart hands [3][19]. - The report suggests focusing on leading companies in the supply chain and technology sectors, as well as exploring opportunities in both domestic and international markets [3][19]. 3. Key Components - The report highlights the launch of the "CHOHO Hand" by Zhenghe Industrial, showcasing its capabilities and strategic partnerships aimed at enhancing the robotics ecosystem [2][28]. - The emphasis on core component innovation is critical, with companies like Zhishen Technology achieving significant funding to accelerate product development and market entry [28].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The humanoid robot industry is expected to experience significant growth, with Tesla's Optimus V3 set to accelerate production, aiming for mass production of 1 million units annually within five years [2][10] - The report highlights the emergence of innovative products, such as the world's first chain-type dexterous hand by Zhenghe Industrial, which aims to overcome practical limitations in robotic dexterity [7] - The industry is witnessing a wave of financing and technological advancements, with companies like Kexin Technology and Qiangnao Technology securing substantial funding to enhance their product offerings and market reach [3][9] Summary by Sections Industry Dynamics - Tesla's Optimus V3 is on track for mass production, with a prototype expected to debut in Q1 2026 and a production line capable of producing 1 million units annually by the end of 2026 [2] - Kexin Technology has completed over 100 million yuan in new financing, positioning itself as a leader in consumer-grade smart robots with a presence in over 150 countries [3] - VLAIRobotics has introduced the X series dual-arm humanoid robot, making advanced robotics more accessible to small enterprises and research teams [4] Market Performance - The humanoid robot industry is anticipated to open up broader market opportunities beyond automotive applications, with significant investment potential as the industry evolves from 0 to 1 [10] - The report notes that the humanoid robot sector may experience a transformative moment akin to the "ChatGPT moment," indicating a pivotal shift in market dynamics [10] Key Companies to Watch - Companies with core component expertise and active involvement in humanoid robotics are highlighted, including Sanhua Intelligent Controls, Top Group, and Zhejiang Rongtai, among others [10]

Core Insights - Qingdao Zhenghe Industrial Co., Ltd. successfully hosted the "Embodied Intelligent Dexterous Hand Development Forum and Global Launch of the Chain Dexterous Hand" in Shanghai, unveiling the world's first chain dexterous hand, the CHOHO Hand [1] Group 1: Product Features - The CHOHO Hand boasts eight core advantages: high load capacity, high resistance, high reliability, high durability, high precision, high energy efficiency, low weight, and low cost, establishing a new standard for practical dexterous hands [2] - The dexterous hand features a core transmission component with a pitch of only 1.905mm, achieving a balance of high freedom and high reliability through precise engagement of gears and chains [4] - It has 17 degrees of freedom (7 active + 10 passive), with a thumb having 5 degrees of freedom and the other four fingers having 3 degrees each, achieving a fingertip repeat positioning accuracy of ±0.1mm [4] - The CHOHO Hand can lift over 40kg, has a cycle life exceeding 1 million actions, and a transmission efficiency of 95%-98%, capable of performing complex tasks such as grasping irregular shapes and fine assembly [4] - The product's micro chain has a roller diameter of only 1.27mm and a pin diameter of 0.76mm, with a minimum tensile strength of 300-350N and a unit weight of less than 20g/m, with an expected lifespan of 12,000-15,000 hours [4] - The entire unit weighs only 715g and features wear-resistant, fire-resistant, rust-resistant, and corrosion-resistant properties, with a resistance of 400N and an operational temperature range of -20℃ to 60℃ [4] Group 2: Market Applications - The CHOHO Hand is adaptable for various automation flexible operations in sectors such as 3C, home appliances, automotive, and material sorting, linking multiple automation devices [6] - In high-risk remote operation scenarios, it meets the all-weather operational needs of chemical plants, nuclear industries, and mining environments, with AI-assisted systems enhancing operational safety [6] - The product supports sensor and shell material customization to precisely match the personalized needs of different industries [6] Group 3: Strategic Collaborations - Zhenghe Industrial has signed a partnership agreement with Zhangjiang Group and established strategic cooperation with five other companies and research institutions, including Shanghai New Times Electric Co., Ltd. and Hanwei Technology Group Co., Ltd. [6] - The company aims to leverage innovative design, precise control, and hand motion mapping technologies to achieve deep compatibility with robotic bodies and collaborative arms, promoting the CHOHO Hand as a standard interaction interface in the era of embodied intelligence [6]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [15]. Core Insights - The report highlights the launch of the world's first chain-type dexterous hand, "CHOHO Hand," by Zhenghe Industrial, which integrates advanced chain transmission technology with biomimetic and intelligent control technologies, marking a significant leap from "manufacturing" to "intelligent manufacturing" [4][5]. - The dexterous hand boasts eight core advantages, including high load capacity (over 40 kg), high resistance (up to 400N), high reliability, high durability (over 1 million cycles), high precision (±0.1mm), high energy efficiency (95%-98%), low weight (715g), and low maintenance costs [4]. - The global market for dexterous hands in robotics is projected to grow at a compound annual growth rate (CAGR) of 110% over the next five years, with the introduction of the "CHOHO Hand" expected to fill a gap in the chain transmission dexterous hand sector and drive China's robotics core components from a "follower" to a "leader" position [5]. Summary by Sections Industry Overview - The report discusses the significant technological breakthroughs in dexterous hand technology and its implications for the robotics industry, emphasizing the transition towards intelligent manufacturing [3][4]. Market Potential - The Chinese humanoid robot market is projected to reach nearly 38 billion yuan by 2030, with a CAGR exceeding 61% from 2024 to 2030, indicating a substantial increase in sales from approximately 4,000 units to 271,200 units [5]. Strategic Collaborations - Zhenghe Industrial has signed strategic cooperation agreements with multiple companies and research institutions to enhance the capabilities of the dexterous hand, indicating a strong push towards industrial collaboration and market penetration [5].

从众擎机器人的规模化生产到优必选的智能场景布局，再到智元机器人的技术赋能，一批行业头部企业 相继扎根郑州，推动产业链上下游协同发力，集群效应日益凸显。 龙头引领，生态集聚。在郑州高新区，机器人产业链所需的智能传感器、人工智能等优势产业集聚，清 智机器人创新中心、河南埃尔森智能等上下游企业也相继安家落户。在配套能力方面，汉威科技柔性传 感器应用于国内头部厂商。中科慧远、郑州机械所、领航机器人等研发的视觉定位系统、行星减速器、 末端执行器等关键零部件达到国内先进水平。1月6日，汉威科技与青岛征和工业签署战略合作协议，聚 焦具身智能灵巧手硬件与控制系统研发，致力于全球首创链式灵巧手技术合作。 □本报记者 齐亚琼 "十五五"开局之年，郑州人形机器人赛道迎来重磅落子。 近日，郑州市与智元创新（上海）科技股份有限公司签署战略合作框架协议，智元机器人中部具身智能 产业基地落户郑州。这是继众擎机器人全球制造中心、优必选机器人嵌入式产业小镇之后，郑州机器人 产业赛道的又一新突破，标志着郑州向打造全国重要机器人产业集群高地加速迈进。 作为全球率先规模化量产的人形机器人公司，智元机器人此次落子郑州，将以中部具身智能产业基地为 核心 ...

Group 1 - The event "Embodied Intelligence Dexterous Hand Development Forum and Global Premiere of Chain Dexterous Hand" was successfully held in Shanghai Zhangjiang on January 6 [1] - Beijing Xingyuan Intelligent Robot Technology Co., Ltd. and Qingdao Zhenghe Industrial Co., Ltd. signed a strategic cooperation agreement to establish a comprehensive collaborative innovation partnership [3] - Zhenghe Industrial launched the world's first chain dexterous hand, named CHOHO Hand, which boasts eight core advantages: high load capacity, high resistance, high reliability, high durability, high precision, high energy efficiency, low weight, and low cost, positioning it as an all-around "octagonal warrior" in the dexterous hand industry [3] Group 2 - The collaboration with Xingyuan Intelligent will leverage its technological advantages in embodied intelligence models to enhance the dexterous hand with autonomous perception, planning decision-making, and adaptive capabilities [3] - Both companies will jointly develop large models for the dexterous hand, advancing testing, training, and iterative optimization in real-world scenarios to ensure precise alignment between technology and market demand [3] - The high-quality development of robotics has transcended the simple combination of "hardware + software," evolving into deep collaboration through cross-domain resource integration, joint research and development, and complementary advantages [3]