汽车行业研究 证券研究报告 发布时间：2025年8月1日 智能汽车产业链与具身智能产业链协同发展 ——汽车行业深度报告 分析师：陈烨尧 执业证书编号：S0020524080001 邮箱：chenyeyao@gyzq.com.cn 分析师：刘乐 执业证书编号：S0020524070001 邮箱：liule@gyzq.com.cn 目录 1.步入2025年后，具身智能赛道进入加速落地阶段 1.12020年以后具身智能发展沿革 1.2供给端——具身智能赛道进入加速落地阶段 1.3政策端——步入2025年，多数省市出台相关支持政策 1.4需求端——多数行业都蕴含着较高的机器人替代可能性 2.整车产业链与具身智能产业链深度结合 2.1整车产业链正在积极布局具身智能赛道 2.2整车产业链积极布局具身智能赛道原因——硬件趋同 2.3整车产业链积极布局具身智能赛道原因——软件趋同 2.4整车产业链积极布局具身智能赛道原因——自身生产制造 需求与落地场景优势 2.5整车产业链积极布局具身智能赛道原因——算力优势、资 金优势、人才积累 3.具身智能核心硬件及布局企业 3.1具身智能核心硬件及布局企业——丝杠 3.2具身智能核心硬 ...

Investment Rating - The report indicates a positive investment outlook for the humanoid robot industry, highlighting significant growth potential driven by policy support and technological advancements [3][10]. Core Insights - The humanoid robot industry is experiencing rapid development, with government policies emphasizing embodied intelligence as a key focus for future industrial growth [10]. - Major companies are investing heavily in humanoid robotics, leading to accelerated technological progress and market expansion [3][8]. - The production of humanoid robots is set to increase significantly, with projections estimating a global market size of 150 billion yuan by 2029 [3][17]. Summary by Sections 1. Emergence of the Humanoid Robot Industry - The humanoid robot sector is entering a phase of industrialization, with advancements in AI enhancing interaction and learning capabilities [6][8]. 2. Harmonic Reducers: Acceleration of Domestic Production - Domestic manufacturers are ramping up production of harmonic reducers, which are critical components for humanoid robots [22][39]. 3. Planetary Roller Screws: Breakthrough in Domestic Production - The planetary roller screw market is expanding, with increasing applications in various industries, including automotive and robotics [56][68]. 4. Frameless Torque Motors: Domestic Performance Surpassing Expectations - Domestic frameless torque motors are showing competitive advantages in performance and cost, contributing to the overall growth of the humanoid robot market [28][29]. 5. Dexterous Hands: Technological Iteration and Upgrades - The development of dexterous hands is crucial for enhancing the functionality of humanoid robots, with ongoing technological improvements [22][28]. 6. Six-Dimensional Torque Sensors: Continuous Cost Reduction - The market for six-dimensional torque sensors is expected to grow as costs decrease, making them more accessible for humanoid robot applications [22][28]. 7. Market Potential and Production Plans - Companies like Tesla and Figure AI are planning significant production increases, with Tesla aiming for 5000 units in 2025 and up to 1 million units by 2029 [17][19].

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 浙江斯菱汽车轴承股份有限公司（以下简称"公司"或"斯菱股份"）于2025年5 月27日在巨潮资讯网（http://www.cninfo.com.cn）披露了《关于持股5%以上股东 及部分监事、高级管理人员减持股份预披露公告》（公告编号：2025-020）。近 日，公司收到了监事梁汉洋先生出具的《关于股份减持计划实施完毕的告知函》， 上述股东减持计划已经实施完毕，根据相关规定，现将有关情况公告如下： 一、股东减持情况 （一）减持股份来源：公司首次公开发行前取得的股份。 证券代码：301550 证券简称：斯菱股份 公告编号：2025-025 浙江斯菱汽车轴承股份有限公司 关于公司监事减持股份计划实施完毕的公告 公司监事梁汉洋先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 | | | 二、其他相关说明 （一）本次减持计划的实施未违反《深圳证券交易所创业板股票上市规则》 《上市公司股东减持股份管理暂行办法》及《深圳证券交易所上市公司自律监管 指引第18号——股东及董事、高级管理人员减持股份》等有关法律法规及公司 ...

Core Viewpoint - The announcement details the completion of share reduction plans by senior management and supervisors of Zhejiang Siling Automotive Bearing Co., Ltd, indicating a total reduction of 81,955 shares, which represents 0.0514% of the total share capital [1][2]. Shareholder Reduction Situation - The shares reduced were obtained before the company's initial public offering [1]. - The reduction details include: - Xu Yuanying sold 45,000 shares at an average price of 91.45 yuan per share, with a price range of 85.00-94.00 yuan [1]. - Li Liuyong sold 36,955 shares at an average price of 97.96 yuan per share, with a price range of 95.50-101.00 yuan [1]. - The total number of shares reduced by both shareholders is 81,955 [1]. Shareholding Status Before and After Reduction - Before the reduction, the total shares held by the shareholders were 261,000, accounting for 0.1636% of the total share capital [1]. - After the reduction, the total shares held decreased to 216,000, accounting for 0.1354% of the total share capital [1]. - Xu Yuanying's shares decreased from 65,250 to 20,250, while Li Liuyong's shares decreased from 54,375 to 17,420 [1]. Compliance and Impact - The share reduction plan was executed in compliance with relevant regulations and did not violate any commitments made during the IPO process [1][2]. - The shareholders involved are not classified as controlling shareholders or actual controllers, ensuring that the reduction will not affect the company's control or governance structure [2].

一、股东减持情况 证券代码：301550 证券简称：斯菱股份 公告编号：2025-024 浙江斯菱汽车轴承股份有限公司 关于公司高级管理人员、监事减持股份计划实施完毕的公告 公司高级管理人员徐元英女士、监事李留勇先生保证向本公司提供的信息内容真实、准确 、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 浙江斯菱汽车轴承股份有限公司（以下简称"公司"或"斯菱股份"）于2025年5 月27日在巨潮资讯网（http://www.cninfo.com.cn）披露了《关于持股5%以上股东 及部分监事、高级管理人员减持股份预披露公告》（公告编号：2025-020）。近 日，公司收到了高级管理人员徐元英女士、监事李留勇先生分别出具的《关于股 份减持计划实施完毕的告知函》，上述股东减持计划已经实施完毕，根据相关规 定，现将有关情况公告如下： 二、其他相关说明 （一）本次减持计划的实施未违反《深圳证券交易所创业板股票上市规则》 《上市公司股东减持股份管理暂行办法》及《深圳证券交易所上市公司自律监管 指引第18号——股东及董事、高级管理人员减持股份》等有关法律法规及 ...

Market Overview - A-shares maintained a narrow fluctuation on July 16, with the Shanghai Composite Index closing at 3503.78 points, down 0.03% [1] - The Shenzhen Component Index and the ChiNext Index both fell by 0.22% to 10720.81 points and 2230.19 points, respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 146.19 billion yuan, a decrease of over 170 billion yuan from the previous day [1] Sector Performance - Financial stocks collectively declined, while the steel, non-ferrous metals, and coal sectors showed weakness [1] - The automotive supply chain stocks surged, with companies like Rongtai Co., Fuda Co., and Zhejiang Rongtai hitting the daily limit [1] - The innovative drug concept saw significant activity, with stocks like Guosheng Tang and Iwu Biotech rising approximately 16% [5][6] - The humanoid robot concept remained hot, with companies like Shangwei New Materials achieving a six-day limit increase [2][4] Notable Company Movements - Huadian New Energy, which debuted on the Shanghai main board, closed up 125.8%, reaching a market value of over 300 billion yuan at one point [1] - Weiyali, a Hong Kong-based electronic component distributor, saw its stock surge by 288% upon resuming trading, with an intraday increase exceeding 900% [1] Humanoid Robot Sector Insights - The humanoid robot industry is in its early stages, with significant growth expected in the next 3 to 5 years across various applications [4] - The current phase is described as the "dawn" of humanoid robot industrialization, with mass production and large-scale application becoming feasible [4] - Cost reduction is crucial for the widespread adoption of humanoid robots, and companies that master core component technologies are recommended for investment [4] Innovative Drug Sector Insights - The innovative drug sector experienced strong gains, with several companies hitting the daily limit [5][6] - The recent launch of the 11th batch of national drug centralized procurement is expected to impact the market, focusing on mature "old drugs" rather than innovative drugs [7] - The introduction of measures to support the high-quality development of innovative drugs indicates a growing role for commercial insurance in the healthcare system [7] Pet Economy Sector Insights - The pet economy concept gained traction, with companies like Weike Technology rising over 10% [8] - The pet food sector is viewed as a growing market with significant long-term growth potential, particularly for domestic brands [8]

证券代码：301550 证券简称：斯菱股份 公告编号：2025-023 浙江斯菱汽车轴承股份有限公司 注：上述计算尾数差为四舍五入造成。 二、备查文件 关于持股5%以上股东减持股份触及1%整数倍的公告 公司近日收到何益民先生出具的《关于减持公司股份触及1%整数倍的告知函 》，自2025年6月19日至2025年7月7日，何益民先生通过集中竞价交易方式合计减 持公司股份397,000股，占公司总股本的0.25%。本次权益变动后，何益民先生持 有的股份由11,523,005股减少至11,126,005股，占公司总股本的比例由7.22%减少至 6.98%，股东权益变动触及1%的整数倍。具体情况如下： 一、股东权益变动比例触及1%整数倍的情况 持股5%以上股东何益民先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 | 1.基本情况 | | | --- | --- | | 信息披露义务 人 | 何益民 | | 住所 | 浙江省绍兴市新昌县*** | | 权益变动时间 | 2025年6月19日至2025年7月7日 | 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 ...

Group 1: Siling Co., Ltd. (斯菱股份) - Siling Co., Ltd. is enhancing equipment utilization and product quality through differentiated product manufacturing, a complete supply chain system, and flexible production lines, covering mainstream global vehicle models [1] - The company plans to establish a robotics components division in 2024, focusing on the research and mass production of harmonic reducers, with core equipment already in place and a second production line planned [1] - Siling's Thailand factory has obtained origin certification and is expanding capacity with a third-phase investment, while its North American operations utilize an FOB model, minimizing tariff impacts on customers [1] Group 2: Yongli Co., Ltd. (永利股份) - Yongli Co., Ltd. possesses strong market responsiveness and industry-leading technical research capabilities in the lightweight conveyor belt sector, with a comprehensive product range [2] - The company is transitioning from a lightweight conveyor belt manufacturer to a solution provider, leveraging the advantages of electric rollers, which are simple in structure, easy to install, and energy-efficient [2] - In 2024, overseas sales are projected to account for 54.19% of total revenue, with plans to strengthen global business development and brand building [2] Group 3: Huatai Fund (汇添富基金) - Huatai Fund, established in 2005, has an asset management scale of 904.883 billion yuan, ranking 10th among 210 firms [3] - The fund manages 710 public funds and has 96 fund managers, ranking 7th in both categories [3] - The best-performing public fund in the past year is the Huatai North Exchange Innovation Selected Two-Year Open Mixed A, with a net value of 1.66 and a growth of 130.81% [3]

Group 1 - Fengyi Investment recently conducted research on listed company Siling Co., focusing on its differentiated product manufacturing and supply chain system to enhance equipment utilization and product quality [1] - Siling Co. plans to establish a robotics components division in 2024, concentrating on the research and mass production of harmonic reducers, with core equipment already in place and a second production line planned [1] - The Thailand factory of Siling Co. has obtained origin certification, and its North American business operates on an FOB model, with tariffs borne by customers, indicating limited impact due to product irreplaceability [1] Group 2 - Siling Co. has received ITF16949 certification and origin certification for its Thailand factory, and is currently investing in the third phase to expand capacity and establish local service capabilities in the North American market [1] - The company possesses extensive flexible manufacturing experience and mature customized production capabilities, planning to adjust production based on industry and customer demands in the future [1]

Group 1 - The stock of Siling Co., Ltd. experienced a significant decline of 15.75% today, with a turnover rate of 16.61% and a trading volume of 1.374 billion yuan, showing a fluctuation of 23.52% [2] - Institutional investors net bought 18.5147 million yuan, while the Shenzhen Stock Connect saw a net purchase of 107 million yuan, against a total net sell of 203 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 630 million yuan, with buying transactions amounting to 277 million yuan and selling transactions totaling 354 million yuan, resulting in a net sell of 77.1715 million yuan [2] Group 2 - Among the brokerage seats that participated today, three institutional specialized seats were involved, with a total buying amount of 59.9471 million yuan and selling amount of 41.4324 million yuan, leading to a net buy of 18.5147 million yuan [2] - The Shenzhen Stock Connect was the largest buying and selling brokerage seat, with a buying amount of 181.3007 million yuan and a selling amount of 73.8623 million yuan, resulting in a net buy of 107 million yuan [2] - The stock saw a net outflow of 252 million yuan from major funds today, with a significant outflow of 212 million yuan from large orders and 40.8382 million yuan from medium orders, totaling a net outflow of 336 million yuan over the past five days [2]