机器人概念股走低 德昌电机控股跌超6% 三花智控跌超3%

Core Viewpoint - The report indicates a significant decline in robotics concept stocks, with notable drops in companies like 德昌电机控股 and 三花智控, amidst optimistic capacity planning for humanoid robot production by Chinese suppliers [1] Group 1: Stock Performance - 德昌电机控股 (00179) decreased by 6.06%, trading at 33.16 HKD [1] - 三花智控 (002050) fell by 3.56%, trading at 36.34 HKD [1] Group 2: Industry Insights - Goldman Sachs conducted a survey from November 3 to 6, 2025, involving nine Chinese supply chain companies, including 三花, 拓普, 荣泰, and 双环 [1] - The key finding is that most suppliers are actively planning production capacity in China and overseas (primarily Thailand, followed by Mexico) to support potential large-scale production of humanoid robots [1] - Planned annual production capacity ranges from 100,000 to 1,000,000 robots, indicating an aggressive outlook as Goldman Sachs forecasts only 1.38 million humanoid robots to be shipped globally by 2035 [1] Group 3: Production Strategy - No company has confirmed large-scale orders or a clear production timeline, with suppliers generally adopting a "gradual ramp-up" strategy based on actual order fulfillment [1] - This strategy helps mitigate the immediate risk of overcapacity but represents a gamble based on expectations [1]