信达证券：把握2026年中小盘确定性机会 看好真空绝热板、具身智能与固态电池设备产业

Group 1 - The core investment opportunities focus on policy-driven industry ceiling elevation and early realization of cash flow in equipment sectors [1] - The report suggests two main lines for exploring mid-cap opportunities by 2026: policy-driven valuation and fundamental re-evaluation, and accelerated cash flow realization in advanced manufacturing and emerging industries [1] - Key sectors for investment include solid-state batteries, semiconductor equipment, humanoid robots, and AIDC supporting companies with verified orders and production capabilities [1] Group 2 - Vacuum Insulation Panels (VIP) are expected to see increased penetration due to new energy efficiency standards for refrigerators, with a significant growth in domestic demand anticipated [2] - The new standard, effective from June 1, 2026, will drive both energy efficiency and volume utilization, positioning VIP as a leading technology for high-efficiency and thin-walled refrigerators [2] - The industry is expected to enter a high-growth phase, similar to the rapid penetration seen in the EU following policy implementation [2] Group 3 - Embodied intelligent hardware is identified as a key area for future industry development, with a comprehensive supply chain from upstream support to downstream service integration [3] - The report anticipates 2026 to be a pivotal year for the scale deployment of AI and robotics, with hardware value and domestic substitution processes being released simultaneously [3] - Investment recommendations include focusing on sensors, actuators, and motion controllers, prioritizing suppliers with integration and delivery capabilities [3] Group 4 - Solid-state battery technology is highlighted as a significant investment opportunity, with a projected market size increase from 4 billion in 2024 to 107.94 billion by 2030 [4] - The equipment sector is expected to realize investment opportunities ahead of material and cell segments, with orders likely to be released during the transition from pilot to mass production [4] - The report suggests focusing on solid-state battery equipment and embodied intelligent device chains for investment, with specific companies recommended for consideration [4]