——机器人产业跟踪 核心观点 机械设备行业 行业研究 | 动态跟踪 国产机器人有望引领全球产业发展 | 杨震 | 021-63325888*6090 | | --- | --- | | | yangzhen@orientsec.com.cn | | | 执业证书编号：S0860520060002 | | | 香港证监会牌照：BSW113 | | 丁昊 | dinghao@orientsec.com.cn | | | 执业证书编号：S0860522080002 | | 量产积极信号频现，海内外共振有望开启 | 2025-07-11 | | --- | --- | | 新行情：——机器人产业跟踪 | | | 龙头继续加码智能物流，看好无人叉车加 | 2025-07-08 | | 速产业化：——无人叉车系列报告 | | | 人形机器人将加速落地，零部件估值有望 | 2025-07-06 | | 提升：——机器人产业跟踪 | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 投资建议与投资标的 国产人形机器人正加速突破，有 ...

Group 1 - The core viewpoint of the news highlights the performance and growth of the Robot ETF, which has seen significant liquidity and inflow, indicating strong market interest in the robotics sector [1][2] - As of July 17, 29 humanoid robot concept stocks have released their 2025 earnings forecasts, with 23 stocks expecting positive results, showcasing optimism in the sector [1] - The Robot ETF has experienced a net inflow of 462 million yuan over the past five trading days, significantly outperforming similar funds, and has grown over 11 billion yuan in scale this year [1] Group 2 - Dongwu Securities emphasizes that lightweight design is crucial for the commercialization of humanoid robots, addressing key industry challenges such as endurance and flexibility [2] - The Robot ETF is the only one in the market with a scale exceeding 10 billion yuan, covering various segments of the robotics industry, which aids investors in diversifying their investments [2]

Core Viewpoint - The company, Lingyi Zhizao, has made significant changes to its fundraising projects within a short period, reallocating funds towards the humanoid robot sector, which is currently a hot topic in the capital market [1][4][8]. Fundraising and Project Changes - In late 2024, Lingyi Zhizao completed a convertible bond issuance, raising a total of 2.137 billion yuan through the issuance of 21.374 million bonds, with the controlling shareholder subscribing to 61.11% of the total [1][2]. - The company announced a major adjustment to its fundraising projects on June 18, 2025, reducing the planned investments in several projects while increasing the budget for carbon fiber and heat dissipation precision components to 743 million yuan [4][8]. - The humanoid robot project has been allocated 50 million yuan, which is considered relatively low compared to other companies in the sector that have raised substantial amounts [8][10]. Project Necessity and Adjustments - The original fundraising plan included six major projects, such as the construction of manufacturing centers and production lines for various products [2][3]. - The necessity of the original projects was questioned after only six months, leading to significant budget cuts for several initiatives, including the Tianxin manufacturing center and smart wearable device production line [4][7]. - The company has indicated that it has existing technological capabilities in humanoid robotics, which it believes will support the new project despite the limited funding [8][10]. Industry Context and Strategic Moves - Lingyi Zhizao has a history of diversifying into new sectors, having previously entered the electric vehicle market and now venturing into humanoid robotics [11][12]. - The company has established itself as a supplier in the Apple supply chain and has connections with major automotive manufacturers through its acquisition of Jiangsu Kedasiteng [12][13]. - The financial performance of Jiangsu Kedasiteng shows promising revenue growth, which could enhance Lingyi Zhizao's market position post-acquisition [13].

Group 1 - The rare earth sector has shown a strong upward trend, with the rare earth ETF (516780) experiencing a net inflow of 287 million yuan over seven consecutive trading days from July 9 to July 17, 2025, marking it as the only rare earth-themed ETF in the A-share market to achieve this [1][2] - As of July 17, 2025, the rare earth ETF (516780) reached a new high with 1.184 billion shares and a total scale of 1.452 billion yuan, reflecting a nearly 30% growth in product scale since July [1][2] - The demand for rare earths is being driven by the growth in domestic industries such as new energy vehicles, industrial robots, and low-altitude economy, which is expected to enhance the profitability of companies within the industry [1][2] Group 2 - The prices of rare earth products, particularly praseodymium and neodymium, have increased, with the price of praseodymium neodymium oxide reaching 466,400 yuan per ton as of July 15, 2025, representing a 17.2% increase in the first half of the year [2] - The rare earth ETF (516780) tracks the CSI Rare Earth Industry Index, which includes companies involved in rare earth mining, processing, trading, and applications, with leading companies such as Northern Rare Earth, China Rare Earth, and China Aluminum among its top five constituents [2] - The management of the rare earth ETF, Huatai-PB Fund, has over 18 years of experience in ETF operations, with its ETFs collectively exceeding 500 billion yuan in scale, placing it in the top tier of the industry [2] Group 3 - The investment value of the rare earth sector is expected to further increase due to strong demand resilience and rising raw material prices, making the rare earth ETF (516780) an attractive option for investors [3] - Investors can also consider the connection funds (Class A: 014331/Class C: 014332) to capitalize on the recovery opportunities in the rare earth industry [3]

Core Viewpoint - The humanoid robot industry is transitioning from a technological explosion to commercial validation, with significant developments expected by 2025 [1] Research Reports - The humanoid robot industry is entering the "1 to 100" phase, where manufacturers are tested on their ability to implement scenarios, and the hardware outsourcing model is emerging [1][29] - The market for tactile sensors is projected to reach a scale of 1 trillion yuan as humanoid robot production increases [5][7] - The bearing market is expected to see significant growth due to the rising demand from humanoid robots, with a focus on domestic replacement opportunities [9][10] Conference Reviews - Various forums and conferences have been held to discuss the advancements and confidence in the humanoid robot industry, highlighting the collaboration across multiple sectors [3] Deep Report Excerpts - Tactile sensors are crucial for the functionality of humanoid robots, with the market for these sensors expected to grow significantly as production scales up [5][7] - The bearing market is poised for growth, with domestic manufacturers focusing on replacing imported high-end bearings [9][10] - The development of dexterous hands is essential for humanoid robots, with a focus on reducing costs and enhancing functionality [14][15] Industry Trends - The tactile sensor market is projected to grow from $15.33 billion in 2024 to $35.59 billion by 2031, with a CAGR of 12.8% [7] - The global bearing market is expected to exceed $2430.3 billion by 2030, with significant opportunities for domestic manufacturers [10] - The 3C supply chain is well-positioned to enter the humanoid robot market, leveraging its rapid iteration and innovation capabilities [18][19] Investment Recommendations - Focus on companies that can produce dexterous hands and tactile sensors, as these components are critical for the commercial viability of humanoid robots [14][15] - The domestic bearing industry is encouraged to accelerate technological advancements to meet the growing demand from the humanoid robot sector [9][10] Market Outlook - The humanoid robot market is expected to see substantial growth, driven by advancements in technology and increasing production volumes [1][29] - The tactile sensor market could reach approximately 1.3 trillion yuan when humanoid robot production hits 100 million units [7] - The bearing market is projected to benefit from the increasing demand for high-end bearings in humanoid robots, with significant potential for domestic replacements [9][10]

Group 1 - The Tonghuashun Fruit Index concept rose by 3.37%, ranking second among concept sectors, with 20 stocks increasing in value, including Dongshan Precision which hit the daily limit, and others like Pengding Holdings, Luxshare Precision, and Lens Technology showing gains of 9.98%, 6.34%, and 4.69% respectively [2] - The concept sector saw a net inflow of 2.518 billion yuan, with 17 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow, led by Dongshan Precision with a net inflow of 516 million yuan [2] - The leading stocks in terms of net inflow ratio included Lingyi Technology, Dongshan Precision, and Lens Technology, with net inflow ratios of 13.59%, 13.40%, and 10.75% respectively [3] Group 2 - The top stocks by net inflow included Dongshan Precision, Luxshare Precision, GoerTek, and Industrial Fulian, with net inflows of 516 million yuan, 433 million yuan, 309 million yuan, and 271 million yuan respectively [4] - The trading turnover rates for the leading stocks were 5.09% for Dongshan Precision, 2.34% for Luxshare Precision, and 5.59% for GoerTek, indicating active trading in these stocks [4]

Core Viewpoint - The China Rare Earth Industry Index has shown significant growth, reflecting the overall performance of listed companies in the rare earth sector, with a notable increase in trading volume and index points [2]. Group 1: Index Performance - The China Rare Earth Industry Index rose by 1.21% to 1955.26 points, with a trading volume of 38.291 billion yuan [1]. - Over the past month, the index has increased by 6.32%, by 20.10% over the last three months, and by 22.02% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in rare earth mining, processing, trading, and applications, with a base date of December 31, 2011, set at 1000.0 points [2]. - The top ten weighted companies in the index are: Northern Rare Earth (14.93%), China Rare Earth (5.55%), Baotou Steel (5.03%), Lingyi Technology (4.94%), Aluminum Corporation of China (4.69%), Gree Environmental (4.64%), Wolong Electric (4.55%), Shenghe Resources (4.44%), Xiamen Tungsten (4.04%), and Goldwind Technology (3.97%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (52.77%), followed by the Shenzhen Stock Exchange (46.62%) and the Beijing Stock Exchange (0.61%) [2]. - In terms of industry composition, raw materials account for 66.06%, industrials for 26.77%, and information technology for 7.17% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with a sample adjustment limit of 20% [3]. - Public funds tracking the rare earth industry include various ETFs from companies such as Harvest, Huatai-PB, and E Fund [3].

Group 1 - The overall A-share market has experienced fluctuations, leading to a slight adjustment in the rare earth sector, but investor confidence remains strong as funds continue to flow into leading products [1] - The rare earth ETF (516780) has seen a net inflow of 252 million yuan over six consecutive trading days (from July 9 to July 16, 2025), leading all A-share rare earth theme ETFs [1] - As of July 16, 2025, the rare earth ETF (516780) has reached a new high with 1.155 billion shares and a total scale of 1.4 billion yuan, marking the highest levels in three years [1] Group 2 - Recent actions by the U.S. in the rare earth sector aim to enhance supply chain security and stability, accelerating domestic industry chain construction and promoting diversification of critical mineral supply chains [1] - According to a recent report by CICC, limited marginal supply increases alongside improved domestic demand expectations may drive a rebound in domestic rare earth prices [2] - The rare earth ETF (516780) tracks the CSI Rare Earth Industry Index, which includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of rare earth industry listed companies [2] Group 3 - The management of the rare earth ETF (516780) by Huatai-PB Fund, which has over 18 years of ETF operation experience, positions it among the top tier in the industry with a total ETF scale exceeding 500 billion yuan as of July 16, 2025 [2] - The investment value of the rare earth sector is expected to further highlight as the strategic value of the rare earth industry increases [3] - Investors can consider the rare earth ETF (516780) for its larger scale and better liquidity, with options to invest through its linked funds [3]

Core Insights - Apple continues to showcase its presence at the third China International Supply Chain Promotion Expo, highlighting its focus on technological innovation and collaboration with suppliers [1][10] - The company emphasizes the importance of stability, reliability, safety, and innovation in its partnerships with suppliers, rather than merely seeking low costs [10][12] Group 1: Supplier Innovations - A key supplier, Xinwangda, has developed a magnetic levitation production line that operates with 100% domestic components, enhancing speed and precision compared to traditional systems [4][6] - Xinwangda integrates AI and digital twin technology into its operations, allowing for real-time monitoring and remote diagnostics, which can improve response times by approximately 20% [4][11] - Jieshida, another supplier, has introduced a cloud feeding system for the automatic assembly of micro O-rings, improving efficiency and precision in the production process [6][10] Group 2: Sustainability Efforts - Shandong Innovation Group focuses on recycling aluminum materials, showcasing equipment that achieves over 95% purity in aluminum recovery through electromagnetic separation technology [8][10] - Apple plans to use 24% of materials from recycled or renewable sources in products shipped in 2024 and aims to transition to 100% recycled cobalt for battery production by the end of the year [8][10] Group 3: Industry Trends and Future Directions - The collaboration model between Apple and its suppliers is viewed as a benchmark for industry upgrades, with a focus on automation, digitalization, and intelligent manufacturing [10][11] - Apple's investment in China's smart and green manufacturing sectors has reached $20 billion over the past five years, with plans for continued investment to enhance local supply chains [12]

Group 1 - The humanoid robot sector in the A-share market has 28 listed companies that disclosed their 2025 semi-annual performance forecasts, with 22 companies expecting positive results, indicating a growth in net profit year-on-year or a turnaround from losses [1] - Key factors driving the positive performance include the accelerated penetration of new energy vehicles, recovery in the consumer electronics market, and upgrades in smart manufacturing equipment [1] - Nanjing Estun Automation Co., Ltd. expects to turn a profit due to increased industrial robot shipments driven by market demand recovery, and recently launched the second-generation humanoid robot Codroid 02 [1] Group 2 - Jiangxi Jinli Permanent Magnet Technology Co., Ltd. forecasts a net profit of 300 million to 335 million yuan for the reporting period, representing a year-on-year increase of 151% to 180% [2] - The company focuses on new energy and environmental protection sectors, particularly in applications related to new energy vehicles, robotics, and industrial servo motors [2] - Companies like Jinfa Technology and Tianqi Automation are making significant progress in their overseas expansion efforts, with Jinfa Technology expecting a net profit of 55 million to 65 million yuan, a year-on-year increase of 44.82% to 71.15% [2][3]