Core Points - Shenzhen Zhaowei Electromechanical Co., Ltd. will participate in the 2025 Annual Online Collective Reception Day for Investors organized by the Shenzhen Securities Regulatory Bureau and other entities [1][2] - The event aims to enhance interaction and communication with investors, allowing them to engage with the company's board members and executives regarding various topics [1] - The online event is scheduled for November 20, 2025, from 14:30 to 17:00, and will cover company performance, governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1] Event Details - The event will be conducted remotely, and investors can participate through the "Panjing Roadshow" website, WeChat public account, or the Panjing Roadshow APP [1] - The company encourages active participation from investors during the event [1]

Core Viewpoint - The company, Zhaowei Electromechanical, is enhancing investor communication by participating in an online collective reception day for investors organized by regulatory bodies and local associations [1] Group 1 - The event is scheduled for November 20, 2025, and aims to improve interaction with investors [1] - The initiative is guided by the Shenzhen Securities Regulatory Bureau and the China Securities Investor Services Center [1] - The event is a collaboration between the Shenzhen Stock Exchange Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [1]

关于参加 2025 年度深圳辖区上市公司投资者 证券代码：003021 证券简称：兆威机电 公告编号：2025-052 深圳市兆威机电股份有限公司 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，深圳市兆威机电股份有限公司（以下简 称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公 司协会与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投 资者网上集体接待日活动"，现将相关事项公告如下： 特此公告。 深圳市兆威机电股份有限公司 董 事 会 2025 年 11 月 18 日 1 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00。届时公 司部分董事和高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计 划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与 ...

沉浸式体验宝安创新生态，政企互动共话投资未来 2025年11月16日，由商务部投资促进事务局、深圳市投资促进局、宝安区人民政府、宝安区投资推广 署、宝安区科技创新局等共同组织的"欧洲机器人企业走进深圳"活动顺利举办。来自意大利、英国、西 班牙、德国、俄罗斯、芬兰等国的机器人产业链企业、研究机构代表通过考察交流，全方位了解国内机 器人产业发展前沿动态，实地感受深圳市及宝安区创新生态和投资环境。商务部投资促进事务局副局长 唐颂，深圳市投资促进局局长李萌，深圳市前海管理局副局长袁富勇，宝安区委常委、区委区府办主任 古子熔等参加相关活动。 聚焦前沿技术，高交会现场感受机器人产业活力 16日上午，团组赴第二十七届中国国际高新技术成果交易会人工智能与机器人产业链展区参观考察。团 组重点走访宇树科技、赛博格机器人、傅利叶智能、戴盟机器人、灵心巧手、松延动力等行业领军企业 展台，近距离观摩人形机器人、灵巧手、多模态触觉感知等最新产品，现场演示引发欧洲企业浓厚兴 趣，中欧双方就加强技术转化、产品开发、市场拓展等方面合作进行热烈交流。 16日下午，团组深入宝安区产业腹地，走访卧安科技、帕西尼感知科技、问止中医和影石创新等本土创 ...

Core Insights - The humanoid robot sector is gaining momentum globally, driven significantly by Elon Musk and Tesla's efforts with the Optimus robot, which has seen incremental developments since its concept reveal in 2021 [1][2] - Tesla's ambitious production goals for Optimus have faced setbacks, with the announcement of a production target of 5,000 units in 2025 being contradicted by reports of insufficient capacity [1][2] - The divergence in market focus between Tesla's C-end (consumer) applications and domestic players' B-end (business) strategies highlights differing approaches in the humanoid robot landscape [3][4] Market Dynamics - Tesla's Optimus aims to serve both industrial and consumer markets, with recent demonstrations showcasing its capabilities in home settings [2][3] - Domestic players, such as UTree and UBTECH, primarily target B-end applications, focusing on industrial orders and public service demonstrations [3][5] - The shift in consumer demographics in the U.S. towards tech-savvy individuals may create a favorable market for consumer-oriented humanoid robots [4][5] Technical Challenges - The delays in Optimus's production reflect ongoing technical challenges, particularly in developing a functional and standardized dexterous hand [7][8] - Competitors like XPeng have made strides in dexterous hand technology, highlighting Tesla's struggles in this area [8] - The need for effective AI and data collection methods remains a significant hurdle for both Tesla and domestic players [9] Cost Considerations - While Tesla has substantial resources, domestic players must navigate cost-performance balance to achieve profitability [10][11] - The humanoid robot sector has seen significant investment activity, with over 140 financing events totaling nearly 20 billion yuan in the first half of the year [10] - Collaborations with established suppliers and leveraging domestic supply chains are crucial for cost management and technological advancement [11][12] Industry Outlook - Tesla's Optimus project serves as a benchmark for supply chain integration in the humanoid robot industry, influencing upstream suppliers and market perceptions [12] - The success of domestic humanoid robot manufacturers will depend on their ability to meet market demands and provide effective solutions [12]

Core Insights - The 27th China International High-tech Achievements Fair has commenced in Shenzhen, showcasing significant technological innovations under the theme of "AI+" to reshape industry productivity [6][8] - The second China Low-altitude Economy Industry Expo and Summit Forum is being held concurrently, focusing on the development of the low-altitude economy and presenting Shenzhen as a replicable model for national development [6][7] Low-altitude Economy - The low-altitude economy is evolving into a complex "giant system," with discussions on its future development paths and integration strategies [7] - Key industry leaders emphasize the need for simultaneous advancement in safety, development, and ecological construction to ensure sustainable and high-quality growth in the low-altitude sector [7] - The Shenzhen Low-altitude Economy Standard System 2.0 has been released, establishing a framework that covers various critical areas such as flight activities, infrastructure, and operational management [8] Technological Innovations - The DIKI Shenzhen Low-altitude Industry Intelligent Analysis Platform has been introduced, offering capabilities in data collection, intelligent analysis, risk warning, and industry insights, marking a significant step in low-altitude digital infrastructure [8] - Various cutting-edge products were showcased, including the ZG-ONE unmanned eVTOL and AI-powered drones, highlighting technological breakthroughs and applications in the low-altitude economy [9] Industry Collaboration - The event featured a strong representation from the Bao'an district, showcasing its AI production capabilities and the integration of advanced technologies into everyday life [11][12] - The exhibition included a variety of innovative products, such as lightweight exoskeletons and humanoid robots, demonstrating the potential of robotics in enhancing human capabilities [12]

2025 年 11 月 16 日 行业研究 评级：推荐(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 李铭全 S0350523030001 | | | limq@ghzq.com.cn | | 证券分析师： | 李昂 S0350525030002 | | | lia@ghzq.com.cn | [Table_Title] 宇树推出首款轮式人形机器人，傅利叶 FDH-6 仿生型灵巧手正式发售 ——人形机器人行业周报 最近一年走势 | 行业相对表现 | | 2025/11/14 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 电力设备 | 11.3% | 39.4% | 37.4% | | 沪深 300 | 2.0% | 10.9% | 14.6% | 相关报告 《电力设备行业周报：锂电产业链走出低谷期， ...

Core Insights - The China International High-tech Achievements Fair (CIHAF) serves as an annual barometer for observing China's technological innovation and a global platform for technological exchange [1] Group 1: Event Overview - The 26th CIHAF showcased a strong representation from Bao'an District in Shenzhen, with 152 participating companies accounting for 20% of the total registrations, marking a nearly 60% year-on-year increase [3] - The event featured a diverse range of companies, including 4 listed firms and 46 specialized and innovative enterprises, highlighting Bao'an's robust industrial capabilities across various sectors such as AI, robotics, and new energy [3] Group 2: Technological Innovations - The Bao'an AI exhibition area was divided into two sections: the "1-hour AI Production Circle" and the "24-hour AI City Vitality Circle," demonstrating the integration of advanced AI technologies into both production and daily life [4] - Notable innovations included the "bionic dexterous hand" from Zhaowei Electromechanical, capable of precise industrial assembly, and the lightweight exoskeleton from Jinpeng Robotics, designed to assist individuals with mobility challenges [6][8] Group 3: Industry Development - Bao'an's industrial output is projected to exceed 1 trillion yuan in 2024, with the district leading the nation in the number of high-tech enterprises for eight consecutive years [11] - The region boasts a comprehensive industrial chain with over 54,000 manufacturing enterprises, supporting a diverse economic base essential for innovation [11][12] Group 4: Innovation Ecosystem - Bao'an has cultivated a vibrant innovation ecosystem, supported by platforms like Huawei Cloud's Intelligent Industry Innovation Center, and ranks second nationally in the "Top 100 Innovative Districts" for four consecutive years [12] - The district is focused on creating high-energy innovation platforms and fostering a conducive environment for technological advancement, evidenced by the establishment of over 800 innovation platforms [12]

Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]

Core Viewpoint - The 27th China International High-tech Achievements Fair (High-Tech Fair) showcases the evolution of technology and innovation, highlighting the significant role of listed companies in presenting cutting-edge products and technologies [3][4]. Group 1: Event Overview - The 27th High-Tech Fair opened in Shenzhen on November 14, themed "Technology Empowers Industry, Integration Creates the Future" [3]. - The fair has evolved since its inception in 1999, reflecting the global digital transformation and the development of a complete ecosystem in the storage industry, which now includes chips, devices, software, and services [4]. Group 2: Company Participation and Innovations - Notable listed companies such as BGI and Lattice Semiconductor showcased significant products at the fair, with a special focus on artificial intelligence, cloud computing, chip design, storage technology, server architecture, and industry application software [4]. - The Shenzhen Computer Industry Association has organized participation for nine consecutive years, noting a shift from showcasing complete machines to higher-value components like mainframes, storage, and chips, with AI elements increasingly integrated into exhibits [4]. Group 3: Evolution of Smart Devices - The fair's history mirrors the evolution of smart terminal products, transitioning from digital technology in 1999 to intelligent systems today, with robots and AI hardware becoming prominent [5]. - Exhibits included advanced products like a dexterous robotic hand capable of mimicking human movements, highlighting applications in industrial automation [5]. Group 4: Featured Technologies - The "Aimas" robot from Lingyi Intelligent Manufacturing, designed for human-like interaction, attracted significant attention, showcasing high accuracy in sound pickup [6]. - Other robots from Lingyi, such as Linglong and Panshi, are tailored for precision handling and high-load tasks, demonstrating versatility in various applications [6]. - The launch of the world's first high-precision mid-to-long-range digital lidar, Fairy, by Suteng Juchuang, enhances robots' environmental perception capabilities [6][7].