证券代码：002896 证券简称：中大力德 公告编号：2025-038 宁波中大力德智能传动股份有限公司 关于召开 2025 年第一次临时股东会的通知 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。 一、召开会议的基本情况 1、股东会届次：宁波中大力德智能传动股份有限公司 2025 年第一次临时股 东会 2、股东会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东会会议召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期、时间 （1）现场会议召开时间：2025 年 8 月 12 日（星期二）下午 14:30 （2）网络投票时间： ①通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 8 月 12 日上 午 9:15-9:25，9:30-11:30，下午 13:00-15:00。 ①通过深圳证券交易所互联网投票系统投票的开始时间为 2025 年 8 月 12 日 9:15，结束时间为 2025 年 8 月 12 日 15:00。 5、会议召开方式：本次股东会采用现场投票与网络投票相结合的方式召开。 （1）现场 ...

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。 证券代码：002896 证券简称：中大力德 公告编号：2025-035 宁波中大力德智能传动股份有限公司 第三届董事会第二十五次会议决议公告 一、董事会会议召开情况 宁波中大力德智能传动股份有限公司（以下简称"公司"）第三届董事会第 二十五次会议通知已于 2025 年 7 月 18 日以通讯方式向各位董事发出，本次会议 于 2025 年 7 月 25 日在公司会议室以现场及通讯方式召开。会议由董事长岑国建 先生主持，会议应出席董事 7 名，实际出席董事 7 名，公司部分高级管理人员列 席本次会议。本次会议的召集、召开符合《公司法》等有关法律、法规及《公司 章程》的规定。 二、董事会会议审议情况 （一）逐项审议通过《关于选举第四届董事会非独立董事的议案》 （1）选举岑国建先生为第四届董事会非独立董事 表决结果：有效表决票 7 票，同意票 7 票，反对票 0 票，弃权票 0 票。 （2）选举岑婷婷女士为第四届董事会非独立董事 表决结果：有效表决票 7 票，同意票 7 票，反对票 0 票，弃权票 0 票。 （3）选举伍 ...

Summary of Key Points Core Viewpoint - In the recent 10-day period from July 14 to July 25, overseas institutions conducted research on 47 listed companies, with Ding Tai Gao Ke being the most scrutinized, receiving attention from 23 overseas institutions [1]. Group 1: Overseas Institutional Research - A total of 329 companies were researched by institutions in the last 10 days, with securities companies conducting research on 289 companies, accounting for the majority [1]. - Ding Tai Gao Ke was the most researched company by overseas institutions, followed by Mai Ge Mi Te, which had 12 overseas institutions participating in its research [1]. Group 2: Stock Performance - The average stock price of companies researched by overseas institutions increased by 11.62% over the 10-day period [1]. - Ding Tai Gao Ke had the highest performance, with a cumulative increase of 41.69%, while the largest decline was seen in Wo Long Xin Neng, which dropped by 5.10% [1][2]. Group 3: Earnings Performance - Among the companies that received attention from overseas institutions, two reported mid-term earnings, with Hangzhou Bank and Ningbo Bank showing significant net profit growth [1]. - A total of 14 companies issued mid-term earnings forecasts, with 12 expecting profit increases, 1 expecting profit, and 1 expecting losses. The highest net profit growth forecast was for Xin Yi Sheng, with a projected increase of 356.58% year-on-year [1].

Investment Rating - The report recommends investment in companies such as Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing [2][4] Core Insights - The report emphasizes that reducers are the core components of humanoid robot joints, ensuring high precision and stability in motion control [2][9] - The humanoid robot precision reducer market is expected to grow steadily, with domestic manufacturers enhancing their supply capabilities [2][19] - Different types of reducers (harmonic, RV, planetary, and cycloidal) have distinct characteristics and applications, with cycloidal reducers emerging as a promising option for high-load joints [2][88] Summary by Sections 1. Reducers as Core Components - Reducers are essential for reducing speed and increasing torque in humanoid robots, connecting the power source to the execution structure [9][14] - The market for reducers in China is projected to reach approximately 144.8 billion yuan in 2024, with a steady growth rate of 4% to 5% over the past five years [19] 2. Demand Differentiation and Application of Cycloidal Reducers - The report identifies a growing application space for cycloidal reducers, which offer significant torque increase relative to cost and size [2][88] - Tesla's Optimus Gen2 utilizes a combination of planetary and harmonic reducers, highlighting the trend towards hybrid solutions in humanoid robots [76][80] 3. Prominent Companies and Technological Collaboration - Fuda Co., Ltd. is positioned as a leading player in the precision reducer market, with significant growth in revenue and net profit driven by the demand for new energy vehicles [99] - Jinguan Technology is expanding its footprint in the reducer market through joint ventures and product diversification [103] - Shuanghuan Transmission's subsidiary, Huandong Technology, is a key player in the RV reducer segment, contributing to the company's overall growth [108] - Zhongding Sealing is investing heavily in the humanoid robot sector, focusing on the production of harmonic reducers and joint assemblies [114] 4. Investment Recommendations - The report suggests focusing on leading companies in the reducer market, including Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing, while also monitoring emerging players like Haoneng Co., Ltd. and Landai Technology [2][4]

New Stock Issuance - Multiple companies are scheduled for new stock issuance on July 24, 2025, including *ST Zitian (300280) and ST Nanzhi (002305) [1] - Significant announcements were made for companies like Guosheng Tang (300436) and Huayin Power (600744) on July 17 and July 15, respectively [1] Trading Alerts - Companies such as Gaoguan Min Explosive (002827) and Zhongyan Dadi (003001) have recent trading alerts as of July 24, 2025 [1] - A total of 50 companies have been flagged for abnormal trading fluctuations, indicating potential market volatility [2] Market Trends - The report highlights a trend of increased market activity with numerous companies announcing significant changes in stock status [1] - The presence of multiple *ST (Special Treatment) companies suggests heightened scrutiny and potential risk for investors [1] Regulatory Compliance - Companies are required to disclose significant announcements to ensure transparency in trading activities [1] - The report emphasizes the importance of monitoring announcements to assess market conditions and investment risks [1]

Market Review - The Huaxia Sci-Tech AI ETF (589010) closed up 0.77% on July 23, with a peak increase of 1.55% during the day, indicating high elasticity. The leading stock, Yuke Technology, rose by 3.20%, while Xinghuan Technology and Hehe Information saw increases of over 2% [1] - The Robot ETF (562500) closed down 0.68%, fluctuating around the five-day moving average. It has not yet recovered to the levels before the "tariff pit" on April 7, suggesting potential for significant rebound as mid-year performance releases may boost market sentiment. Jiangsu Leili led the decline with a drop of 5.26%, and several other stocks fell over 3% [1] - The total trading volume for the day was 948 million yuan, with a turnover rate of 6.01%, indicating stable volume release. The Robot ETF saw a net inflow of 103 million yuan, accumulating a total of 768 million yuan over the last 10 trading days [1] Hot News - Alphabet's Q2 revenue reached $96.43 billion, a 14% year-over-year increase, exceeding analyst expectations. The CEO noted that the AI Premium plan boosted subscription revenue, with over 70 million videos generated by Veo 3 and Gemini APP monthly active users surpassing 450 million [2] - DJI announced the launch of its first floor-cleaning robot "ROMO" on August 6, marking its entry into the ground-based smart cleaning market. The product, which took over four years to develop, leverages DJI's expertise in visual obstacle avoidance and sensor algorithms [2] - Alibaba's new AI programming model Qwen3-Coder API is now available on Alibaba Cloud, with pricing significantly lower than competitors, at 4 yuan for every million tokens input and 16 yuan for output, averaging one-third the price of Claude 4 [2] Institutional Viewpoints - Zheshang Securities highlighted that core mechanical components are crucial for humanoid robots' movement precision, load capacity, flexibility, and overall reliability. These components, such as joint modules and sensors, constitute a significant portion of hardware costs. As the humanoid robot market expands, the demand for these components is expected to grow substantially. Domestic humanoid robot components offer a cost advantage of 60%-70% compared to foreign counterparts, supporting large-scale promotion in both domestic and international markets [2]

Group 1 - The core viewpoint of the news highlights the significant rise of the robotics sector in the capital market, driven by advancements in "embodied intelligence" technology and capital operations, with Shuangwei New Materials (688585.SH) achieving an 11-day cumulative increase of 643.32%, setting a new record for A-share "20cm" limit-up [1] - The robotics concept stock value logic has evolved beyond traditional manufacturing, with a clearer industrial chain ecosystem emerging around the components referred to as "limbs, nerves, cerebellum, and brain" [1] Group 2 - The "limbs" represent the core components, including robotic joints and motion systems, which are fundamental to physical capabilities. For instance, Green's Harmonic (688017.SH) has over 30% market share in harmonic reducers, essential for humanoid robots in high-load scenarios [1] - The "nerves" pertain to environmental perception and signal transmission, relying on sensors and actuators. Companies like Orbbec (688322.SH) provide 3D vision cameras and LiDAR, enhancing robots' environmental awareness [2] - The "cerebellum" involves motion control and AI algorithms, depending on high-performance computing platforms. Zhongdali De (002896.SZ) supplies planetary reducers and servo systems, while companies like Lingyun Optical (688400.SH) develop solutions to optimize robotic motion coordination [3] - The "brain" refers to AI models and data ecosystems, where companies like iFlytek (002230.SZ) enhance robots' semantic understanding through voice interaction technology [3] - The evolution of these components is expected to lead to the emergence of a trillion-level market within the robotics industry chain, indicating a clearer ecosystem [3]

Investment Rating - The report rates the mechanical equipment industry as "Outperforming the Market" [1] Core Insights - Urban renewal is expected to become a key direction, with a focus on engineering machinery, pipeline, and sanitation equipment. The State Council has issued a five-year action plan emphasizing livable, resilient, and smart cities, which will drive demand for engineering machinery, pipeline equipment, sanitation equipment, and fire-fighting equipment [3][23] - The market for unmanned sanitation vehicles is vast, with global potential exceeding 200 billion. Based on third-party data, with over 2 million official sanitation workers in China, the annual demand for new vehicles is approximately 130,000, corresponding to a market size of 26 billion. Considering maintenance and replacement needs, the domestic market is estimated to be around 50 billion annually, with global demand potentially exceeding 250 billion [4][23] - The overall economic resilience in the first half of 2025 is strong, with GDP growth rates of 3.7% for the primary industry, 5.3% for the secondary industry, and 5.5% for the tertiary industry. Industrial production has seen a significant increase, with a year-on-year growth of 6.4% in industrial value added [24][29] Summary by Sections Mechanical Equipment Market Performance - The mechanical equipment sector rose by 2.91% this week, ranking 4th among the Shenwan industry classifications. The overall performance of the Shenwan mechanical sub-industries was positive, with significant gains in printing and packaging machinery, engineering machinery components, metal products, and other automation equipment [3][15] General Automation Tracking - The report highlights the strong economic resilience in the first half of 2025, with stable production demand growth. The industrial production growth rate of 6.4% and manufacturing growth of 7.0% are expected to gradually lead the machine tool industry towards recovery [24][29] - The market sentiment has improved, with a focus on opportunities in robot mass production. The easing of geopolitical tensions and the potential cancellation of tariffs are expected to enhance market sentiment [25][29] Humanoid Robot Tracking - The report emphasizes the importance of focusing on core companies in the humanoid robot sector, particularly those involved in key components such as reducers, lead screws, dexterous hands, motors, and sensors. The report suggests that the market for humanoid robots is still in a relatively low position, presenting opportunities for investment [56][57]

策略研究 | 证券研究报告 — 总量点评 2025 年 7 月 23 日 策略点评 人形机器人产业趋势跟踪半月报 人形机器人低位再起。2025 年 7 月 7 日-2025 年 7 月 18 日。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 ◼ 近两周，人形机器人产业市场关注度再度显著提高。国证机器人产业指数 在 7 月 7 日至 7 月 18 日期间累计涨幅 7.6%，万得人形机器人指数上涨 7.5%，我们跟踪的人形机器人 185 指数上涨 7.7%，人形机器人概念指数 整体涨幅表现较好。成分股中，中大力德、鼎泰高科、浙江荣泰等成分股 表现尤为突出。 ◼ 挂钩国证机器人产业指数的易方达国证机器人产业 ETF 持续获得资金净 流入，流通份额近期显著增加，最新规模突破 20 亿元，年内规模增超 10 倍。 ...

Group 1 - The Robot ETF (562500) has seen a slight decline of 0.45%, while the market continues to favor the Yajiang Hydropower concept stocks, leading to a short-term pullback in the robot sector [1] - Among the component stocks, Yingfeng Environment surged by 7.60%, while Jiangsu Leili led the decline with a drop of 4.71%, and several other stocks like Julun Intelligent, Zhongdali De, and Jiangsu Beiren fell over 2% [1] - The liquidity of the Robot ETF showed a turnover of 1.76% with a total transaction amount of 278 million yuan, indicating a shrinking volume and stable market holdings [1] - In terms of capital inflow, the recent short-term pullback has provided a buying opportunity, with a net inflow of over 180 million yuan in the past two days [1] Group 2 - Yujian Robotics recently completed a targeted placement, issuing 19.1 million shares at a price of 54.3 HKD per share, raising a total of 1.037 billion HKD [1] - Yujian Robotics focuses on the research and application of intelligent robotic arms and other hardware, with a product line covering collaborative robots with payloads ranging from 0.25 to 30 kg, having shipped over 80,000 units globally across more than 80 countries and over 15 industries [1] - The financing will further enhance Yujian Robotics' pace in technological innovation and market expansion [1] Group 3 - HuLong Securities believes that the humanoid robot sector has several recent catalysts, leading to an index recovery [1] - The industry trend remains unchanged, having entered a "technological breakthrough → mass production cost reduction → scenario penetration" golden cycle, which is expected to become a core investment theme by 2025 [1] - It is recommended to focus on high-value components such as screws, sensors, motors, and reducers, particularly companies with supply chain collaborations with giants like Tesla and Huawei [1]