点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 业芬 Part1 灵巧手打开人形机器人应用上限，快速送代 Part2 混合机械方案是趋势,兼具高自由度和承载力 Part3 手部多维感知是方向，促进手脑协同 Part4 头部本体厂全栈自研,零部件提供整体解决方案 PART5 投资建议和风险提示 2 公众号·材料汇 目录 0 公众号 · 材料汇 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 灵巧手打开人形机器人应用上限，多方参与，2025年开启快速迭代。灵巧手要求具备运动能力、负载能力、 控制能力、感知能力、耐用能力、轻量化等，由驱动、传动、控制、感知四大模块构成。灵巧手是人形机器 人操作性能的核心，决定机器人功能的上限，是具身智能的核心。25年密集主机厂和零部件厂发布灵巧手方 案,且在未来2年灵巧手方案将快速迭代,并投入使用场景中,加速训练人形机器人手脑协同。 混合机械方案是趋势,兼具高自由度和承载力。驱动方案：若电机内置,首选空心杯,部分用步讲:腱绳方 案，电机集成于手臂，空间大，可选无刷有齿槽电机。传动方案：齿轮负责旋转运动调速， ...

2025 年 4 月 28 日 行业研究 开普勒 K2"大黄蜂"进入上汽通用车厂实训，工程机械景气度持续复苏 ——机械行业周报 2025 年第 17 周（2025.4.21-2025.4.27） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 联系人：夏天宇 近日，国产机器人厂商开普勒发布了其人形机器人 K2"大黄蜂"在上汽通用汽车工 厂中的实训视频，视频中，开普勒 K2"大黄蜂"丝滑上岗质检、巡航、搬运等工作 流程。开普勒 K2"大黄蜂"身高 175cm、体重 75kg，全身有 52 个自由度；整机算 力达 100 TOPS，能 ...

Group 1 - The core viewpoint of the report is that bionic robots may represent the ultimate form of humanoid robots, driven by infrastructure, technology commonality, and deeper human desires related to aging and declining birth rates [1] - The lightweight structure of humanoid robots is expected to trigger a new materials revolution, with magnesium alloys and engineering plastics being highlighted as key materials for reducing energy consumption [1] - Companies such as Baowu Magnesium Industry and Xusheng Group are recommended for their deep involvement in magnesium resources and processing [1] Group 2 - The increasing demand for precise operations in humanoid robots is leading to a rise in the need for new materials, particularly in sensors and actuators [2] - Optical six-dimensional force sensors and tactile sensors are identified as critical components, with companies like Platinum and Huazhu High-Tech suggested for their potential benefits [2] - The drive system is crucial for robot movement, with SMA alloys and EAP materials being highlighted for their advantages, recommending companies like Western Materials and Youyan New Materials [2] Group 3 - Energy and power are central to robot functionality, with rare earth permanent magnet materials expected to enhance efficiency in smaller volumes [3] - Solid-state batteries and silicon-based anodes are emerging technologies that could alleviate concerns about robot endurance, with companies like Sanxiang New Materials and Dongfang Zirconium suggested for their potential benefits [3] - The report emphasizes the importance of NdFeB permanent magnet materials and solid-state battery technologies in the commercialization of high-performance humanoid robots [3]

Core Viewpoint - The wool textile industry in China has a history of over a century and has developed a complete production and processing system, becoming a global leader in processing capacity and consumption. However, the industry faces challenges in 2024 due to economic cycles and geopolitical factors, leading to a need for technological innovation and collaborative efforts to achieve recovery growth. The market size is projected to increase by 6.25% to 8.5 billion yuan [1][12]. Industry Overview - The wool textile industry focuses on processing animal hair fibers and includes various manufacturing activities such as primary processing, yarn production, and final product processing. Wool products are essential in daily life due to their softness, warmth, and breathability [3][6]. - The industry can be categorized into eight product types and three processing categories, with fine wool products being high-end fabrics used for quality garments [3][5]. Industry Chain - The upstream of the wool textile industry involves the procurement of raw materials like wool and cashmere, which directly affect the cost and quality of products. The midstream includes various processing stages, while the downstream encompasses sales through multiple channels [6]. Production and Market Trends - China's wool and cashmere production has been on the rise, with wool production reaching 367,500 tons in 2023, a 3.2% increase, and cashmere production at 17,600 tons, a 20.1% increase [7]. - The online retail market in China is expected to grow significantly, with online retail sales projected to reach 15.23 trillion yuan by 2024, providing a vital channel for wool textile sales [9]. Competitive Landscape - The wool textile industry is maturing with increasing competition, leading to the elimination of weaker companies. Major players include Jiangsu Sunshine Co., Ltd., Shandong Nanshan Zhishang Technology Co., Ltd., and Shandong Ru Yi Woolen Garment Group Co., Ltd. [18][20]. Development Trends - The industry is focusing on fashion transformation and brand building, leveraging trend research and new media to enhance brand influence [24]. - Technological innovation is crucial for optimizing traditional processes and promoting green and smart manufacturing, which will drive high-quality development [25]. - Structural transformation is necessary for sustainable development, with an emphasis on optimizing capacity and promoting green practices [26].

Important Market News - The Ministry of Commerce and six other departments announced a notification to optimize the departure tax refund policy, lowering the threshold for tax refunds to 200 RMB for foreign travelers purchasing eligible goods [1] - The notification aims to enhance the supply of tax refund products, encouraging stores to offer a wider range of quality products, including traditional brands and cultural items [1] Industry Insights - UBTECH announced significant progress in its collaboration with major automotive manufacturers, signing a procurement contract for industrial humanoid robots, marking the first small-scale purchase of humanoid robots for manufacturing [2] - The humanoid robot market is expected to grow rapidly, with projections indicating it could exceed one trillion RMB in the next five years, driven by advancements in AI and technology [2] - The Chinese government is focusing on strengthening AI development and regulation, emphasizing breakthroughs in foundational theories and technologies [3] - Shenzhen has successfully deployed an AI governance assistant, improving efficiency in over 240 government scenarios by more than 20% [3] - The Ministry of Commerce's notification on departure tax refunds is expected to stimulate inbound tourism and consumer spending, enhancing the overall economic development [4] - The State Council approved multiple nuclear power projects, including five projects and ten new units, with a total investment exceeding 200 billion RMB [5] - The approval of these nuclear projects is seen as a significant boost to the economy, with potential benefits for companies in the nuclear power supply chain [5]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The commercialization of humanoid robots is accelerating, with a focus on four major investment themes related to the chemical sector. In Q1 2025, over 35 companies launched new humanoid robot products, with more than 21 from China. The market for humanoid robots is expected to reach 8.239 billion yuan, accounting for about 50% of the global market by 2025 [5][28]. Summary by Sections Market Performance - The basic chemical industry index increased by 2.7% from April 18 to April 25, outperforming the Shanghai Composite Index by 2.1 percentage points and the ChiNext Index by 1.0 percentage points. Year-to-date, the basic chemical industry index has risen by 1.7%, surpassing the Shanghai Composite Index by 3.4 percentage points and the ChiNext Index by 10.8 percentage points [3][16]. Investment Themes 1. **Equity Investment Strategy**: The humanoid robot industry is projected to produce over 10,000 units by 2025, with significant market potential. Chemical companies can enhance their technological attributes through early-stage equity investments [5][28]. 2. **Polymer Materials**: Humanoid robots require various polymer materials, with modified plastics being a key solution for lightweight components. The demand for PEEK is expected to grow significantly, with a projected CAGR of 16.8% from 2022 to 2027 [5][29]. 3. **Tendon Materials**: Tendon systems are crucial for humanoid robots, with UHMWPE and carbon fiber being ideal materials due to their superior properties. Companies like Tongyi Zhong and Nanshan Zhishang are leading in UHMWPE production [5][6]. 4. **Electronic Skin Materials**: The electronic skin market is expected to grow from 6.3 billion USD in 2024 to 30 billion USD by 2034, with companies like Fulei New Materials and Hanwei Technology actively developing flexible sensor materials [5][6]. Product Price Changes - The report lists significant price changes for chemical products, with the top gainers including glyphosate (+16.3%) and liquid nitrogen (+13.7%). Conversely, coal tar saw a decline of 11.8% [5]. Investment Recommendations - Core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical recommended for investment. Additionally, sectors facing supply constraints, such as vitamins and refrigerants, are highlighted for their potential price elasticity [5][14][15].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The commercialization of humanoid robots is accelerating, with a focus on four major investment themes related to the chemical sector. In Q1 2025, over 35 companies launched new humanoid robot products, with more than 21 from China. The market for humanoid robots is expected to reach 8.239 billion yuan, accounting for about 50% of the global market by 2025 [5][28]. Summary by Sections Market Performance - The basic chemical industry index increased by 2.7% from April 18 to April 25, outperforming the Shanghai Composite Index by 2.1 percentage points and the ChiNext Index by 1.0 percentage points. Year-to-date, the basic chemical industry index has risen by 1.7%, surpassing the Shanghai Composite Index by 3.4 percentage points and the ChiNext Index by 10.8 percentage points [3][16]. Investment Themes 1. **Equity Investment Strategy**: The humanoid robot industry is projected to produce over 10,000 units by 2025, with significant market potential. Chemical companies can enhance their technological attributes through early-stage equity investments [5][28]. 2. **Polymer Materials**: Humanoid robots require various polymer materials, with modified plastics being a key solution for lightweight components. The demand for PEEK is expected to grow significantly, with a projected CAGR of 16.8% from 2022 to 2027 [5][29]. 3. **Tendon Materials**: Tendon systems are crucial for humanoid robots, with UHMWPE and carbon fiber being ideal materials due to their superior properties. Companies like Tongyi Zhong and Nanshan Zhishang are leading in UHMWPE production [6][29]. 4. **Electronic Skin Materials**: The electronic skin market is expected to grow from 6.3 billion USD in 2024 to 30 billion USD by 2034, with companies like Fulei New Materials and Hanwei Technology actively developing flexible sensor materials [5][29]. Product Price Changes - The report lists significant price changes for chemical products, with the top gainers including glyphosate (+16.3%) and liquid nitrogen (+13.7%). Conversely, coal tar saw a decline of 11.8% [5][6]. Investment Recommendations - Core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical recommended for investment. Additionally, sectors facing supply constraints, such as vitamins and refrigerants, are highlighted for their potential price elasticity [5][14].

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 关注人型机器人灵巧手的技术迭代；工程机 械持续重点推荐 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、 长川科技、华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精 工、杭可科技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】 CME 预测 4 月国内挖机销量同比+25%，超市场预期 CME 预测 2025 年 4 月中国挖掘机市场销量预计 22000 台，同比增长 17%，其中： 国内市场销量预计 13500 台，同比增长 25%左右，超市场预期。展望后续，我们预计 后续可以期待一系列内需提振的政策或者补贴出台，继续刺激内需向上。出口来看， CME 预测 4 月出口市场销量预计 8500 台，同比增长 6%左右，出口继续温和复苏。结 合小松开工小时数来看，2025 年 3 月日本/欧洲/北美/印尼开工小时数同比分别 +1.5% ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 关注人型机器人灵巧手的技术迭代；工程机 械持续重点推荐 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、 长川科技、华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精 工、杭可科技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】 CME 预测 4 月国内挖机销量同比+25%，超市场预期 CME 预测 2025 年 4 月中国挖掘机市场销量预计 22000 台，同比增长 17%，其中： 国内市场销量预计 13500 台，同比增长 25%左右，超市场预期。展望后续，我们预计 后续可以期待一系列内需提振的政策或者补贴出台，继续刺激内需向上。出口来看， CME 预测 4 月出口市场销量预计 8500 台，同比增长 6%左右，出口继续温和复苏。结 合小松开工小时数来看，2025 年 3 月日本/欧洲/北美/印尼开工小时数同比分别 +1.5% ...

Group 1: Company Strategy and Development - The company aims for "deep integration and collaborative development across the entire industry chain" as its strategic focus, with traditional textiles at its core, integrating high-performance materials like ultra-high molecular weight polyethylene and nylon fibers [1] - The company is committed to upgrading traditional industries and building a modern industrial system, focusing on high-end, intelligent, and green development [3] Group 2: Financial Performance - In Q1 2025, the company achieved an operating income of 360 million yuan, with a net profit attributable to shareholders of approximately 37.3 million yuan, representing a year-on-year growth of 12.84% [2][6] - The company's equity attributable to shareholders increased by 27.39% year-on-year [2] Group 3: Product Development and Innovation - The company is focusing on ultra-high molecular weight polyethylene fibers and nylon fibers, with the former already having established product lines in military, civilian, and deep-sea cable applications [6] - The company is actively developing new materials, including plans for electronic skin and the integration of fabrics with sensors [4] Group 4: Brand and Market Strategy - The company is enhancing brand influence through a "domestic substitution" strategy and collaboration with designers to promote its fabrics and clothing on a global stage [2] - The company plans to leverage its information technology and digitalization to transform from a traditional manufacturing enterprise to a smart enterprise [5] Group 5: Technological Advancements - The company is investing in R&D for ultra-high molecular weight polyethylene fibers and nylon fibers, collaborating with academic institutions to drive technological innovation [8] - The company has developed patents for its products, addressing industry challenges and enhancing product stability and durability [8]