尊敬的投资者，您好！公司具体经营情况请以公司定期报告及临时公告为准，敬请投资者注意投资风 险，感谢您的关注。查看更多董秘问答>> 董秘回答(徕木股份SH603633)： 投资者提问： 根据豆包分析，公司在人形机器人领域合作：智元机器人：精密连接器及线束合格供应商，小批量供 货、研发送样中；星动纪元：结构件与外观件定点，开模验证阶段，有望切入特斯拉 Optimus 供应链； 优必选 / 宇树：灵巧手关节连接器独家供应Walker X、Go1等头部产品；其他客户：数字华夏、新动机 源、灵猴、海康威视等结构件供货。公司目前与哪些人形机器人厂商开展了合作？ 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Investment Rating - The report maintains a "Recommendation" rating for the industry [8] Core Insights - The humanoid robot concept index increased by 1.48% from January 11 to January 16, 2026, outperforming the CSI 300 index by 2.05 percentage points. Year-to-date, the humanoid robot index has risen by 6.49%, exceeding the CSI 300 index by 4.29 percentage points [3][14] - The report highlights that 2026 is expected to be a significant year for humanoid robot applications, suggesting investors pay attention to the related industry chain [6] Weekly Market Review - The humanoid robot index saw a weekly increase of 1.48%, with notable individual stock performances: Sanwei Tiandi had the highest weekly gain at +24.36%, while Daye Co. experienced the largest drop at -20.98% [3][18] Weekly Hotspots Review Policy Developments - The Ministry of Industry and Information Technology emphasized the need to promote the large-scale application of humanoid robots and health monitoring devices in various settings such as homes and elderly care institutions [4][21] - Shanghai's three-year action plan (2026-2028) aims to support advanced manufacturing transformation and upgrade, including investments in humanoid robots [4][22] - Hangzhou's proposal for the 15th Five-Year Plan includes the development of AI and visual intelligence as trillion-yuan industry clusters [4][22] - Jiangsu's "Artificial Intelligence +" action plan focuses on developing humanoid robot technology and applications [4][23] Product and Technology Iteration - UBTECH has formed a strategic partnership with the National Robot Testing and Evaluation Center to enhance the quality and verification of humanoid robot components [4][24] - ZhiYuan Robotics has purchased training data from the Hubei Humanoid Robot Innovation Center [4][25] - ZhiJi Dynamics launched the LimX COSA system, integrating high-level cognition with full-body control for humanoid robots [4][25] - A new intelligent technology company was established in Shanghai by ZhiYuan Robotics and its affiliates [4][26] Investment and Financing - Self-variable robots completed a 1 billion yuan A++ round of financing, backed by major investors including ByteDance and Meituan [5][27] - The robot leasing platform "Qingtian Rent" secured seed round financing [5][28] - StarTech Microelectronics raised several hundred million yuan in equity financing to enhance its chip development for various applications [5][29] Key Company Announcements - Lens Technology has established a vertically integrated manufacturing platform for humanoid robots, delivering products to major clients [5][30] - Zhiwei Intelligent has secured customer orders for its humanoid robot control systems [5][30] - Nasda has begun mass shipments of competitive technology solutions to leading companies in the robotics sector [5][30] - Zhaofeng Co. announced a 100 million yuan interest-free loan to its subsidiary for the industrialization of humanoid robots [5][31]

Core Insights - The Chinese venture capital market is experiencing a significant shift from consumer-driven sectors to hard technology sectors, with funding for hard tech such as drones, robotics, and new materials increasing dramatically while consumer sectors like second-hand e-commerce and local logistics see funding drop by over 95% [1][15] Funding Growth by Sector - Drones: Funding events increased from 23 in 2021 to 139 in 2025, with total funding rising from 1.757 billion to 7.227 billion yuan, marking a growth rate of 504.35% in event numbers and 311.33% in funding amount [2][3] - Robotics: Funding events surged from 157 to 627, with total funding jumping from 19.863 billion to 58.776 billion yuan, reflecting a growth rate of 299.36% in event numbers and 195.91% in funding amount [2][3] - New Materials: Increased from 258 events and 22.50116 billion yuan in 2021 to 616 events and 48.14507 billion yuan in 2025, showing a growth rate of 138.76% in event numbers and 113.97% in funding amount [2][4] High-Growth Sectors - Aerospace: Funding events grew from 67 to 201, with total funding increasing from 9.699 billion to 17.6297 billion yuan, achieving a growth rate of 200% in event numbers and 81.77% in funding amount [2][4] - Optical and Photonic: Events increased from 37 to 138, with funding rising from 2.867 billion to 5.56726 billion yuan, reflecting a growth rate of 272.97% in event numbers and 94.18% in funding amount [2][4] Key Drivers of Growth - The rise of drones is driven by the transition from consumer to industrial applications, supported by national policies promoting low-altitude economy [7] - Robotics growth is fueled by advancements in AI and the emergence of "embodied intelligence," leading to increased investment in humanoid robots and automation [8] - The push for domestic alternatives and self-sufficiency in sectors like new materials and aerospace is a significant driver of investment, particularly in response to external technology restrictions [9][10] Strategic Insights - The shift towards hard technology represents a fundamental change in investment paradigms, moving from short-term gains to long-term value creation [15] - The demand for automation in manufacturing due to rising labor costs and the need for efficiency is driving investments in robotics and smart equipment [11] - Continuous policy support, including tax incentives and funding for high-tech industries, is crucial for sustaining growth in hard technology sectors [12]

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 3.663 billion today [1] - The top net purchases included Tencent Holdings at HKD 663 million, Meituan-W at HKD 573 million, and Xiaomi Group-W at HKD 395 million [1] - Continuous net buying trends were observed for Tencent over 10 days totaling HKD 10.62116 billion and Alibaba over 7 days totaling HKD 4.75655 billion [1] Group 2 - Southbound funds net sold shares of SMIC at HKD 717 million and China Mobile at HKD 637 million [1] - China Mobile has seen continuous net selling for 12 days, amounting to HKD 9.29936 billion [1] - Hua Hong Semiconductor and Xiaomi also experienced net buying trends over multiple days, with Hua Hong totaling HKD 1.33901 billion over 4 days and Xiaomi HKD 1.42914 billion over 3 days [1]

Core Viewpoint - The PEEK (Polyether Ether Ketone) industry chain is expected to enter a high-growth phase, driven by increasing downstream demand and the ability of domestic companies to respond quickly and reduce costs, enhancing their market share in the domestic substitution process [1][2]. Group 1: PEEK Characteristics and Market Potential - PEEK is a high-performance engineering plastic with superior rigidity and toughness compared to general engineering plastics, significantly surpassing metal materials in specific strength, and offers advantages such as high temperature resistance, wear resistance, chemical corrosion resistance, and flame retardancy [1]. - The current market price for PEEK is estimated at 350,000 yuan per ton, corresponding to a market space of approximately 2.3 billion yuan. If PEEK's penetration in robotic components increases, the actual demand scale will further expand [1][4]. Group 2: Supply Side Dynamics - The global PEEK production capacity is dominated by international companies such as Victrex, Solvay, and Evonik, which have established high barriers in intellectual property and industrial-scale production. Domestic companies are actively expanding production and leveraging advantages in raw materials to accelerate substitution [2]. - China's PEEK production has significantly increased from approximately 200 tons in 2017 to an estimated 3,808 tons in 2024, indicating a deepening level of domestic production [2]. Group 3: Demand Side Trends - China, Europe, and the Americas are the main consumption regions for PEEK. China's demand for PEEK has grown from 80 tons in 2012 to 1,980 tons in 2021, with a CAGR of 42.84%, significantly outpacing the global average [3]. - The application of PEEK is expanding in high-end fields, with increasing commercialization and maturity in processing methods. It is gaining traction in sectors such as high-pressure charging, automotive lightweighting, medical devices, and humanoid robots [3]. Group 4: PEEK's Role in Humanoid Robotics - Breakthroughs in humanoid robotics and embodied intelligence are creating strong new growth opportunities for PEEK. The global number of humanoid robots in use is expected to exceed 100 million units by 2045, corresponding to a market size of approximately 10 trillion yuan [4]. - In the cost structure of robots, the motion layer (including components like planetary roller screws and harmonic reducers) accounts for about 55% of the total value. PEEK's advantages in lightweight and durability make it an ideal choice for enhancing the performance of these components [4].

Core Viewpoint - The next wave of artificial intelligence (AI) will transition from virtual content generation to Physical AI, enabling autonomous completion of complex tasks in the real world by 2026 [1] Group 1: Trends in Physical AI - Trend 1: Robotaxi will move from regional trials to large-scale operations, driven by reduced costs of core hardware and supportive regulations in major markets [3][4] - Trend 2: The shipment volume of humanoid robots is expected to double, leading to a competitive landscape where companies lacking closed-loop evolution capabilities may face challenges [5][7] - Trend 3: AI Agents will evolve from simple Q&A bots to personal intelligent partners, increasing interaction with the real world and intensifying competition between terminal and application manufacturers [8][10] Group 2: Developments in Wearable and Cleaning Devices - Trend 4: A surge of innovative wearable devices will emerge, focusing on specific functions and seamless AI integration for health and interaction [11][13] - Trend 5: AI toys will enhance emotional companionship capabilities, moving away from mere conversation to empathetic interactions [14][15] - Trend 6: The cleaning appliance sector will see accelerated embodiment, with products gaining advanced capabilities to perceive and adapt to their environments [16][17]

Group 1: Market Overview - The A-share market opened higher but turned negative, with the ChiNext Index down nearly 2% and sectors like commercial aerospace, non-ferrous metals, and Hainan showing significant declines [1][2] - The Hang Seng Index turned negative, with the Hang Seng Tech Index dropping over 1%, while Pop Mart saw a surge of over 10% [2][11] Group 2: Real Estate Sector - The real estate sector experienced a notable rise, with Hefei Urban Construction (002208) hitting the daily limit, and other companies like City Investment Holdings and Yingxin Development also seeing gains [1][8] - According to the National Bureau of Statistics, new residential sales prices in first-tier cities decreased by 0.3% month-on-month in December 2025, a slight narrowing of the decline compared to the previous month [10] Group 3: AI and Robotics Sector - The AI application concept was active, with Zhejiang Wen Internet hitting the daily limit and companies like Tiandi Online and Liujin Technology also rising [3] - The robotics sector saw gains, with companies like New Times Da hitting the daily limit and Top Group rising over 6% [6] - A report from CounterPoint Research indicated that the humanoid robot industry is expected to see a commercial explosion in 2025, with an estimated installation of around 16,000 units [8] Group 4: Semiconductor and Construction Materials - The semiconductor sector experienced a rise, with companies like Zhongwei Semiconductor hitting the daily limit [10] - The construction materials sector also saw gains, with companies like Zhizhi New Materials hitting the daily limit and others like Jiu Ding New Materials and Hai Luo Cement following suit [10] Group 5: Pop Mart Developments - Pop Mart announced a share buyback of approximately HKD 251 million, repurchasing 1.4 million shares at prices ranging from HKD 177.7 to HKD 181.2 per share, which is expected to attract more investor attention [13]

Group 1: Market Overview - The Hong Kong stock market continued its adjustment trend, with all three major indices closing lower; the Hang Seng Index fell by 1.05%, the Hang Seng China Enterprises Index by 0.94%, and the Hang Seng Tech Index by 1.24% [1] - The overall market sentiment is cautious, with a trading volume of approximately HKD 225.7 billion, and the short-selling ratio remains relatively low at about 13.85% [1] - Southbound capital saw a rebound, with a net inflow of HKD 2.29 billion [1] Group 2: Sector Performance - The technology sector was the main contributor to the decline, with SaaS, cloud computing, and AI application stocks under significant pressure; notable declines were seen in Huilyang Technology and Zhipu [2] - The pharmaceutical and education sectors also showed weakness, with WuXi Biologics leading the CXO sector decline [2] - Conversely, the aviation sector performed well, benefiting from the upcoming Spring Festival travel rush and favorable oil exchange rates, with China Eastern Airlines leading gains of over 9% [2] Group 3: Economic Data - The National Bureau of Statistics reported that China's GDP grew by 5.0% in 2025, meeting the official target and laying a solid foundation for the 14th Five-Year Plan [3] - In December, the industrial added value above designated size increased by 5.2% year-on-year, exceeding market expectations and indicating sustained high manufacturing activity [3] - Exports in December rose by 6.6% year-on-year, marking a quarterly high, with high-tech product exports growing by 13.2%, significantly outpacing overall growth [3] Group 4: Investment Trends - Despite pressures from real estate adjustments, investment in manufacturing equipment surged by 11.8%, indicating structural optimization in investment [3] - The real estate sector is still in an adjustment phase, but signs of improvement are emerging, with a narrowing decline in new housing sales [3] - Consumer spending showed signs of potential recovery, supported by a stable employment situation [3] Group 5: E-commerce Insights - In December, the online retail sales of physical goods grew by 0.8% year-on-year, with a total of RMB 1.3 trillion, reflecting a slowdown compared to previous months [5] - Alibaba's Qianwen app has integrated various services, potentially enhancing user engagement and operational efficiency [6] - The overall e-commerce market growth is expected to slow down in Q4 due to weak macro consumption and high base effects from government subsidies [8]

Summary of Key Points from the Conference Call Industry Overview - The humanoid robot market is experiencing significant developments, with various companies making strides in technology and partnerships. [5] Key Companies and Developments 1. 日盈电子 (Riying Electronics) - The company has established a competitive advantage in the market by addressing the demand for robotic hand coverings. They are currently in the R&D phase for bionic covering components. [1] - The company has a long-standing reserve in tactile sensor technology, with both resistive and photoelectric solutions available. They plan to send samples of their tactile sensors to the U.S. soon. [1] 2. 宏润建设 (Hongrun Construction) - The company has launched the Matrix-3 and has officially acquired a 3.33% stake in Matrix Super Intelligence, indicating a stable partnership. [2] 3. 岱美股份 (Daimai Co., Ltd.) - The company generates 60% of its revenue from the U.S. and has deep ties with major North American automotive manufacturers, including T. Revenue from T is expected to approach 1 billion yuan in 2024. [3] - The company is making progress in applications related to skin, structural components, and industrial scenarios, having secured several contracts. [3] 4. 宁波华翔 (Ningbo Huaxiang) - The company is focusing on PEEK structural components for joints, being the only company with access to PEEK raw materials, which is expected to reduce costs. [3] 5. 福达股份 (Fuda Co., Ltd.) - The company plans to visit North American clients in February, focusing on promoting rotary joints, particularly those that have passed through overseas Tier 1 suppliers. [3] 6. 恒辉安防 (Henghui Security) - The company is developing skin-like garments for robots, aligning with the trend of bionic structural components. [3] 7. 拓普集团 (Top Group) - As a core supplier for T, the company has increased the number of V3 rotary joints and is making progress with garments and dexterous hands, with a single machine value exceeding 70,000 yuan. [3] - The company is preparing its factory in Thailand to meet Tesla's production capacity requirements of one million units. [3] 8. 科森科技 (Kosen Technology) - The company is expected to visit North America next week to meet with major players, including T and M. [3] 9. 新泉股份 (Xinquan Co., Ltd.) - The company has received blueprints and held an important meeting with T over the weekend, in collaboration with Kadi. [3] Additional Industry Information - 宇树科技 (Yushu Technology) reported that it has shipped over 5,500 humanoid robots and has produced more than 6,000 units since 2025, focusing solely on humanoid models. [5] - 优必选 (UBTECH) has signed a service agreement with Airbus, which has purchased the latest industrial version of the humanoid robot Walker S2 for its manufacturing facility. [6] - 固高伺创 (Gogos) has launched a series of integrated control solutions, enhancing the efficiency of motion control cards and servo drivers. [6] - 太原重型机械集团 (Taiyuan Heavy Machinery Group) has developed the world's first high-altitude box bundling robot, which has passed inspection and is now in production. [7] Conclusion - The humanoid robot industry is rapidly evolving, with multiple companies making significant advancements in technology and forming strategic partnerships. The focus on R&D, particularly in tactile sensors and structural components, is expected to drive future growth and innovation in the sector.

2026年1月20日，锋龙股份（sz002931）触及涨停，涨停价67.97元，涨幅10%，总市值163.38亿元，流 通市值150.48亿元，截止发稿，总成交额2036.49万元。 责任编辑：小浪快报 根据喜娜AI异动分析，锋龙股份涨停原因可能如下，机器人入主+控制权稳定+募投调整： 1、锋龙股份 近期公告显示，国内领先的机器人企业优必选作为战略投资者入主公司，可能带来技术、业务等资源支 持，长期发展潜力大。同时新实控人承诺36个月内维持控制权，优必选所持股份36个月内不减持不质 押，为公司发展提供稳定预期。 2、转让方承诺2026 - 2028年归母净利润分别不低于1000万、1500万和 2000万元，还无偿赠与8300万元现金资产，直接改善公司财务状况。此外，公司将募投项目节余资金 1.38亿元永久补充流动资金，可降低财务成本，提高资金使用效率。 3、市场方面，近期机器人概念热 度较高，行业内相关个股表现活跃。锋龙股份此次引入优必选，契合市场热点，引发资金关注。东方财 富数据显示，当日通用设备板块部分个股也有不同程度上涨，形成一定的板块联动效应。 4、技术形态 上，该股在停牌前股价已有异动，MACD指 ...