Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The report highlights that artificial intelligence (AI) will deeply reconstruct traditional industries over the next five years, with significant advancements in humanoid robots expected in manufacturing settings [5] - The report notes that the total order amount for UBTECH's Walker series humanoid robots has reached 1.3 billion yuan, indicating a rapid acceleration in commercialization [7] - The LET dataset released by Leju Intelligent is expected to enhance the deployment of humanoid robots across various scenarios in China [7] - The new generation humanoid robot IRON from Xiaopeng is set for mass production by the end of 2026, showcasing advancements in design and functionality [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 6.6% and an absolute return of 22.18% [3] Investment Highlights - UBTECH's recent contracts include a 1.43 billion yuan project for a humanoid robot data collection and training center, with a total order amount exceeding 1.3 billion yuan for 2025 [7] - The LET dataset, which covers over 60,000 minutes of real operational scenarios, is expected to significantly reduce development time and training costs for other participants in the humanoid robot sector [7] - Xiaopeng's third-generation humanoid robot IRON has been designed with advanced features and is expected to enhance operational capabilities in various applications [7] Recommendations - The report suggests focusing on various components and companies within the robotics sector, including reducers, motors, sensors, and manufacturers of humanoid robots [8]

Group 1 - The core event is the SPS Industrial Automation Exhibition held in Nuremberg, Germany from November 25 to 27, where Ningbo Zhongda Lide Intelligent Transmission Co., Ltd. showcased its core products in automation and intelligence [2] - Zhongda Lide's exhibition featured a dynamic display of high-end intelligent devices and automated production solutions, highlighting its comprehensive industrial automation solutions [2] - The product range includes high-precision gears, micro motors, precision reducers, core components for robots, and industrial robot assemblies, with new products like the K2/L2 integrated machine and S/SF high-efficiency brushless reducer electric motor receiving high praise from attendees [2]

Core Points - The company received a notification from its major shareholder, Zhongda (Hong Kong) Investment Co., Ltd., regarding the release of some pledged shares [1] - As of the announcement date, there are no pledged shares held by the aforementioned shareholders and their concerted parties [1] - The company will continue to monitor the share pledge situation and related risks, ensuring timely information disclosure as required [1] Summary by Sections Release of Pledge - The company has confirmed the completion of the release of pledge registration for a portion of shares held by Zhongda (Hong Kong) Investment Co., Ltd. [1] Pledged Shares Situation - As of the announcement date, the total pledged shares by the shareholders and their concerted parties, including Ningbo Zhongda Lide Investment Co., Ltd., Cixi Deli Investment Management Partnership (Limited Partnership), and Cixi Dezhen Investment Management Partnership (Limited Partnership), is reported [1] Other Notes - There are currently no pledged shares held by the shareholders and their concerted parties as of the announcement date [1] - The company will keep a close watch on the share pledge situation and related risks, ensuring compliance with information disclosure regulations [1]

Core Viewpoint - The company Zhongda Lide announced the release of share pledges by its major shareholder, Zhongda (Hong Kong) Investment Co., Ltd., involving 16,055,000 shares [1] Group 1 - Zhongda (Hong Kong) Investment Co., Ltd. holds more than 5% of the company's shares [1] - The announcement was made on the evening of November 26 [1] - The release of the pledged shares indicates a potential positive shift in the shareholder's confidence [1]

二、股东股份累计质押的情况 截至本公告披露日，上述股东及其一致行动人宁波中大力德投资有限公司、 慈溪德立投资管理合伙企业（有限合伙）、慈溪德正投资管理合伙企业（有限合 伙）（以下简称"中大投资"、"德立投资"、"德正投资"）所持股份质押情 况如下： | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 合计占 | 合计占 | （解除质押适用） | | （解除质押适用） | | | 股东 | 持股数 | 持股比 | 累计被 | 其所持 | 公司总 | 已质押股 | 占已质 | 未质押股 | 占未质 | | 名称 | 量（股） | 例（%） | 质押数 | 股份比 | 股本比 | 份限售和 | | | | | | | | 量（股） | | | | 押股份 | 份限售和 | 押股份 | | | | | | 例（%） | 例（%） | 冻结、标 | 比例 | 冻结合计 | 比例 | | | | | | | | 记合计数 量（股） | （%） | 数量（股 ...

Core Insights - The industrial robot market in China has seen significant growth, with production reaching 602,700 units from January to October this year, marking a year-on-year increase of 28.8%, surpassing the total expected for 2024 and setting a new record [1] Group 1: Market Performance - There are 50 concept stocks in the A-share market related to industrial robots, focusing on areas such as complete robot systems, parts production, reducers, and cables [1] - The average stock price increase for these concept stocks this year is 32.41%, with notable performers including Wolong Electric Drive and Zhongdali De, whose stock prices have doubled since the beginning of the year [1] - Wanma Co. and New Times Da have seen cumulative increases of over 80% [1] Group 2: R&D Investment - A significant emphasis on R&D investment is observed among industrial robot concept stocks, with 34 out of 50 stocks reporting R&D expenses accounting for over 5% of their operating income, representing nearly 70% of the total [1] - The companies with the highest R&D expense ratios include Huazhong CNC, Silin Jie, and Jingye Intelligent, with ratios of 26.58%, 25.04%, and 23.14% respectively [1] - Twelve concept stocks have increased their R&D spending by over 20% year-on-year in the first three quarters, with Efort-U, Jingye Intelligent, and Zhongchen Technology leading with increases of 86.29%, 64.87%, and 61.41% respectively [1][2]

Core Insights - The Shanghai Composite Index decreased by 3.77% during the week of November 17-21, 2025, with the machinery equipment sector declining by 4.78%, ranking 13th out of 31 in the Shenwan industry classification [1][2] - The machinery equipment industry's PE-TTM valuation fell by 4.73%, with the best-performing sub-sector being engineering machinery components, which increased by 4.80% [1][2] Industry Developments Humanoid Robots - Leading supply chain companies are establishing specialized, global manufacturing systems and accelerating core customer binding, entering a more certain phase of capacity preparation and order fulfillment [2] - Blues Intelligent Robot's Yong'an Park has commenced operations, achieving a full-process integration from new material R&D to core component manufacturing and assembly, with plans to double core component and assembly scale by 2026 [2] - Changying Precision disclosed that it generated approximately 35 million yuan in revenue from two overseas brands in H1 2025, with cumulative deliveries of humanoid robot components exceeding 80 million yuan by August 2025 [2] Semiconductor Equipment - Domestic semiconductor equipment is advancing from single-point breakthroughs to higher precision and more complete process paths, with continuous improvement in industry chain coverage and mass production validation [3] - Saiwei Electronics plans to invest up to 60 million yuan in Chip East to develop mature process lithography machines and related ecosystems, aiming for mass production by 2026 [3] - Zhongke Feimeng's first wafer flatness measurement device has been delivered to HBM customers, covering quality monitoring needs across various advanced processes [3] Controlled Nuclear Fusion - Recent procurement projects from plasma research facilities and fusion energy companies indicate a focus on integrated magnets, low-temperature loading, and complete equipment [4] - The current procurement includes 15 tons of Nb₃Sn superconducting wire with a budget of 75 million yuan and 290 km of REBCO superconducting tape with a budget of 35 million yuan [4] Investment Recommendations - The company suggests focusing on core component suppliers as leading robot manufacturers accelerate product cost reduction and channel expansion [4] - Attention is recommended for domestic equipment suppliers in the thin film deposition and storage testing chains [4] - The tungsten materials and temperature control systems in the controlled nuclear fusion engineering supply chain are expected to benefit from ongoing reactor projects [4]

证券研究报告 行业研究 / 行业点评 2025 年 11 月 24 日 机械设备 人形机器人：产业链协同开启规模化时代 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《可控核聚变产业数据跟踪（二）：7.3 亿低温 系统招标，聚变产业化驶入快车道》 2025-11-19 《智能制造行业周报：人形机器人整机厂正加 速资本化进程》2025-11-17 《智能制造行业周报：看好 SoC 测试设备在 先进制程与端侧 AI 渗透带动下加速放量》 2025-11-10 《智能制造行业周报：关注核聚变冷端演进， 深冷系统厂商迎来切入机遇》2025-11-03 《智能制造行业周报：Optimus 量产节奏调整， 关注前臂与手部集成演进的增量机会》 2025-10-27 证券分析师 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 ——智能制造行业周报（2025/11/17-2025/11/21） 强于大市 投资要点： 本周（2025/11/17-2025/11/21）沪深 300 指数-3.77%，其中机械 ...

Market Overview - The market experienced a collective downturn after several days of correction, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing down 2.45%, 3.41%, and 4.02% respectively, with over 5000 stocks declining and only around 300 stocks rising [4] Military Industry - The military sector saw a significant surge, with stocks like Longxi Co., Jiuzhiyang, and China Shipbuilding Defense hitting the daily limit, while others like Jianglong Shipbuilding and Tianhai Defense rose over 10%. The shipbuilding sector closed up 2.23%, leading the market [8] - The military sector has shown consistent activity recently, with Jianglong Shipbuilding experiencing a weekly increase of over 50% despite a prior announcement of a share reduction [8][9] Robotics Sector - The robotics sector experienced a sudden rebound, with stocks such as Anpeilong and Siling Co. seeing significant increases. The sector's rebound reached 3% before the overall index returned to a downward trend [10] - The rebound was attributed to a catalyst related to T-chain technology, although the reasoning behind the movement was unclear [10] OCS Concept - The OCS concept saw a rebound, with stocks like Saiwei Electronics rising nearly 12%. This was driven by positive reception of Google's new models, which utilize OCS architecture to enhance efficiency [13] - Google's OCS network architecture reportedly improves network throughput by 30%, reduces energy consumption by 40%, and enhances reliability by 50 times, indicating strong potential for the sector [13] New Stock Listing - Dapeng Industrial debuted on the North Exchange, opening with a significant increase of nearly 290%. The stock experienced volatility, triggering multiple trading halts and ultimately closing with a remarkable gain of 1211% [15][16]

Core Viewpoint - The robotics ETF (159770) is experiencing significant growth, with a notable increase in net subscriptions and a strong performance in the underlying robotics sector, indicating a favorable investment environment in the robotics industry driven by domestic substitution and technological advancements [1][2]. Group 1: ETF Performance - As of November 21, 2025, the robotics ETF (159770) had a turnover of 3.27% and a transaction volume of 313 million yuan, ranking first among similar products in the Shenzhen market [1]. - The ETF has seen a substantial increase in scale, growing by 944.5 million yuan over the past month, reaching a new high of 9.877 billion shares [2]. - The ETF has recorded continuous net inflows over the past 26 days, totaling 1.813 billion yuan, with a peak single-day inflow of 285 million yuan [2]. Group 2: Industry Trends - The A-share robotics sector is showing resilience, with several stocks experiencing significant rebounds despite a general market downturn, including notable gains from companies like Weichuang Electric and Siling Co., which rose over 5% [2]. - The industrial robotics industry in China is maintaining a high growth rate, with production reaching 57,900 units in October 2025, a year-on-year increase of 17.9%, and a cumulative production of approximately 602,700 units in the first ten months, reflecting a 28.8% increase [5]. - The industry is expected to continue its upward trajectory, driven by the implementation of key projects and deepening equipment renewal policies, which are likely to enhance overall market conditions [5]. Group 3: Technological Developments - The Hubei provincial government is promoting the integration of the Beidou system with robotics and other industries, emphasizing the development of new application scenarios such as "Beidou + humanoid robots" and "Beidou + artificial intelligence" [3]. - Amazon's Zoox has launched a user waitlist for its autonomous taxi service in San Francisco, marking a significant step in the commercialization of self-driving technology and increasing competition in the autonomous vehicle market [4][5].