随着具身智能机器人热度飙升，作为其实现精细操作的核心部件——灵巧手的商业化落地情况备受关 注。在具身智能机器人产业高速发展的背景下，灵巧手市场增长动力强劲，产业前景被广泛看好。 近期，多家上市公司加码布局灵巧手赛道。 战略合作成为企业快速切入赛道的重要方式。例如，12月23日，宁波华翔电子股份有限公司发布公告 称，公司子公司宁波华翔启源科技有限公司与深圳市大寰机器人科技有限公司共同签订了《战略合作协 议》，双方拟在通用人形机器人灵巧手的研发、制造和销售等领域加强合作。 凯龙高科董事长臧志成表示："灵巧手智能检测设备的推出，填补了行业全维度操作力检测的空白，将 为灵巧手研发企业、应用端企业提供高效、精准的性能验证工具，缩短产品研发周期、降低验证成 本。" 上市公司密集布局背后，是灵巧手产业广阔的发展前景。 中国电子商务专家服务中心副主任郭涛向《证券日报》记者表示，当前企业以医疗、工业等场景需求为 业务规划锚点，反向驱动技术精准迭代，形成了"需求牵引—技术攻坚—产能释放"的产业闭环。一方 面，产能规模化扩张可有效降低边际成本，为商业化落地提供价格支撑；另一方面，微型驱动、柔性传 感等关键技术瓶颈的突破，能进一步提 ...

Investment Rating - The report assigns an "Overweight" rating to the robotics industry [4]. Core Insights - The robotics industry is experiencing significant advancements in technology and commercialization, with domestic companies accelerating mass production and completing multiple rounds of financing [2]. - Tesla's Robotaxi has achieved true operation without a safety driver, indicating a breakthrough in AI capabilities to handle real-world scenarios independently [6]. - The report emphasizes the importance of focusing on both complete robot manufacturers and core component suppliers, highlighting specific companies in various categories such as actuators, motors, reducers, and sensors [20]. Summary by Sections Industry News and Company Dynamics - Tesla's Robotaxi has begun testing without a safety driver, showcasing AI's ability to operate in unpredictable environments [6]. - Agility Robotics has secured a commercial order from Mercado Libre, marking a significant step for humanoid robots in logistics [6]. - Schaeffler launched a planetary gear actuator designed for humanoid robots, emphasizing high precision and reliability [7][9]. - The first mass production line for humanoid robots has been established at CATL, demonstrating the application of embodied intelligence in manufacturing [10]. - The Shanghai Humanoid Robot Pilot Alliance has been formed to enhance the commercialization and industrialization of humanoid robots [12]. Investment Dynamics - Galaxy General completed a financing round exceeding $300 million, bringing its total funding to approximately $800 million [15]. - Other companies like Glanro and Simple Intelligence have also secured significant funding to advance their humanoid robot technologies [15]. Investment Recommendations - The report recommends focusing on key suppliers in the robotics sector, including: 1. Actuators and motors: Recommended companies include Zhaowei Electromechanical, with related companies like Mingzhi Electric and Jiechang Drive. 2. Reducers: Notable companies include Ruidi Intelligent Drive and Haoneng Co., Ltd. 3. Lead screws: Recommended company is Hengli Hydraulic, with others like Zhejiang Rongtai and Best Technology. 4. Sensors: Recommended companies include Donghua Testing and Anpeilong [20].

（文章来源：证券日报） 证券日报网讯 12月19日，捷昌驱动在互动平台回答投资者提问时表示，公司第三季度扣非净利润环比 下降主要系关税、汇兑损益等因素的综合影响。 ...

Core Viewpoint - The company has established a robotics product team to develop a series of joint module products based on its existing precision motor drive control technology, preparing for mass production while maintaining communication with downstream intelligent enterprises [1] Group 1 - The company is focusing on the development of joint module products [1] - The robotics product team is built on the foundation of existing precision motor drive control technology [1] - The company is preparing for mass production and engaging with downstream intelligent enterprises [1] Group 2 - The industry may face uncertainties such as technological iterations and intensified market competition [1] - Investors are advised to rationally consider industry development patterns and pay attention to the company's public information [1]

Core Viewpoint - The company is steadily advancing its business in the robotics core components sector, focusing on technology development, product validation, and market adaptation, while optimizing its progress plan based on various industry factors [2] Group 1: Business Progress - The company is following a set pace for technology research and development, product testing, and market adaptation [2] - The transition from sample testing to large-scale production is influenced by multiple factors, including technological maturity, downstream market demand, and supply chain readiness [2] - The company will dynamically optimize its advancement plan based on the progress of each stage and will disclose relevant information in accordance with regulatory requirements [2] Group 2: Competitive Advantage - The company's competitive edge in the robotics core components field stems from its long-term accumulation in precision manufacturing and mechatronics technology [2] - A deep understanding of industry application scenarios has enabled the company to develop products with strong stability, adaptability of technical solutions, and capabilities for large-scale production [2] - The company aims to continuously focus on core technological innovation and product iteration to strengthen its market position in key component areas, aligning better with the development needs of the robotics industry [2]

Core Viewpoint - The company reported a quarter-over-quarter decline in net profit after deducting non-recurring items, primarily due to factors such as tariffs and foreign exchange losses [2]. Group 1: Financial Performance - The company's net profit after deducting non-recurring items decreased in the third quarter compared to the previous quarter [2]. - The decline in profit is attributed to a combination of tariffs and foreign exchange losses [2]. Group 2: Product Development and Sales - The company is making smooth progress in the research and development of robot-related components, including hollow cup motor assemblies, rotary modules, and linear actuators [2]. - Collaboration with downstream customers in the field of embodied robots is ongoing, but related products have not yet achieved large-scale sales [2]. - The company has established Zhejiang Lingjie Robot Parts Co., Ltd. in partnership with Zhejiang Lingqiao Intelligent Technology Co., Ltd., focusing on the R&D, production, and sales of core components such as robot dexterous hands, joint modules, and actuators [2]. - The Dexhand series of dexterous hand products has begun sales [2]. Group 3: Cost Structure - The cost proportion of dexterous hand components in embodied robots is influenced by various factors, including product technical solutions, application scenarios, and customer customization requirements [2]. - There is currently no unified standard in the industry regarding the cost structure of these components [2].

晨会纪要（2025/12/18） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.12.18） 金融工程研究 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 行业研究 2025 年工业机器人产量有望突破 70 万台——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2025/12/18） 金融工程研究 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（12 月 10 日-12 月 16 日）A 股市场主要指数全部震荡调整，其中创业板指跌幅最大，下跌了 4.29%； 上证 50 跌幅最小，下跌了 1.44%。此外，上证综指下跌 2.17%，深证成指下跌 2.73%，科创 50 下跌 3.99%， 沪深 300 下跌 2.19%，中证 500 下跌 1.69%。 12 月 16 日，沪深两市两融余额为 24, ...

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase of over 10% relative to the CSI 300 index [35] Core Views - The demand for engineering machinery is expected to continue growing due to favorable domestic construction activity and the implementation of significant investment projects as outlined in the "14th Five-Year Plan" [2][27] - In November, the production of industrial robots reached approximately 70,200 units, marking a year-on-year increase of 20.60%, with expectations for total production to exceed 700,000 units in 2025 [2][27] - The report maintains "Buy" ratings for specific companies including Zoomlion (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [2][27] Industry News - In November, sales of various types of forklifts reached 119,749 units, a year-on-year increase of 14.1% [10] - The domestic sales of forklifts for the first 11 months of 2025 totaled 843,005 units, reflecting a growth of 14.3% [10] - Beijing Zhuoyue Intelligent Technology Co., Ltd. successfully completed a strategic financing round of 200 million yuan [11] - Hitachi Construction Machinery will change its name to LANDCROS, pending shareholder approval [11] Industry Data - As of December 12, 2025, the comprehensive steel price index (CSPI) was recorded at 91.76 [12] - WTI and Brent crude oil prices were reported at $56.82 and $60.56 per barrel, respectively, as of December 16, 2025 [13] Company Announcements - Suzhou Sileck Precision Equipment Co., Ltd. announced a partnership with investment institutions to enhance project reserves and overall competitiveness [17] - Wuxi Chemical Equipment Co., Ltd. plans to establish a wholly-owned subsidiary in South Korea with an investment of up to $100,000 [18] Market Review - From December 10 to December 16, 2025, the CSI 300 index fell by 2.19%, while the machinery equipment sector declined by 2.95%, underperforming the CSI 300 by 0.76 percentage points [19] - The price-to-earnings ratio (PE, TTM) for the machinery equipment sector was 43.94 times, with a valuation premium of 218.89% relative to the CSI 300 [20]

Investment Rating - The report assigns an "Accumulate" rating for the industry [2]. Core Insights - Recent domestic policy details have been released to promote the development of space computing capabilities, with a focus on satellite data security and efficient utilization [2][3]. - The Central Economic Work Conference has reiterated the goal of building an "Energy Power," providing strategic guidance for the development of nuclear power and controlled nuclear fusion [2][3]. - The semiconductor equipment sales have shown steady growth, with a reported 11% year-on-year increase in global semiconductor equipment shipments in Q3 2025 [2][3]. Summary by Sections Investment Highlights - The mechanical equipment index increased by 1.80% from December 8 to December 12, outperforming the CSI 300 index, which decreased by 0.08% [6]. - The report recommends several companies across different sectors, including humanoid robots, engineering machinery, and liquid cooling systems [2][3]. Policy Developments - The National Space Administration has issued a plan to promote high-quality and safe development in commercial aerospace from 2025 to 2027, emphasizing the importance of satellite data security and application [2][3]. - The "Energy Power" strategy aims to accelerate the construction of a new energy system and expand the application of green electricity, providing a clear roadmap for nuclear energy development [2][3]. Semiconductor Equipment Market - The global semiconductor equipment shipment value reached $33.66 billion in Q3 2025, marking an 11% increase year-on-year and a 2% increase quarter-on-quarter [2][3]. - China remains the largest market for semiconductor equipment, with a shipment value of $14.56 billion in Q3 2025, reflecting a 13% year-on-year growth [2][3]. Industry Performance - The mechanical industry index has shown a year-to-date increase of 39.36%, significantly outperforming the CSI 300 index, which has increased by 19.91% [9].

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [4]. Core Insights - Tesla's Optimus has initiated a new round of factory audits, accelerating the mass production of domestic robot manufacturers, indicating a robust growth trajectory in the robotics sector [2][6]. - The report highlights significant advancements in the robotics industry, including the delivery of the 5000th robot by Zhiyuan, marking a milestone in large-scale commercial applications [6][11]. - The report emphasizes the increasing enthusiasm in the capital market for embodied intelligence, with several companies completing substantial financing rounds to enhance their technological capabilities [25][26]. Summary by Sections Industry News and Company Dynamics - Tesla's Optimus Gen3 is entering the mass production phase, with a comprehensive evaluation of Chinese suppliers underway [6]. - Zhiyuan has achieved the milestone of 5000 robot deliveries, showcasing its technological and supply chain breakthroughs [6][11]. - Midea has launched its third-generation humanoid robot, MIRO U, which features advanced collaborative capabilities [10][11]. - Chery's Mocha robot has delivered its 1000th unit, indicating a new phase of large-scale application [11]. - UBTECH has signed a sales contract exceeding 50 million RMB for its Walker S2 robot, furthering its commercial progress [14][15]. Investment Recommendations - The report suggests focusing on robotics manufacturers and core component suppliers, including: 1. Actuators and motors: Recommended companies include Zhaowei Electromechanical, Mingzhi Electric, and Jiechang Drive. 2. Reducers: Key companies include Ruidi Zhijun, Haoneng Co., and Zhongdali De. 3. Screw components: Recommended companies include Hengli Hydraulic and Best, with related companies like Zhejiang Rongtai and Zhenyu Technology. 4. Equipment for screws: Recommended companies include Qinchuan Machine Tool and Huachen Equipment. 5. Bearings: Recommended company is Longxi Co. 6. Sensors: Recommended companies include Donghua Testing and Keli Sensor. 7. Precision components: Recommended company is Changying Precision. 8. Complete machines: Related companies include Yuejiang and Yijiahe [30][31].