江苏太平洋精锻科技股份有限公司 投资者关系活动记录表 编号：2025-007 | | ■特定对象调研□分析师会议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 投资者关系 | □媒体采访□业绩说明会 | | | | | | | | □新闻发布会□路演活动 | | | | | | | 活动类别 | □现场参观 | | | | | | | | □其他（请文字说明其他活动内容） | | | | | | | 参与单位名称 | 民生证券：马天韵 | | | | | | | 及人员姓名 | 东吴证券：郭雨蒙 | | | | | | | | 东北证券：何晓航 | | | | | | | 时间 | 2025 7 13:30 | 年 | | 月 | 8 | 日 | | 地点 | 精锻科技二厂区 会议室 | | | | | | | 上市公司 接待人员姓名 | 董秘：董义 | | | | | | | | Q：可转债费用情况？ | | | | | | | | A：公司可转债截止 6 月底已转股接近一半，下半年可转债费用可以省 2000 | | | | | | | ...

证券研究报告 | 2025年07月07日 人形机器人系列专题之新型减速器 优于大市 摆线减速器有望成为人形机器人新的迭代方向 核心观点 行业研究·行业专题 汽车 市场走势 资料来源：Wind、国信证券经济研究所整理 相关研究报告 《小米汽车专题系列之四—小米 Yu7 发布，正式进入 1-N 阶段》 ——2025-07-01 《汽车行业周报（25 年第 23 周）-特斯拉自动驾驶出租车商业化 提速，多家车企缩短供应商账期》 ——2025-06-18 优于大市·维持 证券分析师：唐旭霞 证券分析师：孙树林 0755-81981814 0755-81982598 tangxx@guosen.com.cn sunshulin@guosen.com.cn S0980519080002 S0980524070005 《人形机器人行业周报（第十九期）-祥鑫科技拟入股女娲机器 人，长华集团新一轮送样在即》 ——2025-06-16 《人形机器人行业周报（第十八期）-特斯拉 Optimus 主管换人， 精锻科技参股格蓝若》 ——2025-06-10 《汽车行业 2025 年 6 月投资策略-RoboX 商业化落地加速，关注 板 ...

优于大市·维持 证券分析师：唐旭霞 证券分析师：孙树林 0755-81981814 0755-81982598 tangxx@guosen.com.cn sunshulin@guosen.com.cn S0980519080002 S0980524070005 市场走势 证券研究报告 | 2025年07月07日 人形机器人系列专题之新型减速器 优于大市 摆线减速器有望成为人形机器人新的迭代方向 核心观点 行业研究·行业专题 汽车 资料来源：Wind、国信证券经济研究所整理 相关研究报告 《小米汽车专题系列之四—小米 Yu7 发布，正式进入 1-N 阶段》 ——2025-07-01 《汽车行业周报（25 年第 23 周）-特斯拉自动驾驶出租车商业化 提速，多家车企缩短供应商账期》 ——2025-06-18 《人形机器人行业周报（第十九期）-祥鑫科技拟入股女娲机器 人，长华集团新一轮送样在即》 ——2025-06-16 《人形机器人行业周报（第十八期）-特斯拉 Optimus 主管换人， 精锻科技参股格蓝若》 ——2025-06-10 《汽车行业 2025 年 6 月投资策略-RoboX 商业化落地加速，关注 板 ...

1、工业机器人：减速器最大的下游应用场景。据睿工业，2024年我国市场用于工业机器人的精密减速 器出货量约为109.7万台。从长期来看，工业机器人向智能化与柔性化方向升级，以及国产技术在高端 应用场景(如汽车制造等)中的不断突破，将持续推动精密减速器市场实现稳步增长。 华创证券发布研报称，精密减速器应用空间广阔，核心技术壁垒高筑，下游产业驱动其市场高速增长。 国内厂商有望通过多年产业、技术积累和高性价比，加速导入核心客户，实现国产替代。给予减速器行 业"推荐"评级。重点关注三大类布局厂商。 华创证券主要观点如下： 精密减速器：匹配转速、传递转矩的核心传动元件 精密减速器种类较多，包括谐波减速器、RV减速器、精密行星减速器等。谐波、RV、行星减速器具有 不同的特点，适用于不同的应用场景。谐波减速器具有单级传动比大、体积小、质量小、运动精度高并 能在密闭空间和介质辐射的工况下正常工作的优点，使其在机器人小臂、腕部、手部等部件具有较强优 势。行星减速器结构相对简单，体积相对较小，单级传动比范围相对有限，适用于机器人的下肢。RV 减速器传动比范围大、精度较为稳定、疲劳强度较高，并具有更高的刚性和扭矩承载能力，在机器人 ...

Group 1 - In June, nearly 800 listed companies in the A-share market were investigated by institutions, reflecting a strong interest in potential investment opportunities [2][5] - The average increase in stock prices for the companies that were investigated in June was 7.95%, outperforming the Shanghai Composite Index and Shenzhen Component Index [4] - Over 2300 listed companies were investigated by institutions in the first half of the year, with a focus on sectors such as electronics, biomedicine, machinery, and computers [5][6] Group 2 - Companies like Huichuan Technology and Jun Ding Da were among those receiving significant attention, with each being investigated 12 times in June [2][3] - Huichuan Technology highlighted the positive impact of national equipment renewal plans on its business, particularly in consumer-facing industries [2] - Jun Ding Da is focusing on the medical industry, reporting a revenue increase of nearly 300 million from this sector in 2024, although it remains in the early stages of market development [3] Group 3 - Bo Shi Jie, another company investigated multiple times, emphasized the application of AI algorithms in its products, particularly in smart transportation and security [4] - The first half of the year saw 170 companies investigated more than 10 times, with 37 companies investigated over 20 times, indicating a trend towards popular sectors like robotics and AI [6] - The average stock price increase for companies investigated in the first half of the year was 18.68%, significantly higher than the overall market performance [6]

来看机构调研情况。 刚刚过去的6月份，A股市场整体表现较好，上证指数和深证成指分别上涨2.90%和4.23%，机构调研活动 保持了较高的热度，当月合计有近800家上市公司接受机构调研。 而将时间拉长到今年上半年来看，机构合计调研了逾2300家上市公司，相关机构通过积极调研上市公司寻 找后市投资机会。 6月份机构调研近800家上市公司 据Wind统计口径，今年6月份，机构合计调研了近800家上市公司。 从调研次数上看，机构6月份对22家上市公司的调研次数达到5次以上，其中对汇川技术、骏鼎达、博实 结、大族激光等公司的调研次数均超过10次。 据Wind统计口径，机构在6月份调研汇川技术次数达12次，参与调研的机构涉及公募基金、券商、私募基 金等多种不同类型的机构，调研形式包括特定对象调研、路演活动、券商策略会等。在调研活动中，汇川 技术回复了多个方面的问题。比如对于国家提出的设备更新计划对公司业务带来的驱动情况，汇川技术表 示，国家设备更新计划有效刺激了家电、汽车等面向消费者（ToC）行业的市场需求。在面向企业 （ToB）的市场中，特别是高污染、高能耗行业，设备更新计划在央国企客户群体落地较多。国家推进绿 色化、 ...

Core Viewpoint - The company is focusing on enhancing its technology research and product innovation capabilities to seize opportunities in the thermal management system business as the electric vehicle industry rapidly develops [2]. Group 1: Company Performance - As of June 30, 2025, the company's stock closed at 13.02 yuan, an increase of 5.51%, with a turnover rate of 22.22%, trading volume of 303,800 hands, and a transaction amount of 386 million yuan [1]. Group 2: Business Strategy - The company aims to continuously improve its product delivery and service capabilities, enhance customer satisfaction and brand loyalty, and achieve sustainable development [2]. - The company’s main business segments include integrated AFC systems for rail transit, ETC business for road traffic, and thermal management system equipment [7]. Group 3: Digital Currency and Market Expansion - The company currently does not have any digital currency business and is focusing on integrated projects involving payment scenarios with AFC and ETC devices [4][5][7]. - The company is coordinating with other parties for potential digital currency applications but has not yet launched any related business [13]. Group 4: Technical Advantages - The company's thermal management business includes products such as liquid cooling systems for power batteries, energy storage systems, complete vehicle thermal management systems, and rail transit thermal management systems [10]. Group 5: Investment Activities - The company has made minor investments in related companies through funds, but these holdings do not significantly impact its main business operations [11][12]. Group 6: Market Activity - On June 30, the company experienced a net inflow of 27.57 million yuan from institutional investors, while retail investors saw a net outflow of 30.26 million yuan [14][15].

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 1.15% to 3,420.57 points, the Shenzhen Component Index rising by 1.68% to 10,217.63 points, and the ChiNext Index up by 2.30% to 2,064.13 points. The total trading volume in the A-share market reached 1.41 trillion RMB, with net purchases from southbound funds amounting to 2.588 billion HKD. Over 4,500 stocks in the A-share market experienced gains [1][5]. - In terms of industry performance, the power equipment, non-bank financials, and retail sectors led the gains, while the oil, petrochemical, and coal industries saw the largest declines. Concept indices such as reducers and solid-state batteries showed significant increases, whereas indices related to combustible ice and shale gas experienced notable declines [1][5]. - The Hang Seng Index rose by 2.06%, and the Hang Seng Tech Index increased by 2.14%. In the US, all three major indices also saw gains, with the Dow Jones up by 1.19% to 43,089.02 points, the S&P 500 rising by 1.11% to 6,092.18 points, and the Nasdaq increasing by 1.43% to 19,912.53 points. European and major Asia-Pacific indices generally rose as well [1][5]. Important News - The People's Bank of China and six other departments jointly issued guidelines to support and expand consumption. The guidelines propose 19 key measures across six areas, including enhancing consumption capacity, expanding financial supply in consumption sectors, and optimizing the consumption environment. The focus is on solidifying the macroeconomic financial foundation, supporting employment and income growth, and innovating financial products tailored to consumption scenarios [2][5].

Concept Performance - The top-performing concepts today include Reducers (+4.82%), Solid-State Batteries (+4.45%), and Humanoid Robots (+4.30%) [1] - The underperforming concepts include Combustible Ice (-5.37%), Shale Gas (-3.04%), and Natural Gas (-1.58%) [1] Capital Flow - The Ningde Times concept saw a net inflow of 3.662 billion yuan, with 171 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflows [1] - The leading stock in net inflow is Sanhua Intelligent Control, with a net inflow of 453 million yuan, followed by Nord Shares (273 million yuan), Jiangsu Leili (229 million yuan), and Zhejiang Rongtai (206 million yuan) [1] Stock Performance - As of June 24, the Ningde Times concept increased by 3.77%, ranking 8th among concept sectors, with 252 stocks rising [3] - Notable gainers include Liyuanheng and Huasheng Lithium Battery, both reaching the daily limit of 20%, while Nord Shares, Saiwu Technology, and Zhejiang Rongtai also hit the limit [3] - The top gainers in the Ningde Times concept include Jiangsu Leili (+17.23%), Mankun Technology (+17.01%), and Zhenhua New Materials (+15.82%) [3] Individual Stock Highlights - Sanhua Intelligent Control (002050) had a daily increase of 4.90% with a turnover rate of 2.91% and a net inflow of 452.67 million yuan, resulting in a net inflow ratio of 16.66% [2] - Other significant stocks include Nord Shares (600110) with a 10.05% increase and a net inflow of 273.49 million yuan, and Jiangsu Leili (300660) with a 17.23% increase and a net inflow of 229.03 million yuan [4][5]

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 4.82 | 可燃冰 | -5.37 | | 固态电池 | 4.45 | 页岩气 | -3.04 | | 人形机器人 | 4.30 | 俄乌冲突概念 | -2.66 | | 汽车热管理 | 4.02 | 天然气 | -1.58 | | 钠离子电池 | 3.92 | 核污染防治 | -1.11 | | PEEK材料 | 3.87 | 中船系 | -1.09 | | 网约车 | 3.79 | 航运概念 | -0.99 | | 宁德时代概念 | 3.77 | 中韩自贸区 | -0.53 | | 一体化压铸 | 3.74 | 新疆振兴 | -0.50 | | 两轮车 | 3.74 | 黄金概念 | -0.01 | 资金面上看，今日核污染防治概念板块获主力资金净流出4.36亿元，其中，37股获主力资金净流出，5 股主力资金净流出超5000万元，净流出资金居首的是中船应急，今日主力资金净流出7627.06万元，净 流出资金居前的还有北化股份、际华集团、上海电气等，主力资金分别净流出762 ...