C 财联社 一图看懂 人形机器人爆发元年 产业链核心标的全梳理 ○ 初创企业 ● 科技巨头 ）车企 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2016年 · (2月) · UBTECH 优必选 公司 - Alpha1S机器人在央视春晚舞台亮相 入局标志 - 2018年 · 01 印 乐聚 Aelos小型双足人形机器人亮相平昌冬奥会 8月)一 2022年 · 小米(四) 推出首款全栈仿生机器人Cyber One (7月 8月) (10月) - 2023年 · ×小鹏汽车 盒 傅利叶 推出首款通用人形机器人GR-1 人形机器人 " 小 鹏 鹏 行 PX5"发布 四 比亚迪 投资智元机器人 untre 宇树科技 推出首款通用人形机器人H1 6 智元机器人 推出第一代通用具身智能机 器人原型机远征A1 (5月 6月) -- (9月 10月 11月 12月) 2024年 · 9 阿里 -- 银河通用 | 普渡科技 投资逐际动力 推出首款产 发布初代类 品"Galbot" 人形机器人 PUDUD7 ♡ 众擎机器人 00 华为 er 汽 首款全尺寸通 成立全球具身智 用人形机器人 Gom ...

Group 1: Mechanical Equipment Industry Overview - The mechanical equipment industry rose by 1.79% during the week of December 8-12, 2025, ranking 5th among 31 primary industries [1][2] - Sub-industries performance: specialized equipment (+3.34%), general equipment (+2.72%), rail transit equipment (+0.37%), engineering machinery (+0.19%), and automation equipment (-0.12%) [1][2] Group 2: Investment Recommendations - The market risk appetite is expected to improve following the completion of the third-quarter report disclosures, suggesting a focus on technology growth and cyclical recovery [2] - Recommended sectors include technology areas such as PCB equipment, controllable nuclear fusion, humanoid robots, and semiconductor equipment, as well as cyclical sectors like engineering machinery and general equipment recovery [2] Group 3: Semiconductor Industry Developments - The global competition in computing power is intensifying, accelerating the process of self-sufficiency in the semiconductor industry chain [3] - Domestic GPU companies like Moore Threads and Muxi are advancing towards IPOs, while international cloud computing giants like Amazon are iterating advanced self-developed AI chips [3] - The listing of Naxin Micro indicates a rapid push towards domestic replacement across the entire semiconductor industry chain [3] Group 4: Humanoid Robot Industry Progress - The humanoid robot industry is maturing, with clearer commercialization paths as evidenced by competitions and conferences [4] - Companies like Zhiyuan Robot and Galaxy General Robot are completing shareholding reforms, indicating increased industry maturity and the initiation of capital cycles [4] - The industry is entering a critical phase focused on genuine advancements, with 2026 seen as a potential starting point for mass production [4] Group 5: Machine Tool Industry Insights - Japan's machine tool orders have seen continuous growth for five months, with overseas orders increasing by 23.2% year-on-year, driven by capital expenditures in markets like North America, China, and India [5] - Domestic policies are supporting the high-end machine tool sector, with a focus on core component self-research capabilities [5] Group 6: Controlled Nuclear Fusion Developments - The industrialization of controllable nuclear fusion is advancing from research to engineering validation, with significant projects underway [6] - Companies like Hangyang Co. have successfully entered the core systems of fusion devices, indicating structural opportunities in the industry [6] Group 7: Excavator Sales Performance - Excavator sales in November 2025 reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (+9.11%) and exports at 10,185 units (+18.8%) [7] - The industry is benefiting from a new round of concentrated replacement cycles and large project initiations, with strong growth potential for leading companies [7] Group 8: Industrial Robot Production Trends - In October 2025, industrial robot production increased by 17.9% year-on-year, driven by government policies encouraging equipment upgrades [8] - The industry may see a reversal of difficulties, with opportunities arising from structural adjustments and diversification of application scenarios [8] Group 9: Forklift Industry Outlook - The Asia International Logistics Technology and Transportation Systems Exhibition showcased advancements in smart equipment and low-carbon technologies, which are expected to positively impact the forklift sector [9] - The forklift industry is experiencing significant sales growth, with ongoing upgrades towards automation and intelligence [9]

机械设备行业 标配 （维持） 机械设备行业双周报（2025/11/28-2025/12/11） 政策助推机器人加速产业化落地，11 月挖机同环比双增 2025 年 12 月 12 日 投资要点： 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 相关报告 机械设备本周涨跌幅：申万机械设备行业双周上涨4.38%，跑赢沪深300指数 3.57个百分点，在申万31个行业中排第4名；申万机械设备板块本月至今上涨 2.93%，跑赢沪深300指数2.37个百分点，在申万31个行业中排名第4名；申万 机械设备板块年初至今上涨34.31%，跑赢沪深300指数18.62个百分点，在申 机械设备二级板块本周涨跌幅：截至2025年12月11日，申万机械设备行业的 5个二级板块中，从双周表现来看，工程机械板块涨幅最大，为5.80%。其他 板块表现如下，通用设备板块上涨5.06%，专用设备板块上涨4.96%，自动化 设备板块上涨3.42%，轨交设备Ⅱ板块下跌1.40%。 机械设备个股涨跌情况：截至2025年12月11日，机械设备 ...

Core Insights - The launch of the 5000th general-purpose humanoid robot, Lingxi X2, by Zhiyuan Robotics marks a significant milestone in the industrialization of domestic humanoid robots [1] - Zhiyuan announced cumulative production data for its product series, with the Lingxi X1/X2 series delivering 1846 units, leading among the company's three major product lines [1] - The Lingxi X2 is described as a fully intelligent and agile robot, equipped with RoboSense's E1R solid-state digital lidar and RGB-D cameras, excelling in autonomous navigation and obstacle avoidance tasks [1] Company Developments - RoboSense is collaborating with partners to enhance the production and delivery process of humanoid robots, aiming for broader applications in factories and shopping malls, with future aspirations to enter households [6]

Core Insights - The official launch of the 5000th general-purpose humanoid robot, Lingxi X2, marks a new stage in the industrialization of domestic humanoid robots [1] - The cumulative production data for the product series was announced, with the Lingxi X1/X2 series delivering 1846 units, leading among the three major product lines of the company [1] - Lingxi X2 is equipped with RoboSense's E1R solid-state digital lidar and RGB-D cameras, excelling in tasks such as autonomous navigation and obstacle avoidance [1] Company Developments - RoboSense will collaborate with partners to enhance the production and delivery process of humanoid robots, aiming for applications in factories and shopping malls, with future plans to enter households [7]

Core Viewpoint - The recent A2 round financing of Zhongqing Robotics marks a significant capital injection and a strategic industrial layout driven by top market-oriented funds and regional state-owned capital [1][3]. Financing Details - The financing round is led by Huangpujiang Capital, which has a long-standing focus on hard technology, alongside Henan State-owned Assets Platform Huirong Fund. Notable existing shareholders like Middle East Stone and Huakong Fund have increased their stakes, while new investors include Guozhong Chuangtou, CCTV Fund, Geely Xingyuan, and Nanshan District Government [3]. - The participation of Jiangxi State-owned Capital Operation Holding Group and Ganzhou Development Group highlights the collaborative effort of state-owned platforms in this financing round [3]. Industry Positioning - Huangpujiang Capital's decision to lead the investment is based on the critical transition of the humanoid robot industry from technology research and development to industrialization [5]. - The humanoid robot sector is on the brink of a scale explosion, driven by rapid advancements in artificial intelligence and significant reductions in core component costs [7]. Technological Advancements - Zhongqing Robotics' latest humanoid robot, T800, has established industry-leading advantages in motion stability and adaptability to complex environments [9]. - The T800 integrates a complete self-developed technology loop, including high-performance joint modules and specialized solid-state batteries, showcasing a strong engineering capability [11]. Strategic Vision - The investment logic of Huangpujiang Capital emphasizes deep collaboration with portfolio companies to reduce R&D and manufacturing costs, accelerate product iteration, and create competitive advantages in the market [8]. - The alignment of Zhongqing Robotics' technology development with national smart manufacturing strategies and local government industrial upgrade needs provides a unique competitive edge [11]. Future Outlook - With the completion of this financing round, Zhongqing Robotics is well-positioned for accelerated commercialization, which will determine its leadership in the humanoid robot industry [14].

触觉传感成"硬门槛" 12月4日，人形机器人概念股再度点燃A股。恒而达触及20cm涨停，三花智控涨超7%，安培龙、豪恩汽 电、浙江荣泰、五洲新春跟涨。 多只标的大涨背后，是资本市场对"人形机器人进入产线"这一进程的重新定价。行业的叙事也在悄然发 生变化，从前几年"谁翻跟头更好看""谁的模型跑得更丝滑"，逐渐过渡到谁更能经得住工厂真实环境的 折腾。 01 整机快跑，供应链掉链 触觉传感成"硬门槛" 尽管人形机器人赛道在资本市场热度居高不下，但在整机厂真正冲向量产的时候，供应链的成熟度明显 落后。 头部企业之间的竞争已经从示范性动作比拼转向对工业场景的真正渗透。在消费电子组装、包装、测 试、工位间转运等场景中，仍有大量岗位依赖人工，且节奏重复、强度高、离职率大，企业迫切需 要"能真正干活"的机器人。 然而现实是，机器人在Demo环境中"跳舞、倒立、攀爬"毫不费劲，但一旦来到工厂的油渍、灰尘、潮 湿、高频碰撞的真实环境里，稳定性就会急速下滑。 智元机器人合伙人姚卯青直言，"翻跟头体现了整个行业的技术进步，但在大规模生产之下，大家更关 心技术能带来多少价值。"他透露，整机厂如今普遍要派研发人员常驻供应商产线，"一行一 ...

Group 1 - The domestic policies are continuously promoting the development of humanoid robots, accelerating the industrialization process and application scenarios due to the updates in AI large models and dexterous hands [1] - Tesla's new dexterous hand is expected to be equipped with 50 actuators, leading to a significant demand for core components, which will result in steep growth for supply chain companies [1] Group 2 - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing and key component supply from the Shanghai and Shenzhen markets [1] - The index covers related industries such as machinery and electronics, reflecting the overall performance of listed companies in the machine tool industry chain [1]

EPS电机作为电动助力转向系统(EPS)的动力源，是汽车转向系统的核心零部件。受技术壁垒与起步较 晚影响，EPS电机市场主要被以日电产(Nidec)为代表的国际巨头占据。在此背景下，德昌股份凭借深厚 的技术积累与产品实力，持续推动国产化替代，抢占市场份额，显示出了广阔的增长空间。据2025年半 年报披露，公司上半年汽车零部件业务实现营收2.81亿元，同比增长89.86%，新增定点项目8项，预期 全生命周期总销售金额将超过19亿元。 11月26日，德昌股份（605555）(605555.SH)董事会审议通过《"提质增效重回报"行动方案》，提出将 继续深耕新能源汽车与人形机器人驱动领域，从制造型向技术型平台企业转型。公司聚焦高水平业务突 破，既表示了公司创造核心价值、积极回报股东的决心，更展现了公司清晰长远的发展战略。 德昌股份是国产EPS电机头部企业，中国十大吸尘器出口企业。自2017年创办"德昌科技"切入汽车零部 件领域以来，经过近十年的技术攻坚与客户沉淀，公司汽车EPS无刷电机、制动电机产品受到市场的广 泛认可，客户覆盖耐世特、采埃孚等国内外知名转向、制动系统供应商。 针对公司远期发展，行动方案锚定了"全球 ...

每经AI快讯，11月27日消息，高工机器人产业研究所(GGII)最新发布的《2025中国人形机器人六维力传 感器市场分析报告》(以下简称《报告》)显示，随着人形机器人产业化进程加速，六维力传感器作为实 现实时精准力控的关键部件，正迎来爆发式增长。《报告》预测，今年中国人形机器人六维力传感器出 货量预计1.23万台，同比激增510.1%。并且市场进一步集中，头部企业蓝点触控市占率已超70%，达到 72.6%。 ...