｜2025年11月17日星期一｜ NO.1 我国星地微波高码率通信技术取得突破 近日，中国科学院空天信息创新研究院联合北京融为科技有限公司在云南丽江成功进行了一次星地微波 高码率通信实验。实验结果显示，X频段星地数据传输速率达到6.0吉比特每秒（Gbps），Ka频段达到 20.16吉比特每秒（Gbps），标志着我国在解决星地高速数据传输难题方面取得突破。本次实验系统验 证了高阶调制技术的可行性。在X频段和Ka频段的不同模式下，均实现了远超以往的高码率稳定通信。 实验过程中，星座图无明显畸变，误码率可归零且具备一定余量。 NO.2 马斯克称计划每年在太空中部署100吉瓦人工智能卫星 11月15日，马斯克在X上转发了一位网友分享的他最近接受罗恩·巴伦采访的视频。马斯克在采访中 说："我们看到了一条可行的路径，能够每年将100吉瓦的太阳能驱动的人工智能卫星送入轨道。而且这 种方式实际上能够以最低的成本大规模驱动并运行人工智能。" 据中国汽研消息，近日，由中国出入境检验检疫协会综合质量服务标准化技术委员会（CIQA/TC12）组 织起草的《汽车数据出境安全评估方法》（T/CIQA131—2025）团体标准正式批准发布 ...

GSY-1水下智能仿生机器人 具身智能应用百花齐放： 人形机器人将商业落地 异构机器人已导入场景 ◎记者 郑维汉 11月14日，以"AI聚能·智汇青岛"为主题的2025年青岛市具身智能机器人产业对接会在青岛海天大酒店 举办。来自政府部门、产业链企业及金融机构的代表齐聚一堂，围绕具身智能技术创新、产品研发、场 景应用及产业生态构建展开深度交流。 与会人士普遍认为，具身智能产业正迎来发展机遇期：人形机器人进入量产元年，迈向"商业可行"；异 构机器人已率先在环卫、医疗等场景实现规模化导入。随着国内产业链集群化优势持续凸显，产业发展 进入百花齐放的加速期。 人形机器人商业化时点将近 当前，人形机器人行业正处于从"技术可行"迈向"商业可行"的临界点。 "国内人形机器人已开始在工厂搬运场景渗透应用。在C端，人形机器人也有较多尝试，主要集中于商 超、咖啡店等场景中的取物行动，以及4S店等商用场景的导购、导览应用。"长江证券机械行业联席首 席分析师倪蕤在对接会上表示。 长江证券研报显示，2025年是人形机器人的量产元年，预计国内人形机器人出货量为万台级别，海外头 部厂商出货量亦在千台级。 在完成商业场景验证后，产业落地将向工 ...

长源东谷 20251116 长安东吴业绩增长主要由以下几个方面驱动：首先，从 2024 年第四季度开始， 公司业绩快速增长，这得益于乘用车混动化趋势和新能源车渗透率提升。其次， 公司从商用车缸体缸盖业务转向乘用车新能源混动缸体缸盖领域，与比亚迪和 赛力斯建立紧密合作关系。2023 年出货量约为八九万套，到 2024 年增加至 54 万套。今年（2025 年）继续保持快速增长态势，并将突破更多新客户。 摘要 长安东吴受益于乘用车混动化和新能源车渗透率提升，自 2024 年 Q4 起业绩快速增长，与比亚迪、赛力斯等建立紧密合作，2024 年乘用车 缸体缸盖出货量达 54 万套，预计 2025 年将继续增长并拓展新客户。 尽管市场担忧购置补贴退坡和价格战，但长安东吴通过不断进入新客户 并保持高供应占比，有效对冲行业波动，维持盈利能力。公司供应比例 高且价格相对稳定。 长安东吴在商用车领域与玉柴、康明斯紧密合作，受益于数据中心需求 增长，大功率柴油发电机需求显著增加，传统商用车发动机业务稳中有 增，未来两年增长潜力巨大。 长安东吴积极布局人形机器人领域，与五八智能建立战略合作，利用其 精密加工能力和客户资源，有望在关 ...

《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①存储芯片+人形机器人+英伟达+储能+卫星导航+人工智能+央企改革！这家公司代理长江存储、美光等 全球头部存储芯片厂商产品；②芯片+锂电池+人形机器人+固态电池+储能！这家公司拟25亿投建锂电池 关键核心材料项目；③储能+绿电+央企改革！公司拟超110亿收购煤电资产。 前言 ...

Investment Rating - The report suggests a positive outlook for the humanoid robot industry, indicating it as a strong investment opportunity due to the acceleration of embodied intelligence applications [3][28]. Core Insights - The humanoid robot sector is experiencing rapid growth, with significant advancements in technology and increased collaboration among companies, such as the partnership between YG Electric and Zhiyuan Robotics to explore applications in smart manufacturing [2][26]. - The introduction of new products, like the G1-D humanoid robot by Yushutech, showcases the industry's shift towards practical applications in various sectors, including industrial, commercial, and domestic environments [1][21]. - The report highlights the importance of supply chain dynamics and technological iterations, particularly focusing on key components like tactile sensors and PEEK materials, which are expected to drive innovation and cost reduction in the industry [3][29][30]. Summary by Sections Industry Dynamics - The robot industry is witnessing a surge in revenue, with a year-on-year growth of 29.5% expected in the first three quarters of 2025, alongside significant production increases in both industrial and service robots [4]. - Recent events, such as the approval of national standards for commercial cleaning robots and major conferences discussing the future of embodied intelligence, indicate a robust policy and market environment supporting the industry [4][10]. Main Body - Companies are increasingly focusing on humanoid robots as a core strategic direction, with firms like Tianqi Co. providing solutions for various clients and emphasizing the importance of data collection and operational efficiency [2][27]. - The collaboration between YG Electric and Zhiyuan Robotics aims to innovate in the application of connectors and harnesses in humanoid robots, reflecting a trend of resource sharing and complementary strengths among industry players [2][26]. Investment Recommendations - The report identifies embodied intelligence as a leading application of AI, with humanoid robots being a critical focus area. It suggests monitoring technological advancements and supply chain developments in the second half of 2025 [3][28]. - Key players to watch include Tesla, Figure, Huawei, ByteDance, and Xiaomi, which are expected to leverage their competitive advantages in hardware and software to drive growth in the humanoid robot market [3][28]. Key Components - The report emphasizes the significance of core components in the humanoid robot sector, with companies like Huichuan Technology and Dakang New Materials making strides in developing essential technologies such as electronic skin and high-performance chips [24][26]. - The establishment of dedicated divisions for intelligent robotics within companies indicates a strategic shift towards enhancing capabilities and market presence in the humanoid robotics field [24][26].

行业评级：买入（维持） 证券研究报告 2025 年 11 月 16 日 湘财证券研究所 行业研究 机械行业周报 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.3 -5.2 16.5 绝对收益 -2.8 5.0 33.1 -20% -10% 0% 10% 20% 30% 40% 50% 24/11 25/01 25/03 25/05 25/07 25/09 机械设备(申万) 沪深300 关注锂电专用设备、机床工具、机器人 相关研究： 注：相对收益与沪深 300 相比 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 ——机械行业周报（2025.11.10~2025.11.14） 核心要点： ❑ 锂电专用设备：10 月我国新能源汽车销量同比增长 19.9% 根据 Wind 数据，2025 年 10 月，我国新能源汽车销量约 171.5 万 辆，同比增长 19.9%，1-10 月我国新能源汽车总销量约 1294.3 万辆， 同比增长 32.7% ...

Core Viewpoint - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and the Qidian Golden Ding Award Ceremony aims to address breakthroughs in lithium battery technologies such as large cylindrical batteries, full-tab batteries, and solid-state batteries, while also highlighting ongoing industry challenges like battery yield and equipment issues [2][3]. Event Background and Significance - In early 2025, BMW announced the upcoming installation of large cylindrical batteries in 2026, sparking a trend in the industry towards 46 series large cylindrical batteries [1] - The Ministry of Industry and Information Technology released new safety standards for electric vehicle batteries, prompting discussions on battery performance [1] - Several companies have begun mass production of full-tab cylindrical batteries, which are expected to find applications in various sectors including electric vehicles and smart homes [1] - Solid-state batteries are gaining attention for their high safety and energy density, maintaining high interest levels in 2025 [1] - The cancellation of mandatory storage policies by the government has raised concerns about future demand for storage batteries [1] - The U.S. tariff policies are impacting the global storage industry [1] Event Theme and Structure - The event is themed "New Cycle, New Technology, New Ecology" and will take place from December 17-19, 2025, in Shenzhen [2] - The event will feature over 2000 attendees and 30000 online viewers, with multiple forums and discussions on key industry topics [3] Highlights of the Event - The conference will gather industry leaders and new entrants, with over 60 prominent speakers discussing core issues and technological breakthroughs [3] - The 10th Qidian Golden Ding Award will be held concurrently to recognize outstanding contributions to the lithium battery industry [3] - The event will include over 50 exhibitors covering the entire lithium battery supply chain [3] Specialized Sessions and Topics - The agenda includes specialized sessions focusing on cylindrical battery technology, soft-pack batteries, new materials, and storage battery technologies [5][6] - Key topics will cover advancements in fast-charging technologies, energy density improvements, and safety innovations [5][6] Golden Ding Award Overview - The Golden Ding Award aims to encourage innovation in the lithium battery industry and recognize outstanding brands and contributions [7] - The award selection process includes initial assessments and final evaluations leading up to the award ceremony on December 19, 2025 [8] Registration and Participation - Registration for the event is priced at 2888 yuan per person, which includes access to all sessions, meals, and industry white papers [9]

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first three quarters of 2025, indicating a robust operational performance and benefiting from the automotive industry's favorable conditions [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.121 billion, a year-on-year increase of 7.52% - The net profit attributable to shareholders reached 236 million, up 5.06% year-on-year - The net profit excluding non-recurring items was 221 million, reflecting a 6.06% year-on-year growth - In Q3 2025, the company recorded revenue of 404 million, a year-on-year increase of 17.20% - The net profit attributable to shareholders for Q3 was 88 million, up 8.20% year-on-year - The net profit excluding non-recurring items for Q3 was 82 million, a year-on-year increase of 10.46% [1][2]. Industry Context - The automotive industry in China saw a total sales volume of 24.363 million units from January to September 2025, representing a year-on-year increase of 12.90% - New energy vehicle sales reached 11.2276 million units, showing a significant year-on-year growth of 34.95% - The company is expected to benefit from the overall demand in the automotive sector, particularly in turbocharger core components and expanding its production scale for new energy vehicle parts [2]. Profitability Metrics - The company's gross profit margin for Q3 2025 was 34.37%, a decrease of 0.78 percentage points year-on-year - The net profit margin was 21.72%, down 1.78 percentage points year-on-year - The company improved its expense ratio by 0.5 percentage points year-on-year, with specific changes in sales, management, R&D, and financial expense ratios [2]. Business Development - The company is advancing its screw rod business and expanding its layout in linear motion components, targeting high-end machine tools, automation, humanoid robots, and intelligent connected vehicles - The subsidiary Yuhua Precision Machinery has developed a high-precision double-end face center hole grinding machine and a ball screw pair lifespan testing machine, enhancing processing precision - The company has achieved the highest industry precision level for its ball screw pairs and linear guide pairs, and has secured bulk delivery orders from well-known domestic machine tool manufacturers [3]. International Expansion - The company is accelerating the construction of its subsidiary in Thailand to enhance production capacity and improve international competitiveness - The Thai subsidiary aims to serve as a hub for deepening market penetration in Southeast Asia and extending reach to Australia, New Zealand, and South Asia, leveraging regional trade agreements to reduce logistics costs [3]. Investment Outlook - The company maintains a "buy" rating, with projected net profits of 326 million and 390 million for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 38x and 31x [4].

Core Viewpoint - The article highlights the ongoing enthusiasm of institutions for conducting research on listed companies, with a focus on investment opportunities in the technology sector, particularly around AI applications and the mechanical industry by 2026 [3][4][7]. Group 1: Institutional Research Activity - As of November 14, nearly 770 companies have received institutional research since the beginning of November, with Luxshare Precision being the most favored by institutions, receiving 222 institutional visits [4][5]. - Other companies with significant institutional attention include BeiGene-U, Huichuan Technology, Anji Technology, and Tongyu Communication, each receiving over 100 institutional visits [4][6]. Group 2: Sector Focus and Investment Opportunities - The electronic and mechanical equipment sectors are the primary focus for institutional research, with 92 companies in the electronic sector and 60 in mechanical equipment receiving attention [7][8]. - Institutions predict that AI application deployment will be the main theme for technology investments in 2026, with a focus on companies benefiting from domestic AI applications and computing power construction [7][8]. Group 3: Performance of Research Targets - More than half of the companies that institutions have researched since November have achieved positive returns, with Huasheng Lithium Battery experiencing a nearly 190% increase in stock price since the beginning of the month [5]. - Tonghui Electronics, a company listed on the Beijing Stock Exchange, has also gained significant attention, receiving 48 institutional visits, focusing on maintaining revenue and profit growth [6]. Group 4: Future Investment Strategies - The mechanical industry is expected to experience structural prosperity, with recommendations to focus on emerging industries such as humanoid robots, solid-state battery equipment, and controllable nuclear fusion [8]. - Investment strategies should also consider sectors benefiting from interest rate cuts and manufacturing capacity transfers, such as engineering machinery and oil service equipment, which generally have lower valuations and higher performance growth [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a steady operation in Q3 2025, with revenue and net profit both showing quarter-on-quarter increases, achieving record highs for a single quarter. The overall business performance is stable, benefiting from a relatively favorable automotive industry this year [2][6]. - For the first three quarters of 2025, the company achieved revenue of 1.121 billion, a year-on-year increase of 7.52%, and a net profit attributable to the parent company of 236 million, up 5.06%. In Q3 2025 alone, revenue reached 404 million, a year-on-year increase of 17.20%, with net profit at 88 million, up 8.20% [6][2]. - The company continues to enhance its market share in core components for turbocharging and is expanding its production scale for new energy vehicle components, laying a solid foundation for stable growth [2][6]. - The company's ball screw business is progressing steadily, with a comprehensive layout in linear motion components. This year, the company has delivered batch orders for machine tool ball screws and is optimizing production processes for humanoid ball screws [2][6]. - The company is advancing the construction of its subsidiary in Thailand to enhance overseas production capacity and improve its international competitiveness, targeting the Southeast Asian market and beyond [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross profit margin of 34.37%, a decrease of 0.78 percentage points year-on-year, and a net profit margin of 21.72%, down 1.78 percentage points year-on-year. The increase in revenue was accompanied by an improvement in the expense ratio [2][6]. - The company’s net profit for 2025 is projected to be 326 million and 390 million for 2026, corresponding to price-to-earnings ratios of 38x and 31x, respectively [2][6]. Business Development - The company is focusing on high-end machine tools, automation, humanoid robots, and intelligent connected vehicles in its ball screw business. It has developed high-precision equipment to enhance processing accuracy [2][6]. - The company’s products have been applied in well-known domestic machine tool models and have secured batch delivery orders [2][6]. Market Outlook - The domestic automotive sales reached 24.363 million units in the first nine months of 2025, a year-on-year increase of 12.90%, with new energy vehicle sales at 11.2276 million units, up 34.95% [2][6].