汽车行业 2026 年投资策略 - 洞察周期脉络，把握智能主 线 20151223 摘要 从 2025 年 10 月中旬开始，汽车行业总量数据出现加速下滑趋势。10 月单月 零售下滑 9 个百分点，11 月进一步下滑超过 10 个百分点。目前 12 月份的订 单和需求也在下降，这主要是由于消费者观望购置税政策及置换补贴延续预期 所致。这种情况与 2017 年四季度的冲量不同，对 2026 年一季度有相对缓和 作用。 政策层面对 2026 年的影响有哪些？ 政策方面，购置税已经增加了 5,000 元左右，并正式公告实施。此外，在乘用 车以旧换新的政策上，也有扩大内需及政策加码的信号。预计低价位车型可能 会采取分级补贴方式，相比于之前统一报废补贴 2 万元、置换补贴 1.5 万元的 新政，将对低价位车型补贴退坡更大。从整体来看，由于过去一年半时间内行 业需求前置透支接近 300 万辆，对明年的总量预期基本为中性，下滑 2-3 个百 分点。如果最悲观情况发生，总量可能会下滑 5-7 个百分点。 新能源汽车在未来的发展预期如何？ 汽车行业总量数据自 2025 年 10 月中旬开始加速下滑，10 月和 11 月 零售分 ...

集智股份专注于全自动平衡机、测试机的研发、生产和销售，全自动平衡机主要用于回转零部件不平衡 量的检测及自动修正，是保证设备安全稳定运行的重要手段。近年来，机器人产业的快速兴起为公司业 务拓展了新的应用领域，集智股份开发的多款核心设备顺利与机器人零部件厂商建立了业务合作关系， 拥有良好的客户渠道。 集智股份表示，谱麦科技一直专注于机器人性能检测与校准技术研究与应用，在机器人整机层面的性能 检测与校准方面具备丰富的技术储备和开发经验，是中国机器人性能检测与校准领域产品的领先企业， 谱麦科技与公司存在较强的业务协同性。 集智股份称，本次交易价格以最终审计评估价值为基础协商确定。本次交易不构成关联交易，预计也不 构成《上市公司重大资产重组管理办法》规定的重大资产重组。 谱麦科技自成立以来主要专注于机器人性能检测与校准技术研究与应用，提供机器人性能检测与校准、 机器人抖动测量与分析、机器人可靠性试验、机器人动力学参数辨识和优化分析、机器人性能视觉检测 系统等产品，为客户提供定制化智能装备检测解决方案及可靠性分析和试验服务。 谱麦科技是高新技术企业、2023年度宁波市"专精特新"中小企业，设有浙江省高新技术企业研究开发中 ...

集智股份表示，若本次收购顺利实施，公司将在机器人领域实现从核心零部件检测业务到机器人整机检 测业务的发展布局，提升公司在机器人领域的业务开拓能力和市场竞争力，推动公司在机器人产业的持 续发展。 据悉，谱麦科技成立于2016年，自成立以来主要专注于机器人性能检测与校准技术研究与应用，提供机 器人性能检测与校准、机器人抖动测量与分析、机器人可靠性试验、机器人动力学参数辨识和优化分 析、机器人性能视觉检测系统等产品，为客户提供定制化智能装备检测解决方案及可靠性分析和试验服 务。 北京商报讯(记者马换换李佳雪)12月24日晚间，集智股份（300553）披露公告称，公司拟以支付现金的 方式收购浙江谱麦科技有限公司(以下简称"谱麦科技")不低于51%股权并取得谱麦科技控股权(最终收购 比例以正式协议确定的比例为准)。 公告显示，本次交易不构成关联交易，预计也不构成重大资产重组。 ...

格隆汇12月24日丨集智股份(300553.SZ)公布，公司与自然人陈章位、沈慧、张翔、杭州亿恒科技有限 公司（统称"转让方"）签署《杭州集智机电股份有限公司对浙江谱麦科技有限公司之收购意向协议》， 公司拟以支付现金的方式收购浙江谱麦科技有限公司（简称"标的公司"或"谱麦科技"）不低于51%股权 并取得谱麦科技控股权（最终收购比例以正式协议确定的比例为准）。 公司专注于全自动平衡机、测试机的研发、生产和销售，全自动平衡机主要用于回转零部件不平衡量的 检测及自动修正，是保证设备安全稳定运行的重要手段。近年来，机器人产业的快速兴起为公司业务拓 展了新的应用领域，公司开发的多款核心设备顺利与机器人零部件厂商建立了业务合作关系，拥有良好 的客户渠道。谱麦科技一直专注于机器人性能检测与校准技术研究与应用，在机器人整机层面的性能检 测与校准方面具备丰富的技术储备和开发经验，是中国机器人性能检测与校准领域产品的领先企业，谱 麦科技与公司存在较强的业务协同性。若本次收购顺利实施，公司将在机器人领域实现从核心零部件检 测业务到机器人整机检测业务的发展布局，提升公司在机器人领域的业务开拓能力和市场竞争力，推动 公司在机器人产业的 ...

格隆汇12月24日丨集智股份(300553.SZ)公布，公司与自然人陈章位、沈慧、张翔、杭州亿恒科技有限 公司（统称"转让方"）签署《杭州集智机电股份有限公司对浙江谱麦科技有限公司之收购意向协议》， 公司拟以支付现金的方式收购浙江谱麦科技有限公司（简称"标的公司"或"谱麦科技"）不低于51%股权 并取得谱麦科技控股权（最终收购比例以正式协议确定的比例为准）。 公司专注于全自动平衡机、测试机的研发、生产和销售，全自动平衡机主要用于回转零部件不平衡量的 检测及自动修正，是保证设备安全稳定运行的重要手段。近年来，机器人产业的快速兴起为公司业务拓 展了新的应用领域，公司开发的多款核心设备顺利与机器人零部件厂商建立了业务合作关系，拥有良好 的客户渠道。谱麦科技一直专注于机器人性能检测与校准技术研究与应用，在机器人整机层面的性能检 测与校准方面具备丰富的技术储备和开发经验，是中国机器人性能检测与校准领域产品的领先企业，谱 麦科技与公司存在较强的业务协同性。若本次收购顺利实施，公司将在机器人领域实现从核心零部件检 测业务到机器人整机检测业务的发展布局，提升公司在机器人领域的业务开拓能力和市场竞争力，推动 公司在机器人产业的 ...

记者获悉，北京市机器人产业协会将于近日成立。据悉，协会由中国电子信息产业发展研究院（赛迪研 究院）、北京人形机器人创新中心有限公司等多家单位联合发起成立。协会将深入开展产业政策研究与 行业数据分析，为企业发展提供信息参考与决策支持；积极组织行业交流活动与展会，促进产业链合作 与市场拓展；推动机器人领域标准研究、专利池建设及相关标准制修订；搭建资源汇聚与协作平台，全 面赋能机器人产业发展，助力北京机器人行业应对挑战、把握机遇，实现健康与可持续发展。（智通财 经） ...

Group 1 - The robotics sector experienced fluctuations today, with funds strategically positioning themselves, as evidenced by the net subscription of 31 million units of the Penghua Robotics ETF (159278) [1] - The "Qing Tian Rent" robot leasing platform was officially launched at the National Robot Leasing Ecological Summit held in Shanghai on December 22, aiming to integrate the industry chain and create a nationwide open leasing network [1] - Guojin Securities highlighted that the supply chains of Tesla, Zhiyuan, and Huawei should be closely monitored in H2 2025, with Tesla's supply chain expected to resume operations after a brief pause, focusing on various components such as tactile sensors and high-power density motors [1] Group 2 - As of November 28, 2025, the Guozheng Robotics Industry Index (980022) reflects the price changes of listed companies related to the robotics industry, with the top ten weighted stocks accounting for 40.47% of the index [2] - The top ten weighted stocks in the Guozheng Robotics Industry Index include companies like Shuanghuan Transmission (002472) and Ecovacs (603486) [2] - The Penghua Robotics ETF (159278) closely tracks the Guozheng Robotics Industry Index, providing investors with exposure to the performance of the robotics sector [3]

Group 1 - The core point of the news is that Aerospace Intelligent Equipment experienced a decline of 5.09% in stock price, reaching 25.91 yuan per share, with a trading volume of 662 million yuan and a turnover rate of 3.49%, resulting in a total market capitalization of 18.597 billion yuan [1] - Aerospace Intelligent Equipment, established on September 4, 2007, and listed on May 15, 2015, is based in Haidian District, Beijing. The company's main business includes safety detection and maintenance systems for railway vehicles, intelligent testing and simulation systems, and automation equipment for the nuclear industry and special environments [1] - The revenue composition of Aerospace Intelligent Equipment is as follows: 51.56% from nuclear industry and special environment intelligent equipment systems, 30.33% from intelligent testing and simulation systems and micro-system control components, and 22.84% from railway vehicle safety detection and maintenance systems [1] Group 2 - From the perspective of the top ten circulating shareholders, E Fund's ETF, the E Fund National Robot Industry ETF (159530), entered the top ten shareholders in the third quarter, holding 11.4152 million shares, which accounts for 1.61% of the circulating shares. The estimated floating loss today is approximately 15.8671 million yuan [2] - The E Fund National Robot Industry ETF (159530) was established on January 10, 2024, with a latest scale of 13.315 billion yuan. Year-to-date returns are 25.21%, ranking 2065 out of 4197 in its category; the one-year return is 18.88%, ranking 2676 out of 4154; and since inception, the return is 45.26% [2] Group 3 - The fund managers of the E Fund National Robot Industry ETF (159530) are Li Shujian and Li Xu. As of the report, Li Shujian has a tenure of 2 years and 107 days, with a total fund asset size of 19.758 billion yuan, achieving a best fund return of 105.96% and a worst return of -10.8% during his tenure [3] - Li Xu has a tenure of 3 years and 29 days, with a total fund asset size of 26.712 billion yuan, achieving a best fund return of 127.45% and a worst return of -3.58% during his tenure [3]

Core Insights - Hesai Technology (NASDAQ: HSAI; HKEX: 2525) announced a strategic partnership with Meituan Drone to integrate its second-generation solid-state LiDAR technology into Meituan's drone logistics, marking a significant advancement in the low-altitude economy [1] Group 1: Company Developments - Meituan Drone is pioneering a new model for low-altitude logistics, creating a three-dimensional delivery network that overcomes traditional ground delivery limitations [3] - The newly launched M-Drone 4L features a solid-state LiDAR system, enabling all-weather precise navigation and positioning, crucial for nighttime logistics operations [5] - Hesai's FTX LiDAR has over twice the resolution of its predecessor and is 66% lighter, reducing integration difficulty and manufacturing costs for drones [13] Group 2: Industry Trends - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, indicating strong growth potential [7] - The integration of LiDAR technology enhances the safety and operational capabilities of drones in complex urban environments, addressing challenges such as obstacles and adverse weather conditions [11] - The low-altitude logistics sector has seen significant advancements, with Meituan Drone operating 65 routes and completing over 740,000 orders across multiple cities, showcasing the potential of low-altitude logistics in instant retail [8]

Summary of Haideman's Conference Call Company Overview - **Company**: Haideman - **Industry**: High-end machine tools and robotics Key Points and Arguments High-end Machine Tool Development - Haideman has completed the layout of high-end machine tool product types and plans to gradually increase orders in the robotics market by 2026 through independent core technology and in-house component manufacturing [2][3] - The company has made significant advancements in various technical fields, including grinding equipment and high-speed machining of aluminum and magnesium alloys [3] Robotics Industry Progress - Haideman aims to address two main challenges in the robotics industry: low-cost mass manufacturing and the integration of AI with application scenarios [4] - The company has developed specialized machines and high-end models to replace imported high-end machine tools from Japan and Germany [4] - A strategic partnership with leading robotics companies has been established to cover R&D, parts manufacturing, and sales [4] Production Capacity and Facilities - By 2026, Haideman plans to achieve a production capacity of over 3,000 humanoid robots and 10,000 quadruped robots [7] - The company has constructed a nearly 30,000 square meter facility and is initiating small-batch assembly lines, with a production value chain share of 40%-60% [7] Precision and Hardness Achievements - Haideman's hard turning equipment has achieved precision within 1 micron, with ongoing efforts to reach 0.1-0.3 microns [9] - The hardness of their products reaches HRC 58-63, significantly enhancing the rigidity and efficiency of their lathes compared to grinding machines [9] CNC System Development - The company utilizes both domestic and foreign CNC systems, with significant secondary development of domestic systems to match foreign performance [10] - Collaboration with Weichuang Electric focuses on motors and servos, but not on control systems [10] Customer Base and Market Growth - Haideman has approximately five to six clients, including some top-tier companies, although specific names cannot be disclosed [12] - The machine tool business is experiencing continuous growth, with quarterly order increases and positive market feedback [15] Strategic Partnerships and Applications - A deep strategic partnership with 58.com aims to optimize design for efficiency, quality, and cost reduction, with ongoing assembly of small-batch quadruped robots [16] - Potential applications in public security, riot control, and inspection are being explored, indicating significant future demand [16] Future Directions and Market Engagement - Haideman plans to showcase its printing and robotic assembly lines to the capital market, focusing on high-end machine tools and intelligent manufacturing [17] - The company aims to gradually demonstrate its R&D achievements and create value for the industry [17]