证券简称：弘亚数控 证券代码：002833 转债简称：弘亚转债 转债代码：127041 广州弘亚数控机械集团股份有限公司 投资者关系活动记录表 编号：20260203 投资者关系活 动类别 特定对象调研 媒体采访 新闻发布会 现场参观 分析师会议 业绩说明会 路演活动 其他 电话会议 参与单位名称 及人员姓名 兴业证券、华创证券、天风证券、博时基金、融通基金、瑞天 基金、珠江人寿、磐泽资产、第一创业证券、华能贵诚信托有 限公司、博普资产、国联民生证券 时间 2026 年 2 月 2 日 10:00 | 2026 年 2 月 3 日 14:00 地点 德弘重工产业基地、弘亚数控总部会议室 上市公司 接待人员姓名 李茂洪 董事长、总经理 莫晨晓 副总经理、董事会秘书 马 涵 证券部副总监 投资者关系活 动主要内容介 绍 一、参观环节 公司副总经理、董事会秘书莫晨晓先生带投资者参观佛山 顺德基地，了解德弘重工前端结构件加工制造及家具机械装 配、星石机器人项目等公司新产品及新生产基地情况。 二、交流环节 公司董事长李茂洪先生及副总经理、董事会秘书莫晨晓先 生与投资者进行了深入的交流。 Q：公司近期推出股票期权激励计划 ...

Group 1 - The Robot ETF (562500) has shown strong buying support after a high opening, maintaining its index near the daily average line, with the latest price at 1.053 yuan, up 0.766% from the opening price [1] - Among the 66 constituent stocks tracked by the ETF, 54 stocks have risen, indicating a significant upward trend, with notable performers including Keri Technology hitting the daily limit, and Fengli Intelligent, Buke Co., and Hechuan Technology rising over 3% [1] - The trading volume for the Robot ETF reached 527 million yuan, with a turnover rate of 2.13%, indicating high trading activity, and a single-day inflow of 339 million yuan on February 2, suggesting continued low-level accumulation by investors [1] Group 2 - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots, allowing investors to easily access the entire robot industry chain [2] - Following the adjustment of constituent stocks, the humanoid robot content in the index tracked by the Robot ETF has increased to nearly 70%, successfully removing underperforming stocks and incorporating quality stocks, achieving a "retain the strong, remove the weak" strategy [2] Group 3 - Haoshi Electromechanical has indicated during institutional research that the company is focusing on core components for robots, including harmonic reducers and frameless torque motors, with several products applicable to humanoid robots, and has already sent samples to some humanoid robot manufacturers, resulting in small batch orders [1] - According to Open Source Securities, future scenarios such as space mining and extraterrestrial operations will have high requirements for robots, suggesting that companies producing robot bodies and related core components (like actuators and sensors) are likely to benefit continuously [1]

据央视新闻，2月2日，浙江大学杭州国际科创中心人形机器人创新研究院正式向全球发布首款峰值速度 达到10m/s的全尺寸人形机器人"Bolt"。该成果标志着我国在人形机器人高速运动与控制领域取得重要 突破。全尺寸人形机器人Bolt跑出10m/s的速度，也是全球首个峰值速度达到10m/s的全尺寸人形机器 人。据悉，人形机器人Bolt身高175cm，体重75kg，为逼近人类运动能力打造的技术底座。 ...

Core Viewpoint - The humanoid robot industry is experiencing a dual reality in 2025, with significant financing and market activity on one side, while many companies face collapse due to operational and financial challenges on the other [4][10]. Group 1: Industry Overview - In 2025, the humanoid robot sector saw 57 billion yuan in financing, with nearly 30 companies preparing for IPOs, while over 100 companies are struggling, leading to a stark divide between the leading and lagging firms [4][14]. - The industry is undergoing a brutal elimination process, with many once-prominent companies failing to transition from concept to production, revealing a gap between technological enthusiasm and commercial viability [4][9]. Group 2: Company Failures - K-Scale Labs, a notable startup, collapsed just before mass production due to cash flow issues, highlighting the challenges faced by U.S. companies lacking a complete local supply chain [5][10]. - Rethink Robotics, a pioneer in collaborative robots, faced its second closure in 2025 after failing to meet market expectations, demonstrating the risks of rushed product launches [6][10]. - The closure of Embodied, which produced a social robot for children, underscores the vulnerabilities of cloud-dependent models, as the company's failure rendered its product useless [8][10]. - iRobot, known for its Roomba, filed for bankruptcy in December 2025, attributed to prolonged financial struggles and competition from lower-priced alternatives [8][10]. Group 3: Common Causes of Failure - The primary reasons for company failures include funding shortages, commercialization failures, product homogeneity, and insufficient technological reserves [10][11]. - Funding shortages are critical, as many companies, like K-Scale Labs and iRobot, faced insurmountable debts and cash flow issues leading to their demise [10][11]. - Over 50% of humanoid robot orders are primarily for public relations and data collection rather than genuine productivity, indicating a failure in commercial viability [11][12]. - Product homogeneity has led to a competitive landscape where many companies produce similar offerings, diluting their market differentiation [12][13]. Group 4: Future Outlook - The humanoid robot industry is expected to see a significant shift in 2026, with a focus on industrial applications rather than academic research, as companies seek to establish reliable commercial orders [14][15]. - Predictions for global humanoid robot shipments in 2026 vary, with estimates ranging from 30,000 to over 50,000 units, depending on technological advancements [15]. - Surviving companies must differentiate their products, establish real commercial cycles, maintain funding capabilities, and leverage data to enhance AI models [15][16].

Core Viewpoint - The report from Everbright Securities highlights the focus on AI transformation in the automotive industry, particularly among new energy vehicle (NEV) manufacturers, while also addressing the pressure from rising raw material prices affecting profit margins. Group 1: AI Transformation in Automotive Industry - New energy vehicle companies are actively transitioning towards AI, especially in humanoid robotics, with Tesla planning to convert its Model S/X production line for humanoid robots, Xiaopeng announcing mass production of humanoid robots by 2026, and Li Auto establishing a humanoid robot team [1] Group 2: January NEV Performance - In January, the performance of NEVs was weak, with Li Auto's deliveries down 7.5% year-on-year and 37.5% month-on-month to 27,668 units; NIO's deliveries increased by 96.1% year-on-year but decreased by 43.5% month-on-month to 27,182 units; Xiaopeng's deliveries fell 34.1% year-on-year and 46.6% month-on-month to 20,011 units [1] Group 3: New Model Launches - Various NEV manufacturers launched updated models in January to meet tax requirements and enhance product competitiveness, including BYD's long-range versions of the Qin and Sea models, Xiaopeng's new P7+ and G7 models, and AITO's M7 long-range version [2] Group 4: Increased Purchase Incentives - Tesla is offering significant purchase incentives, including an 8,000 yuan insurance subsidy and low-interest financing for its Model 3 and Model Y vehicles, with delivery timelines ranging from 1 to 6 weeks [3] - Li Auto has maintained short delivery timelines for several models and extended purchase subsidies into February, while NIO and Xiaopeng have also introduced low-interest financing options across their vehicle ranges [4]

Group 1 - The core viewpoint of the news highlights the strong performance of the Robot ETF (562500), which has seen a price increase of 2.299% from the opening price, reaching 1.068 yuan, with a significant number of constituent stocks showing upward trends [1] - The Robot ETF consists of 66 constituent stocks, with 62 of them experiencing price increases, indicating a broad market rally. Notable performers include Keri Technology, Zhongkong Technology, Fengli Intelligent, Dazhu Laser, and Tianzhihang, all of which rose over 6% [1] - The trading volume for the Robot ETF reached 963 million yuan, with a turnover rate of 3.88%, reflecting high trading activity and liquidity [1] Group 2 - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots, allowing investors to easily access the entire robot industry chain [2] - Recent adjustments to the ETF's constituent stocks have increased the humanoid robot content to nearly 70%, successfully removing underperforming stocks and including higher-quality ones, achieving a "retain the strong, remove the weak" strategy [2] Group 3 - The management team of the robot leasing platform Qingtian Rental has undergone a significant restructuring, with two senior executives from Alibaba joining the company, indicating a strategic move to enhance leadership and operational capabilities [1] - CITIC Securities believes that financing activities within the humanoid robot industry chain are becoming increasingly diversified, reflecting a growing capital support for innovations across the entire chain from core components to practical applications [1]

Core Insights - Beijing Humanoid Robot Innovation Center has completed its first round of market financing exceeding 700 million yuan, entering a new phase of simultaneous technological research and industrialization [1] - The financing attracted participation from several well-known investment institutions, including Beijing Artificial Intelligence Industry Investment Fund, Yizhuang Guotou, Beijing High-Precision Fund, and Huakong Fund, along with strategic investments from industry players like Baidu and Dongtu Technology [1] Company Overview - The Beijing Humanoid Robot Innovation Center was established in 2023, initiated by Beijing Electromechanical, Xiaomi, UBTECH, Yizhuang Robotics, and Shoucheng Capital [1] - In October 2024, the center was granted the title of "National and Local Co-Built Embodied Intelligent Robot Innovation Center," becoming an important part of the national technology innovation platform [1] Technological Achievements - In April 2025, the center's "Embodied Tiangong Ultra" completed a half marathon of 21.0975 kilometers autonomously in 2 hours, 40 minutes, and 42 seconds, winning the title of the world's first humanoid robot half marathon champion [1] - In August of the same year, at the World Humanoid Robot Sports Conference, the center's self-developed Embodied Tiangong Ultra and Tianyi 2.0 robots achieved outstanding results, winning 2 gold, 6 silver, and 2 bronze medals [1] - The Embodied Tiangong Ultra won the 100-meter sprint final with an autonomous running time of 21.50 seconds, becoming the first humanoid robot "sprinter" in history [1] - The Tianyi 2.0, equipped with the "Wisdom and Creation" platform, demonstrated strong versatility and autonomy, winning both the championship and runner-up in the material sorting competition [1]

Group 1 - The chemical sector experienced a significant rebound on February 3, with the Chemical ETF (516020) rising by 4.19% during the trading day [1][2][6] - Key stocks in the sector, including phosphate chemicals, soda ash, and potash, saw notable gains, with Hongda Co. surging over 9% and several others, such as Boyuan Chemical and Hualu Hengsheng, increasing by more than 5% [1][7][9] Group 2 - Huafu Securities indicated that the chemical industry has undergone a bottoming process in profitability and valuation, with expectations for a recovery in earnings in 2026, driven by supply-side reforms and new production capabilities represented by AI computing and advanced manufacturing [1][9] - Zhongyin Securities projected that the current round of industry expansion is nearing its end, and measures like "anti-involution" are expected to catalyze a recovery in industry profitability, particularly benefiting new materials due to rapid downstream demand growth [3][9] - Investors are advised to focus on low-valuation industry leaders and the impact of "anti-involution" on supply-side dynamics, as well as companies in the electronic materials sector that are increasingly critical in the context of self-sufficiency [3][9] Group 3 - The Chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering popular themes such as AI computing, anti-involution, robotics, and new energy [3][9] - Investors can also consider the Chemical ETF linked funds (Class A 012537/Class C 012538) for exposure to the chemical sector [3][9]

Core Viewpoint - The increase in global defense spending and the explosion of low-orbit constellations and deep space exploration are expected to benefit MOOG, a leader in electro-hydraulic servo valves, through revenue growth driven by its leading technologies in missile defense and space launch sectors [1][2]. Group 1: Company Overview - MOOG, established in 1951, is a pioneer in electro-hydraulic servo valves and has been a key player in NASA and defense projects, providing critical components for the Apollo moon landing program [1]. - The company’s product range includes actuators, servo systems, and propulsion systems, with aerospace and defense being its core business areas [1]. Group 2: Financial Projections - MOOG is projected to achieve revenue of $3.861 billion in 2025, representing a year-on-year increase of 7%, and a net profit of $235 million, reflecting a 12% increase [2]. - The company's stock price has increased by 186% from 2023 to 2025, significantly outperforming the 27% revenue growth during the same period [2]. Group 3: Market Potential - The market for motors and reducers is expected to exceed 200 billion yuan, while the rotary transformer market is projected to surpass 60 billion yuan, driven by the maturation of the commercial aerospace and humanoid robotics industries [3]. - The electric servo system is crucial for converting control commands into mechanical actions, with applications in aerospace for rocket attitude control and in humanoid robots for dexterous hands and joint assemblies [3]. Group 4: Investment Opportunities - Companies such as Haoshi Electromechanical, Feiyada, and Yap Group are highlighted as potential investment targets benefiting from the dual drivers of commercial aerospace and humanoid robotics [4]. - Haoshi Electromechanical is expanding into high-end equipment components, while Feiyada is entering the robotics and aerospace sectors through acquisitions [4].

（文章来源：央视新闻） 2月2日，2月2日，浙江大学杭州国际科创中心人形机器人创新研究院正式向全球发布首款峰值速度达到 10米/秒的全尺寸人形机器人"Bolt"。该成果标志着我国在人形机器人高速运动与控制领域取得重要突 破。全尺寸人形机器人Bolt跑出10m/s的速度，也是是全球首个峰值速度达到10m/s 的全尺寸人形机器 人。人形机器人 Bolt身高175cm，体重75kg，为逼近人类运动能力打造的技术底座。 ...