Core Viewpoint - The company has confirmed that its millimeter-wave micro system can be applied in the environmental perception segment of humanoid robots, but currently has no plans to expand into the humanoid robot sector [2] Company Summary - The company's millimeter-wave micro system is a versatile technology applicable in various fields, including humanoid robotics [2] - There are no current plans from the company to enter the humanoid robot market [2]

Core Viewpoint - The company has established a comprehensive lifecycle testing system for robots, which currently has a minor impact on overall business performance [1] Group 1 - The intelligent machine testing and certification center has been built to support the robot industry [1] - The related business currently accounts for a small proportion of the company's overall operations [1] - The company will continue to monitor the development of the humanoid robot industry and adapt its technology and capabilities accordingly [1]

Group 1 - The Robot ETF (562500) opened lower today, with the latest price at 1.041 yuan, down 2.162% from the opening price. Among the 66 constituent stocks, 58 experienced declines, with notable drops from companies like Green Harmony, Yuntian Lifei, and Tianzhun Technology. However, Tianzhihang saw an increase of over 4%, providing some support [1] - The trading volume for the Robot ETF reached 508 million yuan, with a turnover rate of 2.05%, indicating high trading activity. On the funding side, there was a net inflow of 214 million yuan yesterday, reflecting strong interest in low-position investments [1] - Shanghai Zhuoyide Robot Co., Ltd. completed nearly 100 million yuan in Pre-A+ financing, led by Shanghai Pudong New Area Investment Center and Shanghai Zhangjiang Technology Venture Capital Co., Ltd., with participation from other institutions [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 component in the index tracked by the Robot ETF has increased to nearly 70%. The recent rebalancing effectively removed underperforming stocks while incorporating quality stocks, achieving a "retain the strong, remove the weak" strategy [2]

Group 1 - The "Qingtong Home" has officially started operations, serving as the first physical operational base for the "Optics Valley Qingtonghui" brand, which focuses on innovation and entrepreneurship in Wuhan's East Lake High-tech Zone [1][3] - The "Qingtong Home" will provide a comprehensive space for entrepreneurs that includes office, roadshow, and exhibition areas, and aims to create an entrepreneurial ecosystem from concept validation to industrial collaboration [3][5] - A seed fund of 20 million yuan (approximately 2.9 million USD) has been established to support concept validation, alongside financial services that include equity, debt, and guarantees [3][5] Group 2 - Six projects secured a total of 85 million yuan (approximately 12.3 million USD) in financing, covering fields such as artificial intelligence, optoelectronic chips, and commercial aerospace [3][5] - The "Optics Valley Qingtonghui" initiative has supported over 1,300 technology enterprises in its 12 years of operation, leading to the emergence of notable companies like BGI, Megvii, and Hesai Technology [5] - The initiative will focus on ten key areas by 2026, including artificial intelligence, humanoid robots, brain-computer interfaces, quantum technology, 6G communication, and advanced semiconductors, to foster hard technology entrepreneurship [5]

Core Insights - Tesla's CEO Elon Musk has indicated a shift towards humanoid robots, with a focus on leveraging China's manufacturing capabilities for the production of the "Optimus" humanoid robot [1][3] - The production line for Tesla's Model S and Model X will be repurposed for the manufacturing of the "Optimus" robot, with a long-term goal of producing 1 million units annually [2] - Analysts suggest that while Tesla aims to develop humanoid robots, significant technological challenges remain, and the project is still in its early stages [2][5] Group 1: Manufacturing and Supply Chain - China has a dominant advantage in the manufacturing of robot "bodies," while the U.S. leads in AI "brain" technology [1][4] - Tesla has been engaging with hundreds of Chinese component suppliers for over three years, indicating a strong reliance on the Chinese supply chain for the "Optimus" project [3] - Approximately 50% to 70% of the manufacturing capabilities and core component production technologies in the humanoid robot sector are held by Chinese companies [3] Group 2: Market Dynamics and Future Projections - Musk anticipates that the revenue potential for the "Optimus" robot could reach $10 trillion, highlighting the significant market opportunity [2] - The humanoid robot market is becoming increasingly polarized, with the U.S. focusing on AI advancements and China excelling in component manufacturing [4] - Current assessments suggest that both the U.S. and China need to continue investing in technology development to enhance their competitive positions in the humanoid robot sector [5]

Group 1 - The aerospace sector is experiencing a positive trend, with the aerospace ETF Tianhong (159241) rising by 1.10% and achieving a trading volume of 17.61 million yuan [1] - The aerospace ETF has seen a net inflow of 405 million yuan over the last 20 trading days, reaching a new high of 999.7 million yuan as of February 4, 2026 [1] - The ETF focuses on military aerospace, covering key components such as fighter jets, transport aircraft, helicopters, and missiles, aligning with the "integrated aerospace" strategic direction [1] Group 2 - The merger between SpaceX and xAI aims to deploy a million satellites to create an orbital AI data center, indicating significant advancements in commercial aerospace [1] - The C929 wide-body passenger aircraft by COMAC has entered the wind tunnel testing phase, while the C919 has received over a thousand orders following its flight demonstration at the Singapore Airshow [1] - The construction of China's first commercial aerospace common test platform is underway, supporting heavy rocket testing, and multiple government reports highlight commercial aerospace as a key industry [1][2]

Summary of Key Points from Conference Call Industry Overview - The mechanical equipment industry is expected to benefit from accelerated industrialization in emerging markets, particularly in Brazil and Saudi Arabia, with significant demand growth in capital goods such as power equipment, construction machinery, and mining machinery. However, the import share from the US has not increased [1][2]. Core Insights and Arguments - **Investment Opportunities**: The investment opportunities in the mechanical industry for 2026 are primarily focused on two areas: equipment exports and technological leadership. Emerging markets are showing increased demand for Chinese machinery, particularly in capital goods [2]. - **Technological Growth**: Emerging sectors like AI hardware and humanoid robots are expected to continue leading the market, with a sustained upward trend in 2026. The cyclical industries such as photovoltaic equipment and general automation are closely tied to the domestic manufacturing cycle [1][2]. - **Engineering Machinery Recovery**: The engineering machinery sector is poised for recovery, with domestic demand expected to rise as the cycle bottomed out in 2024-2025. The competitiveness of Chinese engineering machinery products is increasing, facilitating further international expansion [2][5]. Additional Important Content - **Stock Selection Focus**: Investors should pay attention to emerging growth areas (AI hardware, humanoid robots), cyclical industries (photovoltaic equipment, general automation), and traditional industries at inflection points (engineering machinery) that benefit from the overseas interest rate decline [1][2]. - **AI Equipment Industry**: The AI equipment supply chain is highlighted as a highly certain industry trend, with significant performance already reflected in financial reports. Companies like Dingtai and Zhongtung are expected to benefit from overseas demand and new materials [11]. - **PCB Industry Outlook**: The PCB industry is projected to experience significant growth from 2026 to 2027, with a potential market space increase of around 10 times compared to 2025. This growth is driven by new technologies and materials [12]. - **Engineering Machinery Market Dynamics**: The engineering machinery sector is expected to see strong growth in both domestic and international markets, with leading companies like SANY and XCMG focusing on internationalization strategies [14]. Specific Investment Directions - **Emerging Sectors**: Key sectors to watch include wind and lithium batteries, general automation, and AI-related industries, which are expected to show strong performance in 2026 [15][16]. - **Recommended Stocks**: Specific companies to consider include Zhongtung, Huarui Precision, Oke Yi, and Xinxin Co., which are positioned well within the AI and manufacturing sectors [18][19]. Overall Industry Trend - The mechanical industry is characterized by technological growth and an export cycle, with AI and related sectors expected to lead the market. Export-oriented companies with product, channel, and cost advantages are likely to find more opportunities in the global market [20].

Core Viewpoint - KedaLi, a leading manufacturer of precision structural components for power batteries in China, is experiencing high capacity utilization and orderly production scheduling for Q1 2026, despite some impact from rising raw material costs [1][3]. Group 1: Production and Capacity - The company is currently operating at a high capacity utilization rate and is focused on equipment upgrades and capacity expansion [2][3]. - The production schedule for Q1 2026 is progressing as expected, with operations running smoothly [2]. Group 2: Raw Material Impact - Rising raw material costs have had a certain impact on the company, but it is implementing multiple strategies to mitigate these effects, including capacity expansion, technological innovation, and internal management improvements [3]. - The company is actively negotiating price adjustments with clients and integrating supply chains to counteract the adverse effects of raw material price increases [3]. Group 3: Export Tax and Market Conditions - The adjustment of export tax for lithium battery products has minimal impact on the company, with stable operational conditions reported [4]. Group 4: Business Segments and Growth - The energy storage battery structural component business is growing significantly, although power batteries remain the primary revenue source [7]. - The company has a strong capacity advantage to meet increasing customer demand in the energy storage sector, with expectations for robust growth [8]. Group 5: International Expansion - The company is optimistic about the potential of overseas markets, with steady progress on its European production base and ongoing preparations for projects in the U.S. and Thailand [5]. - The global expansion is expected to provide substantial growth opportunities as international clients ramp up production [5]. Group 6: Future Strategy - The company aims to maintain its leadership in the new energy sector through capacity upgrades, technological iterations, and optimization of customer structures [9]. - A "dual-core strategy" is being implemented to develop high-precision reducers and joint modules for humanoid robots, which may become a significant growth driver in the future [9]. Group 7: Product Development - The large cylindrical battery structural component project is characterized by high barriers to entry and growth potential, with production capabilities expected to ramp up steadily this year [10].

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/05） 崔健 渤海证券研究所晨会纪要（2026.02.05） 金融工程研究 主要指数全部上涨，两融余额继续上升——融资融券 2 月月报 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 行业研究 关注马年春晚人形机器人相关催化——机械设备行业 2 月投资策略展望 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/02/05） 3、风险提示 金融工程研究 主要指数全部上涨，两融余额继续上升——融资融券 2 月月报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 本月（1 月 1 日-1 月 30 日）A 股市场主要指数全部上涨，其中科创 50 涨幅最大，上涨了 12.29%；上证 50 涨幅最小，上涨了 1.17%。此外，上证综指上涨 3.76 %，深证成指上涨 5.03%，创业板指上涨 4.47%，沪深 300 上涨 1.65 %，中证 ...

Core Viewpoint - The company, Qingdao High Measurement Technology Co., Ltd., has clarified that it has not engaged in any space photovoltaic business or collaborated with Elon Musk's team, despite market rumors suggesting otherwise [1][2][3] Group 1: Company Operations - The company focuses on ground photovoltaic products and services, including photovoltaic cutting equipment, cutting consumables, silicon wafers, and cutting processing services, with no significant changes in its main product applications [2][3] - The company has not signed any agreements or generated related orders or revenues from space photovoltaic initiatives, and its current operations remain unaffected [1][2] Group 2: Financial Performance - The company anticipates a net loss of between 35 million to 48 million yuan for the fiscal year 2025, with a non-recurring net loss projected between 120 million to 140 million yuan, primarily due to supply-demand imbalances and low product prices in the photovoltaic industry [1][2][3] - The company has noted that while the installed capacity of photovoltaic systems is expected to grow year-on-year, the industry is still facing severe market conditions, including low operating rates and persistent supply surplus [3] Group 3: Industry Context - The "space photovoltaic" concept is still in the exploratory phase, with significant uncertainties regarding its commercialization, cost structure, and operational systems, indicating that a scalable industrial model has not yet been established [3] - Investors are advised to be cautious and avoid blindly chasing market trends, emphasizing the importance of risk awareness in stock market investments [3] Group 4: Future Outlook - The company plans to enhance its research and development efforts to strengthen its specialized cutting technology and improve product competitiveness, while also focusing on increasing the output scale of its cutting equipment and services [4] - The company aims to continue driving cost reductions and efficiency improvements through technological innovation and is actively pursuing upgrades in its innovative product lines, including humanoid robotics [4]