Group 1 - The company has indicated that it has optical products that have already been shipped, but the humanoid robot industry is still in its cultivation phase with very small sales volume [2] - The company responded to an investor inquiry regarding the availability of humanoid robot-related products for sampling or mass production [2] Group 2 - The industry is currently characterized as being in a developmental stage, suggesting potential for future growth but limited current market activity [2]

Group 1 - The company currently has no specific plans for developing clothing for humanoid robots [1]

Group 1 - The China International Import Expo (CIIE) serves as a significant platform for technology companies to showcase their products and secure orders from both domestic and international clients [1][5] - Companies like Yufeng Future and Shike Technology have reported substantial interest, with Yufeng Future receiving 200 intent orders for its M1 series aircraft, exceeding 2 billion yuan [5] - The participation of brands such as OSIM highlights the importance of the Chinese market, with over 60% of its global store count located in Greater China [5] Group 2 - Robotics companies are leveraging the CIIE to demonstrate their capabilities, with products like the Lingxi X2 and Yuanzheng A2 being showcased in various applications, including cultural tourism and commercial performances [6][8] - The use of advanced robotics in interactive roles, such as the "smart bank manager" and performance robots, illustrates the growing integration of AI in service sectors [6][8] - Companies are exploring international collaborations, with a focus on utilizing robots for logistics and other applications in overseas markets, where robot prices are approximately 25% higher than in China [12] Group 3 - The global expansion strategy of companies like Zhiyuan Robotics aims for overseas business revenue to exceed 30% by next year, indicating a strong push into international markets [12] - Companies are not only focusing on sales but also on advancing technology through partnerships with leading institutions like MIT, enhancing their research and development capabilities [12]

Core Viewpoint - The company identifies the general field as a key driver for business growth, particularly in the humanoid robotics sector, focusing on precision machining of core components [2] Group 1: Business Growth and Strategy - The company's products, including drilling and milling centers, vertical machining centers, and five-axis machining centers, are essential for the precision processing of components used in humanoid robots [2] - The general field business is showing a multi-faceted growth trend, enhancing the company's anti-cyclical capabilities and laying a solid foundation for expansion [2] - The company is closely monitoring trends in the humanoid robotics field and will continue to innovate in technology and product development to meet market demands [2]

Core Viewpoint - The company has confirmed that it has optical products related to humanoid robots that have been shipped, but the industry is still in its nurturing phase with very small sales volumes [1] Group 1: Company Information - The company, Lianchuang Electronics (002036), has stated that it has optical products related to humanoid robots that are already being shipped [1] - The company acknowledges that the industry for humanoid robots is still in its early stages of development, indicating that sales volumes are currently low [1]

型及花 机械设备 2025 年 11 月 06 日 研究 行业 证券分析师 胡书捷 A0230524070007 husj@swsresearch.com 王珂 A0230521120002 wangke@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 邵翼 A0230524120001 shaoyi@swsresearch.com 联系人 胡书捷 A0230524070007 husj@swsresearch.com 申万宏源研究微信服务号 表 1: 重点公司估值表 | 公司代码 | 公司简称 | 2025/11/5 | | EPS (元/股) | | | | PE | | | PB (LF) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 收盘价（元/股） | 24A | 25E | 26E | 27E | 24A | 25E | 26E | 27E | | | 09868 | 小鹏汽车-W | 87.70 | -3.03 | ...

Core Insights - Xiaopeng Motors (XPEV.US) shares rose by 5.37% to $22.96 in pre-market trading following announcements made during the 2025 Xiaopeng Technology Day [1] - The company plans to enter the Robotaxi, humanoid robot, and flying car sectors, with an L4 Robotaxi expected to launch in 2026, equipped with four Turing chips [1] - A partnership with Alibaba's ride-hailing platform, Gaode, will facilitate the operation of Robotaxi services [1] Financial Analysis - Citigroup's research report views the announcements as positive, suggesting that while the profitability of Xiaopeng's new business ventures is still in early stages, it could enhance market sentiment and elevate the stock's valuation from traditional new energy vehicle levels to higher premiums associated with AI, technology, and Robotaxi [1] - Citigroup maintains a "Buy" rating on Xiaopeng Motors with a target price of $29.4 [1] Stock Performance - The closing price on November 5 was $21.79, with a decrease of 3.97% [1] - The pre-market price on November 6 was $22.96, reflecting an increase of $1.17 [1] - The stock has a market capitalization of $20.807 billion and a trading volume of 14.2982 million shares [1]

11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 11月6日，在第八届进博会宇树科技展台，裁判宣布人形机器人格斗开始。 11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 11月6日，在第八届进博会宇树科技展台，一名媒体记者与人形机器人互动体验格斗。 11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 ...

盘面上，作为市场风向标的权重科技股集体上涨助力大市向好，其中，阿里巴巴涨超4%，京东涨超 3%，腾讯、百度、美团、小米均有涨幅；保险股、内银股、中资券商股等金融权重亦表现活跃助力大 市上涨；电解铝产能约束不断强化，机构看好板块盈利估值齐升，铝业股引领有色金属股上涨，中国铝 业大涨超11%，中国宏桥创历史新高！华强北商家称存储价格"一天一价"，机构预计四季度仍将延续上 涨态势，半导体芯片概念股全天强势，龙头中芯国际劲升超7%。 另一方面，影视娱乐股、生物医药股、在线教育股部分走低，小鹏汽车盘中拉升涨近6%，新一代人形 机器人亮相，计划明年4月量产；新股旺山旺水上市首日收涨145.73%。(格隆汇) 港股三大指数呈现高开高走行情，市场做多情绪回稳，一举收复月内全部跌幅。截止收盘，恒生科技指 数尾盘一度涨至3%，最终收涨2.74%，恒生指数、国企指数分别上涨2.12%及2.1%，恒指上扬达550点 报26485点。 ...

Group 1 - The core viewpoint is that the robotics sector is experiencing significant growth, with several stocks rising sharply due to recent developments and announcements in the industry [1] - Notable stock performances include Sanhua Intelligent Control rising by 7.3% to HKD 38.52, Delta Electronics increasing by 6.74% to HKD 36.42, Lens Technology up by 6.56% to HKD 26.96, and MicroPort Robotics-B gaining 2.76% to HKD 26.08 [1] - Recent catalysts in the robotics field include the launch of a new humanoid robot by XPeng and large orders signed by UBTECH and Yujian [1] Group 2 - The Ministry of Industry and Information Technology's Deputy Director, Yao Jia, stated that humanoid robots are considered the best form of embodied intelligence, which will profoundly change human production and lifestyle, reshaping the global industrial landscape [1] - According to Shenwan Hongyuan, domestic robotics technology is globally leading, with more new energy vehicle companies rapidly advancing, enhancing market confidence in domestic products [2] - According to Open Source Securities, the mass production of humanoid robots is imminent, with production lines from Tesla, Yuzhu, and Zhiyuan expected to enter large-scale manufacturing by 2026, marking a significant milestone for the industry [2]