版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 十四届全国人大四次会议大会发言人娄勤俭说，2025年是国产人形机器人产业实现技术突破与场景落地双重跨越的关键一年。人形机器人 技术能力、应用场景的不断拓展，让人们看到一个充满无限可能的未来。 来源：新华社 责编：叶舒筠 校对： 祝甜婷 ...

股票研究 /[Table_Date] 2026.02.26 [Table_Industry] 资本货物/工业 港交所聆讯通过，全球化战略加速 兆威机电(003021) 公司赴港上市聆讯通过点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 刘麒硕(分析师) | 0755-23976666 | liuqishuo@gtht.com | S0880525080005 | 本报告导读： 公司通过港交所主板上市聆讯，全球化战略加速。前瞻布局机器人赛道，汽车、电 子业务需求旺盛，看好公司业绩增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,206 | 1,525 | 1,830 | 2,398 ...

从行业板块方面看，马年春节以来，港股市场行业板块普遍上涨，电讯业、能源业、工业领涨市场，分 别累计上涨2.62%、2.48%、2.43%，原材料业累计涨幅超1%，资讯科技业、金融业、非必需性消费等 小幅上涨；而必需性消费、综合企业、医疗保健业下跌。 个股方面，整个港股市场马年春节以来近半数股票上涨，大昌微线集团累计涨幅超100%，玖源集团、 普天通信集团、亚博科技控股等累计涨幅超50%，中国信息科技、迅策、智谱等累计涨幅超20%。 ● 本报记者 刘英杰 马年春节开市以来，港股市场震荡调整，科技新势力表现活跃，半导体板块上涨趋势明显。 分析人士认为，随着AI大模型加速落地、人形机器人产业不断催化，叠加上市公司业绩披露期渐近， 中国资产有望持续获得投资者关注。尽管短期市场有所波动，但在估值优势、产业趋势与资金流向等多 重积极因素共振下，港股春季行情有望渐次展开。 指数震荡分化 马年春节开市以来（2月20日至2月24日）的三个交易日，港股市场主要股指震荡，恒生指数累计下跌 0.43%，恒生中国企业指数累计下跌0.69%，恒生科技指数累计下跌1.80%。但从2026年1月以来，港股 三大指数仅恒生科技指数累计下跌超4 ...

耿明璐正在对生产线进行点检巡视。 李 娜摄（人民视觉） 于哲仑在监控室内监测数据。 张子墨摄（人民视觉） 宇树科技机器人在进行训练。 宇树科技供图 精益求精的辛劳，换来产品下线时的成就感。"这条产线生产的产品，90%以上是非常规钢种，用在重 大工程建设、新能源汽车产业等领域。"耿明璐语带自豪。 通过技术创新、流程优化，2300生产作业区不断突破设计产能。2025年，作业区年产突破600万吨。新 的一年，耿明璐充满期待："我们正在着手智慧工厂建设，未来将实现整条产线的集中控制，产品产量 和质量有望再提升。" 钢坯火红，映照传统产业提质升级的进程；绿电聚合，显现新兴产业成长壮大的澎湃动能；人形机器人 身姿灵动，是未来产业加速培育的生动写照……"十五五"开局之年，春天里，让我们透过3个镜头，观 察现代化产业体系建设的稳健步伐，感受劳动者的奋斗热情。 ——编 者 辽宁本钢板材 镜头一：非常规钢生产不断突破设计产能 2月22日一早，不到7点半，辽宁本溪本钢板材热连轧厂2300生产作业区作业长耿明璐已在工作岗位。 参加班组班前会、查看轧制计划、明确重点品种生产要点……春节假期值班，工作一如往常。"热轧工 序上游连着炼钢， ...

以下文章来源于FINE未来产业新材料博览会 ，作者先进电池展 FINE未来产业新材料博览会 . 2026年6月10-12日，上海新国际博览中心。面向未来产业的新材料创新解决方案，集结全球新材料高科技发布及交流平台 【DT新材料】 获悉，近日，摩根士丹利发布 《机器人年鉴》首份报告，为 全球人形机器人产业锚定了宏伟蓝图： 机器人市场正加速蜕变为贯穿数十 年的万亿美元级投资赛道。 报告指出，全球人形机器人市场将在2030年代后期迈入爆发式增长通道， 2050年市场规模 有望突 破5万亿至60万亿美元，即便保守估算也将达到 7.5万亿美元。 如果叠加上产业链上的硬件和软件市场，市场规模将达数十万亿 美元 。 到2025年 全球将销售14亿台机器人，运行 中的机器人总数 将达到65亿台。 在庞大的市场潜力与近期密集出台的扶持政策双重加持下，人形机器人产业正迎来寒武纪式的爆发。 企查查数据显示，国内经营范围涉及机器人业务 的注册企业数量已突破100万家。 作为机器人的"动力心脏"，电池板块随之打开巨大发展空间，成为电池企业角逐的新赛道， 宁德时代、亿纬锂能、 欣旺达等头部企业纷纷成立专项团队布局，海外厂商三星、LG亦高 ...

Core Viewpoint - The company is exploring the feasibility of extending its core technologies and products into emerging and future industries, particularly in the humanoid robot sector [1] Group 1: Company Developments - The company's subsidiary, Kanni Electronics, and Kanni Precision Machinery currently do not have applications in the humanoid robot industry for their products such as motors, reducers, and precision grinding machines [1]

Core Insights - The number of humanoid robot manufacturers in China has exceeded 140, with over 330 products launched in the year [1] - The year 2025 is anticipated to be a milestone for mass production of humanoid robots, showcasing their applications in various sectors from entertainment to manufacturing [1] - The development of core technologies such as large models, integrated joints, and computing chips has laid a solid foundation for the industry [1] Industry Development - The humanoid robot industry is experiencing rapid evolution, driven by technological advancements and the establishment of a standardization committee by the Ministry of Industry and Information Technology in 2025 [1] - Over 70 leading companies and research institutions are collaborating to build a standard system, fostering a healthy ecosystem for the industry's growth [1] - Humanoid robots are increasingly becoming integral to production lines, replacing hazardous manual labor and enabling flexible manufacturing [1] Future Outlook - The continuous maturation of technology and expansion of application scenarios are expected to cultivate more dynamic new entrants in the humanoid robot sector [2]

Group 1 - The Ministry of Industry and Information Technology (MIIT) will continue to promote innovation and iterative upgrades in humanoid robot technology, aiming to drive the development of the broader computing intelligence industry [1] - The MIIT plans to enhance support for humanoid robots through the National Artificial Intelligence Industry Investment Fund and establish an open-source community for humanoid robots [1] - The humanoid robot industry is expected to open up a market space broader than that of automobiles, presenting significant investment opportunities as the industry transitions from "0 to 1" [1] Group 2 - The humanoid robot industry is accelerating, with advancements announced at CES, including NVIDIA's new models and platforms aimed at enhancing robot learning and training processes [2] - Major companies, both domestic and international, are expected to achieve breakthroughs in perception, decision-making, and execution, seizing first-mover advantages in the humanoid robot sector [2] - The industry is poised to transition from laboratory experiments to large-scale commercial applications, marking a new phase in humanoid robotics [2]

Group 1: Monetary Policy and Economic Outlook - The People's Bank of China (PBOC) signals potential for interest rate cuts and reserve requirement ratio (RRR) reductions in 2026, aiming for a moderately loose monetary policy to support stable economic growth and high-quality development [1] - The average RRR for financial institutions is currently 6.3%, indicating room for further cuts [1] Group 2: Automotive Industry Trends - Major automotive companies have set sales targets exceeding 21.55 million units for 2026, representing about 63% of 2025's total sales, with traditional manufacturers targeting 10% to 30% growth and new entrants aiming for aggressive growth of 34% to 67.5% [2] - The automotive market is characterized by significant differentiation, reflecting companies' assessments of market trends and their product and technology capabilities [2] Group 3: Financial Market Performance - A-shares experienced mixed trading on January 15, with the Shanghai Composite Index closing at 4112.60 points, down 0.33%, while the Shenzhen Component Index rose by 0.41% [3] - The total trading volume in the Shanghai and Shenzhen markets reached 29.385 trillion yuan [3] Group 4: Investment in Power Infrastructure - State Grid Corporation plans to invest 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase from the previous plan, focusing on high-quality development of the new power system supply chain [4] - The investment indicates an average annual grid investment exceeding 1 trillion yuan, with a focus on ultra-high voltage projects [4] Group 5: Asset Management Industry Changes - The asset management sector is undergoing significant changes due to the transition of public collective products and challenges in obtaining public fund licenses, prompting firms to seek new growth areas [5][6] - Strategies are shifting towards fixed income and multi-asset approaches, with alternative investments like REITs and derivatives becoming key revenue sources [6] Group 6: Gold ETF Milestone - The first gold ETF in China has surpassed 100.762 billion yuan in circulation, becoming the largest in Asia, amid rising international gold prices [6] - Fund managers remain optimistic about precious metals, citing ongoing trends that support gold price increases despite potential short-term volatility [6] Group 7: Corporate Dividend Announcements - Gree Electric Appliances plans to distribute approximately 5.585 billion yuan in cash dividends, enhancing investor returns and maintaining a stable dividend policy [7] Group 8: Cross-Border E-commerce Initiatives - Various provinces in China are actively promoting cross-border e-commerce to enhance foreign trade, with specific support measures for upstream manufacturers and brand owners [8] Group 9: AI Integration in E-commerce - Alibaba's Qianwen App has integrated with its ecosystem, offering over 400 AI functionalities for tasks like ordering food and booking flights, marking a shift towards practical AI applications [9] - The integration aims to establish Qianwen as a significant player in the AI market, with ongoing challenges in expanding its capabilities [9] Group 10: Luoyang Molybdenum's Profit Forecast - Luoyang Molybdenum expects a net profit of 20 to 20.8 billion yuan for 2025, a growth of 47.8% to 53.71%, driven by increased production and prices of copper [10]

Group 1: Machinery Industry - In December 2025, the total sales of excavators in China increased by 19.2% year-on-year, with domestic sales and exports growing by 10.9% and 26.9% respectively. For the entire year of 2025, total excavator sales rose by 17.0%, with domestic and export sales increasing by 17.9% and 16.1% respectively [2] - In December 2025, total sales of loaders in China grew by 30.0% year-on-year, with domestic sales and exports increasing by 17.6% and 41.5% respectively. For the full year of 2025, total loader sales increased by 18.4%, with domestic and export sales rising by 22.1% and 14.6% respectively [2] - The growth in excavator and loader sales is attributed to the peak construction season and overseas channel restocking. The demand for machinery is expected to continue growing in 2026 due to ongoing replacement needs, contributions from projects, and trends towards electrification [2] Group 2: Robotics Industry - According to Omdia, Zhiyuan Robotics topped the global humanoid robot shipment rankings with over 5,100 units shipped, capturing 39% of the global market share. The top six companies in humanoid robot shipments in 2025 are all Chinese, accounting for 86.9% of global shipments [3] - Recent financing activities in the robotics sector include Qiangna Technology raising approximately 2 billion RMB, and Mobileye announcing a $900 million acquisition of the humanoid startup Mentee Robotic. Other companies like Lingxin Qiaoshou and Xingjiguan also completed new financing rounds [3] - New product launches include Boston Dynamics' new generation Atlas humanoid robot, which has entered production, and Xiaopeng Motors announcing the mass production of its humanoid robot in 2026 [5] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.9 percentage points to 50.1% in December 2025, indicating a return to expansion. This improvement is driven by the effects of policy implementation and pre-holiday inventory preparations [6] - The report maintains a "buy" rating for the machinery industry, highlighting the potential for sustained growth in performance for major machinery manufacturers due to resonating domestic and international demand [6] - The report suggests focusing on the engineering machinery sector (e.g., XCMG, SANY Heavy Industry) and the rapidly growing humanoid robotics sector (e.g., Estun, Greentech) as areas of significant investment opportunity [6]