行情回顾 本周板块表现：上周（2025/11/24-2025/11/28）5 个交易日，SW 机械设备指数上涨 3.91%，在申万 31 个一级行 业分类中排名第 7；同期沪深 300 指数上涨 1.64%。2025 年至今表现：SW 机械设备指数上涨 30.48%，在申万 31 个一级行业分类中排名第 6；同期沪深 300 指数上涨 15.04%。 核心观点 投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 AI 催化燃气轮机需求上行，持续看好核心零部件涡轮叶片。目前全球大型数据中心数量高速增长，导致电力需 求高增。燃气轮机发电凭借项目建设速度快、发电稳定、成本低等优势，有望成为 AIDC 供电的重要方案，预计 2025-2028 年，美国数据中心总功耗约从 8.9GW 提升到 111.3GW，按照燃机占比 46%-52%的假设，对应燃机需求 为 4.1GW-57.9GW，26-28 年增速分别为 219%/135%/88%，保持高增。涡轮叶片是燃机核心零部件，价值量大，壁 垒高，全球产能严重不足。应流股份是国内叶片龙头，经历了长期重 ...

智通财经获悉，优必选(09880)涨超3%，截至发稿，涨3.31%，报112.5港元，成交额4.37亿港元。 消息面上，11月28日，优必选宣布成功中标江西九江市人形机器人数据采集与训练中心项目，中标金额 为1.43亿元。该项目将采用优必选最新款可自主换电的工业人形机器人Walker S2。截至目前，优必选 Walker系列人形机器人2025年全年订单总金额已达到13亿元（不含全尺寸科研教育人形机器人"天工行 者"及小型人形机器人"AI悟空"），在全球人形机器人商业化落地进程中持续保持领先地位。 本文源自：智通财经网 今年以来，优必选人形机器人屡获超亿元大单：9月，优必选拿下2.5亿元全球人形机器人最大采购合 同；10月，中标1.26亿元订单；进入11月，先后获得1.59亿元、2.64亿元、1.43亿元订单，其中2.64亿订 单再度刷新全球人形机器人单笔订单金额纪录，商业化进程不断提速。目前，优必选工业人形机器人产 能已达到每月300台，预期全年交付量将超过500台。 ...

智通财经APP获悉，优必选(09880)涨超3%，截至发稿，涨3.31%，报112.5港元，成交额4.37亿港元。 消息面上，11月28日，优必选宣布成功中标江西九江市人形机器人数据采集与训练中心项目，中标金额 为1.43亿元。该项目将采用优必选最新款可自主换电的工业人形机器人Walker S2。截至目前，优必选 Walker系列人形机器人2025年全年订单总金额已达到13亿元（不含全尺寸科研教育人形机器人"天工行 者"及小型人形机器人"AI悟空"），在全球人形机器人商业化落地进程中持续保持领先地位。 今年以来，优必选人形机器人屡获超亿元大单：9月，优必选拿下2.5亿元全球人形机器人最大采购合 同；10月，中标1.26亿元订单；进入11月，先后获得1.59亿元、2.64亿元、1.43亿元订单，其中2.64亿订 单再度刷新全球人形机器人单笔订单金额纪录，商业化进程不断提速。目前，优必选工业人形机器人产 能已达到每月300台，预期全年交付量将超过500台。 ...

优必选(09880)涨超3%，截至发稿，涨3.31%，报112.5港元，成交额4.37亿港元。 今年以来，优必选人形机器人屡获超亿元大单：9月，优必选拿下2.5亿元全球人形机器人最大采购合 同；10月，中标1.26亿元订单；进入11月，先后获得1.59亿元、2.64亿元、1.43亿元订单，其中2.64亿订 单再度刷新全球人形机器人单笔订单金额纪录，商业化进程不断提速。目前，优必选工业人形机器人产 能已达到每月300台，预期全年交付量将超过500台。 消息面上，11月28日，优必选宣布成功中标江西九江市人形机器人数据采集与训练中心项目，中标金额 为1.43亿元。该项目将采用优必选最新款可自主换电的工业人形机器人Walker S2。截至目前，优必选 Walker系列人形机器人2025年全年订单总金额已达到13亿元(不含全尺寸科研教育人形机器人"天工行 者"及小型人形机器人"AI悟空")，在全球人形机器人商业化落地进程中持续保持领先地位。 ...

Core Insights - The humanoid robotics company Songyan Power has completed nearly 200 million yuan in Pre-B+ round financing, led by CICC Capital, with participation from Yuntai Capital and Houwei Capital [1] - This financing will be used to enhance technological innovation and R&D investment, expand high-value application scenarios, and streamline the pathway from R&D to large-scale production and delivery [1] Financing Overview - Following a nearly 300 million yuan Pre-B round financing on October 26, Songyan Power has raised nearly 500 million yuan in total within a month, marking its fifth round of financing this year [3] - The recent financing round highlights the company's strong financial backing and investor confidence in its growth potential [3] Product Launch and Market Demand - Songyan Power recently launched the industry’s first humanoid robot priced under 10,000 yuan, named "Xiaobumi," which sold 100 units within an hour of its launch on JD.com and sold out 500 units in two days [3] - The sales performance indicates a significant market demand for consumer-grade humanoid robots, suggesting potential applications beyond industrial and laboratory settings, particularly in education and home entertainment [3] Strategic Partnerships - Concurrently with the financing announcement, Songyan Power has formed a strategic partnership with the programming education company "Programming Cat" to create a "Humanoid Robot Programming Education Laboratory" [3] - This collaboration aims to integrate Songyan Power's humanoid robot products with Programming Cat's extensive network of over 70,000 primary and secondary schools and its K12 programming curriculum, reaching over 43 million users [3]

对于人形机器人的商业化进程，业内也持乐观态度。开源证券研究所机械首席分析师孟鹏飞近日在研报 中表示："我们认为2026年是国产人形机器人量产元年，当前呈现出技术突破提速、供应链逐步完善、 商业化初步试水的鲜明特征。看好头部整机资本化，以及开启大规模量产带来的整机制造、硬件供应 链、标准化(检测)等投资机会。" 中国信息通信研究院发布的《人形机器人产业发展研究报告》中提出，未来可考虑分三个阶段推动人形 机器人商业化落地。第一阶段，通过政策牵引，深入挖掘危险作业、极端环境等高价值的特种应用场 景，推动供需双方对接，定向开发一批产品并落地应用。第二阶段，加快探索工业制造、物流等制造业 相关的大规模应用场景，从"替代相对简单且重复性的劳动"开始，成熟一代应用一代，在迭代中加速技 术成熟、降低单体成本、提升整体性能，逐步提高对制造业场景的渗透率。第三阶段，加强人工智能与 人形机器人的融合创新，实现更高水平的具身智能，并推动人形机器人进入医院、学校、商场、餐厅等 服务业场景，最终走入千家万户。 相较于传统机器人，人形机器人具备显著优势，这也是业内对其未来商业化价值寄予厚望的关键因素。 北京清飞科技有限公司创始人兼CEO魏 ...

Asia Pacific Equity Research 21 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Humanoid Robot Sector's continued ascent evident in Global TMT takeaways, Xpeng's move, UBTech's order wins In this note, we share takeaways from the Global TMT con ...

Core Insights - The humanoid robot industry is experiencing a surge in large orders, indicating strong market confidence in the commercialization of humanoid robots [1][2][4] - Major companies like UBTECH, Zhiyuan Robotics, and Yushu Technology have secured significant contracts, while new entrants like XPeng and ByteDance are also entering the market [1][2][3] - The industry is transitioning from experimental products to commercially viable solutions, with a focus on mass production and standardization [4][5] Industry Developments - Seven humanoid robot companies have announced orders exceeding 100 million yuan or over 1,000 units, showcasing a robust demand [1] - UBTECH's Walker S2 humanoid robot has secured a contract worth 159 million yuan for a data collection project, adding to its total orders exceeding 800 million yuan for the year [2][5] - The supply chain for humanoid robots is experiencing increased activity, with manufacturers reporting a tripling of inquiries and doubling of actual orders [2][5] Market Trends - The humanoid robot market is expanding into various applications, including education, retail, security, and healthcare [4] - The cost of humanoid robots has significantly decreased, from several hundred thousand yuan five years ago to below 100,000 yuan today, making them more economically viable for commercial use [5][6] - The industry is moving towards modular and standardized manufacturing, which enhances production efficiency and reduces costs [5] Future Outlook - The Ministry of Industry and Information Technology plans to accelerate major national technology projects to support the humanoid robot sector [6] - Despite the positive developments, challenges remain in technology, cost, and regulatory aspects that need to be addressed for large-scale commercialization [6]

Core Insights - The new generation of Xpeng's IRON robot has become a focal point of public discussion, showcasing advanced humanoid movements that sparked debates about its authenticity [1][2] - Xpeng's chairman, He Xiaopeng, addressed skepticism by revealing the robot's internal structure, effectively transforming a potential PR crisis into an opportunity for technical education [1] - The controversy highlights a paradox where the robot's technological sophistication leads to increased scrutiny, demonstrating that the more human-like the robot appears, the more it is subject to doubt [2] Technological Advancements - Xpeng has successfully transitioned from laboratory prototypes to practical products, with the IRON robot now performing sorting, handling, and quality inspection tasks in its factory [2] - The collaboration with Baosteel marks a significant step into industrial inspection scenarios, differentiating Xpeng from competitors who struggle to move beyond mere demonstrations [2] - The robot's design features 82 degrees of freedom and a precision gait error of just 2 millimeters, supported by three self-developed Turing chips providing 2250 TOPS of computing power, which is 15 times that of Tesla's Optimus [1] Cost Efficiency - Xpeng has managed to reduce the cost of high-end humanoid robots to below 500,000 yuan, approximately 40% lower than Tesla's expected costs, addressing the industry's long-standing issue of high costs and scalability [2] Market Strategy - The choice to focus on industrial applications rather than consumer markets aligns with the current maturity of the technology, allowing for the accumulation of critical data for future iterations [2] - Xpeng's plan for mass production by the end of 2026 is based on solid advancements in technology, cost, and application scenarios, indicating a viable path for commercialization [3] Industry Implications - The ongoing debate surrounding the IRON robot signifies a pivotal moment for the humanoid robotics industry, suggesting that commercialization is not a distant fantasy but a current reality [3] - As more companies enter the humanoid robotics field, technological iterations will accelerate, costs will decrease, and application scenarios will expand, marking a shift from technical showcases to practical implementations [3]

Group 1 - The core viewpoint is that humanoid robots are expected to take at least 8-10 years to enter household scenarios, with a focus on industrial applications in the near term [2][6]. - Experts predict that in the coming year, over 10,000 humanoid robots are expected to be delivered in the industrial sector, marking a significant milestone comparable to the early days of new energy vehicles [6]. - The ultimate goal of developing humanoid robots is to address practical problems in daily life and production, as long as the models can effectively solve these issues [6][5]. Group 2 - Safety and regulatory standards are critical challenges that need to be addressed before humanoid robots can be integrated into home environments [3][2]. - The initial deployment of humanoid robots is anticipated in industrial settings, with broader applications in commercial scenarios, such as hospitality, expected to follow in 3-5 years [2][5]. - The transition from technology development to practical application in various scenarios is seen as a key focus for the industry, with a need for scalable and replicable use cases [3][6].