机械设备 机械设备 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2025-02 2025-06 2025-10 机械设备 沪深300 相关研究报告 《马斯克表示 2026 年底或 2027 年向 公众出售人形机器人，魔法原子机器 人将首秀春晚—行业周报》-2026.1.25 《聚氨酯 TPU 结构件：防护减震理想 选择，人形机器人量产落地的"安全 垫"—行业周报》-2026.1.18 《新剑传动启动上市辅导，特斯拉供 应链核心资产有望迎来价值重估 — 行业周报》-2026.1.11 太空采矿开启新篇章，人形机器人和商业航天有望双 向奔赴 ——行业周报 孟鹏飞（分析师） 欧阳蕤（分析师） mengpengfei@kysec.cn 证书编号：S0790522060001 ouyangrui@kysec.cn 证书编号：S0790525060002 板块整体回调，情绪冰点重视机器人布局机会 近期人形机器人板块指数在前一周震荡后，本周出现较大幅度下跌，结构上个股 呈现分化。本周（1 月 26 日-1 月 30 日，全文同）沪深 ...

机械设备 机械设备 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2025-02 2025-06 2025-10 机械设备 沪深300 相关研究报告 《马斯克表示 2026 年底或 2027 年向 公众出售人形机器人，魔法原子机器 人将首秀春晚—行业周报》-2026.1.25 《聚氨酯 TPU 结构件：防护减震理想 选择，人形机器人量产落地的"安全 垫"—行业周报》-2026.1.18 《新剑传动启动上市辅导，特斯拉供 应链核心资产有望迎来价值重估 — 行业周报》-2026.1.11 太空采矿开启新篇章，人形机器人和商业航天有望双 近期人形机器人板块指数在前一周震荡后，本周出现较大幅度下跌，结构上个股 呈现分化。本周（1 月 26 日-1 月 30 日，全文同）沪深 300 指数上涨 0.08%，科 创 50 指数下跌 2.85%；人形机器人行业核心公司指数下跌 8.73%，跑输沪深 300 指数。周涨跌幅榜排名前五的是：绿的谐波（5.92%）、安培龙（4.37%）、北特 科技（3.75%）、三花智控（-5.74%）、汉威 ...

中国商业航天将开发更多"太空+"场景，相关投资标的受市场关注。中证卫星产业指数选取50只覆盖卫 星制造、发射、应用等领域的上市公司作为指数样本，其成份股涉及卫星制造、发射、应用等全产业链 环节，具有产业链覆盖广、龙头集中度高、应用端占比高等特点，有望充分受益于行业上行贝塔。卫星 ETF易方达（563530）跟踪该指数，可助力投资者把握"太空+"未来发展机遇。 （文章来源：每日经济新闻） 有分析解读称，太空采矿对于中国，是摆脱资源依赖、赢得未来战略主动权的关键一环。未来我国在小 天体资源勘查、智能自主开采、低成本转移运输、在轨处理等关键技术上有望迎来突破。 中国航天科技集团今日表示，"十五五"时期，将谋划推动太空旅游、太空数智基础设施、太空资源开 发、太空交通管理等新领域发展。在太空资源开发方面，开展"天工开物"重大专项论证，建设太空资源 开发综合实验和地面支持系统，重点突破小天体资源勘查、智能自主开采、低成本转移运输、在轨处理 等关键技术。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中国航天科技集团今天表示，"十五五"时期，将开展"天工开物"重大专项论证，建设太空资源开发综合 实验和地面支持系统，重点突破小天体资源勘查、智能自主开采、低成本转移运输、在轨处理等关键技 术。（央视新闻） （来源：智通财经） ...

Core Viewpoint - Space mining, once a concept from science fiction, is becoming a reality as countries and companies explore the potential of extracting resources from celestial bodies to address Earth's resource scarcity [1][5]. Group 1: Economic Potential - The economic value of space mining is immense, with NASA reporting that many asteroids are rich in resources, including a significant gold and platinum deposit on asteroid "16 Psyche" valued at over $80 trillion [2]. - The CEO of Fleet Space Technologies described asteroids as "floating mines" worth trillions of dollars, highlighting the lucrative nature of space mining ventures [2]. Group 2: Technological Developments - Various countries and organizations are advancing space mining technologies, with NASA successfully returning approximately 250 grams of precious rocks and dust from the Bennu asteroid in 2023 [1]. - Japan's space agency has also collected samples from the near-Earth C-type asteroid "Ryugu," demonstrating the feasibility of space mining [1]. Group 3: Commercial Initiatives - Commercial space mining companies are emerging, such as Planetary Resources, which aimed to develop low-cost spacecraft for asteroid mining, and AstroForge, which raised $40 million in Series A funding [4]. - Interlune plans to launch a lunar mining machine in 2025, with agreements in place to sell helium-3 extracted from the Moon, potentially valued at $300 million [4]. Group 4: Challenges and Obstacles - Despite the promising economic outlook, space mining faces significant challenges, including initial investment costs estimated in the hundreds of billions of dollars for lunar mining [5]. - The influx of rare resources could lead to market volatility and price crashes, posing risks to the commercial viability of space mining [5]. - International legal frameworks regarding space mining are inconsistent, with the Outer Space Treaty establishing space resources as a common heritage, complicating unilateral extraction efforts by nations [5].

Group 1: Core Insights - Space mining is transitioning from science fiction to reality, with the EU emphasizing the need for advanced mining technologies, including lunar mining, to secure critical materials for low-carbon energy technologies [1] - The Moon is rich in elements such as oxygen, silicon, titanium, manganese, and aluminum, as well as helium-3, a stable nuclear power material, while Mars has over 160 known mineral resources [1] - The economic potential of space mining is immense, with NASA estimating that a single asteroid, 16 Psyche, contains precious metals valued at over $80 trillion [2] Group 2: Industry Developments - Companies like AstroForge and Interlune are making strides in space mining, with AstroForge completing a $40 million Series A funding round and Interlune planning to launch a lunar mining machine by 2025 [3] - The initial investment for lunar mining is projected to be in the hundreds of billions, excluding transportation and processing costs, highlighting the financial challenges facing the industry [3] - The international legal framework surrounding space mining is complex, with the Outer Space Treaty establishing that space resources are the common heritage of mankind, yet countries like the US and Japan have domestic laws that contradict this principle [4]

Core Viewpoint - The global deep space exploration is transitioning from a focus on technological breakthroughs to a balanced emphasis on significant scientific discoveries and resource development [1] Group 1: Conference Overview - The "Frontiers of Extraterrestrial Resource Development Technology and Development Strategy - Space Mining and Deep Space Manufacturing" academic seminar was held in Bozhou, Anhui, organized by the Chinese Academy of Engineering [1] - The seminar was supported by various institutions including the National Space Administration's Deep Space Exploration Innovation Center and the Bozhou Municipal Government [1] - Key experts in attendance included academicians from various universities and organizations, with nearly a hundred representatives from over 30 units participating [1] Group 2: Discussion Topics - Experts discussed strategies for resource development and utilization of typical extraterrestrial bodies such as asteroids and the Moon [1] - The conference covered key technology systems, industry traction mechanisms, and major engineering application scenarios related to extraterrestrial resource exploration, mining, and in-situ manufacturing [1] - There was a systematic exchange on the full-chain technology paths for extraterrestrial resource exploration, mining, and construction, along with prospects for the deep space economy and industry development [1]

Group 1 - The training program on sustainable coal mining and environmental protection, hosted by the Ministry of Science and Technology and organized by China University of Mining and Technology, successfully concluded after 16 days with 20 participants from nine developing countries [1][3] - The program aimed to address global challenges of energy security and climate change, sharing technological achievements and practical experiences in intelligent mining and green mine construction [3] - Training topics included space mining, coal-water co-extraction, ecological restoration, and mine safety, with discussions on common and unique issues in mineral development across different countries [3] Group 2 - Experts engaged in in-depth discussions on themes such as "space mining," "gas disaster management under carbon neutrality goals," "coal-water co-extraction in ecologically fragile western mining areas," and "mineral resources and geological exploration technology" during the seminar sessions [3] - The training program was supported by over thirty units, including the International Exchange and Cooperation Office, the Office of Foreign Cooperation and Development, the Scientific Research Institute, and the College of Environment and Surveying [3]

Core Insights - The EU is increasingly concerned about its reliance on China for rare earth supplies following China's implementation of export restrictions, with only half of the approximately 2000 export applications approved [1][4] - The establishment of a "special communication channel" between the EU and China aims to stabilize the supply of rare earth materials for EU industries, with China agreeing to prioritize EU companies' export applications [1][4] - Despite these efforts, the EU acknowledges that it will continue to depend on China for rare earth resources in the short term due to the complexity and high costs associated with domestic mining and refining [2][4] Group 1 - The EU has submitted around 2000 rare earth export applications to China, with only half receiving approval, highlighting the challenges of decoupling from Chinese supply [1][4] - The EU's Economic Security Committee member stated that if China does not ease export restrictions, the EU's supply chains will face severe disruptions [1] - The EU is also exploring domestic rare earth resources, particularly in Estonia, to reduce dependence on China [1][2] Group 2 - The EU's plan to develop local rare earth resources faces significant challenges due to the complexity and high costs of extraction and refining processes [2] - The EU's high-tech manufacturing sectors, including electric vehicles, are heavily reliant on rare earths, with nearly 100% of these materials currently imported from China [2] - The EU previously proposed advanced mining technologies, including "space mining," to reduce reliance on China, but this has been met with skepticism due to technological limitations [2] Group 3 - EU member states have been warned that reducing dependence on Chinese rare earths is a difficult task, as many export applications remain unapproved [4] - The EU has proposed a general licensing system for rare earth exports to streamline the approval process, but this is still under discussion [4] - Analysts suggest that the EU may need to make concessions to China, such as lifting export controls on electric vehicles, to secure more rare earth imports [5] Group 4 - China's Ministry of Commerce has expressed a willingness to deepen cooperation with the EU, emphasizing the potential for mutual benefits and the need for a favorable trade environment [5][6] - The Chinese government has indicated that cooperation should be prioritized over setting economic barriers, signaling a potential path for improved trade relations [6]

Group 1 - G7 countries are focusing on reducing dependence on China's rare earth industry, proposing measures such as setting minimum export prices, imposing punitive tariffs, and introducing carbon tax mechanisms [1] - The EU's dependence on Chinese rare earths is significantly higher than that of the US, with China's rare earth magnet exports to the EU increasing by 21% in August, reaching 2,582 tons, while exports to the US decreased to 590 tons [3] - China leads in the entire rare earth industry chain, especially in rare earth magnet manufacturing, with exports reaching 6,164 tons in August, a year-on-year increase of over 15% [5] Group 2 - China has implemented targeted export controls on rare earths, requiring export licenses for certain categories and controlling exports based on the strategic risk of the destination country [6] - In September, China announced it would no longer seek new "special and differential treatment" from the WTO, which is seen as a strategic adjustment rather than a concession [8] - This decision reflects China's transition from being a "rule taker" to a "rule maker" in international trade, as it begins to propose new frameworks in areas like cross-border e-commerce and green development [9] Group 3 - The G7's plans are viewed as self-damaging and unlikely to disrupt China's rare earth advantages, while China is strategically adjusting its export policies and WTO status to maintain its interests and gain the upper hand in international trade [12] - China's approach is characterized as a planned and strategic counterattack rather than mere defense [14]