宇树春晚表演进步明显，关注电机感知等 零部件技术突破 ——机器人产业跟踪 核心观点 投资建议与投资标的 ⚫ 宇树机器人展现了更强的跑位精度、跑位速度、关节强度、关节爆发能力，反映了 零部件硬件的进步，我们认为在电机、感知领域的边际变化较大，建议关注相关领 域的国产厂商。相关标的：卧龙电驱(600580，未评级)、江苏雷利(300660，未评 级)、奥比中光-UW(688322，未评级)。 风险提示 厂商生产不及预期、场景需求落地不明确导致低于预期、国家政策变化导致行业发展放 缓、行业融资不及预期、模型发展和数据采集慢于预期、订单执行效果低于预期、产品 降价风险。 机械设备行业 行业研究 | 动态跟踪 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 02 月 27 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 全球地缘政治扰动加剧，矿山机械迎来发 | 2026-02-08 | | --- | --- | | 展机遇 | | | 美国数据中心建设加剧用电紧张，燃机 ...

特斯拉 V3 即将落地，有望成为明星产品， 行业发展加速 ——机器人产业跟踪 核心观点 投资建议与投资标的 近期我们看到特斯拉持续预热第三代机器人，我们认为产业发展有望迎来提速，行业的 景气度也将随之提升。向前看，我们预计行业将进入产能扩建，而在扩产过程中，我们 认为供应商的制造和管理优势非常重要，因此制造和经营能力领先的企业更具投资机 会。相关标的：拓普集团(601689，买入)、三花智控(002050，买入)、五洲新春 (603667，买入)、恒立液压(601100，未评级)、震裕科技(300953，买入)。 风险提示 厂商生产不及预期、场景需求落地不明确导致低于预期、国家政策变化导致行业发展放 缓、行业融资不及预期、模型发展和数据采集慢于预期、订单执行效果低于预期、产品 降价风险。 机械设备行业 行业研究 | 动态跟踪 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 02 月 06 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 顺应人形机器人拟人化趋势， ...

Investment Rating - The report maintains a "Positive" investment rating for the mechanical equipment industry, indicating an expected return that is stronger than the market benchmark by over 5% [7]. Core Insights - The trend towards more human-like robots is expected to enhance the degrees of freedom in humanoid robots, leading to an expanded market for encoders. Related component manufacturers are likely to benefit, including companies such as Inovance Technology (300124, not rated), Hechuan Technology (688320, not rated), and Xinjie Electric (603416, not rated) [4]. - Tesla's V3 version of the Optimus robot is anticipated to achieve breakthroughs in joint numbers and hand flexibility, contributing to the goal of increased human-like characteristics in robots [10]. - Magnetic encoders are expected to benefit more than optical encoders from the increase in degrees of freedom in humanoid robots. The demand for encoders is projected to grow as humanoid robots become more advanced [10]. - AMR sensors are highlighted for their advantages in high-precision and compact applications, particularly in dexterous hands, which could lead to increased revenue and market share for domestic manufacturers [10]. Summary by Sections Humanoid Robot Development - The humanoid robot's design is evolving towards greater human-like features, with advancements in joint flexibility and overall design [10]. - Domestic manufacturers are making progress in humanoid design, with examples like Xiaopeng's IRON robot featuring 82 degrees of freedom [10]. Encoder Market Expansion - The report emphasizes the growing demand for encoders as humanoid robots achieve higher degrees of freedom, with magnetic encoders being more cost-effective for mass production [10]. - AMR sensors are noted for their higher sensitivity and suitability for compact designs, making them preferable in high-precision applications [11]. Application of AMR Sensors - AMR sensors are expected to see broader application in the core joint components of robots, which will drive revenue growth for domestic manufacturers [10].

Investment Rating - The report maintains a "Buy" rating for specific companies within the robotics sector, particularly highlighting Tesla's increased investment in its robot production line [3][8]. Core Insights - Tesla plans to significantly increase its investment in the robot production line, enhancing market confidence and presenting investment opportunities. The goal is to achieve an annual production of one million robots [3][8]. - The performance improvements of the Optimus V3 robot are expected to drive breakthroughs in downstream application scenarios, further expanding the demand for humanoid robots [8]. - The upcoming release of V3 is anticipated to create investment opportunities related to dexterous hands and humanoid robot features, which are crucial for performing various tasks [8]. Summary by Sections Investment Recommendations and Targets - Tesla's capital expenditure is projected to exceed $20 billion in 2026, indicating strong commitment to the robotics sector [3][8]. - Recommended stocks include Top Group (601689, Buy), Sanhua Intelligent Control (002050, Buy), and Zhenyu Technology (300953, Buy) [3]. Industry Overview - The report emphasizes the rapid development of the robotics industry, with expectations for increased market demand driven by technological advancements [2][8]. - The report notes that the domestic companies with proven manufacturing and management capabilities in automotive and engineering machinery components are likely to capture a larger market share [8].

Investment Rating - The report maintains a "Positive" investment rating for the machinery equipment industry [6]. Core Insights - Tesla plans to sell humanoid robots to the public by 2027, with expectations for increased market interest and investment opportunities [3][9]. - The humanoid robot production capacity is set to accelerate, with Tesla aiming to produce 50,000 units in 2026 and ramping up to 1 million units by 2030 [9]. - Companies with strong manufacturing and operational capabilities are expected to gain higher market shares as humanoid robot sales increase and prices decrease [9]. Summary by Sections Industry Overview - The report highlights the rapid development of the humanoid robot industry, with Tesla's announcements indicating a faster-than-expected timeline for public sales [9]. Investment Recommendations - The report suggests several investment opportunities, including Top Group (601689, Buy), Sanhua Intelligent Control (002050, Buy), Wuzhou New Spring (603667, Buy), Hengli Hydraulic (601100, Not Rated), and Zhenyu Technology (300953, Buy) [3]. Market Expectations - The anticipated deployment of Tesla's humanoid robots in industrial settings by late 2026 is expected to enhance market expectations and create investment opportunities [3][9].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - Recent information regarding Tesla's V3 robot has increased, leading to reduced market concerns and rising industry confidence, creating investment opportunities. Following the launch of V3, the industry is expected to enter a phase of capacity expansion, favoring companies with superior manufacturing and operational capabilities [3][9] - Tesla plans to produce 50,000 units of the V3 robot in 2026, with a long-term goal of increasing production to 1 million units by 2030. This expansion is anticipated to enhance the overall market sentiment within the Tesla robotics supply chain [9] - Companies with excellent manufacturing and management capabilities are expected to gain higher market shares as the sales of humanoid robots increase and their prices decrease, with projections indicating costs could drop to $20,000 per unit [9] Summary by Sections Investment Suggestions and Targets - The report suggests buying shares in Top Group (601689), Sanhua Intelligent Control (002050), Wuzhou New Spring (603667), and Zhenyu Technology (300953), while Hengli Hydraulic (601100) remains unrated [3] Industry Overview - The report focuses on the mechanical equipment industry, specifically tracking developments in the robotics sector [5][6]

Investment Rating - The report maintains a "Positive" outlook for the mechanical equipment industry [7]. Core Insights - The mass production of humanoid robots is expected to expand the encoder market, benefiting related component manufacturers such as Huichuan Technology, Xinjie Electric, and Mingzhi Electric [4]. - The inductive encoder is superior in precision and resolution, unaffected by dirt and magnetic field interference, making it suitable for applications in humanoid robots [10][21]. - The domestic encoder market is primarily dominated by magnetic and optical encoders, while foreign manufacturers lead in inductive encoder technology [15][19]. Summary by Sections Industry Overview - The encoder measures position, angle, and speed, converting physical characteristics into electrical signals for applications in industrial automation, robotics, and automotive sectors [10][12]. - Different types of encoders include optical, magnetic, and inductive, each with distinct advantages and disadvantages [10][12]. Market Dynamics - In 2022, over 50% of China's encoder market was occupied by magnetic and optical encoders, with foreign inductive encoder technology being more advanced [15]. - The report highlights that the mass production of Tesla's Optimus robot will significantly increase the demand for encoders, estimating a market increment of 5.4 billion yuan if one million units are produced [21][23]. Competitive Landscape - Domestic manufacturers are making strides in the mid-to-low-end market, while foreign brands dominate high-end applications, with notable companies including Tamagawa, Heidenhain, and Baumer [19]. - The report identifies leading domestic firms such as Shanghai Bowang Electronics, Lianyungang Jere Electronic, and Saizhuo Electronics [15]. Future Outlook - The report anticipates that the rapid changes in humanoid robot parameters and the need for cost reduction will drive domestic manufacturers to increase their market share and revenue through the adoption of inductive encoders [22].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - The trend towards lightweight humanoid robots is irreversible, with the future widespread application of electronic skin expected to drive growth in orders for dexterous hands and related manufacturers, benefiting lightweight material and component suppliers [3] - TPU (Thermoplastic Polyurethane) materials exhibit significant advantages such as good stretchability, abrasion resistance, thermal stability, and corrosion resistance, with sufficient domestic production capacity [9][17] - The global electronic skin market is projected to reach USD 6.44 billion by 2025 and USD 111.53 billion by 2035, with a compound annual growth rate (CAGR) of 33% over the next decade, driven primarily by medical needs, wearable devices, and robotics applications [13][17] Summary by Sections TPU Material Advantages - TPU materials combine the processing capabilities of plastics with the elasticity of rubber, offering excellent biocompatibility, high-temperature resistance, and corrosion resistance. The domestic production capacity is primarily focused on mid-to-low-end products, with leading domestic companies achieving quality comparable to international leaders [9][18] Electronic Skin Market - The electronic skin market is expected to grow rapidly, with robotics applications accounting for approximately 42% of the market. About 68% of robotics laboratories are actively testing electronic skin to enhance tactile perception [13][17] Application in Robotics - TPU materials are well-suited for the performance requirements of electronic skin and lightweight structural components in robots. They have been explored in applications such as the passive support system of the Xiaopeng IRON robot and in collaborations between Fourier Intelligence and BASF [17][18]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The export volume of excavators accelerated in November, indicating an increase in industry prosperity. The total export of crawler excavators reached 27,752 units, with a total value of 872 million USD, reflecting a year-on-year increase of 52.36% and 26.67% [8] - The growth in export volume is primarily structural, showcasing the enhanced competitiveness of China's construction machinery, which is expected to improve future export certainty. The significant contribution from the export of used machinery is anticipated to stabilize or increase the utilization rate of domestic equipment, supporting long-term healthy growth in the industry [3][8] - The market's expectations for industry health improvement are likely to rise, leading to a decrease in risk assessment, which is favorable for mid-cap blue-chip investment opportunities [3] Summary by Relevant Sections - **Export Performance**: In November, the export volume of excavators exceeded 50% growth, surpassing the cumulative growth rate of 35% from January to November. The demand from export countries showed volatility, but the overall growth rate remained resilient, indicating a strengthening of China's engineering machinery competitiveness [8] - **Used Machinery Export Impact**: The customs statistics indicate that the export of excavators is higher than the industry association's statistics, with significant contributions from used machinery exports. This trend is expected to lead to a decrease in domestic excavator ownership, which will stabilize or increase utilization rates, benefiting long-term industry growth [8] - **Investment Opportunities**: The report identifies several investment opportunities in the sector, including companies such as Zoomlion (000157, Buy) and others that are not rated [3]

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, indicating a relative strength of over 15% compared to the market benchmark index [5][17]. Core Insights - The approval of Elon Musk's compensation plan at the Tesla shareholder meeting is expected to initiate a new phase in robot mass production, with over 75% support for the plan, which could grant Musk up to 423.7 million restricted stock units [3][8]. - The focus is shifting towards the rollout of the V3 robot and small-scale production, with significant attention expected on supply chain mass production suppliers by Q1 2026 [3][8]. - The report highlights Tesla's upgraded capacity plans and product iteration schedules, with a projected production line capable of manufacturing one million units in Fremont and ten million units in Austin [8][12]. Summary by Sections Investment Recommendations and Targets - The report suggests that the information from the shareholder meeting is generally in line with expectations, with limited incremental information. However, the emphasis on future capacity and iteration schedules reflects confidence in robot mass production [3][8]. - Key investment targets include Top Group (601689, Buy), Sanhua Intelligent Control (002050, Buy), Wuzhou New Spring (603667, Buy), Hengli Hydraulic (601100, Not Rated), and Zhenyu Technology (300953, Buy) [3]. Industry Dynamics - The report notes that while the demonstration of previous-generation robots was somewhat underwhelming, the upcoming V3 robot is anticipated to be a significant catalyst for industry development [8][12]. - The production capacity and iteration rhythm are expected to accelerate, with plans for Gen3 mass production in 2026 and subsequent generations following annually [8][12].