东 兴 晨 报 东兴晨报 P1 2025 年 11 月 13 日星期四 经济要闻 1.工信部：11 月 11—12 日，全国中小企业工作座谈会在重庆市召开。会议 强调，各级中小企业主管部门要坚持服务和管理并重、发展和帮扶并举，以 促进中小企业专精特新发展为主线，以改革创新为根本动力，推动中小企业 健康发展、高质量发展，为发展新质生产力、实现中国式现代化提供有力支 撑。要优化中小企业发展环境，高质量编制"十五五"促进中小企业发展规 划，适时推动出台各类惠企政策。要完善优质中小企业梯度培育体系，深入 开展专精特新夯基提质行动，加快研究制定关于构建促进专精特新中小企业 发展壮大机制政策。要健全中小企业公共服务体系，创建一批中小企业公共 服务示范平台（基地），推动中国中小企业服务网提升服务企业能力和社会影 响力，在创新、人才、融资等方面加强为企服务力度，维护中小企业合法权 益。要促进国际交流合作，深入开展中小企业出海服务专项行动，推进中外 中小企业合作区建设和发展，助力中小企业融入全球产业链供应链，不断提 升国际竞争力。（资料来源：同花顺） 2.央行上海总部：据央行上海总部消息，截至今年 8 月末，上海金融"五篇 大 ...

Industry Dynamics - The humanoid robot sector is experiencing significant developments, with various companies announcing new projects and partnerships, including Midea's successful deployment of its self-developed humanoid robot in factories and the release of the Star Motion Q5 intelligent robot [1] - The 3D printing equipment production in May saw a year-on-year increase of 40% [1] Government News - The China Securities Regulatory Commission (CSRC) announced support for companies in cutting-edge technology sectors to apply the fifth set of listing standards on the Sci-Tech Innovation Board [2] - Several strategic partnerships were formed in the humanoid robot sector, including Demar Technology's agreement with Zhiyuan Robotics and Qinan Co.'s investment in Moxian Technology [2] Key Focus Stocks - The week highlights key stocks such as Longxi Co., Jindi Co., Yirui Technology, Yingliu Co., and Dingyang Technology [3] Investment Insights 1. Humanoid Robots: Focus on value and positioning, emphasizing suppliers with strong capabilities and identifying incremental opportunities in the market, particularly in components like joint modules, dexterous hands, reducers, and motors [4] 2. AI Infrastructure: Continued growth in capital expenditure for data centers driven by AI demand, with key beneficiaries including Hanzhong Precision, Ice Wheel Environment, and Yingliu Co. [4] 3. Low-altitude Economy: Rapid advancements in the low-altitude economy, with a focus on core components such as engines and motors, highlighting companies like Yingliu Co. and Zongshen Power [5] 4. 3D Printing: As an additive manufacturing technology, 3D printing is expected to open market opportunities across various sectors, with key players including Bolite and Huazhou High-Tech [5] 5. Nuclear Fusion: Progress in nuclear fusion energy is seen as a long-term direction for energy transformation, with companies like Yingliu Co. and Jiangsu Shentong being highlighted [5]

Investment Rating - The report maintains an "Outperform" rating for the industry [5][9][32] Core Views - The humanoid robot sector is experiencing strong order growth, particularly from TSMC, which is expected to contribute significantly to revenue this year [2][17] - The report emphasizes the importance of supply chain positioning and the identification of key players in the humanoid robot market, focusing on components such as joint modules, dexterous hands, and sensors [3][4] - AI infrastructure is projected to see continued capital expenditure growth driven by demand for data centers, benefiting companies involved in gas turbines and chillers [3][4] Industry Dynamics - Recent developments include the global launch of Grando's intelligent robots and the official release of the TianGong Robot 2.0, showcasing advancements in service robots [1][18] - The Beijing Humanoid Robot Innovation Center has increased its registered capital to 460 million RMB, indicating strong investment in the sector [19] - The 2025 Global AI Technology Conference was held in Hangzhou, focusing on AI technology breakthroughs and industry trends [22] Company Dynamics - Key strategic partnerships have been formed, such as the collaboration between Kepler and ZhaoFeng Electromechanical, aimed at enhancing humanoid robot applications in industrial settings [24] - Other notable partnerships include the establishment of a smart sensing laboratory by Fulei New Materials and Tsinghua University, and a strategic agreement between Yujian Technology and YaoshiBang [25][26] Key Companies and Investment Focus - The report highlights several companies for investment consideration, including Longxi Co., JinDi Co., YiRui Technology, YingLiu Co., and DingYang Technology, all of which are positioned well within the humanoid robot supply chain [3] - Specific components and companies to watch include: - Joint modules: Hengli Hydraulic, Huichuan Technology, Zhenyu Technology, and Lens Technology - Dexterous hands: Zhaowei Electromechanical, Leisai Intelligent, and Lens Technology - Reducers: Lide Harmony and JinDi Co. - Sensors: Hanwei Technology [3][4]