证券研究报告 新兴产业周报20260201 西部证券研发中心 2026年2月1日 分析师 |曹柳龙 S0800525010001 李超 S0800525100001 联系人|缪一宁 机密和专有 未经西部证券许可，任何对此资料的使用严格禁止 建议关注：固态电池、创新药、新消费 继续超配固态电池、创新药、新消费，关注游戏 | 主题类别 | 主题名称 | 综合评级 | 技术面评级 | 技术指标 | | | | 盈利预期增速 | 基本面变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 120日均线±2倍标准差 | 个股轮动强度 | 实际拥挤度 | 相对位置 | (12月以来) | | | | 商业航天 | 低配 | 偏弱 | 接近+2倍标准差 | 位置适中 | 处于高位 | 偏高 | 略上修 | 火箭院建设国内首个商业航天共性试 | | | | | | (有调整压力) | (中性信号) | (有调整压力) | | | 验平台 提供一站式试验检测服务 ， | | | 人形机器人 | 中性+ | 中性 | 低于+2倍标 ...

国信证券近日发布机械设备行业制造成长周报：2025年12月26日，工业和信息化部人形机器人与具身智 能标准化技术委员会成立，将主要承担人形机器人与具身智能基础共性、关键技术、部组件、整机与系 统、应用、安全等领域行业标准制修订工作。 以下为研究报告摘要： 核心观点 重点事件点评&重点关注：人形机器人、AI基建 事件1-工信部人形机器人与具身智能标准化技术委员会成立：2025年12月26日，工业和信息化部人形机 器人与具身智能标准化技术委员会成立，将主要承担人形机器人与具身智能基础共性、关键技术、部组 件、整机与系统、应用、安全等领域行业标准制修订工作。 政府新闻：新兴产业-12月26日，工信部：打造集成电路、新型显示、新材料、航空航天、低空经济等 新兴支柱产业。人形机器人-12月26日，工信部人形机器人与具身智能标准化技术委员会成立。 公司动态：人形机器人-12月23日，宁波东力（002164）携手尼得科传动技术，共筑全球精密传动新生 态；12月24日，震裕科技（300953）：子公司拟分别投资10亿元建设人形机器人精密模组及零部件产业 化项目和具身人形机器人驱动总成核心部件等项目；12月24日，宁波华翔（0 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment sector [5][11]. Core Insights - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology (MIIT) is expected to promote standardized development in the humanoid robot industry [2][19]. - ByteDance plans to invest $23 billion (160 billion RMB) in artificial intelligence in 2026, indicating a strong commitment to AI infrastructure investment [3][20]. Summary by Relevant Sections Humanoid Robots - The MIIT's new committee will focus on developing industry standards in key areas such as common technologies, components, systems, applications, and safety, which will help regulate the industry's growth [2][19]. - Long-term investment opportunities in humanoid robots are promising, with a focus on companies that are core suppliers to Tesla or have strong market positions, such as Feirongda, Longxi Co., Weiman Sealing, Hengli Hydraulic, and others [2][8]. AI Infrastructure - ByteDance's significant investment in AI infrastructure reflects ongoing commitment from major companies to expand in this area, with related industries expected to benefit [3][20]. - The report highlights the importance of gas turbines and liquid cooling technologies in AI data centers, suggesting that companies like Yingliu Co., Wanze Co., and others in the gas turbine supply chain should be closely monitored [3][8]. Key Company Earnings Forecasts and Investment Ratings - Several companies are rated as "Outperform," including: - Green Harmony (688017.SH) with a target price of 169.48 RMB and a market cap of 31.1 billion RMB [11][27]. - Huichuan Technology (300124.SZ) with a target price of 73.30 RMB and a market cap of 198.4 billion RMB [11][27]. - Hengli Hydraulic (601100.SH) with a target price of 108.61 RMB and a market cap of 145.6 billion RMB [11][27]. - The report emphasizes the importance of identifying companies with strong positions in the humanoid robot and AI infrastructure sectors for potential investment opportunities [8][11].

Investment Rating - The report maintains a positive investment rating for the humanoid robotics sector, highlighting its growth potential and recent developments in the industry [4]. Core Insights - The establishment of the humanoid robotics standardization committee by the Ministry of Industry and Information Technology is expected to facilitate the development of industry standards, which will be crucial for the mass production and application of humanoid robots [8][16]. - The report emphasizes that the core strategy for the robotics sector in 2026 will focus on "narrowing the circle and differentiation," suggesting that competitive advantages will become more pronounced among platform companies [8]. - Recent acquisitions in the robotics sector, such as UBTECH's planned acquisition of 43% of Fenglong shares for 1.665 billion yuan, indicate a trend of unicorn companies in the robotics field actively pursuing listed companies [17]. Industry Overview - The humanoid robotics sector has shown significant performance, with the humanoid robotics index increasing by 4.17% over the past week, outperforming the CSI 300 index, which rose by 1.95% [10]. - The liquidity in the robotics sector has improved, with core stocks reaching a liquidity peak, accounting for 9.09% of the total A-share trading volume on December 25 [12]. - The report lists key stocks in the humanoid robotics sector, including Daya Co., Haoshi Electromechanical, and Tianqi Co., which have shown substantial weekly gains [14][15]. Key Events - The report outlines several important events, including the launch of a humanoid robot six-dimensional force sensor by Fourier, priced at a "thousand yuan level," which could lower costs and promote mass production [18][19]. - The establishment of a joint venture between Weichuang Electric and Zhejiang Rongtai aims to expand into the mechatronics market for intelligent robots [21]. - Cloud Deep Technology has initiated its listing guidance, focusing on the development and production of quadruped and humanoid robots [20]. Market Size and Performance - The report provides data on the industry size, noting that there are 476 listed companies in the sector with a total market value of 500.34 billion yuan and a circulating market value of 432.26 billion yuan [4]. - The humanoid robotics sector has shown a strong relative performance, with a 12-month absolute return of 45.2% compared to the broader market [6].

Core Viewpoint - The article discusses the ongoing competition around cost and efficiency in the robotics industry, particularly focusing on the significant price reductions in core components like six-dimensional force sensors, which are essential for humanoid robots [3][10]. Group 1: Price Reduction of Core Components - Fourier, a Shanghai-based robotics company, has announced a six-dimensional force sensor priced below 5000 yuan, a significant drop from the current market price of over 10,000 yuan [3]. - Since the beginning of 2025, domestic sensors, reducers, and dexterous hands have seen price reductions exceeding 50% for some components, driven by changes in manufacturing processes and increased competition [3][10]. - The shift towards lower component costs is aimed at facilitating the large-scale application of humanoid robots by removing financial barriers [3][10]. Group 2: Manufacturing Process Changes - The traditional manufacturing process for six-dimensional force sensors relies heavily on manual calibration, which is time-consuming and labor-intensive [4][5]. - Fourier's new optical-based six-dimensional force sensor design reduces reliance on manual calibration, allowing for automated calibration processes that can significantly lower production costs by over 50% [8][10]. - The transition to automated calibration is expected to enhance production consistency and yield, thereby improving delivery stability for complete robotic systems [10]. Group 3: Market Dynamics and Future Trends - Major orders in the humanoid robot sector are increasing, with companies like Songyan Power and Youbixuan securing significant contracts, indicating a clear trend towards scaling production [10][11]. - The reduction in core component prices is seen as a strategic move by manufacturers to lower overall production costs and enhance competitiveness in the market [11][14]. - The article suggests that the ability to maintain stable delivery and continuous iteration while reducing prices will be crucial for the competitiveness of leading companies in the robotics industry [14].

Group 1: ETF Market - The number of billion-yuan ETFs has reached a historical high of 119, with bond ETFs being the mainstream among new entrants [1] - The total market size of ETFs has reached 5.69 trillion yuan, with 1,368 funds in total, and the scale of ETFs above 100 billion yuan accounts for 75% of the total market size [1] Group 2: Robotics Industry - The market for six-dimensional force sensors in humanoid robots is experiencing explosive growth, with a projected shipment of 12,300 units this year, a year-on-year increase of 510.1% [1] - The market is becoming increasingly concentrated, with leading companies holding over 70% market share, specifically Blue Dot Touch Control at 72.6% [1] Group 3: AI/AR Market - The domestic consumer-grade AI/AR market is thriving, with sales increasing by 186% year-on-year in Q3 2025 [2] - The AR market continues to grow, surpassing 129,000 units sold, with all-in-one AR glasses showing a remarkable growth rate of 355% [2] Group 4: Automotive Industry - The automotive industry's sales profit margin dropped to 3.9% in October 2025, the lowest in five years, reflecting a 0.5 percentage point decrease from September [2] - The average sales profit margin for the automotive industry from January to October 2025 is 4.4%, which is better than in 2024 but still at a historical low [2] Group 5: Corporate Developments - ByteDance is reportedly in talks to sell its subsidiary, Shanghai Mutong Technology, to Saudi Arabia's Savvy Games Group, although the deal is not guaranteed [2] - KUKA Group is undergoing bankruptcy restructuring, facing allegations of asset transfer and reliance on high-interest loans [3] - Anta Sports has been rumored to consider acquiring Puma, with potential collaboration with a private equity firm [3] - Vanke's decision to extend debt repayment is seen as a significant shift, indicating a likely move towards debt restructuring [3][4] Group 6: Financial Updates - SoftBank's credit default swap (CDS) has risen to its highest level since April, reflecting investor caution regarding the company's debt-driven growth strategy [4] - Huazhi Jie plans to invest 157 million yuan to establish five wholly-owned subsidiaries, aiming to expand its global strategy in the intelligent robotics and electronic manufacturing sectors [13]

每经AI快讯，11月27日消息，高工机器人产业研究所(GGII)最新发布的《2025中国人形机器人六维力传 感器市场分析报告》(以下简称《报告》)显示，随着人形机器人产业化进程加速，六维力传感器作为实 现实时精准力控的关键部件，正迎来爆发式增长。《报告》预测，今年中国人形机器人六维力传感器出 货量预计1.23万台，同比激增510.1%。并且市场进一步集中，头部企业蓝点触控市占率已超70%，达到 72.6%。 ...

Core Insights - Blue Dot Touch (Beijing) Technology Co., Ltd. has completed a Series C financing round exceeding 100 million RMB, led by Sequoia China with participation from Zhuhai Technology Industry Group [1] - The funds will be primarily allocated to product research and development, capacity enhancement, team building, and expansion into overseas markets, aiming to strengthen the company's technological moat in the robotics sector and reinforce its market leadership [1] Company Overview - Founded in 2019, Blue Dot Touch is a national high-tech enterprise focused on the research and application of cutting-edge force control technology for intelligent robots [1] - The company is led by Liu Wuyue, who holds a 57.55% stake and serves as both the chairman and manager [1] Product and Technology - Blue Dot Touch specializes in providing hardware for robotic force sensors, force control algorithms, and industry process algorithms [1] - The company has achieved full domestic production of its core components, which include humanoid robot six-dimensional force sensors, general six-dimensional force sensors, joint torque sensors, and tension and pressure sensors [1]

Core Viewpoint - The company has made progress in the development of six-dimensional force sensors for humanoid robots, with one product already completed and undergoing customer testing, while another product is still in the research and development phase [2] Product Development - The humanoid robot six-dimensional force sensor based on metal strain gauge technology has been developed and is currently in the customer testing and validation stage with some domestic robot manufacturers [2] - The six-dimensional force sensor based on MEMS silicon strain gauge and glass micro-fusion technology is still under development, with ongoing work on technical parameter adjustments and reliability testing, and no samples have been delivered yet [2] - The company has not sent samples of the latter product to specific customers, including Tesla, as of now [2] Company Profile - The company is a high-tech enterprise focused on sensors and intelligent control solutions, with products widely used in automotive electronics, industrial control, and smart home appliances [2] - Industry insiders note that six-dimensional force sensors are key components for precise motion perception in humanoid robots, indicating a broad future market potential [2] - The company's technological accumulation is expected to play an important role in the development of intelligent manufacturing and the robotics industry [2]

Core Insights - The article highlights the advancements made by domestic companies, particularly Blue Dot Touch, in sensor technology, achieving measurement precision and stability comparable to imported products while offering significant cost advantages [1][3]. Group 1: Company Overview - Blue Dot Touch is a leading player in the domestic smart robotics force control technology market, holding over 70% market share in humanoid robot six-dimensional force sensors and accounting for over 95% of domestic shipments of joint torque sensors in the first half of 2025 [3]. - The company has demonstrated a remarkable ability to double its sales revenue for three consecutive years while maintaining positive cash flow, showcasing its strong commercialization capabilities [3]. Group 2: Product Innovations - The company showcased a full range of force sensing products at the 2025 China International Industrial Expo, including humanoid robot six-dimensional force sensors, high-precision general six-dimensional force sensors, joint torque sensors, and tension-compression sensors, indicating a comprehensive product system and technological matrix [1][3]. - The humanoid robot six-dimensional force sensor series has achieved a comprehensive precision of up to 0.1% FS and a 500% overload capacity, enabling reliable applications in humanoid robot balance control and complex physical interaction scenarios [3][4]. Group 3: Industry Trends - The domestic force sensor industry is transitioning from "technological dependence" to "independent innovation," and from "single-point application" to "ecosystem construction," with local sensor companies now competing on par with international brands in emerging fields such as humanoid robotics and precision medical equipment [5]. - The CEO of Blue Dot Touch emphasized the need for Chinese companies to leverage original technology to enter the global market, highlighting China's vast robotics application landscape as fertile ground for high-end sensor development [5].