本报讯 （记者冯雨瑶） 12月30日，重庆美利信（301307）科技股份有限公司（以下简称"美利信"）官方公众号发布文章称，公 司与中国台湾钜量创新绿能股份有限公司（以下简称"钜量创新"）达成合作，共同设立控股子公司信创 智冷（安徽）精密技术有限公司，12月29日已完成工商登记手续。 同时，12月29日，美利信也发布消息称，英特尔专家代表团到访美利信科技，双方就先进散热技术及高 功耗算力基础设施展开深度交流，并在技术路径、应用场景及合作模式等方面达成高度共识，形成明确 的初步合作意向。 无论是液冷板块合资公司的注册还是英特尔的来访，都为美利信在液冷业务的发力奠定了坚实基础。 此前，美利信董事长余亚军在一次投资者交流会上表示，液冷业务已经拿到AMD的打样订单，并有望 在明年二季度进入英特尔产业链。 持续布局液冷业务 据悉，美利信在半年前已经与钜量创新在业务上开始发力。 在今年12月初美利信举办的一次投资者交流会上，美利信相关高管表示："目前，美利信与钜量创新双 方技术团队已获得AMD下一代高算力CPU水冷板的打样订单，公司正按计划推进并同步开展相关认证 测试工作。按照当前项目进度，公司目标于2026年一季度实现 ...

中邮证券研报指出，长盈精密机器人全方位布局，新能源稳步推进。加快人形机器人产能建设，获得多 个国内外品牌量产订单。在人形机器人方面，公司从2024年开始加快相关产能的建设，为海内外人形机 器人客户开发如铝合金、镁合金、钛合金等金属材料，PEEK、IGUS等工程塑料，橡胶、尼龙等多种材 料的零件，目前公司已取得了多个国产、海外人形机器人品牌的量产订单。今年年初到8月底，公司累 计交付了人形机器人结构件产品的价值已经超过了8000万元。目前公司在人形机器人业务上供应给客户 的料号超过400个，项目从灵巧手上的传动件逐步增加至大尺寸的传动件。此外，公司在深圳松岗燕罗 的长盈精密机器人智能制造产业园预计在今年Q4投入使用，其中有约6万平米厂房用于人形机器人相关 产品的生产。新项目定点稳步推进，新能源业务保持较快增速。维持"买入"评级。 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-12 2025-02 2025-05 2025-07 2025-10 2025-12 -12% 6% 24% 42% 60% 78% 96% 114% 132% 150% 长盈精密 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 36.19 | | --- | --- | | 总股本/流通股本（亿股）13.61 | / 13.57 | | 总市值/流通市值（亿元）493 | / 491 | | 52 周内最高/最低价 | 45.22 / 15.79 | | 资产负债率(%) | 58.7% | | 市盈率 | 60.32 | | 第一大股东 | 宁波长盈粤富投资有限 | | 公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 长盈精密(300115) 机器人全方位布局，新能源稳步推进 l 投资要点 加快人 ...

Group 1: Events and Conferences - The 2025 World Computing Conference will be held from November 20 to 21 [1] - The CDCC 2025 Data Center Standards Conference is scheduled for November 20 to 21 [1] - The 2025 Quantum Technology and Industry Conference will take place on November 20 to 21 [1] Group 2: Stock Market Updates - The stock of HeFu China resumed trading today, with a cumulative increase of 256.29% during the period from October 28 to November 14, with 12 out of 14 trading days closing at the涨停 price [1] - *ST King Kong resumed trading with an adjusted opening reference price of 13.06 yuan per share, following the completion of its restructuring plan, increasing total shares from 216 million to 540 million [1] Group 3: Financial Technology Initiatives - The Hong Kong SAR Government and Shenzhen Local Financial Management Bureau jointly announced an action plan to create a global fintech center between Hong Kong and Shenzhen, aiming to establish over 20 cross-border data verification platforms in financial applications by the end of 2027 [3] Group 4: Industry Growth and Trends - The retail sales of trendy and collectible toys in China are projected to reach 558.3 billion yuan in 2024, indicating a rapid growth phase for the industry [7][8] - Factors such as rising disposable income, the emergence of emotional consumption, and the rise of domestic trendy culture and quality IP are driving the expansion of China's trendy toy market [8] Group 5: AI and Automation Developments - Google launched the Gemini3 AI application, which features a visual understanding accuracy of 72.7%, doubling the current advanced level [10] - Pony.ai announced a collaboration with SANY Heavy Truck and Dongfeng Liuzhou Motor to develop a fourth-generation autonomous truck family, aiming for mass production by 2026 [11] Group 6: Corporate News - CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share swap, with A-shares suspended from trading starting November 20, 2025 [13] - OpenAI partnered with Target to enhance retail experiences through AI-driven recommendations and productivity improvements [13] - Changying Precision reported over 80 million yuan in deliveries of humanoid robot structural components from January to August this year, with ongoing growth in overseas orders [13]

Core Viewpoint - The company has made significant progress in its humanoid robot business, with a focus on overseas brands and increasing production capacity [2][3] Group 1: Financial Performance - As of the end of Q3, the humanoid robot business generated revenue of 35 million RMB in the first half of the year from two overseas brands [2] - Cumulatively, from the beginning of the year to the end of August, the company delivered humanoid robot structural components valued at over 80 million RMB [2] Group 2: Product and Market Development - The company has supplied over 400 different part numbers for humanoid robots, focusing on dexterous hand transmission and structural components, and is gradually expanding to larger components [2] - New orders for overseas humanoid robots are accelerating in Q4, indicating a positive market trend and the company's active expansion efforts [2]

Core Insights - The company has made early investments in humanoid robot business, primarily collaborating with overseas brands, leading to significant revenue contributions from these partnerships [1] - In the first half of the year, revenue from two overseas brands amounted to 35 million RMB [1] - From the beginning of the year to the end of August, the total value of humanoid robot structural components delivered by the company exceeded 80 million RMB [1] - The company currently supplies over 400 part numbers for humanoid robots, focusing on components for dexterous hands and gradually expanding to larger components [1] - New orders for overseas humanoid robots are accelerating in the fourth quarter, prompting the company to actively expand production [1]

Core Viewpoint - The company has strategically positioned itself in the humanoid robot sector, primarily serving overseas brands, which has led to significant revenue contributions from these partnerships [1] Group 1: Revenue Contributions - In the first half of the year, two overseas brands contributed 35 million RMB to the company's revenue [1] - By the end of August, the total value of humanoid robot structural components delivered by the company exceeded 80 million RMB [1] Group 2: Product Offerings - The company currently supplies over 400 different part numbers for humanoid robots to its clients [1] - The focus of the company's projects has been on transmission and structural components for dexterous hands, with plans to expand into larger transmission and structural components [1] Group 3: Future Outlook - The company is experiencing accelerated growth in new orders for overseas humanoid robots in the fourth quarter and is actively expanding its production capacity [1]

Core Insights - The company has made early investments in humanoid robot business, primarily collaborating with overseas brands, leading to significant revenue contributions from these partnerships [1] - In the first half of the year, two overseas brands contributed 35 million RMB in revenue [1] - From the beginning of the year to the end of August, the total value of humanoid robot structural components delivered by the company exceeded 80 million RMB [1] - The company supplies over 400 part numbers for humanoid robots, focusing on dexterous hand transmission and structural components, with plans to expand into larger components [1] - New orders for overseas humanoid robots are accelerating in the fourth quarter, prompting the company to actively expand production [1]

Core Insights - The company has made significant progress in the precision components sector for humanoid robots, with overseas revenue expected to exceed 35 million yuan in the first half of 2025, far surpassing the 10.11 million yuan achieved in the entirety of 2024 [1] - As of the end of August, the total value of humanoid robot structural components delivered by the company has exceeded 80 million yuan [1] Group 1 - The company has supplied over 400 product SKUs to humanoid robot clients, primarily focusing on dexterous hand drive components, and is gradually expanding into larger drive components [3] - The company has established a core competitive advantage in this field through ultra-precision mold processing technology and comprehensive metal and non-metal processing capabilities [3] - To support global business development, the company is enhancing its overseas production capacity, with factories in Vietnam, Mexico, and Hungary being developed to meet growing demand [3] Group 2 - The company has seen a rapid increase in R&D expenses in the first half of 2025, primarily to prepare for mass production projects for major consumer electronics clients and to meet the rising demand for AI glasses [3] - The company has strategically positioned itself in the AI computing business, developing high-speed backplane connectors for servers and workstations, and has acquired a 51% stake in Shenzhen Weixian Technology Co., Ltd. to enrich its product line [3] Group 3 - The company addressed investor concerns regarding net profit fluctuations, noting that a non-recurring gain of approximately 180 million yuan from the disposal of a subsidiary's equity in Q1 2024 led to a year-on-year decline in net profit for the first half of the year [4] - However, the company's net profit excluding non-recurring items grew by over 30% year-on-year, indicating ongoing improvement in operational performance [4] - The company has established a strategic framework focusing on "consumer electronics + new energy" as its dual main businesses, with artificial intelligence (including humanoid robots and AI computing) as a new growth point [4] Group 4 - The management stated that the consumer electronics business will continue to provide stable returns, while the new energy business is expected to maintain growth over the next three years [4] - Although the humanoid robot business currently represents a small revenue share, it has significant market potential and is expected to become a "third pole" for the company's performance growth [4] - The company is transitioning from a traditional consumer electronics component supplier to a precision manufacturing platform covering multiple fields, including consumer electronics, new energy, and artificial intelligence, to seize opportunities in emerging industries and ensure sustainable development [4]

Summary of Key Points Core Viewpoint - A total of 308 listed companies in the Shanghai and Shenzhen markets were surveyed by institutions this week, with the machinery, automotive, and electronics sectors receiving the highest frequency of attention [1]. Group 1: Industry Focus - The machinery equipment sector had the highest number of surveyed companies at 47, followed by the automotive sector with 30, and the electronics sector with 26 [2]. - Other notable sectors included power equipment (25), pharmaceutical and biotechnology (24), and computer (23) [2]. - The automotive parts, general equipment, and specialized equipment sectors were the top three in terms of institutional interest, with increased attention also noted in semiconductors and power grid equipment [2]. Group 2: Company Specifics - Ice Wheel Environment and Hu Dian Co., Ltd. were the most frequently surveyed companies, each receiving three visits [3]. - The top three companies by institutional visit reception were Jingzhida (138 visits), Xinlitai (78 visits), and Enhua Pharmaceutical (77 visits) [4]. - The robotics sector saw active market performance, with Wanxiang Qianchao's stock hitting the limit up after announcing its capabilities in developing specialized bearings for humanoid robots [5]. - Blue Dai Technology also experienced a limit up in stock price after discussing its dual business development in power transmission and touch display [7]. - Helen Zhe's partnership with Suzhou Yisheng Robot Technology, a key supplier for Apple, is expected to positively impact its future performance due to increased demand for Apple products [9]. - Longying Precision reported over 80 million yuan in deliveries for humanoid robot components, indicating strong growth in this segment [11].