Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,965.12, unchanged, while the Shenzhen Component Index rose by 0.49% to 13,604.07 [2] Industry Commentary - The solar power sector saw a significant increase in new installations, with a month-on-month growth of 75% in November, totaling 22.02 GW of new capacity [5][8] - The coal import data indicates a continued upward trend in import prices, with November's average price reaching $73 per ton, despite a year-on-year decrease in import volume [11][13] Company Insights - The report highlights the company "Hengdong Light" as a national-level "specialized and innovative" small giant in the optical communication field, focusing on passive optical devices [15][17] - Hengdong Light's revenue is projected to grow rapidly from 475 million yuan in 2022 to 1.315 billion yuan in 2024, with net profit expected to increase significantly during the same period [17][18] Investment Recommendations - The report suggests focusing on companies in the photovoltaic sector, including Aiko Solar and Longi Green Energy, as well as those involved in energy storage and market-oriented electricity [12] - The investment outlook for Hengdong Light is positive due to its competitive advantages and strong growth potential in the optical communication market [17][18]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - In November, the newly installed solar power capacity increased by 75% month-on-month, indicating a significant recovery in the solar energy sector [4] - The report highlights the need for comprehensive regulation to address "involutionary" competition in key industries such as new energy vehicles, lithium batteries, and photovoltaics, aiming to enhance industry concentration and maintain fair competition [5] Summary by Relevant Sections Investment Recommendations - Recommended stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Bowei Alloy (601137.SH) - Buy - A [2] Market Performance - The solar power industry has shown a strong performance over the past year, with a notable increase in installed capacity and a focus on improving product consistency and reducing costs in the sensor market [3][4] Price Tracking - The report provides insights into the pricing trends of key components in the solar energy supply chain, including polysilicon, silicon wafers, battery cells, and modules, indicating a mixed outlook with some price increases and stability expected in the near term [6][8][9]

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry [2][32]. Core Insights - The humanoid robot index increased by 5.34% from December 22 to December 26, 2025, outperforming major indices such as the CSI 300, which rose by 1.95% [12][14]. - UBTECH is set to become the first humanoid robot company listed on both A-share and H-share markets, having acquired a 43% stake in Fenglong Co., a Shenzhen-listed company, using self-raised funds totaling 3.1 billion yuan [6][18]. - Yundongchu Technology has officially initiated its IPO process, with guidance from CITIC Securities, marking it as the third company in the sector to start IPO counseling this year [6][19]. - The National Venture Capital Guidance Fund has been launched, focusing on investing in high-growth sectors, including embodied intelligence, with a total fund size of 100 billion yuan [22]. Industry Dynamics - The humanoid robot sector is experiencing significant financing activities and capacity expansion, with companies like Galaxy General Robotics securing orders for over 1,000 robots from Baida Precision Manufacturing [23][24]. - Star Dust Intelligent has begun mass delivery of its rope-driven humanoid robots, marking a significant milestone in the commercial service sector [25]. - The report highlights the importance of technological advancements, such as Fourier's new six-dimensional force sensor designed for humanoid robots, which is expected to lower production costs significantly [23][24]. Company Dynamics - Zhenyu Technology plans to issue convertible bonds to raise up to 1.88 billion yuan, focusing on expanding its humanoid robot components and enhancing production capacity [28]. - Xino Future, backed by CATL Capital, has completed a funding round exceeding 100 million yuan to accelerate the development of its high-freedom dexterous hands and related technologies [29][31]. Investment Recommendations - The report suggests focusing on companies such as Top Group, Sanhua Intelligent Control, Zhejiang Rongtai, and others, indicating a positive outlook for their growth in the humanoid robot sector [32].

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating a positive outlook on the sector's fundamentals and growth potential [1]. Core Insights - The humanoid robot industry is expected to experience significant growth, potentially opening up a market space broader than that of automobiles. This presents a crucial investment opportunity as the industry transitions from "0 to 1" [15]. - Recent developments include the initiation of listing guidance by Cloud Deep Technology and the establishment of a joint venture by Zhejiang Rongtai and Weichuang Electric in Thailand, focusing on mechatronic components and intelligent drive systems [15]. - The report highlights ongoing product iterations and rapid business collaborations within the humanoid robot sector, emphasizing the exploration of large-scale production and commercial applications [15]. Summary by Sections Industry Dynamics - Qianjue Technology completed nearly 100 million RMB in Pre-A++ financing, aimed at technology R&D and global commercialization [2]. - Noyiteng Robotics announced the completion of Pre-A+ financing, raising several hundred million RMB cumulatively [2]. - Cloud Deep Technology has officially started its listing guidance with CITIC Securities as the advisory firm, focusing on quadruped and humanoid robots [3]. - UBTECH announced a strategic acquisition of 43% of Fenglong shares at a price of 17.72 RMB per share, totaling approximately 1.665 billion RMB [4][7]. Market Performance - The electric equipment sector has shown strong performance with a 1-month increase of 5.1%, a 3-month increase of 5.8%, and a 12-month increase of 42.8%, outperforming the CSI 300 index [5]. Key Companies to Watch - Companies with core component expertise and active involvement in humanoid robotics include Sanhua Intelligent Control, Top Group, Zhongjian Technology, Zhejiang Rongtai, and others [15].

Core Viewpoint - Zhongding Co., Ltd. is expanding its investment in humanoid robots by establishing a joint venture with two other companies to focus on manufacturing and supplying core components for humanoid robots [2][4]. Group 1: Joint Venture Details - The joint venture will have a registered capital of 50 million yuan, with Zhongding's subsidiary, Anhui Ruisi Bo Robot Technology Co., Ltd. (Ruisi Bo), contributing 30 million yuan for a 60% stake [4]. - The other partners include Shenzhen Zhujidong Technology Co., Ltd., which will contribute 10 million yuan in technology valuation for a 20% stake, and Hefei Flexible KOTIAN Robot Materials Co., Ltd., which will also contribute 10 million yuan for a 20% stake [4]. Group 2: Business Focus and Collaboration - The joint venture aims to engage in humanoid robot manufacturing and enhance the supply capability of core components [4][5]. - Zhujidong will exclusively commission the new company to process its robot body products and will grant the new company priority in outsourcing production if needed [5]. - The new company will receive technical support from Zhujidong, including the training of specialized personnel [6]. Group 3: Technological Synergies and Market Position - Zhongding has a strong background in automotive sealing, thermal management, lightweight materials, and precision rubber parts, which will be leveraged in humanoid robot component development [6]. - The company has already established collaborations with several firms in the humanoid robot sector, including Efort and Shenzhen Zhongqing Robot Technology Co., Ltd. [6]. - Zhongding's subsidiary has successfully mass-produced various sensors for robotic applications, indicating a solid foundation for future developments in humanoid robotics [6].

"2007年我们创业时，国内连代工MEMS晶圆的工厂都找不到。现在，我们每个月能够生产1亿颗传感 器，累计出货超过50亿颗，相当于每个中国人平均拥有3颗左右" 在敏芯股份位于苏州纳米城的无尘车 间里，一颗仅半个芝麻粒大小的MEMS声学传感器静静躺在载玻片上。正是这样一颗小小的器件，在敏 芯股份2024年营收中占据47.61%的份额，让敏芯股份在2020年成为中国MEMS芯片第一股。 "2007年我 们创业时，国内连代工MEMS晶圆的工厂都找不到。现在，我们每个月能够生产1亿颗传感器，累计出 货超过50亿颗，相当于每个中国人平均拥有3颗左右。"从技术背包客到MEMS传感器龙头企业，敏芯股 份董事长李刚道出了中国MEMS产业从无到有的发展历程。 做最牛的产品： 从"人有我廉"到"人有我 优" MEMS传感器，可以被称为智能产品的"五官"，在手机、汽车、机器人等终端中不可或缺。二十年 前，这项起源于国外的技术在楼氏电子、英飞凌等国际巨头的推动下迎来商业化，但国内的MEMS产业 彼时仍是一张白纸。 敏芯股份的突围，始于创始人李刚对MEMS传感器的学术志趣。微电子专业出身 的李刚在攻读研究生时确定，MEMS是可以花一辈 ...

如今，敏芯股份的产品矩阵已覆盖声学传感器、压力传感器、惯性传感器、姿态传感器等领域，广泛应 用于消费电子、智能汽车、工业控制、医疗等市场。其中，敏芯股份MEMS麦克风出货量全球排名第 四，MEMS声学传感器芯片出货量全球排名第三。 "2007年我们创业时，国内连代工MEMS晶圆的工厂都找不到。现在，我们每个月能够生产1亿颗传感 器，累计出货超过50亿颗，相当于每个中国人平均拥有3颗左右" 在敏芯股份位于苏州纳米城的无尘车间里，一颗仅半个芝麻粒大小的MEMS声学传感器静静躺在载玻片 上。正是这样一颗小小的器件，在敏芯股份2024年营收中占据47.61%的份额，让敏芯股份在2020年成 为中国MEMS芯片第一股。 "2007年我们创业时，国内连代工MEMS晶圆的工厂都找不到。现在，我们每个月能够生产1亿颗传感 器，累计出货超过50亿颗，相当于每个中国人平均拥有3颗左右。"从技术背包客到MEMS传感器龙头企 业，敏芯股份董事长李刚道出了中国MEMS产业从无到有的发展历程。 做最牛的产品： 从"人有我廉"到"人有我优" MEMS传感器，可以被称为智能产品的"五官"，在手机、汽车、机器人等终端中不可或缺。二十年前， 这 ...

（编辑 丛可心 袁冠琳） 证券日报网讯 12月22日，安培龙在互动平台回答投资者提问时表示，公司官网于近日发布了基于 MEMS硅基应变片+玻璃微熔工艺的全新系列六维力传感器产品，该文章的发布旨在向市场和客户介绍 公司在六维力传感器领域的最新技术进展和产品方向。公司积极关注并持续加大机器人力控传感器领域 的布局，相关产品正与国内多家客户进行技术对接及产品验证工作。 ...

新工艺"爆改"手搓流水线，主机厂商谋降本。 2025年行至末尾，围绕成本和效率的博弈，正在向产业上游推进。不同以往，这一次，整机厂商开始直接参与其中。 近日，上海机器人企业傅利叶对外公布了一款专为人形机器人打造的六维力传感器，一位接近傅利叶的业内人士告诉 第一财经记者，该核心零部件"定价将降至5000元以内，"目前被人形机器人使用的六维力传感器价格普遍在万元级。 六维力传感器之外，第一财经记者了解到，2025年年初至今，国产的视触觉传感器、减速器、灵巧手均有较大降幅， 部分零部件降价幅度超过50%。有机器人工程师向记者指出，上游核心零部件价格下探，部分来自于工艺与制造方式 的变化，另一方面则是多元的参与倒逼零部件率先"降价换规模"。"整机厂商主动下探零部件成本，或许也是为人形机 器人走向规模化应用提前清理障碍。" 在广东一家从事传感器标定业务的工厂里，女工刘楠（化名）每天面对的，是一只只已经完成装配、但"尚未学会如 何理解力"的六维力传感器。 她告诉第一财经记者，她的工作从早上开始，反复持续一整天：将传感器固定在标准力台上，按照既定顺序，分别从 不同方向施加推力、拉力与扭矩，再记录传感器输出的变化情况。 这一 ...

南海之滨，珠江西岸，这里是广东江门。 作为中国著名侨乡，江门拥有百年华侨史。如今，530多万江门籍港澳台同胞和海外侨胞，遍布全球145 个国家和地区。闯，是从古至今刻在江门人骨子里的不变基因。 百余年前，"闯金山"、赴欧洲、去拉美、下南洋，江门人凭借枕海之利，走出乡关，在海外闯出一番声 响。 百余年后，江门大步走在高质量发展的征途上，依旧闯劲十足。近年来，江门充分发挥独特优势，坚持 文化引侨、平台联侨、政策惠侨、经济聚侨，深入推进"侨都赋能"工程，着力提升"文化交流、经贸合 作、维护权益、侨务智库"四大功能。江门市委统战部更是在凝聚侨心侨力侨智中发挥积极作用，精心 打造"同心.聚力"侨务工作品牌，切实将"侨"的优势转化为江门高质量发展的胜势。 而今，"侨"的禀赋、"闯"的干劲，正赋予江门一片崭新气象。 闯是姿态 江门积极建设华侨华人创新创业国家平台，提升侨都科技创新经贸合作功能。全市侨资企业中，国家高 新技术企业349家、创新型企业222家、专精特新企业178家 江门人身上，天生带着一股闯劲。 广东迪生力（603335）汽配股份有限公司董事长赵正，祖祖辈辈生活在江门台山——一个基本家家户户 都有亲戚旅居海外的 ...