[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 12 月 30 日 [Table_Title] 优必选再中标近 6000 万项目，云深 处科技启动 IPO 辅导 ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 12 月 21 日至 12 月 26 日，人形机器人概念指数上涨 4.61%， 相较沪深 300 指数跑赢 2.66pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 73.16%，相较沪深 300 指数跑赢 51.25pct。 A 股人形机器人指数（iFinD 概念）相关个股中，安达智能周涨幅 最大（+43.82%），联创电子周跌幅最大（-5.26%)。 周度热点回顾 政策端，外交部发言人林剑表示，2025 年"中国创新"成为了全球热 词，从人工智能大模型的横空出世，到人工智能与机器人深度融合， 中国的科技创新成果惊艳世界；北京市机器人产业协会将于近日成立， 协会由中国电子信息产业发展研究院（赛迪研究院）、北京人形机器人 创新中心有限公司等多家单位联合发起成立。 产品技术迭代方面，12 月 26 日，优必选 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The photovoltaic inverter exports are steadily increasing, with significant contributions from Australia. In October 2025, China's inverter exports reached 680 million USD, with a cumulative total of 7.44 billion USD from January to October, marking a 6.4% year-on-year growth. The exports to Australia in October alone were approximately 58 million USD, showing over 200% growth year-on-year, primarily due to a government subsidy plan implemented in Australia [4]. - The industrial gas sector saw a strong increase in liquid argon prices in November, with an average price of 817 RMB/ton, up 23.79% from October and 17.89% year-on-year. Other gases remained relatively stable, with liquid oxygen at 419 RMB/ton and liquid nitrogen at 417 RMB/ton. The overall demand is expected to remain weak in the coming months, with prices likely to decline [4]. - In the automotive sector, retail sales of passenger vehicles saw a slight year-on-year decline in the third week of November, but a month-on-month recovery. The average daily retail sales were 71,000 vehicles, down 7% year-on-year but up 7% month-on-month. The upcoming reduction in vehicle purchase tax for electric vehicles in 2026 is expected to stimulate consumption towards the end of the year [4]. Summary by Sections Market Overview - In the past week, the mechanical equipment, electric power equipment, and automotive industry indices rose by 2.47%, 2.23%, and 2.01%, respectively, ranking 8th, 10th, and 11th among 31 first-level industries in the Shenwan classification. The Shanghai and Shenzhen 300 index rose by 1.64% during the same period [9][11]. Industry News and Key Company Announcements - The report highlights significant developments in the industry, including advancements in humanoid robots and the rapid growth of the energy storage sector in China, which has seen new installations exceeding 100 million kilowatts, representing over 40% of the global total [19]. - Notable company announcements include the successful bid by a humanoid robot company for a project worth 264 million RMB and the acquisition of a credit filing certificate for a solar project, which is expected to positively impact the company's performance once operational [20].

早盘提示 Morning session notice | 超大规模云厂商是主要参与者。英伟达 CEO 黄仁勋表示，中国将赢得人工智能竞赛， | | --- | | 他将中国的潜在胜利归功于更有利的监管环境和更低的能源成本。高盛 CEO 对中国 | | 香港和中国内地股市给出了乐观的预期，随着全球估值的上升，许多中国股票看起 | | 来"非常有吸引力"。 | | 【后市展望】 | | 受外部市场走势低迷影响，周二两市主要指数继续走弱。今年前三个季度，保险机 | | 构的股票直投的规模比年初新增约 1.19 万亿元，增幅接近五成。保险资金运用余 | | 额的增加值 4 万亿元，则可发现，险资将今年新增资金规模的超三分之一，投向了 | | 股票—其中主要应该是 A 股股票。英伟达 CEO 黄仁勋称：中国将赢得人工智能竞赛， | | 他将中国的潜在胜利归功于更有利的监管环境和更低的能源成本。瑞银投资银行中 | | 国股票策略研究主管在 2026 年展望报告中指出，预计中国股市将迎来又一个丰年， | | 因包括创新领域发展等许多有利的驱动因素将继续支撑市场。高盛指出，从中国本 | | 土来看，中国资本向股票的结构性迁 ...