行业破壁 跨界兴起 发布"九天"通用基础大模型3.0，开源多项技术成果、聚合各方力量共同打造人工智能"焕新社区"，组 建具身智能产业创新中心、打造开放协同创新平台……本届大会上，中国移动动作频频。 在中国移动董事长杨杰看来，人工智能正以前所未有的速度深度融入经济社会各领域，开启碳硅融合的 文明新形态。随着"智能倍增""时空倍增""效能倍增"，智能经济有望推动全球GDP年增长率提高1个百 分点。中国移动将深入实施"AI+"行动，全面赋能产业焕新升级，打造"AI+"时代的"新齿轮"和"新杠 杆"。 供应链的深度合作正在会场内外展开。7月26日，上海电气旗下的上海机电和跨国制造企业德昌电机联 合成立的动界智控（上海）科技有限公司（简称"动界智控"）正式落地上海长宁。新公司将聚焦人形机 器人核心硬件领域，计划打造国内领先的关键零部件供应平台。 "我们已为国地中心'青龙'人形机器人成功地开发及配套一体化旋转关节模组及灵巧手核心零部件，并 成功破解了掉电及过热等制约人形机器人发展的异常现象，接下来将紧抓场景多元化及全产业链覆盖优 势，加速推动人形机器人产业核心环节的技术突破与产业集群。"德昌电机执行副总裁汪浩然对上海证 ...

7月27日，动界智控团队在2025年世界人工智能大会(WAIC)现场发布了其关节模组产品，包括人形机器 人旋转关节、直线关节及灵巧手指关节。从此次发布的产品来看，动界智控的关节模组专为先进的人形 机器人与服务机器人设计，兼具高扭矩密度、低背隙及紧凑结构的特点。借助动界团队数十年的机电研 发经验，将为新一代机器人带来精准、流畅、静音、智能的运动表现。 动界智控科技有限公司(简称"动界智控")是上海电气（601727）旗下工业装备及工业基础件产业集团上 海机电（600835）股份有限公司(SH600835)与香港上市的大型跨国制造企业集团德昌电机有限公司 (HK0179)近日共同投资设立的战略合资企业。 动界智控立足于双方股东在工业机电一体化、精密基础件产品以及汽车和工业微型电机等领域的深厚技 术积累与丰富行业经验，致力于成为人形机器人及具身智能关键硬件模组产品和系统集成解决方案的专 业提供商。与此同时，公司也将探索更广泛的机器人应用，以满足国内和工商业领域不断变化的需求。 通过融合前沿工程技术与强大的制造能力，动界智控将积极推动智能自动化的未来发展。 记者了解到，动界智控总部位于中国，重点聚焦仿人机器人领域，致 ...

银轮股份 20250718 摘要 银轮股份今年的业绩表现引起了市场的一些分歧。我们之前的预期是在 2.6 亿 以上，但目前估计实际情况在 2.3 亿到 2.5 亿之间，中值约为 2.4 亿，这明显 好于市场较为悲观的预期。市场一度认为由于贸易战和主要客户 T 的影响，二 季度业绩可能会在负 10%到 0%的区间，但我们认为实际增长应在 10%以上。 今年上半年整体情况来看，年初给出的 10.5 亿元指引不需要大幅下修。 贸易战和主要客户 T 对银轮股份业务有何影响？ 今年发生了两件大事：贸易战和主要客户 T 整体销量及表现。这确实带来了一 些压力，但公司的增长主要依靠数据中心和商用车热管理业务。今年数据中心 收入预计增长三四亿元，而商用车热管理预计贡献 3,000 万至 4,000 万增量利 润。这两块业务一直超出预期，而 T 客户方面，由于品类扩张，公司并未完全 依赖其销量增长。尽管北美核心客户收入从 17 亿元下修至 14 亿元左右，但公 司通过品类扩张，如欧洲空调箱、前端模块、碳化硅等产品，仍能实现较好的 增长。 银轮股份机器人业务的发展情况如何？ 银轮股份二季度业绩预计超市场预期，实际增长或超 10% ...

Summary of Conference Call Notes Company Overview - The company discussed is **克拉利 (Kedali)**, which operates in the lithium battery structural components industry and has a significant presence in the robotics sector, particularly in the development of new types of torque sensors [1][15]. Key Points and Arguments Financial Performance - The company maintains a leading position in profitability within the industry, with a current valuation around **16 times** earnings, indicating a high margin of safety [1]. - Projected earnings for the year are approximately **900 million**, with a target valuation of **25 times** earnings, reflecting strong growth potential [1]. - In **2024**, the company achieved revenues of **12 billion**, with a year-on-year growth of **14%** [3]. - The company expects revenue growth to recover to over **20%** in **2025** [4]. Market Position - The company holds over **50%** market share domestically and around **30%** globally in the lithium battery structural components sector [2]. - The management team has extensive experience, with key figures having over **25 years** in the industry [2]. - The company has a strong customer base, including major battery manufacturers, which provides stability and growth opportunities [11]. Industry Dynamics - The lithium battery structural components account for about **8%** of battery costs, significantly impacting safety and performance [4]. - The market for cylindrical and prismatic batteries is projected to reach approximately **1,200 GWh** by **2025**, indicating substantial demand growth [5]. - The industry is expected to see improved supply-demand dynamics, with reduced pricing pressure compared to **2024** [6]. Competitive Advantages - The company has a competitive edge due to its high automation rates and production efficiency, leading to lower costs compared to second-tier manufacturers [10]. - The company has maintained a gross margin advantage of over **10%** compared to competitors [7][8]. - The company invests heavily in R&D, maintaining a budget of around **50 million** annually, which supports innovation and product development [11]. Robotics Sector - The company is expanding into the robotics market, focusing on lightweight torque sensors that enhance efficiency and performance [16]. - The new products are designed to reduce weight by **66%** and increase torque-to-weight ratios by **71%** [16]. - The company anticipates significant revenue contributions from the robotics segment, projecting revenues of **1 billion** by **2030** [21]. Future Outlook - The company is expanding its overseas production capabilities, with facilities in Hungary, Germany, and Sweden expected to contribute significantly to revenue growth [13][14]. - The overall revenue forecast for **2025** is **14.7 billion**, with a projected net profit of **1.88 billion**, reflecting a **28%** year-on-year growth [22]. - The current valuation presents a high margin of safety, with potential for further growth in both the structural components and robotics sectors [22][23]. Additional Important Insights - The company’s strategic partnerships with leading battery manufacturers enhance its market position and growth prospects [11]. - The competitive landscape is characterized by a steep cost curve, making it difficult for new entrants to compete effectively [9]. - The company’s focus on high-end products and innovative materials positions it well for future growth in both existing and new markets [12][20].

Core Insights - The article emphasizes the rapid growth of humanoid robots, particularly focusing on the significance of rotary joints as a core component that affects both performance and manufacturing costs [1] - The rotary joints are expected to maintain double-digit growth in the coming years due to the booming humanoid robot industry [1] Group 1: Technology Routes of Rotary Joints - The three main technological routes for rotary joints are rigid actuators, elastic actuators, and quasi-direct drive (QDD) actuators [2] - Rigid actuators have played a crucial role in early humanoid robot development due to their high torque output and precision, maintaining a dominant position in the market [4] - Elastic actuators enhance compliance control but face challenges in industrial application due to complex control algorithms and high hardware costs [4][6] Group 2: QDD Actuators - QDD actuators combine the advantages of both rigid and elastic actuators, becoming a mainstream solution for humanoid robot rotary joints [6] - They optimize structural design and control algorithms to reduce manufacturing costs and system complexity while ensuring joint performance [6][7] Group 3: Motors in Rotary Joints - Motors are critical for rotary joints, requiring high torque output, dynamic response, low inertia, and lightweight characteristics [8] - The frameless torque motor has emerged as a popular choice due to its compact design and flexibility, aligning well with high integration needs [8] - Axial flux motors show promise for future applications in humanoid robots due to their high torque density and efficiency [9] Group 4: Gearboxes in Rotary Joints - Gearboxes play a key role in torque output, precision, and lifespan of rotary joints, with harmonic and planetary gearboxes being the primary types used [10] - Harmonic gearboxes are widely used for their compact size and high precision, while planetary gearboxes are favored for their cost-effectiveness and durability [13][15] - Both types of gearboxes complement each other to meet diverse joint requirements [16] Group 5: Sensors in Rotary Joints - Sensors are essential for measuring force/torque information to achieve precise motion control in humanoid robots [17] - Force/torque sensors provide high precision but are costly and require careful installation [19] - Current loop sensors offer a cost-effective alternative with lower precision, suitable for cost-sensitive applications [21] Group 6: Market Competition in Core Components - The market for humanoid robot rotary joints is characterized by intense competition among core components like motors, gearboxes, and sensors [22] - Domestic companies such as Boke, Haozhi, and Weichuang have made significant advancements in frameless torque motors, enhancing domestic competitiveness [24] - The harmonic gearbox market is led by companies like Harmonic Drive and Lide, while the planetary gearbox sector is competitive with domestic players like Zhongdali and Niusidate [27][31] Group 7: Six-Dimensional Force Sensors - Six-dimensional force sensors are increasingly used in various fields, including humanoid robots, where they have become a standard trend [34] - The market for these sensors is expected to grow significantly, with a current average price of around 40,000 RMB for foreign brands and 20,000 RMB for domestic products [34] - The market is concentrated, with leading companies like ATI and Yuli Instruments holding significant market shares [35] Group 8: Future Outlook - The humanoid robot industry is seen as a new direction in industrial automation with substantial growth potential [36] - The demand for key products like motors, controllers, gearboxes, and six-dimensional force sensors is expected to rise as the industry develops [36] - Companies with technological advantages in gearboxes and sensors are likely to benefit from the growth in humanoid robot demand [36]

新华财经南京6月19日电（记者刘巍巍）构建产业扶持培育政策体系，引进院所和创新机构，设立机器 人合作基金……服务机器人产量占全国六成以上、工业机器人产量占全国内资品牌七分之一的苏州市吴 中区，综合施策、精准赋能，打造机器人产业创新集群，集聚机器人及人工智能产业相关企业1100多 家，产业规模超过1600亿元。 短短1年多来，企业全尺寸通用人形机器人、四足机器狗等核心产品已实现量产及交付，拥有全球专利 150多项，产品在工业、商业、家庭等多个场景落地。 深耕智慧家居赛道，始创于1998年的科沃斯集团，扎根吴中区27年，现已发展成为拥有"科沃斯"和"添 可"两大国际知名科技品牌的上市公司，今年一季度实现营收38.58亿元，同比增长11.06%，净利润4.75 亿元，同比增长59.43%，旗下品牌产品行销全球约170个国家和地区，服务超过5000万家庭用户。 成立于2023年的哈尔滨工业大学（以下简称"哈工大"）苏州研究院，由哈工大、苏州市、吴中区共同建 设，自去年以来，相继推出液压人形机器人、加油站人形机器人、机器导盲犬等一批代表性整机产品。 哈工大苏州研究院依托自身雄厚的科研实力，推动科产深度融合，打造全周期、 ...

Core Viewpoint - Weichuang Electric is focusing on enhancing its product structure and expanding its business across multiple fields, while also emphasizing global market trends and technological innovations to meet customer demands. Group 1: Business Strategy and Outlook - The company plans to deepen its industry demand analysis and implement three main strategies: "full-category attack, full-field coverage," "entering the vast plain business," and "efficient collaboration to improve categories" to enhance its product structure and develop comprehensive solutions across various sectors such as heavy industry, light industry, high-end equipment, new energy, and robotics [2][3] - The company aims to continue its global expansion, focusing on new technologies and trends in the industrial automation sector to provide innovative products and solutions that support digital and sustainable industrial production [2] Group 2: Robotics Sector - In the humanoid robotics field, the company offers a complete set of motion actuator solutions, including various key components such as rotary joint modules and AI-powered software algorithms, to support the development of humanoid robots [3] - Future plans include increasing R&D investment to develop high-performance, high-quality, and reliable innovative products, enhancing market responsiveness, and promoting smart manufacturing upgrades [3] Group 3: Joint Ventures and Collaborations - The establishment of the joint venture Yizhi Lingqiao is aimed at deepening cooperation and resource integration to enhance overall operational efficiency, aligning with the company's strategic development needs [4] Group 4: International Revenue and Market Strategy - In Q1 2025, the company achieved overseas revenue of 99.2 million yuan, representing a year-on-year growth of 28.74%. The company plans to continue its global strategy, analyze overseas market conditions, and enhance its international marketing efforts [5] Group 5: Market Share and Competitive Advantages - The increase in market share is attributed to several factors: technological innovation, market demand recovery, effective marketing strategies, business structure optimization, and the company's strong brand presence [6] - The company leverages local advantages to narrow the gap with international giants in terms of product performance and technology, supported by government policies promoting the automation control industry [6] Group 6: Digital Energy Business - The company is implementing a "diversified construction of a smart energy new ecosystem" strategy, covering various solutions such as energy storage inverters and battery testing equipment, with current sales including inverters and energy storage devices [7]

Core Viewpoint - The performance of Fulin Precision (300432) meets market expectations, driven by dual engines of iron-lithium and robotics, with a target price adjustment to 31.5 yuan and a "buy" rating [1] Group 1: Financial Performance - In 2024, the company expects revenue of 8.47 billion yuan, a year-on-year increase of 47%, and a net profit of 400 million yuan, up 173.1% year-on-year, with a gross margin of 12.4%, an increase of 6.9 percentage points [1] - In Q4 2024, revenue is projected at 2.59 billion yuan, with a quarter-on-quarter increase of 63.5% and a year-on-year increase of 13.1%, while net profit is expected to be 90 million yuan, down 161.2% quarter-on-quarter and 51.9% year-on-year [1] - For Q1 2025, revenue is anticipated to be 2.7 billion yuan, reflecting a quarter-on-quarter increase of 80.3% and a year-on-year increase of 4.2%, with a net profit of 120 million yuan, up 211.9% quarter-on-quarter and 43.7% year-on-year [1] Group 2: Iron-Lithium Business - In 2024, iron-lithium shipments are expected to reach 126,000 tons, a year-on-year increase of nearly 179%, with Q4 shipments at 44,000 tons, a quarter-on-quarter increase of 26% [2] - For Q1 2025, shipments are projected to be nearly 50,000 tons, a year-on-year increase of 170%, with a target of 250,000 tons for the year, doubling the previous year's output [2] - The company anticipates a recovery in net profit per ton of iron-lithium to 200 yuan in 2025, driven by cost reductions from self-supplied materials [2] Group 3: Automotive Parts Business - In 2024, the automotive parts business is expected to generate revenue of 3.6 billion yuan, a year-on-year increase of 23%, with new energy components contributing 1.1 billion yuan, up 99% [3] - The gross margin for the automotive parts business is projected at 23.7%, contributing 860 million yuan in gross profit [3] - For Q1 2025, the automotive parts business is expected to contribute a net profit of 80 million yuan, with a stable growth forecast for the year [3] Group 4: Cost Control and Capital Expenditure - In 2024, operating expenses are projected at 620 million yuan, a year-on-year increase of 15.3%, with an expense ratio of 7.3% [4] - Capital expenditure for 2024 is expected to be 810 million yuan, down 32.3%, while Q1 2025 capital expenditure is projected at 300 million yuan, a significant quarter-on-quarter increase [4] - The company reported operating cash flow of 580 million yuan in 2024, an increase of 88.6% year-on-year [4] Group 5: Investment Recommendations - The company has revised its net profit expectations for 2025-2026 to 960 million and 1.54 billion yuan, respectively, with a new forecast for 2027 at 2.04 billion yuan, reflecting significant growth [4] - The target price is set at 31.5 yuan, with a PE ratio of 25x for 2026 [4] - Recent ratings show 7 buy ratings and 1 hold rating from 8 institutions, with an average target price of 27.12 yuan [5]