面对行业融合AI、通信、云计算等新技术的历史机遇，嘉腾机器人展现出持续进发的决心。陈洪波介 绍，每年将营业额的15%投入研发，企业正以二十年的积累为基础，瞄准未来，力争在行业梯队中更进 一步。 （文章来源：21世纪经济报道） 在广东嘉腾机器人自动化有限公司的车间内，一台台无人叉车正灵活穿梭。这些搭载"全球最矮最窄舵 机"的移动机器人，可实现零半径转弯甚至45度斜向行驶，技术指标居于行业前列。"从2005年起步，我 们已在移动机器人领域深耕二十年。目前，嘉腾已跻身全球行业第一梯队。"广东嘉腾机器人自动化有 限公司副总裁陈洪波表示。 这份底气的背后，是佛山乃至大湾区深厚的制造业生态支撑。高效协同的供应链体系，不仅加速了嘉腾 机器人产品从研发到落地的进程，更形成了"研发创新与产业基础相互反哺"的良性循环，机器人技术助 推传统制造智能化升级，而雄厚的制造业底蕴又为前沿创新提供了快速试错与迭代的土壤。 "你中有我，我中有你，相互融合，让整个佛山的制造业，从量变到质变，从佛山制造到佛山智能跨 越。"陈洪波说。 ...

证券日报网讯12月31日，天奇股份（002009）在互动平台回答投资者提问时表示，无锡优奇智能科技有 限公司为公司与深圳市优必选科技股份有限公司于2020年9月成立的合资公司，公司直接及间接持有 22.4910%。优奇智能专注提供无人物流解决方案，致力于打造基于无人车和人形机器人的端到端无人 化物流体系。双方合作开发基于双足人形机器人的应用解决方案。在今年10月召开的CeMAT ASIA2025 上，优奇智能通过人形机器人Walker S2、无人物流车Chitu赤兔α与Wali瓦力家族顶升移动机器人、无人 叉车、料箱移动机器人等无缝协作，形成覆盖"仓储-分拣-搬运-配送"四大核心场景的室内外一体化无人 物流闭环，完成全栈式无人物流2.0的升级进化。 ...

科技成长攻守兼备，看好机械中盘蓝筹投资机会 20251222 摘要 反内卷政策推动行业现金流改善，通用设备和工程机械大型机型占比增 加，提升企业盈利能力，龙头企业有望保持较好增速。 预计 2026 年国内机械板块增速和盈利状况改善，下游需求恢复降低市 场风险，中盘蓝筹因市值适中、主业稳定且具成长性，投资潜力巨大。 锂电装备收入增速逐季改善，新签和在手订单大幅增长，新能源反内卷 优化下游格局，固态电池量产在即，设备需求强劲，主业状态良好且具 成长性。 工业母机产量与收入增速稳定，明年有望边际改善，船舶与航空航天需 求抵消汽车端压力，大型机型采购增加提升毛利率，国产替代空间巨大， 高端化发展可期。 预计明年油气装备需求改善，中国增加油气资本开支，美国推进油气开 发，数据中心对天然气需求增加，油气装备公司业务敞口扩大，需求与 成长性显著提升。 Q&A 2026 年机械行业的总体增长预期如何？ 对于 2026 年的机械行业，我们预期整体需求将保持平稳增长。在科技赋能和 政策支持的背景下，中盘蓝筹和机器人领域将成为核心投资主线。具体来看， 国内政策对机械板块的支持将使得龙头企业保持较好的增速。此外，从今年下 半年开始， ...

Group 1: Mechanical Equipment Industry Overview - The mechanical equipment industry rose by 1.79% during the week of December 8-12, 2025, ranking 5th among 31 primary industries [1][2] - Sub-industries performance: specialized equipment (+3.34%), general equipment (+2.72%), rail transit equipment (+0.37%), engineering machinery (+0.19%), and automation equipment (-0.12%) [1][2] Group 2: Investment Recommendations - The market risk appetite is expected to improve following the completion of the third-quarter report disclosures, suggesting a focus on technology growth and cyclical recovery [2] - Recommended sectors include technology areas such as PCB equipment, controllable nuclear fusion, humanoid robots, and semiconductor equipment, as well as cyclical sectors like engineering machinery and general equipment recovery [2] Group 3: Semiconductor Industry Developments - The global competition in computing power is intensifying, accelerating the process of self-sufficiency in the semiconductor industry chain [3] - Domestic GPU companies like Moore Threads and Muxi are advancing towards IPOs, while international cloud computing giants like Amazon are iterating advanced self-developed AI chips [3] - The listing of Naxin Micro indicates a rapid push towards domestic replacement across the entire semiconductor industry chain [3] Group 4: Humanoid Robot Industry Progress - The humanoid robot industry is maturing, with clearer commercialization paths as evidenced by competitions and conferences [4] - Companies like Zhiyuan Robot and Galaxy General Robot are completing shareholding reforms, indicating increased industry maturity and the initiation of capital cycles [4] - The industry is entering a critical phase focused on genuine advancements, with 2026 seen as a potential starting point for mass production [4] Group 5: Machine Tool Industry Insights - Japan's machine tool orders have seen continuous growth for five months, with overseas orders increasing by 23.2% year-on-year, driven by capital expenditures in markets like North America, China, and India [5] - Domestic policies are supporting the high-end machine tool sector, with a focus on core component self-research capabilities [5] Group 6: Controlled Nuclear Fusion Developments - The industrialization of controllable nuclear fusion is advancing from research to engineering validation, with significant projects underway [6] - Companies like Hangyang Co. have successfully entered the core systems of fusion devices, indicating structural opportunities in the industry [6] Group 7: Excavator Sales Performance - Excavator sales in November 2025 reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (+9.11%) and exports at 10,185 units (+18.8%) [7] - The industry is benefiting from a new round of concentrated replacement cycles and large project initiations, with strong growth potential for leading companies [7] Group 8: Industrial Robot Production Trends - In October 2025, industrial robot production increased by 17.9% year-on-year, driven by government policies encouraging equipment upgrades [8] - The industry may see a reversal of difficulties, with opportunities arising from structural adjustments and diversification of application scenarios [8] Group 9: Forklift Industry Outlook - The Asia International Logistics Technology and Transportation Systems Exhibition showcased advancements in smart equipment and low-carbon technologies, which are expected to positively impact the forklift sector [9] - The forklift industry is experiencing significant sales growth, with ongoing upgrades towards automation and intelligence [9]

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, highlighting strong investment opportunities in AI-driven equipment and oil service equipment for overseas markets [1]. Core Insights - The report emphasizes the high demand for AI computing infrastructure, particularly following the successful IPO of Moore Threads and the lifting of export restrictions on H200 chips by the US, which is expected to accelerate domestic GPU technology development [2]. - The gas turbine sector is experiencing a significant uptrend, with GEV increasing its production targets due to a surge in new orders, indicating a robust market outlook [3]. - The oil service equipment segment is benefiting from increased exports to the Middle East and Russia, driven by rising capital expenditures from local oil companies [4]. - The photovoltaic equipment market is poised for growth, particularly in the US, where AI-driven electricity demand is expected to boost local solar capacity [5]. Summary by Sections AI Equipment - The successful listing of Moore Threads and the US lifting of H200 chip export restrictions are expected to enhance domestic GPU technology and infrastructure development, benefiting related sectors such as PCB and liquid cooling equipment [2]. Gas Turbines - GEV has reported a 46% year-on-year increase in new gas turbine orders, prompting an upward revision of its production capacity and revenue forecasts, indicating a sustained upward trend in the gas turbine industry [3]. Oil Service Equipment - Chinese valve exports to the Middle East and Russia have seen significant growth, with a 25% increase in the latter, driven by rising local oil and gas capital expenditures. The report continues to recommend investments in companies like Neway and Jereh [4]. Photovoltaic Equipment - The report identifies HJT technology as the optimal solution for the US solar market, with significant advantages in cost and environmental impact, driven by the increasing demand for electricity from AI applications [5]. Investment Recommendations - The report suggests a focus on companies such as Dazhong CNC, XCMG, and Sany Heavy Industry in the mechanical equipment sector, as well as Jereh and Neway in the oil service equipment segment, highlighting their potential for growth in the current market environment [1][4].

Core Insights - The mechanical equipment industry is expected to experience stable growth in 2026, driven by domestic policy support and the increasing importance of technology empowerment, particularly benefiting mid-cap blue-chip companies [3][8][15] - Key investment opportunities are identified in eight sub-sectors: lithium battery equipment, industrial mother machines, oil and gas equipment, forklift equipment, machinery for overseas markets, engineering machinery, coal machinery, and light industrial equipment [3][18] - The humanoid robot sector is approaching a production inflection point, presenting investment opportunities for mid-cap blue-chip companies within this segment [3][8] Sub-sector Summaries 1. Lithium Battery Equipment - The lithium battery equipment sector is showing signs of recovery, with a significant increase in new orders, reflecting a growth trend [19][21] - The industry is expected to benefit from the development of solid-state batteries, with commercial production anticipated by 2027, leading to increased demand for related equipment [23][25] 2. Industrial Mother Machines - The industrial mother machine sector is projected to maintain stable growth, supported by favorable policies and increasing domestic demand [27][29] - The market is expected to see improvements in profitability as the demand for high-end CNC machines increases, with a current low penetration rate of domestic products [30] 3. Oil and Gas Equipment - The oil and gas equipment sector faced challenges in 2025 but is expected to recover in 2026 due to policy support and increasing demand [33][35] - The sector is likely to benefit from the growing demand for gas turbines driven by the rapid construction of data centers [35][36] 4. Forklift Equipment - The forklift industry demonstrated resilience in 2025, with sales growth driven by domestic and international demand [39][41] - The introduction of AI-powered products is expected to create new growth opportunities in the sector [46] 5. Machinery for Overseas Markets - The machinery sector for overseas markets faced challenges in 2025 but is anticipated to recover in 2026 as U.S. demand improves [49][57] - Companies are expected to enhance their profitability through cost management strategies and product optimization [57] 6. Engineering Machinery - The engineering machinery sector is experiencing growth driven by both domestic and international markets, with significant sales increases in excavators [59][61] - The sector is expected to benefit from ongoing infrastructure projects and the replacement of aging equipment [61][62] 7. Coal Machinery - The coal machinery sector is under pressure in 2025 but is projected to improve in 2026 as market conditions stabilize [68]

Group 1 - The core viewpoint is that the CNC machine tool market in China is experiencing rapid growth driven by downstream demand, with a projected market size of approximately 432.5 billion yuan in 2024 and expected to exceed 450 billion yuan by 2025 [1] - The domestic production rate of high-end CNC machine tools is only 6%, indicating significant room for domestic production growth in this segment [1] Group 2 - Increased policy support is expected to boost equipment demand, particularly with infrastructure investments, such as the commencement of the Yaxia hydropower project, which will drive demand for large excavators and other equipment [2] - The internationalization, electrification, and intelligentization processes are advancing, with electric loader sales increasing by 157.2% year-on-year, and intelligent applications like unmanned forklifts and mining equipment are anticipated to break through first [2] - The nuclear fusion industry is entering a phase of capital expenditure expansion, focusing on high-value components such as magnet systems, vacuum chambers, and power systems [2] - The low-altitude economy policy emphasizes safety, health, and high-quality development, with a positive outlook on infrastructure construction and low-altitude equipment research and application [2]

Core Viewpoint - The article highlights the increasing policy support for infrastructure investment, which is expected to drive equipment demand, particularly for large excavators due to the commencement of the Yaxia Hydropower Project [1] Group 1: Infrastructure Investment and Equipment Demand - Enhanced policy support is anticipated to boost infrastructure investment, leading to increased demand for equipment [1] - The initiation of the Yaxia Hydropower Project is expected to further stimulate the demand for large excavators and related machinery [1] Group 2: Industry Trends - The internationalization, electrification, and intelligentization processes are advancing, with electric loader sales experiencing a year-on-year growth of 157.2% [1] - Intelligent applications such as unmanned forklifts and unmanned mining are expected to achieve breakthroughs [1] Group 3: Capital Expenditure in Fusion Industry - The nuclear fusion industry is entering a phase of capital expenditure expansion, with a focus on high-value components such as magnet systems, vacuum chambers, and power systems [1] Group 4: Low-altitude Economy - Policies related to the low-altitude economy emphasize safety, health, and high-quality development, with optimism surrounding infrastructure construction and low-altitude equipment research and application [1] Group 5: ETF Overview - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in machine tool manufacturing and key component supply, covering various manufacturing sectors [1]

Core Viewpoint - The mechanical equipment industry is focusing on three main themes: "cyclical recovery, technological upgrade, and overseas expansion" [1] Group 1: Market Demand and Growth - In the engineering machinery sector, domestic market demand continues to recover, with excavator sales expected to grow by 18.1% year-on-year from Q1 to Q3 of 2025, and domestic sales increasing by 21.5% [1] - The demand for equipment is anticipated to be driven by increased infrastructure investment, with a projected compound annual growth rate of 30% for replacement demand over the next four years [1] Group 2: Policy and Investment - Enhanced policy support is expected to boost equipment demand, particularly with the commencement of major hydropower projects [1] - The nuclear fusion industry is entering a phase of capital expenditure expansion, with a focus on high-value components such as magnet systems, vacuum chambers, and power systems [1] Group 3: Technological Advancements - The internationalization, electrification, and intelligentization processes are advancing, with electric loader sales increasing by 157.2% year-on-year [1] - Intelligent applications such as unmanned forklifts and unmanned mining are expected to achieve breakthroughs [1] Group 4: Low-altitude Economy - The low-altitude economy policy emphasizes safety, health, and high-quality development, with a positive outlook on infrastructure construction and low-altitude equipment research and application [1] Group 5: ETF Overview - The Industrial Mother Machine ETF (159667) tracks the CSI Machine Tool Index (931866), which selects 50 listed companies involved in machine tool manufacturing and key component supply, covering various manufacturing sectors including machinery, electronics, new energy, and robotics [1]

Core Insights - The sales of forklifts in China reached 1.2207 million units from January to October this year, marking a year-on-year increase of 14.2% [1] - In October alone, 114,300 forklifts were sold, reflecting a year-on-year growth of 15.9% [1] - The growth in forklift sales is driven by the urgent demand for enhanced efficiency and resilience in the economic supply chain, alongside the acceleration of intelligent transformation in manufacturing and logistics [1] Industry Trends - The industry is transitioning from "automation" to "intelligence" with the rapid implementation of advanced technologies such as AI and embodied intelligence [1] - The market for unmanned forklifts is expected to exceed 14 billion yuan by 2029, driven by advancements in navigation, perception, and large models [1] Company Developments - Hangcha Group has expanded its offerings to include AGV products and integrated software systems, enhancing its position in the intelligent logistics sector [2] - Hangcha Group's subsidiary recently acquired a 99.23% stake in Zhejiang Guozi Robot Technology Co., improving its product lineup in unmanned forklifts and mobile robots [2] - Zhongli Machinery has developed a range of smart logistics products, creating a closed-loop industrial process from warehousing to automated unloading [3] - Companies are increasingly focusing on building comprehensive intelligent logistics solutions and enhancing their product matrices to align with the industry's shift towards intelligence and flexibility [3]