本次调研核心结论显示：人形机器人已从研发阶段迈入交付验证期，2026年将迎来规模化落地关键节 点，但工作效率与技术收敛性仍是核心挑战。 大摩认为，产业链中，核心零部件及专业机器人企业将率先受益，重点推荐汇川技术（300124）与极智 嘉。 大摩对人形机器人的调研又来了。 摩根士丹利于11月完成亚太地区人形机器人产业链专项调研，重点走访Fortior(1304.HK)、兆威机电 （003021）(003021.SZ)、优必选(9880.HK)等6家核心企业，聚焦订单交付进度、应用场景反馈、技术迭 代方向及产业链盈利逻辑。 01 行业核心趋势：交付启动，验证为王 2026年增长预期明确，交付规模将大幅提升 头部企业已明确2026年扩张目标，行业产能与需求双升态势显著。优必选2025年人形机器人交付量预计 达500台，营收约4亿元(全年订单量已达8亿元)，2026年交付目标进一步提升至2000-3000台。 专业机构Paxini预测，2026年具备实际工作能力的人形机器人(剔除研发及娱乐用途)行业总量将突破1万 台。零部件企业同步受益，兆威机电人形机器人相关灵巧手业务营收预计从2025年的2000-3000万元增 ...

Core Insights - Goldman Sachs observed significant advancements in robot autonomy and generalization capabilities during the World Humanoid Robot Games (WHRG) held in Beijing, indicating potential positive impacts on related stock performances [1][2]. Group 1: Robot Performance and Capabilities - The Tian Gong Ultra robot demonstrated improved autonomous control in running events, reducing run times by 20% compared to remote-controlled performances [2]. - The competition highlighted the need for complex multi-robot collaboration and team intelligence, particularly in soccer events [5]. - Top-performing robots showcased the ability to autonomously complete tasks with high precision, outperforming remote-controlled robots by 50% in scoring [6]. Group 2: Industry Trends and Applications - The WHRG featured over 500 humanoid robots from 280 teams across 16 countries, emphasizing the global interest in humanoid robotics [3]. - The event served as a test for hardware robustness and durability, with specific focus on motor control and battery management [4]. - Scene-based activities underscored the industry's interest in practical applications of humanoid technology, with a trend towards designing products that are commercially viable in the near term [6]. Group 3: Company Insights - Lingyi Tech's robots demonstrated high accuracy and efficiency in material handling tasks, completing operations in 1 minute and 13 seconds with a 95% accuracy rate [7]. - Goldman Sachs holds a positive outlook on companies focusing on autonomous operations, indicating potential growth in the humanoid robotics sector [12]. - Companies like Sanhua Intelligent Controls are expected to see significant revenue growth in humanoid robotics actuators, with projected CAGR of 19% for revenue and net profit from 2025 to 2030 [13].