智元链投资机会解读 20250709 摘要 智源机器人被邀约收购，突破市场预期，或成机器人产业发展新范式。 智源链在国内市场表现强劲，引领商业模式、产品定位和产业生态，相 关公司如东大利德链、奥比中光等有望在各应用场景实现新突破。 禾川科技完成股权激励，加大横向开发，预计 2025 年收入增速 15- 20%，大幅减亏，2026 年实现盈利。在人形机器人领域，禾川定位核 心零部件和总成，与志远、小鹏、华为等龙头厂商深度对接，并设立产 业基金投资传感器公司。 禾川科技人形机器人板块 2024 年营收约 500 万元，预计 2025 年出货 量达 3,000 万元。短期收入主要来自旋转总成和线性总成，以及代工业 务。已与国地中心、银桥、上海人形等签订订单，比亚迪、赛力斯和优 必选等公司已通过验场或审场。 恒立液压因特斯拉砍单及工程机械波动回调，市值约 900 亿，迎来长期 布局机会。预计未来 3-5 年拐点向上，挖掘机领域占比约 40%，国内市 场更新周期启动，2025 年挖掘机板块预计增长 10-20%，中挖油缸和 泵阀份额提升。 Q&A 智源链近期发生了哪些重要变化？ 智源链近期发生了一些显著变化，其中最重磅 ...

其推出的仿人五指灵巧手采用创新型直线驱动设计，具有6个自由度和12个运动关节，结合力位混合控制算法，可以模拟人手进行诸如弹琴、猜拳等复杂动作。 详细会议介绍参看往期文章： （点击蓝字跳转） IRCTC 2025报告嘉宾重磅揭晓！ 72小时后早鸟票关闭！ 截稿延期通知：IRCTC2025九大期刊联合征文延期至7月12日！ 具身智能浪潮奔涌，作为其颠覆性核心的灵巧手技术，正迎来关键突破与激烈竞逐。 作为目前最接近人类手部功能的机械结构，灵巧手是具身智能机器人实现复杂环境交互的必要媒介。那么，国内灵巧手技术当前发展态势如何？又有哪些代表性 企业和产品引领风潮？下文将进行首批企业梳理，更多核心玩家尽在后续二、三辑，敬请期待！同时，诚邀您在评论区提名"遗珠"企业，后续统一发布！ 01 北京因时机器人科技有限公司 因时机器人创立于2016年，是一家专注于微型精密运动部件研发制造和伺服控制技术突破创新的专精特新企业。主要产品包括微型伺服电缸和仿人五指灵巧手，在 微小型、高精度和力控技术等方面具有独特优势，产品被广泛应用于机器人及其他机械设备的运动执行部位。 创始人倪华良毕业于复旦大学电子工程系，拥有19年电子科技行业经验以 ...

2025 年 07 月 10 日 儒竞科技(301525.SZ) 投资建议：儒竞是国内变频驱动器行业领先企业，有望受益于 热泵和商用空调规模快速提升，且公司持续拓展新能源汽车热管 理系统、自动化及机器人等潜力领域，长期成长动力较强。随着 欧洲热泵需求复苏，儒竞收入和业绩有望恢复快速增长。预计公 司 2025 年-2026 年的 EPS 分别为 2.68/3.54/4.49 元，首次给予 买入-A 的投资评级，给予 2025 年 32 倍的动态市盈率，相当于 6 个月目标价为 85.78 元。 热泵控制器领导者，新能车热管理及自 动化构筑新增长曲线 公司深度分析 | | 证券研究报告 | | | --- | --- | --- | | | 其他家电 | | | 投资评级 | 买入-A | | | | 首次评级 | | | 6 个月目标价 | 85.78 | 元 | | 股价 (2025-07-09) | 73.99 | 元 | | 交易数据 | | | | 总市值(百万元) | | 6,978.13 | | 流通市值(百万元) | | 3,655.19 | | 总股本(百万股) | | 94.31 | | 流通 ...

Core Viewpoint - The article focuses on the disassembly and analysis of the headlight driver module of the Xiaomi SU7, highlighting its advanced technology and components that differentiate it from traditional fuel vehicles [5][16]. Summary by Sections Overview of the Headlight Driver Module - The headlight driver module is described as the "brain" of the lighting system, essential for high-precision light control, dynamic lighting, communication, and energy management in automotive applications [5]. Disassembly Insights - The disassembly process of the SU7 headlight driver module was challenging due to the extensive use of adhesive between the bottom shell and the metal front cover, requiring significant effort to extract the driver board [7]. Component Analysis - The core controller is an Infineon automotive-grade MCU (CYT2B75CADQ0AZEGS) based on the Arm Cortex-M4 architecture, responsible for lighting logic operations, PWM waveform generation, fault diagnosis, and communication protocol stack execution [11]. - Two CAN bus controllers from NXP are included for communication redundancy, with one supporting CAN FD for high bandwidth lighting command transmission [11]. - The module features a linear voltage regulator from MPS (MP2019) that can handle 12V vehicle transient fluctuations and minimizes standby power consumption [12]. - An ON Semiconductor micro-stepping motor driver (NCV70517) is utilized for adaptive front lighting system (AFS) functionality, typically found in mid to high-end traditional fuel vehicles [13]. - A voltage follower from ROHM (BD42530) ensures dynamic voltage tracking for the light group, maintaining brightness control accuracy [14]. - The main LED driver system is powered by Texas Instruments chips, with a dual-channel constant voltage LED driver (TPS92682Q) and three synchronous buck LED drivers (TPS92520Q) for auxiliary lighting [14][15]. Conclusion on Component Selection - The analysis reveals that the Xiaomi SU7 headlight driver module employs a mix of high-performance international components and some local suppliers, indicating a strategy for supply chain diversification and reliability [16].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

行业报告：先进制造行业周报 2025年7月7日 物流机器人加速落地，兆威机电发布新一代灵巧手 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 分析师：卢正羽 证券执业证书号：S0640521060001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造——投资观点 n 重点推荐：信捷电气、北特科技、汉威科技、兆威机电、恒立液压、纽威股份、软通动力 n 重点跟踪行业——人形机器人： n 核心个股组合：信捷电气、北特科技、兆威机电、恒立液压、纽威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纳睿雷达、软通 动力、航锦科技、华伍股份、华阳集团、万马科技、绿的谐波、埃斯顿 n 本周专题研究： 近日人形机器人产业动态汇总：1）德马科技集团与海康机器人正式签订战略合作协议，双方将共同推动自主移动机器人在智慧物 流与智能制造领域的产业化应用；2）兆威机电发布新一代仿生灵巧手ZWHAND，为具身智能的各种应用场景提供更加成熟的灵巧手解决方案。相 较上一代产品，新一代的灵巧手 ...

Investment Rating - Industry Rating: Recommended [5] Core Viewpoints - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and domestic companies' strong demand for core component localization, presenting significant market opportunities [1][14] - The new energy vehicle sector is experiencing stable growth, with several companies reporting increased delivery volumes, driven by the maturation of solid-state battery technology and supportive policies [2][18] - The photovoltaic industry is seeing improved supply-side expectations, with measures to address overcapacity being anticipated, which could lead to a positive marginal change in the industry [3][26] Summary by Sections Humanoid Robots - The launch of the fourth-generation frameless torque motor and hollow driver by the company is expected to enhance the performance and reliability of humanoid robots, with strong domestic demand for localization of core components [1][13] - The entry of major tech companies into the humanoid robot market is expected to accelerate industrialization, with significant opportunities for component suppliers [14][15] New Energy Vehicles - In June 2025, several new energy vehicle manufacturers reported stable month-on-month delivery volumes, with companies like NIO and Xpeng showing growth, while others like Li Auto experienced declines [2][17] - The introduction of new technologies such as solid-state batteries is expected to enhance vehicle performance and reduce costs, contributing to the overall growth of the new energy vehicle market [18][19] Photovoltaic Industry - The photovoltaic sector is addressing overcapacity issues, with government and industry discussions focusing on improving product quality and reducing low-price competition [25][26] - Companies involved in silicon material production and high-efficiency battery technologies are expected to benefit from upcoming supply-side adjustments and cost reductions [3][26][32] - The anticipated reduction in glass production by 30% is expected to alleviate inventory and pricing pressures in the photovoltaic glass market [3][26] Wind Power - The offshore wind power sector is recognized as a key component of marine economic development, with significant growth potential due to advancements in technology and cost reductions [4][28] - The industry is expected to benefit from a stable demand for wind power generation, with ongoing projects and technological improvements enhancing the overall efficiency of wind energy production [28][44]

公众号记得加星标⭐️，第一时间看推送不会错过。 按照AOS所说，今日宣布，已与美国商务部工业与安全局（BIS）达成和解，结束对其出口管制行为 的调查。根据和解协议，AOS同意一次性支付425万美元以解决指控。该和解不会影响AOS的持续业 务运营，并结束了美国政府长达五年多的调查，该调查并未引发任何刑事指控。AOS很高兴以仅涉及 有限行政出口管制指控的方式结束此案。 来源：内容编译自路透社 。 根据美国商务部周三发布的命令，芯片公司 Alpha and Omega Semiconductor (AOS) ，已同意支付 425 万美元（约3045万元人民被）与美国商务部达成和解，以解决其向中国华为技术有限公司运送物 品违反出口规定的行为。 该公司表示："这项决议不会影响AOS的持续业务运营，并结束了美国政府长达五年多的调查。AOS 很高兴以有限的行政出口管制指控结束此事。" AOS在今年早些时候提交给美国证券交易委员会（SEC）的文件中表示，美国当局自2019年以来一 直在调查其与华为的交易。该文件称，美国司法部已于2024年1月结束调查，且未提出任何指控，但 美国商务部的民事调查仍在进行中。 2025年4月16 ...

高边开关： 不可绕过的"上车"核心 南芯科技汽车电子事业部市场总监殷亮表示，随着汽车电气化水平及安全要求的提升，车身控制这一 核心场景正愈发凸显其重要性，而作为这一系统中不可或缺的核心组件，目前高边开关在每辆新能源 车上的需求多达75颗以上，要做一站式汽车解决方案，势必绕不开这款产品。 "最早的车身控制，其实是模块化、分散式的，"他回忆道，"比如说车窗、座椅，每个小模块各自为 政。但现在新能源汽车的趋势是——集成、协同、轻量化。"随着域控制器的引入，物理和功能相近 的模块被合并进统一控制区，不仅提升了响应速度，也提升了系统的安全性与布线效率，"这对我们 这些做底层功夫的电源芯片来说，其实是一个升级契机。" 他举了一个简单的例子："以前为了限速控制一个座椅电机，线束可能要拉到整车尾部，现在通过区 域控制就能本地解决，不仅减重，也提高可靠性。" 公众号记得加星标⭐️，第一时间看推送不会错过。 过去十年，中国汽车产业完成了一次剧烈而深刻的"电动化+智能化"重构。其中芯片作为车 的"神经"和"大脑"，正成为这场革新中最关键的增量引擎。研究机构的数据显示，2024年中国 汽车电子市场将达到11,585亿元，其中智能座舱 ...

每经记者｜陈晴 每经编辑｜文多 近日，广东尚研电子科技股份有限公司（以下简称尚研科技）上市申请获受理，公司拟冲刺北交所IPO。 2024年，公司营收为5.88亿元、净利润为4409万元，同比分别略下滑4.5%和1.3%。在业绩并非最漂亮的时间段选择冲刺 上市，可能与背后潜藏的对赌条款有关。据公司招股书（申报稿），如公司未能在今年12月20日前递交上市申请或者递 交后最终未能成功上市，创始股东需履行股份回购义务。 更值得关注的是，尚研科技存在客户集中度较高的风险，尤其是对单一大客户海尔（海尔集团公司及其下属公司）的依 赖度居高不下，2024年对海尔的销售收入占比（销售收入占总营收的比例，下同）达66.66%。 核心管理团队多具美的从业背景 尚研科技实际控制人为自然人卢高锋，合计控制公司62.91%股份，其同时任公司董事长和总经理。 卢高锋曾陆续就职于美的电饭煲公司、美的家庭电器事业部、美的微波炉事业部。此外，尚研科技游建强、康丕毅、吴 海明、王强和付新（已离职）等5名董监高或核心技术人员也曾经在美的（指美的集团股份有限公司及其下属公司等）任 职。 凭借管理团队的行业资源，尚研科技成功切入头部家电企业供应链。20 ...