分析师 ：陈传红 S1130522030001 分析师 ：冉婷 S1130524100001 核心观点 投资建议 关注新技术迭代及零部件门票行情。（1）本体：汽车主机厂、3C品牌商因为掌握需求场景以及硬件供应链，相对竞争优势正在提升， 同时拥有大脑以及硬件迭代能力和需求场景的如华为、字节、小米等机器人，仍然是商业逻辑最顺的。（2）供应链：紧握"门票行 情"+技术迭代。1）门票行情：25H2重点关注特斯拉、智元、华为供应链，特斯拉链是最快进入小批量的供应链，关注触觉传感器、谐 波减速器、摆线针轮、高功率密度电机、peek以及粉末冶金工艺；智元供应链变化点在于垂直商业模式的重构，重点推荐全尺寸人形 机器人ODM宁波华翔，并关注其peek布局。2）技术迭代：重点关注灵巧手、电机和peek等。 风险提示 机器人应用场景落地不及预期，技术迭代不及预期，行业竞争加剧。 2 2025/11/3 1 资料来源：国金证券研究所 4 | 指标 | 2025Q3 | YOY/pct | 2025Q1-Q3 | YOY/pct | | --- | --- | --- | --- | --- | | 营收（亿元） | 1549.84 ...

Core Insights - The event held on August 10, 2025, focused on the theme "Tackling Core Technologies for Agile Embodied Intelligence," highlighting the transition of embodied intelligence from laboratories to real-world applications, emphasizing its significant market potential for innovation and transformation across various industries [3][4] - Key components of embodied intelligent robots, including high-precision sensors, bionic actuators, edge computing chips, and flexible materials, are crucial for enhancing overall performance and expanding application scenarios [3][4] - The event featured discussions on technological innovations in robot actuators and high-power density motors, providing insights into the current state and future trends of core components in the embodied intelligence robot sector [3][4] Event Highlights - The event was attended by over 300 participants from 29 universities and 99 companies, with an additional 1.35 million viewers online [5] - A total of 18 outstanding solutions in the field of core components for embodied intelligent robots were showcased, categorized into five major industry issues: multimodal technology breakthroughs, domestic core component production, algorithm and model upgrades, innovative application scenarios, and ecosystem and talent development [4][5] - Seven outstanding technological achievements were successfully signed for implementation during the event [4]