人形机器人反弹后的投资思路梳理 20250716 摘要 人形机器人板块受多重利好催化，包括上海世界人工智能大会、特斯拉 二季度业绩说明会及股东大会等，市场流动性良好，AI 相关应用和算力 表现出色，共同推动板块积极发展。 特斯拉机器人项目负责人更换，旨在将 FSD 功能接入机器人，提升产品 力。供应链反馈显示，下半年订单确认有所延迟，预计 8-10 月份产品 逐步落地，并推动延迟订单提货及明年订单指引。 国内机器人市场进展超预期，主要用于搬运和分拣，但替代工人仍有难 度。宇树和智元接到中国移动订单，以及特斯拉链的新变化带来行业新 进展。 特斯拉下半年规划包括 7 月 24 日二季度业绩交流会、11 月 6 日股东大 会以及年底新机器芯片发布，若明年计划生产上万台机器人，四季度前 后可能针对新一代机器人进行发包和审厂。 国内电信企业积极参与与特斯拉的合作，中移动已成功落地首个商业化 订单，预计更多国央企效仿这种形式，对国内主机厂进行采购，促进技 术对接，为国产链条标的提供更多机会。 Q&A 当前人形机器人板块的催化因素有哪些？ 对于人形机器人板块未来走势如何看待？ 人形机器人板块经过长时间调整后，目前最大的利空 ...

Investment Rating - The report does not explicitly provide an investment rating for the companies discussed [3]. Core Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of mainboard new stocks rising in March 2025 [1][12]. - In March, the first-day gains and opening valuations of new stocks on the ChiNext board decreased, while those on the mainboard increased [2][25]. - The report highlights specific new stocks that have recently been listed, including Hongjing Optoelectronics and Hengxin Life, which experienced significant fluctuations in their stock prices [1][25]. Summary by Sections New Stock Market Activity - In March 2025, the mainboard saw an increase in the first-day gains and opening valuations, while the overall activity in the new stock market declined, with only 12 out of 46 new stocks (26.09%) recording positive gains [1][12]. - The ChiNext board had new listings including Hongjing Optoelectronics and Hengxin Life, with first-day gains of 210.26% and 119.44% respectively, but later recorded declines exceeding 10% [25][26]. - The report notes that the total number of new stocks listed in 2023 has reached 333, raising a total of 407.88 billion yuan [12]. Key New Stocks - The report identifies key new stocks that have been listed since January 2023, including Hongjing Optoelectronics, Sikan Technology, and others, highlighting their core products and market performance [49][51]. - Specific attention is given to Sikan Technology, which focuses on 3D visual digital products and has shown promising financial forecasts [44][45]. Market Valuation Trends - The report indicates that the first-day price-to-earnings (P/E) ratios for new stocks on the ChiNext board have increased to 19.24 times in March, compared to 17.14 times in February, while the mainboard's P/E ratio decreased to 15.56 times [17][29]. - The opening valuations for new stocks on the mainboard have also shown an upward trend, with a notable increase in the first-day gains compared to previous months [29][33].