（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：新增的AGV/AMR募投产能，能否达到预期？ 杭叉集团（603298.SH）12月19日在投资者互动平台表示，目前的AGV/AMR年产超过5000台，随着这 块业务的不断拓展未来AGV/AMR的产能还会进一步加大。 ...

Investment Rating - The report assigns a "Buy" rating to SYTECH and Leader Drive, while it has "Sell" ratings on Envicool and Topband due to rich valuations and increased competition [1][8]. Core Insights - The report highlights a shift in global market liquidity from high-beta stocks like AI and humanoid robots to low-beta stocks, driven by stretched valuations and concerns over monetization [1]. - Order growth momentum for AI infrastructure components such as PCB, CCL, liquid cooling, and power supply is expected to continue rising through 2026 [1]. - SYTECH is noted for its competitive advantage in the CCL market, being the first and only Chinese CCL player in NVIDIA's supply chain, while Leader Drive is positioned well in the US NEV and robot supply chain [1][2]. Summary by Sections AI Infrastructure Chain - The AI infrastructure supply chain, including CCL, PCB, liquid cooling, and power supply, accounts for a significant portion of AI server BOM, with CCL having a better competitive landscape due to high industry concentration [2]. - SYTECH is set to launch a five-year plan to capitalize on AI-CCL opportunities, with expectations of strong revenue and net profit growth of 30% and 164% respectively in Q4 [5]. - New entrants in the liquid cooling market are expected to challenge existing players like Envicool, which is facing increased competition [10]. Humanoid Robot Supply Chain - Leader Drive anticipates significant growth in shipments from major robotic players, with the first batch of shipments expected to reach over a thousand units this year [13]. - The emergence of new players like Xiaomi and XPENG is expected to benefit upstream component suppliers, including Leader Drive [13]. - Leader Drive is becoming a key supplier for harmonic reducers to leading US humanoid robot manufacturers, enhancing its market share [2][13]. AGV / AMR Warehouse Automation - The warehouse automation market is transitioning from traditional AGVs to more flexible AMRs, driven by e-commerce growth and labor shortages [17]. - Companies like Hangcha are expected to benefit from this transition, leveraging their existing capabilities in forklift manufacturing to enter the intelligent warehouse automation space [18][20].

Core Insights - The global smart logistics market is expected to exceed 500 billion yuan by 2025, with mobile automation equipment showing the fastest growth, approaching 150 billion yuan, indicating significant development potential [1][2] Market Exploration - Smart logistics integrates "hardware + software" into an automated supply chain system, enhancing logistics efficiency, involving core equipment such as AGV/AMR and unmanned forklifts [2] - The global warehouse automation solutions market is projected to exceed 500 billion yuan by 2025, with the Asia-Pacific market experiencing the highest growth; China's smart logistics market is estimated to be around 120 billion yuan [2] - Mobile automation equipment is expected to grow the fastest, with a market size nearing 150 billion yuan, driven by advancements in AI and low current penetration rates [2] - The cost advantages of unmanned forklifts are highlighted, with payback periods of 2.5 years, 1.1 years, and 0.7 years for different operational shifts, while traditional forklifts have a lifespan of 8-10 years [2] Industry Chain Analysis - Key technologies for mobile robots include navigation and positioning, perception and obstacle avoidance, and planning and control [3] - Automation-related components, particularly sensors and controllers, represent the main incremental costs, with SLAM products dominating the market at approximately 75% share [3] - The controller, regarded as the "brain" of mobile robots, has a high technical barrier and is a high-margin segment within the supply chain [3] Investment Recommendations - Companies with strong capabilities in hardware, software, and scenario mastery are favored, as innovative products are expected to generate revolutionary demand [4] - Firms with strong product innovation capabilities are likely to capture a larger market share, particularly in overseas markets where profit margins are higher [4]