证券研究报告|行业研究周报 [Table_Date] 2025 年 11 月 23 日 [Table_Title] 人形机器人产业催化持续，看好 AIDC 景气度 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 随着海内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。灵巧手、大脑和轻量化是人形机器人商业化落地的关键环节， 重点看好技术迭代和产业演进领先的国内生产厂商。 2. 新能源汽车 《磷酸铁锂材料行业成本研究》发布 我们认为，在前期行业需求低迷的背景下，国内磷酸铁锂产能过剩 导致价格大幅下行，多数企业实现亏损。2025 年下半年以来，国内 外动力和储能共振，需求得以修复，带动磷酸铁锂行业开工率处于 高位，头部企业订单已经排至 2026 年。此次磷酸铁锂行业平均成 本区间公布后，磷酸铁锂产品价格具备一定参考标准。叠加阶段性 需求恢复+产能短期结构性供给不足，磷酸铁锂材料价格有望企稳 上行。 3. 新能源 中信博斩获海外支架订单 ...

Core Viewpoint - Jeff Bezos, after four years of retirement, is launching an AI company named "Prometheus Project" with a significant investment of $6.2 billion (approximately 44.7 billion RMB), focusing on "physical AI" that operates in the real world rather than just theoretical applications [4]. Group 1: Bezos's New Venture - Bezos aims to develop AI that can conduct real-world experiments, such as testing wing designs in wind tunnels and optimizing robotic collaboration in automotive production lines [5]. - The project has already attracted nearly 100 top researchers from leading AI teams, including OpenAI and Google DeepMind, indicating a strong talent acquisition strategy [5]. - Bezos is partnering with Vik Bajaj, a key member from Google's X Lab, to oversee operations in aerospace and automotive engineering [5]. Group 2: Musk's Reaction - Elon Musk quickly criticized Bezos's initiative, labeling it as a "copycat" move, reflecting a long-standing rivalry between the two tech giants [6][8]. - Musk's companies, including Tesla and XAI, have been focusing on AI and robotics in manufacturing, which overlaps with Bezos's new project [8]. Group 3: Industry Implications - The simultaneous focus of both Bezos and Musk on "physical AI" suggests a potential surge in this sector, moving beyond theoretical AI applications to practical implementations [10]. - The competition between these two billionaires could accelerate the development of physical AI technologies, benefiting the entire industry, similar to the smartphone wars that led to more advanced products [10]. - Concerns have been raised about the influx of capital into the AI sector, with some investors fearing a potential market correction akin to the 2008 financial crisis [10].

行 业 研 究 / 电 力 设 备 / 证 券 研 究 报 告 电力设备行业年度投资策略 新能源底部反转，机器人创新破局 2025 年 11 月 18 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：周旭辉 证书编号：S1160521050001 证券分析师：李京波 证书编号：S1160522120001 证券分析师：杨安东 证书编号：S1160524070005 证券分析师：朱晋潇 证书编号：S1160522070001 证券分析师：安邦 证书编号：S1160525010002 证券分析师：唐硕 证书编号：S1160524090002 证券分析师：郭娜 证书编号：S1160524070001 相对指数表现 -20% -6% 8% 22% 36% 50% 2024/11 2025/5 2025/11 电力设备 沪深300 相关研究 《液冷：为何加速渗透？行业增速几何？ 新技术和受益标的》 2025.08.21 《MIM：轻量化高精密工艺，拓展机器人 应用领域》 2025.07.23 《机器人星辰大海，新能源关注新技术》 2025.06.24 《人形机器人系列专题之电子皮 ...

Summary of the Conference Call on Moulding Technology Industry Overview - The focus is on the robotics industry, specifically the trend of lightweight design in robots to enhance energy efficiency, heat dissipation, safety, and stability while reducing costs [2][3][4]. Key Points and Arguments 1. **Lightweight Design Benefits**: - Lightweight design improves energy efficiency and extends operational time, as demonstrated in the Beijing Marathon robot competition [4]. - It enhances heat dissipation, particularly in joints, reducing heat generation and prolonging component lifespan [4][7]. 2. **Material Innovations**: - Lightweight robots utilize materials like aluminum, magnesium alloys, and high-performance engineering plastics (e.g., PEEK) [2][11]. - Tesla's Optimus robot weight was reduced from 73 kg to 63 kg through the use of lighter materials [5][9]. 3. **Moulding Technology's Position**: - Moulding Technology is a platform company specializing in injection molding, providing comprehensive design solutions and has a strong partnership with Tesla, being the sole external supplier of bumpers for Tesla's North American factories [2][6][8]. 4. **Market Expansion**: - Starting February 2025, Moulding Technology is expanding into the domestic robotics market, leveraging existing relationships with major clients like BMW, Mercedes, and Xiaomi [3][8]. 5. **Material Application in Robotics**: - The use of plastics (e.g., PP, ABS) for outer shells and structural components is prevalent, with engineering plastics like PEEK being used for specific applications [16][17]. - The market is showing interest in PEEK due to its potential to create new growth opportunities in the robotics sector [23]. 6. **Competitive Advantages**: - Moulding Technology's advantages include its platform model, established relationships with international clients, and rapid domestic market expansion [8][19]. - Other recommended companies include Ekdai (aluminum products supplier) and Xingyuan Zhuomei (magnesium alloy specialist) [18][22]. Additional Important Insights - **Challenges with Magnesium Alloys**: While magnesium alloys offer superior heat dissipation, their complex surface processing poses challenges [12][13]. - **Comparison with Automotive Industry**: The materials used in robotics differ significantly from those in the automotive sector, where high-strength steel is common for safety reasons [14]. - **Stock Price Volatility**: Recent fluctuations in Moulding Technology's stock price are attributed to funding changes rather than fundamental business issues, with the robotics segment progressing well [24]. This summary encapsulates the key insights from the conference call, highlighting the advancements and strategic positioning of Moulding Technology within the evolving robotics industry.

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [20]. Core Insights - Tesla's board has proposed an unprecedented compensation plan for Elon Musk, potentially worth around $1 trillion, contingent on achieving specific goals over the next 10 years [3]. - Key objectives include increasing market capitalization from approximately $1 trillion to at least $8.5 trillion, delivering a cumulative total of 20 million vehicles, deploying 1 million Robotaxis, achieving 10 million active Full Self-Driving (FSD) subscriptions, delivering 1 million Optimus robots, and increasing profits to $400 billion, which is about 24 times the expected earnings in 2024 [5][6]. - The upcoming shareholder meeting on November 6 will vote on this compensation plan, which previously received about 73% support in 2018 but was later invalidated due to procedural issues [5][6]. - If the compensation plan is approved, it could significantly impact Tesla's long-term development by stabilizing leadership, aligning incentives with long-term goals, accelerating key projects, providing capital for R&D without increasing cash expenditures, alleviating governance concerns, and boosting market sentiment [6][7]. Summary by Sections Market Dynamics - The approval of Musk's compensation plan could lead to a surge in orders and technological upgrades for companies in the Tesla supply chain and the domestic humanoid robot industry, presenting substantial investment opportunities in the capital market [7][13]. Recommendations - The report suggests monitoring the developments surrounding Musk's compensation plan and its implications for Tesla and the broader industry [8].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes a "景气反转" (economic recovery), "价值重估" (value reassessment), and "事件催化" (event-driven catalysts), suggesting that 2025 could be a significant year for military investment, characterized by a "双周期共振" (dual-cycle resonance) and a major turning point in the industry [5][48][49] Summary by Sections Industry Performance - The defense and military industry index decreased by 0.22% during the week of October 27-31, 2025, underperforming the broader market by 0.33 percentage points, ranking 21 out of 29 sectors [3][26] - Year-to-date, the defense and military index has increased by 17.72%, slightly underperforming the broader market indices [29][32] Key Developments - The successful launch of the Shenzhou 21 manned spacecraft on October 31, 2025, marks a significant milestone in China's space exploration efforts, contributing to the country's transition from a space power to a space strong nation [3][15] - The domestic liquid rocket industry is advancing rapidly, with the Tianlong 3 rocket expected to make its maiden flight by the end of 2025, and the Zhihang 1 rocket entering the final assembly phase [4][19][21] Financial Performance - The report indicates that the military sector's performance is improving, with notable profit increases for companies such as Hongyuan Electronics and Hangyu Technology, with year-on-year profit growth of 437% and 26% respectively in Q3 2025 [5][49] - The military sector's valuation is becoming more attractive, with a PE-TTM ratio fluctuating between 76-80, closing at 79.0 on the last trading day of the week [42] Investment Focus - The report suggests focusing on "新质战斗力" (new quality combat capabilities) and "景气反转、低估值" (economic recovery and undervalued stocks) as key investment themes [6][48] - Recommended stocks include major players in the new generation combat systems, unmanned equipment, satellite internet, and commercial aerospace sectors [6][48][49]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - As the Tesla shareholder meeting approaches on November 7, market attention on the latest developments of the Optimus robot has significantly increased. The GEN3 version's technical plan has entered a critical stage of finalization, with subsequent factory audit processes and order placements accelerating, laying the foundation for the large-scale rollout of the robot [3][5]. - Tesla's "World Simulator" technology, showcased at the ICCV conference, has garnered attention. This neural network-based system generates high-fidelity virtual scenes, providing an efficient training ground for autonomous driving and robotics, allowing AI to rapidly accumulate vast learning experiences. The "end-to-end" technology route simplifies system architecture and can be seamlessly transferred to the Optimus project, enhancing the robot's navigation and interaction capabilities, accelerating scene implementation, and strengthening product competitiveness [5][6]. - The development of sufficiently intelligent humanoid robots is seen as a technological advancement that will benefit humanity by taking over repetitive physical labor. According to GGII, the market size for humanoid robots in China is expected to reach nearly 38 billion yuan by 2030, with a compound annual growth rate exceeding 61% from 2024 to 2030. The sales volume of humanoid robots in China is projected to grow from approximately 4,000 units to 271,200 units [6]. Summary by Sections - **Investment Rating**: The industry is rated as "Outperform the Market" [14]. - **Market Focus**: Increased attention on Tesla's Optimus robot developments as the shareholder meeting approaches [3]. - **Technological Advancements**: The introduction of the "World Simulator" technology enhances AI training for robotics [5]. - **Market Potential**: Significant growth forecast for the humanoid robot market in China by 2030 [6].

Summary of Key Points from Conference Call Records Industry Overview - **Lithium Battery Materials**: Continuous price increases are observed, with strong expectations for price hikes in lithium hexafluorophosphate, anode materials, and lithium iron phosphate. Cobalt prices have doubled, significantly enhancing the gross margins across the supply chain, benefiting companies like Fangyuan Co. and others [1][4][8]. - **Energy Storage and Wind Power**: The energy storage sector remains robust despite some adjustments due to funding issues. The wind power sector is expected to exceed installation forecasts, with improved bidding prices and profitability logic being validated [1][6][18]. Company Insights - **Zhuhai Guanyu**: The company is expected to see significant sales growth next year, with projections of 80 million to 100 billion units sold, primarily steel-shell batteries. The rise in cobalt prices and potential widespread application of silicon anodes will further enhance profitability [1][3][7]. - **Cobalt Price Impact**: The increase in cobalt prices positively affects various segments of the supply chain, including upstream companies like Luoyang Molybdenum and Huayou Cobalt, as well as downstream firms like XINWANDA and EVE Energy, leading to substantial profit improvements [1][8][9]. Market Dynamics - **Consumer Electronics Growth**: Key growth drivers in the consumer electronics sector include steel-shell batteries, silicon anode applications, and inventory gains from rising cobalt prices. These factors are expected to significantly expand the profit margins of companies like Zhuhai Guanyu and others [1][7][10]. - **Risks in Consumer Electronics**: The sector faces risks from a potential global demand collapse and dollar depreciation. However, the current phase of the consumer electronics cycle is not overly concerning, as major brands have effectively hedged against currency risks [10][11]. Future Outlook - **Lithium Battery Pricing Logic**: The lithium battery supply chain is witnessing a bullish price outlook, particularly for lithium carbonate, which is expected to rise if energy storage continues to exceed expectations [13][24]. - **Wind Power Installation Forecast**: The wind power sector anticipates optimistic installation volumes for 2026, with significant orders in hand for major manufacturers. The expected installation volume is projected to be no less than 120 GW, driven by strong demand [18][19]. Additional Considerations - **Robotics Sector**: Tesla plans to achieve an annual production capacity of 1 million Optimus robots by the end of 2026, with the third generation expected to launch in early 2026. This sector is seen as a potential growth area [2][22]. - **Market Trends in Robotics**: The robotics sector has experienced volatility but is at a critical juncture for development, with domestic companies expected to introduce new products [23]. Conclusion The lithium battery materials and energy sectors are poised for growth, driven by rising prices and strong demand. Companies like Zhuhai Guanyu are well-positioned to capitalize on these trends, while the wind power sector shows promising installation forecasts. The robotics industry is also on the verge of significant advancements, particularly with Tesla's initiatives.

Investment Rating - The report suggests a positive outlook for the machinery equipment sector, with specific recommendations for stocks such as XCMG, Hengli Hydraulic, SANY Heavy Industry, Zoomlion, LiuGong, and YTO Group [10]. Core Insights - The machinery equipment index rose by 4.71% in the last week, outperforming the CSI 300 index, which increased by 3.24% [13][15]. - Year-to-date, the machinery equipment index has increased by 35.02%, ranking fifth among 31 primary industry categories [15]. - The report highlights a significant increase in engineering machinery exports, with a total of $43.855 billion from January to September 2025, marking a year-on-year growth of 13.3% [4][23]. - The report emphasizes the potential growth in quantum computing and controllable nuclear fusion as new economic growth points, supported by top-level policy and funding [4][23]. - Tesla's humanoid robot production plans are seen as a strategic opportunity for the robotics sector, with expectations for significant commercialization by 2026 [4][23]. Summary by Sections Market Review - The SW Machinery Equipment Index increased by 4.71% last week, ranking fourth among 31 primary industry categories [13][15]. - Year-to-date performance shows a 35.02% increase in the SW Machinery Equipment Index, compared to an 18.44% increase in the CSI 300 Index [15]. Key Data Tracking General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.8% in September, indicating contraction [22]. - Forklift sales in September reached 130,380 units, a year-on-year increase of 23% [22]. Engineering Machinery - In September, total excavator sales reached 19,858 units, a year-on-year increase of 25.4%, with both domestic and international sales showing strong growth [31]. Railway Equipment - The railway equipment sector is experiencing steady growth, with fixed asset investment in railways maintaining a growth rate of around 6% [42]. Shipbuilding - The shipbuilding sector is seeing a slowdown in price declines, with the global new ship price index at 185.58 as of September 2025 [44]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with an increase in global rig counts and expected growth in oil and gas extraction demand [46]. Industrial Gases - A decrease in raw material prices is expected to improve profitability in the steel sector, which may boost demand for industrial gases [50]. Gas Turbines - The gas turbine sector is showing robust growth, with GEV reporting a 39% year-on-year increase in new gas turbine orders in the first three quarters of 2025 [52].

Investment Rating - The investment rating for the machinery equipment industry is "Positive" (maintained) [1] Core Insights - The report highlights the significant advancements in humanoid robots, particularly the launch of Figure 03, which is designed for mass production and household applications, enhancing safety and comfort in human-robot interactions [5][14] - The report emphasizes the rapid technological iterations and ecosystem development of Figure, achieving a valuation of $39 billion after its C round financing, with major investments from tech giants like NVIDIA and Amazon [21][23] - The humanoid robot industry is gradually forming a new valuation system, with projections indicating that Figure plans to ship over 100,000 units in four years, potentially leading to a market valuation of around 400 billion RMB [23] Summary by Sections 1. Launch of Figure 03 - Figure 03 is the first humanoid robot designed for large-scale production, focusing on household scenarios with features like soft fabric covering and lightweight structure, which improves safety and comfort [5][14] - The robot is equipped with dexterous hands that integrate tactile sensors, allowing it to perform complex household tasks such as folding shirts and cleaning tables [5][16] 2. Helix as the Core - The hardware architecture of Figure 03 is tailored for the Helix model, which serves as the robot's brain, enabling end-to-end reasoning from visual perception to motion control [26][28] - Helix has demonstrated rapid adaptability across various environments, showcasing its ability to learn from diverse tasks [26] 3. Domestic Supply Chain Integration - Figure employs a "self-research + external support" supply chain model, collaborating with domestic manufacturers to enhance production capabilities [39][40] - The company aims to deepen its reliance on suppliers with engineering mass production capabilities, which is expected to benefit those with cost control advantages [39] 4. Investment Recommendations - Recommended stocks include Zhenyu Technology for dexterous hands and Longsheng Technology for tactile sensors, with additional beneficiaries identified in module and structural components [41]