新华社北京12月29日电 《中国证券报》29日刊发文章《"汽车人，变形出发！"——浙江汽配企业转型 布局人形机器人样本调查》。文章称，时间拉回到30多年前，刚走出校园的王剑峰未曾想到，自己日后 掌舵的均胜集团会成长为全球智驾龙头。他更不会料到，在当时电视上热播的动画片《变形金刚》有朝 一日会走进现实。2025年的岁末，当中国证券报记者采访这位均胜集团的董事长时，一台名为"贾维 斯"的人形机器人，正安静地伫立在王剑峰身旁。 "人形机器人将是继新能源汽车、智能驾驶后，我们迎来的又一历史性发展机遇！"王剑峰的判断，正成 为跻身浙江"汽配天团"一众公司的共识。眼下，这支深耕汽车零部件领域数十载的产业军团正加快转 型，誓将人形机器人打造成"第二增长曲线"，更以亲身实践勾勒出因地制宜发展新质生产力、布局未来 产业的"浙江样板"。 （资料图片。新华社发） 集体出征，瞄准机器人万亿蓝海 "汽车人，变形出发！"2025年以来，这句充满科幻感的口号，成为浙江汽车零部件公司转型的生动注 脚。一场围绕人形机器人的"集体变身"，正在这片新能源汽车产业沃土上悄然上演，形成独特的"浙江 现象"。 转型的号角，从均胜集团旗下的上市公司均胜电 ...

追"风"而行，海上风电装机容量不断攀升，绿电奔涌；乘"数"而上，纺织服装借力"电商+直播"畅销全 球；弄"潮"出新，普宁英歌这块潮汕文化的金字招牌，正变身为文旅发展的新动能……南海之滨，广东 揭阳涌动着高质量发展的活力。 以打造产业集群为抓手，推进产业强市建设，持续推动传统文化与现代产业深度融合，千年古邑揭阳正 加快崛起成为粤东高质量发展新增长极。 向海图强，打造产业崛起强引擎 "海面年平均风速约7.2米/秒，功率最大的机型风机叶片转一圈能产生21.6度电。"国家电投揭阳前詹风 电有限公司党委书记刘庆辉指着海面监控大屏说，来自揭阳的绿电正点亮万家灯火。 监控大屏上，每个风机所在区域实时风速、发电量等数据一览无余。刘庆辉表示，公司在揭阳先后投产 3个海上风电项目，装机容量已突破90万千瓦。 "海面能发电，水下还有一座养殖水体超7万立方米的'海洋牧场'，鱼苗已经长到近3斤。"刘庆辉说。 纺织服装是普宁的传统支柱产业，当地已构建完整的产业链。近年来，借力"电商+直播"，以"线下实体 +线上平台"双轮驱动，"普宁产"不仅销往全国各地，还在跨境电商平台崭露头角，2024年跨境电商进出 口额突破5300万元。 在揭东经济 ...

Core Viewpoint - The company has demonstrated steady growth in both revenue and profit, with significant contributions from its hydraulic components business, which is expected to benefit from the recovery in the engineering machinery industry [4][5]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.37 billion yuan, representing a year-on-year increase of 16.5%, and a net profit attributable to shareholders of 320 million yuan, up 12.6% year-on-year [4]. - In Q3 2025, the company reported a revenue of 810 million yuan, a year-on-year growth of 23.6%, and a net profit of 110 million yuan, which is a 29.7% increase year-on-year [4]. - The gross margin was 28.6%, down 1.8 percentage points year-on-year, while the net margin was 13.5%, down 0.3 percentage points year-on-year [4]. Group 2: Business Segment Performance - The hydraulic components business generated a revenue of 990 million yuan in H1 2025, marking a substantial year-on-year increase of 51.8% [5]. - The breaker hammer business saw a revenue of 420 million yuan, reflecting a year-on-year decline of 17.4% [5]. - Other products, including hard alloy tools, industrial robots, and RV reducers, generated 130 million yuan, down 34.3% year-on-year [5]. Group 3: Industry Outlook - In the first ten months of 2025, excavator sales in China (including exports) reached 192,000 units, a year-on-year increase of 17.0%, with domestic sales at 98,000 units, up 19.6% [5]. - The recovery of the engineering machinery industry is expected to drive demand for machinery attachments and components, positioning the company as a leading beneficiary in the hydraulic components and breaker hammer sectors [5]. - The commencement of the Yarlung Tsangpo River downstream hydropower project is anticipated to further enhance demand for the company's products, particularly in rock processing applications [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has demonstrated steady growth in both revenue and profit, with a revenue of 2.37 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.5%, and a net profit of 320 million yuan, up 12.6% year-on-year [1] - The hydraulic components business has shown remarkable performance, with a revenue of 990 million yuan in the first half of 2025, marking a 51.8% year-on-year increase [2] - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to further boost demand for the company's products, particularly in rock breaking and excavation operations [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 810 million yuan, a 23.6% increase year-on-year, and a net profit of 110 million yuan, up 29.7% year-on-year [1] - The gross margin for Q3 2025 was 30.6%, down 1.3 percentage points year-on-year, while the net margin was 14.1%, up 1.2 percentage points year-on-year [1] Business Segments - The hydraulic components segment is a key growth driver, with significant revenue growth, while the breaker hammer business saw a decline of 17.4% year-on-year [2] - Other products, including hard alloy tools and industrial robots, experienced a revenue decline of 34.3% [2] Market Outlook - The recovery of the engineering machinery industry is anticipated to drive demand for hydraulic components and accessories, positioning the company favorably as a leader in the hydraulic hammer and components market [2] - The ongoing construction of large-scale hydropower projects is expected to enhance the demand for the company's specialized products [3] Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 419 million yuan, 506 million yuan, and 608 million yuan, respectively, with corresponding EPS of 0.50 yuan, 0.61 yuan, and 0.73 yuan [4][5]

Core Viewpoint - The company, Senyuan Electric (002358.SZ), does not currently engage in the research and production of harmonic reducers or RV reducers, which are relevant for humanoid robot joints [1] Group 1 - An investor inquired on the investor interaction platform about the company's subsidiary's involvement in developing harmonic reducers and RV reducers [1] - The company responded on November 18 that it does not involve itself in such business activities at this time [1]

Group 1: Manufacturing Innovations - The manufacturing sector in Shaanxi is experiencing significant technological innovation, with companies like Qinchuan Machine Tool Group achieving breakthroughs in core components for industrial robots, transitioning from "none" to "some" and then to "precision" in domestic RV reducers [2] - Zhejiang Geely Holding Group's new vehicle production base in Xi'an is fully automated, with a projected output of over 300,000 vehicles in 2024, showcasing advancements in manufacturing efficiency [1][2] - The emphasis on smart, green, and integrated manufacturing is highlighted as a strategy for enhancing product quality and production efficiency in the face of market competition [1] Group 2: Agricultural Advancements - The agricultural sector in Shaanxi is also embracing technology, with smart greenhouses allowing farmers to control conditions via mobile devices, leading to increased efficiency and quality in tomato production [2] - The kiwi fruit industry in Zhouzhi County is utilizing high-tech sorting lines and pre-cooling ripening techniques to enhance fruit quality and standardization, with an annual production exceeding 600,000 tons and a total output value surpassing 10 billion yuan [4] - The integration of technology in agriculture is transforming traditional practices, contributing to job creation and economic growth in rural areas [2][4] Group 3: Policy and Strategic Direction - The 20th Central Committee of the Communist Party of China emphasizes the need for a coordinated development of technology-driven, green, quality, and brand agriculture, aiming to modernize the agricultural sector into a significant industry [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][26]. Core Views - The company's net profit for the first three quarters of 2025 increased by 21.7% year-on-year, driven by the growth in the new energy gear and intelligent actuator businesses, despite a 4.1% decline in revenue [1][8]. - The gross margin for Q3 2025 was 26.8%, up 2.9 percentage points year-on-year, indicating continuous improvement in profitability due to product structure optimization and cost reduction efforts [2][15]. - The company is well-positioned to capitalize on global expansion opportunities and product line extensions, with a focus on the automotive sector and high-quality customer resources [3][21]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 6.47 billion yuan, a decrease of 4.1% year-on-year, while the net profit reached 900 million yuan, an increase of 21.7% [1][8]. - In Q3 2025, revenue was 2.24 billion yuan, down 7.6% year-on-year but up 3.4% quarter-on-quarter, with a net profit of 320 million yuan, reflecting a 21.2% year-on-year increase [1][8]. Profitability Metrics - The net profit margin for Q3 2025 was 14.3%, up 3.3 percentage points year-on-year, supported by ongoing cost reduction and efficiency improvement initiatives [2][15]. - The company is expanding into non-metal materials, focusing on engineering plastics and composite gear technologies, which enhances its product offerings [2][15]. Future Outlook - The company is pursuing a global strategy, including establishing a manufacturing base in Hungary with an investment of 120 million euros, which is expected to enhance its international market presence [3][25]. - The anticipated growth in the global new energy vehicle transmission gear market is projected to reach approximately 30 billion yuan by 2025, providing significant opportunities for the company [21][26]. Earnings Forecast - The company maintains its profit forecast, expecting net profits of 1.28 billion yuan, 1.52 billion yuan, and 1.81 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.51 yuan, 1.79 yuan, and 2.14 yuan [4][26].

Core Insights - Precision reducers are critical components for humanoid and industrial robots, with significant market growth expected by 2030, particularly in the harmonic reducer segment [1][3] - The domestic precision reducer manufacturers are making technological breakthroughs, benefiting from the ongoing domestic substitution process [1][3] Market Overview - The precision reducer market is steadily growing, with the harmonic reducer market in China reaching 2.49 billion yuan in 2023, showing a CAGR of 16.54% from 2019 to 2023 [2] - The RV reducer market is projected to reach 6 billion yuan by 2025, with Japanese companies currently holding a leading position [2] - The global precision planetary reducer market is expected to grow from 929 million USD in 2020 to 1.376 billion USD in 2024, with a CAGR of 10.32% [2] Demand and Technological Advancements - The humanoid robot market is anticipated to exceed 20 billion USD by 2028, creating substantial demand for precision reducers [3] - The estimated incremental market size for precision reducers ranges from 12.6 billion to 28.8 billion yuan by 2030, with harmonic reducers contributing 9 billion to 21.6 billion yuan [3] - Domestic precision reducer manufacturers are narrowing the gap with international standards through independent research and advanced technology adoption, enhancing the trend of domestic substitution [3]

Core Insights - The A-share market showed a strong upward trend, with the Shanghai Composite Index rising by 0.97% to 4007.76 points, and the Shenzhen Component Index increasing by 1.73% [2][8] - The total trading volume in the A-share market reached approximately 2.05 trillion RMB, with over 2800 stocks experiencing gains [2][8] - The leading sectors included non-ferrous metals, electronics, and telecommunications, while the media sector lagged behind [2][8] - In the Hong Kong market, the Hang Seng Index closed up by 2.12%, and the Hang Seng Tech Index rose by 2.74% [2][8] - In contrast, all three major US stock indices closed lower, with the Dow Jones down by 0.84%, the S&P 500 down by 1.12%, and the Nasdaq down by 1.9% [2][8] Important News - President Xi Jinping emphasized the high-standard construction of the Hainan Free Trade Port, marking it as a significant step towards expanding high-level opening-up and promoting an open world economy [3][9] - The strategic goal of the Hainan Free Trade Port is to become a key gateway for China's new era of opening-up, focusing on high-quality development and integrating with major economic regions [3][9] Fund Allocation Insights - As of Q3 2025, the total net value of all funds in the market reached 35.16 trillion RMB, with equity and mixed funds accounting for 24.33% of the total [10] - The overall fund position increased to 80.03%, with equity mixed funds at 74.77% and ordinary equity funds at 82.14% [10] - The performance of various fund types varied significantly, with equity funds achieving a return of 24.14% and mixed funds at 20.87% for the quarter [11] Beauty and Personal Care Sector - In Q3 2025, the fund allocation ratio for the beauty and personal care sector decreased to 0.20%, indicating a low allocation level [14][15] - The medical beauty sub-sector remains in an overweight position, while personal care and cosmetics are underweighted [15][16] - The top three stocks in the beauty and personal care sector by fund allocation are Jinbo Biological, Aimeike, and Baiya Shares, although their allocation ratios have declined [16] Precision Reducer Industry - The precision reducer is a core component in the transmission field, crucial for humanoid robots, with significant market potential expected by 2030 [18][21] - The market for precision reducers is projected to grow substantially, with the domestic market for harmonic reducers expected to reach 24.9 billion RMB in 2023, growing at a CAGR of 16.54% from 2019 to 2023 [20] - The domestic production of precision reducers is increasing, with local manufacturers gradually closing the gap with international standards, indicating a strong trend towards domestic substitution [22]

Investment Rating - The report maintains a "Buy" rating for the precision reducer industry, indicating a strong outlook for growth and investment opportunities [5]. Core Insights - The precision reducer is a critical component in humanoid and industrial robots, significantly impacting their performance. The market for precision reducers is expected to see substantial growth, particularly driven by the humanoid robot sector, which could generate hundreds of billions in market space by 2030 [2][5]. - The domestic production of precision reducers is on the rise, supported by government policies and technological advancements, leading to an increase in the localization rate of these components [2][5]. Summary by Sections 1. Overview of Reducers - Reducers are essential components in the transmission field, responsible for reducing speed and increasing torque, with widespread applications across various industries [14]. - The Chinese reducer market is projected to reach 1,447 billion yuan by 2024, maintaining a growth rate of around 5% [15]. 2. Precision Reducers in Robotics - Precision reducers account for 35% of the cost in industrial robots and approximately 16% in humanoid robots, making them a significant cost component [3][26]. - The precision reducer market is expected to grow steadily, with the harmonic reducer market in China projected to reach 33.2 billion yuan by 2025, reflecting a CAGR of 15.47% from 2023 to 2025 [4][32]. 3. Demand Growth and Technological Breakthroughs - The humanoid robot market is anticipated to exceed 20 billion USD by 2028, with a CAGR of 56.99% from 2023 to 2028, indicating a substantial increase in demand for precision reducers [5][62]. - Domestic manufacturers are closing the gap with international standards through technological advancements, enhancing their competitiveness in the precision reducer market [5][54]. 4. Investment Recommendations - The report suggests focusing on domestic leading companies in the harmonic and precision planetary reducer sectors, which are expected to benefit from the growing humanoid robot market and ongoing domestic substitution trends [5][8].