1. Industry overview: policy + technology two-wheel drive

Policy support

National Strategy

: The 2025 Government Work Report includes "embodied intelligence" and "intelligent robots" for the first time, marking China's transformation from "digital empowerment" to "intelligence + entity".

Local Response

: After the Spring Festival Gala robot program (such as Unitree technology products) detonated the heat, various provinces intensively introduced robot industry support policies.

Technological breakthroughs

Embodied intelligence

: Zhiyuan Robotics released the general pedestal large model GO-1 to achieve cross-ontology deployment and multi-task generalization capabilities.

Cost reduction

: The hardware cost of humanoid robots is expected to drop from $35,000 in 2025 to $17,000 in 2030 (Bank of America forecast), accelerating commercialization.

Market space

Sea of Stars

BofA expects global humanoid robot sales to reach 1 million units in 2030 and exceed 3 billion units in 2060; China and the United States are the largest application markets.

Opportunities in the industrial chain

: The humanoid robot industry ushered in the "from 0 to 1" stage, and the core links include reducers, sensors, AI algorithms, etc.

2. Market performance: the soaring and stagflation of concept stocks

Concept stocks gained

Year-to-date gains

: Unitree Robot Concept (+45%), Embodied Intelligence (+45%), Humanoid Robot (+38%), Robot Concept (+29%).

Bull stocks are represented

: Wanda Bearing, Changsheng Bearing (up more than 200%), Hangzhou Tooth Forward, Fulai New Materials and other more than ten stocks doubled.

Stagflation potential

Low valuation screening

: Gree Electric (PE<8 times), Sen Kirin, Linglong Tire (PE<15 times) and other 20 individual stocks have a earnings ratio of less than 20 times, and more than 10 institutions have rated them.

Performance growth

: Liugong, Shantui shares (the average net profit growth rate of this year and next year exceeds 20%), Zhejiang Dingli, Linglong Tire (growth rate of more than 18%).

3. Core enterprises: substantive robot business combing

1. The leader of the whole industry chain

Midea Group (000333).

Business Highlights

: Acquired KUKA (the world's top four industrial robots) to lay out core components such as joints, sensing, and control; Accelerate the development of humanoid robot ontologies.

Advantages

: The ability to integrate the whole industry chain, and the synergistic effect of home appliances + robots is significant.

2. Vertical Breakthroughs

Zhejiang Dingli (603338).

Business Highlights

: Launched AI aerial work robot (ship spraying/rust removal), tunnel drilling robot, integrated vision, laser positioning and other core technologies.

Advantages

: Solve the inefficient and high-risk pain points of traditional aerial work, and implement global batch delivery verification technology.

Unitree Technology (unlisted).

Business Highlights

: The Spring Festival Gala "Twisting Yangge" robot is out of the circle, and the mass production capacity of bipedal/wheeled humanoid robots is leading.

Advantages

: Technology open source ecology + policy endorsement, quickly seize the consumer market.

3. Key component suppliers

Green harmonics (688017).

: Harmonic reducer domestic replacement leader, batch supply of Zhiyuan, UBTECH and other leading manufacturers.

Keli Sensing (603662).

: Six-dimensional force sensor sample test, suitable for robot haptic feedback needs.

4. Investment logic and risk warning

Core logic

Domestic substitution

: Reducer (green harmonic), sensor (Joyson Electronics) and other links have broken through overseas monopoly, and policy support has accelerated technology iteration.

Scene landing

: The three major tracks of industry (Midea Kuka), service (Unitree Entertainment Robot), and special operation (Zhejiang Dingli) were the first to break out.

Stagflation opportunities

: The low-valuation leaders (Gree Electric Appliances, Linglong Tire) have the potential to make up for the increase, and the certainty of performance growth is high.

Risk Warning

Commercialization cycle

: The cost of humanoid robots has decreased and the penetration rate of the scene is not as fast as expected.

Technological competition

: Tesla, Optimus, Boston Dynamics and other overseas giants squeezed market space.

Supply chain fluctuations

: The supply of chips and precision components is limited by geopolitics or capacity.

5. Future prospects

Technology Trends

: AI large models (such as GO-1) drive robots to transition from "single function" to "general intelligence", and embodied intelligence may become the core carrier of next-generation AI.

Market fragmentation

Enterprises with core technology and cost control capabilities will lead the industry reshuffle, and cross-border leaders (such as Midea) may become the biggest winners.

The following is a summary of the business highlights and core advantages of the above-mentioned companies, combined with industry status, technical layout and market competitiveness

1. Pinggao Electric (600312).

Business Highlights

: China's UHV switchgear leader, leading the domestic GIS (gas insulated switchgear) market, participating in the world's first ± 800 kV UHV DC project.

Core Benefits

: The core supplier of the State Grid, with high technical barriers, and the localization rate of UHV equipment exceeds 90%.

2. Superstar Technology (002444).

Business Highlights

: The top three in the global hand tool industry, driven by cross-border e-commerce channels (Amazon, self-owned platforms), and the world's largest market share of laser measuring tools.

Core Benefits

: Omni-channel coverage (European and American supermarkets + online), the acquisition of the European brand Lista layout of industrial storage, and the deep reserve of robot lidar technology.

3. Zhejiang Dingli (603338).

Business Highlights

: The third aerial work platform in the world, launched ship spraying/rust removal robots, tunnel drilling robots, and batch delivery of intelligent equipment.

Core Benefits

: Technology replaces manual high-risk operations, overseas revenue accounts for more than 50%, and cost control and global channels are leading.

4. Gree Electric (000651).

Business Highlights

: The global air conditioning overlord, the layout of intelligent equipment (CNC machine tools, industrial robots), self-developed core components (compressors, motors).

Core Benefits

: The whole industry chain is vertically integrated, the channel network sinks to the county and town level, and the photovoltaic air conditioning technology leads the green transformation.

5. Hengtong Optoelectronics (600487).

Business Highlights

: The top three in the world's optical fiber and cable, the first in the market share of marine communication (submarine optical cable) in China, and the layout of quantum communication and silicon photonics chips.

Core Benefits

: Ultra-low loss optical fiber breaks the overseas monopoly, submarine repeater technology fills the domestic gap, and overseas EPC general contracting capacity is outstanding.

6. Haier Smart Home (600690).

Business Highlights

: The world's No. 1 brand of major appliances, Casarte high-end series has a market share of more than 40%, and the whole house intelligent scene solution covers clothing, food, housing and entertainment.

Core Benefits

: Global localization operation (acquisition of GE Appliances, Fisher & Paykel), and complete the ecological chain of the three-winged bird scene brand.

7. Midea Group (000333).

Business Highlights

: Acquired KUKA (one of the top four industrial robots) in Germany, laid out humanoid robot joints, sensing technology, and two-wheel drive for home appliances + ToB business.

Core Benefits

: The ability to integrate the whole industry chain, the R&D investment exceeds 10 billion, and the Midea IoT platform connects more than 100 million devices.

8. Times Electric (688187).

Business Highlights

: Rail transit equipment leader, IGBT chip domestic substitution core enterprise, products cover high-speed rail, new energy vehicles, power grid and other fields.

Core Benefits

: Independent and controllable IDM mode (design-manufacturing-packaging and testing), the top three in China in terms of automotive-grade IGBT shipments.

9. Great Wall Motor (601633).

Business Highlights

: SUV and pickup truck market share is the first in China, new energy brands Ora and Salon focus on women and high-end markets, and self-developed DHT hybrid technology.

Core Benefits

: Vertical supply chain (Honeycomb Energy, Momo Zhixing), overseas layout in emerging markets such as Russia and ASEAN.

10. BAHEAL Pharmaceutical (301015).

Business Highlights

: Pharmaceutical brand commercialization platform, operating OTC brands such as Diqiao calcium tablets and secrete, and acting as an agent for more than 200 pharmaceutical varieties.

Core Benefits

: Omni-channel coverage (hospital + retail pharmacy + e-commerce), leading brand incubation and distribution capabilities.

11. Fortune Federation of Industry (601138).

Business Highlights

: The global electronic foundry leader (the main supplier of iPhone structural parts), the layout of industrial Internet (lighthouse factory), server foundry (AI computing power).

Core Benefits

: Intelligent manufacturing experience is reused, and the revenue of cloud computing business exceeds 200 billion yuan, and customers include giants such as Apple and NVIDIA.

12. Mori Kirin (002984).

Business Highlights

: High-end tire manufacturer, aviation tires have been certified by COMAC, and overseas bases (Thailand, Spain) have avoided trade barriers.

Core Benefits

: The gross profit margin of semi-steel tires is leading in the industry, graphene tire technology improves wear resistance, and special tires for new energy vehicles are equipped with BYD and NIO.

13. Jointown (600998).

Business Highlights

: The leading private pharmaceutical circulation in China, the B2B e-commerce platform "Zhiyaotong" connects more than 500,000 terminals, and lays out C-end pharmacies and health management.

Core Benefits

The national logistics network covers 96% of the administrative regions, the digital warehousing system reduces costs and increases efficiency, and the third-party logistics service revenue grows rapidly.

14. Linglong tires (601966).

Business Highlights

: The top three domestic tires, supporting high-end models such as Audi and Hongqi, and the market share of special tires for new energy vehicles exceeds 25%.

Core Benefits

: Global production capacity (Thailand, Serbia base), self-developed graphene composite materials to improve battery life, retail channels covering 100,000 stores.

15. Hongqi Chain (002697).

Business Highlights

: Sichuan convenience store leader, with more than 3,500 stores, the proportion of fresh products increased to 30%, and the layout of community finance with Xinwang Bank.

Core Benefits

: Intensive regional layout + supply chain integration, digital membership system (over 30 million users) to improve the repurchase rate.

16. Debang shares (603056).

Business Highlights

: Large-scale express delivery and LTL transportation leader, JD Logistics strategically cooperates with warehousing and distribution resources, and cross-border logistics covers 100+ countries.

Core Benefits

The service of "integrated delivery and installation" is differentiated, and the automated sorting system improves efficiency, and enterprise customers account for more than 70%.

17. Lege Co., Ltd. (300729).

Business Highlights

: The leading ergonomic workstation (the top three in the world in the market share of lifting desks), the cross-border e-commerce brand FlexiSpot is selling well overseas, and the layout of overseas warehouses.

Core Benefits

The gross profit margin of the :D TC model (direct to consumer) exceeds 40%, the smart lifting desk integrates health monitoring function, and the delivery timeliness of the US warehouse is leading.

18. Liugong (000528).

Business Highlights

: Construction machinery leader (loader No. 1 in China), electrified products cover excavators, forklifts, overseas revenue accounts for more than 40%.

Core Benefits

: A full range of construction machinery product lines, unmanned construction machinery landing in mining areas, RCEP regional channel depth layout.

19. Shantui Co., Ltd. (000680).

Business Highlights

: The market share of bulldozers ranks first in the world, and the layout of road machinery (road rollers, graders) and mining equipment, accounting for more than 30% of the overseas market.

Core Benefits

More than 500 bulldozer technology patents, batch delivery of new energy products (electric bulldozers), and strategic cooperation with Caterpillar.

20. Xinbao shares (002705).

Business Highlights

: Small household appliance OEM leader (coffee machine, bread machine global share of more than 20%), independent brands Mofei and Dongling break through social e-commerce.

Core Benefits

Flexible manufacturing has a fast response, the R&D cycle is as short as 30 days, and the cooperation with overseas customers (Electrolux, Philips) is stable.

Summary: Core Investment Logic

High-end manufacturing

: Industrial Fortune Union (AI server) and Times Electric (IGBT) benefit from domestic substitution and intelligent upgrading.

Global layout

: Superstar Technology (tools), Sen Kirin (tires), and Liugong (construction machinery) have a high proportion of overseas business to avoid involution competition.

Consumption upgrades

: Lege shares (smart home) and Gree Electric Appliances (green home appliances) have entered the health and intelligent track.

Policy dividends

: Pinggao Electric (UHV) and Linglong Tire (supporting new energy vehicles) benefit from infrastructure and automotive industry policies.

(Redirected from: Little Doctor of Finance).