经济观察网近期，中大力德（002896）因机器人产业热点受到市场关注。根据盘前消息梳理，北京考察 重点提及人工智能与机器人产业，中大力德被列为相关标的之一，反映出公司在机器人领域的主题热 度。此外，公司融资融券余额为5.27亿元，融资净买入1.37万元，显示投资者情绪偏积极。 股票近期走势 中大力德股价在近7天呈现震荡走势。截至最新数据，股价报82.06元，当日下跌0.89%，但近5日累计上 涨0.72%。2月10日，股价上涨2.10%至82.80元，主力资金净流入3953.42万元，占成交额7.83%，换手率 达3.11%，成交额5.05亿元。资金流向表明短期买盘活跃，但需注意2月11日开盘后股价小幅回调。 机构观点 机构对中大力德的关注度较低，最新市场观点偏中性。根据数据，机构调研频率在行业内排名靠后，盈 利预测显示2025年净利润同比预增50.24%，但当前无最新目标价或评级变动。90天内仅1家机构给出增 持评级，基金持股比例仅为0.01%，反映机构参与度有限。 以上内容基于公开资料整理，不构成投资建议。 ...

Summary of Conference Call Notes Industry Overview Humanoid Robot and EV Supply Chain - The conference focused on the China humanoid robot and EV supply chain sector, with meetings held from January 19-22, 2026, involving various companies in the robotics and automotive sectors [1] - Major component suppliers are preparing for the debut of Tesla's Optimus Gen 3 in the first half of 2026, with batch shipments expected in the second half of 2026 [1] - Suppliers for Unitree's humanoid robot anticipate significant year-over-year shipment growth in 2026, leading to over 100% growth in humanoid robot-related sales [1] - Key component manufacturers are increasing production capacity and expect cost reductions through mass production and product standardization [1] Auto/EV OEMs & Supply Chain Sales Trends and Cost Pressures - Weak auto and EV sales trends are continuing into January 2026, attributed to cuts in EV purchase tax subsidies and incomplete trade-in subsidies [2] - Chery plans to launch new models post-Lunar New Year in February 2026 [2] - BOM (bill of materials) costs for EV models are estimated to increase by approximately RMB4,500-5,000 due to rising prices of lithium carbonate, memory, copper, and aluminum [2] - Seyond expects price reductions in LiDAR, which may alleviate some cost pressures for OEMs [2] Battery Sector Growth and Cost Management - CALB and Gotion are targeting over 50% year-over-year shipment growth, aiming for 180 GWh and 150 GWh respectively in 2026, driven by ESS demand and electrification of commercial vehicles [3] - Both companies plan to expand their effective capacities to 200 GWh by 2026 [3] - Upstream cost pressures from lithium carbonate and LiPF6 are expected to be partially passed through to customers, with ESS customers more likely to accept price hikes than EV customers [3] Company-Specific Insights Wolong Electric - Anticipates humanoid robot-related revenue to double year-over-year in 2026, with a projected revenue of around RMB100 million from humanoid robots in 2025 [8] - The company is investing in a data collection center for humanoid robots, focusing on motion capture [8] ZD Leader - Expects humanoid robot-related revenue to increase from RMB50 million in 2025 to over RMB100 million in 2026, driven by orders from a leading local robot maker [9] - The average selling price of its planetary reducers is expected to decline in the long term [9] Changsheng Bearing - Currently, humanoid robot-related revenue accounts for less than 1% of total revenue, but significant growth is expected [10] - Management anticipates a 20% CAGR in the auto industry, supported by rising content value and market share gains [10] Precision Tsugami China - Achieved over 15,000 unit shipments of machine tools in 2025, with a revenue of over RMB5 billion [11] - Management expects over 10% year-over-year shipment growth in 2026, driven by demand from various sectors [11] Seyond - Projects over 1 million units of LiDAR shipments in 2026, with a focus on ADAS products [13] - Expects average selling prices to drop but gross profit margins to improve due to economies of scale [13] Inovance - Expects continued recovery in the factory automation sector, with strong demand from the battery and 3C sectors [14] - New businesses in robotics and industrial software are anticipated to drive long-term growth [15][16] Hengli Hydraulic - Aims for 20-30% revenue growth in 2026, with significant contributions from its partnership with Caterpillar [17] - Targets RMB300-500 million in sales from screw and linear guide business in 2026 [18] CALB - Targets over 180 GWh in battery shipments for 2026, with a focus on mid-to-high-end EV models [19] - Plans to increase production capacity to 200 GWh by 2026 and expects to pass through lithium carbonate price hikes to customers [20][21] JAC - Expects a net loss of RMB1.68 billion in 2025 but aims for 50,000 units shipment for its Maextro brand in 2026 [23] - The Maextro brand is expected to improve profitability in 2026 due to rising capacity utilization [23] Gotion Hi-Tech - Targets 150 GWh in battery shipments for 2026, with significant expansion in production capacity planned [27][28] Chery - Aims for 3 million units in volume sales for 2026, with a 50% penetration rate for EV sales [30] - Expects stable net profit per vehicle despite BOM cost increases [31] Bethel - Projects over 20% revenue growth in 2026, with a focus on new product introductions [32] - Anticipates relatively weak customer orders in the first quarter of 2026 [32] Conclusion - The conference highlighted significant growth opportunities in the humanoid robot and EV sectors, with various companies preparing for increased demand and addressing cost pressures through strategic planning and partnerships.

证券代码：002896 证券简称：中大力德 公告编号：2026-001 宁波中大力德智能传动股份有限公司 关于变更签字会计师的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 宁波中大力德智能传动股份有限公司（以下简称"公司"）于2025年4月16日分别召开第三届董事会第二 十三次会议和第三届监事会第十九次会议，审议通过了《关于续聘会计师事务所的议案》，同意续聘中 汇会计师事务所（特殊普通合伙）（以下简称"中汇会计师事务所"）为公司2025年度审计机构。该事项 已经公司2024年度股东大会审议通过，具体内容详见公司分别于2025年4月18日、2025年5月16日刊登在 巨潮资讯网（www.cninfo.com.cn）上的《关于续聘会计师事务所的公告》（公告编号：2025-016）、 《2024年度股东大会决议公告》（公告编号：2025-029）。 登录新浪财经APP 搜索【信披】查看更多考评等级 项目合伙人、签字注册会计师近三年不存在因执业行为受到刑事处罚，受到证监会及其派出机构、行业 主管部门的行政处罚、监督管理措施，受到证券交易所、行业协会等自律组织的 ...

（文章来源：证券日报） 证券日报网讯 1月26日，中大力德发布公告称，近日，公司收到中汇会计师事务所（特殊普通合伙） （简称"中汇会计师事务所"）《关于变更签字会计师的告知函》。中汇会计师事务所原委派章祥为项目 合伙人、曾威为签字注册会计师为公司提供2025年度审计服务。由于中汇会计师事务所内部工作调整， 现委派章祥、叶至杰为公司提供2025年度审计服务。变更后，为公司提供2025年度审计服务的项目合伙 人、签字注册会计师分别为章祥、叶至杰。 ...

宁波中大力德智能传动股份有限公司 关于变更签字会计师的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002896 证券简称：中大力德 公告编号：2026-001 项目合伙人、签字注册会计师近三年不存在因执业行为受到刑事处罚，受到 证监会及其派出机构、行业主管部门的行政处罚、监督管理措施，受到证券交易 所、行业协会等自律组织的自律监管措施、纪律处分的情况。 3、独立性 项目合伙人、签字注册会计师不存在可能影响独立性的情形。 宁波中大力德智能传动股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日分别召开第三届董事会第二十三次会议和第三届监事会第十九次会议，审 议通过了《关于续聘会计师事务所的议案》，同意续聘中汇会计师事务所（特殊 普通合伙）（以下简称"中汇会计师事务所"）为公司 2025 年度审计机构。该 事项已经公司 2024 年度股东大会审议通过，具体内容详见公司分别于 2025 年 4 月 18 日、2025 年 5 月 16 日刊登在巨潮资讯网（www.cninfo.com.cn）上的《关 于续聘会计师事务所的公告》（公告 ...

Group 1 - On January 16, Zhongda Lide's stock rose by 3.03%, with a trading volume of 1.008 billion yuan. The margin trading data showed a financing purchase of 122 million yuan and a net financing purchase of 38.47 million yuan for the day [1] - As of January 16, the total margin trading balance for Zhongda Lide was 612 million yuan, with the financing balance accounting for 3.48% of the circulating market value [1] - The company specializes in the research, production, sales, and service of key components in the mechanical transmission and control application fields, with main business revenue composition being: intelligent execution units 38.49%, reduction motors 37.00%, precision reducers 22.41%, others 1.30%, and accessories 0.80% [1] Group 2 - As of September 30, Zhongda Lide had 86,300 shareholders, an increase of 51.99% from the previous period, while the average circulating shares per person decreased by 34.21% to 2,276 shares [2] - For the period from January to September 2025, Zhongda Lide achieved operating revenue of 765 million yuan, a year-on-year increase of 3.14%, and a net profit attributable to shareholders of 57.21 million yuan, a year-on-year increase of 0.48% [2] - Since its A-share listing, Zhongda Lide has distributed a total of 160 million yuan in dividends, with cumulative distributions over the past three years amounting to 61.98 million yuan [2] Group 3 - As of September 30, 2025, the top ten circulating shareholders of Zhongda Lide included several ETFs, with E Fund National Robot Industry ETF being the third largest shareholder, holding 3.7161 million shares as a new shareholder [3] - The Huaxia CSI Robot ETF ranked fourth, increasing its holdings by 606,000 shares to 3.2417 million shares [3] - Other notable changes included a decrease in holdings by Hong Kong Central Clearing Limited by 771,500 shares, while Tianhong CSI Robot ETF and other ETFs entered the top ten circulating shareholders list as new shareholders [3]

Core Viewpoint - The A-share market has seen a strong performance in the reducer sector, with several companies leading the gains, indicating a growing interest and potential in automation-related technologies. Group 1: Company Highlights - Xinshi Da (002527.SZ) reported a stock price of 17.15 yuan with a daily increase of +10.01%. The company specializes in planetary reducers primarily used in the automation industry, having achieved mass production [1]. - Haozhi Electromechanical (300503.SZ) has a stock price of 63.80 yuan and a daily increase of +18.59%. The company possesses complete and fully independent design, manufacturing, and testing technology for harmonic reducers, overcoming key technical challenges [2]. - Henggong Precision (301261.SZ) has a stock price of 98.09 yuan with a daily increase of +13.11%. The technical team has made breakthroughs in core components of RV reducers and has begun small batch supply [3]. - Lide Harmonic (688017.SH) has a stock price of 191.10 yuan and a daily increase of +9.19%. It is a leading domestic company in harmonic reducers, having completed technology development for industrial robot harmonic reducers and achieved large-scale production [4]. - Siling Smart Drive (301550.SZ) has a stock price of 135.39 yuan with a daily increase of +8.92%. The company plans to cover various fields including industrial robots and humanoid robots, with harmonic reducers in the early stages of mass production preparation [5]. - Zhongdali De (002896.SZ) has a stock price of 92.15 yuan and a daily increase of +7.73%. The company leads in the domestic market for micro-reduction motors, with significant sales in precision planetary reducers and RV reducers, and has achieved small batch production of harmonic reducers for industrial robots [6]. - Shuanghuan Transmission (002472.SZ) has a stock price of 47.25 yuan with a daily increase of +6.59%. The company is a leader in domestic robot reducers, having developed a full series of RV reducers for industrial robots and successfully applied new high-load and high-power-to-weight ratio reducers [7]. - Yokogawa Precision (300539.SZ) has a stock price of 43.50 yuan with a daily increase of +6.44%. The company has successfully developed various harmonic reducers and is actively expanding its market and customer base in the reducer field [8].

Core Viewpoint - The robotics sector is experiencing a positive trend, with significant gains in the National Robotics Industry Index and notable performances from key stocks and ETFs [1] Group 1: Market Performance - The National Robotics Industry Index rose by 1.2% as of 10:25 AM, with notable stock performances including Boke Co., Ltd. up over 15%, Haozhi Electromechanical up over 7%, and Zhongdali De up over 4% [1] - The robotics ETF managed by E Fund (159530) saw a net subscription of over 20 million units during the trading session, accumulating over 1 billion yuan in the past week [1] Group 2: Industry Developments - Qingtian Rental launched a "1 yuan flash rental" experience event for intelligent robots in ten major cities, allowing consumers to interact with advanced technology for a minimal fee [1] - Huaxi Securities believes that breakthroughs in AI large models are pushing robotics into a new phase of embodied intelligence, creating opportunities for companies with clear application scenarios [1] Group 3: Index Composition and Investment Opportunities - The National Robotics Industry Index focuses on humanoid robots and core components, recently adding five companies from the robotics parts supply chain, with humanoid robots making up approximately 80% of the index [1] - The E Fund robotics ETF has a current scale exceeding 14.3 billion yuan, ranking first among similar index ETFs, providing investors with a packaged investment in core humanoid robotics stocks [1]

Group 1 - The Robot ETF (562500) rose by 0.50%, showing strong upward momentum after an early dip, with significant trading volume reaching 4.09 billion yuan [1] - Several stocks within the sector experienced a surge, with Buke Co., Ltd. leading with over a 10% increase, and other companies like Xinshi Da and Haoshi Jidian also showing strong performance [1] - The liquidity in the market was highlighted by a substantial trading volume within the first hour of opening, indicating robust investor interest [1] Group 2 - CITIC Securities reported that multiple supply chain companies are actively advancing their business development through product layout, customer collaboration, and overseas expansion [2] - Notable companies such as Lide Harmony showcased core components at international exhibitions, while Buke Co., Ltd. expanded both domestic and international customer bases [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion, covering various segments including humanoid robots, industrial robots, and service robots [2]

Core Insights - The actuator industry in China has established a complete industrial chain, with upstream focusing on raw materials and core technology components, midstream accelerating towards intelligent development, and downstream driven by traditional industries and emerging fields like robotics and renewable energy [1][5][9]. Industry Overview - Actuators are critical components in automation control systems, converting controller signals into mechanical actions to regulate production parameters [2][3]. - The actuator market is projected to reach 33 billion yuan in 2024 and 82 billion yuan by 2030, driven by technological upgrades and domestic replacements [1][13]. Upstream Development - The upstream sector includes key components like motors, reducers, and sensors, with domestic breakthroughs in motors and reducers, but a notable gap in high-end precision components like encoders [7][9]. - Domestic companies have made significant progress in servo motors and harmonic reducers, but high-end encoder markets remain dominated by international firms [7][9]. Downstream Demand - The demand for actuators is characterized by a dual structure of traditional and emerging markets, with industrial automation as the foundation and new energy and robotics as growth drivers [9][10]. - The humanoid robot sector is expected to see explosive growth, with the market projected to increase from approximately 2.4 billion yuan in 2025 to 25.4 billion yuan by 2030, highlighting the actuator's role as a core component [11][12]. Market Segmentation - The actuator market is segmented into electric, pneumatic, hydraulic, and special actuators, with electric actuators leading growth due to their advantages in smart applications [14][15]. - The electric actuator market is expected to reach 17.8 billion yuan by 2025, while pneumatic and hydraulic actuators maintain stable growth in their respective applications [14][15]. Competitive Landscape - The actuator industry features a diverse competitive landscape with foreign brands dominating high-end markets and domestic leaders making significant inroads through innovation and localization [15][16]. - Domestic brands are expected to capture 58% of the market share by 2024, with projections to exceed 70% by 2030, driven by technological advancements and market responsiveness [15][16]. Future Trends - The industry is set to evolve with a focus on technological innovation, market optimization, and industrial upgrades, emphasizing the integration of IoT and AI into actuator products [16][17]. - The market will see a shift towards high-end applications and a collaborative development model among core and supporting enterprises, enhancing overall competitiveness [18].