人形机器人月报：资本化提速、量产渐近，板块行情有望延续

行业评级：增持

分分分分分分

分分分分分分分分S0640524070001

量产节点渐近、资本化提速，人形机器人板块行情有望延续。5分分分分分分分分分分+12.84% 分分分分分分分300分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分6分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分1分分分IPO 分分分分分分分2分分分分Optimus V3分分分分分3分分分分分分分分分分4分分分分分分分分分

整机端：资本化进程提速叠加量产节点临近，行业进入产业化落地关键阶段。5分分分分分分分分IPO 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分IPO 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分Optimus 分分分分分分分分分分分Fremont 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分100分分分分分Texas分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

软件端：软件生态建设与具身智能模型迭代共振 ，机器人智能化水平持续提升。分分分分分分分分UniStore分分分分分分分分分分分分分+分分+分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分GE 2.0分分WorldArena 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分GenesisAI分分分分分分分分分GENE -26.5分分分分分分分分分分分分分分分分分分

零部件端：核心零部件创新持续突破，产业链技术升级不断深化。分分分分HLN 分分分分分分分分分分分分分分分分分11% 分分分分分35% 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分1.7mm 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分AI分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

应用端：政策支持与场景验证协同推进，人形机器人场景落地进程持续提速。分分分分分分分分分分分+分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分10分分分分分分Figure AI分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分25分分分分分分分分分分分分分分分分分分分分分分分分

2026年是人形机器人从小批量订单走向规模化量产的关键元年，行业在技术路径收敛与供应链落地层面同步加速，投资端建议围绕特斯拉T链核心业绩锚、跨界新技术弹性源、国内本体供应链成长线、海外非T链增量市场四大维度展开。1）T 链核心：三花智控、拓普集团、恒立液压、浙江荣泰、五洲新春、金沃股份、双元科技、绿的谐波、斯菱智驱；2）新技术：岱美股份、铁流股份、模塑科技、东方电热、汉威科技等；3）国内本体供应链：美湖股份、上纬新材、中大力德、蓝黛科技等；4）海外其他供应链机会：兆威机电、银轮股份等。

板块行情回顾及展望

分分分分分分分分

分分分分分分分分分分分

量产节点渐近、资本化提速，人形机器人板块行情有望延续。5分分分分分分分分分分+12.84% 分分分分分分分300分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分6分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分1分分分IPO 分分分分分分分2分分分分Optimus V3分分分分分3分分分分分分分分分分4分分分分分分分分分

图表：2026年5月人形机器人板块涨幅排行榜

分分分分分iFind分分分分分分分分

分分分分分分分分分分分

二、近期产业进展

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◼ 2026年5月机器人赛道资本化进程明显加快。2026分分分分分分分分分分分分分分391分分分分分分分分分分分分分分分分IPO 分分分分分分分分分分分分IPO 分分分分分分分分分分分分分分6分1分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

图表：2026年5月机器人企业IPO进展

分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

宇树科技IPO审核提速，公司正加速从四足机器人龙头向人形机器人领军者跨越。2026分3分20分分分分分分分分分IPO 分分分分5分25分分分分分分分6分1分分分分分分分分分分分分分分分分分分分分分分分分分分2025分分分分分分分16.99分分分分分+332.64% 分分分分分分分分分分分分分分分分分分分分分分分分51.78% 分分分分分分5,500分分分分分分分分分分2026分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分4.23分分分分分+68.49% 分分分分分分分4,025.36分分分分分-52.55% 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分3,832.8分分分分分分分分分分分分分分分分分分分分分分

◼ 公司预计2026年上半年营收延续高增长 ，扣非净利润降幅较一季度显著收窄 。分分分分2026分分分分分分分分10.52分分分11.28分分分分分+35.62% 分+45.41% 分分分分分分分分分2.36分分分2.83分分分分分-21.97% 分-6.43% 分分分分分分分分-52.55% 分分分分分分分分 分分分分分分2.58分分分3.06分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

特斯拉人形机器人 Optimus 已进入量产准备阶段，首批产线预计于2026年7—8月启动投产。5分21分分分分分分 Fremont 分分分分 Model S分 Model X 分分分分分分分分分分分分分 Model S/X 分分分 Fremont 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分Fremont 分分分分分 Model S/X 分分分分分分分分4分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分100分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

图表：Tesla Optimus人形机器人量产与商业化路线图

分分分分分Tesla分分分分分分分分分分分分分分

宇树科技开放全球首个人形机器人应用商店UniStore，标志着产业向“硬件+软件+生态”模式转型。5分7分分分分分分分分分分分分分分分分分UniStore分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分UniStore分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

智元世界模型 GE 2.0在“世界模型感知与动作响应 ”赛道评测中登顶 。5分29分分分分分分分分分分分分 GE 2.0分分分分分分分分分WorldArena Track1分分分分分分分分分分分分分分分分分分分分分分分分分分分68.26分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分GE 2.0分分分分分分分分分分分分分GE 2.0分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

GE 2.0在功能覆盖、长时序推演、闭环评测与数据反哺上均取得实质性突破。分1分分分分分分分分GE 2.0分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分2分分分分分分分分分分分40-50分分分分分分分分分分分分分10分分分分分分3分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分4分分分分分分分分分分分分分分分分分分分分分分分分分分分分

图表：GE 2.0登顶WorldArena Track1

具身智能初创公司 Genesis AI发布首个机器人基础模型 GENE-26.5，向通用灵巧操作迈出关键一步 。Genesis AI分分分分分分分分分分分GENE -26.5分分分分分分分分分分分分分分分分分分CMU 分分分分分分Mistral AI分分分分分分分分Théophile Gervet分分分分分分分分1.05分分分分分分分分分分分分分分分分分分分分分分分分分分分1:1分分分分分Genesis Hand 1.0分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

水平性能方面，GENE-26.5在多项长时序灵巧操作任务中展现出较强的任务完成能力。分分分分分分分分分分分分分分分分分分分分分分分分分90% 分95% 分分分分分分分分分分分分分分分分分分分分分分分50% 分60% 分分分分分分分分分分分分分分分60% 分70% 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

威灵推出新一代轻量化人形关节模组，在尺寸缩减、轻量化和运动控制稳定性方面实现关键突破。分分分分Welling分分分HRTE 2026分分分分分分分分分分分分分分分分分分分分分HLN 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分11% 分分分分分分分35% 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

威灵已构建覆盖关节模组、精密减速机及伺服电机的机器人核心零部件全产品矩阵。关节模组领域分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分精密减速机领域分分分分分分分分RV 分分分分分分分分分分分分分分分分分分10000分分分分分分分分分分分分分RV 分分分分分分分分分分分分分分分分分分分分伺服电机领域分JMA 分分分分分分分分分分800kg分分分分分分分分分分分分分分分分分分分分分分分分7分分

纳眸智能在光场编码六维力传感器实现了颠覆性突破。分分分分分分分分分分分1.7mm 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分AI分分分分分分分分分分分分90% 分分分分分分分分分分分分分分分分分分分分分分分分分分分分R²>0.99分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

纳眸智能1.7mm六维力传感器可直击精密制造、机器人、微创医疗三大核心痛点。在精密制造中分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分在智能机器人中分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分在微创医疗中分分分分分分分分分分分分分分分分分分分分分分分分分分分分0.01N 分分分分分分分分分分分分分分分分分分分分分分分分分分分上海正全面实施“人工智能+”行动，力争在打造智能经济新形态上走在全国前列。分分分分分分分分分分分分分分分10分分分分分分分分分分分分分分分分分分分分10分分分分分分分分分分分分分 分分分分分分分分分分 分分分分分分分 80% 分分分分分分分分分分分分 分分分分分AICoding 分分分分分分分分分分分分分分分AI4S分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分AI分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

上海强化政策与要素供给，从资金、人才、载体三方面全方位支持AI产业发展。分分分分分分10分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分800分分AI分分分分分分分分225分AI分分分分分600分分分AI分分分分分分分分分分分分分分分分分分分分分分分分分分AI分分分分分分分分分分分分分分分分分分分分分分分分分分分

Figure AI 人形机器人在物流分拣场景中已接近人工效率，并完成长时间连续运行验证。5分18分分Figure AI 分分分分分分分分分分分分分分分分分分分分12924分分分分2.79分分分分分分分分分分分分分分12732分分分分2.83分分分分 Figure 03 分分分分分分分分分分分分分分分5分22分分分分分分分分分 Figure 03 分分分分200分分分分分分分分分分分分分分分分分分分分25分分分分分分分分分分分分分分分分分分分分分分分分分分分 Helix-02 分分分分分分分分分分分分分分分分分分分 AI 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

一、板块行情回顾及展望 二、近期产业进展 三、投资建议及风险提示

2026年是人形机器人从小批量订单走向规模化量产的关键元年，行业在技术路径收敛与供应链落地层面同步加速，投资端建议围绕特斯拉T链核心业绩锚、跨界新技术弹性源、国内本体供应链成长线、海外非T链增量市场四大维度展开。

◼ T 链核心：分分分 Optimus Gen 3 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

◼ 新技术：分分分分分分分分分分分分分分分分分分分分分分PEEK 分分分分分分分分分分GaN 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

国内本体供应链：分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

◼ 海外其他供应链机会：分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

◼ AI技术进步不及预期：分分分分分分分分分分分分分分分AI分分分分分分分分分分分分分分分分分分分分分分

◼ 人形机器人量产进度不及预期：分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

◼ 国产化推进不及预期：分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

◼ 地缘政治风险：分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

闫智:

先进制造行业 分析师

南京大学工学硕士，2022年7月加入中航证券研究所，覆盖机器人、工业母机、锂电设备等。SAC:S0640524070001

周子硕:

先进制造行业 研究员

南洋理工大学应用经济学硕士，2024年11月加入中航证券研究所，覆盖先进产业中小盘研究。SAC:S0640124110004

我们设定的上市公司投资评级如下：

买入：分分分分分分分分分分分分分分300分分分分10% 分分

增持：分分分分分分分分分分分分分分300分分分分5%\~10% 分分分

持有：分分分分分分分分分分分分分分300分分分分-10%\~+5% 分分

卖出：分分分分分分分分分分分分分分300分分分分10% 分分

我们设定的行业投资评级如下：

增持分分分分分分分分分分分分分分分分分分300分分

中性分分分分分分分分分分分分分分分分分300分分分分

减持分分分分分分分分分分分分分分分分分分300分分

分析师承诺

分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

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分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分 分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分

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