【中航证券】人形机器人月报：资本化提速、量产渐近，板块行情有望延续-260603（20页）.pdf

1、行业报告：机器人行业月报2026年6月3日中航证券研究所发布 证券研究报告请务必阅读正文后的免责条款部分行业评级：增持人形机器人月报：资本化提速、量产渐近，板块行情有望延续股市有风险 入市需谨慎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Op

2、timusV 3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分软件端：软件生态建

3、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GE2.0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

4、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分分2026年是人形机器人从小批量订单走向规模化量产的

5、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。投资观点目录一、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

6、%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OptimusV 3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分分分分分分iFind分分分分分分分分41.板块行情回顾及展望：人形机器人仍处事件驱动的活跃窗口，板块行情有望延续图表：2026年1-5月人形机器人核心个股涨跌示意图（单位：元）0102030405060708090050100150200250300350400603