656 lines
44 KiB
HTML
656 lines
44 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>天工机器人 (Tiangong Robot) 深度研究报告</title>
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<script src="https://cdn.tailwindcss.com"></script>
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<link href="https://cdn.jsdelivr.net/npm/daisyui@4.11.1/dist/full.min.css" rel="stylesheet" type="text/css" />
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<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.x.x/dist/cdn.min.js"></script>
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<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
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<style>
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@import url('https://fonts.googleapis.com/css2?family=Noto+Sans+SC:wght@300;400;500;700&display=swap');
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body {
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font-family: 'Noto Sans SC', sans-serif;
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background-color: #0a0a0f;
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overflow-x: hidden;
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position: relative;
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}
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.bento-grid {
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display: grid;
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gap: 1rem;
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grid-template-columns: repeat(12, 1fr);
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grid-auto-rows: auto;
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}
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.bento-item {
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background: rgba(20, 20, 35, 0.6);
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border: 1px solid rgba(128, 128, 255, 0.2);
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border-radius: 1.5rem;
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padding: 1.5rem;
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backdrop-filter: blur(12px);
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-webkit-backdrop-filter: blur(12px);
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box-shadow: 0 0 15px rgba(76, 89, 255, 0.1);
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.bento-item:hover {
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transform: translateY(-5px);
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border-color: rgba(160, 160, 255, 0.4);
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box-shadow: 0 8px 30px rgba(76, 89, 255, 0.2);
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grid-column: span 12;
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.glow-bg {
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position: fixed;
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background: radial-gradient(circle, rgba(60, 40, 180, 0.3) 0%, rgba(10, 10, 15, 0) 60%);
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animation: pulse 15s infinite ease-in-out;
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z-index: -1;
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position: fixed;
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left: 10%;
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background: radial-gradient(circle, rgba(40, 180, 150, 0.2) 0%, rgba(10, 10, 15, 0) 70%);
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transform: translate(-50%, -50%);
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animation: pulse-reverse 20s infinite ease-in-out;
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z-index: -1;
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}
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@keyframes pulse {
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0% { transform: translate(-50%, -50%) scale(1); opacity: 0.8; }
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font-size: 1.5rem;
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font-weight: 700;
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margin-bottom: 1rem;
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display: flex;
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align-items: center;
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gap: 0.5rem;
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border-bottom: 1px solid rgba(128, 128, 255, 0.2);
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padding-bottom: 0.5rem;
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border-radius: 2px;
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.sub-title {
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font-size: 1.125rem;
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font-weight: 600;
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margin-top: 1rem;
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margin-bottom: 0.5rem;
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.timeline {
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.timeline-item {
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position: relative;
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margin-bottom: 1.5rem;
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}
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.timeline-item::before {
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content: '';
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position: absolute;
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left: -2.0rem;
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top: 0.25rem;
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width: 1rem;
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height: 1rem;
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border-radius: 50%;
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background-color: #6366f1;
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border: 3px solid #1e1e2e;
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.timeline-item-title {
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font-weight: bold;
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color: #e0e0e0;
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.tabs-bordered .tab {
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.tabs-bordered .tab-active {
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border-color: #6366f1;
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color: #ffffff;
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background-color: rgba(99, 102, 241, 0.1);
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}
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.table thead th, .table tbody td {
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background-color: transparent;
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border-color: rgba(128, 128, 255, 0.2);
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}
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.table thead th {
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color: #a5b4fc;
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}
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</style>
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</head>
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<body class="text-gray-300">
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<div class="glow-bg"></div>
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<div class="glow-bg-2"></div>
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<div class="container mx-auto p-4 md:p-8">
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<header class="text-center mb-12">
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<h1 class="text-4xl md:text-5xl font-bold text-white mb-2 tracking-wide">天工机器人 (Tiangong Robot)</h1>
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<h2 class="text-2xl md:text-3xl font-light text-indigo-300">深度研究报告</h2>
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<p class="mt-4 text-sm text-gray-500">
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由北京价值前沿科技有限公司 AI投研agent：“价小前投研”呈现
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<br>
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本报告为AI合成数据，投资需谨慎。
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</p>
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</header>
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<main class="bento-grid">
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<!-- Core View & Conclusion -->
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<div class="bento-item col-span-12 lg:col-span-7">
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<h2 class="section-title">核心观点与投资启示</h2>
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<div class="space-y-4">
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<div>
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<h3 class="sub-title">核心观点摘要</h3>
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<p class="text-gray-400 leading-relaxed">
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“天工机器人”概念的核心是一个由国家战略隐性背书、产业巨头联合驱动的通用人形机器人平台，当前正处于从“技术性能验证”到“特定场景商业化初期”的关键过渡阶段。其核心驱动力源于顶层设计下的生态协同与全球领先的运动控制技术，未来潜力在于能否将技术优势转化为成本优势，并率先在工业制造等领域找到规模化的商业应用场景。
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</p>
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</div>
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<div>
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<h3 class="sub-title">综合结论</h3>
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<p class="text-gray-400 leading-relaxed">
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“天工机器人”概念已走过纯粹的主题炒作阶段，进入了由关键技术突破和早期商业化订单驱动的“业绩能见度提升”阶段。它有扎实的技术验证（马拉松成绩）、清晰的商业化产品（天工行者）和确切的早期订单（超百台）支撑。然而，由于高昂的成本和尚待验证的规模化应用场景，其距离真正由基本面驱动的成熟阶段尚有较远距离。
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</p>
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</div>
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<div>
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<h3 class="sub-title">最具投资价值的细分环节</h3>
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<ul class="list-disc list-inside space-y-2 text-gray-400">
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<li><strong>核心平台与商业化主体：</strong><span class="text-indigo-300 font-semibold">优必选</span>是当前阶段确定性最高的投资方向，深度绑定“天工”平台的研发、制造与销售。</li>
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<li><strong>高壁垒核心零部件：</strong>技术壁垒高、国产化率低、价值量大的环节，如<span class="text-indigo-300 font-semibold">六维力矩传感器、行星/谐波减速器、高性能伺服系统</span>，具备更大的成长弹性和投资价值。</li>
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</ul>
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</div>
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</div>
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</div>
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<!-- Timeline -->
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<div class="bento-item col-span-12 lg:col-span-5">
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<h2 class="section-title">发展脉络：核心时间轴</h2>
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<div class="timeline mt-4 max-h-[450px] overflow-y-auto pr-2">
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<div class="timeline-item">
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<p class="timeline-item-title">2023 H2</p>
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<p class="text-sm text-gray-400">北京人形机器人创新中心启动，京城机电、小米、优必选等联合发起。</p>
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</div>
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<div class="timeline-item">
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<p class="timeline-item-title">2024.04.19【里程碑】</p>
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<p class="text-sm text-gray-400">天工Ultra以<span class="text-teal-300 font-bold">2h40m42s</span>成绩夺得半马冠军，成绩超预期。</p>
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</div>
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<div class="timeline-item">
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<p class="timeline-item-title">2024.06.01</p>
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<p class="text-sm text-gray-400">中科院“天工”机器人亮相《新闻联播》，体现国家战略重视。</p>
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</div>
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<div class="timeline-item">
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<p class="timeline-item-title">2024.07.13 (及之前)</p>
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<p class="text-sm text-gray-400">科研教育版“天工行者”发布，售价29.9万元，订单<span class="text-teal-300 font-bold">超100台</span>。</p>
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</div>
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<div class="timeline-item">
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<p class="timeline-item-title">未知时间点</p>
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<p class="text-sm text-gray-400">实现全球首例室外连续攀爬134级阶梯及雪地奔跑。</p>
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</div>
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<div class="timeline-item">
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<p class="timeline-item-title">2025.06.05</p>
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<p class="text-sm text-gray-400">创新中心增资至4.6亿，优必选全资子公司“行者天工”入股，强化商业化主导地位。</p>
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</div>
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</div>
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</div>
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<!-- Core Logic & Market Perception -->
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<div class="bento-item col-span-12 lg:col-span-8">
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<h2 class="section-title">核心逻辑与市场认知分析</h2>
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<div x-data="{ tab: 'driver' }" class="mt-4">
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<div class="tabs tabs-bordered mb-4">
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<a class="tab" :class="{'tab-active': tab === 'driver'}" @click="tab = 'driver'">核心驱动力</a>
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<a class="tab" :class="{'tab-active': tab === 'perception'}" @click="tab = 'perception'">市场热度与情绪</a>
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<a class="tab" :class="{'tab-active': tab === 'gap'}" @click="tab = 'gap'">预期差分析</a>
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</div>
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<div x-show="tab === 'driver'" class="space-y-4 text-gray-400 leading-relaxed">
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<div>
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<h4 class="font-semibold text-indigo-300">1. 国家战略与顶层设计</h4>
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<p>由北京市政府支持、北京人形机器人创新中心（国创中心）主导，股东整合了消费电子生态(小米)、核心技术(优必选)、高端制造(京城机电)和地方资源(亦庄)，形成合力攻克底层技术。</p>
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</div>
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<div>
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<h4 class="font-semibold text-indigo-300">2. 技术突破与性能展示</h4>
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<p>一系列“全球首例”的技术展示（半马夺冠、攀爬阶梯、雪地奔跑）硬性验证了其在硬件可靠性、高动态运动控制算法、复杂地形适应性等方面的核心能力。路演纪要中提到的“基于状态记忆的模仿强化学习技术”具备全球领先性。</p>
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</div>
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<div>
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<h4 class="font-semibold text-indigo-300">3. 开源生态与产业赋能</h4>
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<p>平台带有“开源给行业”的使命，目标是降低行业门槛，成为产业标准，构建类似机器人领域的“安卓”生态系统，想象空间巨大。</p>
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</div>
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</div>
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<div x-show="tab === 'perception'" class="text-gray-400 leading-relaxed">
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<p>市场对“天工机器人”概念关注度极高，整体情绪偏向乐观。新闻密集报道其赛事成绩，研报和路演深入剖析其技术和商业化路径。市场的乐观情绪主要建立在其“国家队”背景、清晰可见的技术领先性以及优必选、小米等明星企业的加持上。</p>
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</div>
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<div x-show="tab === 'gap'" class="space-y-4 text-gray-400 leading-relaxed">
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<div>
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<h4 class="font-semibold text-indigo-300">1. 技术自主性的预期差</h4>
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<p>市场普遍认为已完全实现自主奔跑，但路演揭示马拉松中仍采用UWB技术导航，基于GPS/北斗的自主导航尚在测试中，与完全的L4/L5级自主性尚有距离。</p>
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</div>
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<div>
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<h4 class="font-semibold text-indigo-300">2. 商业化进程的预期差</h4>
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<p>当前落地的产品是29.9万元的科研教育版，订单刚破百台，处于高成本、小众市场的早期阶段，距离“入门级轿车”价格目标仍有漫长的降本之路。</p>
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</div>
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<div>
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<h4 class="font-semibold text-indigo-300">3. 概念归属的预期差</h4>
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<p>市场存在将“天工机器人”与材料公司“天工国际”以及地平线分拆的“地瓜机器人”混淆的现象，投资者需注意甄别。</p>
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</div>
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</div>
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</div>
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</div>
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<!-- BHRIC Stakeholder Structure -->
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<div class="bento-item col-span-12 lg:col-span-4 flex flex-col">
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<h2 class="section-title">国创中心：股权结构</h2>
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<div id="stakeholder-chart" class="flex-grow min-h-[300px]"></div>
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</div>
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<!-- Catalysts & Future Path -->
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<div class="bento-item col-span-12">
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<h2 class="section-title">关键催化剂与未来发展路径</h2>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-8 mt-4">
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<div>
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<h3 class="sub-title">近期催化剂 (未来3-6个月)</h3>
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<ul class="list-disc list-inside space-y-2 text-gray-400">
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<li><strong class="text-teal-300">“天工行者”批量交付：</strong>年内交付超300台是检验其生产和供应链能力的关键节点。</li>
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<li><strong class="text-teal-300">“天工2.0”正式发售：</strong>市场将密切关注其在性能、成本和智能化上的提升。</li>
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<li><strong class="text-teal-300">首个工业应用场景落地：</strong>与京城机电或领益智造等合作宣布试点应用，将是商业化重大里程碑。</li>
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</ul>
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</div>
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<div>
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<h3 class="sub-title">长期发展路径</h3>
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<ol class="list-decimal list-inside space-y-2 text-gray-400">
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<li><strong class="text-indigo-300">阶段一 (当前-2026)：场景探索与生态构建。</strong> 核心任务是普及科研版，并打磨1-2个可复制的工业应用场景。</li>
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<li><strong class="text-indigo-300">阶段二 (2026-2028)：成本下降与工业渗透。</strong> 通过规模化生产显著降低成本，在验证成功的工业场景中规模化部署。</li>
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<li><strong class="text-indigo-300">阶段三 (2028以后)：智能化跃迁与多场景扩张。</strong> 具身智能水平实现质的飞跃，应用场景从工业向商业服务、家庭等领域拓展。</li>
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</ol>
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</div>
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</div>
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</div>
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<!-- Raw Data Feeds -->
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<div class="bento-item col-span-12" x-data="{ tab: 'news' }">
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<h2 class="section-title">原始情报摘要</h2>
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<div role="tablist" class="tabs tabs-lifted">
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<a role="tab" class="tab" :class="{'tab-active': tab === 'news'}" @click="tab = 'news'">新闻数据</a>
|
||
<a role="tab" class="tab" :class="{'tab-active': tab === 'roadshow'}" @click="tab = 'roadshow'">路演纪要</a>
|
||
<a role="tab" class="tab" :class="{'tab-active': tab === 'report'}" @click="tab = 'report'">研报精粹</a>
|
||
</div>
|
||
<div class="p-4 bg-base-100/10 rounded-b-box max-h-[400px] overflow-y-auto">
|
||
<div x-show="tab === 'news'" class="prose prose-invert max-w-none text-gray-400">
|
||
<h4>核心事件与成就</h4>
|
||
<ul>
|
||
<li><strong>马拉松夺冠:</strong> 天工Ultra以2时40分42秒夺得北京亦庄半马冠军，最高时速达12km/h，成绩超预期。</li>
|
||
<li><strong>全球首例:</strong> 实现室外连续攀爬134级阶梯、雪地奔跑。</li>
|
||
</ul>
|
||
<h4>机器人型号与技术</h4>
|
||
<ul>
|
||
<li><strong>天工Ultra:</strong> 身高1.8米，体重55公斤，搭载“慧思开物”通用具身智能平台。</li>
|
||
<li><strong>天工行者 (科研教育版):</strong> 售价29.9万元，业内首款30万以下全尺寸科研级人形机器人，订单已超百台。</li>
|
||
<li><strong>“慧思开物”平台:</strong> 全球首个“一脑多能”、“一脑多机”平台，由“大脑”（任务规划）+“小脑”（技能执行）构成。</li>
|
||
</ul>
|
||
<h4>商业化与生态</h4>
|
||
<ul>
|
||
<li><strong>商业化主体:</strong> 优必选成立“行者天工”全资子公司，负责全面商业化。</li>
|
||
<li><strong>研发主体:</strong> 北京人形机器人创新中心(国创中心)，由小米、优必选、京城机电等共建。</li>
|
||
<li><strong>核心供应商:</strong> 奥比中光(视觉)、智同科技(减速器)、清能徳创(一体化关节)等。</li>
|
||
</ul>
|
||
</div>
|
||
<div x-show="tab === 'roadshow'" class="prose prose-invert max-w-none text-gray-400">
|
||
<h4>技术性能与挑战</h4>
|
||
<ul>
|
||
<li><strong>赛事表现:</strong> 半马领先第二名近1小时，是唯一“全自主奔跑”选手（需实时感知+路径规划）。</li>
|
||
<li><strong>技术挑战:</strong> 硬件（关节散热、抗冲击、轻量化）、软件（高动态运动控制、状态记忆强化学习、室外导航）。</li>
|
||
<li><strong>导航技术:</strong> 目前采用UWB领航员，正在测试基于北斗/GPS的室外自主导航。</li>
|
||
</ul>
|
||
<h4>产业生态</h4>
|
||
<ul>
|
||
<li><strong>与优必选关系:</strong> 优必选作为总经理单位，贡献工程师、300项专利，并联合推出“天工行者”。</li>
|
||
<li><strong>“天工”母平台:</strong> 由政府支持，旨在提供通用本体和开源运控系统，降低行业门槛。</li>
|
||
</ul>
|
||
<h4>潜在关联（概念辨析）</h4>
|
||
<ul>
|
||
<li><strong>天工国际/股份:</strong> 主营钛合金等特殊材料，为人行机器人提供丝杠等原材料，但与“天工机器人”本体无直接股权关系。</li>
|
||
</ul>
|
||
</div>
|
||
<div x-show="tab === 'report'" class="prose prose-invert max-w-none text-gray-400">
|
||
<h4>核心进展</h4>
|
||
<ul>
|
||
<li><strong>天工机器人2.0发布:</strong> 2025年6月5日，天工智能科技发布天工机器人2.0，在智能化、交互能力等方面全面升级。</li>
|
||
<li><strong>创新中心增资:</strong> 同日，北京人形机器人创新中心增资至4.6亿，优必选子公司“北京行者天工机器人有限公司”入股。</li>
|
||
</ul>
|
||
<h4>产业链关联</h4>
|
||
<ul>
|
||
<li><strong>天工国际(00826.HK):</strong> 为行星滚柱丝杠提供高氮合金材料，并布局3D打印钛合金粉末，应用于机器人领域。</li>
|
||
</ul>
|
||
<h4>概念辨析</h4>
|
||
<ul>
|
||
<li><strong>“地瓜机器人”混淆:</strong> 一份研报中“天工机器人”实为地平线分拆的“地瓜机器人”的笔误或别称，后者主要做机器人芯片。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Industry Chain -->
|
||
<div class="bento-item col-span-12">
|
||
<h2 class="section-title">产业链图谱与核心公司剖析</h2>
|
||
<div class="grid grid-cols-1 lg:grid-cols-3 gap-6 my-4">
|
||
<div class="p-4 border border-indigo-900/50 rounded-xl">
|
||
<h4 class="font-bold text-lg text-green-300">上游：核心零部件</h4>
|
||
<ul class="text-sm space-y-1 mt-2 text-gray-400">
|
||
<li><strong>减速器:</strong> 绿的谐波、智同科技、浙江三凯</li>
|
||
<li><strong>传感器:</strong> 奥比中光(3D视觉)、柯力传感(六维力)</li>
|
||
<li><strong>执行器/关节:</strong> 三花智控、清能徳创、北自科技</li>
|
||
<li><strong>芯片:</strong> 纳芯微 (传感器、接口)</li>
|
||
</ul>
|
||
</div>
|
||
<div class="p-4 border border-indigo-900/50 rounded-xl">
|
||
<h4 class="font-bold text-lg text-blue-300">中游：本体制造与平台开发</h4>
|
||
<ul class="text-sm space-y-1 mt-2 text-gray-400">
|
||
<li><strong>核心平台:</strong> 北京人形机器人创新中心</li>
|
||
<li><strong>主导开发者:</strong> <span class="font-bold text-white">优必选</span> (通过行者天工)</li>
|
||
<li><strong>战略合作/代工:</strong> 领益智造</li>
|
||
</ul>
|
||
</div>
|
||
<div class="p-4 border border-indigo-900/50 rounded-xl">
|
||
<h4 class="font-bold text-lg text-purple-300">下游：应用场景</h4>
|
||
<ul class="text-sm space-y-1 mt-2 text-gray-400">
|
||
<li><strong>当前:</strong> 科研院所、高校</li>
|
||
<li><strong>中期:</strong> 工业制造 (汽车、3C)、物流</li>
|
||
<li><strong>远期:</strong> 商业服务、家庭陪护</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<h3 class="sub-title">核心玩家对比</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-3 gap-4">
|
||
<div class="p-4 bg-base-100/10 rounded-lg">
|
||
<h5 class="font-bold text-white">优必选 (UBTECH)</h5>
|
||
<p class="text-sm text-gray-400">逻辑最纯粹的核心标的。作为国创中心总经理单位和商业化负责人，深度参与研发并全权负责销售，与“天工”平台直接绑定。</p>
|
||
</div>
|
||
<div class="p-4 bg-base-100/10 rounded-lg">
|
||
<h5 class="font-bold text-white">京城股份 (京城机电)</h5>
|
||
<p class="text-sm text-gray-400">产业协同的赋能者。提供深厚的工业制造背景和丰富的应用场景，是“天工”从实验室走向工厂的桥梁，逻辑在于“场景赋能”和“潜在订单”。</p>
|
||
</div>
|
||
<div class="p-4 bg-base-100/10 rounded-lg">
|
||
<h5 class="font-bold text-white">小米集团</h5>
|
||
<p class="text-sm text-gray-400">长线生态的战略投资者。旨在将人形机器人纳入其庞大的AIoT生态，为“天工”进入家庭市场埋下伏笔。</p>
|
||
</div>
|
||
<div class="p-4 bg-base-100/10 rounded-lg">
|
||
<h5 class="font-bold text-white">奥比中光</h5>
|
||
<p class="text-sm text-gray-400">已验证的核心供应商。其3D视觉传感器已用于天工Pro，作为机器人的“眼睛”，技术壁垒高，与平台绑定紧密。</p>
|
||
</div>
|
||
<div class="p-4 bg-base-100/10 rounded-lg">
|
||
<h5 class="font-bold text-white">北自科技</h5>
|
||
<p class="text-sm text-gray-400">深度参与的零部件供应商。国创中心成员，直接在“天工”项目中负责加工丝杠等核心部件，确定性较高。</p>
|
||
</div>
|
||
<div class="p-4 bg-base-100/10 rounded-lg">
|
||
<h5 class="font-bold text-white">验证与证伪</h5>
|
||
<p class="text-sm text-gray-400"><span class="text-red-400">证伪：</span>德恩精工明确表示无合作。天工股份上涨为概念混淆。珠城科技送样的是送餐机器人，关联度弱。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Potential Risks -->
|
||
<div class="bento-item col-span-12">
|
||
<h2 class="section-title">潜在风险与挑战</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-x-8 gap-y-4 mt-4 text-gray-400">
|
||
<div>
|
||
<h4 class="font-semibold text-red-400 flex items-center gap-2">
|
||
<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 16h-1v-4h-1m1-4h.01M21 12a9 9 0 11-18 0 9 9 0 0118 0z" /></svg>
|
||
技术风险
|
||
</h4>
|
||
<ul class="list-disc list-inside text-sm mt-2 space-y-1">
|
||
<li><strong>核心技术瓶颈:</strong> 关节散热、高冲击载荷下的可靠性仍是挑战。</li>
|
||
<li><strong>智能水平局限:</strong> 通用具身智能的真实水平和泛化能力待检验，自主导航依赖外部辅助。</li>
|
||
</ul>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold text-red-400 flex items-center gap-2">
|
||
<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 16h-1v-4h-1m1-4h.01M21 12a9 9 0 11-18 0 9 9 0 0118 0z" /></svg>
|
||
商业化风险
|
||
</h4>
|
||
<ul class="list-disc list-inside text-sm mt-2 space-y-1">
|
||
<li><strong>成本高昂:</strong> 29.9万元的售价是大规模推广的最大障碍。</li>
|
||
<li><strong>应用场景模糊:</strong> 相比传统工业机械臂、AGV的性价比优势仍需在实际场景中验证。</li>
|
||
</ul>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold text-red-400 flex items-center gap-2">
|
||
<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 16h-1v-4h-1m1-4h.01M21 12a9 9 0 11-18 0 9 9 0 0118 0z" /></svg>
|
||
政策与竞争风险
|
||
</h4>
|
||
<ul class="list-disc list-inside text-sm mt-2 space-y-1">
|
||
<li><strong>竞争加剧:</strong> 国内宇树、松延动力等实力强劲，国际上特斯拉Optimus是巨大威胁。</li>
|
||
<li><strong>供应链安全:</strong> 部分核心零部件（如高性能传感器、芯片）可能存在“卡脖子”风险。</li>
|
||
</ul>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold text-red-400 flex items-center gap-2">
|
||
<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5" fill="none" viewBox="0 0 24 24" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 16h-1v-4h-1m1-4h.01M21 12a9 9 0 11-18 0 9 9 0 0118 0z" /></svg>
|
||
信息交叉验证风险
|
||
</h4>
|
||
<ul class="list-disc list-inside text-sm mt-2 space-y-1">
|
||
<li><strong>名称混淆:</strong> 与材料公司“天工国际/股份”及“地瓜机器人”存在信息混淆，是当前概念最大信息噪音。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
</main>
|
||
|
||
<section class="mt-12">
|
||
<div class="bento-item col-span-12">
|
||
<h2 class="section-title">相关概念股梳理</h2>
|
||
<div class="overflow-x-auto mt-4">
|
||
<table class="table table-zebra w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>关联原因</th>
|
||
<th>标签</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr><td>天奇股份</td><td><a href="https://valuefrontier.cn/company?scode=002009" target="_blank" class="link link-hover text-indigo-400">002009</a></td><td>与优必选成立合资公司从事人形机器人开发，优必选持有优奇智能36.22%股权，公司持有30.97%股权</td><td><div class="badge badge-primary">参股</div></td></tr>
|
||
<tr><td>京城股份</td><td><a href="https://valuefrontier.cn/company?scode=600860" target="_blank" class="link link-hover text-indigo-400">600860</a></td><td>天工Ultra由北京人形机器人创新中心研发，京城机电持有28.57%股权</td><td><div class="badge badge-primary">参股</div></td></tr>
|
||
<tr><td>麦克奥迪</td><td><a href="https://valuefrontier.cn/company?scode=300341" target="_blank" class="link link-hover text-indigo-400">300341</a></td><td>亦庄机器人持股北京人形机器人创新中心14.2%股份，亦庄机器人控股股东亦庄投资持股麦克奥迪29.57%，股权关联有望合作</td><td><div class="badge badge-primary">参股</div></td></tr>
|
||
<tr><td>北自科技</td><td><a href="https://valuefrontier.cn/company?scode=603082" target="_blank" class="link link-hover text-indigo-400">603082</a></td><td>北京人形机器人创新中心的成员之一，在“天工”项目中主要负责加工丝杠产品，还可能生产谐波减速器、无框力矩电机、编码器等</td><td><div class="badge badge-secondary">供货商</div></td></tr>
|
||
<tr><td>奥比中光</td><td><a href="https://valuefrontier.cn/company?scode=688322" target="_blank" class="link link-hover text-indigo-400">688322</a></td><td>机器人视觉传感器，公司已与国内外超百家机器人企业达成合作包括优必选等</td><td><div class="badge badge-secondary">供货商</div></td></tr>
|
||
<tr><td>绿的谐波</td><td><a href="https://valuefrontier.cn/company?scode=688017" target="_blank" class="link link-hover text-indigo-400">688017</a></td><td>优必选供货商，提供机器人谐波减速器</td><td><div class="badge badge-secondary">供货商</div></td></tr>
|
||
<tr><td>祥鑫科技</td><td><a href="https://valuefrontier.cn/company?scode=002965" target="_blank" class="link link-hover text-indigo-400">002965</a></td><td>已为优必选和库卡供应金属结构件相关产品</td><td><div class="badge badge-secondary">供货商</div></td></tr>
|
||
<tr><td>三花智控</td><td><a href="https://valuefrontier.cn/company?scode=002050" target="_blank" class="link link-hover text-indigo-400">002050</a></td><td>已对机器人机电执行器方面展开持续研究和产品开发工作</td><td><div class="badge badge-secondary">供货商</div></td></tr>
|
||
<tr><td>柯力传感</td><td><a href="https://valuefrontier.cn/company?scode=603662" target="_blank" class="link link-hover text-indigo-400">603662</a></td><td>六维力传感器，限于保密协议</td><td><div class="badge badge-secondary">供货商</div></td></tr>
|
||
<tr><td>鸣志电器</td><td><a href="https://valuefrontier.cn/company?scode=603728" target="_blank" class="link link-hover text-indigo-400">603728</a></td><td>提供机器人步进电机，限于保密协议</td><td><div class="badge badge-secondary">供货商</div></td></tr>
|
||
<tr><td>丰立智能</td><td><a href="https://valuefrontier.cn/company?scode=301368" target="_blank" class="link link-hover text-indigo-400">301368</a></td><td>提供机器人谐波减速器以及齿轮箱</td><td><div class="badge badge-secondary">供货商</div></td></tr>
|
||
<tr><td>珠城科技</td><td><a href="https://valuefrontier.cn/company?scode=301280" target="_blank" class="link link-hover text-indigo-400">301280</a></td><td>专门开发机器人连接器，公司涉及优必选的送餐机器人相关产品尚处于研发送样阶段</td><td><div class="badge badge-secondary">供货商</div></td></tr>
|
||
<tr><td>中科创达</td><td><a href="https://valuefrontier.cn/company?scode=300496" target="_blank" class="link link-hover text-indigo-400">300496</a></td><td>合作伙伴，公司最新推出的AMR产品，主要是面向仓储物流、生产制造的场景</td><td><div class="badge badge-accent">智能系统</div></td></tr>
|
||
<tr><td>纳芯微</td><td><a href="https://valuefrontier.cn/company?scode=688052" target="_blank" class="link link-hover text-indigo-400">688052</a></td><td>传感器、接口芯片等产品或适配天工机器人的多模态感知需求</td><td><div class="badge badge-accent">智能系统</div></td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<section class="mt-12">
|
||
<div class="bento-item col-span-12">
|
||
<h2 class="section-title">相关个股异动分析</h2>
|
||
<div class="overflow-x-auto mt-4">
|
||
<table class="table w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>异动日期</th>
|
||
<th>涨跌幅</th>
|
||
<th>原因分析摘要</th>
|
||
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|
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</thead>
|
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<tbody>
|
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|
||
<td>天工股份</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=920068" target="_blank" class="link link-hover text-indigo-400">920068</a></td>
|
||
<td>2025-08-18</td>
|
||
<td><span class="text-green-400">+8.38%</span></td>
|
||
<td><div class="collapse collapse-arrow bg-base-200/20"><input type="checkbox" /><div class="collapse-title text-sm font-medium">因名称中含“天工”二字，或引发了部分市场投资者的联想。</div><div class="collapse-content"><p class="text-xs">股价上涨或受到人形机器人概念热度、小金属板块走强等多重市场因素的综合影响。市场可能将“天工股份”与其他名称相似的公司混淆，投资者需注意甄别。</p></div></div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>伊之密</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=300415" target="_blank" class="link link-hover text-indigo-400">300415</a></td>
|
||
<td>2025-08-14</td>
|
||
<td><span class="text-green-400">+8.06%</span></td>
|
||
<td><div class="collapse collapse-arrow bg-base-200/20"><input type="checkbox" /><div class="collapse-title text-sm font-medium">世界人形机器人运动会开幕催化，公司在镁合金压铸领域的技术优势是基本面支撑。</div><div class="collapse-content"><p class="text-xs">伊之密正在开发人形机器人相关产品，机器人70%部位如骨架、胸体等可用镁合金制造。公司与多家人形机器人企业已开始打样镁合金结构件，业务拓展前景存在预期。</p></div></div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>恒而达</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=300946" target="_blank" class="link link-hover text-indigo-400">300946</a></td>
|
||
<td>2025-07-14</td>
|
||
<td><span class="text-green-400">+8.61%</span></td>
|
||
<td><div class="collapse collapse-arrow bg-base-200/20"><input type="checkbox" /><div class="collapse-title text-sm font-medium">与天工国际战略合作预期发酵，公司业务涉及滚珠丝杠副及行星滚柱丝杠副等机器人核心组件。</div><div class="collapse-content"><p class="text-xs">市场可能提前获悉了恒而达将与天工国际签订战略合作框架协议的消息。合作将加快公司滚珠丝杠副及行星滚柱丝杠副等滚动功能部件产品的研发及产业化速度。</p></div></div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>斯菱股份</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=301550" target="_blank" class="link link-hover text-indigo-400">301550</a></td>
|
||
<td>2025-09-11</td>
|
||
<td><span class="text-green-400">+6.19%</span></td>
|
||
<td><div class="collapse collapse-arrow bg-base-200/20"><input type="checkbox" /><div class="collapse-title text-sm font-medium">优必选天工机器人执行器、减速器的一级核心部件供应方，单台部件供应价值预计达1.4万元。</div><div class="collapse-content"><p class="text-xs">同时作为特斯拉人形机器人Tier2供应商，完成了行星滚柱丝杠首件样品研制并已送交特斯拉验证测试，受产业链热度催化。</p></div></div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>秦川机床</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=000837" target="_blank" class="link link-hover text-indigo-400">000837</a></td>
|
||
<td>2025-09-17</td>
|
||
<td><span class="text-green-400">+5.78%</span></td>
|
||
<td><div class="collapse collapse-arrow bg-base-200/20"><input type="checkbox" /><div class="collapse-title text-sm font-medium">市场讨论称其为天工机器人的核心供应商，为其提供行星滚柱丝杠等核心传动部件。</div><div class="collapse-content"><p class="text-xs">公司在机器人产业链中扮演重要角色，产品已切入特斯拉、天工机器人等头部企业，受行业热度提升带动。</p></div></div></td>
|
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</tr>
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<footer class="text-center mt-12 py-8 border-t border-gray-800">
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本报告由AI模型基于公开数据合成，所有信息仅供参考，不构成任何投资建议。
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© 2024 北京价值前沿科技有限公司. All Rights Reserved.
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