25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% 000300.SH 850781.SL 投资要点 请阅读最后评级说明和重要声明 一、商业巨头入局&政策频出,产业进程提速3 1.发展历程:诞生多年,技术不断成熟3 2.技术革新带来成本下降,产业化落地有望实现4 3.支持政策频出,产业进程提速5 二、硬件为人形机器人降本关键,看好上游核心零部件投资机会7 1.减速器、伺服电机、控制器为人形机器人三大核心零部件,成本占比高7 2.看好谐波减速器、电机和滚珠丝杠等核心零部件投资机会8 三、投资建议11 四、风险提示12 ...........................................................................................................................................7 ........................................................................................................................8 ........................................................................................................................................9 ........................................................................................................................................9 ..............................................................................................................................9 .........................................................................................................................................10 ..................................................................................................................................10 .............................................................................................................................4 .........................................................................................................5 ..............6 2 15% 35% 15% 15% 20% 减速器伺服电机控制器本体其他