人形机器人行业月报：产业催化密集，板块迎来配置良机

行业报告：机器人行业月报2026年5月20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：产业催化密集，板块迎来配置良机股市有风险 入市需谨慎分分分分分分分分分分分分分分S0640524070001◼2026年1-4月，人形机器人板块整体呈现“先涨后跌再反弹”的走势，5月板块迎来高性价比配置窗口。2026 分1分分分分分2025 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分分分分分分分分分 1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分分分分5分分分分分分分分分分分分分分分分分分分分分分分1）产业催化密集 分分分分5分分分分ModelS/X分分分分分分分分分分OptimusV 3分分分7分分分分8分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）海内外产业共振加速 分Figure分分分分分分分分分分分分分分分分分分分120分分分分分24分分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100分分3）筹码与情绪修复到位 ，分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分◼整机端：人形机器人产业化进程显著提速，中国供应链与政策优势驱动头部企业率先实现规模化放量。分分分分分分分分分分分分分分分分分分分分分分分分分分分分分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 分分分分分分分分分分分5000 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3分分分分分分分分分分分分Optimus 分分分分分2026 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◼大模型端：智元发布通用具身基座大模型GO-1、GO-2，，打通“感知理解”到“稳定执行”最后一公里。分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分GO -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GO -2分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分◼零件端：热管理有望成为散热优选方案，Optimus V3灵巧手驱动架构由掌内向前臂集中。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 分分分分分分分分分分分分分分分分 2024 分2031 分分分分分分分分分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OptimusV 3分分分分分分分分+分分分分分分分分分分22分分分分分分分分分分分分分分分分分分◼应用端：劳动力稀缺与动态运动两大关键场景实现突破。分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分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。投资观点目录一、板块行情回顾分分分分分分分分分分分分分分分分分分分◼2026年1-4月，人形机器人板块整体呈现“先涨后跌再反弹”的走势，5月板块迎来高性价比配置窗口。2026分1分分分分分2025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分分分分分分分分分1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5分分分分分分分分分分分分分分分 分分分分分分分分 1 ）产业催化密集 分分分分 5分分分分 ModelS/X分分分分分分分分分 分OptimusV 3分分分7分分分分8分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）海内外产业共振加速 分Figure分分分分分分分分分分分分分分分分分分分120分分分分分24分分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100分分3）筹码与情绪修复到位 ，分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分分iFind分分分分分分分分4图表：2026年1-4月人形机器人核心个股涨跌示意图（单位：元）1.板块行情回顾：人形机器人板块前期深度回调，现已迎来配置窗口期0102030405060708090050100150200250300浙江荣泰斯菱智驱恒立液压绿的谐波三花智控（右）拓普集团（右）北特科技（右）5分分分分分分分分分分分分分分2026 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688279185.6529.64分分分分分分分300580121.0329.24分分分分分分分分301510118.2828.87分分分分分分分分分分分300953168.3026.40分分分分分分分分分分002979137.7023.26分分分分分分分分分分603730134.0422.92分分分分分分分分分分68861145.8221.83分分分分分分分分分分分分分分分300432211.4021.73分分分分分分分分分分分603893604.4820.15分分分分分分分分688017212.5319.75分分分分分分分分分分300607154.1616.39分分分分分分分分分分60328635.8911.84分分分分分分分分分分分68850765.0610.36分分分分分分分分688165122.6210.34分分分分分分分分分分002050964.8210.32分分分分分分分分分分分分002600564.869.59分分分分分分分分分分601100913.379.35分分分分分分分分分分分分分分分92059367.869.02分分分分分分分分分60366669.637.03分分分分分分分分分分分分分30159666.036.79分分分分分分分分分分分60391595.966.73分分分分分分分分分分分300115273.256.64分分分分分分分分分分00128242.606.31分分分分分分分分分图表：2026年4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1.板块行情回顾：4月板块触底回升，产业边际变化引领结构性行情目录分分分分分分分分二、近期产业进展分分分分分分分分分分分◼全球人形机器人产业初具雏形 ，当前呈现出中国主导出货、头部企业加速放量的产业格局 。2025 分分分分分分分分分分分分 1.45分分1.86分分分分分分2030分分分分分分分分分分分分分分分分 分分分分分分分