不同集团的行业价值与港股通板块布局需求高度契合。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，恒生指数公司于2月13日宣布截至2025年12月31日之恒生指数系列季度检讨结 果，其中不同集团(06090)获纳入恒生综合指数。此次变动将于2026年3月6日(星期五)收市后实施 并于2026年3月9日(星期一)起生效，届时沪深交易所会相应调整港股通可投资标的范围。 这意味着， 不同集团有望借此机会纳入港股通，迎来发展新契机——港股通标的的调整历来备受市 场关注，不仅直接影响相关个股的市场流动性、估值定价，更能为内地投资者挖掘新的优质投资标 的，实现资金与优质资产的精准对接。 中金研报指出，不同集团有可能被调入港股通，因其满足了包括市值、流动性和上市时间等在内的一 系列标准。 资料显示，不同集团前瞻性地聚焦于高端母婴品牌细分市场。自2019年推出高端母婴品牌BeBeBus 以来，不同集团以差异化战略快速崛起，凭借先发优势迅速占领用户心智，已成为这一细分赛道的佼 佼者。据弗若斯特沙利文数据，按2024年的GMV计算，BeBeBus在中国面向中高端消费者 ...

Core Insights - The article highlights that Wujie Power, a company specializing in embodied intelligent robots, has recently completed over 200 million yuan in angel financing and is nearing the completion of its third round of financing, which will total 800 million yuan. The funds will be used to accelerate the development of the robot's general brain and hardware, promoting large-scale deployment in domestic and international customer scenarios [3][4]. Financing and Investment - Wujie Power has attracted continued investment from top-tier institutions such as Sequoia China, Linear Capital, Hillhouse Capital, and others, indicating strong confidence in the company's core team and its ability to transition from product development to commercial application [3]. - The company aims to leverage the funds raised to enhance its research and development capabilities and expand its market presence globally [3]. Technological Advancements - Wujie Power focuses on developing a "general brain" and "operational intelligence" for robots, addressing key challenges in hand-eye-brain coordination to create a widely deployable and continuously evolving infrastructure [4]. - The company has made significant progress in technology research and commercialization within just six months of team expansion, establishing a strong foundation for future growth [5]. Algorithm and Model Development - The company is committed to investing in key technological innovations in embodied intelligence, building long-term technological barriers through the development of an end-to-end multimodal model that incorporates implicit world models [7]. - This model enhances the robot's capabilities in 3D perception, historical memory modeling, future environment prediction, and fine motor skills, achieving breakthroughs in various tasks such as industrial assembly and flexible object manipulation [7]. Hardware and Deployment - Wujie Power's robot hardware platform has undergone multiple iterations, focusing on a soft-hard integration design that meets the demands of real-world applications [8][9]. - The company has developed a domestic high-performance computing platform with over 1100 TOPS, supporting efficient reasoning and operation of large models in its humanoid robots, which are now entering international industrial production lines [9]. Strategic Collaborations - Wujie Power collaborates with top universities like Tsinghua University and Shanghai Jiao Tong University to drive innovation in world models and simulation reconstruction, with several achievements presented at international conferences [7]. - The company is working with global leaders in various industries, including ZF LIFETEC, to refine its "general operational brain" capabilities in high-value sectors such as industrial manufacturing and commercial services [9]. Future Vision - With the support of new and existing shareholders, Wujie Power aims to continue advancing its core technologies and strengthen collaborations with global strategic customers, creating practical value for various industries [10].

Core Insights - The article discusses the evolution of the robot rental market from feasibility to long-term scalability and operational strategies [7][11] - The launch of the national city partner strategy by Qingtian Rental aims to expand the robot rental business across various cities in China [9][11] Group 1: Market Demand and Growth - During the Spring Festival, robot rental demand surged, with over 1,000 orders received by February 12, and an expected GMV increase of 80% compared to the previous period [6][8] - The platform saw a 30% share of first-time rental users during the Spring Festival, indicating a shift from niche to broader consumer demand [6][9] - The overall transaction volume during the Spring Festival showed a significant increase, with a 30% rise in orders in the two weeks leading up to the holiday and a projected 60% increase during the holiday week [5][6] Group 2: Supply and Infrastructure - Qingtian Rental currently has over 3,000 robots available for dispatch, covering more than 100 cities, which supports high-demand periods like the Spring Festival [8][10] - The company emphasizes the importance of a nationwide service network to facilitate the scalable application of robots, moving beyond individual projects [9][11] Group 3: City Partner Strategy - The city partner strategy is designed to lower entry barriers for ordinary individuals to participate in the robot rental market, focusing on local service delivery [10][14] - Qingtian Rental provides support in four key areas: rental product subsidies, technical and operational support, order and traffic assistance, and marketing exposure [20][10] - The city partners are not traditional agents but local service nodes, allowing the platform to manage products, technology, and branding while partners focus on localized delivery [11][14] Group 4: Future Outlook - The robot rental market is projected to reach a scale of 100 billion by 2026, driven by increased production capacity and a growing workforce through the city partner initiative [35][36] - The article highlights the importance of building a robust ecosystem for the robot rental industry, emphasizing collaboration and shared infrastructure development [18][19]

硬件层面，远征A3系列具备超拟人全身自由度，手臂末端负载达3kg，TCP末端速度最高可达 2m/s，可搭载超拟人、超高自由度灵巧手；全自由度柔性腰部1:1还原人体腰部，超大运动角度支 撑各类极限动作演绎。远征A3身材比例按照真实人体比例设计，轻量化腿部采用外骨骼结构设计， 不仅提升动态稳定性，更为千人千面的个性化涂装改造留足空间，堪称行走的"衣架子"。能源与续 航方面，远征A3首创电池嵌入式躯干设计，搭载外观嵌合双电池系统，满电综合续航最高可达8小 时，配合快速换电和充电技术，轻松满足一天工作使用需求。交互层面，远征A3搭载升级版多模态 交互系统，实现端到端主动陪聊，无需唤醒词即可自然交流；拍拍肩膀即可唤醒机器人，极大降低人 机互动门槛，社牛属性拉满。同时支持智元灵创、灵心平台，开放底层接口，接入智元灵渠OS，兼 容ROS生态，给行业开发者更多创作空间。远征A3系列还具备轻作业能力，能够在展厅展示台、行 政前台、休息区水吧台等区域执行抓握、操作、递送等多种作业形式，为公共服务场景带来真正"有 温度"的智能服务体验。 以量产商用为目标的功能完全体。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号 ...

Core Viewpoint - Shenzhen Hairobo Innovation Intelligent Technology Group Co., Ltd. (Hairobo Innovation) is set to go public on the Hong Kong Stock Exchange, with a focus on automated picking solutions that significantly enhance warehouse efficiency and reduce labor intensity [2][3]. Group 1: Company Overview - Established in 2016, Hairobo Innovation has concentrated on automation in picking, a labor-intensive and time-consuming warehouse activity [3]. - The company launched the HaiPick robot in 2017, designed specifically for handling individual boxes rather than entire shelves, revolutionizing warehouse storage economics [3]. - Hairobo Innovation has introduced multiple generations of the HaiPick System, with the latest being the HaiPick Climb, which allows vertical movement along shelves, enhancing speed and efficiency [3]. Group 2: Market Position and Growth - Hairobo Innovation holds the largest global market share in ACR solutions, increasing from 24.2% in 2023 to 31.4% in 2024, marking the fastest growth among the top three ACR solution providers [5]. - The company has signed contracts with over 800 clients, including more than 70 Fortune Global 500 companies, and has a high customer retention rate of 80% in 2024 [6][8]. Group 3: Financial Performance - Total order amounts for Hairobo Innovation were 1.501 billion yuan in 2023 and 1.972 billion yuan in 2024, with 1.932 billion yuan in the first three quarters of 2025, nearing the total for 2024 [7]. - Revenue for 2023 and 2024 was 807 million yuan and 1.36 billion yuan, respectively, reflecting a year-on-year growth of 68.6%, the fastest among the top three ACR companies [8]. - Gross margins improved from 16.0% in 2023 to 26.3% in 2024, with adjusted EBITDA margins showing significant narrowing trends [8]. Group 4: Industry Trends - The ACR solutions market is expected to grow from 4.4 billion yuan in 2024 to 91 billion yuan by 2030, driven by the shift towards precise box-level and SKU-level automation [10]. - ACR solutions are becoming the preferred choice for warehouse automation due to their high-density storage, modular expansion, and lower system complexity, which meet the demands of picking-intensive industries [10]. Group 5: IPO Use of Proceeds - The net proceeds from the IPO will be primarily used to enhance technical capabilities, accelerate upgrades of ACR solutions, and expand global manufacturing operations [11].

Core Viewpoint - The article discusses the recent C-round financing of Lanrui Optoelectronics, which aims to enhance its production capacity for automotive-grade and consumer electronics film products, thereby supporting its large-scale development and ensuring efficient order delivery [2][3]. Group 1: Financing and Investment - Lanrui Optoelectronics completed a C-round financing of several hundred million yuan, led by Guangzhou Yuexiu Industrial Investment Fund Management Co., Ltd., with participation from other investment entities [2]. - The funds will be used for the construction of the Changzhou production base and the upgrade of the Ningbo R&D center, ensuring smooth delivery of automotive-grade and consumer electronics film products [3]. Group 2: Company Overview and Technology - Founded in 2015, Lanrui Optoelectronics is one of the earliest companies to explore flexible large-area electrochromic film technology and is a benchmark in the domestic electrochromic field [3]. - The company focuses on the R&D and industrialization of electrochromic core technologies, developing the latest generation of fully flexible roll-to-roll high-speed coating polymer dimming films [3]. Group 3: Strategic Partnerships and Market Development - Lanrui Optoelectronics has established long-term strategic partnerships with leading domestic glass companies to promote technological collaboration and industrial synergy for automotive-grade film products [3]. - The company has secured projects with leading new energy vehicle manufacturers, with related products expected to achieve mass production and delivery in the first half of 2026 [3]. Group 4: Consumer Electronics Expansion - The company is also deepening its engagement in the consumer electronics sector, expanding the application of electrochromic technology in AI/AR glasses and promoting rapid iteration of new generation technology products [4]. - Lanrui Optoelectronics will continue to focus on the core electrochromic sector, enhancing technological innovation and driving product-market synergy to support high-quality industry development [4].

据IPO早知道消息，具身智能数据平台觅蜂科技（Maniformer）日前完成数亿元种子轮与天使轮融 资，本轮融资由红杉中国领投，鼎晖VGC、BV百度风投、云锋基金、慕华科创等顶级资本跟投，均 普智能、灵初智能等产业机构同步参与。 此次融资将重点用于技术研发、产能扩充与全球化布局，以及构建全球顶尖数据质量管理体系及数据 联盟，助力觅蜂科技夯实具身智能数据基础设施核心定位，破解行业数据发展瓶颈，推动产业规模化 落地。 数据是具身智能 "大小脑" 演进的核心，也是现阶段产业发展的最大瓶颈。据测算，2026 年行业高 质量有效数据缺口超 500 万小时，数据供给能力不足已成为制约产业发展的关键因素。 作为专注于具身智能数据服务的平台型企业，觅蜂科技以"解决具身时代的数据困境"为使命，布局 从真机、无本体到仿真的全类型数据范式，一站式提供全链路数据服务。 凭借硬核技术壁垒与成熟 的工程化落地能力，觅蜂科技已形成显著的行业竞争优势：其全栈技术，真机数据一致性、数据仿真 验证精度均处于行业前列，同时也是目前行业内唯一有望实现高质量数据规模化交付的企业。 同时，为破解行业数据孤岛问题，觅蜂科技通过建立数据联盟，赋能行业各个节 ...

Core Viewpoint - Lenovo Group reported a record revenue of $22.2 billion for Q3 of the fiscal year 2025/2026, with a year-on-year growth of over 18% and a net profit increase of 36%, indicating strong operational performance across all business segments [2][6]. Business Performance Summary - All business segments of Lenovo achieved double-digit revenue growth in Q3, with personal computer sales continuing to outperform the market for ten consecutive quarters, leading to a historic market share high for the fiscal year 2025 [2]. - The ISG (Infrastructure Solutions Group) segment generated $5.2 billion in revenue, marking a year-on-year growth of over 31%, and is approaching profitability [5]. - The SSG (Solutions and Services Group) reported an 18% year-on-year revenue increase, achieving a 22.5% operating profit margin [2]. AI Revenue Growth - AI-related revenue for Lenovo grew by 72% year-on-year, now accounting for 32% of total revenue, highlighting the increasing importance of AI in the company's business model [3][4]. ISG Segment Insights - The ISG segment's revenue growth is attributed to structural optimization in enterprise servers, data centers, and industry solutions, with a focus on a dual-track strategy of cloud and enterprise infrastructure [7]. - The CSP (Cloud Service Provider) business saw a 37.1% revenue increase, while the E/SMB (Enterprise/Small and Medium Business) segment also achieved double-digit growth [7]. - Lenovo's strategic restructuring in the ISG segment aims to enhance productivity and competitiveness, with an expected annual net cost saving of approximately $200 million over the next three years [5][17]. Market Trends and Future Outlook - The market for AI computing is rapidly evolving, with a predicted shift from training to local data center and edge inference, presenting significant opportunities for Lenovo [10][20]. - The global AI infrastructure market is expected to triple by 2028, driven by the increasing demand for AI-ready infrastructure [10]. - Lenovo's focus on local inference capabilities aligns with the anticipated growth in AI applications, emphasizing the importance of edge computing for businesses [19][20]. Operational Efficiency and Supply Chain Management - Lenovo's global and localized supply chain management has provided resilience and efficiency, allowing for cost control and improved delivery times [15][16]. - The company has strategically stockpiled storage chips to ensure production continuity through 2026, mitigating potential supply chain disruptions [17]. Long-term Strategic Vision - Lenovo's commitment to innovation and operational excellence is reflected in its ability to transition ISG from a loss-making phase to a path of profitability, with expectations of breakeven by the end of the fiscal year 2025/2026 [6][23]. - The company's long-term strategy emphasizes the importance of AI as a fundamental direction rather than a bubble, focusing on practical applications and infrastructure development [18][21].

百亿基金引爆千亿级产业核爆。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，魔法原子日前宣布将其全国总部落户梁溪科技城，同时，启动梁溪天空工场智领 产业基金设立。该百亿级基金的战略布局，标志着无锡市梁溪区在构建高端制造生态、推进千亿级未 来产业集群建设上迈出关键一步。 此次合作将以魔法原子的具身智能技术为合作基石，旨在通过资本赋能与产业协同，向无锡市层面全 面推进后续千亿规模的产业发展蓝图。 作为2026春节联欢晚会智能机器人战略合作伙伴，魔法原子是行业较早实现机器人系列化产品布局 的企业之一，在核心零部件研发、本体结构设计以及复杂场景落地能力方面已构建起完整的体系性优 势，其产品在工业制造、商业服务及家庭陪伴等多元场景开展应用探索，具备显著产业示范价值。 根据规划，梁溪天空工场智领产业基金将重点投向具身智能、人工智能、空天信息、低空经济等前沿 赛道。 该基金的设立，响应了无锡市级战略、整合全市资源推动硬核科技落地的关键举措。 魔法原子联合创始人顾诗韬表示："我们选择梁溪，不仅是看中这里对硬科技的前瞻视野，更是认 同'以投带引、投合共赢'的产业理 ...

Core Viewpoint - The article highlights that Zhiyun, referred to as the "first stock of global large models," is making significant progress towards its IPO, with recent developments indicating strong market performance and technological advancements [2][3]. Group 1: IPO Progress and Market Performance - Zhiyun has signed a counseling agreement with Guotai Junan and Zhongjin Company for its Sci-Tech Innovation Board listing, marking a crucial step in its IPO process [2]. - The company's stock price surged over 20%, reaching a market capitalization close to HKD 220 billion, making it the highest-valued large model enterprise globally, with a weekly increase of 135% [3]. Group 2: Technological Advancements - Zhiyun launched and open-sourced the GLM-5 model, which achieved state-of-the-art (SOTA) performance in coding and agent capabilities, surpassing competitors in key benchmarks [3][5]. - The GLM-5 model ranked fourth globally and first in open-source on the authoritative Artificial Analysis list, indicating its competitive edge in the market [5]. Group 3: Pricing Strategy and Market Dynamics - Zhiyun announced a structural price adjustment for its GLM Coding Plan products, with an overall increase starting from 30%, driven by strong market demand and the need for enhanced service quality [5]. - This price increase signifies a shift in the large model industry from a "price war" to value-based pricing, reflecting the rapid improvement in domestic model technology and market competitiveness [5]. Group 4: Industry Trends and Future Outlook - According to Morgan Stanley's report, the Chinese AI market is transitioning from a "hundred model war" to a phase of structural integration, where survival depends on commercial viability and sustainable model iteration [6]. - Morgan Stanley emphasizes that the long-term economic benefits for AI model developers hinge on maintaining global leadership in model capabilities, with Zhiyun demonstrating solid technical strength [7]. - The company is positioned as a technology-driven platform with significant growth potential, with projected revenue compound annual growth rate (CAGR) of 127% from 2025 to 2030, and expected profitability by 2029 [8].