[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 04 月 28 日 [Table_Title] 小鹏 IRON 亮相上海车展，具身智能机 器人运动会开幕 ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 4 月 20 日至 4 月 25 日，人形机器人概念指数上涨 5.73%， 相较沪深 300 指数跑赢 5.35pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 28.97%，相较沪深 300 指数跑赢 29.84pct。 周度热点回顾 政策端，山东省制造业创新中心培育认定启动，重点面向人工智能、 量子科技、人形机器人等未来产业；上海市经信委开展 2025 年通用 人工智能创新任务揭榜挂帅工作，聚焦具身智能等五大方向，对异构 人形机器人等进行技术攻关。 产品技术迭代方面，宇树科技将于 2025 年 5-6 月举办全球首场"人形 机器人格斗大赛"；日本 Ainos 公司成功将 AI 鼻子系统装入人形机器 人，拓展感知能力；特斯拉公开 Optimus 试生产线，预计年底将有数 千台在工厂工作；Hugging Face ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive and automotive parts industry [6]. Core Insights - The automotive industry is experiencing a positive sales trend, particularly in electric and intelligent vehicles, with a focus on developments in Europe and the integration of AI and robotics [5][3]. - The penetration rate of new energy vehicles has reached 53.3%, indicating strong growth potential in this segment [2][19]. - The report highlights the significant increase in sales of Chinese automotive brands in Europe, with a 78% year-on-year growth in Q1, capturing a market share of 4.5% [4]. Summary by Sections 1. Market Performance - In the second half of April, retail sales of passenger cars reached 897,000 units, a 12% increase year-on-year, while wholesale sales were 993,000 units, up 14% year-on-year [19][2]. - The cumulative retail sales for the year so far stand at 6.024 million units, reflecting a 7% increase compared to the previous year [19]. 2. New Energy Vehicle Sales - Retail sales of new energy vehicles from April 1-20 reached 478,000 units, marking a 20% increase year-on-year, with a cumulative total of 2.898 million units for the year, up 33% [2][19]. - The wholesale figure for new energy vehicles was 530,000 units, a 23% increase year-on-year, with a cumulative total of 3.378 million units for the year, up 39% [2][19]. 3. Industry Developments - The Shanghai Auto Show showcased nearly 1,000 companies, emphasizing the trend towards electric and intelligent vehicles, with significant participation from tech companies [3]. - Chinese automotive brands are rapidly expanding in Europe, with notable increases in electric vehicle sales [4]. 4. Investment Opportunities - The report suggests focusing on the intersection of automotive technology with AI and robotics, as well as monitoring tariff negotiations in Europe that could impact the automotive supply chain [5].

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [24]. Core Insights - The humanoid robot concept index increased by 5.73% from April 20 to April 25, 2025, outperforming the CSI 300 index by 5.35 percentage points. Year-to-date, the humanoid robot index has risen by 28.97%, surpassing the CSI 300 index by 29.84 percentage points [2][10]. - The report highlights significant advancements in humanoid robotics, including the introduction of new products and technologies, as well as increased investment and policy support from local governments [3][4]. Summary by Sections Weekly Market Review - From April 20 to April 25, 2025, the humanoid robot concept index rose by 5.73%, outperforming the CSI 300 index by 5.35 percentage points. Year-to-date, the index has increased by 28.97%, outperforming the CSI 300 by 29.84 percentage points [2][10]. Weekly Hotspots Review Policy Developments - The Shandong Province has initiated the cultivation and recognition of manufacturing innovation centers, focusing on future industries such as artificial intelligence and humanoid robots [3][16]. - Shanghai's Economic and Information Commission has launched a new initiative for general artificial intelligence innovation tasks, emphasizing embodied intelligence and other key areas [3][16]. Product and Technology Iteration - The world's first humanoid robot fighting competition is set to take place in May-June 2025, organized by Yushutech [3][18]. - Japanese company Ainos has successfully integrated an AI nose system into a humanoid robot, enhancing its sensory capabilities [3][18]. - Tesla has publicly unveiled its Optimus humanoid robot production line, with plans to have thousands operational by the end of 2025 [3][19]. Investment and Financing - Shanghai Kepler Robotics has completed a Pre-A round of financing, with participation from several industry capital investors [3][21]. Key Company Announcements - Shuanglin Co. has acquired Wuxi Kezhixin, completing a key part of the humanoid robot screw rod industry chain [3][21]. - Zhongwei Semiconductor has reported that its chips are being used in humanoid robot joint drives [3][22].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive and automotive parts industry [6]. Core Insights - The automotive industry is experiencing a positive sales trend, particularly in electric and intelligent vehicles, with a focus on developments in Europe and the integration of AI and robotics [5][3]. - The penetration rate of new energy vehicles has reached 53.3%, indicating strong growth potential in this segment [2][19]. - The report highlights the significant increase in sales of Chinese automotive brands in Europe, with a 78% year-on-year growth in Q1, capturing a market share of 4.5% [4]. Summary by Sections 1. Market Overview - In the second half of April, retail sales of passenger cars reached 897,000 units, a 12% increase year-on-year, while wholesale sales were 993,000 units, up 14% year-on-year [19][2]. - The new energy vehicle market saw retail sales of 478,000 units, a 20% increase year-on-year, with a cumulative retail of 2.898 million units, up 33% year-on-year [2][19]. 2. Industry Developments - The Shanghai Auto Show showcased nearly 1,000 companies, emphasizing the trend towards electric and intelligent vehicles, with significant participation from tech companies [3]. - Notable innovations included the introduction of sodium-ion batteries and solid-state batteries by various manufacturers [3]. 3. European Market Dynamics - Chinese automotive brands have significantly increased their presence in Europe, with a 31.4% year-on-year increase in pure electric vehicle sales [4]. - The report emphasizes the importance of tariff negotiations and the opportunities arising from Europe's push for new energy vehicles [5]. 4. Investment Recommendations - The report suggests continued focus on the intersection of automotive technology with AI and robotics, as well as monitoring changes in global tariff barriers and the European new energy market [5].

Investment Rating - The report maintains a "Recommended" rating for the healthcare industry [7] Core Insights - The pharmaceutical sector has shown a slight outperformance against the CSI 300 index, with the Shenwan Pharmaceutical Bio Index rising by 1.16% from April 21 to April 25, 2025, outperforming the CSI 300 by 0.78 percentage points [2] - Year-to-date, the Shenwan Pharmaceutical Bio Index has decreased by 0.31%, yet it has outperformed the CSI 300 by 3.45 percentage points [2][14] - As of April 25, 2025, the valuation of the pharmaceutical sector stands at 26.37 times (TTM overall method, excluding negative values), with a premium of 141.60% compared to the CSI 300 [17] Summary by Sections 1. Market Performance Review - The pharmaceutical sector has outperformed the CSI 300 index during the specified period, ranking 15th among 31 Shenwan first-level industry indices [12] - The top-performing stocks include Yong'an Pharmaceutical (+31.37%), Shutaishen (+28.41%), and Erkang Pharmaceutical (+27.73%) [3][19] 2. Important Policies and Events - On April 7, 2025, the Ministry of Commerce and the National Health Commission, among 12 departments, issued the "Special Action Plan for Promoting Healthy Consumption," aimed at enhancing the quality of health goods and services [4][21] 3. Key Company Announcements - Kanghong Pharmaceutical reported a revenue of 4.453 billion yuan for 2024, a year-on-year increase of 12.51%, with a net profit of 1.191 billion yuan, up 14.02% [22] - Yuyue Medical reported a revenue of 7.566 billion yuan for 2024, a year-on-year decrease of 5.09%, with a net profit of 1.806 billion yuan, down 24.63% [22] 4. Industry Perspectives - The pharmaceutical sector continues to rebound, with the innovative drug segment performing particularly well, alongside upstream research reagent sectors [5][23] - The focus is shifting from earnings to industry and company fundamentals as the market enters a performance vacuum period starting in May [5][23] - The report emphasizes the potential of innovative drugs, overseas markets, and the clearing of centralized procurement as key investment themes for 2025 [5][24]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company demonstrated stable high growth with a revenue of 5.118 billion yuan in 2024, up 19.16% year-on-year, and a net profit of 1.628 billion yuan, up 11.41% year-on-year [2]. - The company has a rich reserve of products and intellectual properties (IPs), with successful game titles and a strong pipeline of 13 games in development [3]. - The company is actively exploring AI technology applications, enhancing game development efficiency through its AI model [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.353 billion yuan, a year-on-year increase of 3.46%, and a net profit of 518 million yuan, up 21.57% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 426 million yuan, which accounts for 26.18% of the net profit [2]. - The projected earnings per share (EPS) for 2025-2027 are 1.00, 1.14, and 1.29 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 16, 14, and 13 times [4]. Product and IP Development - The company has established a competitive barrier in retro-themed games and has diversified its portfolio with innovative titles [3]. - The overseas game revenue reached 375 million yuan in 2024, marking a significant growth of 221.48% year-on-year [3]. - The company holds several well-known IPs, which support its product development and commercialization efforts [3]. Strategic Focus - The company is focusing on three main business areas: research and development, publishing, and investment in the gaming industry [4]. - It is strategically investing in five companies, including a lead investment in an AI companionship application, which has garnered significant industry attention [3].

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, highlighting strong performance in precious and industrial metals [5][7]. Core Insights - The report emphasizes the recent surge in gold prices, reaching new highs, and suggests focusing on strategic minor metal investment opportunities due to geopolitical tensions and supply chain dynamics [5][23]. - The non-ferrous metals index increased by 2.43% over the past two weeks, outperforming the Shanghai and Shenzhen 300 index by 1.46 percentage points [2][13]. Summary by Sections Market Review (April 14 - April 25, 2025) - The non-ferrous metals industry index rose by 2.43%, ranking 11th among 31 sectors, with energy metals (4.34%), industrial metals (3.84%), and precious metals (1.74%) leading the gains [2][13]. Precious Metals - As of April 25, COMEX gold closed at $3,330.20 per ounce, up 2.31% over two weeks and 24.67% year-to-date. COMEX silver closed at $33.34 per ounce, up 3.56% over two weeks and 11.19% year-to-date [3][22]. - The report notes that geopolitical risks and monetary policy changes are driving gold prices, with a recent peak above $3,400 per ounce [23][24]. Industrial Metals - LME copper settled at $9,364 per ton, up 2.00% over two weeks and 7.81% year-to-date. LME aluminum closed at $2,412 per ton, up 5.56% over two weeks but down 4.89% year-to-date [30][33]. - The report attributes copper's recent price increase to easing tariff policies and strong demand from the renewable energy sector [30][34]. Minor Metals - Black tungsten concentrate (≥65%) was priced at 146,000 CNY per ton, up 1.74% over two weeks and 2.28% year-to-date. LME tin was priced at $31,975 per ton, up 1.52% over two weeks and 12.35% year-to-date [37][41]. - Antimony prices are experiencing high volatility due to supply constraints and strong demand from the photovoltaic sector [38][39]. Rare Earths - The rare earth price index was 171.62, down 5.28% over two weeks but up 4.79% year-to-date. Prices for praseodymium-neodymium oxide fell by 5.14% over two weeks [50][51]. - The report indicates that recent export control policies are impacting market dynamics, with demand from new energy sectors remaining strong [51]. Energy Metals - Cobalt prices are stable, with electrolytic cobalt averaging 240,500 CNY per ton, up 2.78% over two weeks and 41.06% year-to-date. Sulfuric cobalt (≥20.5%) averaged 49,375 CNY per ton, up 0.05% over two weeks [58][59]. - The report highlights cobalt's critical role in electric vehicle batteries and renewable energy technologies [58]. Investment Recommendations - The report suggests focusing on strategic minor metals due to changing supply dynamics and geopolitical factors, recommending companies involved in these sectors [5][51].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company demonstrated stable high growth with a revenue of 5.118 billion yuan in 2024, up 19.16% year-on-year, and a net profit of 1.628 billion yuan, up 11.41% year-on-year [2]. - The company has a rich reserve of products and intellectual properties (IPs), with significant performance in retro-themed games and innovative titles, alongside a strong focus on AI technology applications [3]. Financial Performance - In 2024, the company achieved a revenue of 51.18 billion yuan, with a year-on-year increase of 19.16%, and a net profit of 16.28 billion yuan, reflecting an 11.41% increase [2]. - For Q1 2025, the revenue was 1.353 billion yuan, up 3.46% year-on-year, and the net profit was 518 million yuan, up 21.57% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 426 million yuan, which is 26.18% of the net profit [2]. Product and IP Development - The company has established a competitive barrier in the retro game category with successful titles like "Original Legend" and "Dragon Valley World" [3]. - It has a diverse portfolio of games, including new releases and 13 games currently in development, showcasing a strong IP acquisition and commercialization capability [3]. - The overseas game revenue reached 375 million yuan, a significant increase of 221.48% year-on-year, indicating successful international expansion [3]. Investment Strategy and Forecast - The company focuses on three main business areas: research and development, publishing, and investment in IPs, aiming for stable growth in its core gaming business while expanding into innovative categories and international markets [4]. - The earnings per share (EPS) forecast for 2025-2027 is projected at 1.00, 1.14, and 1.29 yuan, with corresponding price-to-earnings (P/E) ratios of 16, 14, and 13 times [4].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [5] Core Viewpoints - The computer industry is experiencing a bottoming phase with a slight increase of 0.99% in the index during the week of April 21-25, 2025. The overall market sentiment is positive, with the Shanghai Composite Index rising by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74% [1][10] - The report highlights the significant growth in the AI sector, driven by national policy support and increasing investments from companies in product development and application scenarios. The long-term growth potential of the AI industry is emphasized [3][19] - Companies like Hand Information are focusing on AI as a strategic development area, with successful implementations in various sectors such as marketing, supply chain, and finance, leading to high-quality incremental revenue [3][20] Summary by Sections Market Review - The computer index showed a slight upward trend, with specific sub-sectors like software development and IT services performing better than hardware [1][12] Performance Summary - Hand Information reported a revenue of 3.235 billion yuan in 2024, a year-on-year increase of 8.57%, with a net profit of 188 million yuan [2][16] - Koyuan Wisdom achieved a revenue of 1.682 billion yuan, up 19.55%, and a net profit of 252 million yuan, reflecting a growth of 56.64% [2][16] - Rui Ming Technology reported a revenue of 2.777 billion yuan, a significant increase of 63.45%, with a net profit growth of 184.50% [2][16] Investment Insights - The report indicates that the computer industry is under pressure in terms of overall operating performance for 2024, but the AI sector is seeing increased investment and positive outcomes. The collaboration between companies and AI partners is leading to successful applications and revenue growth [3][20]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [5] Core Viewpoints - The computer industry is experiencing a bottoming out phase with a slight increase of 0.99% in the index during the week of April 21-25, 2025. The overall market sentiment is cautious, with a focus on the performance of AI applications and their implementation [1][19] - The Chinese government is emphasizing the development and regulation of artificial intelligence, indicating a long-term growth potential for the AI sector within the computer industry [19][20] - Despite overall pressure on operating performance in 2024, companies are increasing investments in AI, leading to promising results in product development and application scenarios [20] Summary by Sections Market Review - The computer (Shenwan) index showed a slight increase of 0.99% during the week, while the Shanghai Composite Index rose by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74% [1][10] - In terms of sub-sectors, the Shenwan secondary industry indices for computer equipment, software development, and IT services showed increases of 0.27%, 0.59%, and 2.04% respectively, with software outperforming hardware [1][12] Performance Summary - Han's Information reported a revenue of 3.235 billion yuan in 2024, a year-on-year increase of 8.57%, with a net profit of 188 million yuan [2][16] - Koyuan Wisdom achieved a revenue of 1.682 billion yuan, up 19.55%, and a net profit of 252 million yuan, up 56.64% [2][16] - Ruiming Technology reported a revenue of 2.777 billion yuan, a significant increase of 63.45%, with a net profit of 290 million yuan, up 184.50% [2][16] Investment Insights - The report highlights that the computer industry is entering a peak period for disclosing 2024 performance, with a particular focus on AI developments. The government’s support for AI is expected to drive substantial growth in the sector [19][20] - Companies like Han's Information are prioritizing AI as a strategic focus, leading to successful applications in various business areas, contributing to incremental revenue growth [20] - The collaboration between Zhongke Chuangda and Huoshan Engine aims to enhance intelligent automotive solutions, showcasing the integration of AI in practical applications [20]