[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 | [行业Table_Industry] : 医药生物 | | --- | | shzqdatemark 2025年06月20日 日期: | | [Table_Author] 分析师: | 张林晚 | | --- | --- | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号: | S0870523010001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 ——2025 年 06 月 13 日 《国产创新药成果涌现，ASCO 大会彰显 实力》 ——2025 年 06 月 03 日 《三生制药与辉瑞就SSGJ-707达成合作， 关注 PD-(L)1 双抗药物潜力》 ——2025 年 05 月 23 日 ADA 大会拉开帷幕，关注 GLP-1 赛道 ADA召开有望提升GLP-1关注度。2025年6月20日-23日，全球规模最大 的糖尿病会议、美国糖尿病协会科学会议（ADA）在美国芝加哥召开， ADA是代谢类疾病 ...

[Table_I 日期 ndustry] : shzqdatemark 2025年06月18日 | [Table_Author] 分析师: | 花小伟 | | --- | --- | | Tel: | 021-53686135 | | E-mail: | huaxiaowei@shzq.com | | SAC 编号: | S0870522120001 | | 分析师: | 张河生 | | Tel: | 021-53686158 | | E-mail: | zhanghesheng@shzq.com | | SAC 编号: | S0870523100004 | [Table_ReportInfo] 相关报告： 《中美相互关税水平下降，风险偏好有望 提升》 ——2025 年 05月 13日 《降息降准落地，金融全方位发力》 ——2025 年 05月 08日 《美国非农超预期，东亚货币兑美元升 值》 ——2025 年 05月 06日 金融全方位改革，提高开放水平 ——2025 年陆家嘴论坛点评 [◼Table_Summary] 事件 单一主权货币主导跨境支付的局面正逐步改变，全球跨境支付体 系朝着更加高效、安全、包 ...

[日期Table_Industry] : shzqdatemark [Table_Summary] 市场板块评述 2025年06月18日 | [Table_Author] 分析师: | 陈健宓 | | --- | --- | | Tel: | 021-53686133 | | E-mail: | chenjianmi@shzq.com | | SAC 编号: | S0870514080001 | [最近一年 Table_QuotePic] 沪深 300 走势 -11% -7% -3% 1% 5% 9% 13% 16% 20% 06/24 08/24 11/24 01/25 04/25 06/25 沪深300 [Table_ReportInfo] 相关报告： 《港股策略周报 2025.6.2-2025.6.6》 港股策略周报 ——（2025.6.9-2025.6.13） 上周（2025.6.9-2025.6.13），港股主要指数涨多跌少。恒生指数上涨 0.42%，恒生国企指数上涨 0.30%，恒生科技指数下跌 0.89%，恒生 港股通指数上涨 0.87%。恒生大型股指数上涨 0.21%，恒生中型股指 数上涨 3 ...

1、外骨骼机器人是人机协同技术的典型代表 外骨骼机器人是一种可穿戴的智能机械装置，能够通过传感器、驱动 器和控制系统增强或辅助人体的运动能力。随着全球人口老龄化加 剧、劳动力成本上升以及技术突破性发展，外骨骼机器人作为人机协 同技术的典型代表，正从实验室走向规模化应用；它结合了机械工 程、人工智能、生物力学和材料科学，广泛应用于医疗康复、工业制 造、军事防务等领域。 2、外骨骼机器人的应用场景从专业领域到消费市场全域渗透 外骨骼机器人全球百亿赛道加速扩容， 国际企业主导高端医疗市场，国内企业 快速崛起 ——人形机器人行业观点报告 (1) 医疗康复：①临床应用：据中研普华产业研究院的《2024-2029 年中国外骨骼机器人行业深度调研及投资机会分析报告》分析，全球 每年新增脑卒中患者 1700 万人，中国脊髓损伤患者超 374 万，外骨骼 机器人帮助患者恢复行走能力，康复效率较传统手段提升 60%。②产 品迭代：大艾机器人覆盖全国 200-300 家医院，渗透率不足 10%，市 场潜力约 20 亿元。 (2) 工业物流：①效率提升：亚马逊仓库部署外骨骼后，搬运效率提 升 300%，工伤率下降 80%;中国京东、 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the transformative impact of Tesla's robots and the shift towards mass production in humanoid robots [3] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs have initiated pilot projects for smart elderly care service robots, with a testing period from 2025 to 2027 [3] - The demand for elderly care robots is expected to rise significantly due to the aging population, with over 300 million people aged 60 and above in China by the end of 2024 [10] Summary by Sections Industry Overview - Elderly care robots are designed to provide diverse life assistance, comprehensive health monitoring, and emotional companionship, featuring advanced functions such as autonomous movement and voice interaction [7] - The elderly care robot market is categorized into nursing robots, rehabilitation robots, and companion robots, each serving different functions [7] Market Dynamics - The upstream components of elderly care robots include machinery, electronics, sensors, and batteries, while the downstream applications are primarily in the elderly care service sector [7] - The elderly care robot industry is transitioning into a mature phase, with significant advancements in technology and functionality [7] Investment Opportunities - The report suggests focusing on companies such as Ousheng Electric, Madi Technology, Weisi Medical, Zhenjiang Co., and Tread Explorer as potential investment opportunities [9]

Investment Rating - The report maintains an "Overweight" rating for the humanoid robot industry [4] Core Views - The humanoid robot industry is experiencing significant advancements both in terms of product development and policy support, indicating a new phase of commercialization [14] - Major companies and startups are increasingly investing in humanoid robotics, with notable developments in technology and funding [14] - The establishment of innovation centers and investment funds in regions like Hubei is expected to enhance the industry's growth and innovation capabilities [12][13] Industry Developments - On June 3, PepsiCo launched its first humanoid robot, "Pepsi Blue Treasure," marking a milestone in brand intelligence upgrade [1] - Galaxy General introduced an end-to-end navigation model, TrackVLA, which enhances the capabilities of humanoid robots [1] - HeShan Technology has developed a tactile simulation model, leading the evolution of tactile technology in robotics [1] - Figure released a video showcasing its robot sorting packages, demonstrating advanced operational capabilities [2] - YuanSheng Technology completed a new funding round to advance its tactile technology for robots [2] - Benmo Technology raised several hundred million RMB in funding to enhance its flexible motor design and production capabilities [2] - Zhongke Wireless Semiconductor launched a GaN-based ASIC driver chip for robotic joints, tailored for various high-power applications [3] Company Initiatives - Yijiahe established a new intelligent technology company focusing on robotics [8] - Zhongkong Technology is actively investing in the humanoid robot sector and plans to launch new products [8] - Zhaofeng Co. and Kepler Robotics formed a strategic partnership to accelerate the industrialization of humanoid robots [8] - Kede CNC is focusing on motion control technology and core component manufacturing for humanoid robots [9] - Longxi Co. is in the early stages of developing supporting products for humanoid robots [9] - Lingyi Intelligent Manufacturing and Shanghai Zhiyuan have formed a strategic partnership to develop industrial humanoid robots [9] - Fule New Materials launched its second-generation tactile sensing products, focusing on electronic skin systems [10] - Jingu Co. is increasing R&D efforts in robotics and related fields [10] - iFlytek's super brain platform covers 90% of domestic intelligent robot manufacturers, enhancing human-robot interaction capabilities [11] Policy Support - Hubei Province is accelerating the high-quality development of the humanoid robot industry, establishing a significant innovation center [12] - A 5 billion RMB investment fund for the humanoid robot industry was established in Hubei to support venture investments [12] - Guangdong plans to establish an AI and robotics industry alliance to enhance industry integration and technological advancements [13]

Investment Rating - The report maintains an "Overweight" rating for the humanoid robot industry [4] Core Views - The humanoid robot industry is experiencing significant advancements both in terms of product development and policy support, indicating a new phase of commercialization [14] - Major companies and startups are increasingly investing in humanoid robotics, with notable developments in technology and funding [14] - The establishment of innovation centers and investment funds in regions like Hubei is expected to enhance the industry's growth and innovation capabilities [12][13] Industry Developments - On June 3, PepsiCo launched its first humanoid robot, "Pepsi Blue Treasure," marking a milestone in the commercialization of humanoid robots [1] - Galaxy General introduced an end-to-end navigation model, TrackVLA, which enhances the capabilities of humanoid robots [1] - HeShan Technology has developed a tactile simulation model, leading the evolution of tactile technology in robotics [1] - Figure released a video showcasing its robot sorting packages, demonstrating advanced operational capabilities [2] - YuanSheng Technology completed a new round of financing to advance its tactile technology for robots [2] - Benmo Technology raised several hundred million RMB in funding to enhance its flexible motor design and production capabilities [2] - ZhongKe Wireless Semiconductor launched a GaN-based ASIC driver chip for robotic joints, aimed at various robotic applications [3] Company Developments - Yijiahe established a new intelligent technology company focused on robotics [8] - Zhongkong Technology is actively investing in the humanoid robot sector and plans to launch new products [8] - Zhaofeng Co. and Kepler Robotics have formed a strategic partnership to accelerate the industrialization of humanoid robots [8] - Kede CNC is focusing on motion control technology and core component manufacturing for humanoid robots [9] - Longxi Co. is in the early stages of developing supporting products for humanoid robots [9] - Lingyi Intelligent Manufacturing and Shanghai Zhiyuan have formed a strategic partnership to develop industrial humanoid robots [9] - Fule New Materials launched its second-generation tactile sensing products, focusing on electronic skin systems [10] - Jingu Co. is increasing its R&D efforts in robotics and related fields [10] - iFlytek's super brain platform covers 90% of domestic intelligent robot manufacturers, enhancing human-robot interaction capabilities [11] Policy Developments - Hubei Province is accelerating the high-quality development of the humanoid robot industry, establishing a significant innovation center [12] - A 5 billion RMB investment fund for humanoid robotics has been established in Hubei to support industry growth [12] - Guangdong plans to establish an AI and robotics industry alliance to enhance industry integration and technological advancements [13]

Fund Issuance - In May 2025, 82 companies participated in fund issuance, a month-on-month increase of 9.33% compared to April 2025[1] - A total of 172 funds were issued in May, with 124 being newly issued, reflecting a month-on-month decrease of 2.36%[8] - Index funds were the most popular type, with 66 index funds issued, accounting for 53.23% of the total issuance[11] Fund Raising - The total fundraising amount in May 2025 was 826.26 billion yuan, a month-on-month decrease of 12.61% and a year-on-year decrease of 24.99%[13] - The top three types of funds by fundraising amount were index funds (420.65 billion yuan, 50.91%), bond funds (307.22 billion yuan), and mixed funds (77.46 billion yuan)[13] - 115 funds completed fundraising in May, with an average subscription period of 12.39 days, a month-on-month decrease of 13.81%[17] New Fund Innovations - The first batch of 24 floating-rate funds was launched, all classified as mixed funds, with management fees linked to investor holding periods and fund performance[2] - The newly established STAR Market Index Enhanced Strategy ETF and enhanced funds aim to meet personalized investment needs and enhance competition among fund companies[2]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - In the past week (20250602 - 20250608), US stocks, the Hang Seng Index, and the FTSE China A50 Index all rose. The Nasdaq, S&P 500, and Dow Jones Industrial Average increased by 2.18%, 1.50%, and 1.17% respectively, and the Nasdaq China Technology Index rose 3.76%. Meanwhile, the Hang Seng Index climbed 2.16%, and the FTSE China A50 Index went up 0.58% [2]. - Most A - share sectors rose, with technology and non - ferrous metals leading the gains. The wind all - A index increased by 1.61%, and 23 out of 30 CITIC industries advanced, with communication, non - ferrous metals, electronics, and computers having weekly gains of over 3% [3]. - Interest - rate bond prices rose, and the yield curve steepened in a bullish manner. The 10 - year Treasury bond futures main contract rose 0.18% compared to May 30, 2025, and the yield of the 10 - year Treasury bond active bond dropped 1.65 BP to 1.6547% [4]. - The capital price declined, and the central bank advanced the placement of outright reverse repurchases. The R007 and DR007 decreased by 18.88 BP and 10.07 BP respectively, and the central bank net - injected 3283 billion yuan this week [5]. - The bond market leverage level slightly increased. The 5 - day average of inter - bank pledged repurchase volume rose from 6.50 trillion yuan on May 30, 2025, to 6.99 trillion yuan on June 6, 2025 [6]. - US Treasury yields mostly increased, and the curve became steeper. The 10 - year US Treasury yield rose 10 BP to 4.51% as of June 6, 2025 [7]. - The US dollar depreciated, and the gold price rose. The US dollar index fell 0.24%, and the prices of London gold spot, COMEX gold futures, Shanghai gold spot, and futures all increased [8]. - The US May non - farm payrolls increased less year - on - year but exceeded expectations, and the probability of the Fed cutting interest rates in September decreased. The probability dropped from 74.3% to 59.3% as of June 7 [9]. - Looking ahead, the domestic broad - money expectation and external uncertainties still exist. The equity and bond markets may benefit from the broad - money expectation, but the equity market may be negatively affected by external tariff uncertainties, while gold is expected to gain [10]. 3. Summary by Related Content Stock Market - US stocks: The Nasdaq, S&P 500, and Dow Jones Industrial Average rose by 2.18%, 1.50%, and 1.17% respectively, and the Nasdaq China Technology Index increased by 3.76% [2]. - Hong Kong stocks: The Hang Seng Index rose 2.16% [2]. - A - shares: The wind all - A index rose 1.61%. Most sectors advanced, with communication, non - ferrous metals, electronics, and computers having significant gains [3]. Bond Market - Domestic bonds: Interest - rate bond prices rose, the yield curve steepened bullishly, the capital price declined, the central bank net - injected funds, and the bond market leverage level slightly increased [4][5][6]. - US bonds: US Treasury yields mostly increased, and the curve became steeper [7]. Currency and Commodity Markets - Currency: The US dollar depreciated against most major currencies, including the euro, pound, and the Chinese yuan [8]. - Commodity: Gold prices rose both internationally and domestically [8]. Macroeconomic Data - US non - farm payrolls: In May, the US added 13.9 million non - farm jobs, exceeding expectations but increasing less year - on - year. The unemployment rate remained at 4.2%. The probability of the Fed cutting interest rates in September decreased [9].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1][9]. Core Viewpoints - The basic chemical index outperformed the CSI 300 index by 0.42 percentage points, with a weekly change of -0.66% compared to -1.08% for the CSI 300 [4][14]. - Structural contradictions in the chemical industry are becoming increasingly prominent, leading to a new round of supply-side reforms [6][7]. - The report emphasizes the need for structural optimization and innovation-driven development to achieve high-quality growth in the chemical industry [7]. Market Trends - The basic chemical sector showed a weekly performance of -0.66%, ranking 23rd among all sectors [4][14]. - The top-performing sub-industries included pesticides (5.19%), polyester (4.05%), and adhesives (2.79%) [15][19]. Chemical Product Price Trends - The top five products with the highest weekly price increases were hydrochloric acid (93.64%), cryolite (9.27%), and international potassium chloride (7.95%) [5][22]. - The top five products with the largest weekly price declines included methyl acrylate (-12.40%) and acrylic acid (-9.74%) [5][22]. Industry Dynamics - The report highlights that the chemical industry is facing unprecedented structural challenges, with a decline in profits of 4.4% in the first four months of 2025 [6]. - A list of 24 warning products indicates that several traditional bulk chemicals are facing overcapacity issues [6]. Investment Recommendations - The report suggests focusing on several key areas: refrigerants, chemical fibers, tire sector, and agricultural chemicals, recommending specific companies within these sectors [9][39].