随着2024年底以来创新药板块逐步回暖，A股和港股市场均出现估值修复迹象。受益于监管优化、医保 支付政策稳定以及国际临床试验成果利好频出，细胞治疗、高端医疗器械等细分领域重新获得市场关 注。 三、高端医疗器械崛起，国产替代加速释放机会 在高端医疗器械方面，图湃医疗作为国产眼科设备平台型企业，依托清华工研院技术孵化，已实现眼科 OCT产品国内市占率第一，并在2024年8月完成眼科手术显微镜产品注册，步入销售加速期。图湃以 OCT为核心技术路径，正从眼科诊断设备向治疗设备拓展，并延伸至神经外科、五官科等临床场景，在 国产高端医疗器械进口替代趋势中占据稀缺优势。其在研产品如飞秒激光机器人、超乳玻切设备，以及 孵化的眼底注射机器人企业"瞳沐"，共同构成了眼科智能化手术平台的雏形。 此外，首程亦与药明康德等具备全球服务能力的CRO/CDMO平台保持合作。药明康德作为全球领先的 制药及医疗器械研发服务企业，其覆盖小分子药物发现至商业化、细胞与基因治疗全流程开发、医疗器 械测试等板块，为上游创新型药械企业提供关键研发基础设施支撑，进一步完善了首程产业投资逻辑中 的"技术—制造—应用"闭环。 四、政策与周期共振，产业型资本正 ...

此外，首程控股旗下REITs项目涵盖写字楼、园区、公寓、交通枢纽、停车场等多个城市高频空间场 景，本就是机器人最具商业化潜力的落地点。这类城市空间资产的稀缺性和稳定租金收益，为首程机器 人业务的试错、优化和复制，提供了最扎实的"现金流土壤"和"场景实验田"。 而往后，伴随着机器人加速从"能看"走向"能用"，落地场景从B端扩展到C端，从展示中心走入产业一 线。 在这场交付浪潮中，首程控股有望凭借"左手REITs，右手机器人"的战略布局，被市场重新审视。 近日，智元机器人与宇树科技分别中标中国移动杭州子公司总额达1.24亿元的人形机器人采购项目，为 当前国内机器人订单市场树立了新的标杆；而在高端医疗场景，国产SHURUI蛇形臂单孔机器人完成全 球首例胰十二指肠切除术，向世界展示了中国医疗机器人技术的新高度。多个重量级项目陆续落地，印 证着"AI+具身智能"正从概念走向实用化。 值得注意的是，其中宇树科技是首程控股重点关注的具身智能赛道公司。 早在6月26日，首程控股于首 钢园举办的机器人大会上，包括云深处、星海图、宇树、松延动力等50+企业集体亮相，背后便是首 程"机器人国家队"级别的战略集群。此外近日，首程控股 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The humanoid robot industry is expected to open up broader market opportunities beyond the automotive sector, with significant investment opportunities emerging as the industry transitions from "0 to 1" [16] - Recent developments include the acquisition of a controlling stake in Shangwei New Materials by Zhiyuan Robotics and the release of the Grok4 model by xAI, indicating rapid advancements in humanoid robotics [16] - The report emphasizes the importance of product iteration and business collaboration within the humanoid robotics supply chain, aiming for large-scale production and commercialization [16] Summary by Sections Industry Performance - The electric equipment sector has shown a performance increase of 27.8% over the past 12 months, outperforming the CSI 300 index, which increased by 15.8% [4] Recent Events - xAI released the Grok4 model, which demonstrated remarkable performance improvements over its predecessor Grok2, with training time increased by 100 times [5] - BYD and Hong Kong University of Science and Technology established a joint laboratory focusing on robotics and intelligent manufacturing [6] - Star Motion Era completed nearly 500 million yuan in Series A financing to enhance humanoid robot technology development [7] - Xiaomi's team secured over 100 million yuan in financing for their general-purpose robotic brain project [8] - Cloud Deep announced nearly 500 million yuan in financing aimed at expanding production lines for quadruped robots and humanoid robot technology [9] - The successful IPO of Geekplus on the Hong Kong Stock Exchange marked it as the world's first AMR warehouse robot company [10] Key Companies to Watch - Companies with core component expertise and active involvement in humanoid robotics include Sanhua Intelligent Controls, Top Group, Zhongjian Technology, Best, Zhenyu Technology, and others [16]

Group 1 - The core viewpoint of the article is that CITIC Construction Investment Securities maintains a "buy" rating for Shoucheng Holdings, highlighting the company's increased investment in the robotics industry and its strategic partnerships to enhance smart development [1] - Shoucheng Holdings is transitioning towards becoming a comprehensive service platform in the robotics sector, focusing on integrated development [1] - Revenue projections for Shoucheng Holdings are estimated at HKD 14.63 billion, 17.07 billion, and 19.70 billion for the years 2025, 2026, and 2027 respectively, with net profits expected to be HKD 5.64 billion, 6.85 billion, and 8.03 billion for the same years [1]

Group 1 - The Chinese public REITs market is moving towards diversified and deepened development, with the approval of the first two data center REITs marking a significant step in asset diversification [1] - The data center is recognized as the "heart of computing power" driving the digital economy, with increasing demand due to advancements in technologies like AI and 5G [1] - The introduction of data center REITs provides a standardized and market-oriented exit channel, encouraging social capital participation in the sector [1] Group 2 - The strategic investment by Shoucheng Holdings reflects a deep understanding of the value of digital economy infrastructure, focusing on long-term holdings of quality assets [2] - The company is actively involved in building the Chinese REITs ecosystem, transitioning from a financial investor to a key player in infrastructure value reconstruction [3] - The investment in data center REITs not only diversifies the company's portfolio but also enhances liquidity and value, supporting the securitization of the IDC industry [3]

Group 1: Company News - Giant Legend's stock surged over 160% on July 9, closing with a 94.37% increase, attributed to Jay Chou's entry into Douyin, enhancing market sentiment significantly [1] - Fuyao Glass announced a reduction of 2.5 million shares by specific shareholder Tao Hongzhu, representing 0.1067% of total shares, with a total value of approximately 36.98 million yuan [2] - Shoucheng Holdings' subsidiary, Beijing Robotics Fund, made an additional investment in Starry Sky Technology, aiming to boost R&D and product upgrades in the global embodied intelligence sector [3] - Sound Communication Technology expects a net profit of no less than 50 million yuan for the first half of the year, a turnaround from a net loss of approximately 590 million yuan in the same period last year, driven by financial restructuring and business growth [4] Group 2: Market Overview - The Hang Seng Index closed at 23892.32, down 1.06% on July 10 [5] - The Hang Seng Tech Index fell by 1.76%, closing at 5231.99 [5] - The National Enterprises Index decreased by 1.28%, ending at 8597.27 [5]

首程控股（0697.HK） 2025-7-9 星期三 即时点评 追投多家明星机器人企业，打造产业全链条服务商 【事件】 公司公告:1）近日，公司全资子公司首程资本旗下资本所管理的北京机器 人产业发展投资基金（有限合伙）（简称"北京机器人基金"）投资星海图 （北京）人工智能科技有限公司。本次投资是继 2025 年 3 月投资之后的 追加投资。2）6 月份以来，北京机器人基金陆续追投了银河通用、宇树 科技，并投资云深处、墨现科技等机器人产业明星企业。 【点评观点】 在真实场景方面，依托公司旗下停车场、产业园区及 REITs 等资产，结 合股东首钢集团的工业场景资源，可以为机器人企业提供测试验证、用 户互动与数据积累的土壤，从而加速其项目落地。 ➢ 机器人综合体验店开放招募，为机器人企业提供全周期服务 公司打造的全球首个"机器人综合体验店"首批招募计划已面向全领域 机器人企业开放。公司将为入驻企业提供销售代理、融资租赁、需求对 接、渠道拓展、供应链支持等多维度产业化支持，全面赋能优秀企业机 器人产品走向更广阔市场。 目前机器人行业正处于从技术验证向场景落地转换的关键时期。公司按 "投资+运营+生态"一体化发展路径， ...

Key Points - The article highlights significant stock movements in the Hong Kong and US markets, with various companies experiencing notable gains and losses due to recent developments and announcements [1][2][3][4][5] Hong Kong Market Highlights - China Rare Earth Holdings (03788) surged nearly 20%, with a year-to-date increase of 320%, as the company proposed a spin-off of its gold segment for independent listing on the Hong Kong Stock Exchange [1] - Innovent Biologics (09969) rose nearly 4% after announcing the clinical approval of its new ADC innovative drug ICP-B794 [1] - North Sea Kangcheng - B (01228) increased over 50%, with its stock price doubling in three days, marking it as a rare disease stock in the Hong Kong market [1] - Hong Kong Travel (00308) saw a rise of over 24%, achieving a year-to-date stock price doubling, driven by market speculation on stablecoin cross-border payment scenarios [1] - CSPC Pharmaceutical Group (01093) gained nearly 3% after receiving drug registration approval for Mesalazine enteric-coated tablets, enhancing its product line in the immune system treatment sector [1] - Ruian Real Estate (00272) rose over 4%, with a cumulative contract property sales amount for the first six months increasing by 457% year-on-year [1] - Cornerstone Pharmaceuticals - B (02616) increased over 3%, planning to raise HKD 467 million for clinical research on CS2009 [1] - Q Technology (01478) rose over 7%, with mobile camera module sales of 32.648 million units in June, a year-on-year increase of 1.5% [1] - Dekang Agriculture and Animal Husbandry (02419) increased by 6%, with a new cycle logic continuing to strengthen, and Tianfeng Securities set a target price of HKD 154 [1] - Contemporary Amperex Technology (03750) rose over 3%, reaching a new high since its listing, following a deepened strategic cooperation agreement with Geely Automobile [2] - Gaming stocks continued to rise, with Wynn Macau (01128) up 6.49%, New World Development (00200) up 6.15%, and others showing similar gains [2] - Gold stocks faced declines, with Golden Resources (GORO.US) dropping nearly 10% and others following suit [4] US Market Highlights - Stablecoin concept stocks continued to rise, with Tiger Brokers (TIGR.US) increasing over 8% [4] - Trump Media & Technology Group (DJT.US) rose over 2% as the company seeks SEC approval for a blue-chip cryptocurrency ETF [4] - Wolfspeed (WOLF.US) continued to rise, with stock prices increasing over 9% [4] - Intel (INTC.US) rose over 7% after announcing company-wide layoffs [4] - JD.com (JD.US) increased over 2% as it launched its "Double Hundred Plan" for its delivery service [4]

《每日经济新闻》获悉，近期具身智能赛道迎来新一轮融资高潮。 7月9日，具身智能机器人公司星海图官宣接连完成A4轮及A5轮战略融资，两轮合计融资金额超过1亿美元。其中，A4轮融资由今日资 本、美团龙珠联合领投，A5轮由美团龙珠、美团战投联合领投。 无独有偶，近日"杭州六小龙"之一的云深处科技也宣布完成近5亿元人民币的新一轮融资，由达晨财智、国新基金等联合领投，北京机 器人产业发展投资基金、前海母基金、央视融媒体基金、富浙基金、华映资本、物产中大投资等机构跟投，老股东继续加持。 另外，上市公司首程控股近期发布公告称，旗下首程资本所管理的北京机器人产业发展投资基金（以下简称北京机器人基金）完成对宇 树科技的追加投资，这也是该机构继2024年首次投资宇树科技后的再次出手。7月7日，具身智能企业星动纪元宣布完成近5亿元A轮融 资。再往前，6月下旬，国内具身智能机器人企业银河通用官宣11亿元融资。 有第三方数据显示，今年中国具身智能行业投资热度持续攀升，融资额突破230亿元，已经超过了2024年全年的总和。而根据CVSource 投中数据，今年以来具身智能赛道融资达到亿元级别的项目超过40个，大额融资频现江湖。 在采访中 ...

Group 1 - The REITs market is transitioning from a "standardized path" to a "diversified approach," encompassing traditional infrastructure and emerging asset types like data centers and green energy [1][2] - Shoucheng Holdings (0697.HK) promotes the concept of "everything can be REITs," exploring new asset types that are "operable, priceable, and securitizable" [1][2] - The company has been active in the market since the REITs pilot program began, and is now advancing financialization attempts for new infrastructure as the regulatory framework improves [1] Group 2 - In June 2025, Shoucheng Holdings participated as a strategic investor in the Southern Wanguo Data Center REIT and Southern Runze Technology REIT, marking a breakthrough in the securitization of data centers [1] - The company is leveraging the flexibility of the REITs system and its operational capabilities to expand the boundaries of "securitizable" assets [2] - Shoucheng Holdings' approach to asset value reconstruction involves identifying original assets, reshaping operational models, and designing financial products, which is expected to broaden asset boundaries in the REITs market [2]