Core Viewpoint - The humanoid robot industry is entering a new phase of large-scale implementation, with significant investment opportunities emerging as showcased by the recent events in Beijing [1] Group 1: Market Performance - Robot concept stocks have seen notable gains, with Tsugami Machine Tool China (01651) rising by 11.66% to HKD 28.16, LKK Technology (00558) increasing by 5.45% to HKD 7.16, Shoucheng Holdings (00697) up by 3.47% to HKD 2.09, and Sanhua Intelligent Control (002050) rising by 1.18% to HKD 19.72 [1] Group 2: Events and Developments - The 2025 World Humanoid Robot Games, the first comprehensive competition featuring humanoid robots, opened on August 14 at the National Speed Skating Stadium in Beijing [1] - The World Humanoid Robot Sports Federation was officially established on August 17, coinciding with the announcement of the second event to be held in August 2026 in Beijing [1] Group 3: Industry Insights - According to Changjiang Securities, the humanoid robot industry is poised for significant growth, with the recent event highlighting advancements in intelligent decision-making and collaborative movement [1] - Continuous improvements in performance and technology are expected to accelerate the commercialization process of humanoid robots in China [1]

Core Viewpoint - The humanoid robot industry is entering a new phase of large-scale implementation, with significant investment opportunities emerging in the sector [1] Group 1: Stock Performance - Robot concept stocks have shown notable gains, with津上机床中国 (01651) rising by 11.66% to HKD 28.16, 力劲科技 (00558) increasing by 5.45% to HKD 7.16, 首程控股 (00697) up by 3.47% to HKD 2.09, and 三花智控 (02050) gaining 1.18% to HKD 19.72 [1] Group 2: Event Highlights - The 2025 World Humanoid Robot Games, the first comprehensive competition featuring humanoid robots, opened on August 14 at the National Speed Skating Stadium in Beijing [1] - The World Humanoid Robot Sports Federation was officially established on August 17, coinciding with the announcement of the second event scheduled for August 2026 in Beijing [1] Group 3: Industry Insights - According to 长江证券, the humanoid robot industry is poised for rapid development, showcasing advancements in intelligent decision-making and collaborative movement at the 2025 World Humanoid Robot Games [1] - Continuous improvements in performance and technology are expected to accelerate the commercialization process of humanoid robots [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新浪科技讯 8月15日下午消息，全球首个以人形机器人为参赛主体的综合性大型赛事——世界人形机器 人运动会8月14日至17日在北京国家速滑馆"冰丝带"举办。新浪科技了解到，本次赛事重要参与方与产 业推动者——首程控股，不仅为赛事提供机器人本体设备支持，更在国家速滑馆场地外打造了一个面向 公众开放的"首程机器人科技体验店"，以沉浸式互动展陈，构建机器人从技术走向市场的现实通路。 据悉，"首程机器人科技体验店"展区面积约200㎡，由首程控股策划并联合宇树科技、银行通用、加速 进化等50余家生态圈内被投及合作企业共同搭建，集中展示近200款机器人与AI智能终端，覆盖儿童教 育、影音娱乐、智慧家居、智慧穿戴、户外休闲等多个应用场景。 在体验店内，首程控股设计了AI打麻将、机械臂互动演示、架子鼓机器人演示等趣味互动项目，旨在 为参观者提供沉浸式体验。 此前，首程控股曾参与设立并管理"北京机器人产业发展投资基金"，依托北京机器人基金与旗下相关产 业基金，当前首程控股已投资布局数十家具身智能、核心零部件、工业机器人等领域的头部企业，深度 陪伴企业成长， ...

Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]

Group 1 - The event showcased over 200 types of robots and smart products, covering various fields such as smart home, children's education, AI entertainment, smart wearables, and outdoor sports, creating a multidimensional picture of future lifestyles [1][3] - The exhibition featured interactive robots, including a bionic robot capable of real-time facial expression recognition and mimicry, which engaged many visitors [3] - The experience store will operate long-term, with the first store expected to open in October at Shougang Park, and another store planned to open at the Capital Airport parking lot within the year, accelerating the commercialization of robots in education, cultural tourism, and urban operations [5] Group 2 - Shou Cheng Holdings plans to establish and manage a "Beijing Robot Industry Development Investment Fund" in 2024, with a total scale of 10 billion RMB, and has already invested in leading companies in the robotics sector [5] - During the World Humanoid Robot Games, the company provided 100 competition robots through its rental subsidiary and formed a technical team to offer comprehensive services from equipment debugging to on-site maintenance [5]

Group 1 - The world's first comprehensive sports event focused on humanoid robots, the World Humanoid Robot Games, will be held from August 14 to 17, 2025, at the National Speed Skating Stadium in Beijing, China, featuring 280 teams and over 500 humanoid robots competing in 26 events and 538 competitions [1] - The event will showcase a globally pioneering 5V5 football match controlled entirely by AI algorithms without any human operation, highlighting the advancements in humanoid robotics [1] - The company and several invested enterprises will participate in the event to demonstrate their deep accumulation and investment achievements in embodied intelligence through "technology competition + scenario validation" [1] Group 2 - A robot technology experience store will be established outside the west gate of the National Speed Skating Stadium, providing a platform for visitors to experience technology firsthand [1] - The experience store will showcase nearly 200 products from over 50 partner companies, covering various fields such as smart home, children's education, and smart wearables [1] - Fun projects like welcoming guide robots, AI mahjong, robotic arms for delivery, and smart leisure experiences will allow visitors to intuitively feel the application potential of robots in daily life [1] Group 3 - To thank the market for its long-term support, the group will select 88 lucky audience members through a lottery to witness the leading humanoid robot technology live [2] - All registered audience members will enter a lottery pool, and lucky winners will receive formal invitations by email or SMS before 3 PM on August 14, 2025 [2] - The limited spots for the event encourage timely registration for those interested in attending [2]

作为本次机器人运动会的重要参与方，本公司及多家被投企业将以"技术参赛+场景验证"的形式，系统 展示我们在具身智能领域的深厚积累与投资成果，并进一步推动整个产业的快速发展，持续助力人形机 器人迈向更广阔舞台。本公司依托独特的产业生态体系，致力于通过场景落地与生态赋能，让更多的技 术突破能够迅速转化为市场应用。 格隆汇8月13日丨首程控股(00697.HK)发布公告，全球首个聚焦人形机器人的综合性体育赛事—世界人 形机器人运动会("机器人运动会")，将于2025年8月14日至17日在中国北京国家速滑馆("国家速滑馆")盛 大举行。届时，来自全球五大洲16个国家的280支队伍、500余台人形机器人将展开26个赛项、538个比 赛项目的竞技对决，其中全程由AI演算法自主控制，无需任何人工操作的全球首创5V5阵型足球对抗赛 将在机器人运动会上演。 抽签时间及比赛日期 报名注册截止日期为北京时间2025年8月14日上午9时正。所有注册观众将进入抽签池，幸运观众将于 2025年8月14日下午3时前邮件或短信收到正式邀请函。受邀者将有机会亲临现场观赛，名额有限，敬请 及时报名。 除机器人运动会外，本公司还将在国家速滑馆西门外 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部份內容 而産生或因倚賴該等內容而引致的任何損失承擔任何責任。 自願公告 關於參與世界人形機器人運動會並抽籤選出幸運觀賽觀眾 本公告乃由首程控股有限公司（「本公司」或「我們」）自願發出。 作為本次機器人運動會的重要參與方，本公司及多家被投企業將以「技術參賽+場景驗 證」的形式，系統展示我們在具身智能領域的深厚積累與投資成果，並進一步推動整個 產業的快速發展，持續助力人形機器人邁向更廣闊舞台。本公司依託獨特的產業生態體 系，致力於通過場景落地與生態賦能，讓更多的技術突破能够迅速轉化為市場應用。 全球首個聚焦人形機器人的綜合性體育賽事—世界人形機器人運動會（「機器人運動會 」），將於2025年8月14日至17日在中國北京國家速滑館（「國家速滑館」）盛大舉行。 屆時，來自全球五大洲16個國家的280支隊伍、500餘台人形機器人將展開26個賽項、 538個比賽項目的競技對決，其中全程由AI演算法自主控制，無需任何人工操作的全球 首創5V5陣型足球對抗賽將在機器人運動會上演 ...

首程控股(00697.HK)发布公告，近日，集团所属首程资本旗下公司(公司的全资附属公司)上海讯发企业 管理有限公司(参加学院)在北京亦创国际会展中心成功举办"2025机器人创投主题交流活动"，在本次活 动上协同发布并颁发了"2025中国最具投资价值机器人公司TOP20"和"2025中国最具成长潜力机器人公 司TOP30"榜单。 本文源自：金融界AI电报 ...

本次榜单由近百家知名投资机构提名，覆盖超百个优秀机器人项目，涉及具身智能、本体集成、垂直应 用及核心部件等多个关键领域。在评选过程中，60余家专业投资机构参与线上投票，最终由知名投资 人、专家学者及产业方代表组成的评审委员会评定获奖名单。 首程控股(00697)发布公告，近日，集团所属首程资本旗下公司(公司的全资附属公司)上海讯发企业管理 有限公司(参加学院)在北京亦创国际会展中心成功举办"2025机器人创投主题交流活动"，在本次活动上 协同发布并颁发了"2025中国最具投资价值机器人公司TOP20"和"2025中国最具成长潜力机器人公司 TOP30"榜单。 其中，公司多个被投企业入围榜单，印证了公司在机器人赛道的前瞻性布局与被投企业的强劲实力，也 体现了行业与资本市场的高度认可。 未来，集团将持续追加投资，持续加大在机器人产业的布局，重点支持最具成长潜力与投资价值的企 业，依托独特的产业生态体系，深度赋能被投企业，加速其技术突破与商业化落地，携手推动中国机器 人产业迈向世界领先水准。 ...