深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 美团-W(03690) | 31.76 亿元 | -4.42 亿元 | | 东方电气(01072) | 30.12 亿元 | +1.25 亿元 | | 华新水泥(06655) | 25.25 亿元 | -1.30 亿元 | | 阿里巴巴-W(09988) | 21.57 亿元 | +3.93 亿元 | | 小米集团-W(01810) | 17.20 亿元 | -8024.25 万元 | | 腾讯控股(00700) | 14.57 亿元 | +2.10 亿元 | | 国泰君安国际(01788) | 10.83 亿元 | +1233.38 万元 | | 中芯国际(00981) | 10.76 亿元 | +1.18 亿元 | | 中国能源建设(03996) | 9.96 亿元 | +1.94 亿元 | | 理想汽车-W(02015) | 9.18 亿元 | +2.13 亿元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 东方电气(01072) | ...

证券研究报告·海外公司点评·软件服务(HS) 优必选（09880.HK） 中标人形机器人最大采购订单，机器人商业 化进程加速 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,056 | 1,305 | 2,016 | 2,823 | 3,705 | | 同比(%) | 4.70 | 23.65 | 54.40 | 40.08 | 31.22 | | 归母净利润（百万元） | (1,234.05) | (1,123.59) | (1,027.83) | (744.55) | (231.62) | | 同比(%) | (26.59) | 8.95 | 8.52 | 27.56 | 68.89 | | EPS-最新摊薄（元/股） | (2.79) | (2.54) | (2.33) | (1.69) | (0.52) | | P/E（现价&最新摊薄） | (28.24) | (31.02) | (33.91) | ...

每经记者｜王晶 每经编辑｜陈俊杰 国内机器人厂商正陆续取得订单突破。 近日，中国招标投标公共服务平台发布的《机器人设备采购项目中标公示》显示，优必选（HK09880， 股价90.200港元，市值398.48亿港元）中标觅亿（上海）汽车科技有限公司9051.15万元机器人设备采购 项目。这是目前公开信息中业内单笔中标金额最大的人形机器人采购订单。7月21日，优必选早盘上涨 9%，截至收盘股价有所回落，涨幅为5.19%。 此前，智元机器人和宇树科技中标中移（杭州）信息技术有限公司人形双足机器人代工服务采购项目， 项目总预算达1.24亿元（含税），创下国内人形机器人产业最大单笔（招标）订单纪录。 随着产业订单持续落地，有人认为人形机器人在商业化落地方面逐渐跑通。不过一位从业人士对记者分 析称："订单只能说是第一步，核心还是要看交付（能力），人形机器人的量产挺难的，它不像消费电 子一样标准化，并且有很成熟的产线。现在制约的因素太多了，比如材料、AI能力等。" 优必选工业人形机器人中标 当前，人形机器人备受外界关注。高工机器人产业研究所（GGII）预测，2030年全球人形机器人市场 规模将达到150亿美元。国际机器人协 ...

7月21日，港A两市机器人板块卷土重来，炒作热度再次升温。 其中，港股的"人形机器人"第一股优必选（09880.HK）领涨板块，盘中一度涨逾9.97%，截至发稿，涨幅5.36%；其它概念股，盛业（06069.HK）涨 2.05%，速腾聚创（02498.HK）、首程控股（00697.HK）、美的集团（00300.HK）均涨超1%。 A股方面，相关概念股也表现不俗。截至发稿，上纬新材（688585.SH）录得9连板，金发科技（600143.SH）、卧龙电驱（600580.SH）、长盛轴承 (300718.SZ)、中大力德（002896.SZ）也录得涨停；朗科智能（300543.SZ）亦冲高，涨幅分别为11.01%。 从消息面看，今日机器人概念股集体飙升，或与近日行业迎来密集的催化有关。 产业层面，人形机器人公司正迎来收获期。7月18日，据中国招标投标公共服务平台发布的《机器人设备采购项目中标公示》显示，优必选科技中标觅亿 汽车的机器人设备采购项目，项目金额为9051.15万元。这是目前全球人形机器人企业中标金额最大的采购订单。 另值关注的是，在产业订单加速落地之际，宇树科技与智元新创均已开展资本化布局。据悉，宇树 ...

点击蓝字，关注我们 今日上午港股 1、 美团-W(03690) 再涨近4%，监管约谈外卖平台企业，机构称补贴战放缓有利美团UE触底反弹。 2、7月21日，雅鲁藏布江水电工程开工，1.2万亿投资、相当于再造3个三峡。 港股市场建材水泥股全线高开 ，其中，华新水泥(06655)现涨超29%。西部水泥、中国建材、海螺水 泥、华润建材科技等跟涨。 此外， 水电设备制造商高开 ，东方电气(01072)涨超65%；哈尔滨电气(01133)涨超20%。 3、 稳定币概念股走强 ，特朗普签署稳定币法案。 华检医疗(01931) 涨超23%， 胜利证券（08540） 涨超5%， 联易融科技（09959） 涨超7%，OSL集团、耀才证券金融、阿里巴巴、招商证券跟涨。 4、 优必选(09880) 早盘涨近10%，现涨超5%，公司中标全球人形机器人企业最大采购订单，总金额 近1亿元。据悉，优必选在7月17日发布了全球首个会自主换电的人形机器人Walker S2，并计划今年交 付500台工业人形机器人投入到智能制造产业。优必选也于7月13日官宣面向科研教育的天工行者机器 人已收获百台订单，今年预计交付将超300台。 5、 农夫山泉(0 ...

2025.07. 21 本文字数：2339，阅读时长大约4分钟 作者 | 第一财经 魏中原 在资本运作（IPO、借壳）、重大订单落地、政策支持等多重利好催化下，机器人产业上周强势反 弹，市场关注点转向产业落地和产业链细分价值挖掘。 上周五（7月18日），宇树科技进入上市辅导阶段，同日，上交所官网显示，节卡机器人股份有限公 司的科创板IPO进展更新为"已问询"。另一边，宇树科技、智元机器人、优必选（09880.HK）等国 内头部机器人企业当周收获较重要订单，反映国产人形机器人正加速突破，头部主机厂已经实现从技 术研发到产品落地。 与此同时，经过数月调整的机器人板块上周表现活跃，机器人指数（884126.WI）全周涨逾3%，创 下 3 月 末 以 来 新 高 。 拟 被 上 海 智 元 新 创 技 术 有 限 公 司 （ 下 称 " 智 元 新 创 " ） 借 壳 的 上 纬 新 材 （688585.SH）上周录得五连板，周内上涨148.84%，领涨全A股，该股复牌以来实现八连板，涨 幅超过300%。 产业发展提速之际，机构投资者上周调研了10余家机器人产业链上市公司，调研内容重点聚焦制造 设备、磨具、传动系统等 ...

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC) will be held in Shanghai from July 26 to July 28, focusing on AI infrastructure, intelligent terminals, and AI-enabled new industrialization among other key areas [1][2]. Group 1: Event Overview - The WAIC will feature an unprecedented exhibition scale, with over 70,000 square meters of exhibition space and participation from more than 800 companies, over 50% of which are from outside China [1]. - The event will showcase over 3,000 cutting-edge exhibits, including 40 large models, 50 AI terminal products, and 60 intelligent robots, marking the largest scale in the history of the conference [1]. Group 2: Product Launches and Innovations - The conference will highlight innovative products in three main areas: model applications, embodied intelligence, and smart hardware, with numerous first-time launches [2]. - Notable product launches include Siemens' Industrial Copilot, Tesla's Tesla Bot, and various AI applications from major companies like Google, Alibaba, and Tencent [2]. Group 3: Industry Insights - Analysts from Dongwu Securities and Guojin Securities indicate that AI applications are experiencing rapid growth, with significant cost reductions and increasing penetration rates, suggesting a transition into a fast growth phase for the industry [3][4]. - The emergence of AI Agents is seen as a pivotal moment in the software revolution, reshaping various aspects of work and life [4]. Group 4: Company Developments - Baidu has announced the open-sourcing of its Wenxin large model series, marking a significant advancement in the large model field [5]. - Alibaba is collaborating with China FAW to develop a dedicated large model for the automotive industry, aiming to enhance efficiency and drive business transformation [5]. - SenseTime plans to launch its new productivity tools and an embodied intelligence platform during the conference [5]. Group 5: Market Predictions - Horizon Robotics is projected to achieve a compound annual growth rate of 57.5% from 2025 to 2027, with expectations of reaching breakeven by 2028 [6]. - The company is anticipated to capture 54% of the market share for advanced driver-assistance systems (ADAS) in China by 2027, leveraging local automotive chip advantages [6].

行 业 及 产 业 机械设备 2025 年 07 月 15 日 国产机器人阵营崛起，商业化场景 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 胡书捷 (8621)23297818× husj@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 应用已现 看好 ——机器人行业点评 - ⚫ 机器人公司实现证券化是大趋势，优必选、越疆等港股上市，多家零部件公司被上市公 司收购，港股多家机器人公司排队上市，智元等人形机器人公司有积极动作： ⚫ 1）5 月 28 日，杭州宇树科技有限公司即日起名称变更为"杭州宇树科技股份有限公 司"，并于 6 月完成 C 轮融资的交割，由中国移动旗下基金、腾讯、锦秋基金、阿 里、蚂蚁集团、吉利资本等共同领投。 ⚫ 2）7 月 8 日，上纬新材发布公告：智元与上市公司控股股东签署《股份转让协议》， ...

Core Insights - The latest shareholder equity disclosures for several companies, including Runmind-B, Asia Pacific Financial Investment, UBTECH, Baolong Commercial, and Youbo Holdings, were made on June 30, 2025 [1] Group 1: Runmind-B (02297) - Shenzhen Futian Tongchuang Weiye Great Health Investment Fund reduced its holdings from 83.304 million shares to 81.939 million shares, representing a decrease in ownership from 5.94% to 5.85% [2] - Huang Li decreased his holdings from 113 million shares to 111 million shares, with ownership dropping from 8.05% to 7.95% [2] - Shenzhen Tongchuang Weiye Venture Capital also reduced its holdings from 113 million shares to 111 million shares, with a similar decrease in ownership percentage [2] Group 2: Asia Pacific Financial Investment (08193) - Zhu Xiaoge and Liu Shengnan both reduced their holdings from 54.3772 million shares to 46.6372 million shares, resulting in a decrease in ownership from 19.43% to 16.67% [2] Group 3: UBTECH (09880) - Wang Lin's holdings remained stable at approximately 29.893 million shares, maintaining an ownership percentage of 8.05% [2] Group 4: Baolong Commercial (09909) - Xu Huafang decreased his holdings from 19.192 million shares to 18.942 million shares, with ownership dropping from 2.99% to 2.95% [2] Group 5: Youbo Holdings (08N22069) - Tang Yuantao slightly increased his holdings from 359 million shares to 360 million shares, with ownership increasing from 70.12% to 70.14% [2]

Investment Rating - The report assigns an "Accumulate" investment rating for the company, with a current stock price of 75.5 HKD [2]. Core Insights - The company, UBTECH, is a leading player in the humanoid robot sector in China, focusing on the commercialization of its products. It is expected to enter small-scale production and delivery this year, aiming for early commercialization [1][6]. - Revenue has shown consistent growth, with a compound annual growth rate (CAGR) of 15.0% from 2020 to 2024, driven primarily by consumer-grade and intelligent logistics robots. However, the company faces short-term profitability pressure due to high R&D and market expansion costs [6][22]. - The company has a comprehensive technology layout in humanoid robots, with six models currently available, including the Walker S series for industrial applications and others for commercial and household services. The industrial sector is a key focus for future applications [6][37]. Summary by Sections Company Overview - UBTECH is the first publicly listed company in China focused on humanoid robots, with products catering to family, commercial, and industrial applications. The company has expanded its product matrix since its establishment in 2012 [11][12]. Financial Performance - Revenue increased from 740 million CNY in 2020 to 1.295 billion CNY in 2024, with a net loss narrowing from 1.234 billion CNY in 2023 to 1.124 billion CNY in 2024. The net profit margin improved from -120.8% to -88.9% due to cost control measures [6][22][28]. Product and Technology Development - The company has developed a full range of humanoid robots, with a focus on the Walker S series for industrial applications. The robots are equipped with advanced perception, control, and execution systems, enhancing their operational capabilities in various environments [6][37][49]. - UBTECH's R&D investment has consistently exceeded 35% of revenue, supporting technological breakthroughs in humanoid robotics. The company holds 2,680 authorized patents, with over 480 overseas patents [29][33]. Market Outlook - The report forecasts revenue growth for the company, estimating revenues of 1.891 billion CNY, 2.662 billion CNY, and 3.621 billion CNY for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 41%, and 36% [6][7][22].