【新华企业资讯4月23日】4月22日，由卧龙电气南阳防爆集团股份有限公司（以下简称：卧龙电气南阳 防爆）与中储国能（北京）技术有限公司（以下简称：中储国能）联合研制、具有完全自主知识产权的 105MW 2极高速大容量同步电动发电机"储龙105"在河南南阳正式发布。 由专家组一致通过的针对"压缩空气储能系统105MW 2极高速大容量同步电动发电机"产品鉴定结论 为："该产品具有自主知识产权，总体技术达到国际先进水平，其中电机容量、效率等指标国际领 先。"这标志着该产品填补了我国在大功率同步电动发电机领域的空白，为长时大规模压缩空气储能产 业高质量发展，提供了关键装备支撑。 同日，由中国机械工业联合会组织的"压缩空气储能105MW 2极高速大容量同步电动发电机"产品鉴定会 顺利完成。河南省南阳市委书记王智慧，卧龙电气南阳防爆集团董事长万创奇，中国科学院工程热物理 研究所所长、中关村储能产业与技术联盟理事长陈海生，中国机械工业联合会秘书长宋晓刚，以及业内 专家学者、知名企业代表及主流媒体记者等近两百人参加了新闻发布会。 "储龙105"高速大容量同步电动发电机在国内储能大电机领域率先采用一体化设计，具备电动和发电双 ...

Investment Rating - The industry rating is optimistic, indicating a positive outlook for the eVTOL sector in the coming months [53]. Core Insights - The eVTOL industry is rapidly developing due to intensive low-altitude policies and has significant future potential, particularly in the electric motor segment [8][26]. - eVTOL systems offer advantages in safety, environmental sustainability, and efficiency compared to traditional transportation methods [16][17][18]. - The market for eVTOL electric motors is projected to reach a substantial value, with a significant portion of the costs attributed to the power and energy systems [29][26]. Summary by Sections 1. Rapid Development of the eVTOL Industry - The eVTOL industry is experiencing swift growth driven by supportive government policies and technological advancements [8]. - The value contribution of eVTOL motors is high, indicating a large potential market space in the future [26]. 2. Diverse eVTOL Configurations and Power Solutions - eVTOL designs vary widely, with different manufacturers adopting unique propulsion systems, leading to diverse performance characteristics [30]. - The core barriers include high power density requirements for eVTOL motors and lengthy product development cycles [30][43]. 3. Technological Trends - The acceleration of power density improvements in eVTOL motors is driving advancements in materials and manufacturing processes [43]. - Innovations in high-performance magnetic and conductive materials are essential for enhancing motor efficiency and performance [44][45]. 4. Market Potential - The mid-term market potential for eVTOL motors is estimated at 107.9 billion yuan from 2025 to 2030, with power systems and energy systems accounting for 50% of costs [29]. - The operational costs of eVTOL are expected to drop significantly, potentially reaching one-fifth of helicopter costs, enhancing their competitiveness [23][24]. 5. Key Players and Configurations - Various eVTOL configurations include multi-rotor, lift and cruise, tilt-rotor, and tilt-duct types, each with distinct advantages and applications [30][31]. - The report highlights specific models and their respective configurations, showcasing the diversity in design and functionality [35][37].

Summary of Conference Call Records Company and Industry Involved - The conference call discusses the collaboration between Wolong and Zhiyuan, focusing on the robotics and automation industry, particularly in flexible manufacturing solutions and human-machine interaction products. Core Points and Arguments 1. **Investment and Shareholding Structure** Wolong's recent financing round includes participation from Tencent's investment platform, indicating a mutual shareholding arrangement with Zhiyuan. This collaboration is seen as a significant step in their partnership, showcasing deep cooperation potential between the two companies [1][2][3]. 2. **Strategic Positioning** Wolong is noted as the only commercial company holding shares in two companies simultaneously, which positions it uniquely in the market. This strategic move allows Wolong to share in the growth dividends of both companies, reflecting its early recognition and layout in the industry [2][3]. 3. **Industry Chain Development** The investment is viewed as the beginning of a resource industry chain, with potential for extensive collaboration in technology development, component supply, and future assembly production. This partnership is expected to create a robust ecosystem around Wolong [2][3]. 4. **Production Capacity and Future Outlook** Upcoming industrial conferences are anticipated to reveal important capacity planning data. The collaboration's potential in mass production is highlighted, with expectations for significant output in the near future [3][4]. 5. **Zhiyuan's Market Position** Zhiyuan is recognized for its rapid progress and iteration in the robotics field, having launched humanoid robots and established strategic partnerships within a short timeframe. This agility positions it as a leader in the industry [6][7]. 6. **Product Line and Ecosystem Development** Zhiyuan's product line is noted for its comprehensiveness, with a focus on cultivating ecosystem partners to enhance both hardware and software capabilities. This strategy is seen as essential for achieving success in the robotics sector [8][9]. 7. **Client Relationships and Market Demand** The company has established strong relationships with key clients in industries with high demand for robotics, such as petrochemicals and metallurgy. This demand is driven by the need for automation in challenging work environments [11][12]. 8. **Long-term Strategic Vision** The management emphasizes a long-term commitment to robotics, with ongoing investments and collaborations aimed at solidifying their market position. The focus on low-altitude economy and robotics is expected to contribute to stable growth [14][15]. 9. **Production and Supply Chain Insights** The anticipated production volume is expected to be among the highest in the industry, with ongoing developments in supply chain management and partnerships with leading companies [9][10]. 10. **Technological Differentiation** The emphasis on AI software engineering and a robust software ecosystem is highlighted as a differentiating factor for Zhiyuan, setting it apart from competitors in the robotics space [8][16]. Other Important but Overlooked Content - The call also discusses the importance of understanding the underlying strategic motives behind shareholding structures and partnerships, emphasizing the need to focus on ecological momentum rather than just surface-level shareholding [16][17]. - The management's background, particularly the influence of former Huawei executives, is noted as a contributing factor to the company's strategic direction and operational capabilities [17][18].

来源：猎云精选，文/王非 不到一月，这家超级独角兽又接连出手投资了。 4月11日，华为前"天才少年"稚晖君（本名：彭志辉）创业项目智元机器人关联公司等，入股A股上市公司博众精工子公司——智能制造与工业自动化核心 零部件供应商灵猴机器人。 这也是继3月15日宣布将以增资扩股形式，对上交所主板上市公司卧龙电驱旗下控股公司希尔机器人战略注资，以及4月10日与上交所主板上市公司大丰实业 签署《股权合作协议》后，智元机器人再次投资机器人赛道相关企业。 值得一提的是，稍早前的3月20日，智元机器人刚刚完成由腾讯投资领投新一轮融资，并将以150亿元估值进行新一轮融资接洽。 "不差钱"，或许正是智元机器人，敢于在资本市场上，不断对外投资的底气所在。 短短两日，一条工商变更一份股权合作协议 事实上，智元机器人在对外投资上，工商变更层面累计已有12次出手记录，灵猴机器人正是最近的一次。 苏州灵猴机器人有限公司成立于2015年4月，是一家集研发、生产、销售及服务于一体的专注智能制造和工业自动化领域的核心零部件供应商，员工人数超 过400人，研发人员超过200人。 就在完成对灵猴机器人投资入股的前一天，智元机器人还与大丰实业签署《股 ...

Group 1: Fund Overview - Chunhou Modern Service Industry A Fund, established on August 24, 2021, has a total management scale of 2.398 billion yuan [1] - The fund manager, Xue Lili, has been in charge since inception, focusing on investments in modern service industry listed companies while strictly controlling risks [1] - As of April 8, 2025, the fund achieved a one-year return of 12.10%, outperforming the benchmark growth rate of 9.93% and the CSI stock fund index return of 2.82% [1] - The fund's maximum drawdown over the past three years was 23.55%, ranking it in the top 15 among similar stock funds [1] - The fund's scale reached 114 million yuan by December 31, 2024, with a total of 109 million shares outstanding [1] Group 2: Economic Outlook - The company anticipates that domestic economic policies will focus on stabilizing growth, with room for further central fiscal efforts [2] - Despite uncertainties in international trade policies, the overall global economic and financial environment is improving [2] - The company is optimistic about the A-share market's performance due to low valuations and sees good allocation value in the Hong Kong stock market [2] - The emergence of companies like Deepseek has led to a reassessment of the value of Chinese technology assets globally [2] - There is an expectation for an increase in market risk appetite and a potential turning point in the fundamentals supported by fiscal and monetary policies [2] Group 3: Company Research - Chunhou Fund conducted research on Wolong Electric Drive from March 4 to March 28, 2025 [3] Group 4: Wolong Electric Drive Insights - Wolong Electric Drive has integrated digital and service technologies through its iMotorLinx industrial internet platform, providing lifecycle services to nearly a thousand industrial enterprises, reducing unplanned downtime by 80% and overall maintenance costs by over 30% [4] - The company has deployed the DeepSeek-R1-Distill-Qwen-14B model on its iMotorPHM platform, enhancing industrial equipment diagnostic reports [4] - Wolong Electric Drive is actively developing its marine equipment business, offering a range of ship motor products and lightweight generators suitable for harsh marine environments [4] - The company has high-efficiency products for data centers, including EC motors and battery products, already delivered to clients like Daikin and BYD [4] - Wolong Electric Drive has made significant advancements in robotics, developing a range of digital servo drive products and forming strategic partnerships to enhance its capabilities in the field [5] - The company aims to optimize its bionic robot joint modules, focusing on high power density and customization to support the industrialization of humanoid robots [5]

一、证券市场回顾 南财金融终端数据显示，上周(3月24日—3月28日,下同)，上证综指周内下跌0.4%，收于3351.31点，最高3394.03点；深证成指周内下跌0.75%，收于10607.33 点，最高10745.09点；创业板指周内下跌1.12%，收于2128.21点，最高2165.16点。在全球市场中，主要指数均下跌。纳斯达克综指下跌2.59%，道琼斯工业 指数下跌0.96%，标普500下跌1.53%。亚太地区，恒生指数下跌1.11%，日经225指数下跌1.48%。 二、新股申购情况 上周有3只新股发行,详情见下表： | 股票代码 | 股票简称 | 申购日期 | | --- | --- | --- | | 301658.SZ | 首航新能 | 20250324 | | 603210.SH | 泰鸿万立 | 20250328 | | 603257.SH | 中国瑞林 | 20250326 | 四、基金发行情况 上周有21只新基金发行,分别为:安信永利信用债券D、交银安心收益债券D、国投瑞银双债债券E、国投瑞银双债债券D、国投瑞银优化增强债券E、国投瑞银 优化增强债券D、国投瑞银中高等级债券D、百嘉百瑞混 ...

电力设备行业资金流入榜：卧龙电驱等8股净流入资 金超亿元 电力设备行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002366 | 融发核电 | 0.71 | 30.05 | -31525.89 | | 002255 | 海陆重工 | 1.78 | 34.07 | -25888.13 | | 300274 | 阳光电源 | -0.11 | 4.03 | -20006.84 | | 002300 | 太阳电缆 | 10.05 | 19.68 | -19105.42 | | 600577 | 精达股份 | -3.89 | 10.79 | -17271.65 | | 300444 | 双杰电气 | -6.03 | 21.57 | -13404.49 | | 601727 | 上海电气 | -1.74 | 0.89 | -13286.18 | | 300750 | 宁德时代 | -0.99 | 0.33 | -9384.40 | | 603659 | 璞泰来 | -1.92 | 2.14 ...

卧龙电驱 20250324 摘要 Q&A 卧龙电驱参股智元机器人事件的背景和意义是什么？ 卧龙电驱此次参股智元机器人不仅仅是单方面的投资，而是一次相互持股的合 作。早在一周前，卧龙旗下的希尔机器人公司在增资过程中就获得了智元机器 人的投资。这次合作使卧龙成为目前唯一一家同时参股宇智和智元两家公司的 上市公司。国内电机人形机器人的本体公司众多，但在运动控制硬件方面，伺 服系统最为突出；而在大模型训练和算法层面上，智元表现尤为出色。因此， 卧龙通过这次布局，不仅在人际领域有深刻认知和布局，还展现了其技术研发 • 卧龙电驱是目前唯一一家同时参股宇智和智元两家机器人公司的上市公司， 通过布局运动控制硬件（伺服系统）和大模型训练及算法，展现了其在人 形机器人领域的深刻认知、技术研发和生态建设潜力。 • 卧龙电驱与智元机器人合作聚焦场景落地、柔性制造解决方案及人机交互 产品开发，并持有智元 0.76%的股份，双方将在机器人及智能装备领域展 开产业优势合作，涵盖技术及部件层面的深入协作。 • 智元机器人自 2023 年成立以来发展迅速，已推出远征和灵犀系列机器人， 并与百度、科大讯飞等达成战略合作，覆盖关键总成、组装代工及 ...

3月24日，界面新闻获悉，智元机器人近期已完成了新一轮融资，腾讯领投，此次是腾讯投资在具身智能领域首次 出手，本次有多家产业方及老股东跟投，包括龙旗科技、卧龙电气、华发集团、蓝驰创投等。据悉，智元机器人 还在以150亿估值进行新一轮融资接洽。 天眼查显示，近日，智元机器人关联公司上海智元新创技术有限公司发生多项工商变更，新增广西腾讯创业投资 有限公司、卧龙电驱等为股东。此外，舒远春卸任法定代表人，由邓泰华接任。 据中证金牛座报道，邓泰华已担任智元机器人董事长、CEO。邓泰华是华为公司原副总裁、计算产品线原总裁。 领投智元机器人，腾讯投资在具身智能领域首次出手 对于火热的机器人赛道，腾讯董事会主席兼首席执行官马化腾在近日的第四季度及全年业绩财报会上表示，腾讯 希望成为相关厂商的合作伙伴，不会下场做硬件。 财报显示，腾讯第四季度营收1724.5亿元，同比增长11%，净利润553亿元，同比增长30%；全年营收6603亿元， 同比增长8%，净利润1941亿元，同比增长68%。 智元机器人由华为离职"天才少年"稚晖君（彭志辉）于2023年联合创立，先后获得高瓴创投、鼎晖投资、红杉中 国、比亚迪等知名机构和产业链企业投资 ...

证券研究报告 | 2025年03月15日 卧龙电驱（600580.SH） 智元机器人入股公司旗下希尔机器人，深化具身智能领域合作 |  | 公司研究·公司快评 |  | 电力设备·电机Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王蔚祺 | 010-88005313 | wangweiqi2@guosen.com.cn | 执证编码：S0980520080003 | | 证券分析师： | 李全 | 021-60375434 | liquan2@guosen.com.cn | 执证编码：S0980524070002 | 事项： 近日，卧龙电驱旗下浙江希尔机器人股份有限公司（以下简称"希尔机器人"）与上海智元新创技术有限 公司（以下简称 "智元机器人"）成功签署股权投资协议，智元机器人将以增资扩股形式完成对希尔机 器人的战略注资。 国信电新观点： 1）智元机器人入股希尔机器人有望深化双方在具身智能领域合作。2024 年 12 月希尔机器人已与智元机器 人签订场景应用合作协议，双方将在具身智能技术、柔性制造解决方案场景拓展等方面 ...