记者丨赵云帆 编辑丨包芳鸣 人形机器人热潮正席卷港股，成为资本竞逐的焦点。从核心部件到整机制造，机器人产业链公 司正以前所未有的密度冲刺港交所。 机器人扎堆"赶考"港交所，将市场对行业的期待值推向高点。但上市后的现实同样值得关注： 机器人企业上市之后表现明显分化，叠加国际市场定价逻辑的复杂性，都让这些港股新秀面临 严峻的价值考验。 据21世纪经济报道记者统计，今年以来，已有三花智控、均胜电子等机器人执行器、躯干总成 企业，以及极智嘉、云迹科技等机器人细分赛道企业成功登陆港股并完成募资。 在头部企业示范效应下，机器人公司赴港上市热度持续攀升。 截至目前，已有数十家机器人 产业链公司正式递表或筹划发行，其中包括特斯拉机器人产业链企业拓普集团，以及商用机器 人头部企业优艾智合、仙工智能、斯坦德机器人等 。 最新信息显示，12月2日，优地机器人港交所IPO获证监会备案，拟发行不超7360万股。 除以上企业外，有消息称，国内机器人行业头部玩家智元机器人亦筹谋赴港上市，并有望成为 继优必选之后，第二家港股知名通用人形机器人本体企业。 制，并按绿鞋机制全额超配股份。而合计107亿港元的实际募资金额也令三花智控成为了继宁 德 ...

Core Viewpoint - Junsheng Electronics (均胜电子) is set to be included in the Hong Kong Stock Connect, which will significantly enhance its stock liquidity and provide investors with a more convenient allocation channel [1] Group 1: Market Position and Growth Drivers - Junsheng Electronics is a leading provider of smart automotive technology solutions, with a strong market position in automotive electronics and safety solutions, serving over 100 global automotive brands [2] - The company’s automotive safety business ranks second globally, while its intelligent cockpit domain control ranks fourth globally and second in China [2] - In 2024, the company expects 74.7% of its sales to come from overseas, supported by a robust order structure with a total lifecycle value of new projects amounting to 839 billion yuan [2] Group 2: Innovation and Product Development - The company is strategically positioned in key areas of automotive electronics, including intelligent cockpits, driving, and connectivity, with innovative products like the JoySpace+ immersive cockpit gaining international attention [3] - Collaborations with companies like Momenta for advanced projects in intelligent driving and the development of high-voltage fast-charging products are part of the company’s innovation strategy [3] Group 3: Robotics Business and Future Growth - Junsheng Electronics is leveraging its automotive parts R&D and manufacturing advantages to establish a robotics solutions system, including AI components and controllers [3] - Strategic partnerships with companies such as Zhiyuan Robotics and Alibaba Cloud aim to enhance the company's robotics capabilities and create a closed-loop iteration model [3] Group 4: Investment Logic - The inclusion in the Hong Kong Stock Connect is expected to activate the market vitality of Junsheng Electronics, with strong investment logic based on its leading position in automotive electronics and safety, advantages in new energy orders, and growth potential in the robotics sector [4]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月1日汽车零部件板块较上一交易日上涨1.23%，智慧农业领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。汽车零部件板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000981 山子高科 | | ﮯ 3.31 Z | 7.07% | -1.23 Z | -2.63% | -2.08亿 | -4.44% | | 601689 拓普集团 | | 2.28亿 | 7.53% | -5563.15万 | -1.84% | -1.72 Z | -5.69% | | 600699 均胜电子 | | 2.04亿 | 15.95% | -2130.92万 | -1.66% | -1.83 Z | -14.29% | ...

Group 1 - The core viewpoint is that Junsheng Electronics (00699) has shown strong performance in its recent financial results, with significant growth in revenue and net profit, indicating a positive outlook for the company [1] - For the first three quarters of 2025, Junsheng Electronics reported revenue of approximately 45.844 billion yuan, representing a year-on-year increase of 11.45% [1] - The net profit attributable to shareholders was about 1.12 billion yuan, reflecting a year-on-year growth of 18.98%, with basic earnings per share at 0.81 yuan [1] Group 2 - The company has secured new business orders amounting to 71.4 billion yuan in the first three quarters, with a notable acceleration in order acquisition [1] - In the third quarter alone, the order amount reached 40.2 billion yuan, indicating a strong upward trend [1] - The new orders in Q3 included 22.2 billion yuan related to automotive safety and 18 billion yuan related to automotive electronics [1] Group 3 - Junsheng Electronics is expected to enter the Hong Kong Stock Connect on December 4, which may attract significant mainland capital inflow due to its unique positioning in both the automotive and robotics sectors [2] - The company is identified as a rare hard-tech stock in the Hong Kong market, occupying two "golden tracks" of growth, which could lead to a revaluation of its stock [2] - The anticipated entry into the Hong Kong Stock Connect is expected to balance trading and allocation funds for the stock [2]

值得关注的是，智通财经APP在《"汽车+机器人Tier1"新定位打开长期增长空间，如何看待均胜电子 （00699，600699.SH）"入通"后的投资机会？》中提出，"汽车+机器人Tier1"双龙头均胜电子 (00699,600699.SH)，即将加速迎来价值发现与重估。根据港股通相关规则，均胜电子预计将在12月4日 正式进入了港股通名单。考虑到均胜电子是港股市场中稀缺的同时占据着汽车与机器人两条"黄金赛 道"的硬科技标的，预计进入港股通后均胜电子势必会吸引来数量可观的内地增量资金，届时该股里的 交易类、配置类资金有望更加均衡。 消息面上，均胜电子此前公布2025年前三季度业绩，营业收入约458.44亿元，同比增长11.45%；归属于 上市公司股东的净利润约11.2亿元，同比增长18.98%；基本每股收益0.81元。另据均胜电子三季报透 露，目前公司正强势斩获更多的新业务订单。数据显示，前三季公司累计获取新订单714亿元，其中单 三季度订单金额便高达402亿元，呈现出明显的"加速"趋势。Q3新订单中，汽车安全业务相关为222亿 元，汽车电子业务相关为180亿元。 智通财经APP获悉，均胜电子(00699)尾盘 ...

Core Viewpoint - Junsheng Electronics is set to accelerate value discovery and revaluation as it is expected to enter the Hong Kong Stock Connect list on December 4, attracting significant mainland capital due to its unique positioning in both the automotive and robotics sectors [1][9]. Group 1: Business Overview - Junsheng Electronics, established in 2004, initially focused on automotive components and has since expanded internationally through multiple acquisitions, establishing over 25 R&D centers and 60 production bases globally by April 30 this year [2]. - The company has successfully transitioned into the robotics sector, leveraging its automotive expertise to develop key components for humanoid robots, including controllers and sensors [4]. Group 2: Financial Performance - For the first three quarters of this year, Junsheng Electronics reported revenue of 45.844 billion, a year-on-year increase of 11.45%, with Q3 revenue reaching 15.497 billion, up 10.25% year-on-year [4]. - The overall gross margin improved by 2.7 percentage points to 18.3% for the first three quarters, with Q3 gross margin at 18.6%, reflecting ongoing enhancements in profitability [4][5]. Group 3: Business Segmentation - The automotive safety segment showed significant gross margin improvement, reaching approximately 16.4% for the first three quarters, up 2.4 percentage points year-on-year, with Q3 margin at 17.2% [5]. - New order acquisition has accelerated, with a total of 71.4 billion in new orders for the first three quarters, including 40.2 billion in Q3 alone, indicating strong demand across automotive safety and electronics [5]. Group 4: Strategic Positioning - Junsheng Electronics aims to cultivate long-term competitiveness globally by integrating its supply chain, production strategies, and R&D efforts, focusing on cost optimization and operational efficiency [8]. - The company is positioned as a Tier 1 supplier in both automotive and robotics sectors, leveraging synergies between the two fields to enhance its market presence and support global robotics companies [8]. Group 5: Market Outlook - With its upcoming inclusion in the Hong Kong Stock Connect, Junsheng Electronics is expected to attract more investors, improving liquidity and accelerating its value revaluation process [9].

"汽车+机器人Tier1"双龙头均胜电子（00699，600699.SH），即将加速迎来价值发现与重估。根据港股通相关规 则，均胜电子预计将在12月4日正式进入了港股通名单。考虑到均胜电子是港股市场中稀缺的同时占据着汽车与 机器人两条"黄金赛道"的硬科技标的，预计进入港股通后均胜电子势必会吸引来数量可观的内地增量资金，届 时该股里的交易类、配置类资金有望更加均衡。 自此，均胜电子多业务共同驱动成长的业务格局也基本成型。而这反映到财务层面，自然是均胜电子的核心财 务数据全方位向上突破。今年前3季，均胜电子实现营收458.44亿元，同比增加11.45%。其中，Q3单季度营收 154.97亿元，同比增加10.25%。 盈利方面，均胜电子的盈利能力正处于持续优化阶段，前三季整体毛利率同比提升了2.7个百分点至18.3%；其 中Q3单季度毛利率达到18.6%，环比继续提升了0.23个百分点。 拆分业务来看，汽车安全业务毛利率改善尤其显著，前三季毛利率约为16.4%，同比增加2.4个百分点；其中Q3 单季度毛利率达到17.2%，环比进一步提升。均胜电子的汽车安全业务盈利潜力加速释放，这大概要源于其向智 能安全系统解决方案 ...

Core Insights - The Hong Kong stock market has seen 87 new listings raising over 240 billion HKD, making it the leading exchange globally for IPOs as of November 11, 2025 [1] - The introduction of the "18C" rule and the "Specialized Technology Company" service by the Hong Kong Stock Exchange has attracted a surge of robotics companies seeking to go public, with over 30 companies from the robotics industry lining up for IPOs [1][4] - Despite the influx of companies, many are struggling with losses, indicating a critical test of the commercialization capabilities and sustainable development prospects of China's robotics industry [1][11] Listing Progress - Among the 32 robotics companies currently in the IPO process in Hong Kong, only 5 have successfully listed, while 25 are still awaiting approval [4] - The companies are categorized into four main types, including those already listed on A-shares seeking dual listings in Hong Kong to broaden financing channels [4][5] 18C Rule Impact - The "18C" rule facilitates the listing of unprofitable specialized technology companies by lowering the minimum market capitalization requirements and allowing companies to go public without profitability [5] - Approximately 15-20 companies are targeting the 18C listing pathway, reflecting the high investment and long cycle characteristics of the robotics industry [5] Market Segmentation - Several companies are competing to become the "first stock" in specific robotics segments, such as logistics, agricultural, and household robots, aiming to establish brand recognition and valuation premiums [7] - The presence of 14 upstream suppliers in the robotics industry highlights the importance of these companies in supporting the growing demand from downstream clients [8] Financial Performance - Financial data indicates that about two-thirds of the 32 companies face profitability challenges, with many experiencing significant losses despite revenue growth [11][12] - A few companies have successfully turned losses into profits, showcasing potential for improvement in the industry [12] - The sustainability of these companies post-IPO remains uncertain, as evidenced by previous cases where companies listed under the 18C rule have struggled to maintain their stock prices [13] Conclusion - The 2025 IPO wave in Hong Kong reflects both the potential and challenges within the Chinese robotics industry, with many companies seeking to capitalize on market opportunities while facing significant financial hurdles [14]

Core Insights - The report from China Galaxy Securities highlights that by 2026, the Robotaxi sector is expected to reach a commercialization turning point driven by policy support, technological advancements, and cost reductions [1][3] - The automotive industry in China is projected to experience stable volume and gradual price increases in 2025, with a dual drive from exports and new energy vehicles [1][2] Group 1: 2025 Overview - In 2025, the Chinese automotive industry is expected to achieve a pattern of "stable volume and gradual price increase," supported by the effective recovery of domestic demand due to vehicle replacement policies [1] - Both wholesale and retail sales are anticipated to grow year-on-year, with an increasing penetration rate of new energy vehicles [1] - The industry is facing continued price wars, leading to further pressure on profitability, with revenue growth outpacing profit growth [1] Group 2: 2026 Outlook - The exemption of the new energy vehicle purchase tax is expected to continue until the end of 2025, with a reduction to half in 2026-2027, potentially impacting sales significantly, especially for vehicles priced below 300,000 yuan [2] - Major automakers like Hongmeng Zhixing, Leap Motor, Geely, and JAC are entering a period of intensive new product launches, which may enhance their sales and market share [2] - The mainstream automakers' pure electric platforms are expected to be validated by 2025, with new models being launched at scale in 2026 [2] - The rollout of L3-level intelligent driving technology is imminent, becoming a key driver for new model launches in 2026 [2] Group 3: Emerging Business Opportunities - The Robotaxi sector is benefiting from policy support, technological progress, and cost reductions, leading to a commercial breakthrough, with major manufacturers and tech giants expanding their operations [3] - Low-speed unmanned logistics vehicles and mining trucks are moving towards scale due to policy support and economic advantages [3] - The integration of the intelligent automotive supply chain with the robotics industry is creating multiple advantages, including technological migration and resource consolidation [3] Group 4: Investment Recommendations - The report recommends focusing on leading passenger vehicle manufacturers, the intelligent industry chain, and humanoid robotics industry, highlighting companies like Geely and Great Wall Motors as key players [3] - Beneficiary stocks include JAC Motors and Leap Motor in the passenger vehicle sector, and companies like SUTENG and Desay SV in the intelligent sector [3] - In the humanoid robotics sector, companies such as Top Group and Aikodi are identified as beneficiaries [3]

Core Insights - Company positions itself as a leading provider of smart automotive technology solutions, focusing on innovation and global collaboration in automotive electronics, safety, and robotics [1] - The company aims to drive growth through a dual focus on automotive and robotics, establishing itself as a Tier 1 supplier in both sectors [1] Group 1: Market Position and Strategy - Company is ranked among the top 40 global automotive parts suppliers and is the second-largest automotive safety supplier globally [1] - It has developed integrated hardware and software capabilities in the fields of automotive intelligence and electrification, covering major automotive domains such as cockpit, intelligent driving, connectivity, power, and body [1] - The company has established a strong presence in the robotics sector by leveraging its automotive industry experience and technology [2] Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of approximately 45.8 billion, reflecting a year-on-year growth of about 11.45% [4] - The net profit attributable to the parent company and the net profit after deducting non-recurring gains and losses increased significantly by 35.40% and 37.53% respectively [4] - The gross profit margin reached a three-year high of 18.6% in the third quarter [4] Group 3: New Business Development - The company has seen strong growth in new business orders, with a total new order value of approximately 40.2 billion for the third quarter of 2025 and a cumulative total of about 71.4 billion for the first three quarters [4] - The proportion of orders from leading domestic brands and new car manufacturers has been increasing, driving order growth [4] - Since 2018, the company has invested over 26 billion in R&D and holds around 3,500 global registered patents, positioning itself as a leader in technological innovation [4] Group 4: Global Presence - The company has established a highly globalized platform, enabling synchronized R&D and supply chain configuration with global automakers [5] - It operates over 25 R&D centers and more than 60 production bases worldwide, employing over 40,000 people [5] - By 2024, the company's overseas business revenue is expected to account for nearly 75% of total revenue [5] Group 5: Technological Integration - The company integrates cutting-edge technologies such as AI, digital twins, 5G communication, and industrial IoT into its global manufacturing system [8] - This integration enhances production efficiency and quality traceability, allowing clients to win markets through improved quality and speed [8]