据GMI数据，2024年全球触觉传感器市场规模达164亿美元。分下游看，2023年全球触觉传感器下游应 用领域占比前三分别为制造业(42%)、航天航空&国防(27%)、汽车行业(17%)。 视触觉传感器：基于视觉的触觉感知装置，能够同时感知法向力、切向力、相对滑动和物体的位姿等多 维信息，其原理为利用软胶材料来接触物体，根据物体形变的大小反推力的大小。 压阻传感器：其原理为力作用在导电材料(如导电橡胶、导电布、碳纳米管复合物)上时，会改变其电阻 值。传感器通过检测电阻变化来反映外部压力或接触状态的变化。 电容传感器：其原理为基于电容的存储能力随外部刺激引起的响应而变化，在外力作用下使两极板间的 相对位置发生变化，从而导致电容变化，通过检测电容变化量来获取受力信息。电容传感器能够测量三 维力，并具有接近觉。 压电式传感器：原理为利用压电效应，即在外力作用下，某些特定材料内部会产生极化，形成不同的极 距，并出现与材料表面相反的电荷。 智通财经APP获悉，东吴证券发布研报称，触觉传感器作为人形机器人实现精准操作的核心部件，2024 年全球市场规模已达164亿美元，其中制造业应用占比超40%。随着灵巧手商业化加速，具 ...

智通财经APP获悉，东吴证券发布研报称，人形机器人产业爆发确定性强，2027年谐波减速器或供不应 求，看好率先绑定龙头客户，特别是海外大客户企业，并看好技术和工程化能力强的新进入，未来可在 行业获一席之地。推荐标的绿的谐波(国内谐波龙一，海外客户对接进展快)、科达利(工程化能力强、且 具备客户基础)、斯菱股份(工艺协同)、双环传动(协同、客户优势)、中大力德(多种减速器协同)。 东吴证券主要观点如下： 传统工业领域(工业机器人占83%)2024年需求约200万台，年增速8-10%，相对稳定;人形机器人单机谐波 用量平均10个+，在特斯拉、Figure AI等引领下，2027年全球人形销量或超50万台，对应谐波需求600万 台，叠加传统需求总量达872万台。供给端，2025年全球有效产能500万台(哈默纳科220万+绿的50万)， 产能利用率不足50%，但2027年需求激增或致供给缺口超20%，且远期谐波全球空间破千亿。 竞争格局加速重构，国产替代主导人形增量需求，率先绑定海外客户弹性大 谐波减速器的技术壁垒高度集中于齿形设计、材料制备、精密加工及设备 谐波减速器对使用寿命、传动精度、传动效率、刚度、升温、噪声 ...

Group 1 - The report from Dongwu Securities indicates that the consumption growth rate among the 20-39 age group has significantly declined, contributing to approximately 44% of the overall consumption decrease from 2018 to 2022, compared to a 30.3% increase from 2010 to 2018 [1][5] - The consumption decline is most pronounced in the 20-30 age group, where their contribution to consumption growth plummeted from 13.8% (2010-2018) to just 0.8% (2018-2022) [5][24] - The elderly population (60 years and older) has become the largest contributor to consumption growth, particularly in food and healthcare sectors, contrasting sharply with the declining consumption in entertainment categories like KTV and bars [7][24] Group 2 - The average age in China has reached a median of 40 years, indicating a demographic shift where the primary consumer base will transition from those under 40 to those over 40 in the next decade [10][40] - The report highlights a concerning trend of increasing youth unemployment, which is linked to the decline in consumption among younger demographics, creating a chain reaction affecting overall consumption [5][17] - The elderly population, while contributing significantly to consumption growth, faces challenges as their income and average consumption levels have not kept pace with the rapid aging of the population [29][30] Group 3 - The consumption tendency among the youth has dropped dramatically, with a decline of 46.1 percentage points for the 20-39 age group since 2020, indicating a shift towards more conservative spending behaviors [34][35] - The report suggests that as the population ages and the youth demographic shrinks, businesses will increasingly target consumers aged 40 and above, who tend to be more rational and less impulsive in their spending [27][28] - The overall consumer landscape is changing, with brands likely to shift focus from younger consumers to older demographics, reflecting the broader societal changes in consumption patterns [39][40]

Summary of Key Points Core Viewpoint - The company plans to temporarily use part of its idle raised funds, not exceeding RMB 60 million, to supplement its working capital, ensuring that this does not affect the normal implementation of its fundraising investment projects [6][7][8]. Group 1: Fundraising Overview - The company raised a total of RMB 754.38 million by issuing 51.67 million shares at RMB 14.60 per share, with actual funds received amounting to RMB 675.83 million after deducting issuance costs of RMB 78.55 million [1]. - The funds were deposited in a dedicated account for management [1]. Group 2: Investment Project Status - The company has approved the use of RMB 57 million of the raised funds to repay bank loans and has made adjustments to the implementation of certain investment projects without changing their overall direction or total investment amount [2][3]. - The company has also approved the use of remaining funds from the "Kunshan Hanjing Precision Connector Production Project" for new projects, including "Semiconductor Metal Heat Sink Material Project" and "Automotive High-Frequency Signal Cable and Connector Project" [3]. Group 3: Use of Idle Funds - The company intends to use idle funds temporarily to alleviate liquidity pressure, with an estimated savings of approximately RMB 1.8 million in financial costs based on a 3.0% annual loan interest rate [6]. - The use of these funds is limited to operations related to the company's main business and will not be used for high-risk investments or stock trading [6][7]. Group 4: Approval Process - The board of directors and the supervisory board have both approved the plan to use idle funds, confirming that it will not affect the normal operation of fundraising projects and will not harm shareholder interests [7][8].

Core Viewpoint - The company plans to use bank acceptance bills and letters of credit to pay for part of the fundraising projects and will replace these payments with the raised funds, aiming to improve the efficiency of fund usage and reduce financial costs [1][7][9]. Fundraising Basic Situation - The company raised a total of RMB 75,438.20 million by issuing 51.67 million shares at RMB 14.60 per share, with actual funds received amounting to RMB 67,582.85 million after deducting issuance costs of RMB 7,855.35 million [1][2]. Fundraising Investment Project Situation - The company approved the use of RMB 57 million of excess funds to repay bank loans and made changes to the implementation of fundraising projects without altering the investment direction or total amount [2][3]. - The company has also approved the use of remaining funds from the "Kunshan Hanjing Precision Connector Production Project" for new projects, including "Semiconductor Metal Heat Sink Material Project" and "Automotive High-Frequency Signal Cable and Connector Project" [3][4]. Use of Bills and Letters of Credit - The company intends to use bank acceptance bills and letters of credit for payments, which will be replaced by the raised funds, following an internal approval process to ensure compliance and efficiency [6][7]. Impact on Daily Operations - The use of these financial instruments is expected to lower financial costs and enhance the flexibility of fund usage without affecting the normal progress of fundraising projects [7][9]. Approval Procedures and Opinions - The board and supervisory committee have reviewed and approved the use of bank acceptance bills and letters of credit, confirming that this does not change the direction of the raised funds and supports efficient fund usage [7][8].

证券代码：601555 股票简称：东吴证券 公告编号：2025-022 东吴证券股份有限公司 2024 年度第八期短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 2025年5月28日，公司完成兑付本期短期融资券本息共计人民币 2,042,682,739.73元。 特此公告。 东吴证券股份有限公司董事会 2025 年 5 月 30 日 东吴证券股份有限公司（以下简称"公司"）于2024年5月29日 成功发行东吴证券股份有限公司2024年度第八期短期融资券,发行总 额为人民币20亿元，票面利率为2.14%，期限为364天，兑付日期为2025 年5月28日。 ...

5月25日晚，"CMG世界机器人大赛•系列赛——机甲格斗擂台赛"完赛，四台宇树G1机器人登台比拼。 本次比赛在杭州举办，由央视科教频道全程直播。比赛采用积分制，共3回合，每回合2分钟。共有四支 队伍参赛。参赛队伍分别通过手动、语音以及体感遥控的方式各自操纵宇树G1展开对抗。 格斗大赛中，机器人的优秀运动控制能力体现在哪些方面? 智通财经APP获悉，东吴证券发布研报称，5月25日举办的"CMG世界机器人大赛-机甲格斗擂台赛"中， 宇树科技G1机器人展现出卓越的运动控制能力与产业化潜力。根据草根调研，该公司人形机器人有望 在2025年实现千台级出货，当前已具备完成格斗、马拉松等任务的运控能力，未来商业化落地的关键在 于加速大模型演进以提升多场景适应能力。 东吴证券主要观点如下： 事件："CMG世界机器人大赛——机甲格斗擂台赛"5月25日完赛 ①深度相机、激光雷达与传感器是机器人的感知输入模块。②自研关节电机赋予机器人良好的动作输出 能力。③轻量化材料赋予机器人更高的灵活性。 人形机器人技能包逐渐丰富，模型端加速演进助推产业化加速落地 根据该行草根调研，宇树科技人形机器人有望在2025年实现千台级出货，产业化进程加 ...

Core Insights - The "CMG World Robot Competition - Mecha Fighting Arena" concluded on May 25, showcasing the capabilities of the Yushu G1 robots in combat skills and motion control [1][2] - Yushu Technology's humanoid robots are expected to achieve a shipment of 1,000 units by 2025, indicating a faster industrialization process [6] Group 1: Event Overview - The competition took place in Hangzhou and was broadcasted live by CCTV Science and Education Channel, featuring four teams competing with Yushu G1 robots [2] - The competition format was based on a point system, consisting of three rounds, each lasting two minutes [2] Group 2: Robot Performance - Yushu G1 robots demonstrated advanced motion control capabilities, executing complex combat moves such as side kicks, knee strikes, and combinations with fluidity and power [3] - The robots exhibited strong balance and recovery abilities, maintaining upright posture after being struck and smoothly transitioning from a fallen position back to standing [3] Group 3: Software and Learning Progress - The robots learned combat skills through a pre-training model that includes real data from professional fighters and video data for imitation learning [4] - The robots' action output is linked to remote control commands, allowing for quick decision-making and execution based on environmental assessments [4] Group 4: Hardware Capabilities - The robots are equipped with high-performance motors, depth cameras, laser radars, and sensors, enhancing their motion output and perception [5] - Lightweight materials contribute to the robots' agility and flexibility during operations [5] Group 5: Industry Outlook - The humanoid robots' skill sets are expanding, and the acceleration of model evolution is crucial for commercial viability and adaptability across various tasks [6] - Investment recommendations include companies such as Zhongda Lide, Changsheng Bearing, and Aobi Zhongguang, with additional attention suggested for Shoucheng Holdings, Wolong Electric Drive, and Lingyun Optics [7]

证券代码：601555 证券简称：东吴证券 公告编号：2025-021 东吴证券股份有限公司 关于公司 2025 年度第三期短期融资券发行结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东吴证券股份有限公司2025年度第三期短期融资券已于2025年5月27日发行， 缴款日为2025年5月28日，相关发行情况如下： | 短期融资券名称 | | 东吴证券股份有限公司2025年度第三期短期融资券 | | | --- | --- | --- | --- | | 短期融资券简称 | 25东吴证券CP003 | 短期融资券期限 | 140天 | | 短期融资券代码 | 072510092 | 发行日期 | 2025年5月27日 | | 起息日期 | 2025年5月28日 | 兑付日期 | 2025年10月15日 | | 计划发行总额 | 10亿元人民币 | 实际发行总额 | 10亿元人民币 | | 发行价格 | 100元/张 | 票面利率 | 1.69% | 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网（w ...

东吴证券股份有限公司 关于烟台亚通精工机械股份有限公司 部分募投项目延期的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为烟台亚 通精工机械股份有限公司（以下简称"亚通精工"、 "公司"）的保荐人，根据《证 券发行上市保荐业务管理办法》、 《上海证券交易所股票上市规则》、 《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》、 《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》、 《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等相关法律、法规及规范性文件，对公司部分募 投项目延期事项进行了认真、审慎核查，核查具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准烟台亚通精工机械股份有限公司首次 公开发行股票的批复》（证监许可20222726 号）核准，公司于 2023 年 2 月向 社会公开发行人民币普通股（A 股）3,000.00 万股，每股发行价为 29.09 元，应 募集资金总额为人民币 87,270.00 万元，根据有关规定扣除承销和保荐费用 年 2 月 14 日到 账。 上 述 资 金到 账 情 况业 经 容 ...