证券代码：603166 证券简称：福达股份 公告编号：2025-038 桂林福达股份有限公司 关于注销全资子公司的进展公告 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个别及连带责任。 桂林福达股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日召开的第六 届董事会第二十五次会议，审议通过了《关于注销全资子公司及分公司的议案》， 同意注销全资子公司长沙福达曲轴有限公司和桂林福达股份有限公司太仓分公司。 为提高工作效率，董事会授权公司管理层负责上述相关工作。截止 2025 年 7 月 3 日， 公司已完成桂林福达股份有限公司太仓分公司的注销手续。 具体内容详见公司分别于 2025 年 6 月 24 日、2025 年 7 月 4 日在上海证券交易 所网站（www.sse.com.cn）披露的《福达股份关于以非货币资产出资设立全资子公 司并注销全资子公司和分公司的公告》（公告编号：2025-035）、《桂林福达股份 有限公司关于设立全资子公司和注销子、分公司的进展公告》（公告编号：2025-036）。 近日，公司收到长沙经济技 ...

Investment Rating - The report does not explicitly state an investment rating for the automotive industry or the embodied intelligence sector Core Insights - The embodied intelligence sector is entering a rapid implementation phase as of 2025, with multiple manufacturers planning mass production of robots across various applications [12][16][18] - The automotive industry is actively integrating embodied intelligence into its supply chain, leveraging existing technological advancements and manufacturing capabilities [34][37] - Government policies across various provinces are increasingly supportive of the embodied intelligence and robotics industries, aiming to foster innovation and market expansion [17][21][18] Summary by Sections 1. Rapid Development of Embodied Intelligence - The period from 2020 to 2025 marks a significant evolution in embodied intelligence, driven by advancements in AI and robotics, particularly following the release of OpenAI's ChatGPT3 [11] - Major manufacturers like Tesla and Xiaomi are entering the market, with Tesla predicting a production capacity of over 5,000 units by 2025 and 50,000 units by 2026 [13][16] - The demand for robots in various sectors is projected to grow significantly, with manufacturing being a primary area for automation due to its repetitive tasks [25][27] 2. Integration of Automotive and Embodied Intelligence - The automotive industry is leveraging its existing technological expertise in areas such as sensor fusion and control algorithms to facilitate the development of embodied intelligence [34][37] - Over ten automotive manufacturers are actively pursuing the embodied intelligence sector through self-development and strategic investments [36][37] - The shared supply chain for components like sensors and chips between automotive and robotics sectors is expected to reduce costs and enhance production efficiency [43][49] 3. Government Support and Policy Framework - Various provinces, including Shenzhen and Beijing, have introduced policies to support the development of embodied intelligence, focusing on technology breakthroughs and ecosystem building [17][21][18] - The policies aim to create a conducive environment for innovation, with specific targets for industry scale and technological advancements by 2027 [18][21] - The report highlights a collaborative approach among regions to drive the growth of the embodied intelligence sector, emphasizing the importance of technology and market integration [18][21]

Market Overview - The market is expected to continue rising in August, driven by liquidity conditions[5] - As of July 28, the Wind All A Index surpassed its peak from October 8 of the previous year, indicating a bullish market sentiment[5] Market Drivers - The upward market movement is attributed to ample incremental capital and improved supply-demand dynamics, particularly in cyclical stocks[7] - Recent trends show a significant increase in public and retail investor participation, with new fund issuance in June reaching nearly 30 billion, the highest monthly level since 2022[8] Investment Strategy - The report recommends focusing on large financial and technology assets, highlighting the potential for banks and insurance companies to benefit from reduced economic risks and lower liability costs[9] - Technology assets are suggested for contrarian trading due to their low trading congestion, with historical performance showing a strong correlation with trading dynamics[9] Key Stock Recommendations - The August stock selection includes: Hong Kong Tech 50 ETF, Fuda Co., Su Neng Co. (automotive), Zhujiang Co., Core International (trading), Wanhua Chemical, Dongcai Technology (chemicals), and others[17] - The report emphasizes the importance of sectors like steel and pharmaceuticals, which are expected to perform well due to demand recovery and policy support[9] Risks - Potential risks include unexpected economic downturns and insufficient policy support, which could impact market performance[18]

Group 1 - Fuda Co., Ltd. has experienced a continuous decline in stock price for six consecutive trading days, with a cumulative drop of -6.08% [1] - Founded in 1995, Fuda Co., Ltd. is a national high-tech enterprise focused on high-end manufacturing, primarily engaged in the research, production, and sales of engine crankshafts, precision forgings, new energy electric drive gears, automotive clutches, spiral bevel gears, and high-strength bolts [1] - Qianhai Kaiyuan Jiaxin Mixed A Fund has entered the top ten shareholders of Fuda Co., Ltd. in the second quarter of this year, marking a new investment [1] Group 2 - The year-to-date return of Qianhai Kaiyuan Jiaxin Mixed A Fund is 47.23%, ranking 29th among 1845 similar funds [2] - The fund manager, Wu Guoqing, has a background in economics and management from Tsinghua University and has held various positions in fund management since joining Qianhai Kaiyuan Fund Management Co., Ltd. in 2015 [3][4] - Wu Guoqing has managed multiple funds, including the Qianhai Kaiyuan Dingshui Bond Fund and the Qianhai Kaiyuan Core Resource Flexible Allocation Mixed Fund, demonstrating extensive experience in fund management [4]

Investment Rating - The report recommends investment in companies such as Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing [2][4] Core Insights - The report emphasizes that reducers are the core components of humanoid robot joints, ensuring high precision and stability in motion control [2][9] - The humanoid robot precision reducer market is expected to grow steadily, with domestic manufacturers enhancing their supply capabilities [2][19] - Different types of reducers (harmonic, RV, planetary, and cycloidal) have distinct characteristics and applications, with cycloidal reducers emerging as a promising option for high-load joints [2][88] Summary by Sections 1. Reducers as Core Components - Reducers are essential for reducing speed and increasing torque in humanoid robots, connecting the power source to the execution structure [9][14] - The market for reducers in China is projected to reach approximately 144.8 billion yuan in 2024, with a steady growth rate of 4% to 5% over the past five years [19] 2. Demand Differentiation and Application of Cycloidal Reducers - The report identifies a growing application space for cycloidal reducers, which offer significant torque increase relative to cost and size [2][88] - Tesla's Optimus Gen2 utilizes a combination of planetary and harmonic reducers, highlighting the trend towards hybrid solutions in humanoid robots [76][80] 3. Prominent Companies and Technological Collaboration - Fuda Co., Ltd. is positioned as a leading player in the precision reducer market, with significant growth in revenue and net profit driven by the demand for new energy vehicles [99] - Jinguan Technology is expanding its footprint in the reducer market through joint ventures and product diversification [103] - Shuanghuan Transmission's subsidiary, Huandong Technology, is a key player in the RV reducer segment, contributing to the company's overall growth [108] - Zhongding Sealing is investing heavily in the humanoid robot sector, focusing on the production of harmonic reducers and joint assemblies [114] 4. Investment Recommendations - The report suggests focusing on leading companies in the reducer market, including Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing, while also monitoring emerging players like Haoneng Co., Ltd. and Landai Technology [2][4]

Core Viewpoint - The emergence of cycloidal reducers is set to revolutionize the joint technology of humanoid robots, addressing existing performance bottlenecks and paving the way for commercial applications in the industry by 2030, with a projected market space exceeding 14 billion yuan [1][14]. Group 1: Current Challenges in Humanoid Robot Joint Technology - Humanoid robots have progressed from product definition to functional realization and commercialization, but significant gaps remain for large-scale commercial and household applications [2]. - The hardware performance bottleneck is primarily in the joint transmission system, where existing solutions struggle to balance precision, load capacity, and lifespan [2][5]. - Current mainstream planetary reducers have structural flaws, leading to insufficient precision due to large backlash, while harmonic reducers, although precise, suffer from poor durability under high-load conditions [4][5]. Group 2: Advantages of Cycloidal Reducers - Cycloidal reducers, leveraging advancements in material technology and precision processing, offer a unique combination of high precision, load capacity, and compact size, surpassing existing technologies [6][8]. - The multi-tooth engagement mechanism of cycloidal reducers allows for a load capacity increase of over 300% compared to harmonic reducers, making them suitable for high-load applications [6][9]. - The design of cycloidal reducers enables a backlash of less than 1 arc minute, significantly improving positioning accuracy, which is critical for tasks requiring high precision [8]. Group 3: Market Potential and Commercialization Path - The cycloidal reducer market is expected to reach approximately 14 billion yuan by 2030, driven by increasing adoption in humanoid robots, particularly in lower limb joints [14][17]. - The anticipated reduction in cycloidal reducer prices, from 15,000 yuan in 2025 to 9,000 yuan by 2030, will further enhance their market penetration and competitiveness against harmonic reducers [17]. - The integration of cycloidal reducers with other components like torque motors and encoders is expected to streamline the assembly process for humanoid robot manufacturers, reducing complexity [13]. Group 4: Competitive Landscape and Key Players - The global cycloidal reducer market is currently dominated by Japanese companies in the harmonic and RV reducer segments, but the cycloidal reducer sector is still evolving with intense competition from traditional and new entrants [12][18]. - Companies like Shuanghuan Transmission and Haoneng Co. are leveraging their expertise in precision manufacturing to rapidly enter the cycloidal reducer market, showcasing significant growth potential [18][19]. - The trend of vertical integration in the industry is evident, with leading firms moving towards integrated joint modules that combine cycloidal reducers with other essential components [13][20]. Group 5: Future Outlook - The rise of cycloidal reducers is expected to drive humanoid robot joint technology into a new iterative cycle, facilitating the transition from laboratory settings to real-world applications [23]. - The industry is likely to see a convergence of automotive and robotics technologies, enhancing manufacturing capabilities and creating a positive feedback loop for both sectors [24].

Market Overview - A-shares maintained a narrow fluctuation on July 16, with the Shanghai Composite Index closing at 3503.78 points, down 0.03% [1] - The Shenzhen Component Index and the ChiNext Index both fell by 0.22% to 10720.81 points and 2230.19 points, respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 146.19 billion yuan, a decrease of over 170 billion yuan from the previous day [1] Sector Performance - Financial stocks collectively declined, while the steel, non-ferrous metals, and coal sectors showed weakness [1] - The automotive supply chain stocks surged, with companies like Rongtai Co., Fuda Co., and Zhejiang Rongtai hitting the daily limit [1] - The innovative drug concept saw significant activity, with stocks like Guosheng Tang and Iwu Biotech rising approximately 16% [5][6] - The humanoid robot concept remained hot, with companies like Shangwei New Materials achieving a six-day limit increase [2][4] Notable Company Movements - Huadian New Energy, which debuted on the Shanghai main board, closed up 125.8%, reaching a market value of over 300 billion yuan at one point [1] - Weiyali, a Hong Kong-based electronic component distributor, saw its stock surge by 288% upon resuming trading, with an intraday increase exceeding 900% [1] Humanoid Robot Sector Insights - The humanoid robot industry is in its early stages, with significant growth expected in the next 3 to 5 years across various applications [4] - The current phase is described as the "dawn" of humanoid robot industrialization, with mass production and large-scale application becoming feasible [4] - Cost reduction is crucial for the widespread adoption of humanoid robots, and companies that master core component technologies are recommended for investment [4] Innovative Drug Sector Insights - The innovative drug sector experienced strong gains, with several companies hitting the daily limit [5][6] - The recent launch of the 11th batch of national drug centralized procurement is expected to impact the market, focusing on mature "old drugs" rather than innovative drugs [7] - The introduction of measures to support the high-quality development of innovative drugs indicates a growing role for commercial insurance in the healthcare system [7] Pet Economy Sector Insights - The pet economy concept gained traction, with companies like Weike Technology rising over 10% [8] - The pet food sector is viewed as a growing market with significant long-term growth potential, particularly for domestic brands [8]

Market Overview - The A-share market experienced a slight pullback today, with the Shanghai Composite Index down by 0.03%, the Shenzhen Component down by 0.22%, and the ChiNext Index also down by 0.22. [2] Automotive Sector - The automotive sector showed strength in the afternoon, particularly in the auto parts segment, with stocks like Tianlong Co. (603266) and Yingli Automotive (601279) hitting the daily limit. [4][5] - The auto parts index rose by 1.83%, with notable stocks such as Dongli New Technology (600841) increasing by 10.02% and Fuda Co. (603166) also reaching the daily limit. [6][7] Medical Sector - The pharmaceutical sector continued to be active, with both innovative and generic drugs performing well. Stocks like Lizhu Group, Hasailian, and Qianhong Pharmaceutical saw their prices hit the daily limit. [13][14] - Lianhuan Pharmaceutical (600513) has shown strong performance, achieving six limit-ups in eight days, despite announcing an expected net loss of 38 to 45 million yuan for the first half of 2025. [15][17][18] Financial Sector - The financial sector experienced a localized pullback, particularly in insurance and banking stocks. [19][20] - Research from Donghai Securities suggests that the insurance sector is currently undervalued, with a focus on large listed insurance companies that have a clear competitive advantage. [20]

Core Viewpoint - The reducer concept sector has shown a positive performance with a 1.89% increase, ranking 10th among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Sector Performance - As of July 16, the reducer concept sector saw 96 stocks rise, with notable performers including Fuda Co., Ltd. and Haoneng Co., Ltd. hitting the daily limit, while Jindao Technology, Zhongchen Technology, and Jinguan Technology also posted strong gains of 11.70%, 9.65%, and 8.79% respectively [1][2]. - The sector experienced a net inflow of 1.384 billion yuan from main funds, with 68 stocks receiving net inflows, and 15 stocks exceeding 50 million yuan in net inflows [2][3]. Group 2: Key Stocks - Fuda Co., Ltd. led the net inflow with 227 million yuan, followed by Haoneng Co., Ltd. with 215 million yuan, Jiangsu Leili with 142 million yuan, and Lixing Co., Ltd. with 92.1 million yuan [2][3]. - The top three stocks by net inflow ratio were Fuda Co., Ltd. at 22.43%, Zhongchen Technology at 18.36%, and Haoneng Co., Ltd. at 15.65% [3][4]. Group 3: Market Trends - The overall market for the reducer concept is characterized by a mix of strong performers and some stocks facing declines, with notable declines in Shengdexintai, Inner Mongolia One Machine, and Zhongma Transmission, which fell by 4.73%, 2.67%, and 2.38% respectively [1][8].

Market Overview - The Shanghai Composite Index fell by 0.03% on July 16, with 14 out of the 28 sectors rising, led by the social services and automotive sectors, which increased by 1.13% and 1.07% respectively [1] - The steel and banking sectors experienced the largest declines, with decreases of 1.28% and 0.74% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 14.265 billion yuan, with 12 sectors seeing net inflows [1] - The public utilities sector had the highest net inflow of 2.823 billion yuan despite a 0.20% decline, followed by the pharmaceutical and biotechnology sector, which rose by 0.95% with a net inflow of 2.095 billion yuan [1] Automotive Sector Performance - The automotive sector rose by 1.07% with a net capital inflow of 1.865 billion yuan, comprising 276 stocks, of which 228 rose and 45 fell [2] - Notable stocks with significant net inflows included Jianghuai Automobile (4.35 billion yuan), Top Group (2.42 billion yuan), and Fuda Co. (2.27 billion yuan) [2] - The sector also saw 12 stocks with net outflows exceeding 30 million yuan, led by Sailis (-818.46 million yuan), Yue Ling Co. (-128.06 million yuan), and Hailian Jinhui (-80.58 million yuan) [3] Automotive Sector Capital Inflow and Outflow - Top inflow stocks included: - Jianghuai Automobile: +3.38%, turnover rate 3.16%, inflow 434.77 million yuan - Top Group: +3.51%, turnover rate 3.64%, inflow 241.54 million yuan - Fuda Co.: +10.01%, turnover rate 9.45%, inflow 226.50 million yuan [2] - Top outflow stocks included: - Sailis: -0.80%, turnover rate 1.36%, outflow -818.46 million yuan - Yue Ling Co.: -0.97%, turnover rate 34.31%, outflow -128.06 million yuan - Hailian Jinhui: -0.72%, turnover rate 16.98%, outflow -80.58 million yuan [3]