上周市场小幅调整，中证新华社民族品牌工程指数报1592.73点。中际旭创（300308）、山西汾酒 （600809）、泸州老窖（000568）等成分股上周表现强势；2025开年以来，信立泰（002294）、安集科 技、丸美生物（603983）等成分股涨幅居前。展望后市，机构认为，A股市场短期大概率震荡蓄势，结 构上或继续呈现快速轮动格局；中期视角来看，随着国内政策面利好和基本面进一步好转，A股整体向 上的几率较大。 □本报记者王宇露 市场或呈现快速轮动格局 展望后市，星石投资表示，短期来看，海外因素带来的风险偏好变化或是市场波动的重要因素，考虑到 市场对海外风险的定价逐渐充分，A股市场大概率震荡蓄势，结构上或继续呈现快速轮动格局。 中期视角下，星石投资认为，随着前期存量政策加速落地及政策力度的持续加强，国内经济延续修复格 局，市场情绪可能跟随政策发力节奏和基本面边际变化而进一步修复。目前国证A指ERP指数(股权风险 溢价)处于历史较高水平，沪深300指数的股息率在3%以上，意味着权益类资产依旧具有较强的中长期 投资性价比，随着国内政策面和基本面进一步向好，A股整体上行几率较大。 沣京资本表示，近期地缘局势不确 ...

证券代码：603486 证券简称：科沃斯 公告编号：2025-043 转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 关于"科沃转债"预计满足转股价格 修正条件的提示性公告 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。 一、 可转债发行上市概况 二、可转债转股价格修正条款与可能触发情况 （一）转股价格修正条款 在本次可转债存续期间，当公司 A 股股票在任意连续三十个交易日中有十五个交 易日的收盘价低于当期转股价格的 85%时，公司董事会有权提出转股价格向下修正方 案并提交公司股东会审议表决。若在前述三十个交易日内发生过转股价格调整的情 形，则在转股价格调整日前的交易日按调整前的转股价格和收盘价计算，在转股价格 调整日及之后的交易日按调整后的转股价格和收盘价计算。 上述方案须经出席会议的股东所持表决权的三分之二以上通过方可实施。股东进 行表决时，持有本次可转债的股东应当回避。修正后的转股价格应不低于前项通过修 正方案的股东会召开日前二十个交易日公司 A 股股票交易均价和前一交易日公司 A 股 股票交易均价 ...

（一）转股价格修正条款 1、修正权限与修正幅度 1、债券简称：科沃转债 2、债券代码：113633 3、发行日期：2021 年 11 月 30 日 4、发行数量：10,400,000 张 5、面值和发行价格：每张面值 100 元 6、发行总额：人民币 104,000 万元 7、债券利率：第一年 0.3%、第二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 1.8%、第六年 2.0% 8、债券期限：本次可转债期限为自发行之日起六年，即自 2021 年 11 月 30 日至 2027 年 11 月 29 日 9、上市日期：于 2021 年 12 月 29 日起在上海证券交易所挂牌交易 10、转股期起止日期：2022 年 6 月 6 日至 2027 年 11 月 29 日 11、转股价格：初始转股价格为 178.44 元/股，最新转股价格为 174.72 元/股。 证券代码：603486 证券简称：科沃斯 公告编号：2025-043 转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 关于"科沃转债"预计满足转股价格 修正条件的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

内容概况：我国热释电红外传感器技术起步于20世纪70年代，早期主要应用在军事领域，随着技术不断 进步、成本逐步下降，市场逐渐向民用领域扩张。近年来，随着热释电红外传感器行业技术的日益成 熟，劳动生产率不断提高，加上中国制造的成本优势，中国逐步成为全球热释电红外传感器制造中心。 与此同时，在我国LED照明、安防监控需求快速增长的拉动下，我国热释电红外传感器市场规模持续扩 大。据统计，中国热释电红外传感器行业市场规模从2015年的3.65亿元增长至2024年的15.99亿元，年复 合增长率为17.84%。未来，随着物联网等技术的不断成熟，热释电红外传感器的应用将会更加广泛， 同时随着科学技术的不断发展，新材料的突破有可能进一步推动热释电红外传感器的发展。 关键词：热释电红外传感器、市场规模、产量、需求量、红外滤光片、销售额、智能家居 一、热释电红外传感器行业概述 热释电红外传感器（Pyroelectric Infrared Detector，PIR）是利用热释电材料的自发极化强度随温度变化 的特性，以非接触形式检测出人体辐射的红外线能量的变化，并将其转换成电信号，以电压或电流形式 输出，并通过将输出的信号放大，达 ...

（图片来源：摄图网） 近年来，国产割草机器人凭借其技术优势和性价比，在海外市场迅速走俏，成为欧美家庭打理花园的得力助 手。 今年以来，九号公司、科沃斯、格力博、大叶股份等多家从事机器人或园林设备制造的企业业绩快速增长， 其中智能割草机器人海外销售成为新亮点。这些产品不仅具备自动避障、厘米级定位和高效路径规划等技术 优势，还通过激光雷达、无边界导航等技术突破，显著提升了产品性能，大幅优化了用户体验。此外，随着 激光雷达等关键部件的国产化加速，整机成本降低，推动了产品价格下降，进一步增强了市场竞争力。 在欧美等国家，家庭草坪保有量较大，传统割草机在环保和高效方面存在诸多不足，难以满足当地消费者的 需求。而国产割草机器人凭借智能化操作和精准的路径规划，完美地解决了这些问题，受到了当地消费者的 广泛青睐。以科沃斯的割草机器人为例，其在德国市场已建立了稳定的售后系统，为消费者提供了全方位的 服务保障。同时，产品设计充分考虑了欧洲用户的使用习惯，路径规划高效合理，深受用户好评。 此外，完善的产业链和强大的产业配套能力，也为中国企业的海外拓展提供了坚实支撑，能够确保割草机器 人的生产效率和产品质量，同时降低生产成本，提高企 ...

Core Viewpoint - The article highlights the growing popularity of Chinese-made robotic lawn mowers in overseas markets, driven by technological advancements, competitive pricing, and increasing demand for automated gardening solutions. Group 1: Market Demand and Growth - The demand for robotic lawn mowers is increasing in Europe and Australia due to large residential lawns, lower population density, and the inefficiency of traditional manual mowing methods [8][9]. - Factors such as aging populations, faster lifestyles, and increased outdoor space needs are contributing to the growth in demand for robotic lawn mowers [9]. - The global market for robotic lawn mowers is projected to reach approximately $4 billion by 2028 [9]. Group 2: Technological Advantages - Chinese brands like Ecovacs and Greebo are gaining traction in international markets due to their advanced technology, including RTK satellite positioning and multi-sensor systems that enhance navigation and obstacle avoidance [12][13]. - Innovations such as laser radar and intelligent algorithms have significantly improved the performance and user experience of robotic lawn mowers, allowing for features like remote control via mobile apps [13][14]. - The ability to adapt to various lawn sizes and conditions, along with cost-effective production due to a complete domestic supply chain, has positioned Chinese manufacturers favorably in the global market [14][15]. Group 3: Industry Landscape - As of May, there are 177 companies in China explicitly involved in the robotic lawn mower sector, with significant concentrations in cities like Suzhou and Shenzhen [14]. - Companies like Ninebot and Anker are expanding their overseas sales channels, with Anker reporting over 4,000 units sold in the first month of launching new models [16]. - The robust supply chain and cross-border e-commerce platforms are facilitating the growth of Chinese robotic lawn mower exports, enhancing brand visibility and market reach [16].

Investment Rating - The report maintains an "A" rating for the home appliance industry, indicating expected performance to lead the market [2][42]. Core Viewpoints - The home appliance sector is experiencing a mixed performance with policy stimuli and recovering sales, particularly in the retail space [4]. - The export growth of home appliances has shifted from explosive replenishment to stable demand support, with a notable decline in May's export volume [20]. - The imposition of a 50% import tariff by the U.S. on various steel home appliances is expected to significantly impact exports, particularly for refrigerators and washing machines [16][12]. Summary by Sections White Goods Production - Production growth rates for household air conditioners and refrigerators are gradually slowing, while washing machine production remains stable. In June, air conditioner production is projected at 20.5 million units, with growth rates of 11.5%, 6.3%, and 2.7% for June to August. Refrigerator production is expected at 7.9 million units, with growth rates of 3.6%, -0.7%, and -5.5% [12][15]. - Domestic air conditioner production is experiencing significant growth, while external sales are declining due to high inventory levels and tariff adjustments [12][15]. Home Appliance Exports - In May, the export volume of home appliances turned negative, with a year-on-year decline of 8.87% in export value, totaling $8.21 billion, and a 5.93% drop in export volume, amounting to 386 million units [20]. - The industry is transitioning to a "new normal" growth rate, focusing on emerging markets and product upgrades amid geopolitical risks [20]. Raw Materials - Prices for raw materials, such as rebar, are stable, with a decrease in rebar prices by 4.14% to 2961 yuan per ton, indicating minimal cost pressure on the home appliance industry [26]. Shipping Costs - Shipping costs have surged due to tight capacity across multiple routes, with the comprehensive index for Chinese export container freight rising by 7.63% to 1243.05 [31]. - The increase in shipping costs is attributed to geopolitical factors and seasonal demand, impacting the overall cost structure for large goods like home appliances [31]. Investment Recommendations - The report outlines four main investment strategies: 1. **Configuration Type**: Focus on white goods with high performance and limited valuation downside, recommending stocks like Midea Group and Gree Electric [37]. 2. **Turning Point Type**: Anticipating a recovery in small appliances and kitchen appliances due to low baselines and stimulus policies, with stocks like XGIMI Technology and Bear Electric [37]. 3. **Prosperity Type**: Emphasizing the competitive advantage of domestic black goods brands amid technological upgrades, recommending stocks like Hisense Visual and TCL Electronics [37]. 4. **Theme Type**: Highlighting opportunities in the humanoid robot supply chain, suggesting stocks like Sanhua Intelligent Control and Dechang Technology [37].

Core Viewpoint - The article highlights the growing popularity of Chinese-made robotic lawn mowers in overseas markets, particularly in Europe and Australia, driven by technological advancements and changing consumer preferences towards automation and eco-friendliness [8][9][10]. Industry Overview - The global market for robotic lawn mowers is projected to reach approximately $4 billion by 2028, indicating significant growth potential [10]. - The demand for robotic lawn mowers is fueled by factors such as an aging population, increased outdoor space needs, and a faster-paced lifestyle [9][10]. Company Performance - Companies like Ecovacs, Greebo, and Ninebot have reported rapid growth in overseas sales of robotic lawn mowers, with Ecovacs expecting a year-on-year sales increase of over 271.7% in 2024 [10][14]. - The performance of these companies is attributed to their ability to innovate and adapt to local market needs, such as providing localized after-sales support [9][10]. Technological Advancements - Chinese manufacturers have made significant technological breakthroughs, including centimeter-level satellite positioning and multi-sensor fusion systems, which enhance the performance and user experience of robotic lawn mowers [12][13]. - Innovations such as laser radar and smart algorithms have improved navigation, obstacle avoidance, and energy efficiency, leading to better product performance [13][15]. Market Dynamics - The article notes that the complete industrial chain and supply chain in China provide a strong foundation for product innovation and cost reduction, facilitating the rapid expansion of robotic lawn mowers in international markets [14][15]. - The rise of cross-border e-commerce platforms has also contributed to the growth of these products overseas, simplifying trade processes and enhancing brand visibility [15].

转债代码：113633 转债简称：科沃转债 2025 年 6 月 17 日 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。 科沃斯机器人股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第 三届董事会第二十六次会议、第三届监事会第十九次会议审议通过了《关于注销部 分已授予但尚未行权的股票期权的议案》，鉴于公司 2024 年股票期权与限制性股票 激励计划首次授予的 77 名激励对象因离职已不再符合激励条件。根据公司《2024 年股票期权与限制性股票激励计划（草案）》的规定，公司拟注销上述已授予但尚 未行权的股票期权合计 977,700 份。具体内容详见公司于 2025 年 4 月 26 日在上海 证券交易所网站（www.sse.com.cn）上披露的《关于注销部分已授予但尚未行权的 股票期权的公告》（公告编号：2025-022）。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票期权 的申请，经中国证券登记结算有限责任公司上海分公司审核确认，公司已于 2025 年 6 月 16 日完成该部分股 ...

有人破产，有人上市。 5月初，智能割草机初创公司森合创新宣布解散；5月底，提供视觉感知技术和智能机器人产品的乐动机器人递表港交所，并披露其割草机器人2025年以来销 量已超15000台。 主要瞄准海外市场的庭院机器人是智能硬件赛道的热点品类。不少人判断2025年将是行业爆发之年，但残酷的淘汰赛也正在进行。 亿级庭院，头部玩家开始领跑 庭院机器人包括泳池清洁、割草、除雪等类型，主要服务欧美家庭的庭院需求。以割草机器人为例，据 CIC 灼识咨询估算，2024年全球约有2.5亿块庭院， 家庭平均每月需要修剪草坪2-3次，高昂的人力成本推动更多用户转向高效、自动化的替代方案。 根据灼识咨询数据，2024年全球智能割草机器人的销量约为38.35万台，市场规模达到61亿元人民币，在全球草坪修剪机械市场的渗透率不到2%；若智能割 草机器人完全替代传统草坪修剪机械和传统割草机器人，渗透率有望提升至17%，潜在市场总规模有望超过3000亿元人民币。 2022-2023，企业批量进入智能割草机器人赛道。国产电动工具巨头宝时得在2024年完成超2.5亿美元的首轮股权融资，继续加码智能割草机器人和新能源商 用园林工具等业务；科沃斯、 ...