《景顺全球主权资产管理研究》显示，在首选新兴市场投资重点中，59%的受访者将中国列为高度或中 度优先市场。这是自2024年以来的重大转变，表明投资者或对中国市场进行单独配置。 韩国股民对中国股票的投资热情也在持续攀升。韩国预托结算院（KSD）旗下SEIbro数据显示，截至7 月25日，今年以来韩国股民交易中国股票（包含A股和港股）的累计成交额为57.64亿美元。从成交额来 看，中国市场已成韩国股民第二大海外股票投资目的地。 近日，瑞银集团开展了一项覆盖全球的家族办公室调研，共计317位来自主要国家与地区的客户参与， 包括美国、拉丁美洲、瑞士、欧洲、中东及亚太地区。调查结果显示，全球19%的家族办公室计划增配 中国资产，比例较2024年上升3个百分点。 ◎记者 王彭 近期，国际资本圈掀起一轮增配中国资产的热潮。数据显示，主权财富基金、海外散户、家族办公室等 各类国际资本正通过多种渠道加速配置中国股票。 7月发布的《景顺全球主权资产管理研究》显示，近60%的主权财富基金将中国列为优先投资市场；根 据成交额计算，中国股市已成韩国股民第二大海外投资目的地；瑞银最新调查显示，全球19%的家族办 公室计划增配中国资产；7 ...

天眼查商业履历信息显示，诺力智能装备股份有限公司，成立于2000年，位于湖州市，是一家以从事装 卸搬运和仓储业为主的企业。企业注册资本25760.0791万人民币，实缴资本25760.0791万人民币。公司 法定代表人为丁毅。 金融界消息 截至2025年7月29日收盘，诺力股份（603611）报收于22.86元，下跌0.95%，换手率 4.23%，成交量10.90万手，成交金额2.48亿元。 资金流向方面，今日主力资金净流出4253.28万元，占比成交额17.12%。其中，超大单净流出3128.46万 元、占成交额12.59%，大单净流出1124.82万元、占成交额4.53%，中单净流出流入508.15万元、占成交 额2.05%，小单净流入3745.13万元、占成交额15.08%。 诺力股份最新一期业绩显示，截至2025一季报，公司营业总收入16.34亿元、同比减少6.69%，归属净利 润1.23亿元，同比增长6.30%，扣非净利润1.06亿元，同比增长18.21%，流动比率1.300、速动比率 0.765、资产负债率64.62%。 通过天眼查大数据分析，诺力智能装备股份有限公司共对外投资了21家企业，参与招 ...

| 投资者关系 | ☑特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 泉果基金：陈霄翔、尚广豪，和谐健康保险：朱之轩， | | 及人员姓名 | 申万菱信：谢欣雨、刘世昌，泓德投资：李昕阳， | | | 广发基金：杜威、何珏威， | | | 鹏华基金：孟昊、赵花荣、黄奕彬、张卓然、胡颖、戴钢、刘玉 | | | 江、蔡春根、张炜， | | | 广发证券：何珏威，杜威，王颂，邱世磊，杨定光，陈樱子，王 | | | 瑞冬，冯汉杰 | | 时间 | 2025 年 7 月 22 日 | | 上市公司 | 金婉怡（证券事务代表）、戴文斌 | | 接待人员姓名 | | | | 问答： | | | Q：为什么做具身智能搬运机器人？ | | | A：我们公司一直处于物料搬运行业。近八年科技日新月异，但 | | | 是除了十几年前的 AGV 产品，好像现象级划时代的新产品在物料 | | | 搬运行业并没有产生。我们公司从去年就开始广泛调查研究全球 | | | 科技，特别 ...

● 本报记者 罗京 从2015年营收破10亿元到2024年营收近70亿元，位于浙江湖州长兴县的智能物流龙头企业诺力股份，用 十年时间交出亮眼答卷。但公司董事长丁毅并未止步于此，"诺力下一个十年在哪"的思考始终萦绕在他 心头。去年以来人工智能大模型的崛起及以人形机器人为代表的具身智能技术的突破，为他带来了答案 的灵感，更让他看到了未来智能物流行业的曙光。 面对传统物流制造行业陷入全球经济重构、同质化竞争及人力成本攀升导致的三重困境，丁毅认为，破 局之道在于具身智能机器人。"市场对物流系统柔性化、智能化需求以年均25%的速度增长，这是行业 转型升级的难得机遇。"丁毅向记者表示，"经过反复的论证和探讨，我们判断具身智能的物流机器人将 会是未来的产品方向。" 十年技术沉淀打造先发优势 成立于2000年的诺力股份是一家具有自主创新能力的智能物流系统解决方案提供商，产品涵盖了全系列 叉车、智能立体仓库、智能输送分拣系统、AGV（自动导引运输车）系统、供应链综合管理软件以及 智能制造系统解决方案等。 2015年，诺力股份登陆上海证券交易所主板，同年公司与上海漠泽智能科技有限公司、自然人王东升共 同投资设立上海诺力智能科技有 ...

Group 1 - The report aims to summarize important weekly deep reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Core stocks identified by the team include Huada Jiutian, Shanghai Yanpu, Zhejiang Rongtai, and others [1] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG Group, and others, indicating a focus on key players in the manufacturing sector [1] Group 2 - As of July 18, 2025, the best-performing indices in the last week included Communication (+8%), Pharmaceutical Biology (+4%), and Automotive (+3%) [2][13] - The top three indices in the large manufacturing sector were Changjiang Lithium Battery Equipment Index (+5%), Automotive Parts (+4%), and Automotive (+3%) [2][15] - A deep report on Xuguang Electronics highlights its leadership in domestic vacuum devices and growth potential in controllable nuclear fusion and electronic materials [4] Group 3 - The report indicates that the total investment of approximately 1.2 trillion yuan in the Yarlung Zangbo River downstream hydropower project has commenced, driving demand for construction machinery [3] - The defense sector is expected to benefit from military trade leading to strategic reassessment, particularly in regions like the Middle East [3] - The competitive landscape for vacuum arc extinguishing chambers shows a high concentration in the domestic market, with a CR2 of about 60% [5] Group 4 - The report forecasts a revenue CAGR of approximately 35% for the megawatt-level electronic tube segment from 2024 to 2027 [4] - The power equipment business is expected to achieve a revenue CAGR of about 10% during the same period, driven by ongoing investments in the power grid [4] - The military business is projected to benefit from increased defense spending, with precision structural components expected to account for 58% of military revenue in 2024 [5] Group 5 - The report anticipates that the company will achieve revenues of 1.95 billion, 2.39 billion, and 3.03 billion yuan from 2025 to 2027, with a CAGR of 24% [4] - The expected net profit for the same period is projected to be 170 million, 210 million, and 270 million yuan, with a CAGR of 39% [4] - The report highlights the company's strong position in the domestic aluminum nitride materials market, benefiting from domestic substitution trends [5] Group 6 - The report notes that the company has a high market share in the medical information technology sector, covering approximately 60% of tertiary hospitals by the end of 2024 [6] - The expected growth in the domestic medical software industry is projected at a CAGR of 11.5% from 2024 to 2029 [6] - The company is collaborating with major players like Huawei to develop a comprehensive intelligent medical information platform [6]

投资者关系活动记录表 编号：2025-006 | 投资者关系 | ☑特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 中信建投陈宣霖、东方基金高强、国金资管姜喜旻、远信投资黄 | | 及人员姓名 | 垲锐、华创证券陈宏洋、国联民生蒙维洒 | | 时间 | 2025 年 7 月 17 日 | | 上市公司 | 金婉怡（证券事务代表）、戴文斌 | | 接待人员姓名 | | | | 问答： | | | Q：公司无人叉车的发展情况如何？ | | | A：公司 年成立 公司，做托举式机器人，主要做叉式 2015 AGV | | | 机器人，聚焦在重载式无人叉车方面，生产物流集成，从点对点 | | | 原料搬运。2017 年与科尔摩根签约，前期核心零部件价格高昂。 | | | 近几年开始，国产零部件有了非常大的质量和科技提升，价格也 | | | 随之下降，为公司生产叉式 提供便利。再加上现在很多下 AGV | | | 游行业信息化程度提升很快，加上公司人机混用的 ...

Group 1 - The 2025 Hangzhou International Humanoid Robot and Robotics Technology Exhibition showcased many companies from traditional sectors like bearings and motors, reflecting the strong development momentum of traditional industries in Zhejiang [1] - From January to May, the industrial added value of 17 key traditional manufacturing industries in Zhejiang increased by 6.6% year-on-year, accounting for 55.6% of the province's total industrial added value [1] - Zhejiang has issued measures to support the renewal and development of traditional industries, emphasizing that traditional industries can coexist and promote new productive forces [1] Group 2 - Companies like Noli Intelligent Equipment Co., Ltd. are innovating by integrating AI and automation into their products, such as advanced forklifts that can navigate autonomously [2] - Zhejiang Meixinda Textile Printing and Dyeing Technology Co., Ltd. has adopted a culture of "full staff innovation," increasing R&D investment from 3% to 6.1% of revenue, leading to significant product advancements [3][4] - Traditional industries in Zhejiang are increasingly adopting cutting-edge technologies like big data and AI to transform their production processes and business models [4] Group 3 - Zhejiang Changsheng Sliding Bearing Co., Ltd. has successfully transitioned from a traditional enterprise to a player in the emerging market of humanoid robots by developing key components [5] - Traditional enterprises face three main challenges in their transformation: breaking habitual thinking, acquiring talent, and achieving integration of new technologies [6][7] - The integration of AI and traditional manufacturing processes is crucial for enhancing productivity and competitiveness in Zhejiang's traditional industries [8] Group 4 - The average labor productivity in Zhejiang's traditional manufacturing sector is 261,000 yuan per person, lower than the overall industrial average of 291,000 yuan [9] - Companies are encouraged to leverage technological and industrial innovations to create new growth opportunities and improve their market positions [9][10] - The government has initiated reforms to enhance collaboration between enterprises and research institutions, facilitating the commercialization of innovative technologies [10] Group 5 - In Shaoxing, the local government is promoting advanced technologies in the printing and dyeing industry, resulting in a 30% increase in product added value through the adoption of digital printing [11] - Zhejiang has organized over 200 investment and financing roadshows this year, facilitating financing of over 3.4 billion yuan to support the transformation of small and medium-sized enterprises [12] - The government aims to provide long-term support and confidence to traditional industries to help them rejuvenate and thrive in the new economic landscape [12]

Investment Rating - The report maintains a "Buy" recommendation for the industry, highlighting the potential for significant growth in the adoption of unmanned forklifts as part of the smart logistics trend [6]. Core Insights - The rise of SLAM natural navigation technology is driving the transition from simple automation to autonomous intelligence in on-site logistics, with unmanned forklifts representing a leading product in this commercial evolution [1][2]. - The penetration rate of unmanned forklifts in traditional forklift markets is currently low at 1.66%, indicating substantial room for growth and replacement opportunities [2][42]. - The industry is characterized by a diverse competitive landscape, with major players including traditional forklift manufacturers and AGV/AMR companies, leading to a relatively fragmented market [2][6]. Summary by Sections 1. Current Development of Unmanned Forklifts - Unmanned forklifts are a fusion of forklift and AGV technologies, evolving from basic automated guided vehicles to more intelligent autonomous mobile robots (AMR) [1][13]. - The industry has a rich history of over 70 years, with significant advancements in navigation technology since 2010 [1][27]. 2. Factors Driving Penetration of Unmanned Forklifts - Economic benefits, technological advancements, and supportive policies are the three main drivers for the rapid increase in the penetration rate of unmanned forklifts [2][50]. - The sales volume of unmanned forklifts in China surged from 300 units in 2015 to 19,500 units in 2023, with a CAGR of 68.51% [2][38]. 3. Competitive Landscape - The competitive landscape features both traditional forklift companies and AGV/AMR firms, with a market concentration that remains relatively low [2][6]. - Key players include Anhui Heli, Hangcha Group, and Zhongli Group among traditional manufacturers, and Hikvision Robotics and Xian Gong Intelligent among AGV/AMR leaders [2][6]. 4. Investment Recommendations - The report suggests focusing on traditional forklift leaders and emerging AGV/AMR companies as potential investment opportunities, given the expected rise in unmanned forklift adoption [6][2].

Core Viewpoint - The entry of Zhiyuan Robotics into the Sci-Tech Innovation Board-listed company, Shuangwei New Materials, has attracted significant attention in the capital market, highlighting a collective leap of Zhejiang automotive parts companies into the humanoid robotics industry, aiming for high-quality development and a new growth curve [1][2]. Group 1: Industry Transition - Zhejiang Province has over 100 humanoid robotics-related companies, with more than 40 listed on the A-share market, indicating a robust shift from automotive manufacturing to humanoid robotics assembly [2]. - Companies like Xiash Precision and Junsheng Electronics are strategically pivoting towards humanoid robotics as a second growth curve, leveraging their existing automotive parts expertise [2][4]. - The humanoid robotics industry is seen as a new growth space, with companies like Shuanglin Co. and Wanliyang actively developing core components to tap into a market worth hundreds of billions [2][4]. Group 2: Technological Synergy - The transition of Zhejiang automotive parts companies to humanoid robotics is facilitated by the technological similarities in precision manufacturing, power control, and sensor integration, allowing for cost-effective R&D [7][11]. - Companies are utilizing existing production equipment and supply chains from the automotive sector to minimize costs and risks associated with entering the humanoid robotics market [9][11]. - The collaboration with leading automotive manufacturers enhances the supply chain and accelerates the development of humanoid robotics components [8][9]. Group 3: Market Potential - The humanoid robotics market is projected to experience explosive growth, with global sales expected to reach 1.24 million units by 2025 and over 500 million units by 2035, indicating a significant opportunity for companies in this sector [4][5]. - The aging population and labor shortages in manufacturing are driving the demand for humanoid robots, further solidifying the market's potential [6]. Group 4: Policy Support and Ecosystem - The Zhejiang government is providing targeted policy support to facilitate the transition of traditional manufacturing to future industries, emphasizing a collaborative approach between enterprises, academia, and research institutions [13][14]. - The establishment of a comprehensive ecosystem that includes supply chain collaboration and technological innovation is crucial for the successful transition of companies into the humanoid robotics sector [12][14].

编号：2025-005 | 投资者关系 | □特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | 参与单位名称 | 投资者电话沟通会 ☑其他 国泰海通欧阳天奕、陈竟聪、中邮保险资管高远、李柯宏、 | | 及人员姓名 | 汇百川基金武娇、 江海证券王金帅、华安保险张钰楠、 | | | 招商证券高杨洋、天弘基金郭芮、上海益菁潘江、招商证券徐叶、 | | | 上汽颀臻黄杨、鹏华基金张卓然、上海勤辰郑博宏、 | | | 鸿运私募张丽青、同泰基金董万江、海南佳岳薄琳琳、 | | | 摩根基金陶雨涛、国寿安保李丹、北京清和泉赵群翊、 | | | 招商研究部高杨洋、深圳市红筹乌焕强、上海递归于良涛、 | | | 广发银行葛小川、天弘基金郭芮、辽宁三弦王总、 | | | 深圳前海李凌飞、四川资本刘惠春、中航基金郑常斌 | | 时间 | 2025 年 7 月 10 日 | | 上市公司 | 金婉怡（证券事务代表）、戴文斌 | | 接待人员姓名 | | | | 问答： | | | Q：公司的叉车板块的产能分部 ...