证券研究报告 | 2025 年 10 月 21 日 晨会集萃 1、在全年赚钱效应已较充分兑现的背景下，四季度资金行为易趋于保守， 叠加政策预期与业绩验证窗口共振，市场风格往往阶段性转向"盈利质量 +估值安全"的大盘蓝筹。整体而言，根据 2005-2024 样本，微盘股胜率 领先，但各风格之间的差异并不明显，表明四季度或存在风险再平衡特征。 2、行业层面，领涨行业多集中在金融、稳定、顺周期板块，一定程度上 反映年底投资者风险偏好下降，存在锁定年内收益的需求。3、同样考虑 与今年类似的前三季度大盘整体走牛行情，可以观察到存在两种逻辑：一 是"滞涨补涨+高涨幅获利了结"的切换逻辑。第二个逻辑是主线的定力， 如 2017 年的食品饮料和 2020 年的机械设备、电力设备、军工等中游制 造。4、四季度需关注低估值板块切换条件是否成熟，以及高位板块景气 能否持续。目前，部分金融、周期、消费等顺周期板块估值仍处于历史低 位，存在安全边际和切换空间，但我们认为仅凭低估值或难驱动持续性行 情，需叠加政策催化、经济数据改善。 风险提示：1）过去历史经验仅供参考；2）政策出台和落地具备不确定性； 3）海外流动性超预期收紧。 《策略 ...

行业报告 | 行业研究周报 新兴产业 证券研究报告 2025 年 10 月 20 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 美国人形机器人初创企业发布新品，助力推动产业技术升级 美国人形机器人初创企业 Figure AI 在官网于 10 月 9 日正式发布其第三代人形机器人产品 Figure03，专为其自主研发的视觉-语言-动作大模型"Helix"量身打造，并瞄准家庭场景及 规模化应用。在硬件系统方面，该机器人手部系统与传感器全面升级：每根指尖可感知仅约 3 克的压力，从而可识别"稳固握持"与"即将滑落"状态，提升抓取复杂、不规则或易碎物体 的能力。视觉系统也大幅强化：通过帧率提升一倍、延迟缩减四分之一、单镜头视野扩大约 60% 并加深景深覆盖，配合每只手掌内置广角低延迟摄像头，能够在主摄被遮挡时仍维持近距离视 觉反馈。在机体设计上，其外层由柔性织物覆盖、可拆卸清洗，与上一代相比整机质量减少约 9%，更适合在家庭环境高效工作。为支撑量产，Figure AI 自建 "BotQ" 专用工厂，首期 年产能达 1.2 万台，并通过 ...

柯力传感(603662.SH)盘中跌3.94%至66.01元，股价创9月5日以来逾一个月新低。柯力传感公告，控股股东一致行动人鲁忠耿持有公司135万股，占 0.4807%，计划2025年11月6日至2026年2月5日以集中竞价方式减持不超过135万股，占0.4807%；一致行动人黄朝霞持有10.09万股，占0.0359%，拟在同一期 间以集中竞价方式减持不超过10.09万股，占0.0359%，减持价格按市场价格确定。(格隆汇) ...

中国经济网北京10月16日讯柯力传感（603662）(603662.SH)昨晚发布关于控股股东的一致行动人集中 竞价减持股份计划公告。本次减持主体为柯力传感控股股东的一致行动人鲁忠耿、黄朝霞。鲁忠耿持有 公司1,350,000股，占公司总股本比例为0.4807%，黄朝霞持有公司100,879股,占公司总股本比例为 0.0359%。 因自身资金需求，自公告披露之日起15个交易日后的3个月内，鲁忠耿以集中竞价交易方式减持所持有 的公司无限售条件流通股不超过1,350,000股，占公司总股本的0.4807%；黄朝霞以集中竞价交易方式减 持所持有的公司无限售条件流通股不超过100,879股，占公司总股本的0.0359%，减持价格均按市场价格 确定。 以15日收盘价68.72元计算，鲁忠耿计划减持套现不超过9277.20万元，黄朝霞计划减持套现不超过 693.24万元，合计不超过9970.44万元。 公告显示，鲁忠耿为柯建东的岳父，黄朝霞为柯建东的弟媳。 柯力传感年报显示，柯建东为控股股东及实际控制人。森纳投资、申宏投资、鲁忠耿为公司控股股东、 实际控制人柯建东的一致行动人。2024年7月，柯建东持有申克投资股权比例由 ...

Core Insights - On October 15, Haier Biomedical and Hainan Huatie disclosed shareholding increases, while 23 A-share listed companies announced shareholding reductions [1][3] Group 1: Shareholding Increases - Haier Biomedical's major shareholder, Jiusiyouxuan No.1 Private Securities Investment Fund, has become a shareholder with over 5% stake [3] - Hainan Huatie's second-largest shareholder, Hu Danfeng, completed a share increase plan, accumulating 6.448 million shares [3] Group 2: Shareholding Reductions - Ugreen Technology plans to reduce its shareholding by up to 1.5% [3] - Dongxin Peace's directors, Chen Zongchao and Huang Xiaopeng, plan to reduce their shareholdings [3] - Meilixin's director, Ma Minghai, and others intend to reduce their holdings by up to 0.34% [3] - Dongsoft Zhaibo's controlling shareholder, Lanhai Ruisheng, plans to reduce its stake by up to 1.06% [3] - Demingli's second-largest shareholder, Wei Hongzhang, intends to reduce its holdings by up to 1.32% [3] - Nanling Technology's shareholders plan to collectively reduce their holdings by up to 3.26% [3] - Lio Co., Ltd. plans to reduce up to 135 million shares of its repurchased shares [3] - Huizhiwei's second-largest shareholder, the National Fund Phase II, plans to reduce its holdings by up to 1% [3] - Hahuan Huadong's shareholder, Hexie Investment, plans to reduce its holdings by up to 1% [3] - Huichuangda's shareholder, Ningbo Tongjia, plans to reduce its holdings by up to 2.9999% [3] - Jinsong New Materials' shareholder, Ningbo Liyi, plans to reduce its holdings by up to 2% of the total share capital [3] - Feirongda's controlling shareholder and actual controller plan to reduce their holdings [3] - Deyi Culture's specific shareholder, Chen Lan, plans to reduce its holdings by up to 1% [3] - Sanfeng Intelligent's Dong Chenwei and his associates plan to reduce their holdings by up to 2.85% [3] - Yilian Forging's shareholder, Gaoxin Tonghua, plans to reduce its holdings by up to 3% [3] - Huada Jiutian's fourth-largest shareholder, the National Fund, has cumulatively reduced 2.7147 million shares [3] - Riyue Co., Ltd.'s director and vice president, Zhang Jianzhong, plans to reduce up to 156,900 shares [3] - Western Gold's second-largest shareholder, Yang Niurong, plans to reduce up to 18.22 million shares [3] - Yonghui Supermarket's vice president, Luo Wenxia, plans to reduce up to 109,000 shares [3] - Baobian Electric's shareholder, the financial arm of the military industry, plans to reduce up to 0.98% [3] - Keli Sensor's Lu Zhonggeng and Huang Zhaoxia plan to reduce their holdings by up to 0.4807% and 0.0359% respectively [3] - Shuhua Sports' shareholders plan to collectively reduce their holdings by up to 3% [3] - Jintuo Co., Ltd.'s shareholders, Pan Zhu He and others, plan to reduce their holdings by up to 2.95% [3]

Core Insights - On October 15, several A-share listed companies disclosed their shareholding changes, with notable increases and decreases in holdings by major shareholders [1] Group 1: Increased Holdings - Haier Biomedical's major shareholder, Jiusiyouxuan No.1 Private Securities Investment Fund, has become a shareholder with over 5% stake [2] - Hainan Huate's second-largest shareholder, Hu Danfeng, completed a share buyback plan, accumulating 6.448 million shares [2] Group 2: Decreased Holdings - Ugreen Technology's shareholders plan to reduce their holdings by up to 1.5% [2] - Dongxin Peace's directors, Chen Zongchao and Huang Xiaopeng, are planning to sell shares [2] - Meilixin's director, Ma Minghai, and others intend to reduce their holdings by up to 0.34% [2] - Dongsoft Zhaibo's controlling shareholder, Lanhai Ruisheng, plans to reduce holdings by up to 1.06% [2] - Demingli's second-largest shareholder, Wei Hongzhang, intends to reduce holdings by up to 1.32% [2] - Nanling Technology's shareholders plan to collectively reduce holdings by up to 3.26% [2] - Liou Co. plans to reduce up to 135 million shares of repurchased stock [2] - Huizhiwei's second-largest shareholder, the National Fund II, plans to reduce holdings by up to 1% [2] - Other companies, including Hahai Transportation, Huichuangda, and others, have also announced plans for share reductions [2]

Core Viewpoint - Kuike Intelligent (603203) is actively engaged in providing electronic assembly and automation equipment to key clients in the humanoid robotics sector, indicating a strategic position in a growing industry [1] Group 1: Client Relationships - The company supplies equipment to notable clients such as Huichuan Technology (300124), Sanhua Intelligent Control (002050), Top Group (601689), Wolong Electric Drive (600580), Keli Sensor (603662), Jiangsu Leili (300660), and Southern Precision (002553) [1] Group 2: Industry Focus - These clients are involved in producing essential components for humanoid robots, including motors, sensors, and reducers, highlighting the company's role in the robotics supply chain [1]

柯力传感（603662）(603662.SH)发布公告，因自身资金需求，自本公告披露之日起15个交易日后的3个 月内，鲁忠耿以集中竞价交易方式减持所持有的公司无限售条件流通股不超过135万股，占公司总股本 的0.4807%;黄朝霞以集中竞价交易方式减持所持有的公司无限售条件流通股不超过100,879股，占公司 总股本的0.0359%，减持价格均按市场价格确定。 ...

10月16日，柯力传感（603662.SH）发布公告，披露了控股股东的一致行动人鲁忠耿、黄朝霞的股份减 持计划。 以柯力传感今日68.72元/股的股价计算，鲁忠耿与黄朝霞此次计划减持的股份总市值约为9970万元。 本次减持将在公告披露之日起15个交易日后的3个月内进行，减持期间为2025年11月6日至2026年2月5 日。减持价格将按市场价格确定。 公告同时提及，本次减持计划的实施不会对公司治理结构及持续经营情况产生重大影响。 截至公告披露日，柯建东持股比例约为44.97%。 （文章来源：中国经营报） 公告显示，鲁忠耿为公司控股股东、实际控制人柯建东的岳父，黄朝霞为柯建东的弟媳。二人因个人资 金需求，计划通过集中竞价交易方式，减持所持有的全部公司股份。 根据减持计划，鲁忠耿拟减持不超过1350000股，占公司总股本的0.4807%；黄朝霞拟减持不超过 100879股，占公司总股本的0.0359%。 ...

Core Viewpoint - The company Keli Sensor (603662.SH) announced plans for major shareholders to reduce their holdings of unrestricted circulating shares due to personal funding needs [1] Group 1: Shareholder Reduction - Shareholder Lu Zhonggeng plans to reduce his holdings by up to 1.35 million shares, accounting for 0.4807% of the company's total share capital [1] - Shareholder Huang Zhaoxia intends to reduce his holdings by up to 100,900 shares, representing 0.0359% of the company's total share capital [1] - Both reductions will be executed through centralized bidding at market prices [1]