开源证券表示，中国凭借强大的产业链协同与场景验证能力，率先实现人形机器人高强度运动场景的规 模化实践，其他国家尚未具备同类验证条件。相较2024年7月世界人工智能大会（部分机器人仍需吊装 辅助），本次赛事直接让机器人跑完全程，展现了关键技术的飞跃。同时赛事通过高曝光直播、"人气 奖"互动等机制，提升公众对人形机器人的认知与接受度，为未来人机融合的社会化应用铺路。作为人 形机器人国家战略的具象化展示，"一赛一会"产业生态战略，也为即将在8月举行的世界人形机器人运 动会预热。 机器人ETF（159770）跟踪中证机器人指数，该指数覆盖机器人核心零部件（汇川技术、绿的谐波）、 本体制造（埃斯顿）、系统集成（科大讯飞）等环节，前十大权重股占比50.57%，成分股聚焦工业机 器人，据国际数据公司（IDC）数据资料，工业机器人出口主要市场区域在亚太、欧洲等地区，对美出 口占比相对较低。 财信证券认为，人形机器人是继电脑、智能手机和新能源汽车后的另一个颠覆性产品的赛道。人形机器 人产业链主要由上游零部件、中游人形机器人本体及下游终端应用等环节组成。上游包括减速器、电 机、丝杠、控制器、传感器等硬件部分，以及软件系统部分。国 ...

A股机器人概念震荡反弹，福莱新材午后涨停，中润光学、震裕科技涨超10%，大叶股份、奥比中光、 鸣志电器、赛摩智能、华依科技、天奇股份等涨幅靠前。 ...

Group 1 - The world's first humanoid robot half marathon concluded in Beijing, with the TianGong Ultra robot winning the race in approximately 2 hours and 40 minutes [1] - TianGong Ultra, developed by the Beijing Humanoid Robot Innovation Center, stands 1.8 meters tall and features high-precision sensors and reinforcement learning algorithms, achieving a stable performance with an average speed of 10 km/h and a maximum speed of 12 km/h [1] - The robot maintained a battery change frequency of every 5 kilometers during the first 10 kilometers of the race, showcasing its lightweight design and bipedal motion control technology [1] Group 2 - The event serves as a technology showcase and a barometer for the capital market, with the Huaxia Fund's robot ETF (562500) exceeding 11.6 billion yuan, leading the industry and heavily investing in key players like Top Group and Mingzhi Electric [2] - The rise of humanoid robots from laboratory settings to complex applications is accelerating, with TianGong's performance highlighting the emergence of the domestic robot industry chain [2] - The Huaxia Robot ETF provides investors with a streamlined opportunity to engage in the trillion-yuan robot industry, leveraging its scale and liquidity to empower future investments [2]

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

Core Viewpoint - The public fund industry achieved impressive performance in Q1 2025, driven by a structural market led by AI and robotics themes [1][2]. Group 1: Fund Performance - The fund performance leaderboard for Q1 2025 was dominated by robotics-themed funds, Beijing Stock Exchange funds, and Hong Kong stock funds [2]. - The top-performing fund, Penghua Carbon Neutral Theme A, managed by Yan Siqian, achieved a return of 60.26%, heavily investing in several robotics stocks [3][5]. - Other notable funds include Ping An Advanced Manufacturing Theme A and Yongying Advanced Manufacturing Smart Selection A, both exceeding 50% returns, also focusing on robotics [6]. Group 2: Robotics Theme Funds - Penghua Carbon Neutral Theme A's significant holdings included stocks like Beite Technology and Hechuan Technology, with Double Forest Co. seeing a year-to-date increase of 118.16% [3][6]. - Fund managers expressed optimism about the rapid production of humanoid robots and the investment opportunities in new materials and technologies [7]. - The focus on core components and AI perception in humanoid robots indicates a growing market potential, with significant room for technological advancement [7][8]. Group 3: Beijing Stock Exchange Funds - Beijing Stock Exchange funds also performed well, with notable returns from funds like CITIC Construction Investment and Huaxia, achieving returns of 38.98% and 37.45% respectively [9]. - These funds have successfully identified high-performing stocks within the Beijing Stock Exchange, such as Kelaite, which saw a remarkable increase of 136.01% [9]. Group 4: Hong Kong Stock Funds - Hong Kong stock funds regained attention, with funds like Huatai Hong Kong Advantage Selection and Zhongyin Hong Kong Medical achieving returns of 38.9% and 32.25% respectively [12]. - The performance of these funds was bolstered by significant gains in pharmaceutical stocks, with companies like Kelun Pharmaceutical and Rongchang Biological seeing increases of 78.08% and 64.58% [12]. - The manager of Huatai Hong Kong Advantage Selection highlighted the growing competitiveness of Chinese innovative drugs in the global market, projecting a significant increase in overseas licensing deals [12][13].

灵巧手作为一种仿人手生理结构机器人，是一种拟人化并能实现智能控制的高级末端执行机构。灵巧手 种类多样，按照传动方式与驱动结构划分，可以分为腱绳传动、连杆传动、齿轮传动、液压传动和混合 传动，其中腱绳传动方案一直是行业的主流方案。特斯拉发布原型机后，其展示的灵巧手方案多次迭 代，其在降本为核心的路径中，驱动系统整体重构，2024年10月展示的灵巧手看，整体细节更加简洁， 动作更加灵活，目前的灵巧手方案是电机通过行星滚柱丝杠驱动腱绳，同时自由度提升到22个，驱动装 置前移至小臂。 空心杯电机是灵巧手驱动方案的优选，传动方案选择具备多样性 风险提示：人形机器人产业化进程不确定性风险、技术研发不及预期的风险。 国泰君安发布研报称，目前，灵巧手行业主要产品仍以国外品牌为主导，受益于人形机器人的发展，国 内企业纷纷跟进，推出自己的相关灵巧手产品，技术加速收敛海外，该行推荐具备灵巧手生产能力并具 备产品的公司，以及灵巧手核心零部件厂商，重点推荐兆威机电（003021）(003021.SZ)、鸣志电器 （603728）(603728.SH)、捷昌驱动（603583）(603583.SH)，受益标的为鼎智科技(873593.B ...

本报告导读： 传动方式看，腱绳方案依然较为主流，各家厂商传动方案整体看不尽相同，均存在一定创新性，在一级 二级三级传动的各环节中，特斯拉选用电机+微型丝杠+腱绳的创新方案。 灵巧手触觉方案：感知技术是机器人商业化落地的"功能触角"。灵巧手的传感器主要包括内部传感器和 外部传感器两类。内部传感器主要反馈灵巧手的姿态信息，决定灵巧手稳定能力。外部传感器包括接近 觉传感器和触觉传感器，主要感知目标物体的位置、受力等信息，其中触觉传感器是灵巧手完成各项功 能的关键。触觉传感器的核心任务是模拟人类皮肤的感知能力，其技术路线围绕"灵敏度"与"多功能"展 开，因此在材料的选择上，触觉传感器偏好于具有柔软、低模量、易变形等属性的柔性材料。其中压阻 式传感器结构简单、成本低，是较为常见的触觉传感器。远期看，电子皮肤是触觉传感的终极形态，其 被视为未来电子技术的新兴发展方向。 风险提示：人形机器人产业化进程不确定性风险、技术研发不及预期的风险 灵巧手是人形机器人的灵魂，降本是核心。灵巧手作为一种仿人手生理结构机器人，是一种拟人化并能 实现智能控制的高级末端执行机构。灵巧手种类多样，按照传动方式与驱动结构划分，可以分为腱绳传 动、 ...

上海鸣志电器股份有限公司 简式权益变动报告书 上市公司名称：上海鸣志电器股份有限公司 股票上市地点：上海证券交易所 股票简称：鸣志电器 股票代码：603728 信息披露义务人：新永恒公司 住所及通讯地址：香港九龙官塘巧明街 106 号冠力工业大厦 5 号楼 1 室 股份变动性质：股份减少（减持），持股比例降至 5%以下 签署日期：2025 年 3 月 21 日 信息披露义务人声明 一、信息披露义务人依据《 中华人民共和国证券法 》《上市公司收购管理 办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告 书（2020 年修订）》等法律法规及规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其实施亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证 券的公司信息披露内容与格式准则第 15 号——权益变动报告书（2020 年修订）》 等法律法规及规范性文件，本报告书已全面披露信息披露义务人在上海鸣志电器 股份有限公司中拥有权益的股份变动情况。 四、截至本报告书签署之日，除本报 ...

证券代码：603728 证券简称：鸣志电器 公告编号：2025-014 上海鸣志电器股份有限公司 关于持股 5%以上股东权益变动触及 1%整倍数的提示性公告 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个别及连带责任。 现将有关情况公告如下： 一、本次权益变动基本情况 (一) 本次权益变动明细 | 信息披露 | 名称 | 新永恒公司 | | | | --- | --- | --- | --- | --- | | 义务人基 | 住所 | 香港九龙官塘巧明街 1 室 | 号冠力工业大厦 106 | 号楼 5 | | 本信息 | | | | | | | 权益变动时间 | 2024/12/23 ～ | 2025/3/23 | | | 权益变动 | 变动方式 | 股份种类 | 变动数量（股） | 变动比例 | | 明细 | 集中竞价和大 | 人民币普通股 | 5,591,301 | 1.3348% | | | 宗交易 | | | | 本次权益变动属于 5%以上第一大股东股份变动，不触及要约收购。 本次权益变动不会使公司实际控制人发生变化。 本次 ...

证券代码：603728 证券简称：鸣志电器 公告编号：2025-012 上海鸣志电器股份有限公司 关于 5%以上股东持股比例降至 5%以下暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持股的基本情况 (一)股东因以下事项披露减持计划实施结果： 减持计划实施完毕 | 股东名称 | 减持数量 | 减持比例 | 减持期间 | 减持方式 | 减持价格区间 | 减持总金额 | 减持完成情况 | 当前持股数量 | 当前持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （股） | | | | （元/股） | （元） | | （股） | 股比例 | | 新永恒公司 | 4,000,000 | 0.9549% | 2024/12/23～ 2025/3/23 | 集中竞价交 易 | 50.21－68.55 | 235,942,909.00 | 已完成 | 20,944,125 | 5.0000% | | 新 ...