Investment Rating - The report maintains a positive outlook on the humanoid robot industry, emphasizing the importance of software development for commercialization [3][4]. Core Insights - The report identifies that the hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization. It highlights the need for advancements in algorithms, data, and control systems to drive the industry forward [3][5][6]. Summary by Sections 1. Algorithms: The Core of Embodied Intelligence - The algorithm framework is divided into two levels: the upper "brain" focuses on task-level planning and decision-making, while the lower "cerebellum" handles real-time motion planning and joint control [3][11][18]. - The report discusses the evolution of control algorithms, noting a shift from traditional methods to modern approaches like reinforcement learning (RL) and imitation learning (IL) [3][19][29]. - The VLA (Vision-Language-Action) model is highlighted as a significant advancement in upper-level control, enabling robots to understand and execute tasks through natural language processing [3][36][40]. 2. Data: The Foundation of Algorithm Learning - Data quality and diversity are crucial for algorithm performance, with sources categorized into real data, synthetic data, and web data. Real data is the most accurate but least abundant [3][74][76]. - The report emphasizes the importance of remote operation and motion capture technologies for collecting high-quality real data [3][79]. 3. Control Systems: The Foundation of Embodied Intelligence - The control system is described as the "brain" of humanoid robots, consisting of hardware (SoC chips, CPUs, GPUs, NPUs) and software components [3][3][3]. - The report notes that the industry lacks a unified consensus on the structure of the "brain" and "cerebellum" in humanoid robots, which are essential for executing complex algorithms and tasks [3][3][3]. 4. Investment Opportunities - The report identifies several key companies in the humanoid robot industry worth monitoring, including: - Controller segment: Tianzhun Technology, Zhiwei Intelligent, Desay SV [4][4]. - Motion control technology: Huichuan Technology, Xinjie Electric, Leisai Intelligent, Gokong Technology, Tosida [4][4]. - Chip manufacturers: Rockchip, Horizon Robotics [4][4]. - Data collection equipment: Lingyun Optical, Aofei Entertainment [4][4].

证券代码：603893 证券简称：瑞芯微 公告编号：2025-041 瑞芯微电子股份有限公司 关于 2024 年股票期权与限制性股票激励计划 首次授予限制性股票第一期解除限售暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 36,000股。 本次股票上市流通总数：36,000股。 本次股票上市流通日期：2025 年 5 月 21 日。 瑞芯微电子股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日分别召开 第四届董事会第四次会议和第四届监事会第四次会议，审议通过《关于 2024 年股 票期权与限制性股票激励计划首次授予第一个行权期行权条件及第一个限售期解 除限售条件成就的议案》。经审议，公司 2024 年股票期权与限制性股票激励计划 首次授予限制性股票第一个限售期解除限售条件已成就，公司同意为符合解除限 售条件的 5 名激励对象办理限制性股票解除限售相关事宜，解除限售的数量为 3.60 万股，占公司目前股本总额的 0.0 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2025-042 瑞芯微电子股份有限公司 2025 年股票期权激励计划授予结果公告 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。 重要内容提示： 根据中国证券监督管理委员会《上市公司股权激励管理办法》、上海证券交 易所、中国证券登记结算有限责任公司上海分公司的有关规定，瑞芯微电子股份 有限公司（以下简称"公司"或"本公司"）完成了《瑞芯微电子股份有限公司 2025 年股票期权激励计划（草案）》（以下简称"本次激励计划"、"本激励 计划"）股票期权授予的登记工作，有关具体情况如下： 一、股票期权授予情况 2025 年 4 月 8 日，公司分别召开第四届董事会第三次会议和第四届监事会 第三次会议，审议通过《关于向 2025 年股票期权激励计划激励对象授予股票期 权的议案》，同意公司以 2025 年 4 月 8 日为授权日，向符合条件的 7 名激励对 象授予股票期权 117.00 万份，行权价格为 137.67 元/份。公司监事会对本激励计 划授予相关事项发表了核查意见。 公司本 ...

Core Viewpoint - The company is developing a co-processor chip aimed at addressing the growing demand for computing power and the slow upgrade cycle of SoC (System on Chip) technology, with plans to release the RK3688 flagship chip in 2026 [1] Group 1 - The co-processor chip is set to be launched this year and will enhance the AI computing capabilities of edge devices by working in conjunction with the company's existing high-performance AIoT SoC chip platform [1] - The next-generation flagship chip, RK3688, is currently in the research and development phase, with a focus on advanced process technology [1] - The company has not disclosed further details regarding the RK3688 chip at this stage [1]

半导体行业25Q1稳健增长，SoC厂商业绩表现亮眼 半导体行业(中信)25Q1营业收入为1436.56亿元，同比增长12.99%，25Q1归母净利润为85.54亿元，同比 增长33.22%;半导体行业25Q1毛利率同环比持续回升。25Q1国内SoC厂商瑞芯微、炬芯科技、恒玄科 技、全志科技、乐鑫科技等营收及归母净利润均实现同比高速增长，业绩表现亮眼，端侧AI有望助力 SoC厂商持续高速成长。 全球半导体月度销售额继续同比增长，存储器月度价格环比持续回升 智通财经APP获悉，中原证券发布研报称，人工智能技术高速发展，AI大模型持续迭代升级，特别是以 DeepSeek为代表的大模型技术开源化，DeepSeek通过技术创新实现大模型训练及推理极高性价比，为 端侧AI应用发展带来颠覆性变革，随着端侧AI开发门槛显著降低，端侧AIoT迎来快速发展期。25Q1国 内SoC厂商瑞芯微、炬芯科技、恒玄科技、全志科技、乐鑫科技等营收及归母净利润均实现同比高速增 长，业绩表现亮眼。 根据Omdia的数据，2024年全球AI眼镜出货量达188万部，预计2025年将同比增长265%至686万部，预 计2028年将进一步增长至2650 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - The records primarily discuss the performance and trends in the **technology sector**, particularly focusing on **AI**, **robotics**, and **military trade** concepts. Specific companies mentioned include **成飞集成 (Chengfei Integration)**, **翔鹭钨业 (Xianglu Tungsten Industry)**, and **瑞芯微 (Rockchip)**. Core Points and Arguments 1. **Market Sentiment and Trends** - The market has shown frequent shifts between offensive and defensive positions, with a notable decline in technology stocks while defensive sectors like banking have strengthened [2][10][16]. - The sentiment has been weak, with indices experiencing fluctuations and a general decline in trading volume [2][11][16]. 2. **Military Trade Expectations** - Military trade concepts are expected to remain relevant, with potential opportunities arising from government policies aimed at enhancing military capabilities [2][7]. 3. **AI and Robotics Sector** - The demand for edge computing and AI applications is increasing, with companies like 瑞芯微 positioned to benefit from this trend as they provide specialized AI chips for edge computing [9]. - The robotics sector is experiencing a resurgence, particularly with the introduction of Tesla's Optimus humanoid robot, which is expected to significantly impact the supply chain [17]. 4. **Tungsten Market Dynamics** - The price of tungsten has reached a three-year high, driven by supply constraints and increasing geopolitical tensions, which are expected to boost demand for tungsten in defense applications [8]. - Recent export controls and reduced mining quotas in China are likely to exacerbate tungsten shortages, impacting global supply [8]. 5. **Investment Opportunities** - Companies like 成飞集成 are highlighted as key players in the military supply chain, particularly in aerospace components for advanced fighter jets [7]. - 翔鹭钨业 is noted for its comprehensive product range in tungsten, which is critical for defense manufacturing [8]. Other Important but Possibly Overlooked Content 1. **Sector Rotation and Investment Strategy** - There is a noted shift in investment strategies from speculative to value-based approaches, particularly in the technology sector [14][16]. - The market is expected to see a rotation towards sectors that can leverage new technologies, such as lightweight materials in robotics [15]. 2. **Price Adjustments in Commodities** - Significant price increases in commodities like vitamin D3 have been observed, indicating a broader trend of rising costs in essential materials [17]. 3. **Geopolitical Influences** - Ongoing geopolitical tensions are influencing market dynamics, particularly in sectors related to defense and technology, which may present both risks and opportunities for investors [8][9]. 4. **Market Volatility** - The records indicate a high level of volatility in the market, with rapid shifts in investor sentiment and sector performance, necessitating careful monitoring of market trends [2][10][16]. This summary encapsulates the key insights from the conference call records, providing a comprehensive overview of the current state and future outlook of the relevant industries and companies.

Summary of Key Points from Conference Call Records Industry or Company Involved - **Military Trade and Defense Industry**: The discussion revolves around the military trade sector and its market dynamics, particularly focusing on companies like 成飞集成 (Chengfei Integration) and its role in the defense supply chain [1][3]. - **Tungsten Industry**: The records highlight the tungsten market, emphasizing its strategic importance in defense and the impact of geopolitical factors on supply and demand [4]. - **AI and Edge Computing**: 瑞芯微 (Rockchip) is mentioned in the context of AI applications and edge computing, indicating its role in the technology sector [5]. Core Points and Arguments - **Market Sentiment and Trends**: The market is experiencing fluctuations with a shift in sentiment, particularly in the military trade sector, where expectations remain unclear. The focus is on whether high-profile stocks will rebound [1][3]. - **Chengfei Integration's Role**: As a key supplier for Chengfei Group, the company is crucial in the aviation parts manufacturing sector, specifically for the J-10 fighter jet, indicating its strategic importance in the defense supply chain [3]. - **Tungsten Price Surge**: The price of tungsten has reached a three-year high, driven by supply constraints and increased demand due to geopolitical tensions. The market is characterized by a "mining-led rally" affecting the entire industry chain [4]. - **Geopolitical Impact on Tungsten Supply**: Export controls and reduced mining quotas in China are tightening tungsten supply, while the EU's strategic reserve initiatives are exacerbating resource shortages [4]. - **AI Chip Demand**: The demand for specialized AI chips for edge computing is rising, with 瑞芯微 positioned to benefit from the growing market for AI applications in smart industries and cities [5]. Other Important but Possibly Overlooked Content - **Market Dynamics**: The records indicate a defensive posture in the market, with a focus on high-dividend stocks like banks, while technology stocks are underperforming [1]. - **Potential for Military Stocks**: There is speculation about the potential for military-related stocks to rebound, particularly in light of government commentary on enhancing military capabilities [1]. - **Tungsten's Strategic Importance**: The records emphasize tungsten's critical role in national defense, highlighting its classification as "the soul of the defense industry" and its extensive applications in weapon manufacturing [4]. - **Edge Computing Growth**: The anticipated growth in edge computing and AI applications is expected to drive significant increases in product shipments for 瑞芯微, reflecting broader trends in technology adoption [5].

Group 1: Macro Insights - The report indicates that several incremental policies are expected to be introduced, particularly focusing on fiscal stimulus, expanding domestic demand, and stabilizing foreign trade, including potential budget increases and the issuance of special bonds [5] - CPI and PPI have shown negative growth for three consecutive months, primarily due to insufficient demand, with the central bank highlighting the ongoing imbalance between strong supply and weak demand in the real economy [6][7] - April exports exceeded expectations, driven by "transshipment" to ASEAN and new markets in Africa and India, despite a significant decline in exports to the US [9] Group 2: Energy Sector - The energy sector's overall performance is improving, with thermal power showing differentiated growth, hydropower improving, and green energy facing pressure; future electricity demand is expected to recover as fuel costs decline [25][26] - Recommendations include focusing on undervalued thermal power stocks and green energy operators, with specific companies highlighted for their strong performance and growth potential [26] Group 3: Food and Beverage Sector - The report highlights the strong market position of Jinshiyuan (603369.SH) as a leading player in Jiangsu's liquor market, with ongoing product upgrades and expansion efforts expected to enhance market share [27][28] - The company has achieved significant revenue growth, with projections indicating continued increases in earnings per share (EPS) over the next few years [28][29] Group 4: Electronics Sector - Ruixinwei (603893.SH) is positioned as a leader in the AIoT SoC platform, with substantial revenue growth and profitability improvements expected in the coming years, driven by a robust product matrix and market demand [31][32] - The semiconductor industry is anticipated to experience structural recovery, with AI technology penetration and domestic substitution driving growth across various segments [22][24]

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。 重要内容提示： 瑞芯微电子股份有限公司（以下简称"公司"）于2025年4月21日分别召开第四届董事会第四次会议和第 四届监事会第四次会议，审议通过《关于2024年股票期权与限制性股票激励计划首次授予第一个行权期 行权条件及第一个限售期解除限售条件成就的议案》。经审议，公司2024年股票期权与限制性股票激励 计划首次授予股票期权第一个行权期行权条件已成就，公司同意为符合行权条件的281名激励对象办理 股票期权行权相关事宜，可行权数量为142.86万份，占公司目前股本总额的0.34%。现对有关事项说明 如下： 一、2024年股票期权与限制性股票激励计划批准及实施情况 （一）2024年股票期权与限制性股票激励计划履行的程序 1、2024年2月28日，公司分别召开第三届董事会第二十七次会议和第三届监事会第二十五次会议，审议 通过《关于〈瑞芯微电子股份有限公司2024年股票期权与限制性股票激励计划（草案）〉及其摘要的议 案》及其相关事项的议案。公司独立董事对本次股权激励计划相关事项发表了独 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2025-040 瑞芯微电子股份有限公司 关于 2024 年股票期权与限制性股票激励计划 首次授予股票期权第一个行权期符合行权条件的公告 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。 重要内容提示： ? 本次股票期权拟行权数量：142.86 万份 ? 本次股票期权行权价格：44.37 元/份 ? 本次股票期权实际可行权期：2025 年 5 月 15 日至 2026 年 3 月 14 日 ? 本次行权股票来源：公司向激励对象定向发行公司股票 瑞芯微电子股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日分别召 开第四届董事会第四次会议和第四届监事会第四次会议，审议通过《关于 2024 年股票期权与限制性股票激励计划首次授予第一个行权期行权条件及第一个限 售期解除限售条件成就的议案》。经审议，公司 2024 年股票期权与限制性股票 激励计划首次授予股票期权第一个行权期行权条件已成就，公司同意为符合行权 条件的 281 名激励对象办理股票期权行权相关事宜，可行权数量 ...