Core Insights - The report emphasizes the importance of modernizing industry governance to achieve new industrialization during the "14th Five-Year Plan" period [5] - The report highlights significant growth in Shanghai's leading industries, with a GDP growth contribution from the artificial intelligence manufacturing sector reaching 12.8% year-on-year [5] Industry Dynamics - AI glasses shipments have surged, indicating a potentially hot market, with related stocks including Lingyi Technology (002600) and GoerTek (002241) [6] - Wind power-related equipment has seen explosive growth due to policy support and performance realization, with relevant stocks such as Daikin Heavy Industries (002487) and Shuangyi Technology (300690) [6] - Leju Robotics has completed a 1.5 billion yuan Pre-IPO financing round, with an IPO plan in progress, related stocks include Green Harmony (688017) and Mingzhi Electric (603728) [6] Company Focus - Baili Tianheng (688506) received clinical trial approval for its injectable BL-M24D1 (ADC) for treating hematologic malignancies and advanced solid tumors [7] - Keda Technology (002518) is developing several AIDC-related products, including solid-state transformers, as a new power electronics technology solution [7] - Zhaojin Gold (000506) reported a revenue of 340 million yuan for the first three quarters, a year-on-year increase of 119.51%, with a net profit of 82.16 million yuan, up 191.20% [7] - Tonghuashun (300033) experienced a 145% year-on-year increase in net profit in the third quarter, driven by demand for financial information services and increased R&D investment in AI [7] Market Overview - The market failed to maintain the previous day's rebound, with the Shanghai Composite Index closing down 0.07% at 3913 points, and trading volume in the Shanghai and Shenzhen markets decreased by 206 billion yuan compared to the previous trading day [8] - Sectors such as mining, wind power, real estate, engineering machinery, and oil saw gains, while the precious metals sector declined significantly due to a drop in international gold prices [8] - Overall, the market's performance during the adjustment period was stronger than expected, with trading volume gradually shrinking below 2 trillion yuan, indicating a strong wait-and-see atmosphere [8]

1、 全球首个"力位混合控制算法的统一理论"突破 近日，北京通用人工智能研究院具身智能机器人团队在机器人算法领域取得重大突破，提出全球首个"力 位混合控制算法的统一理论"。该算法无需依赖力传感器，就能让机器人同时学习位置与力的控制，相关 任务成功率较只使用位置控制的策略提高了约39.5%。更值得关注的是，其相关论文目前已斩获国际机器 人学习大会杰出论文奖，这也是该奖项设立以来，首次由全中国籍学者团队摘得。依托这一创新算法，机 器人的能力边界正在持续拓宽。它不仅能精准完成轨迹执行、施力等基础操作，更能在感受到外力时，及 时对这一外力做出相应的反应。而这一特性，也恰好提升了人机交互过程中的人员安全性。 2、 深慧视发布具身智能复合机器人 深慧视(深圳)科技有限公司正式推出SERobot系列具身智能复合机器人，该系列致力于推动具身智能机器 人泛化普适应用场景。此成果是基于深慧视的3D机器视觉与工业机器人长期积累基础上实现的向具身智能 的跨越式创新。作为一款具身智能复合机器人，SERobot深度融合了高精度移动底盘、智能视觉系统与灵 巧机械臂，并基于世界模型(WM)构建起"感知-决策-执行"的一体化作业闭环，解决在复 ...

（文章来源：每日经济新闻） 今日截至13点58分，机器人ETF（562500）微涨0.20%，报1.010元，走势略强于中证机器人指数 （+0.17%），明显跑赢上证指数（-0.19%）。盘中呈现冲高回落后横盘整理格局，围绕均线震荡企 稳。成交额约9.6亿元，较前一交易日保持活跃，换手维持高位。成分股方面，34只上涨、39只下跌， 板块内部分化。中信重工强势领涨10%，海得控制涨7.4%，华中数控、伟创电气、科瑞技术等涨幅超 3%；跌幅榜上，矩子科技跌2.6%，南网科技、科大智能跌逾2%。整体流动性充裕，资金交易情绪偏积 极。 中信建投表示，通过复盘人形机器人指数相对收益变化，我们发现其主要受特斯拉机器人进展（例如性 能迭代、硬件定型、量产指引）影响。板块从主题投资（聚焦硬件新方向）到量产预期（聚焦供应链确 定性+硬件新方向），现阶段Gen3硬件定型及规模化量产在即，板块β持续向好。展望后续，我们认为 Gen3发布将带来更明确的硬件定型方向和量产指引，将带来板块的历史性机遇。标的及方向上，我们 认为产业链确定性和硬件变化新方向是核心方向，同时关注国产链应用落地新进展。 消息方面，10月20日，江苏鼎汇具身智能 ...

Core Viewpoint - The establishment of Jiangsu Dinghui Intelligent Robot Innovation Center Co., Ltd. signifies a growing investment in the artificial intelligence sector, with a registered capital of 60 million RMB and a focus on various AI applications and services [1] Company Summary - Jiangsu Dinghui Intelligent Robot Innovation Center Co., Ltd. has been recently founded with a legal representative named Zhou Ailin [1] - The company has a registered capital of 60 million RMB [1] - Its business scope includes AI industry application system integration services, AI hardware sales, AI public data platforms, and general AI application systems [1] Shareholder Information - The company is jointly held by several stakeholders, including Estun (002747), Jiangsu Hengtong Cable Technology Co., Ltd., Green Harmonic (688017), Amperex (301413), and QuanFeng Automotive (603982) [1]

Core Insights - Jiangsu Dinghui Intelligent Robot Innovation Center Co., Ltd. has been established with a registered capital of 60 million RMB, focusing on artificial intelligence applications and hardware sales [1][2] - The company is co-owned by several stakeholders, including Estun Automation, Jiangsu Hengtong Cable Technology, and others, indicating a collaborative effort in the AI sector [1][2] Company Information - The legal representative of the company is Zhou Ailin, and it was officially registered on October 20, 2025 [2] - The business scope includes AI application system integration services, AI hardware sales, and the development of AI public data platforms [1][2] Shareholder Structure - Estun Automation holds a controlling stake of 54.17%, contributing 32.5 million RMB to the registered capital [2] - Other shareholders include Jiangsu Hengtong Cable Technology (8.33%), Nanjing Jiangning Economic Development High-tech Venture Capital (7.5%), and several others, indicating a diverse ownership structure [2]

Core Viewpoint - The company has approved the use of temporarily idle raised funds for cash management, ensuring that it does not affect the implementation of investment projects and guarantees the safety of the raised funds [2][7]. Group 1: Cash Management Account - The company has opened a special settlement account for cash management of raised funds at Ping An Securities Co., Ltd. Zhejiang Branch [4]. - The account will be used exclusively for the settlement of cash management products purchased with temporarily idle raised funds and will not be used for non-raised funds or other purposes [4]. Group 2: Fund Management and Investment - The company plans to use up to RMB 100 million (approximately 10 million) of temporarily idle raised funds for cash management, investing in safe, liquid, and guaranteed principal investment products [2]. - The investment products include structured deposits, agreement deposits, notice deposits, time deposits, large certificates of deposit, and income certificates [2]. - The funds can be rolled over within the approved limit, and the usage period is valid for 12 months from the date of approval by the board and supervisory committee [2][3]. Group 3: Risk Control Measures - The company will strictly follow relevant laws, regulations, and internal management systems when conducting cash management activities [5]. - The finance department will select suitable financial products based on the progress of investment projects and will conduct audits before submission for approval [5]. - An account will be established to manage financial products, and any potential risks to the safety of raised funds will be addressed promptly [5][6]. Group 4: Impact on the Company - The establishment of the cash management account and the planned use of temporarily idle raised funds will not change the purpose of the raised funds and will not affect the normal construction of investment projects [7]. - This cash management initiative is expected to generate certain investment returns, improve the efficiency of fund utilization, and benefit the company and all shareholders [7].

证券代码：688017 证券简称：绿的谐波 公告编号：2025-039 苏州绿的谐波传动科技股份有限公司 公司于 2025 年 1 月 8 日召开了第三届董事会第四次会议及第三届监事会第 三次会议，审议通过了《关于公司使用部分暂时闲置募集资金进行现金管理的议 案》，同意公司在保证不影响募集资金投资项目实施、确保募集资金安全的前提 下，使用最高不超过人民币 130,000 万元暂时闲置募集资金进行现金管理，用于 购买安全性高、流动性好、有保本约定的投资产品（包括但不限于结构性存款、 协议存款、通知存款、定期存款、大额存单、收益凭证等）。在上述额度范围内， 资金可以滚动使用，使用期限自公司董事会、监事会审议通过之日起 12 个月内 有 效 。 具 体 内 容 详 见 公 司 于 2025 年 1 月 9 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于使用部分暂时闲置募集资金进行现金管理的公 告》（公告编号：2025-004）。 一、开立募集资金现金管理专用结算账户的情况 近日,公司在平安证券股份有限公司浙江分公司开立了募集资金现金管理专 用结算账户，具体账户信息如下： | ...

Core Viewpoint - The stock of Greentech Harmonic has experienced fluctuations, with a year-to-date increase of 42.18% but a recent decline of 11.27% over the past five trading days [1] Company Overview - Greentech Harmonic, established on January 13, 2011, and listed on August 28, 2020, is located in Suzhou, Jiangsu Province, China. The company specializes in the research, design, production, and sales of precision transmission devices [1] - The main revenue components are: harmonic reducers and metal components (78.33%), mechatronic products (16.56%), intelligent automation equipment (3.24%), and others (1.87%) [1] Financial Performance - For the first half of 2025, Greentech Harmonic reported a revenue of 251 million yuan, representing a year-on-year growth of 45.82%. The net profit attributable to shareholders was 53.42 million yuan, also reflecting a growth of 45.87% [2] - Cumulative cash dividends since the A-share listing amount to 194 million yuan, with 85.79 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 11.24% to 20,800, while the average circulating shares per person increased by 12.67% to 8,115 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 4.0073 million shares (a decrease of 1.2253 million shares), and Huaxia CSI Robot ETF, which increased its holdings by 441,000 shares to 2.4612 million shares [3]

Investment Rating - The mechanical equipment industry is rated as "Standard Configuration" indicating that the industry index is expected to perform within ±10% of the market index over the next six months [46]. Core Insights - The mechanical equipment industry experienced a 2.50% decline in the last two weeks, underperforming the CSI 300 index by 2.02 percentage points, ranking 25th among 31 industries [12][18]. - Year-to-date, the mechanical equipment sector has increased by 33.88%, outperforming the CSI 300 index by 16.50 percentage points, ranking 6th among 31 industries [12][18]. - The demand for industrial robots has rebounded in the first half of 2025, with exports increasing by approximately 54.90% year-on-year [42]. - The domestic sales of excavators have shown a month-on-month increase, supported by the commencement of major national projects and ongoing demand in downstream sectors [42]. Summary by Sections 1. Market Review - As of October 16, 2025, the mechanical equipment industry has seen a 2.50% decline in the last two weeks, ranking 25th among 31 industries [12]. - The industry has increased by 33.88% year-to-date, outperforming the CSI 300 index [12][18]. - The sub-sector performance shows that the rail transit equipment II sector had the highest increase of 3.45% [18]. 2. Valuation Situation - The current PE TTM for the mechanical equipment sector is 31.64 times, with sub-sectors showing varied valuations: - General Equipment: 40.72 times - Specialized Equipment: 31.43 times - Rail Transit Equipment II: 18.39 times - Engineering Machinery: 23.84 times - Automation Equipment: 52.74 times [3][22]. 3. Data Updates - The report indicates a significant increase in the demand for industrial robots, with exports rising by 54.90% year-on-year in the first three quarters of 2025 [42]. - The domestic sales of excavators have also shown positive trends, with both domestic and international sales increasing month-on-month [42]. 4. Industry News - The Shanghai Municipal Economic and Information Commission has issued a development action plan for the intelligent terminal industry, emphasizing support for humanoid robot product development [40]. - The introduction of new industrial robots and the acceleration of product launches are expected to stimulate market performance [42]. 5. Company Announcements - Companies such as SANY Heavy Industry and Hengli Hydraulic are highlighted for their strong market positions and expected growth due to increased domestic demand [43][45]. 6. Weekly Insights - The report suggests focusing on companies like Huichuan Technology and Greentech Harmonic, which are positioned to benefit from the growth in the robotics sector [42][43].

Core Viewpoint - Green Harmonic's stock has shown significant volatility, with a year-to-date increase of 44.96% but a recent decline of 13.43% over the past five trading days [1] Group 1: Stock Performance - As of October 15, Green Harmonic's stock price was 156.50 CNY per share, with a market capitalization of 28.691 billion CNY [1] - The stock has experienced a 25.80% increase over the past 60 days, despite a 3.69% decline over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on January 14 [1] Group 2: Financial Performance - For the first half of 2025, Green Harmonic reported revenue of 251 million CNY, a year-on-year increase of 45.82%, and a net profit of 53.416 million CNY, also up 45.87% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 194 million CNY, with 85.794 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 11.24% to 20,800, while the average number of circulating shares per person increased by 12.67% to 8,115 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Wan Jia You Xuan, with notable changes in their holdings [3]