Investment Rating - The report maintains an "Outperform" rating for the industry [4][9]. Core Views - The humanoid robot industry is experiencing rapid development, highlighted by the first global humanoid robot competition, showcasing advancements in technology and efficiency [3][16]. - AI infrastructure is projected to see significant investment, with OpenAI planning to invest trillions in AI infrastructure development [4][18]. - The report emphasizes the importance of domestic production and localization in various sectors, particularly in electronic measurement instruments and low-altitude economy [4][7]. Industry Dynamics - Humanoid Robots: Key developments include the launch of the VLA model G0 by Xinghai Tu, a significant order received by Zhiyuan Robotics, and advancements in robot capabilities such as the Neo Gamma's 45-pound load capacity [1][2][21]. - Brain-Computer Interface: A breakthrough in decoding "inner speech" with a 74% accuracy rate has been achieved [26]. - Low-altitude Economy: Shanghai plans to establish a low-altitude industry fund to support development [27][29]. Company Dynamics - Zhiyuan Robotics has made strategic investments and secured significant orders, indicating strong market positioning [2][20]. - Companies like Songlin Technology and Rongtai Health are forming strategic partnerships to enhance their service offerings in the robotics sector [31][32]. Important Events Preview - Zhiyuan Robotics will launch its full product line on August 18, 2025, and hold a supplier conference on August 21, 2025 [2][33]. Key Company Profit Forecasts and Valuations - Several companies in the humanoid robot and AI infrastructure sectors are rated as "Outperform," with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [9][35].

Core Viewpoint - The company reported strong revenue and profit growth in H1 2025, driven by a recovery in demand for industrial robots and improvements in operational efficiency [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 251 million, a year-on-year increase of 45.82%, and a net profit attributable to shareholders of 53 million, also up 45.87% [1]. - For Q2 2025, revenue reached 153 million, reflecting a year-on-year growth of 69.52%, while net profit attributable to shareholders surged by 100.99% to 33 million [1]. Industry Demand and Product Performance - The industrial robot sector saw a recovery, with China's cumulative production of industrial robots reaching 369,300 units in the first half of 2025, a 35.6% increase year-on-year [2]. - The company's core products, including harmonic reducers and mechatronic products, experienced revenue growth of 34.43% and 69.66% respectively [2]. - Revenue from embodied intelligent robots significantly increased, indicating successful transition from R&D to small-scale production [2]. Profitability and Cost Management - The company reported a gross margin of 34.77% in H1 2025, a decrease of 5.62 percentage points year-on-year, while the net profit margin improved to 21.91%, up 0.23 percentage points [3]. - The period expense ratio was optimized to 16.65%, down 5.88 percentage points year-on-year, attributed to enhanced scale effects and cost control [3]. Future Growth Prospects - The embodied intelligent robot business is expected to continue driving revenue growth, with ongoing validation of harmonic reducers in downstream applications [4]. - The company is expanding its product applications beyond robotics, including the development of planetary roller screws for non-robotic industries [4]. - Capacity expansion projects are underway to meet the growing demand for precision transmission devices, focusing on harmonic reducers and planetary roller screws [4]. Investment Outlook - The company maintains a "buy" rating, anticipating sustained demand in the industrial robot sector and potential improvements in performance due to the release of humanoid robot demand [4]. - Projected net profits for 2025 and 2026 are estimated at 101 million and 135 million respectively, with corresponding price-to-earnings ratios of 268x and 200x [4].

以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有26只、11 只、8只股票上榜。 资金流向方面，科创板百元股今日主力资金合计净流入25.90亿元，净流入资金居前的有海光信息、寒 武纪、芯原股份等，净流入资金分别为{6}；净流出资金居前的有绿的谐波、石头科技、影石创新等， 净流出资金分别为12612.37万元、7642.84万元、6479.75万元。 以最新收盘价计算，科创板平均股价为37.06元，其中股价超100元的有56只，股价最高的是寒武纪。 证券时报·数据宝统计显示，科创板股今日上涨的有359只，下跌的有218只，以收盘价为基准测算，科 创板平均股价为37.06元，其中，收盘价超过100元的有56只，股价在50元至100元之间的有153只，股价 在30元至50元的有158只。 科创板股中，收盘价最高的是寒武纪，今日报收1013.00元，上涨8.46%，其次是茂莱光学、百利天恒 等，最新收盘价分别为413.71元、311.82元。 科创板百元股中，今日平均上涨2.12%，具体来看，今日上涨的有42只，涨幅居前的有盛科通信、芯原 股份、乐鑫科技等。下跌的有14只，跌幅居前的有 ...

格隆汇8月20日丨绿的谐波(688017.SH)在投资者互动平台表示，我司的行星滚柱丝杠产品已步入小规模 量产阶段。在机器人行业领域，公司正与客户紧密协同，开展研发迭代工作，致力于打造更契合行业需 求的优质产品 。与此同时，公司积极扩充研发团队，大力推进行星滚柱丝杠在非机器人行业应用场景 的研发探索，不断拓展产品的应用边界，挖掘新的市场机遇。后续，公司将尽快完成行星滚柱丝杠相关 产品介绍的更新工作，以便您及其他投资者更全面、深入地了解产品的特性、优势及应用情况。 ...

Core Insights - The report highlights the significant growth in revenue and profitability for various companies in the technology and energy sectors, indicating a positive trend in their respective markets [6][23][15]. Industry Overview - The non-bank financial sector is experiencing a resurgence, with a focus on investment value as half-year reports are being released [5]. - The semiconductor and advanced packaging industries are seeing increased demand, driven by technological advancements and market expansion [8][11]. Company Analysis - **Stone Technology (688169.SH)**: The company reported a revenue of 7.903 billion, a year-on-year increase of 78.96%, but a decline in net profit by 39.55% [6]. - **Jiaocheng Ultrasonic (688392.SH)**: The company experienced a significant improvement in profitability, with a focus on scaling its advanced packaging business [8]. - **Green's Harmonics (688017.SH)**: The company achieved a revenue growth of 45.8% in the first half of 2025, driven by a recovery in the industrial robot market [15]. - **Hongyuan Co., Ltd. (920018.BJ)**: Recognized as a national champion in the electromagnetic wire industry, the company is leveraging its advantages in the ultra-high voltage sector [14]. - **JianTou Energy (000600.SZ)**: The company reported a substantial increase in net profit by 169.37% in the first half of 2025, attributed to effective cost management and stable power generation performance [23][24]. Financial Performance - **Stone Technology**: The company’s H1 revenue reached 7.903 billion, with a net profit of 678 million, reflecting a significant year-on-year revenue increase [6]. - **Jiaocheng Ultrasonic**: The company’s H1 gross margin was 44.56%, with a net margin of 8.57%, indicating improved profitability [8]. - **Green's Harmonics**: The company’s Q2 revenue grew by 69.5%, with a net profit increase of 101% [15]. - **JianTou Energy**: The company’s H1 revenue was 111.13 billion, with a net profit of 8.97 billion, showcasing strong financial health [23]. Investment Recommendations - The report suggests a "Buy-A" rating for companies like Stone Technology and Jiaocheng Ultrasonic, indicating strong future growth potential [8][11]. - JianTou Energy is also recommended for investment due to its robust financial performance and strategic project developments [23][26].

Core Insights - Goldman Sachs observed significant advancements in the autonomy and generalization capabilities of humanoid robots during the World Humanoid Robot Games (WHRG) held in Beijing from August 14 to 17, 2023, indicating potential positive impacts on related stock performances [1][2][3] Group 1: Event Overview - The WHRG featured over 500 humanoid robots from 280 teams across 16 countries, including 192 university teams and 88 private enterprises, utilizing shared hardware platforms from 127 brands [3] - The event highlighted the importance of hardware robustness and durability through competitive sports, with top-performing robots excelling in motor control and battery management [2][4] Group 2: Performance Highlights - The Tian Gong Ultra robot improved its autonomous control capabilities in running events, reducing run times by 20% compared to remote-controlled performances [1][4] - In soccer, the need for multi-robot collaboration and team intelligence was emphasized, with robots demonstrating quick responses and environmental awareness, although challenges in multi-robot interactions were noted [5][6] Group 3: Application Insights - Scenario-based activities underscored the industry's interest in practical applications of humanoid technology, with autonomous robots scoring 50% higher than remote-controlled ones in task completion [6] - In hotel services, robots with wheeled bases and functional grippers outperformed bipedal robots, indicating a trend towards designs that prioritize stability and precision for commercial viability [6] Group 4: Company Perspectives - Goldman Sachs expressed a positive outlook on companies like Sanhua Intelligent Controls, anticipating a 19% CAGR in revenue and net profit from 2025 to 2030 due to growth potential in humanoid robot actuators [13] - Best (300580.SZ) is expected to become a competitive supplier of planetary roller screws for humanoid robots, with a projected 80% CAGR in global high-spec humanoid robot shipments from 2024 to 2035 [14] - Lianyi Electric (603728.SH) is forecasted to become a key player in the coreless motor supply chain for humanoid robots by 2027, despite facing competitive challenges [16]

绿的谐波8月19日大宗交易平台共发生2笔成交，合计成交量59.00万股，成交金额8027.54万元。成交价 格均为136.06元，相对今日收盘价折价10.00%。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2.04亿元。 证券时报·数据宝统计显示，绿的谐波今日收盘价为151.18元，上涨2.52%，日换手率为5.41%，成交额 为14.87亿元，全天主力资金净流出5483.81万元，近5日该股累计上涨10.26%，近5日资金合计净流出 1.96亿元。 两融数据显示，该股最新融资余额为9.48亿元，近5日增加4403.95万元，增幅为4.87%。 机构评级来看，近5日共有2家机构给予该股评级，预计目标价最高的是中金公司证券，8月18日中金公 司证券发布的研报预计公司目标价为158.00元。（数据宝） 8月19日绿的谐波大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | 卖方营业部 | | 股） | | （元） | | ...

Core Insights - Goldman Sachs observed significant advancements in robot autonomy and generalization capabilities during the World Humanoid Robot Games (WHRG) held in Beijing, indicating potential positive impacts on related stock performances [1][2]. Group 1: Robot Performance and Capabilities - The Tian Gong Ultra robot demonstrated improved autonomous control in running events, reducing run times by 20% compared to remote-controlled performances [2]. - The competition highlighted the need for complex multi-robot collaboration and team intelligence, particularly in soccer events [5]. - Top-performing robots showcased the ability to autonomously complete tasks with high precision, outperforming remote-controlled robots by 50% in scoring [6]. Group 2: Industry Trends and Applications - The WHRG featured over 500 humanoid robots from 280 teams across 16 countries, emphasizing the global interest in humanoid robotics [3]. - The event served as a test for hardware robustness and durability, with specific focus on motor control and battery management [4]. - Scene-based activities underscored the industry's interest in practical applications of humanoid technology, with a trend towards designing products that are commercially viable in the near term [6]. Group 3: Company Insights - Lingyi Tech's robots demonstrated high accuracy and efficiency in material handling tasks, completing operations in 1 minute and 13 seconds with a 95% accuracy rate [7]. - Goldman Sachs holds a positive outlook on companies focusing on autonomous operations, indicating potential growth in the humanoid robotics sector [12]. - Companies like Sanhua Intelligent Controls are expected to see significant revenue growth in humanoid robotics actuators, with projected CAGR of 19% for revenue and net profit from 2025 to 2030 [13].

每经AI快讯，山西证券8月19日发布研报称，给予绿的谐波（688017.SH，最新价：151.18元）增持评 级。评级理由主要包括：1）受益于行业回暖，主要产品收入明显增长；2）毛利率承压，期间费用率下 滑带动净利率改善；3）加码机器人研发，通过合资公司布局传感器。风险提示：市场竞争加剧的风 险，下游需求增长不及预期的风险，因技术发展和市场需求变化导致的产品迭代风险，汇率波动风险， 股东减持风险。 每经头条（nbdtoutiao）——热浪"烤"验全球，近10年我国年平均高温日数增多25%！高温对经济的搅动 作用越发强烈，国家气候中心六位专家详解高温经济学 （记者 张明双） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6] Core Views - The company achieved a significant growth in Q2, with revenue doubling and a strong focus on robotics research and development [1][2] - The company reported a revenue of 250 million yuan in the first half of the year, representing a year-on-year increase of 45.8%, and a net profit of 50 million yuan, also up by 45.9% [2] - In Q2 alone, the revenue reached 150 million yuan, marking a year-on-year increase of 69.5% and a quarter-on-quarter increase of 56.5% [2] Financial Performance - The company’s gross margin for the first half of the year was 34.8%, down by 5.6 percentage points year-on-year, while the net margin improved to 21.9%, up by 0.2 percentage points [5] - The company’s revenue from harmonic reducers and metal components was 200 million yuan, up by 34.4% year-on-year, while mechatronic products saw a revenue increase of 69.7% to 40 million yuan [4][5] - The company’s earnings per share (EPS) for 2025 is projected to be 0.53 yuan, with corresponding price-to-earnings (P/E) ratios of 277.2, 220.8, and 176.8 for 2025, 2026, and 2027 respectively [6][10] Market Position and Strategy - The company is positioned as a leader in domestic harmonic reducers and is expanding its product matrix and capabilities in high-end applications [6] - The establishment of a wholly-owned subsidiary in Shanghai for core components of embodied intelligent robots and a joint venture for developing sensors indicates a strategic focus on robotics [5][6]