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].

证券代码：688017 证券简称：绿的谐波 公告编号：2025-015 苏州绿的谐波传动科技股份有限公司 关于开立募集资金现金管理产品专用结算账户的公告 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个别及连带责任。 苏州绿的谐波传动科技股份有限公司（以下简称"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（以下简称"募投项目"）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 ...

规模方面，科创100指数ETF近1年规模增长3.71亿元，实现显著增长，新增规模位居可比基金2/10。 份额方面，科创100指数ETF近2周份额增长1.14亿份，实现显著增长，新增份额位居可比基金2/10。 资金流入方面，科创100指数ETF近4个交易日内有3日资金净流入，合计"吸金"6572.26万元，日均净流入达1643.06万元。 数据显示，杠杆资金持续布局中。科创100指数ETF前一交易日融资净买额达403.64万元，最新融资余额达3.32亿元。 截至2025年4月10日 10:10，上证科创板100指数(000698)强势上涨4.56%，成分股生益电子(688183)上涨13.18%，华曙高科(688433)上涨12.94%，道通科技 (688208)上涨12.70%，铂力特(688333)，奥普特(688686)等个股跟涨。科创100指数ETF(588030)上涨4.37%， 冲击3连涨。最新价报0.93元。拉长时间看，截 至2025年4月9日，科创100指数ETF近3月累计上涨4.44%。 流动性方面，科创100指数ETF盘中换手3.81%，成交2.29亿元。拉长时间看，截至4月9日，科创100 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6][7]. Core Views - The humanoid robot sector is rapidly evolving, with significant advancements from both domestic and international players, including Tesla's goal to produce 5,000 units by 2025 [3][20]. - The low-altitude economy is gaining momentum, with initiatives to establish a unified air traffic management network and promote the development of core components [4][29]. - The AI infrastructure is expected to see continuous growth driven by increasing demand for data centers, benefiting companies involved in cooling systems and energy management [4][6]. Summary by Relevant Sections Industry Dynamics - The humanoid robot sector is witnessing multiple developments, including the launch of various humanoid robots and strategic partnerships among companies [1][2][14][15][16][20]. - The low-altitude economy is being supported by government initiatives and conferences aimed at fostering high-quality development [23][29]. - The scientific instrument sector is also expanding, with major exhibitions showcasing new technologies and products [24]. Company Dynamics - Key companies such as Midea Group and Sanhua Intelligent Control are forming strategic partnerships to enhance their market positions in the humanoid robot space [2][30]. - New product launches, such as the upgraded CRAF collaborative robot by Yujian Robotics, highlight the ongoing innovation in the industry [31]. Key Companies and Investment Focus - The report highlights several companies as key investment targets, including Longxi Co., Yingliu Co., Dingyang Technology, and Huicheng Vacuum, focusing on sectors like humanoid robots, AI infrastructure, and low-altitude economy [3][4][6]. - Specific companies are recommended for investment based on their roles in the supply chain of humanoid robots, AI applications, and scientific instruments [3][4][6][7]. Earnings Forecast and Valuation - The report provides earnings forecasts and valuations for various companies, indicating a positive outlook for those rated "Outperform" [7][33].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Viewpoints - The company is a leading domestic manufacturer of harmonic reducers, holding approximately 21% of the domestic market share in 2023, second only to the global leader Harmonic Drive [3][9]. - The demand for harmonic reducers in China's industrial robot market is expected to reach 783,700 units in 2024, representing a year-on-year growth of 17.1%. By 2026, the total demand for reducers in the domestic industrial robot market is projected to exceed 2.7 million units [3]. - The company benefits from trends such as domestic substitution and downstream cost reduction, along with its technological, cost, and capacity advantages, positioning it as a key player in the domestic harmonic reducer market [3][9]. Summary by Sections Company Overview - The company has over 20 years of experience in the harmonic transmission field, with its main products including harmonic reducers, precision components, mechatronic actuators, and intelligent automation equipment. In 2023, harmonic reducers accounted for 89.09% of its revenue [9][27]. Financial Performance - In 2023, the company faced performance pressure, with a projected revenue of 386 million yuan in 2024, reflecting an 8.34% year-on-year increase. However, the net profit attributable to shareholders is expected to decline by 32.29% to 57 million yuan [9][29]. - The company's revenue growth is expected to improve in 2024, with a relatively stable operating situation in the first half of the year and a recovery trend in the third quarter [9][29]. Market Dynamics - The harmonic reducer market is expanding, with the company expected to benefit from the increasing demand for humanoid robots. The global humanoid robot market is anticipated to see significant growth, with major companies planning mass production by 2025 [10][11]. - The company has established a strong customer base, including well-known domestic and international brands, which enhances its market position [45]. Technological and Competitive Advantages - The company has developed its own P-type gear theory, allowing it to bypass foreign technology barriers and achieve competitive product parameters comparable to international standards. Its gross margin has consistently exceeded that of Harmonic Drive by over 10% in recent years [11][39]. - The company is expanding its production capacity, with plans to increase harmonic reducer capacity to 1 million units per year and mechatronic actuator capacity to 200,000 units per year [11][55]. Future Outlook - The company is expected to achieve net profits of 83 million yuan and 137 million yuan in 2025 and 2026, respectively, corresponding to price-earnings ratios of 323 and 195 times [11].

Investment Rating - The mechanical equipment industry is rated as "Standard Configuration" indicating expected performance within ±10% of the market index over the next six months [64]. Core Views - The mechanical equipment sector experienced a bi-weekly decline of 1.39%, underperforming the CSI 300 index by 1.92 percentage points, ranking 23rd among 31 sectors [14][19]. - The sector has shown a year-to-date increase of 13.46%, outperforming the CSI 300 index by 13.52 percentage points, ranking 1st among 31 sectors [14][19]. - The newly added special bond limit for 2025 is set at 440 billion yuan, a historical high, which is expected to boost domestic demand as funds are allocated to projects [6][60]. Market Review - The bi-weekly performance of the five sub-sectors within the mechanical equipment industry shows that the rail transit equipment II sector had the highest increase of 0.74%, while the automation equipment sector saw the largest decline of 3.76% [19][20]. - The top three stocks in terms of bi-weekly gains were Zhejiang Huaye, Klete, and Julite, with increases of 149.11%, 71.44%, and 70.19% respectively [20][22]. - Conversely, the stocks with the largest declines were *ST Xinyan, Huafeng Co., and Meixin Yishen, with declines of 30.77%, 29.87%, and 25.88% respectively [23][22]. Valuation Overview - As of March 27, 2025, the TTM PE ratio for the mechanical equipment sector is 29.58 times, with sub-sectors showing varied valuations: general equipment at 37.61 times, specialized equipment at 27.06 times, rail transit equipment II at 18.81 times, engineering machinery at 22.93 times, and automation equipment at 47.00 times [4][26]. Industry Insights - In the robotics segment, Tesla plans to trial production of approximately 5,000 units of its Optimus robot this year, which is expected to positively impact the demand for upstream core components [5][60]. - The engineering machinery sector is anticipated to see a recovery in domestic sales as the special bond funds are deployed, with a projected increase in operating rates [6][60]. - The export trade value of Chinese engineering machinery products in February was $3.281 billion, a year-on-year decrease of 2.24%, but demand remains strong in regions along the Belt and Road, Africa, and South America [6][60]. Recommended Stocks - Recommended stocks include: - Huichuan Technology (300124) for its strong market share in general servos and competitive edge [61]. - Sany Heavy Industry (600031) as a leading excavator manufacturer benefiting from increased infrastructure investment [63]. - Hengli Hydraulic (601100) for its solid position in the hydraulic cylinder market with a consistent market share above 50% since 2016 [63].

Core Viewpoint - The company is focusing on expanding its market presence in humanoid robotics and increasing R&D investment in this area, while facing challenges in profitability due to rising costs and competitive pressures [1][4][6]. Group 1: Company Overview - Founded in 2011, the company specializes in the R&D, design, production, and sales of precision transmission devices, including harmonic reducers and automation equipment [3]. - The company went public on the Sci-Tech Innovation Board in August 2020, reporting significant revenue and profit growth in its initial years [3]. Group 2: Financial Performance - The company experienced a decline in revenue and net profit from 2021 onwards, with revenues of 4.43 billion yuan in 2021 dropping to 3.56 billion yuan in 2023, and net profit decreasing from 1.89 billion yuan to 841.55 million yuan in the same period [3][4]. - The gross margin of the company's main product, harmonic reducers, has also decreased significantly, from 53.18% in 2021 to 41.17% in 2023 [4]. Group 3: Market Strategy - The company is actively expanding its overseas market presence by forming sales teams in key regions such as Japan, Southeast Asia, North America, and Europe, which has contributed to increased sales expenses [5][6]. - The company plans to continue investing in R&D to maintain its technological edge and meet market demands for advanced products, despite short-term profit impacts [6][7]. Group 4: Future Outlook - For 2024, the company expects revenue growth of 8.34% to 386 million yuan, but a decline in net profit by 32.29% to 56.98 million yuan, primarily due to increased expenses related to market expansion and R&D [6][7]. - The company is cautious about further international expansion due to geopolitical uncertainties and plans to stabilize its overseas operations before making additional strategic moves [7].

观 緒中茂 (上海)律师事务所 GUANTAO LAW 地址：上海市长宁区仙霞路 99 号尚嘉中心 12 层、22 层 （200051） Add: 12F&22F,L'Avenue No,99 XianXia Rd,Changning District,Shanghai,PRC 电话 Tel: +86 21 23563298 传真 Fax +86 21 23563299 网址 Website：http://www.guantao.com 邮箱 Email: guantaosh@guantao.com 关于苏州绿的谐波传动科技股份有限公司 2025年第一次临时股东大会 之 律师见证法律意见书 北京观韬中茂(上海)律师事务所 二〇二五年三月 北京 上海 广州 深圳 香港 天津 杭州 苏州 威斯 厦门 大连 济南 西安 武汉 南京 福州 称州 海口 重庆 合肥 洛胜 青岛 悉尼 多伦多 律师见证法律意见书 致:苏州绿的谐波传动科技股份有限公司 北京观韬中茂(上海)律师事务所(以下简称"本所")接受苏州绿的谐波传 动科技股份有限公司(以下简称"公司")的委托,指派律师(以下简称"本所律 师")出席公司于2025年3月 ...

（一） 股东大会召开的时间：2025 年 3 月 24 日 （二） 股东大会召开的地点：苏州市吴中区木渎镇尧峰西路 68 号苏州绿的谐波 传动科技股份有限公司公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 证券代码：688017 证券简称：绿的谐波 公告编号：2025-014 苏州绿的谐波传动科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 审议结果：通过 | 1、出席会议的股东和代理人人数 | 261 | | --- | --- | | 普通股股东人数 | 261 | | 2、出席会议的股东所持有的表决权数量 | 84,403,370 | | 普通股股东所持有表决权数量 | 84,403,370 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 46.0685 | | 比例（%） | | | 普通股股东所持有表决权数量占 ...