Core Viewpoint - Ant Group has reduced its holdings in two A-share listed companies, Obsidian Technology and Yong'an Xing, to enhance capital efficiency and focus on investments in frontier technology and globalization, resulting in a total cash-out of over 775 million RMB [3]. Group 1: Ant Group's Actions - Ant Group has sold 8.822 million shares of Obsidian Technology, accounting for 2.21% of the total share capital, generating approximately 556 million RMB [3]. - After the reduction, Ant Group still holds 10% of Obsidian Technology, making it the second-largest shareholder [3]. - Ant Group's total investment return from these reductions has exceeded 775 million RMB [3]. Group 2: Obsidian Technology - Obsidian Technology focuses on 3D visual perception technology and has collaborated with Alipay in the NFC business sector [3]. - The company has reported a loss of 60.31 million RMB for the first three quarters of 2024, with a net loss of 102 million RMB after excluding non-recurring losses [3]. - As of March 26, Obsidian Technology's stock price was 56.68 RMB, reflecting a decrease of 1.72% [4]. Group 3: Yong'an Xing - Ant Group transferred its 6% stake in Yong'an Xing for 219 million RMB, reducing its holding from 7.86% to 1.43% [4]. - Yong'an Xing is known as the "first A-share shared bicycle stock" and is expected to report a net loss of between 55 million and 80 million RMB for 2024, with a reduction in losses compared to the previous year [5]. - As of March 26, Yong'an Xing's stock price was 18.7 RMB, down 6.22% [5].

Core Viewpoint - Ant Group has strategically reduced its holdings in two listed companies, Obsidian Technology and Yong'an Xing, achieving an excess return of 942 million yuan, indicating a shift in focus towards more advanced technology sectors such as AI and intelligent computing [1][5]. Summary by Sections Ant Group's Investment Actions - Ant Group has sold shares in Obsidian Technology and Yong'an Xing, generating a total return of 942 million yuan [1]. - The company aims to reinvest the recovered funds into cutting-edge technology areas in response to new technological trends [1]. Obsidian Technology - Founded in 2013, Obsidian Technology is a leader in the 3D vision perception sector, with applications in humanoid robots and AI vision, and has partnerships with major firms like NVIDIA and Microsoft [1]. - Ant Group initially invested 733 million yuan in Obsidian Technology in 2018 and later increased its investment to a total of 1.433 billion yuan [2]. - Following a reduction plan, Ant Group sold shares at prices ranging from 50 yuan to 72.79 yuan per share, recovering approximately 723 million yuan, which is over half of its initial investment [2]. - The current market value of Ant Group's remaining shares in Obsidian Technology is approximately 2.188 billion yuan, resulting in a floating profit of 1.382 billion yuan [2]. Yong'an Xing - Yong'an Xing, the first publicly listed bike-sharing company in China, has faced declining revenues due to the rise of dockless bike-sharing models, with revenues dropping from 873 million yuan in 2021 to 374 million yuan in the first three quarters of 2024 [3]. - Ant Group's initial investment in Yong'an Xing was 100 million yuan in 2014, with a holding ratio of about 8.33% at the time of the company's IPO in 2017 [3]. - In March 2025, Ant Group transferred 14.364 million shares to a related party at a price of 15.28 yuan per share, totaling approximately 219 million yuan, representing a 119% increase over the investment cost [4]. - The current market value of Ant Group's remaining shares in Yong'an Xing is approximately 84.946 million yuan [4]. Strategic Implications - The divestment actions reflect the cyclical nature of technology investments, with Obsidian Technology's valuation benefiting from the AI wave, while Yong'an Xing's control transfer to Hello Chuxing may pave the way for a potential reverse listing [5]. - The successful exits from these investments signify a transition for Ant Group from "scale expansion" to "technology deepening," which may influence its industry position over the next decade [5].

机器人何以顺德？两大4000亿产业集群，正与AI形 成共振 "通用双足人形机器人方案正式开源发布。"在今年春节国产人形机器人爆火出圈的一年前，天太机器人 联合创始人吴志诚就发了一个朋友圈，视频中，全球首款仿人脊柱功能通用性人形机器人惊艳亮相。今 年底，这家创立于广东佛山顺德的企业主导起草的相关行业标准，也将对外发布。 "美的不是选择这个时候入局，我们很早就在工业机器人领域布局；成立AI研究院和对具身智能的研究 也很久了。我们看好人形机器人这个赛道，同时也在聚焦什么样的应用能在短期落地，什么样的应用需 要长期布局。"美的集团副总裁兼CTO卫昶在接受媒体采访时表示。 这场AI变革，佛山顺德早已入局。数据显示，顺德工业机器人运营产量占全国总量6% ，并早已实 现"机器人制造机器人"。除了整机外，国内乃至国际诸多领先品牌机器人身上的"关节""小脑"和"眼 睛"，都来自顺德。 机器人产业凭什么能在顺德"跑出"？南都"2025佛山机器人军团深调研"走进顺德区，在这里调研组看 到，家电和机械装备两大4000千亿产业生态和集群，正与人工智能形成共振。 应用 机器人的本体、关节和眼睛顺德企业的"黑科技" 一改传统"流水线"产线 ...

Core Insights - Fudan Microelectronics, Lens Technology, and Orbbec are experiencing stock price increases, significantly outperforming the market, due to their roles as core suppliers for Alipay's "Tap to Pay" service [1][2] - The rapid deployment and promotion of Alipay's "Tap to Pay" across over 100 cities and 1,000 business districts in China has led to increased investor interest in these companies [1][2] Company Performance - As of March 24, stock prices for Lens Technology, Fudan Microelectronics, and Orbbec rose by 3.06%, 0.15%, and 0.29% respectively, indicating strong market performance compared to the overall market [1] - Analysts attribute this stock performance to the swift adoption of Alipay's "Tap to Pay" service, which enhances payment convenience and security [1] Industry Trends - The NFC (Near Field Communication) technology, which underpins Alipay's "Tap to Pay," is gaining traction in China, with smartphone shipments reaching 314 million units in 2024 [2] - The global NFC payment market is projected to reach $67.71 billion by 2028, driven by the increasing adoption of NFC-enabled smartphones and advancements in 5G, IoT, and AI technologies [2] - Companies in the NFC supply chain, including Fudan Microelectronics, Lens Technology, and Orbbec, are expected to benefit from the expanding market and the continued rollout of "Tap to Pay" [2]

证券代码：688322 证券简称：奥比中光 公告编号：2025-013 奥比中光科技集团股份有限公司 关于持股 5%以上股东减持公司股份结果公告 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、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，上海云鑫创业投资有限公司（以下简称"上海云鑫"） 持有奥比中光科技集团股份有限公司（以下简称"公司"）股份 48,822,120 股， 占公司总股本的 12.21%，股份来源为公司首次公开发行股票并上市前取得的股 份，且已于 2023 年 7 月 7 日起上市流通。 减持计划的实施结果情况 上述减持主体无一致行动人。 二、减持计划的实施结果 （一）大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 | 减持期间 | 减持方式 | 减持价格区间 | 减持总金额 | 减持完成情 | 当前持股 | 当前持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

周观点：人形机器人产业端进展频出， 持续关注人形机器人产业链 ——人形机器人行业周报（2025.3.3-2025.3.7） [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 （1）优必选促发群体智能觉醒，在极氪实现全球首例多台多场景多任 务人形机器人协同实训。近日，优必选在极氪5G智慧工厂开展全球首 例多台、多场景、多任务的人形机器人协同实训，探索建立面向多任 务工业场景的通用人形机器人群体作业解决方案，推动人形机器人从 单机自主向群体智能进化。 （2）中国政府网发布视频《机器人群侠传》。中国政府网在公众号发 布了视频《机器人群侠传》，视频经过剪辑，将不同场景、种类繁多的 机器人与武林绝技相联系，全方位展示了我国在机器人领域的前沿成 果。 （3）《深圳市具身智能机器人技术创新与产业发展行动计划（2025- 2027年）》发布。3月3日，《深圳市具身智能机器人技术创新与产业发 展行动计划（2025-2027年）》（以下简称《行动计划》）正式发布。深 圳将重点引领核心技术攻坚突破、打造公共服务平台矩阵，吸引更多 上下游企业、科研机构、创新团队等聚集，营造最优创新生态，推动 具 ...

证券代码：688322 证券简称：奥比中光 公告编号：2025-012 奥比中光科技集团股份有限公司 关于持股 5%以上股东权益变动的提示性公告 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、准确性和完整性依法承担法律责 任。 重要内容提示： 本次权益变动属于持股 5%以上股东上海云鑫创业投资有限公司（以下简称 "上海云鑫"）实施前期已披露的股份减持计划，不触及要约收购。 本次权益变动后，上海云鑫持有奥比中光科技集团股份有限公司（以下简称 "公司"）股份数量由 48,822,120 股变动至 40,000,068 股，占公司总股本的比例由 12.21%变动至 10.00%。 本次权益变动为公司持股 5%以上非第一大股东正常权益变动行为，不会对 公司治理结构及持续经营产生重大影响，不会导致公司控股股东及实际控制人发生 变化。 一、本次权益变动基本情况 公司于 2025 年 3 月 14 日收到上海云鑫出具的《简式权益变动报告书》及《权 益变动情况告知函》，上海云鑫于 2025 年 1 月 10 日至 2025 年 3 月 14 日期间通过 集中竞 ...

奥比中光科技集团股份有限公司 简式权益变动报告书 签署日期：2025 年 3 月 14 日 上市公司名称： 奥比中光科技集团股份有限公司 上市地点： 上海证券交易所 股票简称： 奥比中光 股票代码： 688322 信息披露义务人： 上海云鑫创业投资有限公司 住所： 上海市黄浦区外马路 618 号 601 室 通讯地址： 浙江省杭州市西湖区西溪路 569 号蚂蚁 A 空间 股份权益变动性质： 股份减少 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《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》等相关法律、法规和规范性文件编制。 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，其履行亦不 违反信息披露义务人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》的规定， 本报告书已全面披露了信息披露义务人在奥比中光拥有权益的股份变动情况。截 至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没有通过 任何其他方式增加或减少其在奥比中光中拥有权益的股份。 | | ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1]. Core Insights - Humanoid robots have significant potential, with the sensory system being one of the core subsystems. The market is expected to grow rapidly as humanoid robots begin to be deployed in various applications [3][9]. - The sensory layer is crucial for interaction with the environment, accounting for approximately 15% of the total cost of humanoid robots [10][11]. - The report emphasizes the importance of multi-sensory integration, including 3D vision, force sensing, inertial sensing, and tactile sensing, in enhancing the capabilities of humanoid robots [12][39]. Summary by Sections 1. Humanoid Robot Potential - The humanoid robot market is in its early stages but is expected to transform human production and lifestyle significantly. The global sales volume is projected to grow from approximately 26,000 units in 2025 to 606,000 units by 2030, with a CAGR of about 87.6% [9]. 2. 3D Vision - 3D vision is the primary environmental information input for humanoid robots, responsible for real-time modeling of the surroundings. The Chinese machine vision market is expected to grow from 4.687 billion yuan in 2016 to 39.529 billion yuan by 2028, with a CAGR of approximately 19.4% [19]. 3. Force and Inertial Sensing - Force sensing, particularly six-dimensional force sensing, is essential for precise operations in humanoid robots. The global market for humanoid robot force sensors is expected to grow from 179 million yuan in 2024 to 32.806 billion yuan by 2030, with a CAGR of 138% [46]. 4. Tactile Sensing - Tactile sensing is crucial for humanoid robots to perform delicate operations. The global market for robotic tactile sensors is projected to grow from 210 million USD in 2022 to 430 million USD by 2029, with a CAGR of 10.8% [71]. 5. Investment Recommendations - The report recommends focusing on companies involved in 3D vision, six-dimensional force sensing, MEMS IMU, and electronic skin technologies, highlighting firms like Chipone Technology, Aobo Technology, and Hanwei Technology as key players [3][9].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Viewpoints - The company is positioned as a global leader in 3D visual perception, with its products, including 3D visual sensors, driving significant revenue growth. The company has a strong market presence in the robotics sector, with over 70% market share in China's service robot market [6][49]. - The company's revenue is expected to grow rapidly from 2024 to 2026, with a forecasted revenue of 5.6 billion, 11.5 billion, and 15.1 billion yuan respectively, driven by increasing orders in the robotics industry [6][7]. - The company has a robust R&D capability, with a high R&D expense ratio exceeding 50% over the past five years, which has impacted its profitability but is expected to lead to positive earnings by 2025 [6][22]. Summary by Sections 1. Company Overview - The company, founded in 2013, specializes in 3D visual perception technology and has established a comprehensive product matrix that includes various 3D visual sensing technologies [9][10]. - It provides integrated "R&D + manufacturing" services to over 1,000 clients, with a significant focus on robotics and AI applications [9][10]. 2. Market Trends - The market for autonomous mobile robots (AMR) is projected to grow from 3.88 billion USD in 2024 to 8.02 billion USD by 2029, driven by automation trends and labor shortages [37]. - The global 3D printing market is expected to reach 19.7 billion USD in 2023, with increasing penetration of 3D printing technology across various industries [39]. - The humanoid robot market is anticipated to grow significantly, with a projected market size of 66 billion USD by 2032, driven by labor shortages and technological advancements [45]. 3. Financial Performance - The company reported total revenue of 350.05 million yuan in 2022, with a forecasted increase to 1.51 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 31.1% [1]. - The net profit is expected to turn positive in 2025, with a forecasted net profit of 208.7 million yuan [1]. 4. Competitive Advantages - The company has established a strong competitive moat through its early market entry, extensive product offerings, and high market share in the service robot sector [6][49]. - Its proprietary technology and partnerships with leading firms enhance its product capabilities and market competitiveness [52][56].