Group 1 - The core viewpoint highlights the strong performance of the Huaxia Sci-Tech AI ETF (589010), which rose by 1.39% today, showcasing high elasticity and explosive potential in the AI sector [1] - Over the past 20 trading days, the ETF has seen a significant increase of 19.83%, indicating robust market interest and momentum [1] - Key holdings such as Chipone Technology (芯原股份) led the gains with a rise of 5.65%, while other companies like Hengxuan Technology (恒玄科技) and Cambricon Technologies (寒武纪) also experienced increases of over 3% [1] Group 2 - The CEO of OpenAI, Sam Altman, stated that the U.S. has severely underestimated China's comprehensive development potential in the AI field, particularly in reasoning technology and product commercialization [1] - Oriental Securities noted that AI applications are evolving from dialogue-based applications, represented by ChatGPT, to task-oriented applications centered around agents, indicating a shift in application paradigms [1] - The Huaxia Sci-Tech AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2]

| 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 14.00 | 491.96 | 35.14 | 0.00 | 中信证券股份有限公司 | 中信证券股份有限公司北京 | | | | | | 总部(非营业场所) | 安外大街证券营业部 | 证券时报·数据宝统计显示，凌云光今日收盘价为35.14元，上涨10.68%，日换手率为6.84%，成交额为 10.89亿元，全天主力资金净流入2782.74万元，近5日该股累计上涨7.46%，近5日资金合计净流出 5438.36万元。 （文章来源：证券时报网） 两融数据显示，该股最新融资余额为4.57亿元，近5日减少1519.90万元，降幅为3.22%。（数据宝） 8月18日凌云光大宗交易一览 凌云光8月18日大宗交易平台出现一笔成交，成交量14.00万股，成交金额491.96万元，大宗交易成交价 为35.14元。该笔交易的买方营业部为中信证券股份有限公 ...

18 August 2025 | 6:37AM HKT China Humanoid Robot 2025 WHRG takeaways: some progress in autonomous capability We watched the livestream of the 2025 World Humanoid Robot Games (WHRG), which were held in Beijing over the past weekend (Aug 14-17). In particular, we looked for evidence of autonomous and generalization capabilities of top-performing robots during the event to confirm the significance of technology advancement and potentially drive share price performance of relevant stocks. Overall, we observed s ...

流动性方面，人工智能ETF盘中换手6.18%，成交2.05亿元。拉长时间看，截至8月15日，人工智能ETF 近1周日均成交3.08亿元。规模方面，人工智能ETF最新规模达32.28亿元。 人工智能ETF紧密跟踪中证人工智能产业指数。对比创业板人工智能指数和科创AI指数，该指数具有全 面性、均衡性与前瞻性，通过在全市场范围内筛选AI营收占比高且成长性突出的50只个股（季度调 整），采用结合AI营收及成长指标的市值加权方式，实现计算机、通信、电子行业的均衡布局，并独 创性地按50%：50%比例兼顾基础架构（如光模块、ASIC芯片）与应用层（办公、传媒、自动驾驶、机 器人等全场景），完整覆盖AI产业链核心环节；其聚焦中大盘股、侧重应用侧的属性，更精准契合国 内AI应用爆发带动资本开支扩张的行情，样本覆盖更广、产业链布局更完善、且更适配本土AI产业发 展趋势。 消息面上，OpenAI首席执行官SamAltman表示，他希望在未来投入数万亿美元用于开发和运行人工智能 服务所需的基础设施建设。 8月18日，沪指突破2021年2月18日盘中创下的3731.69点高点，创下自2015年8月20日之后的新高。 场内ETF方面， ...

Core Insights - The report highlights the significant role of company secretaries (董秘) in connecting investors and listed companies, with a total salary of 4.086 billion yuan for A-share listed company secretaries in 2024, averaging 754,300 yuan per year [1] Salary Overview - The average salary for company secretaries in the machinery and equipment-specialized equipment industry is approximately 635,000 yuan, with the highest salary being 1.8638 million yuan for Xie Yunjiao from Jack Co., and the lowest at 115,600 yuan for Shi Shouyi from Huaxi Technology [1] - In 2024, the average salary increased by 25,200 yuan compared to 2023, representing a growth rate of 9% [3] Salary Changes - Liu Di from Huilong Piston saw a salary increase from 118,400 yuan in 2023 to 359,200 yuan in 2024, marking a 203% increase, the highest in the report [3] - Xie Lizhi from Suda Co. experienced a salary decrease from 1.7673 million yuan in 2023 to 731,400 yuan in 2024, a reduction of 1.0359 million yuan, the largest decrease reported [3] Age Distribution - The average age of company secretaries is approximately 44.29 years, with the majority (38%) aged between 40-49 years [3] - The oldest company secretary is 67 years old, while the youngest is 28 years old, with respective salaries of 910,000 yuan and 760,000 yuan [3] Educational Background - The distribution of educational qualifications among company secretaries includes 5 PhDs, 60 Master's degrees, 77 Bachelor's degrees, and 10 with associate degrees, with average salaries of 748,800 yuan, 713,400 yuan, 579,900 yuan, and 565,200 yuan respectively [5] - The highest salary among PhD holders is 1.1779 million yuan for Fan Jian from Tiandi Technology [5] Compliance Issues - A total of 12 company secretaries received warnings, public notifications, or internal communications regarding compliance issues for the years 2024-2025 [7] - Specific cases include Wu Ruirui from Lanshi Heavy Industry, who received 3 warnings and has a salary of 454,600 yuan, and Wang Liming from *ST Xingnong, who also received 3 warnings with a salary of 300,400 yuan [8][9]

Core Insights - The report highlights the significant role of company secretaries (董秘) in connecting investors and listed companies, with a total salary of 4.086 billion yuan for A-share listed company secretaries in 2024, averaging 754,300 yuan per year [1] Salary Overview - The average salary for company secretaries in the machinery and equipment-specialized equipment industry is approximately 635,000 yuan, with the highest salary being 1.8638 million yuan for Jack Co.'s secretary, and the lowest at 115,600 yuan for Huaxi Technology's secretary [1] - In 2024, the average salary increased by 25,200 yuan compared to 2023, representing a 9% rise [3] Salary Changes - Liu Di from Huilong Piston saw a salary increase from 118,400 yuan in 2023 to 359,200 yuan in 2024, marking a 203% increase, the highest in percentage terms [3] - Xie Lizhi from Sudar Co. experienced a salary decrease from 1.7673 million yuan in 2023 to 731,400 yuan in 2024, a reduction of 1.0359 million yuan, representing a 59% decline, the largest in absolute terms [3] Age Distribution - The average age of company secretaries is approximately 44.29 years, with the majority (38%) aged between 40-49 years [3] - The oldest company secretary is 67 years old, earning 910,000 yuan, while the youngest is 28 years old, earning 760,000 yuan [3] Educational Background - The distribution of educational qualifications among company secretaries includes 5 PhDs, 60 Master's degrees, 77 Bachelor's degrees, and 10 with associate degrees, with average salaries of 748,800 yuan, 713,400 yuan, 579,900 yuan, and 565,200 yuan respectively [5] - The highest salary among PhD secretaries is 1.1779 million yuan for Fan Jian from Tiandi Technology [5] Compliance Issues - A total of 12 company secretaries received warnings, public notifications, or internal communications regarding compliance issues for the years 2024-2025 [7] - Specific cases include Wu Ruirui from Lanshi Heavy Industry, who received 3 warnings and earned 454,600 yuan, and Wang Liming from *ST Xingnong, who also received 3 warnings with a salary of 300,400 yuan [8][9]

Core Insights - The report highlights the significant role of company secretaries (董秘) in connecting investors and listed companies, with a total salary of 4.086 billion yuan for A-share listed company secretaries in 2024, averaging 754,300 yuan per year [1] Salary Overview - The average salary for company secretaries in the machinery and equipment-specialized equipment industry is approximately 635,000 yuan, with the highest salary being 1.8638 million yuan for Jack Co.'s secretary, and the lowest at 115,600 yuan for Huaxi Technology's secretary [1] - In 2024, the average salary increased by 25,200 yuan compared to 2023, representing a 9% rise [3] Age and Education Distribution - The average age of company secretaries is approximately 44.29 years, with the majority (38%) aged between 40-49 years [3] - The educational background of company secretaries includes 5 PhDs, 60 Master's degrees, 77 Bachelor's degrees, and 10 with associate degrees, with average salaries of 748,800 yuan, 713,400 yuan, 579,900 yuan, and 565,200 yuan respectively [5] Compliance and Violations - A total of 12 company secretaries received warnings or public notifications for violations between 2024 and 2025 [7] - Specific cases include: - Wu Ruirui from Lanshi Heavy Industry received 3 warnings, with a salary of 454,600 yuan, due to failure in timely disclosure of project delays [8] - Wang Liming from *ST Xingnong also received 3 warnings, with a salary of 300,400 yuan, for not properly identifying related parties [9] - Gu Baoxing from Lingyun Light received 2 warnings, with a salary of 1.6553 million yuan, for failing to disclose related party transactions [9]

Core Insights - The report highlights the significant role of company secretaries (董秘) in connecting investors and listed companies, with a total salary of 4.086 billion yuan for A-share listed company secretaries in 2024, averaging 754,300 yuan per year [1] Salary Overview - The average salary for company secretaries in the machinery and equipment-specialized equipment industry is approximately 635,000 yuan, with the highest salary being 1.8638 million yuan and the lowest at 115,600 yuan [1] - In 2024, the average salary increased by 25,200 yuan compared to 2023, representing a growth rate of 9% [3] Salary Changes - Liu Di from Huilong Piston saw a salary increase from 118,400 yuan in 2023 to 359,200 yuan in 2024, marking a 203% increase, the highest in the report [3] - Xie Lizhi from Sudar Co. experienced a salary decrease from 1.7673 million yuan in 2023 to 731,400 yuan in 2024, a reduction of 1.0359 million yuan, the largest decrease [3] Age Distribution - The average age of company secretaries is approximately 44.29 years, with the majority (38%) aged between 40-49 years [3] - The oldest company secretary is 67 years old, earning 910,000 yuan, while the youngest is 28 years old, earning 760,000 yuan [3] Educational Background - The distribution of educational qualifications among company secretaries includes 5 PhDs, 60 Master's degrees, 77 Bachelor's degrees, and 10 with associate degrees, with corresponding average salaries of 748,800 yuan, 713,400 yuan, 579,900 yuan, and 565,200 yuan respectively [5] - The highest salary among PhD holders is 1.1779 million yuan [5] Compliance Issues - A total of 12 company secretaries received warnings, public notifications, or internal notifications for compliance issues during 2024-2025 [7] - Specific cases include Wu Ruirui from Lanshi Heavy Industry, who received 3 warnings and earned 454,600 yuan, and Wang Liming from *ST Xingnong, who also received 3 warnings with a salary of 300,400 yuan [8][9]

Group 1: Industry Overview - Industrial automation is entering a mild downward cycle, with market growth expected to decline by -1% in 2025, -3% in 2026, and -2% in 2027, reflecting a downward adjustment from previous growth expectations [2] - Goldman Sachs has lowered the average target price (TP) and earnings per share (EPS) for the industry by 5%, with profit expectations for 2025-2027 being 3%-7% lower than the consensus median [2] - Only a few sectors, such as consumer electronics (foldable smartphones), batteries (solid-state technology), and AIDC, are expected to see capital expenditure expansion, while most manufacturing sectors will struggle with capacity utilization and output [2] Group 2: Company Drivers - In the context of industry growth slowdown, company-specific drivers are crucial, evaluated across six dimensions: favorable end-market positioning, domestic market share growth, product premiumization, overseas expansion, future industry positioning, and valuation attractiveness [4] - The key growth drivers for companies include increasing market share and expanding overseas business in the absence of end-market benefits [5] - The share of overseas revenue for covered companies is expected to rise from 23% to 25% between 2024 and 2027 [9] Group 3: Investment Strategy - A "defensive + AI" barbell strategy is recommended to cope with the softening of the FA sector, favoring selective defensive stocks [12] - Nari Tech is highlighted as a core beneficiary of smart grid investment, with expected revenue growth of 12% in 2025, driven by existing orders and potential budget increases from the State Grid [12] - Companies like AVIC Jonhon and China CRRC are also noted for their attractive dividend yields and growth prospects, despite slow growth in their main businesses [13] Group 4: Potential Opportunities - High-end product areas such as high-margin software, sensors, and after-sales services, as well as future industries like AI and robotics, present potential opportunities, although they face high technical barriers and commercialization challenges [11] - Companies like Sanhua and Kstar are identified as having significant growth potential in their respective sectors, with expected revenue and profit growth rates that outperform the market [14] Group 5: Cautious Outlook on FA Sector - Companies like Estun and Raycus are viewed with caution due to their reliance on weak demand sectors and expected declines in earnings per share [15] - Estun's revenue is heavily dependent on the photovoltaic and automotive sectors, which are facing challenges, while Raycus is experiencing stagnant market share and pressure on profit margins [15] Group 6: Stock Recommendations - A list of stocks with "Buy" ratings includes Nari Tech, Haitian, and Kstar, with target prices reflecting significant upside potential [16] - The report emphasizes the importance of evaluating companies based on their specific market dynamics and growth strategies in the current economic environment [16]

6 August 2025 | 10:25PM HKT Luster LightTech Co. Surging optical MoCap business driven by humanoid training demand; U/G to Neutral 688400.SS 12m Price Target: Rmb22.10 Price: Rmb33.87 Downside: 34.8% Jacqueline Du +852-2978-1783 | jacqueline.du@gs.com Goldman Sachs (Asia) L.L.C. | Key Data __________________________________ | | | | | | --- | --- | --- | --- | --- | | | | Enterprise value: Rmb15.2bn / $2.1bn | Market cap: Rmb15.7bn / $2.2bn | | | | | | 3m ADTV: Rmb255.9mn / $35.6mn | | | | | | | China | | | ...