继电动车后，中国机器人割草机近日又被欧盟贴上"倾销"标签，发起"反倾销"调查，这种做法忽视了中 国机器人割草机在技术、性能和环保优势方面对欧洲消费者的实际价值，这一不公正待遇引发了市场关 注。 11 月 19 日，欧盟委员会在《欧盟官方公报》C/2025/6235 号文件中发布公告，对原产于中国的机器人 割草机（robot lawn mowers）启动反倾销调查。调查对象界定为"无需直接人工控制、能够对草坪、公 园及运动场草坪进行修剪的电动机器人割草机"，无论是否包含其运作所必需的充电座、边界线或无线 导航设备，均纳入"被调查产品"的范围。有关调查将在公告发布一年，但不超过14个月内完成。 公告发布后，一位贸易法律专家指出，欧盟委员会此举是出于贸易保护主义考量，而非基于足够的事实 和法律依据，延续了欧盟近年来在涉华案件中广泛适用"显著扭曲"（significant distortions）条款的做 法。 反倾销调查站不住脚 "我们新一代智能割草机器人Segway Navimow X系列产品售价远低于传统人工割草一年的费用，为用户 节省了大量的割草成本。"一位九号公司公关经理告诉《人民日报》记者。就欧盟拟对割草 ...

Core Insights - The robotics sector has become a focal point for capital investment, with 7 companies receiving significant attention from institutional investors, indicating a strong interest in the industry's practical applications [1][3]. Company Summaries - The 7 companies that attracted the most institutional attention are Ninebot, Lens Technology, Zhongkong Technology, Sanhua Intelligent Control, Aopt, Luxshare Precision, and Huichuan Technology, with the number of institutional visits reaching 365, 348, 342, 283, 224, 221, and 214 respectively [3]. - Lens Technology has successfully integrated into the supply chains of several leading domestic and international robotics companies, achieving substantial revenue from core components like joint modules and dexterous hands, with expectations to deliver over 3,000 humanoid robots and 10,000 quadruped robots this year [4]. - Ninebot is focusing its lawn mower robot business on the mid-to-high-end market and is accelerating its overseas supply chain layout, with plans to launch multiple new products at CES in January 2026 [4]. - Huichuan Technology is developing core products for humanoid robots, including drivers and various joint modules, aiming to transfer industrial technology and mass application experience to address industry challenges [5]. - Aopt is collaborating with Yujian Technology to showcase the high-precision synergy of its 3D vision system and robotic arms, laying the groundwork for future applications in precision assembly and autonomous navigation [5]. - Sanhua Intelligent Control has established a robotics division and is advancing the construction of overseas production bases to enhance competitiveness and prepare for future capacity expansion [5]. - The industrial robot production in China is on the rise, and the upcoming product launches and capacity releases from major companies will be crucial in determining whether the heightened interest from institutional research translates into tangible performance growth [5].

Content: --------- <doc id='1'>金融工程日报 A 股单边下行，AI 应用逆势走强、锂电池产业链全线下挫</doc> <doc id='2'>核心观点 金融工程日报 市场表现：20251121 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中上证综指表现较好，风格指数中沪深 300 价值指数表现较好。行业 指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好，综 合、有色金属、基础化工、通信、电子行业表现较差。中船系、水产、小红 书平台、拼多多合作商、短剧游戏等概念表现较好，锂矿、锂电正极、锂电 隔膜、盐湖提锂、锂电电解液等概念表现较差。 市场情绪：20251121 收盘时有 33 只股票涨停，有 107 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-0.55%，昨日 跌停股票今日收盘收益为-5.58%。今日封板率 61%，较前日提升 10%，连板 率 24%，较前日下降 0%。 市场资金流向：截至 20251120 两融余额为 24917 亿元，其中融资余额 24744 亿元，融券余额 173 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.1%。</doc> <doc id='3'>折溢价：20251120 当日 ETF 溢价较多的是创科技 ETF，ETF 折价较多的是芯 片 ETF 景顺。近半年以来大宗交易日均成交金额达到 20 亿元，20251120 当 日大宗交易成交金额为 19 亿元，近半年以来平均折价率 6.36%，当日折价率 为 7.71%。近一年以来上证 50、沪深 300、中证 500、中证 1000 股指期货主 力合约的年化贴水率中位数分别为 0.48%、3.39%、10.86%、13.39%，当日上 证 50 股指期货主力合约年化贴水率为 4.00%，处于近一年来 29%分位点，当 日沪深 300 股指期货主力合约年化贴水率为 7.08%，处于近一年来 25%分位 点；当日中证 500 股指期货主力合约年化贴水率为 8.69%，处于近一年来 69% 分位点；当日中证 1000 股指期货主力合约年化贴水率为 8.76%，处于近一年 来 80%分位点。</doc> <doc id='4'>机构关注与龙虎榜：近一周内调研机构较多的股票是九号公司-WD、蓝思科 技、泰恩康、中航重机、沃尔德、超颖电子、宏昌科技、斯菱股份等，九号 公司-WD 被 179 家机构调研。20251121 披露龙虎榜数据中，机构专用席位净 流入前十的股票是天华新能、易点天下、安妮股份、久其软件、榕基软件、 古麒绒材、江龙船艇、荃银高科、华瓷股份、神农种业等，机构专用席位净 流出前十的股票是西藏城投、视觉中国、浪潮软件、德力佳、禾信仪器、中 水渔业、梦天家居、亚通精工、南侨食品、北方长龙等。陆股通净流入前十 的股票是天华新能、江龙船艇、英利汽车、国风新材、久其软件、久之洋、 荃银高科、西藏城投、南侨食品等，陆股通净流出前十的股票是华胜天成、 视觉中国、方大炭素、诺德股份、浪潮软件、易点天下、禾信仪器等。 风险提示：市场环境变动风险；本报告基于历史客观数据统计，不构成投资 建议。</doc> <doc id='5'> | 金融工程·数量化投资 | | | --- | --- | | 证券分析师：张欣慰 | 联系人：李子靖 | | 021-60933159 | 021-60875177 | 021-60933159 021-60875177 zhangxinwei1@guosen.com.cn lizijing1@guosen.com.cn S0980520060001 相关研究报告 《金融工程日报-A 股高开低走，封板率创近一个月新低》 —— 2025-11-20 《金融工程日报-沪指震荡收红，水产股集体大涨、黄金股午后 拉升》 ——2025-11-19 《金融工程日报-沪指震荡走低，锂电产业链回调、互联网电商 概念逆势走强》 ——2025-11-18 《金融工程日报-沪指震荡下跌，锂矿题材逆势爆发》 —— 2025-11-17 《金融工程日报-沪指冲高回落，算力、半导体产业链领跌》 — —2025-11-14</doc> <doc id='6'>市场表现 宽基与风格指数表现 今日(20251121，下同) 市场全线下跌，规模指数中，上证 50 指数表现较好，上 证 50 指数下跌 1.74%，沪深 300 指数下跌 2.44%，中证 500 指数下跌 3.46%，中 证 1000 指数下跌 3.72%，中证 2000 指数下跌 3.99%。 板块指数中，上证综指表现较好，上证综指下跌 2.45%，深证综指下跌 3.43%，中 小 100 指数下跌 3.25%，创业板指下跌 4.02%，科创 50 指数下跌 3.19%，科创 100 指数下跌 4.04%，北证 50 指数下跌 4.71%。 风格指数中，沪深 300 价值指数表现较好，沪深 300 价值指数下跌 1.70%，沪深 300 成长指数下跌 2.47%，中证 500 价值指数下跌 3.30%，中证 500 成长指数下跌 3.16%。主要宽基、板块及风格指数今日表现如下图所示。</doc> <doc id='7'>图1：今日宽基、板块与风格指数表现 行业指数表现 今日行业指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好， 收益分别为-0.27%、-0.50%、-0.89%、-1.00%、-1.58%，综合、有色金属、基础 化工、通信、电子行业表现较差，收益分别为-5.41%、-5.30%、-5.26%、-4.59%、 -4.41%，中信一级行业指数今日表现如下图所示。</doc> <doc id='8'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='9'>图2：今日中信一级行业指数表现 概念主题表现 今日中船系、水产、小红书平台、拼多多合作商、短剧游戏等概念表现较好，收 益分别为 3.51%、0.65%、0.47%、0.42%、0.22%，锂矿、锂电正极、锂电隔膜、 盐湖提锂、锂电电解液等概念表现较差，收益分别为-9.67%、-8.66%、-8.18%、 -8.08%、-7.99%，今日收益较高与较低的前十个概念指数表现如下图所示。</doc> <doc id='10'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='11'>图3：今日收益较高与较低的前十个概念指数 资料来源：Wind，国信证券经济研究所整理</doc> <doc id='12'>市场情绪 日内涨跌停家数 我们统计上市满 3 个月以上的股票在今日盘中的实时涨跌停家数情况。今日盘中 最高有 33 只股票

Core Viewpoint - The European Union has initiated an anti-dumping investigation against Chinese-made robotic lawn mowers, primarily focusing on electric robot mowers that can operate without direct human control, which may impact the competitive landscape for domestic companies in the EU market [1][3]. Industry Summary - The investigation is expected to last approximately one year, during which the EU will determine whether to impose anti-dumping measures to protect local manufacturers [1]. - The robotic lawn mower segment has seen significant growth, with a 327.2% year-on-year increase in global shipments in the first half of 2025, indicating strong market demand, particularly in Europe and North America [6]. - The market share of boundary-less robotic mowers has surged from 35% in 2024 to 65% in the first half of 2025, driven by technological advancements and high consumer acceptance [7]. - The potential for growth in the robotic lawn mower market is substantial, with estimates suggesting a threefold increase in sales as these products replace traditional riding and push mowers [8]. Company Responses - Companies like Longxin General stated that the investigation has no substantial impact on their operations, as their robotic lawn mower sales are still in the prototype stage [9]. - Ninebot indicated that the investigation's impact on its overall business is limited, as the robotic lawn mower segment contributes less than 10% to total revenue [9]. - Daye Co., which derives 99.09% of its revenue from overseas markets, announced plans to adjust its production structure in response to the investigation, leveraging its international operations to mitigate potential impacts [10].

Market Overview - The motorcycle and other sectors experienced a decline of 1.47% on the trading day, with Zhenghe Industrial leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable stock performances include: - Ninebot Company (Code: 6006689) closed at 54.67, up 1.15% with a trading volume of 112,100 shares and a turnover of 617 million yuan [1] - Longxing General (Code: 603766) closed at 13.04, up 0.23% with a trading volume of 208,500 shares and a turnover of 272 million yuan [1] - Zhenghe Industrial (Code: 003033) closed at 60.15, down 5.63% with a trading volume of 24,300 shares and a turnover of 1.48 billion yuan [3] Capital Flow - The motorcycle and other sectors saw a net outflow of 232 million yuan from main funds, while retail investors contributed a net inflow of 162 million yuan [3][4] - Specific stock capital flows include: - Spring Power (Code: 603129) had a main fund net inflow of 27.96 million yuan, but a net outflow from retail investors of 33.78 million yuan [4] - Zhonglu Co. (Code: 600818) experienced a main fund net inflow of 4.86 million yuan, with retail investors contributing a net inflow of 3.37 million yuan [4] ETF Performance - The Food and Beverage ETF (Code: 515170) decreased by 1.88% over the last five days, with a current PE ratio of 20.86 and a net redemption of 31.43 million yuan [6] - The Gaming ETF (Code: 159869) fell by 3.98% over the last five days, with a PE ratio of 34.63 and a net redemption of 250 million yuan [6] - The Sci-Tech 50 ETF (Code: 588000) declined by 5.59% over the last five days, with a high PE ratio of 144.84 and a net subscription of 750 million yuan [6]

Core Points - The European Commission has initiated an anti-dumping investigation into Chinese lawn mowers, which may escalate trade tensions between China and the EU [1][6] - The investigation was prompted by a complaint from Husqvarna, indicating significant price and cost distortions in Chinese electric lawn mowers [1][2] - In the first nine months of this year, China's exports of lawn mowers to the EU increased by 37.7% in quantity and 80.6% in value, with an average price of $207.3, which is 43% higher than the global average price of $144.6 [2] Industry Overview - The Chinese lawn mower industry has seen a significant increase in exports, with total exports growing by 27.8% in quantity and 49.4% in value, reaching $2 billion [2] - European buyers are willing to pay higher prices for Chinese lawn mowers due to their superior performance and technological innovations [2][5] - Companies like Ninebot have emphasized their focus on the mid-to-high-end market, relying on technological innovation and user experience rather than price competition [5] Market Dynamics - The potential imposition of anti-dumping duties could raise barriers for the lawn mower industry, potentially optimizing the competitive landscape [5] - Major manufacturers with strong supply chain management and financial resources are expected to withstand industry fluctuations and may gain market share [5] - Recent tensions between China and the EU, including issues related to critical mineral supplies and semiconductor companies, have contributed to a strained trade relationship [6][7]

Core Viewpoint - The company is focusing on differentiating its lawn mower robot products amidst increasing industry competition by leveraging brand recognition, expanding sales channels, and enhancing product offerings [2]. Group 1: Brand Recognition - The Segway brand has high recognition in the European and American markets, providing a natural advantage for rapid channel penetration and reaching end users [2]. Group 2: Channel Development - The company has successfully entered most offline garden tool stores in Europe, establishing a first-mover advantage and is actively expanding diversified sales channels [2]. Group 3: Product Strategy - The company plans to launch a more complete product line next year, introducing new technological pathways and focusing on the mid-to-high-end price range to continuously strengthen product competitiveness [2].

Core Viewpoint - The company believes that the EU's anti-dumping investigation into lawn mowers will have a limited impact on its overall business and will not significantly affect its operating performance [1] Company Summary - The lawn mower business accounted for less than 10% of the company's total revenue in the first three quarters of this year, contributing approximately 10% to EBIT, indicating its limited impact due to the size of the business [1] - The company's products focus on the mid-to-high-end market, with core competitiveness stemming from technological innovation and user experience rather than price competition [1] - The company is actively communicating with relevant departments and will cooperate with the investigation process to protect its legal rights [1] Industry Summary - The imposition of anti-dumping duties is likely to raise the entry barriers for the lawn mower industry, potentially optimizing the competitive landscape [1] - Leading manufacturers, equipped with mature supply chain management capabilities, sufficient financial reserves, and global operational experience, are better positioned to withstand industry fluctuations and may seize the opportunity to further enhance their market share and strengthen competitive advantages [1]

Core Insights - The motorcycle and other sectors experienced a rise of 2.28% on November 19, with Chuanfeng Power leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Sector Performance - Chuanfeng Power (603129) saw a closing price of 253.73, with a significant increase of 10.00% and a trading volume of 27,200 lots, amounting to 669 million yuan [1] - Longxin General (603766) closed at 13.40, up 6.43%, with a trading volume of 461,200 lots and a turnover of 611 million yuan [1] - Taotao Vehicle (301345) closed at 209.00, increasing by 3.14%, with a trading volume of 12,300 lots and a turnover of 256 million yuan [1] - Aima Technology (603529) closed at 31.68, up 1.08%, with a trading volume of 160,100 lots and a turnover of 190 million yuan [1] Capital Flow Analysis - The motorcycle and other sectors experienced a net outflow of 14.44 million yuan from main funds, while retail funds saw a net inflow of 21.75 million yuan [2] - The main funds showed a net inflow of 82.48 million yuan for Chuanfeng Power, while retail funds had a net outflow of 48.41 million yuan [3] - Taotao Vehicle had a net inflow of 33.16 million yuan from main funds, with a net outflow of 13.24 million yuan from retail funds [3]

Core Viewpoint - The electric bicycle market in China is undergoing a significant transition as the deadline for the old national standard approaches, leading to a surge in demand for old standard bikes while new standard bikes face supply shortages [1][2][4]. Market Dynamics - The old standard bikes are experiencing a "last train" sales boom, with some stores reporting that their remaining inventory will only last for a couple of weekends [2]. - Sales of old standard bikes in Beijing have nearly doubled compared to previous years, driven by the impending deadline and local subsidy policies [2][4]. - There is a supply-demand imbalance for old standard bikes, which may lead to price fluctuations as inventory becomes scarce [4]. Consumer Behavior - Consumers are torn between choosing compliant new standard bikes and the faster, albeit less safe, old standard bikes [1][7]. - Some consumers prefer old standard bikes for their speed and lower price, while others prioritize safety and are willing to wait for new standard models [8][10]. - The price difference between new and old standard bikes can be significant, with new models costing several hundred yuan more due to enhanced safety features [10]. Regulatory Environment - The transition to new standards has prompted some retailers to engage in "gray market" practices to circumvent regulations, such as registering old standard bikes under different names to continue selling them [5][6]. - The new national standard imposes stricter safety requirements, including speed limits and anti-tampering measures, which complicate illegal modifications [6][12]. - Regulatory bodies are increasing inspections and enforcement actions against non-compliant sales practices, indicating a tightening of market oversight [12][16]. Industry Implications - The shift to new standards is expected to reshape the competitive landscape, favoring companies that can quickly adapt to regulatory changes and consumer demands [16]. - Companies are investing in technology upgrades and supply chain optimization to meet new standards and maintain profitability [10][16]. - The new regulations are seen as a catalyst for industry-wide improvements in safety and product quality, although consumer education on the importance of safety features remains a challenge [17].