Group 1 - On January 4, a total of 7 companies were investigated by institutions, with 6 companies being surveyed by funds, highlighting a significant interest in certain firms [1] - Among the companies surveyed, Jingji Zhino (京基智农) attracted the most attention, with 23 funds participating in the investigation, followed by Tianyang Technology (天阳科技) with 21 funds and Yuxin Technology (宇信科技) with 14 funds [1] - The surveyed companies included 3 from the Shenzhen main board and 3 from the ChiNext board, indicating a diverse representation across different market segments [2] Group 2 - The total market capitalization of the surveyed A-share companies included 2 firms with a market value of less than 10 billion yuan, specifically Shanjiji Technology (熵基科技) and Jingji Zhino (京基智农) [3] - In terms of market performance, 5 out of the surveyed stocks increased in value over the past 5 days, with Jingji Zhino leading at a rise of 23.94%, followed by Shanjiji Technology at 13.77% and Jingbeifang (京北方) at 11.09% [3] - Notably, Jingbeifang experienced a net inflow of 216 million yuan in funds over the past 5 days, indicating strong investor interest, while Yuxin Technology and Jingji Zhino also saw significant net inflows of 103 million yuan and 67.98 million yuan, respectively [3]

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 格隆汇1月5日丨京基智农(000048.SZ)近日在电话会议上表示，汇博机器人具备深厚的人形机器人技术 与产品积淀，目前已发布第一代轮足双臂机器人及四足机器人产品，应用场景清晰明确，主要覆盖科研 教学、能源行业巡检、智能制造及商业交互四大领域。依托成熟的销售与供应商管理体系，以及多年积 累的行业客户资源，汇博机器人未来将围绕教育、工业、商业等多元场景，打造全场景适配的具身机器 人产品矩阵。 ...

Core Viewpoint - The company, Jingji Zhino (000048.SZ), has committed to an annual revenue growth rate of no less than 30% for Huibo Robotics from 2026 to 2028, supported by solid business foundations and growth potential in various sectors [1] Group 1: Education Equipment Sector - Huibo Robotics has partnered with nearly 2,000 educational institutions, establishing a virtuous cycle of "industry empowering education and education feeding back into industry" [1] - The company is actively introducing embodied intelligence technology as a new growth point, particularly in the context of national support for vocational skills education [1] - There is potential for continued growth in both domestic and international markets, especially along the "Belt and Road" initiative [1] Group 2: New Energy Intelligent Operation and Maintenance Sector - The company adopts a forward-looking "product + operation and maintenance service" model, focusing on photovoltaic power station scenarios [2] - Collaborations with industry leaders such as Southern Power Grid, China National Nuclear Corporation, and others have led to the development of reliable and cost-effective modular photovoltaic cleaning robots and intelligent operation systems [2] - A recent successful bid for a nearly 100 million yuan order from China Energy Construction indicates strong market validation and potential for rapid revenue growth [2] Group 3: Emerging Scene Expansion - The company leverages its core technology of "robot + embodied intelligence" to focus on high-value, practical application scenarios [2] - The development of waterproof, dustproof, and corrosion-resistant core components aims to facilitate the deployment of embodied intelligent robots in complex environments [2] - The company is exploring commercial applications in pig farming, hotels, and property management, which will drive industry upgrades towards intelligence and science [2] - Ongoing product development and order fulfillment are planned, with a new generation of products set to be released [2] - The collaboration between Jingji Zhino and Huibo Robotics will accelerate the establishment of an embodied robotics research institute, focusing on core technology development and transformation [2]

格隆汇1月5日丨京基智农(000048.SZ)近日在电话会议上表示，汇博机器人具备深厚的人形机器人技术 与产品积淀，目前已发布第一代轮足双臂机器人及四足机器人产品，应用场景清晰明确，主要覆盖科研 教学、能源行业巡检、智能制造及商业交互四大领域。依托成熟的销售与供应商管理体系，以及多年积 累的行业客户资源，汇博机器人未来将围绕教育、工业、商业等多元场景，打造全场景适配的具身机器 人产品矩阵。 ...

Group 1: Investment Strategy - The company plans to acquire control of Huibo Robotics through a combination of capital increase, share transfer, and board representation [3] - This acquisition aligns with the company's core development strategy of "stable main business + technology empowerment" [4] - The transaction is expected to position the company in the "robotics + artificial intelligence" sector, marking a new development pattern of "agriculture + technology" [4] Group 2: Huibo Robotics Overview - As of September 2025, Huibo Robotics has total assets of CNY 1.004 billion and net assets of CNY 317 million [3] - The company has a strong core team with extensive experience in robotics and intelligent manufacturing, achieving significant innovations and national honors [5] - Huibo Robotics has established a comprehensive core technology system, including a production capacity of 30,000 integrated joints annually [5] Group 3: Market Applications and Growth Potential - Huibo Robotics' products are primarily used in four sectors: education, energy inspection, intelligent manufacturing, and commercial interaction [8] - The company commits to an annual revenue growth rate of no less than 30% from 2026 to 2028, supported by solid business layouts and growth potential [9] - In the education sector, Huibo has partnered with nearly 2,000 schools, creating a beneficial cycle between industry and education [9] Group 4: Future Business Development - The company is focusing on the renewable energy sector, developing modular photovoltaic cleaning robots and intelligent operation systems, with a recent contract worth nearly CNY 100 million [10] - Plans to explore new application scenarios in pig farming, hospitality, and property management, leveraging core technology features [10] - The collaboration with Huibo Robotics aims to accelerate the establishment of a robotics research institute, enhancing technology development and commercialization [10]

Summary of Key Points from the Conference Call Company and Industry Overview - **Company**: 京基智农 (Jingji Intelligent Agriculture) - **Industry**: Agriculture, specifically pig farming, and robotics with a focus on artificial intelligence Core Business and Financial Performance - 京基智农's main business is in pig farming, primarily located in the Guangdong-Hong Kong-Macao Greater Bay Area - The company achieved a net profit of **¥786 million** in 2024, with a net profit of **¥294 million** in the first three quarters of 2025, indicating a solid foundation for growth [3][4][15] Strategic Investment in Robotics - 京基智农 is strategically investing in 江苏汇博机器人 (Jiangsu Huibo Robot) to enter the robotics and AI sector, aiming to mitigate cyclical fluctuations in the pig farming industry [4][5][15] - The acquisition is expected to provide 京基智农 with control over 汇博机器人 and allow for consolidated financial reporting [5][15] Overview of 江苏汇博机器人 - 江苏汇博机器人, established in 2009, is a high-tech enterprise with **401 patents** and a strong R&D team from prestigious institutions [6][7] - The company focuses on intelligent equipment and solutions across various sectors, including education, energy, and smart manufacturing [6][7] Product Offerings and Applications - Key products include humanoid robots, mobile robots (AGVs), and collaborative robots for education and industrial applications [7][10] - In agriculture, the company has developed inspection robots for environmental monitoring and disease intervention, enhancing livestock safety and quality [10][12] Market Potential and Growth Projections - The agricultural automation market in China is estimated at **¥1.5 trillion**, with labor costs accounting for **10% to 20%** of this market, indicating significant demand for automation solutions [14] - 汇博机器人 aims for a revenue target of **¥30 million to ¥50 million** in the first year post-acquisition, reaching **¥100 million** by the third year, supporting a **30% annual growth rate** [20] Economic Advantages of Smart Operations - The smart operation services provided by 汇博机器人 can achieve a gross margin of **35% to 55%**, significantly higher than traditional labor methods [24][26] - The company plans to leverage its proprietary technology to enhance operational efficiency and reduce costs in the solar energy sector [21][24] Future Development and Strategic Goals - 汇博机器人 plans to release two humanoid robot products by 2026 and expects annual revenue growth of over **30%** for the next three years [5][18] - The company is also expanding its international business, targeting markets in Central Asia and East Asia, which is projected to contribute an additional **¥25 million to ¥30 million** in revenue annually [18] Conclusion - The acquisition of 江苏汇博机器人 represents a strategic move for 京基智农 to diversify its business and tap into the growing robotics market, potentially positioning it as a second core business alongside pig farming [15][28]

行 农林牧渔 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 农林牧渔 沪深300 相关研究报告 《肥猪供给偏紧年前猪价上行，宠物 食品出口环比改善 —行业周报》- 2025.12.28 《年前猪价存在供需双重支撑，蛋鸡 存栏高位淘鸡延续 —行业周报》- 2025.12.21 《腌腊渐入旺季支撑猪价上行，犊牛 价格上行彰显牛周期景气—行业周 报》-2025.12.14 10 牛肉进口"国别配额及配额外加征关税"落地，利 多国内牛价 ——行业周报 chenxueli@kysec.cn 证书编号：S0790520030001 陈雪丽（分析师） 王高展（分析师） wanggaozhan@kysec.cn 证书编号：S0790525070003 周观察：牛肉进口"国别配额及配额外加征关税"落地，利多国内牛价 供需双驱驱动年前猪价中枢上移，据涌益咨询，截至 2025 年 12 月 31 日，全国 生猪均价 12.78 元/公斤，周环比+1.20 元/公斤，同比-3.01 元/公斤。截至 ...

Core Insights - Jingji Zhino announced a strategic investment in Huibo Robotics, aiming to establish a presence in the "robotics + AI" sector, which is seen as a future-oriented move to optimize business structure and promote industrial synergy [3] Company Overview - Huibo Robotics, founded in 2009 and headquartered in Suzhou, is a national high-tech enterprise focusing on the R&D and industrialization of robotics, intelligent manufacturing, and AI technologies, with a comprehensive technology system covering core components, operating systems, complete systems, and application scenarios [1][2] - The company has a strong team from prestigious institutions and has received multiple honors, including being recognized as a "specialized and innovative small giant" by the Ministry of Industry and Information Technology [1][2] Financial Performance - As of September 2025, Huibo Robotics reported total assets of 1.004 billion and net assets of 317 million, with projected revenues of 380 million for 2024 and approximately 400 million for 2025, indicating a solid growth foundation [2] Strategic Initiatives - The investment will focus on high-value sectors such as industrial and renewable energy, with a commitment to develop a sustainable profit model through full-stack development and scenario implementation [3] - Huibo Robotics plans to launch two humanoid robot products by 2026 and aims for an annual revenue growth of no less than 30% from 2026 to 2028, alongside filing for at least 200 patents [3] Synergy Potential - The collaboration is expected to leverage Huibo's technological advantages to accelerate the transformation of Jingji Zhino's pig farming business towards smart and intelligent operations, enhancing sustainable development and core competitiveness [3]

Core Insights - Shenzhen Jingji Zhino Times Co., Ltd. has signed a share investment intention agreement with Jiangsu Huibo Robot Technology Co., Ltd. to gain control through capital increase and share transfer, marking a significant step into the AI and robotics sector [2][3] - The investment aims to establish a "Embodied Robotics Research Institute," indicating a strategic move towards integrating AI with robotics, thereby creating a second growth curve for the company [2][4] Company Overview - Jiangsu Huibo Robot Technology Co., Ltd. was founded in 2009 and is a national high-tech enterprise focused on the R&D and industrialization of robotics, intelligent manufacturing, and AI technologies [2][3] - The company has developed a comprehensive technology system covering core components, operating systems, complete systems, and application scenarios, and has over 400 authorized patents, including 114 invention patents [2][3] Market Position and Strategy - Huibo Robot's core technologies include high-performance integrated joints, domestic robot operating systems, and AI technologies such as machine vision and multimodal perception, with products serving various sectors including education and energy [3] - The company has established a leading position in the construction of university robotics laboratories and intelligent operation in photovoltaic power plants, serving over 1,000 leading enterprises and nearly 2,000 universities [3] Financial Projections and Goals - As of September 30, 2025, Huibo Robot's total assets are reported at 1.004 billion yuan, with net assets of 317 million yuan, and projected revenue for 2024 is 381 million yuan [3] - The agreement includes commitments to release two humanoid robot products by 2026 and achieve an average annual revenue growth rate of no less than 30% from 2026 to 2028, along with applying for at least 200 embodied robot patents [4] Strategic Implications - The investment is seen as a strategic choice to optimize business structure and promote industrial synergy, leveraging Huibo Robot's technological advantages to accelerate the transformation of Jingji Zhino's pig farming business towards smart and intelligent operations [4] - This move is expected to create new development opportunities and enhance sustainable growth and core competitiveness, ultimately benefiting shareholders with improved returns [4]

Group 1 - Shengxin Lithium Energy plans to acquire 30% equity of Qicheng Mining for 2.08 billion yuan, aiming to hold 100% of Qicheng Mining post-transaction [1] - Qicheng Mining holds a 70.97% stake in Huirong Mining, which has confirmed Li2O resources of 989,600 tons with an average grade of 1.62% [1] - The acquisition is part of Shengxin Lithium Energy's strategy to enhance its lithium resource portfolio [1] Group 2 - Zhongju High-tech intends to repurchase shares worth 300 million to 600 million yuan, with a maximum price of 26 yuan per share [2] - Baili Tianheng plans to repurchase shares valued between 100 million to 200 million yuan, with a maximum price of 546 yuan per share [3] Group 3 - China Aluminum's subsidiary plans to acquire 51% of Yun Aluminum Logistics for approximately 264 million yuan [5] - Yilake Co. will be included in the consolidated financial statements of China Aluminum post-acquisition [5] Group 4 - Salt Lake Co. intends to acquire 51% of Wuku Salt Lake for 4.605 billion yuan, aiming to become the controlling shareholder [6] - The acquisition is part of Salt Lake Co.'s strategy to accelerate the development of a world-class salt lake industry base [6] Group 5 - Cobalt Co. plans to invest 1.741 billion yuan in the expansion of a lead-zinc mining project with an annual capacity of 1.65 million tons [7] - The investment aims to enhance the mining capacity of the Cobalt Co.'s subsidiary [7] Group 6 - Tianyuan Co. is investing 1.483 billion yuan in a new chlorination titanium dioxide project with an annual capacity of 100,000 tons [9] - The project is part of Tianyuan Co.'s expansion strategy in the titanium dioxide market [9] Group 7 - Jiangbo Long plans to purchase the remaining 19% equity of its subsidiary Zilia Eletrônicos for approximately 46.08 million USD [26] - The acquisition aims to strengthen Jiangbo Long's position in the storage business and expand its international investment layout [26] Group 8 - China National Airlines intends to purchase 60 Airbus A320NEO series aircraft at a total catalog price of approximately 9.53 billion USD [33] - The aircraft are scheduled for delivery between 2028 and 2032 [33]