Core Viewpoint - Chinese enterprises are undergoing a profound transformation in their globalization strategy, shifting from product and manufacturing output to brand building and full industry chain collaboration, particularly in the European market [1] Group 1: Investment and Expansion - Tuobang Co., Ltd. strategically invested in a manufacturing base in Timișoara, Romania, covering over 12,000 square meters, which commenced production in 2023 [2] - The base is designed to comply with EU regulations and has achieved various international quality and management certifications, including ISO9001, ISO14001, and ISO45001 [2] - By July 2025, the base is expected to have 13 production lines, with plans to expand to 32 lines, achieving an estimated annual production capacity of 12 million units [2] Group 2: Supply Chain Resilience - The Romanian base enhances supply chain resilience by leveraging the "Made in Europe" label, which increases product recognition and provides stable supply, cost optimization, compliance quality, and timely response [4] - The location in Central and Eastern Europe allows for rapid local procurement of raw materials and standard components, reducing delivery times to 1-2 weeks compared to traditional global procurement methods [4][7] - Finished products can be shipped to major European markets within 1-3 days, significantly faster than shipping from China, which can take from one week to 80 days [4] Group 3: Flexibility and Customization - The Romanian facility is equipped with advanced automation equipment to support diverse and customized manufacturing needs, enabling agile responses to European customer orders [5] - The base's geographical proximity allows for dynamic adjustments to production and delivery plans, aligning with Just-in-Time (JIT) production models, thereby reducing customer inventory costs [5][8] Group 4: Cost Advantages and Compliance - The "Made in Europe" label, combined with the cluster effect of the upstream and downstream supply chain, offers significant cost advantages, with EU internal logistics costs being 20%-40% lower than imports from Asia [7] - The Romanian base adheres to EU environmental and labor regulations, facilitating easier market access and compliance for customers, particularly in the electronics manufacturing sector [7] - The facility's compliance with strict EU regulations like RoHS and REACH reduces customers' compliance costs and enhances their competitive edge in international markets [7] Group 5: Customer Proximity and Service - The Romanian base's geographical and cultural proximity to customers enhances local service efficiency, allowing for real-time communication and rapid problem resolution [8] - Customers can supervise production on-site and receive initial solutions within 24 hours, with technical support arranged within 2-3 working days [8] - Local handling of defective products and repairs improves response efficiency and minimizes delays caused by traditional cross-border logistics [8] Group 6: Future Outlook - As production capacity and system capabilities continue to improve, the Romanian base is positioned to become a core hub for the European market, linking local resources with Tuobang's global manufacturing network [10] - The base aims to empower customers with resilient supply chains, agile market responses, and optimized operational costs, fostering long-term value and sustainable growth in the European high-end manufacturing sector [10]

企查查APP显示，近日，广州市拓邦数字能源有限公司成立，法定代表人为梅镜明，经营范围包含：人 工智能行业应用系统集成服务；人工智能硬件销售；先进电力电子装置销售等。企查查股权穿透显示， 该公司由拓邦股份（002139）间接全资持股。 （原标题：拓邦股份新设数字能源公司，含AI业务） ...

Group 1 - Guangzhou Tuobang Digital Energy Co., Ltd. has been established, with Mei Jingming as the legal representative [1] - The company's business scope includes artificial intelligence industry application system integration services, sales of artificial intelligence hardware, and sales of advanced power electronic devices [1] - Tuobang Digital Energy is wholly owned by Tuobang Co., Ltd. (stock code: 002139) through indirect shareholding [1]

Group 1: ETF Performance - The liquidity of the Robot ETF managed by Jiashi has a turnover rate of 4.78%, with a transaction volume of 27.72 million yuan [2] - Over the past six months, the Robot ETF has seen a scale increase of 343 million yuan and a share increase of 260 million shares [2] - As of July 23, the net value of the Robot ETF has risen by 49.02% over the past year, ranking 417 out of 2936 in the index stock fund category, placing it in the top 14.20% [2] Group 2: Top Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI Robot Index include Huichuan Technology, iFlytek, Stone Technology, Dahua Technology, Zhongkong Technology, Shuanghuan Transmission, Robot, Han's Laser, Julun Intelligent, and Tuobang Technology, collectively accounting for 49.58% of the index [2] Group 3: Industry Trends - The humanoid robot sector is experiencing increasing momentum, with total financing exceeding 14 billion yuan in the first half of 2025, surpassing the total for the entire previous year [5] - The collaboration among industry chain enterprises is accelerating, with leading companies seeing order fulfillment and increased activity in the financing market, providing support for the humanoid robot sector [5] - There is significant confidence in the future development potential of humanoid robots from policies, capital markets, and industry chain enterprises, leading to a continuous acceleration of the commercialization process [5] Group 4: New Product Launch - On July 23, UBTECH announced the launch of the Walker S2, a full-size industrial humanoid robot designed for smart manufacturing scenarios, featuring the BrainNet 2.0 network and the Co-Agent technology for autonomous and collaborative operation [4]

Group 1 - A new robot has been developed by Sparks and Code channel users to solve lock-picking issues, utilizing a hollow key, force sensors, and servos to mimic human locksmith techniques [1] - Asylon, a robotics company based in Philadelphia, has completed a $26 million Series B funding round led by Insight Partners, focusing on their robotic security service called DroneDog [5][6] - The Hangzhou Zhijiang Robot Industry Service Port aims to become a leading hub for robotics technology and industry, with plans to generate over 10 billion yuan in industry output by the end of 2027 [10] Group 2 - Topband Co., Ltd. has successfully achieved mass production of hollow cup motors for humanoid robots, enhancing their commercial cooking robots and lawn mowing robots [12][14] - Yaskawa Electric Corporation is constructing a new robot manufacturing plant in Franklin, Wisconsin, marking its first production facility for industrial robots in the U.S. [16][18]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as the main investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain. The year 2025 is anticipated to be a pivotal year for domestic AI infrastructure competition and application development [4][22]. - The report emphasizes the importance of "AI + overseas expansion + satellite" core investment opportunities, highlighting areas such as optical modules, liquid cooling, and domestic computing power lines. The report also notes the recovery of the offshore wind industry and the promising developments in the satellite internet sector [5][23]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [6]. - Switch server PCB: Key recommendations include Huadian Co., ZTE, and Unisplendour [6]. - Low valuation, high dividend, and cloud computing IDC resource reassessment: China Mobile, China Telecom, and China Unicom [6]. - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [6]. - AIGC applications / edge computing: Key recommendations include Yiyuan Communication, Guanghetong, and Meige Intelligent [6]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Offshore wind and submarine cables: Key recommendations include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [7]. - Recovery of overseas expansion & concentration on leading companies: Key recommendations include Huace Navigation, Weisheng Information, and Tuobang Co. [7]. - Intelligent driving: Suggested focus on modules & terminals, sensors, connectors, and structural components [7]. 3. Satellite Internet & Low Altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy: Key recommendations include Huace Navigation and Haige Communication [8]. - Suggested focus on companies like Chengchang Technology, Zhenlei Technology, and Shenglu Communication [8]. 4. Market Performance Review - The communication sector rose by 7.02% during the week of July 14-18, outperforming the CSI 300 index by 5.93 percentage points. The communication equipment manufacturing sector increased by 9.80% [29][31].

Core Viewpoint - The lawn mower market is undergoing significant transformation driven by technological advancements, with a shift from traditional models to smart, boundary-less robotic mowers, indicating a potential disruption in the industry [4][6]. Group 1: Market Dynamics - In 2024, approximately 300,000 boundary-less smart lawn mowers are expected to enter the market, marking a significant shift from traditional wired models [4]. - The global lawn mower market is valued in the hundreds of billions, yet the penetration rate of smart devices remains below 2%, with push and ride-on mowers still dominating [4][6]. - The market is characterized by intense competition among new entrants, traditional players, and supply chain transformations, leading to a turbulent environment [6][7]. Group 2: Emerging Brands - The initial optimism in 2022 saw the emergence of numerous startups targeting the smart lawn mower segment, with the market estimated at $20 billion [8]. - Key players include companies like 河森堡, 长曜创新, and 松灵机器人, which are led by founders with backgrounds in major tech firms and robotics [8][9]. - These startups are exploring diverse technological approaches, such as pure vision systems and laser radar, showcasing the industry's innovative spirit [9][10]. Group 3: Challenges for Startups - Startups face significant hurdles in commercialization, including high funding and resource barriers, and must excel in product differentiation to succeed [12][13]. - Many startups struggle to balance R&D costs with operational expenses, leading to financial difficulties and market exits [14][20]. - The complexity of lawn care across different regions poses additional challenges, as seen in the case of 来牟科技, which had to adapt its product for specific grass types in the U.S. [16][17]. Group 4: Established Players - Traditional brands like 富世华 and 宝时得 have been significantly impacted by the rise of smart mowers, facing price wars and technological challenges [40][41]. - These companies are leveraging their established distribution networks and industry knowledge to adapt to the changing landscape, although they are slower to innovate compared to new entrants [42][44]. - Despite facing competition, traditional brands continue to see stable revenue growth and maintain a leading position in mower shipments [46]. Group 5: Supply Chain Dynamics - Supply chain companies are increasingly entering the lawn mower market, driven by the potential for higher margins compared to their previous ODM roles [48][50]. - Companies like 拓邦股份 and 乐动机器人 are transitioning from OEM to brand ownership, reflecting a broader trend in the industry [50][51]. - These supply chain players face the challenge of competing with their former clients while balancing cost and performance in their new product offerings [53][54].

Core Insights - The company, Topband Co., Ltd. (002139), has launched a custom-built 1MW/2.236MWh liquid-cooled energy storage container system, which has been shipped to a factory in Haryana, India [1] - This project represents a significant step in the company's overseas expansion in the large-scale commercial energy storage sector, particularly in the South Asian market [1] Company Developments - The energy storage system is classified as a megawatt-hour (MWh) level commercial energy storage project [1] - The deployment of this system in India is expected to strengthen Topband's business presence in the South Asia region [1]

证券代码：002139 证券简称：拓邦股份 公告编号：2025037 深圳拓邦股份有限公司 易（不含专营、专控、专卖商品），经营进出口业务（法律、行政法规、国务院 决定禁止的项目除外，限制的项目须取得许可后方可经营）。许可经营项目是： 输电、供电、受电电力设施的安装、维修和试验；发电业务、输电业务、供（配） 电业务；电气安装服务；建设工程施工。" 关于修订《公司章程》并完成工商登记的进展公告 特此公告。 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳拓邦股份有限公司（以下简称"公司"）分别于 2025 年 3 月 26 日、 2025 年 4 月 21 日召开了第八届董事会第十八次会议、2024 年年度股东大会，审 议通过了关于修订公司章程的相关议案；2025 年 6 月 11 日、2025 年 6 月 27 日 召开了第八届董事会第二十次会议、2025 年第二次临时股东大会，审议通过了 《关于增加公司经营范围及修订<公司章程>的议案》，根据《公司法》《上市公 司章程指引》等法律法规、规范性文件，新修订的《公司章程》主要涉及将"股 东大会"调整为"股东会"，将 ...

Group 1 - The core index of the CSI 1000 Information Technology Index is reported at 9130.36 points, with a one-month increase of 6.25%, a three-month increase of 11.71%, and a year-to-date increase of 7.69% [1] - The CSI 1000 Index series selects liquid and representative securities from each industry, forming 10 industry indices to provide diversified investment targets [1] - The top ten holdings of the CSI 1000 Information Technology Index include: O-film (2.69%), Huahong Semiconductor (1.54%), Heertai (1.42%), Siwei Tuxin (1.39%), Sifang Jichuang (1.33%), Jingfang Technology (1.27%), Chipone (1.25%), Weining Health (1.24%), Anji Technology (1.24%), and Tuobang Co. (1.2%) [1] Group 2 - The market share of the CSI 1000 Information Technology Index holdings is 57.12% from the Shenzhen Stock Exchange and 42.88% from the Shanghai Stock Exchange [1] - The industry composition of the index holdings includes: Software Development (24.50%), Integrated Circuits (19.58%), Optical Electronics (14.73%), IT Services (12.38%), Semiconductor Materials and Equipment (9.51%), Electronic Components (7.54%), Electronic Terminals and Components (7.10%), Other Electronics (2.08%), Electronic Chemicals (1.84%), and Discrete Devices (0.73%) [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December, and temporary adjustments may occur under special circumstances [2]