产业链协同效应凸显，商业化落地加速 分析指出，人形机器人产业涉及众多细分领域，其中三个方向最值得关注：核心零部件与传感器是机器人的"五官与四肢"，AI算法与软件系统是机器人 的"大脑与神经"，应用场景与解决方案是商业化的关键。 11月15日，中国证监会官网显示，宇树科技IPO上市辅导工作完成。公告显示，宇树科技拟申请在境内IPO，中信证券为辅导机构。业内人士表示，随着宇 树科技冲刺"A股人形机器人第一股"，整个机器人产业链将迎来新一轮发展机遇，机器人应用商业化落地受关注。 高效推进上市进程，硬科技企业创下新速度 业内人士表示，宇树科技冲刺IPO，是机器人产业加速资本化的缩影，是资本效率与技术周期的精准匹配。2025年6月份，宇树科技完成C轮融资，投后估值 已达120亿元。该轮融资由中国移动（600941）旗下基金、腾讯、锦秋基金、阿里巴巴、蚂蚁集团和吉利资本共同领投。 《2025人形机器人与具身智能产业研究报告》显示，2025年，中国具身智能市场规模预计达52.95亿元，占全球约27%；人形机器人市场规模预计达82.39亿 元，占全球约50%。天风证券（601162）认为，从技术突破到生态整合与积极产业政策， ...

Core Insights - The 27th China Hi-Tech Fair (CHTF) opened on November 14, 2025, focusing on empowering industries through technology and fostering future collaboration [1] - The event features over 5,000 enterprises and international organizations, showcasing cutting-edge products and innovations from more than 100 countries [3] Industry Overview - CHTF serves as a significant platform for global innovation exchange and technology commercialization, highlighting China's commitment to high-level opening-up in high-tech sectors [4] - The exhibition spans 400,000 square meters and includes 22 specialized zones covering areas such as artificial intelligence, semiconductors, and commercial aerospace [6][7] Regional and International Collaboration - The Fair promotes regional cooperation and resource integration, with participation from over 30 regional delegations across the Greater Bay Area [10] - A "Belt and Road International Cooperation Zone" and an "International Friendship City Technology Zone" are featured, attracting innovators from various global regions [18] Innovation Highlights - The Ascend AI Ecosystem Pavilion showcases significant advancements in AI computing, including Huawei's 384 Super Node and China's open-source CANN architecture [9] - Notable exhibitors include Zhejiang Strong Brain Technology, presenting non-invasive brain-computer interface technology, and Hangzhou Gaoxi Technology, showcasing innovations in graphene oxide [12] Economic Impact - Over 40 state-owned enterprises and more than 30 top universities and research institutes are participating, demonstrating breakthroughs in national projects and cutting-edge research [14][15] - The event is expected to attract over 30,000 professional buyers and 1,000 procurement delegations, facilitating direct cooperation between global buyers and Chinese suppliers [19][20] Legacy and Future Outlook - CHTF has evolved into a key stage for innovation, contributing to the journey of Chinese technology from follower to global leader [24][25] - The Fair will host over 200 events, including product launches and investment forums, with a significant number of new products making their debut [22][23]

科大讯飞（002230）加速在文旅行业兑现AI红利。 值得一提的是，科大讯飞文旅大模型及相关智能体已在多个项目成功落地，并为客户带来了实实在在的 经济效益。 "如何让AI基于共情力、审美表达和跨文化理解，提供有温度的服务，这始终是我们探索的核心。"刘啸 表示。 在今年11月6日举办的科大讯飞1024开发者节上，公司董事长刘庆峰指出科大讯飞人工智能红利兑现的 四大关键：自主可控、软硬一体、行业纵深、个性化。 "前述四点，完美契合了文旅产业发展趋势，也让公司的产品体系更接地气、更好落地。"刘啸表示。 目前，科大讯飞已发布深度推理大模型讯飞星火X1.5，整体性能达到ChatGPT-5的95%以上，并重新定 义麦克风远场识别、3D视觉感知、多人主动交互、类人举止反馈、视听觉融合理解、超拟人数字人、 个性化记忆、情感语义等8项多模态交互能力。 基于强大的底座能力，科大讯飞文旅大模型在赋能行业方面也更为游刃有余。以公司打造的"AI行程规 划与伴游助手"为例，将"本地导游+行程管家+创意旅伴"三重角色融于一体、装进手机，定制"全能私人 旅行顾问"，成为"更懂你的AI"。 11月16日下午，在安徽文旅产业链对接大会上，科大讯 ...

2025 年，一场以"具身智能"为核心的全球竞赛，已经全面打响。从全球实验室竞相突破的通用机器人原型， 到各国产业政策密集落地的智能体战略；从跨国巨头重金布局的全栈技术生态，到初创新锐颠覆传统的场景创 新； 从硅谷的实验室到杭州的"六小龙"，在这场定义未来的全球竞赛中，领军企业与变革新星共同勾勒出产 业发展的双主线。 2025 年，中国"十四五"的收官之年，也是"十五五"的酝酿之年，市场呈现出"产融齐升、结构优化"的强劲增长 态势。我们看见，一批深耕多年的中国机器人领军企业，正以硬核的技术积淀与大规模市场场景适配能力，在 全球产业链中奠定"中国分量"；我们亦看见， 一群聚焦于 AI 与机器人融合赛道的创新者，正以颠覆性的构想 与闪电般的成长，在无人区点亮"中国火花"。 2025 年，机器人与 具身智能 不再是业界陌生的 新概念，它正以前所未有的速度从实验室走向产业界 ， 其 也已经不再局限于业内的狂欢，更是全人类关注的共同话题。 如果说过去十年 ， 是人工智能在 " 云端 " 狂 飙突进的十年，那么下一个十年， 更多人开始相信， 将是智能体 " 落地生根 " 的十年。 这个 " 根 " ，便是 各类 机器人的 ...

November 14, 2025 05:45 PM GMT Investor Presentation | Asia Pacific Greater China Technology Hardware: AI Tech Hardware in High Gear M Foundation Morgan Stanley Taiwan Limited+ Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com +886 2 2730-2865 Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com +852 2239-7689 Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com +886 2 2730-2862 Howard Kao Equity Analyst Howard.Kao@morganstanley.c ...

Core Viewpoint - The company has received an inquiry letter from the Shenzhen Stock Exchange regarding its application for a specific issuance of A-shares, and has updated its application documents accordingly [2]. Group 1 - The company received the inquiry letter on October 24, 2025, and has conducted a thorough review of the questions raised [2]. - The company updated its fundraising prospectus and related application documents to reflect the financial data from its third-quarter report disclosed on October 21, 2025 [2]. - The issuance of A-shares is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, with the timeline and outcome remaining uncertain [2]. Group 2 - The company will fulfill its information disclosure obligations based on the progress of the issuance matter and urges investors to make cautious decisions [2].

Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]

证券之星消息，11月14日，区块链50（399286）指数报收于3982.08点，跌1.49%，成交351.97亿元，换 手率1.74%。当日该指数成份股中，上涨的有4家，易华录以3.15%的涨幅领涨，下跌的有45家，汉得信 息以3.57%的跌幅领跌。 区块链50（399286）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sz300059 | 东方财富 | 8.42% | 24.54 | -2.35% | | 3878.31 | ■ 非银金融 | | sz002230 | 科大讯飞 | 8.07% | 49.98 | -1.75% | | 1155.38 | - 计算机 | | sz000333 | 美的集团 | 7.16% | 79.23 | -0.46% | | 6088.88 | 家用电器 | | sz000001 | 平安银行 | 6.85% | 11.75 | 0.43% | S | 2280.20 | × 银行 ...

'证券代码：002230 证券简称：科大讯飞 科大讯飞股份有限公司 iFLYTEK CO.,LTD. （合肥市高新开发区望江西路 666 号） 2025 年度向特定对象发行 A 股股票 募集说明书 （修订稿） 保荐机构（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年十一月 声 明 本公司及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 本公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证本募集说明书中财务会计资料真实、完整。 中国证券监督管理委员会、深圳证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投 ...

Core Points - Company Keda Xunfei has completed the response to the Shenzhen Stock Exchange's inquiry regarding the issuance of A-shares to specific investors for the year 2025, and has updated the fundraising prospectus accordingly [1][2] - The company emphasizes that the issuance is subject to approval from the Shenzhen Stock Exchange and registration by the China Securities Regulatory Commission, indicating uncertainty regarding the final implementation [1][2] Group 1 - The company received the inquiry letter from the Shenzhen Stock Exchange on October 24, 2025, and has addressed the questions raised in the letter [1] - The updated fundraising documents include the latest financial data from the company's third-quarter report disclosed on October 21, 2025 [1] - The updated documents were officially disclosed on November 15, 2025, on the Giant Tide Information Network [1] Group 2 - The company clarifies that the issuance of A-shares requires approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, with no guaranteed timeline for these processes [2] - Investors are advised to make cautious decisions due to the uncertainties surrounding the approval and registration processes [2]