近期，市场呈现震荡回调。截至11月21日，中证机器人指数当周下跌3.43%，同期上证指数下跌3.9%， 创业板指下跌6.15%。 华福证券指出，2025年国产的人形机器人或迈入拼大单的规模化发展期。据北京日报，北京将加速推进 人形机器人商业化规模化应用落地，将人形机器人产业作为发展新质生产力的重要抓手，完善产业发展 生态，探索拓展应用场景，打造全球领先的人形机器人技术创新和产业聚集地。 华西证券认为，随着海内外企业布局加速以及AI技术突破，人形机器人有望迎来量产落地时点。在降 本需求的驱动下，人形机器人核心零部件的自主创新需求强烈，市场空间广阔，率先取得突破的国内企 业有望深度受益。 热门ETF产品中，Wind数据显示，截至11月21日收盘，机器人指数ETF（560770）连续23日获得资金净 流入累计达8.13亿元。该ETF最新规模突破25.5亿元，年内份额增幅达182.62%。 机器人指数ETF（560770）追踪中证机器人指数，选取系统方案商、数字化车间与生产线系统集成商、 自动化设备制造商、自动化零部件商以及其它机器人相关上市公司证券作为指数样本。前十大成份股涵 盖：汇川技术、科大讯飞、大华股份、石头 ...

Investment Rating - The report recommends a positive investment outlook on the AI-enabled manufacturing sector, particularly focusing on industrial software and automation companies that facilitate the digital transformation of lighthouse factories [3]. Core Insights - The report emphasizes that lighthouse factories are evolving into key carriers of new productivity and industrialization, driven by AI and the "14th Five-Year Plan" [1]. - It highlights the significant role of domestic industrial software and automation vendors in this ecosystem, which are becoming the core driving force behind the development of lighthouse factories [1]. Summary by Sections 1. From Technical Benchmark to Ecological Leadership - Lighthouse factories are recognized as the most advanced factories globally, representing the highest level of smart manufacturing [7]. - The focus of lighthouse factories has shifted from single-point applications of Industry 4.0 to comprehensive operational upgrades, emphasizing customer-centricity, production efficiency, supply chain resilience, sustainability, and talent development [10][12]. - The application of AI technologies is increasingly significant, with generative AI and predictive maintenance technologies notably reducing defect rates, energy consumption, and production cycles [16]. 2. Policy and AI Dual Empowerment - National policies are driving the rapid development of lighthouse factories, with a focus on digitalization, networking, intelligence, and green development [35]. - As of September 2025, China has 85 lighthouse factories, accounting for 42.29% of the global total, showcasing its leadership in this sector [20][22]. - The distribution of lighthouse factories in China shows a trend of coastal concentration with inland regions catching up, supported by local government initiatives [39][42]. 3. Domestic Industrial Software and Automation Vendors as Key Drivers - Hikvision is highlighted for its "Hikvision Guanlan" model, which empowers smart IoT scenarios and supports the transformation of leading factories into lighthouse factories [54]. - The report discusses the significant advancements made by various companies, including Dahua Technology, Zhongkong Technology, and others, in enhancing supply chain collaboration and digital transformation [54][56].

Group 1 - Dahua Technology conducted a block trade on November 24, with a transaction volume of 266,000 shares and a transaction amount of 4.405 million yuan, at a price of 16.56 yuan, which represents an 11.63% discount to the closing price of the day [2][3] - The closing price of Dahua Technology on the same day was 18.74 yuan, reflecting an increase of 1.85%, with a turnover rate of 1.53% and a total transaction amount of 600 million yuan, indicating a net inflow of main funds amounting to 37.5023 million yuan [2][3] - Over the past five days, Dahua Technology's stock has decreased by 2.50%, with a total net outflow of funds amounting to 197 million yuan [2][3] Group 2 - The latest margin financing balance for Dahua Technology is 1.764 billion yuan, which has decreased by 122 million yuan over the past five days, representing a decline of 6.48% [3]

11月24日，大华股份盘中上涨2.01%，截至13:52，报18.77元/股，成交4.22亿元，换手率1.08%，总市值 616.92亿元。 分红方面，大华股份A股上市后累计派现90.98亿元。近三年，累计派现51.72亿元。 机构持仓方面，截止2025年9月30日，大华股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股9527.31万股，相比上期增加2826.65万股。华夏中证机器人ETF（562500）位居第四大流 通股东，持股5451.37万股，相比上期增加1017.67万股。中国证券金融股份有限公司位居第五大流通股 东，持股3961.12万股，持股数量较上期不变。华泰柏瑞沪深300ETF（510300）位居第六大流通股东， 持股3385.71万股，相比上期减少145.97万股。易方达沪深300ETF（510310）位居第七大流通股东，持 股2436.07万股，相比上期减少79.32万股。天弘中证机器人ETF（159770）位居第九大流通股东，持股 2173.74万股，为新进股东。华夏沪深300ETF（510330）位居第十大流通股东，持股1817.98万股，为新 进股东。 责任编辑：小 ...

证券日报网讯 大华股份（002236）11月21日在互动平台回答投资者提问时表示，公司持续聚焦智慧物 联主航道，围绕赋能城市和企业的数智创新与转型落地。城市业务已成为公司重要组成部分，公司持续 助力推动城市业务从改善城市管理到城市高效治理，提升公共安全到安全体系升级，生态环境监测到生 态协同治理等。公司也将紧密跟踪相关政策和行动计划，积极参与到全域数字化转型的建设中。 ...

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

根据分拆预案，华睿科技本次发行的股票为境外上市外资股（H股），以人民币标明面值，以外币认购，每股面值1元。发行将采用香港公开发售及国际配 售新股的方式，初始发行规模不超过发行后经扩大总股本的25%（超额配售权行使前），并授予全球协调人/簿记管理人不超过初始发行规模15%的超额配售 权。 大华股份作为全球领先的以视频为核心的智慧物联解决方案提供商和运营服务商，以AIoT和物联数智平台两大技术战略为支撑，业务覆盖城市数字化创新 和企业数智化转型等多个领域。而华睿科技定位于工业互联领域的数字化与智能化核心产品及解决方案提供商，主要从事机器视觉和AMR移动机器人核心 组件、整机产品的研发、生产与销售，为下游客户打造通用化行业解决方案，其业务属于大华股份培育的新兴业务，与公司其他业务保持较高独立性。 11月17日，大华股份发布公告，拟将控股子公司浙江华睿科技股份有限公司（以下简称"华睿科技"）分拆至香港联交所主板上市。本次分拆完成后，大华股 份仍将保持对华睿科技的控股股东地位，股权结构不会发生变化。 预案称，本次分拆具有多方面的战略意义。对于华睿科技而言，独立上市将有助于充实资本实力、拓宽融资渠道，提升综合竞争力及盈利 ...

格隆汇11月17日丨大华股份(002236.SZ)公布，公司拟将控股子公司华睿科技分拆至香港联交所主板上 市。本次分拆完成后，公司股权结构不会因本次分拆而发生变化，且结合相关规则要求及公司实际情 况，公司将采取必要措施保证其作为华睿科技控股股东的地位不发生变化。通过本次分拆，华睿科技作 为公司下属专业从事用于工业互联领域的机器视觉和AMR移动机器人核心组件、整机产品及解决方案 的研发、生产及销售的业务主体，将实现独立上市。通过在香港联交所主板上市，将有助于华睿科技充 实资本实力和拓宽融资渠道，进而提升综合竞争力及盈利能力，加速华睿科技发展，把握产业崛起的机 遇，建立独立的资本市场平台和市场化的激励机制，激发华睿科技活力，助力业务不断做大做强。 ...

格隆汇11月17日丨大华股份(002236.SZ)公布，公司拟将控股子公司华睿科技分拆至香港联交所主板上 市。本次分拆完成后，公司股权结构不会因本次分拆而发生变化，且结合相关规则要求及公司实际情 况，公司将采取必要措施保证其作为华睿科技控股股东的地位不发生变化。通过本次分拆，华睿科技作 为公司下属专业从事用于工业互联领域的机器视觉和AMR移动机器人核心组件、整机产品及解决方案 的研发、生产及销售的业务主体，将实现独立上市。通过在香港联交所主板上市，将有助于华睿科技充 实资本实力和拓宽融资渠道，进而提升综合竞争力及盈利能力，加速华睿科技发展，把握产业崛起的机 遇，建立独立的资本市场平台和市场化的激励机制，激发华睿科技活力，助力业务不断做大做强。 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 大华股份(002236.SZ)公告称，拟分拆其子公司华睿科技至香港联交所主板上市。分拆后，大华股份仍将保持对华睿科技的控制权。华睿科技从事 应用于工业互联领域的机器视觉和AMR移动机器人核心组件、整机产品的研发、生产与销售，并为下游客户提供定制化行业解决方案。 相关ETF 食品饮料ETF (产品代码: 515170) ★ 跟踪：中证细分食品饮料产业主题指数 近五日涨跌: -0.67% 市盈率： 21.16倍 资金流向: 最新份额为105.4亿份,增 加了3600.0万份,主力资金 净流出1121.6万元。 估值分位:23.56% 游戏ETF (产品代码：159869) ★ 跟踪：中证动漫游戏指数 近五日涨跌: -2.67% 市盈率： 35.36倍 资金流向: 最新份额为81.6亿份,增加 了2500.0万份,主力资金净 流出473.3万元。 估值分位:50.43% 科创50ETF (产品代码: 588000) ★ 跟踪：上证科创板50成份指数 近五日涨跌: -3.78% 市盈率：151. ...