近5日机构合计调研265家公司，晶盛机电、埃斯顿、广合科技等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（9月8日至9月12日）两市约265家公司被机构调研，调研机构类型 显示，证券公司共对222家公司进行调研，即83.77%的上市公司调研活动有证券公司参与；基金公司调 研180家，位列其后；阳光私募机构调研97家，排名第三。 机构调研榜单中，共有49家公司获20家以上机构扎堆调研。晶盛机电最受关注，参与调研的机构达到 229家；埃斯顿被116家机构调研，榜单中排名第二；广合科技、凌云光等分别被99家、93家机构调研。 机构调研次数来看，有4家公司被机构调研3次，分别是岭南控股、周大生、亚光科技等，机构调研最为 密集。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有22只，剑桥科技近5日净流入资金 13.08亿元，主力资金净流入最多；净流入资金较多的还有罗博特科、胜宏科技等，净流入资金分别为 5.04亿元、4.54亿元。 市场表现上，机构扎堆调研股中，近5日上涨的有37只，涨幅居前的有开普云、剑桥科技、杰创智能 等，涨幅为36.96%、25.61%、20.40%；下跌的有12只，跌幅 ...

Group 1 - The core viewpoint of the articles highlights the successful launch and market acceptance of Estun Koozoo's second-generation humanoid robots, with three series products already in operation and orders secured [1][2] - Estun Koozoo, established in July 2022, focuses on the research and development of collaborative robots, humanoid robot core components, and motion control algorithms, having released its first humanoid robot, CODROID 01, in September 2022 [1][2] - The newly launched products are characterized by high intelligence, high degrees of freedom, and versatility, making them suitable for various industrial applications such as handling, assembly, and loading/unloading [1] Group 2 - Estun Koozoo has been recognized for its technological innovation, being listed among the "Future Stars of Science and Technology" in Jiangsu, indicating its early-stage technological leadership and commercialization potential [2] - The company aims to address key industry challenges, particularly in data standardization and collection, to enhance the deployment of embodied intelligent robots [2] - In its first year of commercialization, Estun Koozoo plans to expand its application scenarios beyond industrial fields into service, medical, and household sectors, while increasing production capacity and shipment volume [2]

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 9月1日至10日期间，南京埃斯顿自动化股份有限公司接受了摩根大通等130家机构的调研，涵盖电话会 议与券商策略会等形式。公司总经理吴侃、董事会秘书肖婷婷接待了来访机构。以下为本次调研的详细 情况： 投资者关系活动关键信息投资者活动关系类别：其他（电话会议、券商策略会）时间：2025年9月1日 9:00 - 10:00、15:00 - 16:00；9月4日15:00 - 16:00；9月9日15:00 - 18:00；9月10日9:30 - 15:50地点：公司 会议室、券商策略会活动现场参与单位名称：创金合信基金管理有限公司、美林国际、花旗环球金融亚 洲有限 ...

9月12日，南京埃斯顿自动化股份有限公司举行2025年半年度网上业绩说明会，众多投资者通过"约调 研"线上交流平台参与，公司董事长吴波、财务总监何灵军、独立董事汤文成、董事会秘书肖婷婷等接 待人员出席，就公司业务布局、业绩表现、产品研发等多方面与投资者展开深入交流。 投资者关系活动关键信息投资者活动关系类别：业绩说明会时间：2025年9月12日15:00 - 16:00地点：通 过"约调研"线上交流平台进行参与单位名称：参与南京埃斯顿自动化股份有限公司2025年半年度网上业 绩说明会的投资者上市公司接待人员姓名：董事长吴波、财务总监何灵军、独立董事汤文成、董事会秘 书肖婷婷 业务布局：人形机器人与工业领域双轮驱动 在人形机器人业务方面，埃斯顿持续发展具身智能技术，加大在"人工智能 + 机器人"领域研发投入。公 司构建面向AI应用的控制系统架构，依托工业机器人应用经验和数据，从上层到底层布局AI技术，在 下一代控制器开发无缝衔接AI控制的接口技术。公司主要针对工业领域布局人形机器人，有自主核心 零部件和机器人本体研发制造能力，参股酷卓丰富产品组合与技术布局。 对于是否与Optimus人形机器人合作，公司回应主要 ...

截至发稿，埃斯顿市值为220亿元。 每经头条（nbdtoutiao）——到底是不是预制菜？罗永浩大战贾国龙！记者实探西贝后厨，厨师长谈罗 永浩点的烤鱼：需门店二次切配等，不是加热即食 （记者 曾健辉） 每经AI快讯，埃斯顿（SZ 002747，收盘价：25.3元）发布公告称，2025年9月1日9:00-10:00电话会议 2025年9月1日15:00-16:00电话会议2025年9月4日15:00-16:00电话会议2025年9月9日15:00-18:00券商策略 会2025年9月10日9:30-15:50券商策略会，埃斯顿接受创金合信基金管理有限公司等投资者调研，公司总 经理吴侃等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，埃斯顿的营业收入构成为：仪器仪表制造业占比100.0%。 ...

Group 1: Company Overview and Strategy - The company is focusing on humanoid robots, achieving breakthroughs in key technologies, and aims to integrate AI with robotics for practical applications [3][4]. - The company has developed a control system architecture for AI applications, enhancing compatibility and scalability for industrial automation [4]. - The company has invested in Nanjing Estun Co., Ltd. and its subsidiary, Coolzhu, to strengthen its humanoid robot capabilities and product offerings [5]. Group 2: Financial Performance - In the first half of 2025, the company achieved a sales revenue of CNY 2.549 billion, a year-on-year increase of 17.50% [8]. - Revenue from industrial robots and intelligent manufacturing systems reached CNY 2.092 billion, up 26.54%, while core automation components revenue declined by 11.50% to CNY 456 million [8]. - Domestic revenue was CNY 1.800 billion, growing by 25.31%, while overseas revenue was CNY 749 million, increasing by 2.18% [8]. Group 3: Market Position and Growth - The company’s industrial robot shipments surpassed foreign brands for the first time, capturing a market share of 10.5% in China [8]. - The industrial automation market is experiencing a recovery, with significant growth in the automotive, electronics, and lithium battery sectors [9]. - The company anticipates continued growth in the industrial robot market due to trends in automation and domestic substitution [9]. Group 4: Research and Development - The company is increasing R&D investment in high-barrier industrial robot applications, focusing on competitive products for emerging industries [10]. - Ongoing development in embodied intelligence technology aims to enhance the integration of AI and robotics, addressing customer needs for usability, performance, and safety [10]. Group 5: Future Plans and Listings - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on June 27, 2025, pending regulatory approvals [6][7]. - The second-generation humanoid robot, Codroid 02, is currently undergoing small-scale verification in industrial settings [12].

Group 1: Financial Performance - The company achieved a sales revenue of 2.549 billion CNY, a year-on-year increase of 17.50% [5] - Revenue from industrial robots and intelligent manufacturing systems was 2.092 billion CNY, up 26.54% year-on-year [5] - The net profit attributable to the parent company was 6.6823 million CNY, a 109.10% increase year-on-year [6] - The operating cash flow was -1.1948 billion CNY, an improvement of 65.08% year-on-year [6] Group 2: Market Position and Growth - The company became the first domestic brand to surpass foreign brands in industrial robot shipments, achieving a market share of 10.5% [6] - Domestic business revenue reached 1.8 billion CNY, growing by 25.31% year-on-year, while overseas revenue was 749 million CNY, up 2.18% [5] - The company is actively expanding into global markets, particularly in Europe, America, and Southeast Asia [10] Group 3: Research and Development - Total R&D expenditure was approximately 235 million CNY, accounting for 9.21% of sales revenue [7] - The company focuses on high-end applications and technological innovation to enhance its competitive edge [7] Group 4: Industry Outlook - The company anticipates continued growth in downstream industries such as automotive, electronics, and lithium batteries in the second half of the year [8][9] - The automotive sector is a strategic focus, with ongoing efforts to penetrate the market and enhance product offerings [12] Group 5: Cost Management and Efficiency - The company has implemented comprehensive budget management to improve cost control, resulting in a decrease in expense ratios compared to the previous year [11] - Efforts to optimize cash flow and manage receivables have led to significant improvements in operational efficiency [6] Group 6: After-Sales Service and Market Strategy - The company plans to develop a comprehensive after-sales service system to enhance customer satisfaction and create new revenue streams [14] - The after-sales market is expected to grow due to an increasing installed base of nearly 100,000 industrial robots [14]

Investment Rating - The industry is rated as "Positive" [2][32] - The specific companies recommended for "Increase" rating are Zoomlion (000157), Hengli Hydraulic (601100), Estun (002747), and Haomai Technology (002595) [2][32] Core Insights - In August, excavator sales reached 16,500 units, representing a year-on-year growth of 12.8% [10] - Loader sales in August totaled 9,440 units, with a year-on-year increase of 13.3% [10] - The average working hours for major construction machinery products in August was 78.4 hours, showing a year-on-year decrease of 9.45% [11] - The industry is experiencing a strong recovery, with both domestic and international market sales maintaining double-digit growth [32] - The demand for construction machinery is expected to continue growing due to favorable policies and reduced tariff disturbances globally [32] Industry News - In August, excavator sales included 7,685 units sold domestically (up 14.8%) and 8,838 units exported (up 11.1%) [10] - For the first eight months of 2025, a total of 154,181 excavators were sold, marking a 17.2% increase year-on-year [10] - The average operating rate for major construction machinery products in August was 55.1%, down 6.83 percentage points year-on-year [12] Company Announcements - Ruina Intelligent announced the signing of a contract for a project by its wholly-owned subsidiary [20] - Taifu Pump Industry is planning a significant asset restructuring to acquire at least 51% of Nanyang Huacheng Technology [21] Market Review - From September 3 to September 9, 2025, the CSI 300 index fell by 1.21%, while the Shenwan Machinery Equipment industry decreased by only 0.01%, outperforming the CSI 300 by 1.20 percentage points [22] - As of September 9, 2025, the price-to-earnings ratio (TTM) for the Shenwan Machinery Equipment industry was 30.62, with a valuation premium of 133.32% compared to the CSI 300 [23]

Core Insights - The humanoid robot sector index increased by 28.66% in the first half of 2025, significantly outperforming other tech sectors like AI and new energy vehicles, with total market capitalization rising from 1.17 trillion yuan to 6.03 trillion yuan, a 415% increase [1] - The performance of the humanoid robot sector shows a divergence, with core component companies leading due to technological breakthroughs and economies of scale, while system integration companies face challenges such as high R&D costs and long payment cycles [2] Company Performance - Among 16 major listed companies in Jiangsu, 12 reported profits while 4 incurred losses, with total R&D investment amounting to 689 million yuan [1] - Leading companies in core components, such as reducers, motors, and screws, have maintained gross margins above 35%, while system integrators struggle with profitability [2] - Green Harmonic, a leader in harmonic reducers, achieved revenue and net profit growth in the first half of the year, with R&D investments leading to a unique technology that extends the reducer's testing life to 12,000 hours and reduces costs by 30%-50% compared to imports [2] R&D and Innovation - Jiangsu Leili produces key components like "joints and dexterous hands," which account for 20%-30% of the total cost of humanoid robots, and has increased R&D expenses by 14.51% year-on-year [3] - Hengli Hydraulic views investments in emerging sectors as a "second curve" for growth, with projections of revenue reaching 80 million to 100 million yuan from new industrial screw products [3] - Companies are actively investing in R&D to enhance their technological capabilities and product offerings, with a focus on advanced technologies like hollow cup motors and planetary roller screws [3] Market Trends - The humanoid robot sector is experiencing rapid growth driven by policy support, capital investment, and technological advancements, with applications expanding from industrial to service sectors [4][5] - Companies like Estun and Tianqi are launching humanoid robots for industrial applications, indicating a shift towards practical deployment in various sectors [4] - The market for humanoid robots is projected to grow significantly, with predictions that the period from 2025 to 2027 will be crucial for companies to establish their technologies in broader commercial service areas [5] Investment and Financing - The humanoid robot industry has seen over 24 billion yuan in financing by July 2025, surpassing the total for the previous year, indicating strong market interest [6] - New players in the complete machine sector are emerging, with significant investments and product launches aimed at various applications, including banking and education [6] - Companies are forming strategic partnerships and making investments to strengthen their positions in key components and core technologies, as seen with Baoxin Technology's investment in Suzhou Jicui Intelligent Manufacturing [5][6] Challenges and Future Outlook - New entrants face challenges related to technological iteration and mass production capabilities, with the industry moving towards standardized production processes [7] - The valuation logic in the capital market is shifting from speculative concepts to performance-based metrics, emphasizing the importance of scalable revenue and positive cash flow [7]

Core Insights - The mechanical arm is a key component of robotic technology and industrial intelligence, integrating multiple disciplines to assist or replace human labor in high-precision, repetitive, or hazardous tasks [1][2] - China's mechanical arm market is projected to reach 19.34 billion yuan in 2024, driven by technological innovations and expanding applications across various sectors [1][12] - The industry is characterized by a competitive landscape where international brands maintain high-end market dominance while local companies accelerate their rise through cost-effectiveness and customization [1][12][16] Industry Overview - The mechanical arm, also known as a robotic arm, is an electromechanical device that mimics human arm functions, capable of performing various industrial tasks and intelligent operations [2][3] - The mechanical arm consists of five subsystems: drive system, mechanical structure, perception system, control system, and interaction system, which work together to execute complex tasks [3][4] Development Policies - Recent policies in China, such as the "14th Five-Year Plan for Robot Industry Development," aim to enhance the robot density in manufacturing by 2025 and promote the application of mechanical arms in over 20 key sectors [6][7] - A series of supportive policies have created a comprehensive ecosystem for the mechanical arm industry, facilitating technological research, scene validation, and large-scale commercialization [6][7] Industry Chain - The mechanical arm industry chain in China is tightly integrated, with upstream focusing on core components and materials, midstream on manufacturing and system integration, and downstream on applications in various sectors [8][9] - The domestic production rate of key components like harmonic reducers and servo systems has significantly increased, although some high-end components still rely on imports [8][9] Current Market Analysis - The mechanical arm market in China is expected to grow steadily, with a projected market size of 20.89 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) [12][16] - The demand for mechanical arms is expanding into new sectors such as healthcare and agriculture, driven by automation needs and technological advancements [12][15] Competitive Landscape - The competitive structure of the mechanical arm industry features a triad of local companies rapidly gaining ground, international giants maintaining high-end market positions, and differentiated competition in niche segments [12][16] - Local companies like Estun and Huichuan Technology are leveraging cost advantages and rapid iteration to replace imports in various applications [12][16] Future Trends - The mechanical arm industry is expected to evolve towards deeper integration of intelligence, flexibility, and ecosystem development, with AI and multi-modal perception technologies driving this transformation [13][14] - Applications are set to expand beyond traditional industrial uses into healthcare, agriculture, and extreme environments, creating new market opportunities [15][16] - The industry is likely to see increased collaboration across the supply chain, with a focus on domestic production and global market expansion, aiming for over 30% of the global market share by 2030 [16]