Core Insights - Estun, a leading Chinese robotics brand, has launched the new iER series of robots, emphasizing innovation in robotics technology and the establishment of an open intelligent ecosystem [1][20]. Software System Reconstruction - The company has introduced the advanced programming language Juliet and restructured the underlying language architecture, creating a dedicated operating system and a unified open control platform for better integration with end-user applications [3][4]. - The iER.OS system integrates data, applications, and AI, transitioning from a closed to an open architecture, enhancing motion control performance and enabling cloud-edge collaboration [5]. Hardware and Intelligent Control Integration - A new generation of hardware design has transitioned the electrical control system from general-purpose to intelligent, significantly reducing size and energy consumption while enhancing performance [8][9]. - The new control platform supports AI expansion and provides high-speed motion control tools, facilitating integration with external intelligent systems [11]. High Precision Calibration Technology - The new high-precision calibration technology is applied across the entire series of robots, significantly enhancing absolute positioning accuracy and dynamic trajectory control capabilities [13][14]. - This technology supports flexible manufacturing techniques, improving operational efficiency and enabling robots to maintain high precision in variable working conditions [14]. Intelligent Maintenance and Predictive Service - Estun has established a new standard for customer service by introducing predictive maintenance features that shift the operational model from reactive to proactive [15][16]. - The predictive maintenance function utilizes real-time data to identify potential faults in key components, helping users avoid unnecessary downtime and optimize maintenance schedules [18][21]. Strategic Vision - The company aims to strengthen its core technological advantages in robotics, fostering an ecosystem that promotes collaboration and innovation across the entire industry chain [20].

证券之星消息，1月12日自动化设备板块较上一交易日上涨2.54%，星辰科技领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。自动化设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 920885 | 星辰科技 | 29.88 | 12.93% | 23.50万 | | 6.78亿 | | 920396 | 常辅股份 | 42.55 | 10.63% | 12.99万 | | 5.30亿 | | 688889 | 圆田换 | 61.29 | 10.61% | 22.57万 | | 13.38亿 | | 603015 | 弘讯科技 | 18.82 | 9.99% | 81.95万 | | 14.48亿 | | 300278 | 华昌达 | 6.75 | 9.22% | 105.84万 | | 6.91亿 | | 688777 | 中控技术 | 57.57 | 7.33% | 54.93万 | | 31.32 ...

Core Viewpoint - Estun's financial performance shows a significant increase in revenue and net profit, indicating strong growth potential in the automation and robotics sector [2]. Group 1: Financial Performance - As of September 30, Estun achieved a revenue of 3.804 billion yuan, representing a year-on-year growth of 12.97% [2]. - The net profit attributable to shareholders for the same period was 29.0039 million yuan, reflecting a substantial increase of 143.48% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 379 million yuan, with 78.0356 million yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of January 9, Estun's financing balance was 629 million yuan, accounting for 2.99% of its market capitalization, which is below the 10th percentile level over the past year [1]. - The number of shareholders decreased by 7.92% to 114,300, while the average number of circulating shares per person increased by 8.60% to 6,846 shares [2]. - Major institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.4466 million shares, and several ETFs related to the robotics industry that have also increased their positions [3]. Group 3: Business Overview - Estun, founded on February 26, 2002, and listed on March 20, 2015, specializes in high-end intelligent machinery and automation control solutions [1]. - The company's main revenue sources are industrial robots and intelligent manufacturing systems (82.09%) and automation core components and motion control systems (17.91%) [1].

Core Viewpoint - Estun, as a leading brand in China's robotics industry, continues to drive innovation in robotic technology with the launch of the new iER series robots, focusing on software and hardware integration, high precision, and intelligent services [1][21]. Group 1: Software and System Innovations - The software system has been completely restructured with the introduction of the advanced programming language Juliet, enhancing the robot's operational capabilities [2][5]. - The iER.OS system integrates data, applications, and AI, transitioning from a closed to an open architecture, significantly improving motion control performance and system collaboration [5][11]. - The RoboBase platform supports deep customization and secondary development, allowing clients to leverage their own expertise for tailored solutions [7][21]. Group 2: Hardware and Intelligent Control - The new hardware design reduces the size and energy consumption of the control system, incorporating controllable rectification technology for efficient energy recovery [3][9]. - The integration of AI capabilities into the new controller platform enhances instruction processing and communication, facilitating high-speed motion control [11][21]. - The robots are designed with lightweight and high-rigidity structures, improving dynamic response while maintaining reliability and precision [9][14]. Group 3: High Precision Technology - The new high-precision calibration technology is applied across the entire robot product line, significantly enhancing absolute positioning accuracy and dynamic trajectory control [14][16]. - The robots can maintain high precision in variable working conditions, effectively addressing common industrial interferences [16][20]. - The integration of high precision technology with intelligent systems creates a closed-loop control mechanism, enabling real-time adjustments based on process data [16][20]. Group 4: Intelligent Maintenance and Predictive Services - Estun has established a new standard for customer service by introducing a "fault prediction" feature, transitioning maintenance from reactive to proactive [18][20]. - The system captures key operational data to predict potential failures, helping users reduce unplanned downtime and optimize maintenance schedules [20][21]. - This predictive maintenance capability exemplifies Estun's commitment to integrating intelligent operations within the robotics ecosystem [20][21].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The report covers the **China Industrials** sector, specifically focusing on **Automation & Robotics**, **Construction Machinery**, **Heavy-duty Trucks**, and **New Energy** stocks that may influence share prices in the near future [1][2]. Core Insights and Arguments - **Automation Sector**: - Monthly new order intake growth and industrial robot production are expected to be reported at the beginning and mid-month respectively [5][6]. - Shenzhen Inovance Technology anticipates approximately **20% year-on-year growth** in new orders for January-February 2026, driven by a modest capital expenditure recovery and market share gains [8][9]. - **Heavy-duty Trucks (HDT)**: - Monthly sales volume data will be released at the beginning of each month [5]. - Negative growth is expected in the domestic HDT market for 1Q26 due to front-loading in 2025 and a **5% increase in NEV purchase tax** in 2026, although export growth is projected to remain resilient [9][11]. - **Construction Machinery**: - Monthly excavator sales volume will be reported at the beginning of each month, with expectations that export growth will offset high base pressure from domestic sales in January-February [8][9]. Company-Specific Catalysts - **Beijing Geekplus Technology Co., Ltd. (2590.HK)**: - Inclusion in the Southbound Stock Connect program is expected in **February 2026**, following its addition to the Hang Seng Composite Index [7]. - Launch of a wheel-based humanoid robot is anticipated, which could enhance its position as an unmanned warehouse solution provider [7]. - **Jiangsu Hengli Hydraulic Co., Ltd. (601100.SS)**: - Anticipated updates on Tesla's Optimus Gen 3 in 1Q26, which may lead to a revision of sales outlook for 2026 [7][8]. - **Wuxi Lead Intelligent (300450.SZ)**: - Expected improvement in liquid LiB equipment orders in 1Q26, driven by strong demand for energy storage systems [7]. - **Sany Heavy Industry Co., Ltd. (600031.SS)**: - Expected growth in excavator sales, with export growth anticipated to mitigate domestic sales pressures [8]. - **Zoomlion Heavy Industry (000157.SZ)**: - Anticipated cyclical recovery in non-excavator machinery sales, supported by solid export growth [8]. Additional Important Insights - **Market Conditions**: - Concerns remain regarding growth momentum amid an anti-involution and deflationary environment, alongside margin pressures from the NEV powertrain business [9]. - **Chinese Hyperscalers**: - Potential acceleration in AI capital expenditure for Chinese hyperscalers is expected, which should support demand for cooling solutions [11]. - **Profit Alerts**: - Estun Automation is expected to issue a profit alert in January, indicating a return to profitability after a net loss in 2024 [9]. Conclusion The conference call highlights significant catalysts and trends within the China Industrials sector, with a focus on automation, heavy-duty trucks, and construction machinery. Key companies are positioned to leverage upcoming developments, although challenges such as market conditions and regulatory changes remain pertinent.

Group 1 - The company has collected over 1 million hours of data from more than 3,000 households using Gen DAS Gripper and the industry's first large-scale data production line, Gen ADP, accelerating the development of the embodied industry [1] - The overall industry volume and individual skill scale are the largest, with a cumulative duration exceeding 10,000 hours and a total data scale of over 1 million clips, ensuring each skill has the highest data volume in the industry [1] - The data collection focuses on 10 common household scenarios and 30 skills, ensuring quality by avoiding excessive dispersion [1] Group 2 - The data includes multi-modal, high-quality information such as large FOV raw images, trajectories, annotations, and joint actions, with industry-leading accuracy and quality [1] - The first phase of data has been uploaded, covering 12 skills across 4 major scenario tasks, with plans to complete the remaining skills and provide support for data format conversion and usage [2] - The data is available for download at a specified link, and users are encouraged to provide feedback and suggestions for additional scenarios and skills to be digitized [2]

Group 1 - Nanjing held a conference on January 4 to promote the integration of technological and industrial innovation, unveiling policies and projects aimed at establishing itself as a global center for industrial technology innovation [1][2] - The city aims to attract at least 300,000 young talents annually through its updated talent policies and initiatives [1][10] - Nanjing's focus on key industries includes artificial intelligence, 6G technology, and biomedicine, with significant investments and strategic partnerships to enhance its industrial capabilities [2][4][5] Group 2 - The Jiangsu Provincial Department of Industry and Information Technology signed a strategic cooperation agreement with Nanjing to support the upgrade of key industrial clusters and the cultivation of emerging industries [2] - Nanjing's steel industry, represented by Nanjing Steel, has been recognized for its competitiveness and innovation, with products reaching international standards [2] - The establishment of the first artificial intelligence research institute in Nanjing highlights the city's commitment to advancing AI and smart manufacturing [3][4] Group 3 - Nanjing's software industry is projected to exceed 1 trillion yuan, with significant contributions from local companies and innovations in AI and hardware [3] - The city has launched initiatives to create a "6G city" and an upgraded version of its AI innovation application pilot zone, marking a new phase in its technological development [4][7] - The establishment of various innovation centers and partnerships aims to streamline the transition from research to market application, enhancing the efficiency of technology commercialization [8][9] Group 4 - Nanjing's talent policies have evolved to focus on providing capital, ecosystem support, and future opportunities, rather than just subsidies and housing [10][12] - The city has developed a comprehensive financial service system for technology innovation, including various funding mechanisms to support startups and emerging projects [12][13] - Nanjing's strategic collaboration with universities aims to foster deep integration between academia and industry, enhancing the local innovation ecosystem [7][11]

近日，埃斯顿在互动平台向投资者表示，公司参股的埃斯顿医疗公司正在开发养老机器人产品，应用场 景主要包括生理监护、健康辅助、日常生活辅助、按摩、陪伴等。位于南京的埃斯顿属智能装备制造行 业。2025年1至9月，埃斯顿实现营收38.04亿元，同比增长12.97%；实现归母净利润0.29亿元，同比增 长143.48%。 ...

Group 1 - The National Robot Industry Index (980022) has shown a slight increase of 0.11% as of December 31, 2025, with notable gains from companies such as Boke Co., Ltd. (688160) up by 9.51% and iFlytek (002230) up by 2.68% [1] - The Ministry of Industry and Information Technology, along with three other departments, has issued the "Implementation Plan for Digital Transformation in the Automotive Industry," which aims to accelerate the application of artificial intelligence in key areas, promoting the large-scale use of intelligent robots in processes like welding, spraying, and assembly [1] - Huajin Securities indicates that by 2025, humanoid robots will enter a critical stage of industrialization, transitioning from the "0-1" phase to the "1-10" phase, with the demand for complex scene interactions driving an increase in component requirements [1] Group 2 - The top ten weighted stocks in the National Robot Industry Index (980022) as of November 28, 2025, include companies such as Double Ring Transmission (002472) and Ecovacs (603486), collectively accounting for 40.47% of the index [2] - The Robot ETF Penghua (159278) closely tracks the National Robot Industry Index, reflecting the price changes of listed companies related to the robot industry on the Shanghai and Shenzhen stock exchanges [1][3]

Group 1 - Nanjing's GDP has surpassed 1.9 trillion yuan, with per capita GDP ranking among the top cities in the country, indicating a strong economic foundation for the city's development [1] - The software and information service industry in Nanjing is expected to exceed 1 trillion yuan, marking it as the first trillion-level industry in the city [2][3] - Nanjing has established a robust industrial system with a focus on "4266" to enhance industrial capacity and promote high-quality development [3][11] Group 2 - The city has seen significant advancements in industrial clusters, with four clusters recognized as national advanced manufacturing clusters, showcasing a diverse and complementary industrial ecosystem [3][11] - Nanjing's industrial AI solutions have improved operational efficiency in power plants, transitioning from scheduled maintenance to demand-based maintenance, significantly reducing costs [2][6] - The establishment of the Jiangsu Intelligent Robot Innovation Center aims to enhance shared technology and accelerate data accumulation for product testing and commercialization [12] Group 3 - Nanjing is actively investing in emerging sectors such as low-altitude economy, artificial intelligence, and commercial aerospace, positioning itself as a leader in these fields [4][9] - The city has implemented policies to support the development of advanced manufacturing and digital transformation, including a three-year action plan for "smart manufacturing" [7][11] - Nanjing's focus on innovation has led to the establishment of several high-tech enterprises and research institutions, contributing to the city's competitive edge in technology [8][10] Group 4 - The city aims to strengthen its industrial base by fostering advanced manufacturing clusters and enhancing the quality of modern service industries [13][14] - Nanjing plans to create a modern industrial system supported by advanced manufacturing and modern services, with a goal of developing leading enterprises in artificial intelligence and other high-tech sectors [13][14] - The city is committed to implementing the "Artificial Intelligence+" initiative to promote the integration of AI across various industries, enhancing overall productivity and service quality [13][14]