Core Viewpoint - The article discusses the performance of the stock market on September 15, highlighting mixed results among major indices and sector performances, with a focus on active sectors like gaming and pork, while noting the underperformance of certain materials sectors [2][5][10]. Market Performance - The three major indices closed with mixed results: Shanghai Composite Index at 3860.5 points, down 0.26%; Shenzhen Component Index at 13005.77 points, up 0.63%; and ChiNext Index at 3066.18 points, up 1.52% [2][3]. - The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion yuan, a decrease of 245.8 billion yuan from the previous trading day, with over 3300 stocks declining and more than 1900 stocks rising [2][3]. Sector Performance - Active sectors included pork (+2.82%), gaming (+3.65%), and automotive parts, while superconductors and retail concepts showed weak performance [5][6]. - Notable stocks in the gaming sector included Xinghui Entertainment, which hit a 20% limit up, and Perfect World, which also reached the limit up, with several other gaming stocks rising over 6% [6]. - In the pork sector, stocks like Delisi and Aonong Biological reached their daily limit, while Tiankang Biological rose over 8% [7]. Capital Flow - Main capital inflows were observed in the automotive, electric equipment, and machinery sectors, while there were outflows from electronics, communications, and defense sectors [10]. - Specific stocks with significant net inflows included BYD, Top Group, and Zhongdali De, with net inflows of 840 million yuan, 716 million yuan, and 700 million yuan respectively [11]. - Conversely, stocks like Northern Rare Earth, Wolong Electric Drive, and Zhongji Xuchuang faced substantial net outflows of 2.01 billion yuan, 1.83 billion yuan, and 1.386 billion yuan respectively [12]. Institutional Views - Citic Securities noted that the market is entering a high-level consolidation phase, with macro trading becoming a significant variable affecting market direction [14]. - Huatai Securities expressed a positive mid-term outlook for the domestic fundamentals, suggesting maintaining a high position while focusing on cost-effectiveness and industry prosperity [14].

Group 1 - A-shares saw 54 stocks hitting the daily limit up and 10 stocks hitting the limit down on September 15 [1] - The robotics sector was active, with Zhongdali De hitting the limit up [1] - The CRO/CMO sector also rose, with Zhaoyan New Drug achieving 4 limit ups in 7 days and Dezhan Health hitting the limit up [1] Group 2 - *ST Weier achieved 12 limit ups in 15 days, while *ST Zhengping had 6 limit ups in 9 days [1] - Other notable stocks include *ST Yatai with 6 consecutive limit ups, and *ST Yushun and Wolong New Energy with 4 limit ups in 6 days [1] - Stocks like Sanjiang Shopping and Baile Technology had 4 limit ups in 5 days, while Huajian Group had 3 consecutive limit ups [1] Group 3 - *ST Gaohong and ST Keli Da experienced consecutive limit downs for 2 days [2] - *ST Yuancheng and *ST Rongkong also hit the limit down [2]

Group 1 - The National Robot Industry Index (980022) has seen a strong increase of 2.14%, with key stocks such as Top Group (601689) and Zhongdali De (002896) both rising by 10.01% [1] - The E Fund Robot ETF (159530) has increased by 2.27%, with a recent price of 1.62 yuan, and has accumulated a weekly increase of 4.83% as of September 12, 2025 [1] - The E Fund Robot ETF has achieved a trading volume of 4.71 billion yuan with a turnover rate of 5.28%, ranking first among comparable funds in terms of average daily trading volume of 8.43 billion yuan over the past week [1] Group 2 - The top ten weighted stocks in the National Robot Industry Index (980022) account for 41.12% of the index, including companies like Stone Technology (688169) and Ecovacs (603486) [2] - The 2025 Light Expo showcased advancements in AR/VR technology, which are becoming crucial for robot perception systems, with over 30 companies presenting AR/VR solutions [3] - Innovations in AR glasses, such as MicroLED and SRG diffraction waveguides, are leading to breakthroughs in weight control and display quality, enhancing applications in robotics [3] Group 3 - The E Fund Robot ETF (159530) is designed to track the National Robot Industry Index, selecting listed companies within the robot industry to reflect market performance [4]

Group 1 - The Robot ETF (562500) has seen a 0.67% increase, with a maximum rise exceeding 1% during trading, indicating strong market interest [1] - Key holdings include Zhongdali De, which hit a 10% limit up, and other companies like Greentech Harmony and Nanjing Network Technology showing significant gains [1] - The liquidity in the market is robust, with over 560 million yuan traded in the first half hour, and the Robot ETF attracted 362 million yuan in the previous trading day, significantly outperforming comparable funds [1] Group 2 - Dongfang Securities highlights that increased dexterity in robotic hands will lead to higher product value due to the need for more actuators and structural upgrades [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 10 billion yuan, covering various segments including humanoid robots and industrial robots [2] - The ETF provides investors with a streamlined way to invest in the entire robot industry chain, enhancing accessibility to the market [2]

Group 1 - The core viewpoint indicates a positive sentiment towards the robotics sector, driven by new orders from domestic Tier 1 suppliers and expectations for improvements in the V3 program and production ramp-up [1] - The recent recovery in orders from key suppliers and the anticipation of new actuator orders from customers suggest a potential rebound in the T-chain supply chain, with a likelihood of returning orders as designs are confirmed [1] - The market is particularly focused on Chery Robotics, which is seen as a leader in humanoid product development among domestic manufacturers, with an important event expected at the 3.18 press conference [1] Group 2 - The Penghua Robotics ETF closely tracks the National Robotics Industry Index, which reflects the price changes of listed companies in the robotics sector [2] - As of September 2, 2025, the National Robotics Industry Index saw a strong increase of 1.88%, with notable gains from constituent stocks such as Hanwei Technology (up 11.50%) and Nanwang Technology (up 10.36%) [2] - The top ten weighted stocks in the National Robotics Industry Index account for 41.12% of the index, with companies like Stone Technology and Ecovacs leading the list [2]

Company Overview - Ningbo Zhongdali Intelligent Transmission Co., Ltd. is located in Cixi City, Ningbo, Zhejiang Province, established on August 28, 2006, and listed on August 29, 2017. The company specializes in the research, production, sales, and service of key components in the mechanical transmission and control application fields [1]. Business Performance - As of September 2, Zhongdali's stock price increased by 5.38%, reaching 96.79 CNY per share, with a trading volume of 1.894 billion CNY and a turnover rate of 10.47%, resulting in a total market capitalization of 19.021 billion CNY [1]. - The company's main business revenue composition is as follows: intelligent execution units 38.49%, reduction motors 37.00%, precision reducers 22.41%, others (supplementary) 1.30%, and accessories 0.80% [1]. Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Baoying Fund has a significant holding in Zhongdali. Baoying Ruifeng Innovation Mixed A/B (000794) increased its holdings by 43,200 shares in the second quarter, holding a total of 82,800 shares, accounting for 5.58% of the fund's net value, making it the second-largest heavy stock [2]. - The fund has a current scale of 31.9362 million CNY and has achieved a return of 16.8% this year, ranking 4651 out of 8184 in its category. Over the past year, it has returned 42.81%, ranking 3260 out of 7971, and since its inception, it has achieved a return of 182.9% [2]. Fund Manager Performance - The fund managers of Baoying Ruifeng Innovation Mixed A/B are Zhu Kai and Rong Zhineng. As of the report, Zhu Kai has a cumulative tenure of 2 years and 199 days, with a total fund asset size of 479 million CNY, achieving a best fund return of 5.17% and a worst return of -52.13% during his tenure [3]. - Rong Zhineng has a cumulative tenure of 2 years and 171 days, managing a total fund asset size of 4.35 billion CNY, with a best fund return of 161.44% and a worst return of 12.64% during his tenure [3].

Group 1 - The stock of Ningbo Zhongdali Intelligent Transmission Co., Ltd. increased by 5.38% on September 2, reaching a price of 96.79 CNY per share, with a trading volume of 1.894 billion CNY and a turnover rate of 10.47%, resulting in a total market capitalization of 19.021 billion CNY [1] - The company, established on August 28, 2006, and listed on August 29, 2017, specializes in the research, production, sales, and service of key components in the mechanical transmission and control application fields [1] - The main business revenue composition includes: intelligent execution units (38.49%), reduction motors (37.00%), precision reducers (22.41%), other (1.30%), and accessories (0.80%) [1] Group 2 - According to data, one fund under Dongfang Fund holds a significant position in Zhongdali, with the Dongfang High-end Manufacturing Mixed A Fund (014699) holding 27,800 shares, accounting for 3.25% of the fund's net value, making it the fourth-largest holding [2] - The Dongfang High-end Manufacturing Mixed A Fund was established on March 1, 2023, with a latest scale of 32.1948 million CNY, achieving a year-to-date return of 8.69% and a one-year return of 37.68% [2] - The fund manager, Li Rui, has been in position for 7 years and 264 days, with a total asset scale of 8.065 billion CNY, achieving the best fund return of 57.33% and the worst return of -18.3% during his tenure [3]

Core Viewpoint - The article discusses the importance of reducers in robotics, particularly harmonic reducers, which have seen a rise in domestic competition in China, breaking the long-standing Japanese monopoly. The focus is on three A-share companies: Grede Harmonic (688017.SH), Zhongdali De (002896.SZ), and Haozhi Electromechanical (300503.SZ), which are entering the robotics sector through harmonic reducers. Financial Performance - Haozhi Electromechanical leads in revenue with 703 million yuan, but its European business has declined by 18.6%, resulting in a revenue growth of 14.21% [5] - Zhongdali De has a revenue of 516 million yuan, but its growth is only 2.08%, with a decline in precision reducer revenue by 8.55% [5] - Grede Harmonic, with the smallest revenue of 251 million yuan, shows a remarkable growth rate of 45.82%, driven by high growth in both harmonic reducers and mechatronic products [5][6] Profitability and Cash Flow - Grede Harmonic achieved a net profit of 53.42 million yuan, a year-on-year increase of 45.87%, despite its smaller revenue base [6] - Haozhi Electromechanical and Zhongdali De reported net profits of 63.38 million yuan and 46.37 million yuan, with growth rates of 15.41% and 6.5% respectively [6] - Grede Harmonic's operating cash flow surged 130 times to 46.8 million yuan, while Zhongdali De's cash flow plummeted by 91.75% due to reduced sales collections [6] Technical and R&D Focus - All three companies emphasize R&D, with Grede Harmonic and Haozhi Electromechanical investing over 9% of their revenue in R&D, while Zhongdali De invests nearly 6% [8] - Grede Harmonic focuses on harmonic reducers and has established collaborations with universities and research centers, aiming to maximize its value in the domestic humanoid robot supply chain [9] - Haozhi Electromechanical is pursuing an acquisition strategy to enhance its international R&D capabilities, while Zhongdali De aims to integrate its products into a comprehensive solution for industrial automation [9] Market Valuation - As of September 1, all three companies have P/E ratios exceeding 100, with Grede Harmonic at 380, Zhongdali De at 239, and Haozhi Electromechanical at 105 [11] - The PEG ratios are also high, indicating strong market interest in humanoid robot supply chain companies, with Zhongdali De at 36.77, and Grede Harmonic and Haozhi Electromechanical at 8.28 and 6.81 respectively [11]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown steady revenue growth with a 2.1% year-on-year increase in revenue to 516 million yuan in the first half of 2025, and a 6.5% increase in net profit attributable to shareholders to 46 million yuan [1][2] - The gross margin for the company improved by 3.2 percentage points to 27.7%, driven by the integration strategy of "reducer + motor + drive" and an increase in high-value-added products [2][3] - The company is successfully expanding its customer base in the robotics sector, which is expected to drive growth in the reducer business due to increasing demand for core components in smart manufacturing and new infrastructure [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 286 million yuan, a 1.0% year-on-year increase and a 23.9% quarter-on-quarter increase, with a net profit of 29 million yuan, reflecting a 6.7% year-on-year increase and a 66.6% quarter-on-quarter increase [1] - The company's R&D expense ratio was 5.8% in the first half of 2025, indicating a commitment to maintaining high levels of investment in research and development [2] Product Performance - Revenue from reducer motors reached 191 million yuan, up 15.9% year-on-year, with a gross margin increase of 5.4 percentage points to 32.0% [2] - Revenue from precision reducers was 116 million yuan, down 8.6% year-on-year, but with a gross margin of 23.6%, up 2.2 percentage points [2] Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 90 million, 112 million, and 134 million yuan respectively, with a significant growth rate expected in the coming years [3][4] - The company is positioned to benefit from the industrialization of humanoid robots, which is expected to increase demand for precision reducers, leading to a high valuation elasticity [3]

Company Overview - Zhongda Lide Intelligent Transmission Co., Ltd. is located in Cixi City, Ningbo, Zhejiang Province, established on August 28, 2006, and listed on August 29, 2017. The company specializes in the research, production, sales, and service of key components in the mechanical transmission and control application fields [1][2]. Financial Performance - For the first half of 2025, Zhongda Lide achieved operating revenue of 516 million yuan, representing a year-on-year growth of 2.08%. The net profit attributable to the parent company was 46.37 million yuan, up 6.50% year-on-year [2]. - Since its A-share listing, Zhongda Lide has distributed a total of 160 million yuan in dividends, with 61.98 million yuan distributed over the past three years [3]. Stock Performance - As of August 29, Zhongda Lide's stock price increased by 220.62% year-to-date, with a recent decline of 2.66% over the past five trading days. The stock has risen by 20.01% over the past 20 days and 63.61% over the past 60 days [1]. - The stock's trading volume on August 29 was 546 million yuan, with a turnover rate of 3.01% and a total market capitalization of 18.491 billion yuan [1]. Shareholder Structure - As of June 30, 2025, Zhongda Lide had 56,800 shareholders, an increase of 8.67% from the previous period. The average number of circulating shares per person was 3,459, up 19.63% [2]. - The top ten circulating shareholders include notable funds such as Penghua Carbon Neutral Theme Mixed A and Huaxia CSI Robot ETF, with some changes in their holdings compared to the previous period [3]. Business Segments - The company's main business revenue composition includes: intelligent execution units (38.49%), reduction motors (37.00%), precision reducers (22.41%), and other components (1.30%) [1]. - Zhongda Lide operates within the mechanical equipment sector, specifically in general equipment and metal products, and is involved in various concept sectors such as machinery, reducers, express delivery concepts, smart logistics, and engineering machinery [2].