Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) in Shanghai showcased 800 companies and over 3,000 advanced technologies, indicating a strong interest in AI investments [1] - The article highlights three key investment opportunities in the AI sector that could lead to long-term growth [3] Group 1: Computing Infrastructure - The shift in computing infrastructure is likened to moving from "generators" to "power grid companies," with policies in Shanghai and Dongguan promoting the development of computing power trading platforms [3] - Key companies include: - Zhongji Xuchuang (300308): Validated 1.6T optical modules by Huawei, positioned for computing power transmission [3] - Hengwei Technology (603496): Core supplier for Huawei's Ascend liquid-cooled integrated machine, with orders extending to 2026 [3] - Tuo Wei Information (002261): Collaborating with Huawei to create "Zhaohan" domestic servers, with deliveries to the Changsha intelligent computing center [3] - The AI ETF (515980) has seen a 43% increase over the past year, with financing balances soaring to 97 million, indicating strong institutional interest [3] Group 2: Embodied Intelligence - The technology shift in robotics is moving from "performing tricks" to "performing tasks," with domestic component localization rates exceeding 50% [3] - Key companies include: - Green Harmonic (688017): Gearbox supplier for UBTECH, maintaining a leading gross margin of over 35% [3] - Leisai Intelligent (002979): Closed-loop stepper motors account for 70% of orders for new products from Yuzhu [3] - Zhongdali De (002896): RV gearbox shipments surged by 150%, benefiting from mass production of humanoid robots [3] - SenseTime has launched an embodied intelligence platform, enhancing the capabilities of industrial robots [3] Group 3: AI in Finance and Healthcare - The introduction of AI in finance is exemplified by the Industrial and Commercial Bank of China's AI credit approval system, reducing processing time from three days to three minutes, leading to a 200% increase in orders for IT supplier Runhe Software (300339) [3] - In healthcare, the AI diagnostic system from United Imaging has been able to detect lung cancer 30 days earlier, with significant procurement from top-tier hospitals for health information company Weining Health (300253) [3] - The Ant Group's AI health manager is now integrated into 5,000 hospitals, accelerating government procurement for public health projects [4]

Investment Rating - The report indicates a positive investment outlook for the humanoid robot industry, highlighting significant growth potential driven by policy support and technological advancements [3][10]. Core Insights - The humanoid robot industry is experiencing rapid development, with government policies emphasizing embodied intelligence as a key focus for future industrial growth [10]. - Major companies are investing heavily in humanoid robotics, leading to accelerated technological progress and market expansion [3][8]. - The production of humanoid robots is set to increase significantly, with projections estimating a global market size of 150 billion yuan by 2029 [3][17]. Summary by Sections 1. Emergence of the Humanoid Robot Industry - The humanoid robot sector is entering a phase of industrialization, with advancements in AI enhancing interaction and learning capabilities [6][8]. 2. Harmonic Reducers: Acceleration of Domestic Production - Domestic manufacturers are ramping up production of harmonic reducers, which are critical components for humanoid robots [22][39]. 3. Planetary Roller Screws: Breakthrough in Domestic Production - The planetary roller screw market is expanding, with increasing applications in various industries, including automotive and robotics [56][68]. 4. Frameless Torque Motors: Domestic Performance Surpassing Expectations - Domestic frameless torque motors are showing competitive advantages in performance and cost, contributing to the overall growth of the humanoid robot market [28][29]. 5. Dexterous Hands: Technological Iteration and Upgrades - The development of dexterous hands is crucial for enhancing the functionality of humanoid robots, with ongoing technological improvements [22][28]. 6. Six-Dimensional Torque Sensors: Continuous Cost Reduction - The market for six-dimensional torque sensors is expected to grow as costs decrease, making them more accessible for humanoid robot applications [22][28]. 7. Market Potential and Production Plans - Companies like Tesla and Figure AI are planning significant production increases, with Tesla aiming for 5000 units in 2025 and up to 1 million units by 2029 [17][19].

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the field of humanoid robotics, specifically focusing on the development and technology of dexterous hands, referred to as "灵巧手" (Lingqiao Shou) in the notes. Core Points and Arguments 1. **Comprehensive Research on Dexterous Hands** The report provides an in-depth analysis of the structure, technology directions, and key participants in the dexterous hand market, highlighting the significant market potential and technological advancements expected in the coming years [1][2][6]. 2. **Market Dynamics and Investment Opportunities** The rapid iteration and innovation in dexterous hand technology are expected to create substantial investment opportunities. The market is projected to see significant enhancements in functionality and applications over the next couple of years [2][6]. 3. **Key Components of Dexterous Hands** The dexterous hand is primarily composed of four major modules: drive, transmission, control, and perception. The trend is leaning towards hybrid mechanical solutions that balance freedom of movement and load capacity [2][4][6]. 4. **Technological Challenges and Innovations** The development of tactile sensors and the integration of various sensing technologies are crucial for enhancing the dexterous hand's performance. Current technologies are still in a multi-route development phase, with significant room for innovation [3][4][6]. 5. **Cost Structure and Market Pricing** The pricing for dexterous hands currently ranges from 50,000 to 100,000 yuan, with expectations to decrease to between 5,000 and 30,000 yuan as production scales up. The cost structure is estimated to have a reasonable material cost of around 20% [5][6][44]. 6. **Key Players and Recommendations** Recommended companies include 雷赛智能 (Leisai Intelligent) and 赵威基电 (Zhaowei Electric), which are noted for their capabilities in both dexterous hand solutions and component supply [6][44]. 7. **Future Market Potential** By 2030, the market for dexterous hands is projected to reach approximately 900 billion yuan, with significant contributions from key components like sensors and micro actuators. Major companies are expected to see profit contributions ranging from 500 million to 700 million yuan [44][45]. 8. **Technological Trends in Dexterous Hands** The industry is observing a shift towards more sophisticated designs that incorporate higher degrees of freedom and improved precision. The performance of dexterous hands is currently estimated to meet only 30-40% of the required standards, indicating a need for further development [12][39]. Other Important but Possibly Overlooked Content 1. **Diverse Technological Approaches** Various driving and transmission methods are being explored, including direct drive and hybrid systems, each with its advantages and challenges [13][14][25]. 2. **Sensor Technology Development** The integration of tactile sensors is critical for the dexterous hand's functionality, with ongoing developments in pressure sensors and visual-tactile systems [27][30][32]. 3. **Market Segmentation and Product Differentiation** There is a clear distinction between local manufacturers and independent firms, with local firms focusing on high-performance solutions while independent firms tend to adopt a more gradual approach to product development [34][39]. 4. **Performance Metrics** Key performance indicators for dexterous hands include degrees of freedom, precision, load capacity, and sensory feedback, which are essential for their operational effectiveness [10][11][12]. 5. **Future Innovations and Material Development** The potential for new materials to enhance the dexterous hand's performance is being explored, particularly in the context of reducing weight and increasing durability [24][25][30]. This summary encapsulates the key insights and projections regarding the dexterous hand technology and its market implications, providing a comprehensive overview for stakeholders interested in this emerging field.

天眼查商业履历信息显示，深圳市雷赛智能控制股份有限公司，成立于2007年，位于深圳市，是一家以 从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本30764.0847万人民币，实缴资本 30664.72万人民币。公司法定代表人为李卫平。 通过天眼查大数据分析，深圳市雷赛智能控制股份有限公司共对外投资了6家企业，参与招投标项目19 次，知识产权方面有商标信息128条，专利信息566条，此外企业还拥有行政许可12个。 来源：金融界 资金流向方面，今日主力资金净流入1284.08万元，占比成交额3.61%。其中，超大单净流出45.93万 元、占成交额0.13%，大单净流入1330.01万元、占成交额3.74%，中单净流出流出245.23万元、占成交 额0.69%，小单净流出1038.85万元、占成交额2.92%。 雷赛智能最新一期业绩显示，截至2025一季报，公司营业总收入3.90亿元、同比增长2.36%，归属净利 润5581.95万元，同比增长2.25%，扣非净利润5362.34万元，同比增长0.96%，流动比率2.585、速动比率 2.028、资产负债率36.88%。 金融界消息 截至2025年7月1 ...

Group 1 - The global humanoid robot market is projected to see sales of 1.24 million, nearly 3.4 million, and over 5 million units in 2025, 2030, and 2035 respectively, with corresponding market sizes of 63.39 billion, over 640 billion, and over 4000 billion yuan [1][2] - The CAGR for humanoid robot sales from 2025 to 2030 is approximately 94%, and from 2030 to 2035 is about 71%, indicating significant growth potential in the mid to long term [1][2] - The global multi-finger dexterous hand market is expected to exceed 5 billion USD by 2030, with a CAGR of 64.6% from 2024 to 2030 [2][3] Group 2 - China is rapidly catching up in the dexterous hand market, with companies like Yinshi Robotics and Aoyi Technology showing strong competitiveness [3] - In 2024, the sales volume of dexterous hands in China is expected to be 0.57 thousand units, with a CAGR of 90% projected until 2030, reaching over 340 thousand units [2][3] - The market share of dexterous hands in North America, Europe, and Asia-Pacific in 2024 is projected to be 32.56%, 25.25%, and 37.92% respectively [3] Group 3 - Key trends in dexterous hand technology include lightweight design, high biomimicry and freedom, primarily motor-driven systems, and a shift towards direct drive and composite transmission methods [4] - Recommended stocks in the dexterous hand and related components sector include Leisai Intelligent, Shuanglin Co., Wuzhou Xinchun, and Zhenyu Technology, among others [5]

证券代码：002979 证券简称：雷赛智能 公告编号：2025-051 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市雷赛智能控制股份有限公司（以下简称"公司"）于 2024 年 2 月 2 日召开第五届董事会第七次会议审议通过了《关于回购公司股份方案的议案》， 公司拟使用自有资金以集中竞价交易方式回购公司股份用于后续实施员工持股 计划或者股权激励。本次用于回购资金总额不低于人民币 6,000 万元（含）且不 超过人民币 12,000 万元（含），回购价格不超过人民币 25.00 元/股（含），回 购股份实施期限为自公司董事会审议通过本次回购股份方案之日起不超过 12 个 月。具体内容详见公司于 2024 年 2 月 6 日、2024 年 2 月 7 日在《证券时报》《中 国证券报》 《上海证券报》 《证券日报》及巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于回购公司股份方案的公告》（公告编号：2024-001）、《回购报告 书》（公告编号：2024-004）。 延长回购公司股份实施期限的议案》，同意将本次股份回购期限延长 ...

司股份实施期限的公告》（公告编号：2025-003）、《关于调整回购股份价格上 限的公告》（公告编号：2025-040）。 截至 2025 年 7 月 4 日，公司上述回购股份方案已实施完成，现将具体情况 公告如下： 一、回购股份的具体情况 证券代码：002979 证券简称：雷赛智能 公告编号：2025-051 深圳市雷赛智能控制股份有限公司 关于股份回购实施完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市雷赛智能控制股份有限公司（以下简称"公司"）于 2024 年 2 月 2 日召开第五届董事会第七次会议审议通过了《关于回购公司股份方案的议案》， 公司拟使用自有资金以集中竞价交易方式回购公司股份用于后续实施员工持股 计划或者股权激励。本次用于回购资金总额不低于人民币 6,000 万元（含）且不 超过人民币 12,000 万元（含），回购价格不超过人民币 25.00 元/股（含），回 购股份实施期限为自公司董事会审议通过本次回购股份方案之日起不超过 12 个 月。具体内容详见公司于 2024 年 2 月 6 日、2024 年 2 月 ...

Summary of LeiSai Intelligent Conference Call Company and Industry Overview - **Company**: LeiSai Intelligent - **Industry**: Automation and Robotics - **Market Focus**: Advanced manufacturing sectors including 3C electronics, semiconductors, and machine tools Key Points and Arguments 1. **Product Offering and Market Potential**: LeiSai Intelligent extends its product line to provide comprehensive solutions including controllers, servo systems, and components, targeting a broad market with significant revenue growth potential. The servo system market share is close to 5%, ranking among the top domestic companies [2][3][4] 2. **Channel Upgrade Strategy**: The company has implemented a channel upgrade strategy by learning from competitors like Huichuan Technology to build a collaborative sales system, enhancing understanding of downstream demand, and introducing quality brand distributors to expand into mid-to-low-end markets. By 2024, the revenue from distributors is expected to rise to nearly 50% [2][5] 3. **Stock Incentive Plan**: A new round of stock incentive plans is set to launch in May 2025, which is anticipated to accelerate the main business development and significantly enhance net profit [2][6] 4. **Entry into Humanoid Robotics**: LeiSai Intelligent is leveraging its technological reuse and channel advantages to enter the motor and control segment of humanoid robotics, aiming to cultivate a second growth curve. The target for frameless motor orders is set at 100,000 units for this year, with production capacity reaching 300,000 units [2][7][8] 5. **Market Recovery**: The domestic automation market is expected to experience slight positive growth in Q1 2024 after three years of decline, driven by factors such as AI integration, low-altitude economy, domestic substitution, and digital transformation [2][9] 6. **Profit Margins**: The company maintains stable profit margins across its product lines: servo systems at approximately 28%, stepper systems at around 40%, and control technology products at over 65% [4][12] 7. **Demand Recovery in Downstream Industries**: The recovery in the automation industry is most pronounced in downstream sectors such as 3C electronics and semiconductors, which account for 40% to 50% of the company's business [2][11] 8. **Future Trends in Automation**: The automation industry is expected to see significant growth due to digital transformation initiatives and the impact of low-altitude economy and smart industries over the next three to five years [2][10] 9. **Competitive Landscape**: LeiSai Intelligent faces competition in the controller market, particularly from foreign brands in the PLC segment, but is gaining market share in high-end manufacturing sectors [2][13] 10. **Robotics Component Market**: Key components for humanoid robots include actuators and sensors, with frameless torque motors and hollow cup motors being critical. LeiSai's products are positioned competitively against foreign brands in terms of performance and cost [2][17] Additional Important Insights - **Management and Strategic Focus**: The company is transitioning to a process-oriented organization inspired by Huawei's strategic model, which is expected to improve operational efficiency and profitability [2][15] - **Long-term Growth Projections**: LeiSai aims for a compound annual growth rate of 25% to 30% in net profit over the next three years, with a target market capitalization exceeding 16 billion [2][22] - **Risks**: Potential risks include economic downturns in manufacturing, uncertainties in the development of cutting-edge technologies, and increasing market competition [2][22]

一、回购股份的具体情况 证券代码：002979 证券简称：雷赛智能 公告编号：2025-050 深圳市雷赛智能控制股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市雷赛智能控制股份有限公司（以下简称"公司"）于 2024 年 2 月 2 日召开第五届董事会第七次会议审议通过了《关于回购公司股份方案的议案》， 公司拟使用自有资金以集中竞价交易方式回购公司股份用于后续实施员工持股 计划或者股权激励。本次用于回购资金总额不低于人民币 6,000 万元（含）且不 超过人民币 12,000 万元（含），回购价格不超过人民币 25.00 元/股（含）。具 体内容详见公司于 2024 年 2 月 6 日、2024 年 2 月 7 日在《证券时报》《中国证 券报》《上海证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于回购公司股份方案的公告》（公告编号：2024-001）、《回购报告 书》（公告编号：2024-004）。 2025 年 1 月 9 日，公司召开第五届董事会第十四次会议 ...

Core Insights - The core technology for humanoid robots is motion control, which is essential for dynamic gait, precise operations, and environmental adaptability [1] - The humanoid robot industry faces both opportunities and challenges, with potential applications in various sectors such as industrial automation, medical rehabilitation, and education [1] - Precise complex motion control technology is fundamental for the widespread application of humanoid robots [2] Industry Overview - Humanoid robots are characterized by human-like form and functions, and their development is driven by advancements in robotics control and AI technology [1] - The industry is experiencing rapid evolution due to continuous influx of capital and talent, although large-scale commercialization still faces technical, economic, and social challenges [1] Motion Control Techniques - Motion control for humanoid robots can be categorized into model-based control and data-driven control, each with unique advantages [3] - Model-based control relies on accurate modeling and manual parameter adjustments, while data-driven control allows robots to learn motion strategies from experience [3] - A hybrid control approach combines both methods to enhance adaptability and robustness, improving the operational capabilities of humanoid robots [3] Key Players and Beneficiaries - Leading companies like Tesla with Optimus, Yushun with G1, and Boston Dynamics with Atlas demonstrate strong motion control capabilities [4] - The development of motion control software algorithms is typically conducted in-house by robot manufacturers, while hardware components may be sourced from third-party suppliers [4] - Training-related hardware such as motion capture devices and simulation software tools are often provided by third-party vendors or open-source platforms [4]