Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

Group 1 - The US and China have committed to a series of measures by May 14, 2025, including modifying and canceling tariffs on each other's goods and suspending or canceling non-tariff countermeasures [1] - The People's Bank of China and four other departments have proposed increased support for the marine industry, commercial aerospace, and the integration of key digital technologies like blockchain and artificial intelligence in Nansha [2] - Sichuan has proposed to accelerate the implementation of the province's first invasive brain-computer interface surgery and support its inclusion in the medical service system, aiming for key breakthroughs in the industrial chain by 2027 [3] Group 2 - Morgan Stanley's report indicates that US hedge funds increased their bullish bets on Chinese stocks last week while reducing positions in Thailand, India, and Australia [4] - China has launched a special campaign to combat the smuggling and export of strategic minerals, with recent actions including the implementation of export controls on heavy rare earths [5] - Zhaowei Electromechanical announced that its shareholder Qingmo Investment plans to reduce its stake by no more than 1.5% [6] - China CRRC recently signed significant contracts totaling 54.74 billion yuan [6] - Lijun Co., which has seen four consecutive trading limit increases, stated that its current operating conditions are normal and there are no undisclosed significant matters [6] - Kweichow Moutai has no plans for a Hong Kong listing at this time [6]

Group 1 - The reducer concept sector increased by 3.20%, ranking 9th among concept sectors, with 107 stocks rising, including Chuncheng Precision, Xiangyang Bearing, and *ST Haihua hitting the daily limit [1] - Notable gainers in the reducer sector included Aifute, Tongli Technology, and Jiangnan Yifan, which rose by 13.30%, 11.09%, and 9.87% respectively [1] - The sector saw a net inflow of 1.044 billion yuan from main funds, with 51 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top net inflow stock was Xiangyang Bearing, with a net inflow of 247 million yuan, followed by Zhaowei Electromechanical, Wuzhou Xinchun, and Lingyi Zhi Zao with net inflows of 197 million yuan, 185 million yuan, and 165 million yuan respectively [2] - The main fund inflow ratios were led by Chuncheng Precision, Xiangyang Bearing, and Meihu Co., with net inflow ratios of 31.14%, 13.53%, and 13.15% respectively [3] - The reducer sector's performance was supported by significant trading volumes, with stocks like Xiangyang Bearing and Zhaowei Electromechanical showing high turnover rates of 25.00% and 7.25% respectively [3]

Company Announcements - Zhaowei Electromechanical plans to reduce its shareholding by no more than 1.5%, equating to approximately 3.6 million shares [1] - China CNR Corporation has signed several major contracts totaling approximately 54.74 billion yuan, representing about 22.2% of its expected revenue for 2024 [2] - Yunnan Copper is planning to acquire a 40% stake in Liangshan Mining, leading to a temporary suspension of its stock [2] - Sunshine Nuohua intends to acquire 100% of Langyan Life, with its stock set to resume trading [3] - Wolong Materials is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange [3] - Hanyu Pharmaceutical has signed a joint development agreement for a novel peptide drug targeting metabolic diseases [3] - Lijun Co. confirms that its operations are normal and there are no undisclosed significant matters [3] Investments & Acquisitions - China Medical plans to acquire 100% of Jinsui Technology for 302 million yuan [4] - Shuangyi Technology intends to acquire 100% of Marky Industries for 18 million AUD, along with specific assets [5] Strategic Partnerships - Sileck has signed a strategic cooperation agreement with Lihua Power for the development of large cylindrical batteries [6] - Hongchang Technology plans to invest 15 million yuan in a humanoid robot industry chain company [7] - Macroview Technology is establishing a wholly-owned subsidiary focused on artificial intelligence [8] - Yihua Jiaye has signed a strategic cooperation framework agreement with Hanyu Pharmaceutical and Hanyu Health to develop a sleep health ecosystem [9] - Wanda Film is investing in Lezi Tiancheng and will engage in strategic cooperation in IP toy product development [10] Shareholding Changes - Tiandi Online's controlling shareholder is transferring 6.97% of its shares to introduce a strategic investor [12] - Longjiang Transportation plans to reduce its shareholding by no more than 3% [13] - Boyun New Materials intends to reduce its shareholding by no more than 3% [14] - Tongrun Equipment's major shareholder plans to reduce its stake by no more than 2% [15] Financing & Capital Increase - Tangyuan Electric plans to raise no more than 864 million yuan through a private placement [16] - Shangsheng Electronics intends to issue convertible bonds to raise up to 330 million yuan [17] Other Developments - Xianju Pharmaceutical has obtained a domestic production registration certificate for Dydrogesterone tablets [18] - Rongchang Bio has received a clinical trial application acceptance notice for its antibody-drug conjugate RC278 [19] - Jiangsu Leili's subsidiary Dingzhi Technology is implementing a stock incentive plan [20]

上述减持计划，自本公告披露之日起 15 个交易日后的 3 个月内进行（即 2025 年 6 月 5 日—2025 年 9 月 4 日）。 公司于近日收到股东清墨投资出具的《关于减持所持深圳市兆威机电股份有 限公司股份的减持计划告知函》，现将具体情况公告如下： 证券代码：003021 证券简称：兆威机电 公告编号：2025-030 深圳市兆威机电股份有限公司 关于公司股东减持股份的预披露公告 公司股东共青城清墨创业投资合伙企业（有限合伙）保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 深圳市兆威机电股份有限公司（以下简称"公司"）的股东共青城清墨创业 投资合伙企业（有限合伙）（以下简称"清墨投资"）持有公司股份 24,640,000 股，占公司总股本比例 10.26%，计划通过集中竞价及/或大宗交易的方式，预计 减持公司股份不超过 3,603,052 股，不超过公司总股本的 1.50%。其中：采取集 中竞价交易方式减持，在任意连续 90 个自然日内，减持股份总数不得超过公司 股份总数 1%；采取 ...

2025.05. 11 本文字数：2500，阅读时长大约4分钟 作者 | 第一财经 曹璐 美国"对等关税"政策发酵，全球贸易格局继续调整，成为资本市场近期关注的焦点。Wind数据显 示，截至5月9日，近一个月来机构调研热度飙升，2210家上市公司迎来3068次调研，以区间18个交 易日计算，平均每天有超过170次调研。 这轮调研热潮中，电子、机械设备、医药生物等三大板块成为机构重点关注的领域。立讯精密 （002475.SZ）、水晶光电（002273.SZ）等公司吸引超300家机构扎堆调研。此外，机构投资者在关 注企业财报业绩的同时，也重点聚焦了关税冲击下的海外布局、成本转嫁策略等关键问题。 "财报季后和增量政策空窗期，仍建议关注具有产业进展的科技方向。"金鹰基金权益研究部金达莱对 第一财经表示，AI应用、人形机器人、智能驾驶等新质生产力方向近期已有所反弹，随着财报落 地，AI大模型产业进展或带动其再度有所表现，日历效应下利于节后资金回流和科技成长风格的估 值修复。 近一个月3068次调研 针对关税影响问题，该公司在调研中表示，目前市场上更多的是情绪上的恐慌，但从企业实际经营的 角度来看，大多数出口美国的终端产 ...

Group 1 - Several A-share companies, including Heng Rui Medicine and Ningde Times, have recently announced their successful completion of the Hong Kong Stock Exchange listing hearing, indicating a growing interest in the "A+H" listing model among A-share companies [1][2] - The "A+H" listing model is gaining popularity due to the establishment of a fast track for high market capitalization A-share companies by the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission, which injects strong momentum into the development of the Hong Kong IPO market [1][6] - As of May 8, over 150 companies are in the queue for listing on the Hong Kong Stock Exchange, including more than 20 A-share companies such as Heng Rui Medicine and Ningde Times [2] Group 2 - The internationalization strategy is a key driver for many A-share companies choosing to list in Hong Kong, with Heng Rui Medicine aiming to enhance its global brand influence and optimize its capital structure through this listing [3][4] - Companies like Zhongwei Co. and Hehui Optoelectronics are also pursuing Hong Kong listings to accelerate their international strategies and enhance their overseas financing capabilities [4][5] - The first quarter of 2025 saw a strong performance in the Hong Kong IPO market, with 15 IPOs completed, raising approximately HKD 18.6 billion, positioning it as the fifth largest exchange globally [6][7] Group 3 - The "A+H" listing model is particularly appealing, with 12 new applications in the first quarter of 2025 compared to only 2 in the fourth quarter of 2024, indicating a significant increase in interest [7] - The industrial market accounts for about 50% of the companies currently processing "A+H" listing applications, while healthcare and consumer goods sectors represent 22% and 14% respectively [7] - Deloitte predicts around 80 new stocks will be listed in the Hong Kong market in 2025, with expected financing between HKD 130 billion to 150 billion, primarily from large A-share companies and leading domestic enterprises [7]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300750 | 宁德时代 | 2.50 | 0.80 | 75562.67 | | 300568 | 星源材质 | 9.53 | 9.54 | 20648.95 | | 300274 | 阳光电源 | 2.98 | 2.63 | 16278.79 | | 688556 | 高测股份 | 20.02 | 8.11 | 14290.13 | | 002560 | 通达股份 | 9.99 | 12.05 | 13282.80 | | 300870 | 欧陆通 | 2.32 | 5.45 | 9261.16 | | 300751 | 迈为股份 | 6.96 | 6.45 | 9039.35 | | 601012 | 隆基绿能 | 1.13 | 0.88 | 8760.28 | | 002851 | 麦格米特 | 3.43 | 9.16 | 8730.97 | | 300763 | 锦浪科技 | 3.95 | 4.68 | 6992.70 | | 60335 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4][6] Core Views - The company has shown steady growth in revenue and net profit for 2024, with revenue reaching RMB 1.52 billion, a year-on-year increase of 26.4%, and net profit of RMB 225 million, up 25.1% [4][9] - The launch of the innovative dexterous hand product with 17 degrees of freedom is expected to be a significant growth driver for the company [4][9] - The company is actively building a "1+1+1" vertical collaborative innovation system and a "dual-wheel drive" development model to enhance R&D and market synergy [4][9] Financial Summary - The company is projected to achieve net profits of RMB 262 million, RMB 329 million, and RMB 406 million for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share of RMB 1.09, RMB 1.37, and RMB 1.69 [6][8] - The revenue forecast for 2025 is RMB 1.85 billion, reflecting a growth rate of 21.5% [8][9] - The EBITDA for 2025 is estimated at RMB 312 million, with a projected EBITDA margin improvement [8][9] Business Development - The company is focusing on the automotive sector, collaborating with major clients like Bosch and BYD to provide advanced automotive components [9] - In the consumer and medical technology sectors, the company is offering competitive solutions in AR&VR, smart home devices, and medical equipment [9] - The company aims to accelerate the commercialization of its next-generation dexterous hand modules and optimize hardware materials and design [9]

Investment Rating - The report maintains a "Positive" investment rating for the humanoid robotics industry [2]. Core Insights - The humanoid robotics industry is rapidly advancing, yet it still faces application pain points. The focus is on the integration of visual, motion control, and hand-eye coordination as critical sub-architectures for development [7][9]. - The domestic humanoid robotics development is expected to exceed expectations due to supportive policies and active participation from component manufacturers in global supply chains [29][33]. Summary by Sections Industry Progress and Challenges - The humanoid robotics industry is progressing quickly, with significant advancements in product forms and diversity. However, there are still application pain points that need to be addressed [9][34]. - Tesla's Optimus hardware design has set a benchmark, with expectations of a global market demand of over 100 million units [11][13]. Policy and Innovation Centers - High-level policies and the establishment of innovation centers are crucial catalysts for the development of humanoid robotics in China. The government is actively promoting industrialization through various initiatives [21][23]. - Multiple innovation centers have been established across China, focusing on key technologies and fostering collaboration between government, industry, and academia [22][23]. Component Supply Chain - The supply chain for humanoid robotics components is diversifying, with more manufacturers entering the market. Core components like servo motors and harmonic reducers are becoming standardized industrial products [26][34]. - Domestic manufacturers are increasingly involved in the supply chains of international players like Tesla and Figure AI, enhancing the competitive edge of local firms [33][34]. Functional Development and Bottlenecks - The current capabilities of humanoid robots are limited by functional bottlenecks, particularly in achieving generalized capabilities across various applications. The integration of visual systems and motion control is essential for overcoming these challenges [45][49]. - The report emphasizes the importance of developing functional components, as the capabilities of humanoid robots are closely tied to the performance of their "brain" and "body" systems [60][61]. Visual Systems and Hand-Eye Coordination - The humanoid robots require advanced visual systems to achieve perception and measurement functions, which are critical for tasks like navigation and interaction [64][67]. - The integration of visual and motion control systems is highlighted as a key area for development, enabling robots to perform complex tasks in dynamic environments [90].