Core Viewpoint - The China Securities Index of Hong Kong and Shenzhen Technology Leaders (SHS Technology Leaders) shows mixed performance in the A-share market, with a slight increase of 0.04% on the latest trading day, reflecting a 6.87% increase over the past month and a 9.58% increase year-to-date [1][2]. Group 1: Index Performance - The SHS Technology Leaders Index closed at 2185.36 points with a trading volume of 76.457 billion yuan [1]. - Over the last three months, the index has decreased by 6.49% [1]. - The index was established on November 14, 2014, with a base point of 1000.0 [1]. Group 2: Index Composition - The index comprises 50 large-cap technology companies with significant market share and R&D investment [1]. - The top ten holdings in the index include Alibaba-W (12.91%), Tencent Holdings (11.03%), Xiaomi Group-W (10.43%), Meituan-W (6.96%), and SMIC (3.48%) [1]. - The market distribution of the index holdings shows that the Hong Kong Stock Exchange accounts for 54.65%, Shenzhen Stock Exchange for 29.20%, and Shanghai Stock Exchange for 16.15% [1]. Group 3: Sector Allocation - The sector allocation of the index includes Information Technology (45.15%), Consumer Discretionary (19.87%), Healthcare (17.49%), Communication Services (12.98%), and Industrials (4.51%) [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Public funds tracking the SHS Technology Leaders include various funds from Penghua, GF, and Huatai-PineBridge [2].

Group 1 - The core index of the A-share market, the China Securities Core Competitiveness 50 Index, closed down by 0.21% at 1039.0 points, with a trading volume of 26.253 billion yuan [1] - Over the past month, the index has increased by 2.07%, by 1.07% over the last three months, and by 3.44% year-to-date [1] - The index is based on a methodology from Zhejiang University of Finance and Economics, selecting 50 securities with high scores in governance, finance, innovation, and social responsibility [1] Group 2 - The top ten weighted stocks in the index include: Heng Rui Medicine (10.5%), Huichuan Technology (6.47%), Northern Huachuang (6.09%), Mindray Medical (6.03%), Haiguang Information (5.72%), Hikvision (4.67%), China Petroleum (4.08%), Luzhou Laojiao (3.98%), Zhaoyi Innovation (3.69%), and Changan Automobile (2.7%) [1] - The index's holdings are primarily from the Shenzhen Stock Exchange (51.28%) and the Shanghai Stock Exchange (48.72%) [1] Group 3 - The industry composition of the index includes: healthcare (23.04%), information technology (22.06%), industrials (17.76%), materials (14.93%), consumer staples (9.91%), consumer discretionary (7.43%), energy (4.08%), and utilities (0.80%) [2] - The index samples are adjusted annually, with changes implemented on the next trading day after the second Friday of June [2] - Public funds tracking the index include Minsheng Jianyin China Securities Core Competitiveness 50 ETF and Huatai-PB China Securities Core Competitiveness 50 ETF [2]

Group 1 - The AI era presents transformative opportunities for the renewable energy industry chain, with potential deep integration with AIDC, humanoid robots, and low-altitude economy, driving intelligent upgrades in society and expanding growth space in the industry [1][2] - Major AI companies are accelerating capital expenditures, leading to a significant upward shift in the renewable energy + AIDC sector, with technologies like HVDC and BBU enhancing data center efficiency and reliability [1][5] - The humanoid robot sector is at a critical transition from 0 to 1, with the potential for significant growth as companies in the electric vehicle supply chain, such as Tesla, expand into this field [1][21] Group 2 - The renewable energy + AIDC sector is experiencing a major opportunity due to AI's deepening integration, which is expected to optimize resource allocation and enhance decision-making quality [2][5] - Data centers are evolving into innovation centers, with AIDC investments serving as forward-looking indicators of growth, necessitating improvements in energy infrastructure to meet increasing power density demands [5][7] - UPS systems are currently the most widely used in data centers, with HVDC and Panama power systems representing the next evolutionary step in power supply solutions [9][11] Group 3 - The humanoid robot industry is in its early stages, with a projected market size of 10 trillion RMB by 2028, driven by advancements in technology and decreasing costs [14][19] - National policies are significantly supporting the humanoid robot sector, emphasizing its importance and promoting applications across various fields [19][20] - Tesla is a core driver of global humanoid robot development, with plans to produce thousands of units by 2025 and expand production significantly by 2026 [21][25] Group 4 - The low-altitude economy is expected to exceed a trillion RMB in scale, with eVTOL and drones as key components, driven by policy support and rapid advancements in certification processes [50][55] - The low-altitude economy's industrial chain is robust, with a focus on manufacturing and infrastructure, highlighting a dual transformation towards intelligence and low carbon [52][56] - Policies are crucial in the early stages of the low-altitude economy's development, with initiatives aimed at fostering technological breakthroughs and market cultivation [55][59] Group 5 - Key companies in the renewable energy + AIDC sector include Kehua Data, Hewei Electric, and others, while the humanoid robot sector features companies like Keda Li and Zhenyu Technology [2][63] - The low-altitude economy is represented by companies such as Yingboer and EHang, which are actively developing eVTOL products and related technologies [63][62]

汇川技术 公司是国内少数实现"工控→新能源车→机器人"跨行业技术复用的机电一体化平台型企业，在行业具备持续超越周期的α，2007-2024年营收和归 母净利润年化复合增速分别为38%和30%，超过工业自动化行业和可比公司增速。 国金证券股份有限公司姚遥,满在朋近期对汇川技术（300124）进行研究并发布了研究报告《工控&电梯筑基、电车贡献弹性，机器人构建远期空 间》，给予汇川技术买入评级，目标价81.1元。 1)新能源车业务：市占率稳步提升，规模效应有望释放经营弹性。24年公司国内乘用车电控产品份额上升至10.7%，第三方供应商中排名第一；24 年底公司境内外拥有超过80个定点项目预计将在25-26年实现SOP量产。24年公司新能源汽车实现营收160亿元，同比+70%，随着新产能投产，规 模效应有望进一步释放经营弹性，预计25-27年公司新能源车业务营收CAGR超30%。 2)机器人业务：工业机器人出货高增，人形机器人打开成长空间。凭借成本控制&渠道布局优势，工业机器人业务快速放量，24年实现营收11亿 元，同比+37%，24年国内市占率提升至9%，位居行业第三，同时积极研发人形机器人核心零部件，未来有望构建 ...

Core Insights - The A-share market showed mixed performance with the CSI New Energy Vehicle Index declining by 0.51% to 2993.65 points, with a trading volume of 26.568 billion yuan [1] Group 1: Index Performance - The CSI New Energy Vehicle Index increased by 8.56% over the past month, decreased by 3.03% over the past three months, and has risen by 4.71% year-to-date [2] - The index reflects the overall performance of listed companies involved in lithium batteries, charging piles, and new energy vehicles, with a base date of December 31, 2011, set at 1000.0 points [2] Group 2: Index Composition - The top ten weighted companies in the CSI New Energy Vehicle Index are BYD (14.17%), Huichuan Technology (11.21%), CATL (9.88%), Sanhua Intelligent Control (4.84%), Yiwei Lithium Energy (4.45%), Huayou Cobalt (3.85%), Ganfeng Lithium (2.8%), Greeenme (2.56%), Tianqi Lithium (2.41%), and Hongfa Technology (2.2%) [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (82.92%), followed by the Shanghai Stock Exchange (16.47%) and the Beijing Stock Exchange (0.60%) [2] - In terms of industry composition, the index is comprised of 56.00% in industrials, 25.30% in consumer discretionary, 17.56% in materials, and 1.15% in information technology [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with implementation on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 81.10 CNY per share based on a 40x PE valuation for 2025 [4]. Core Viewpoints - The company is a leading electromechanical integration platform in China, successfully leveraging technology across industries such as industrial control, new energy vehicles, and robotics, with a projected revenue and net profit CAGR of 38% and 30% from 2007 to 2024, respectively [15][22]. - The new energy vehicle segment is expected to see significant growth, with a projected revenue CAGR exceeding 30% from 2025 to 2027, driven by an increase in market share and operational flexibility [2]. - The industrial robotics business is also on a growth trajectory, with a projected CAGR of approximately 30% from 2025 to 2027, supported by cost control and channel advantages [2]. - The general automation business maintains a strong market position, with the company holding the top market shares in key product categories such as servo systems and low-voltage frequency converters [3]. - The mature businesses in rail transit and elevators are expected to grow steadily, providing stable cash flow to support strategic initiatives [3]. Summary by Sections Investment Logic - The company has achieved a unique position by integrating technology across industrial control, new energy vehicles, and robotics, which allows it to outperform industry cycles [15]. - The new energy vehicle business is projected to generate 16 billion CNY in revenue in 2024, a 70% year-on-year increase, with expectations for further growth as new production capacities come online [2]. - The industrial robot segment is experiencing rapid growth, with a revenue of 1.1 billion CNY in 2024, reflecting a 37% increase year-on-year [2]. General Automation Business - The company has solidified its leadership in the automation sector, with market shares of 28%, 19%, and 14% in core products for 2024, ranking first among domestic competitors [3]. - The automation industry is expected to recover slightly in 2025, following a downturn, with the company poised to benefit from this recovery [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 5.46 billion CNY, 6.67 billion CNY, and 7.83 billion CNY from 2025 to 2027, representing year-on-year growth rates of 27.5%, 22.0%, and 17.6%, respectively [4]. - The valuation is based on a robust competitive position built through technology reuse, strategic positioning, and organizational transformation [4].

深圳市汇川技术股份有限公司 2024 年年度股东会会议材料 深圳市汇川技术股份有限公司 2024 年年度股东会会议材料 2025 年 5 月 1 | 深圳市汇川技术股份有限公司 2024 年年度股东会会议议程 3 | | --- | | 议案一：关于审议《2024 年度董事会工作报告》的议案 4 | | 议案二：关于审议《2024 年年度报告》及其摘要的议案 5 | | 议案三：关于审议《2024 年度监事会工作报告》的议案 6 | | 议案四：关于审议《2024 年度利润分配方案》的议案 12 | | 议案五：关于续聘信永中和会计师事务所为公司 2025 年度审计机构的议案 13 | | 议案六：关于审议第六届董事会成员薪酬的议案 16 | | 议案七：关于修订《公司章程》的议案 17 | | 议案八：关于修订公司部分治理制度的议案 49 | 深圳市汇川技术股份有限公司 2024 年年度股东会会议材料 深圳市汇川技术股份有限公司 2024 年年度股东会会议议程 一、现场会议时间：2025 年 5 月 23 日（星期五）14:00 开始 二、网络投票时间：2025 年 5 月 23 日 1.通过深圳证券交易所 ...

证券代码：300124 证券简称：汇川技术 公告编号：2025-022 深圳市汇川技术股份有限公司 关于召开 2024 年年度股东会的提示性公告 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。 深圳市汇川技术股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日在巨潮 资讯网上刊登了《关于召开 2024 年年度股东会的通知》（公告编号：2025-019），公司 将于 2025 年 5 月 23 日召开 2024 年年度股东会。本次股东会将采用现场投票与网络投 票相结合的方式，为了便于各位股东行使股东会表决权，保护广大投资者合法权益，现 将本次股东会的相关事项提示如下： 一、召开会议的基本情况 1.股东会届次：2024 年年度股东会 2.会议召集人：公司董事会，经公司第六届董事会第八次会议审议通过，同意召开 本次股东会。 3.会议召开的合法、合规性：本次会议召开符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 人出席现场会议。 4.会议召开日期和时间： （1）现场会议召开时间：2025 年 5 月 23 日（星期五）14:00 开始 ...

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 人形机器人如火如荼，关税下降或带动美国 储能抢装 增持（维持） [Table_Tag] [Table_Summary] 投资要点 投资建议：宁德时代（动力&储能电池全球龙头、盈利能力和排产均超预期）、三花智控（热管理全球龙 头、特斯拉机器人总成空间巨大）、比亚迪（电动车销量持续向好且结构升级、全民智驾超预期）、汇川 技术（通用自动化弱复苏龙头 Alpha 明显、联合动力持续超预期）、阳光电源（逆变器全球龙头、海外大 储优势显著、估值极低）、科达利（结构件全球龙头稳健增长、大力布局机器人优势显著打造第二增长曲 线）、亿纬锂能（动力&储能锂电上量盈利向好并走出特色之路、消费类电池稳健）、雷赛智能（伺服控 制器龙头企业、机器人关节批量优势明显）、浙江荣泰（云母龙头增长确定、微型丝杠优势明显）、富临 精工（高压实铁锂领先、机器人布局深厚）、北特科技（汽零稳步增长、丝杠具备领先优势）、大金重工 （海风出口布局厚积薄发、量利双升超预期）、斯菱股份（车后轴承市场稳定增长、打造谐波第二增长曲 线）、祥鑫科技（汽零和结构件稳健、积极布局人形）、德业股份（新兴市场开拓先 ...

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robotics industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The humanoid robotics sector is experiencing significant investment activity, with multiple companies securing substantial funding rounds, indicating strong market interest and growth potential [5][10][12]. - Partnerships between major tech firms, such as Huawei and UBTECH, are expected to enhance product development and application in industrial and household scenarios, further driving industry growth [2]. - The report highlights the emergence of autonomous logistics as a rapidly deployable application for embodied intelligence, with the potential to unlock a market exceeding 100 billion [12]. Summary by Sections Investment Activities - Skild AI is set to complete a $500 million financing round at a valuation of $4.2 billion, led by SoftBank and other prominent investors, aimed at expanding its robotics capabilities [1]. - Qianjue Robotics announced the completion of a multi-million angel round financing to accelerate technology development and product iteration [3]. - Ziyuan Robotics completed a multi-million A round financing, with funds directed towards the development of its end-to-end embodied intelligence model [5]. Strategic Partnerships - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in humanoid robotics, leveraging Huawei's technological capabilities and UBTECH's expertise [2]. - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate innovation in embodied intelligence technology across various applications [4]. Market Performance - The humanoid robotics industry has shown strong performance metrics, with a notable increase in stock prices for key players, indicating robust investor confidence [17]. - The report outlines a significant increase in the number of financing events in the humanoid robotics sector, reflecting a growing interest from venture capital and institutional investors [18][20].