Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]

在具体的调研标的中，百济神州、汇川技术与立讯精密成为"顶流"，均获得超过20家险资的扎堆调研。百济神州作为创新药龙头，其研发管线与商业化前景 备受关注；汇川技术作为工业自动化领域的领军者，契合了高端制造业升级的大趋势；立讯精密则是消费电子与汽车电子领域的核心供应商。这三家公司的 共同点在于，它们都在各自赛道具备强大的竞争壁垒和成长潜力，符合险资"长期投资、价值投资"的理念。此外，天合光能、德科立等新能源与通信设备领 域的公司也获得了超过10家险资的调研。 【环球网财经综合报道】进入四季度，保险资金的动向再次成为市场关注的焦点。11月以来，尽管调研总次数同比有所下降，但险资（保险公司与保险资管 公司）依旧保持高涨的调研热情，共计调研上市公司348次，超过126只个股获得关注。在低利率环境与长期资金属性的双重驱动下，险资正积极优化资产配 置结构，一方面加大对高股息股票的配置以抵御利率下行挑战，另一方面则将目光精准投向符合国家战略的新质生产力、高端制造、生物医药等前沿领域， 百济神州、汇川技术与立讯精密等公司成为最受追捧的"香饽饽"。 从调研的机构层面看，头部保险资管公司无疑是调研的主力军。Wind数据显示，泰康资 ...

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [50]. Core Insights - The mechanical equipment industry has experienced a decline of 1.75% in the past two weeks, underperforming the CSI 300 index by 1.58 percentage points, ranking 27th among 31 industries [2][13]. - Year-to-date, the mechanical equipment sector has increased by 33.14%, outperforming the CSI 300 index by 13.65 percentage points, ranking 7th among 31 industries [13][27]. - The report highlights the ongoing technological innovations leading to industry upgrades, particularly in the electrification and dexterous hand segments of engineering machinery [4][46]. Summary by Sections Market Review - As of November 13, 2025, the mechanical equipment sector has seen a 1.75% decline in the last two weeks, with the general equipment sector showing the highest increase of 0.40% among its sub-sectors [2][21]. - The top three performing stocks in the mechanical equipment sector over the past two weeks are Huafeng Co., World Co., and Jikai Co., with increases of 46.59%, 40.02%, and 36.22% respectively [20][22]. Valuation - The current PE TTM for the mechanical equipment sector is 31.51 times, with sub-sectors showing varied valuations: General Equipment at 43.79 times, Specialized Equipment at 31.81 times, and Automation Equipment at 49.06 times [3][25]. Industry News - The report notes that the demand for engineering machinery is expected to be supported by the commencement of major national projects and accelerated funding [5][46]. - Exports of engineering machinery products have shown significant growth, with a year-on-year increase of 29.78% in September [5][46]. Company Announcements - The report suggests focusing on companies like Huichuan Technology and Green Harmonic, which are positioned well in the market due to their strong competitive advantages and growth potential [44][47].

近期市场估值水平处于历史中枢附近，宏观经济的恢复信号也逐渐明晰，前期涨幅较高的资产在动量反 转效应与核心资产吸筹的作用下波动较明显。 截至2025年11月14日 13:20，创业板指数下跌1.78%。成分股方面涨跌互现，先导智能领涨5.76%，易华 录上涨3.99%，晶盛机电上涨3.08%；江波龙领跌9.26%，北京君正下跌7.92%，协创数据下跌7.20%。创 业板ETF博时(159908)下跌1.62%，最新报价2.92元。拉长时间看，截至2025年11月13日，创业板ETF博 时近1月累计上涨3.99%。 流动性方面，创业板ETF博时盘中换手1.13%，成交1402.54万元。拉长时间看，截至11月13日，创业板 ETF博时近1月日均成交4537.46万元。 （文中个股仅作示例，不构成实际投资建议。基金有风险，投资需谨慎。） 以上产品风险等级为：中高（此为管理人评级，具体销售以各代销机构评级为准） 风险提示：基金不同于银行储蓄和债券等固定收益预期的金融工具，不同类型的基金风险收益情况不 同，投资人既可能分享基金投资所产生的收益，也可能承担基金投资所带来的损失。基金的过往业绩并 不预示其未来表现。投资者应 ...

截至2025年11月10日，泉果基金近1年回报前9非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A34.532022年10月18日 赵诣 016710泉果旭源三年持有期混合C33.992022年10月18日赵诣 022223泉果消费机遇混合发起式 A29.512024年9月27日孙伟 018329泉果思源三年持有期混合A26.892023年6月2日刚登峰 018330泉果思源 三年持有期混合C26.382023年6月2日刚登峰 019624泉果嘉源三年持有期混合A22.352023年12月5日钱思 佳 019625泉果嘉源三年持有期混合C21.862023年12月5日钱思佳 020855泉果泰然30天持有期债券 A3.792024年4月16日钱思佳 徐缘 020856泉果泰然30天持有期债券C3.252024年4月16日钱思佳 徐缘 附调研内容： 泉果基金Q1、2025 年前三季度，公司通用自动化业务实现营业收入约 131 亿元，同比增长 20%，增速 仍然远高于行业，驱动增长的因素是什么？ 回复：公司通用自动化业务同比实现较快增长，主要得益于：①把 ...

Summary of China Industrials Update Industry Overview - **Industry**: China Industrials - **Current Cycle**: The industry is in an upcycle driven by industrial upgrades and replacement cycles [6][4][3] Key Long-term Drivers - **AI Technology**: Diffusion of AI technology into intelligent manufacturing and equipment [6][4] - **Advanced Equipment Localization**: Focus on localizing advanced equipment production [6][4] - **Global Expansion**: Companies are increasingly going global [6][4] Robotics Sector - **Booming Era**: The robotics sector is entering a new booming era, with significant growth expected [6][4] - **Market Growth**: The robot industry in China is projected to double by 2028, with drones, mobile robots, and collaborative robots (cobots) leading the growth [57][66] - **Localization**: High localization rates are expected, with the ranking from high to low being drones, service robots, mobile robots, cobots, and traditional industrial robots [72][66] Subsector Insights - **Automation and Robotics**: - **Outperforming Stocks**: Inovance, Geekplus, Han's Laser, Shuanghuan, Hongfa, and Neway Valve are recommended as outperformers [6][4] - **Market Performance**: The automation market is in a mild recovery stage, with flat sales year-on-year in 9M25 compared to a decline in 2024 [26][32] - **Future Outlook**: Positive outlook for 2026-27 recovery driven by replacement demand and AI applications [27][32] - **Construction Machinery**: - **Growth Factors**: Domestic and overseas growth supported by large-scale infrastructure projects and electrification [142][138] - **Sales Performance**: Heavy-duty truck sales increased by 22% year-on-year in 10M25, but a decline is anticipated in 2026 due to front-loaded demand [143][144] - **Lithium Battery Equipment**: - **Demand Growth**: Expected growth of 54% in 2025, driven by capacity expansions and the first major replacement cycle starting in 2025 [174][181] - **Market Dynamics**: Global demand for lithium battery equipment is projected to grow at approximately 30% in 2026-27 [176][181] - **Solar Equipment**: - **Cyclical Low**: The solar equipment sector is expected to remain at a cyclical low in 2026 due to global overcapacity and single-digit growth in installations [182][186] - **Shift to Semi Equipment**: Companies are diversifying into non-solar lineups to mitigate downturns in solar demand [183][186] Financial Metrics - **Return on Equity (ROE)**: Mixed trends across subsectors, with improvements expected in automation and lithium battery equipment, while solar equipment shows erosion [19][21] - **Price-to-Earnings (P/E) Multiples**: Most subsector valuations are above the five-year median, particularly in automation and solar equipment [13][12] Conclusion - **Investment Opportunities**: The China Industrials sector presents various investment opportunities, particularly in automation, robotics, and lithium battery equipment, while caution is advised in solar equipment due to expected downturns [6][4][182]

近5日机构合计调研228家公司，汇川技术、百济神州、中创智领等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（11月7日至11月13日）约228家公司被机构调研，调研机构类型显 示，证券公司共对200家公司进行调研，即87.72%的上市公司调研活动有证券公司参与；基金公司调研 151家，位列其后；阳光私募机构调研84家，排名第三。 机构调研榜单中，共有52家公司获20家以上机构扎堆调研。汇川技术最受关注，参与调研的机构达到 197家；百济神州被167家机构调研，榜单中排名第二；中创智领、博盈特焊等分别被105家、97家机构 调研。 机构调研次数来看，博盈特焊机构调研最为密集，共获机构5次调研。冰轮环境、长安汽车等机构调研 也较为密集，均被机构调研3次。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有16只，剑桥科技近5日净流入资金8.72 亿元，主力资金净流入最多；净流入资金较多的还有普冉股份、华盛锂电等，净流入资金分别为3.31亿 元、2.91亿元。 市场表现上，机构扎堆调研股中，近5日上涨的有24只，涨幅居前的有华盛锂电、盘龙药业、农产品 等，涨幅为84.50%、24.40%、21 ...

【机器人ETF基金(159213)标的指数前十大成分股】 | 序号 | 代码 | 名称 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | | 1 | 300124 | 汇川技术 | 1.26% | 10.22% | | 2 | 002230 | 科大讯飞 | 0.63% | 9.25% | | 3 | 002236 | 大华股份 | 2.20% | 5.26% | | 4 | 688169 | 石头科技 | 1.67% | 4.55% | | ਦੇ | 002008 | 大族激光 | 1.02% | 4.46% | | 6 | 688777 | 中控技术 | 1.98% | 4.24% | | 7 | 002472 | 双环传动 | 0.41% | 3.59% | | 8 | 300024 | 机器人 | 0.62% | 3.05% | | g | 688017 | 绿的谐波 | 0.60% | 2.52% | | 10 | 688343 | 云天励飞-U | 0.55% | 2.48% | 11月13日，A股全线反攻，硬科技板块大涨，截至收盘，机器人ETF基金(1 ...

Core Viewpoint - The article highlights the performance of the Chuangye 50 ETF (159682), which has shown a significant increase in value and notable movements in its constituent stocks as of November 13. Group 1: ETF Performance - The Chuangye 50 ETF (159682) rose by 2.44%, reaching a price of 1.472 yuan, with a trading volume of 203 million yuan [1] - Since its inception on December 23, 2022, the fund has achieved a return of 43.51%, with a monthly return of 0.91% [1] Group 2: Constituent Stocks Performance - Notable stock movements include: - Ningde Times increased by 8.18% - Zhongji Xuchuang decreased by 2.19% - Dongfang Caifu rose by 0.57% - Xinyi Sheng fell by 1.85% - Sunshine Power increased by 2.72% - Shenghong Technology remained unchanged - Huichuan Technology rose by 1.44% - Mindray Medical increased by 0.13% - Yiwei Lithium Energy surged by 10.71% - Tonghuashun rose by 1.73% [1]

Group 1: Lithium Battery Industry - The lithium battery industry has shown significant performance recovery in the first three quarters of 2025, with total revenue reaching 636.19 billion yuan, a year-on-year increase of 16.12% [1] - The net profit attributable to shareholders reached 62.62 billion yuan, marking a year-on-year growth of 40.37% [1] - The battery and cathode material segments performed particularly well, with Q3 net profit for the battery segment increasing by 53.61% year-on-year and 26.62% quarter-on-quarter [1] - Cathode materials transitioned from loss to profit, with substantial recovery in both year-on-year and quarter-on-quarter net profit in Q3 [1] - The stabilization of lithium carbonate prices and sustained terminal demand are expected to continue the performance recovery trend for midstream material manufacturers [1] Group 2: Communication Industry - The communication industry is experiencing strong growth driven by AI, with the Shenwan Communication Index showing a year-to-date increase of 63.37% as of November 7, 2025 [1] - Major North American cloud service providers, including Microsoft, Google, Meta, and Amazon, reported a combined capital expenditure growth of over 60% year-on-year in the first three quarters of 2025 [1] - The demand for high-speed optical modules is expected to increase, with NVIDIA's next-generation Vera Rubin architecture increasing the demand ratio for 1.6T optical modules from 1:2.5 to 1:5 [1] - The AI industry is entering a phase of explosive growth, with mobile phones and PCs undergoing comprehensive AI integration, propelling the industry into a high-growth trajectory [1] Group 3: ChiNext ETF Performance - As of November 13, 2025, the ChiNext Index (399006) rose by 1.88%, with constituent stocks such as Xinzhou Bang (300037) and Tianhua New Energy (300390) seeing increases of 18.38% and 12.95%, respectively [2] - The ChiNext ETF Ping An (159964) has seen a nearly 30% increase over the past three months, with a current price of 2.07 yuan [2] - The ETF has a one-year average daily trading volume of 8.12 million yuan, indicating strong liquidity [2] Group 4: ChiNext ETF Risk and Fee Structure - The ChiNext ETF Ping An has a management fee rate of 0.15% and a custody fee rate of 0.05%, which are among the lowest in comparable funds [3] - The ETF closely tracks the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity, reflecting the performance of the ChiNext market [3] - As of October 31, 2025, the top ten weighted stocks in the ChiNext Index accounted for 58.2% of the index [4]