Core Viewpoint - The A-share market showed strong performance in June, with the Shanghai Composite Index and Shenzhen Component Index rising by 2.90% and 4.23% respectively, while institutional research activities remained active, with nearly 800 listed companies being investigated by institutions during the month [1][2]. Institutional Research Summary - In June, institutions conducted research on nearly 800 listed companies, with 22 companies receiving more than five inquiries, including Huichuan Technology, Jundingda, and Boshi Jie, which had over 10 inquiries each [3]. - Huichuan Technology was researched 12 times, with institutions from various sectors participating. The company highlighted that national equipment renewal plans have stimulated market demand in consumer-facing industries and provided strong momentum for expanding into state-owned enterprise markets [3]. - Jundingda also received 12 inquiries, focusing on its expansion in the medical industry, which is a key growth area for the company. The revenue from this sector is projected to reach nearly 3 million in 2024, showing growth from 2023, although it currently has a low impact on overall operations [4]. - Boshi Jie emphasized its AI algorithm technology, which is integral to its smart terminal products and cloud management platforms, and has been applied in various fields including intelligent transportation and security [5]. Industry Preferences - In the first half of the year, over 2300 listed companies were researched, with significant interest in sectors such as electronics, biomedicine, machinery, computers, and automotive, each having over 100 companies investigated [7]. - Approximately 170 companies received more than 10 inquiries, with 37 companies receiving over 20 inquiries, particularly in popular sectors like robotics, AI concepts, and smart vehicles [7]. - The average stock price increase for companies that were researched in the first half of the year was 18.68%, significantly outperforming the main A-share indices [7].

Core Viewpoint - The CS Internet of Things Index (CS IoT, 930712) experienced a decline of 1.66%, closing at 2889.9 points, with a trading volume of 43.852 billion yuan, indicating a volatile market environment for IoT-related stocks [1] Group 1: Index Performance - The CS IoT Index has increased by 5.70% over the past month, decreased by 1.97% over the last three months, and has seen a slight increase of 0.23% year-to-date [1] - The index was established on June 29, 2012, with a base point of 1000.0 [1] Group 2: Index Composition - The top ten weighted stocks in the CS IoT Index are: Luxshare Precision (8.64%), Zhongji Xuchuang (6.2%), Huichuan Technology (6.1%), OmniVision Technologies (5.33%), ZTE Corporation (5.18%), Midea Group (4.98%), Haier Smart Home (4.82%), Hikvision (4.78%), iFlytek (4.77%), and Zhaoyi Innovation (4.03%) [1] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (69.63%) and the Shanghai Stock Exchange (30.37%) [1] Group 3: Sector Allocation - The sector allocation of the CS IoT Index includes: Information Technology (63.41%), Communication Services (17.77%), Consumer Discretionary (9.80%), and Industrials (9.02%) [1] Group 4: Index Adjustment and Tracking Funds - 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 CS IoT Index include: E Fund CS IoT Theme Connection A, E Fund CS IoT Theme Connection C, Huaxia CS IoT Theme Connection A, Huaxia CS IoT Theme Connection C, and several ETFs [2]

Group 1 - A total of 4,397 listed companies received institutional research, with 1.29 million research activities conducted in the first half of the year, involving 139,900 institutions, an increase of 154 companies compared to the same period last year [2][3] - The mechanical equipment, electronics, and pharmaceutical biology sectors emerged as the primary focus areas for institutional research, with over 400 companies in each sector being investigated [3][4] - The mechanical equipment sector had the highest attention, with 509 companies researched 1,760 times, while the electronics and pharmaceutical biology sectors followed closely with 1,465 and 1,214 research activities, respectively [3][4] Group 2 - 汇川技术 (300124.SZ) was the most favored company, attracting 1,170 institutional research participants, while 美瑞医疗 (300760.SZ) also garnered significant attention with 643 institutions participating in its research [4][5] - The recent focus remains on technology and innovative pharmaceuticals, with companies like 怡合达 (301029.SZ), 乐鑫科技 (688018.SH), and 迈威生物-U (688062.SH) drawing over 200 institutional participants each [5] - Over 70% of the companies that received institutional research in the first half of the year saw their stock prices rise, with 117 stocks experiencing a doubling in price [6] Group 3 - The market is expected to maintain a high-level oscillation pattern, with institutional investors focusing on sectors with long-term industry trends and potential for profit improvement [6][7] - The pharmaceutical sector, particularly innovative drugs, is viewed as having strong certainty and potential for growth, with ongoing recovery in valuation and fundamentals [8] - Institutions are advised to differentiate between genuine innovations and misleading claims in the pharmaceutical sector, emphasizing the importance of companies' ability to deliver on their promises [8]

Group 1 - The core index of the China Securities Industry Chain Index series includes the upstream resource index, midstream manufacturing index, and downstream consumption and service index, providing diversified investment targets for investors [2] - The China Securities Midstream Manufacturing Index has seen a 4.59% increase over the past month, a 0.87% decrease over the past three months, and a 2.73% decline year-to-date [2] - The top ten weighted stocks in the China Securities Midstream Manufacturing Index include CATL (7.5%), Luxshare Precision (1.95%), SMIC (1.94%), BOE Technology Group (1.66%), Northern Huachuang (1.59%), Haiguang Information (1.43%), NewEase (1.41%), Zhongji Xuchuang (1.4%), Huichuan Technology (1.38%), and China State Construction (1.37%) [2] Group 2 - The holdings of the China Securities Midstream Manufacturing Index are distributed with 50.48% on the Shanghai Stock Exchange and 49.52% on the Shenzhen Stock Exchange [2] - The industry composition of the index holdings shows that industrials account for 44.37%, information technology for 37.46%, materials for 8.34%, communication services for 5.70%, and consumer discretionary for 4.15% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December, and can be temporarily adjusted under special circumstances [3]

前海开源基金首席经济学家杨德龙在接受《证券日报》记者采访时表示，一方面，机构通过调研，可深 入了解企业运营状况、发展战略及行业地位，评估企业盈利能力和成长潜力，为投资决策提供依据。另 一方面，机构通过调研有利于增加市场信息透明度，减少信息不对称，促进市场有效定价，引导资金流 向优质企业。 同花顺（300033）iFinD数据显示，今年上半年，A股共有4417家上市公司获得机构调研，较去年同期 机构调研的4280家公司，增长3.20%。 具体来看，今年上半年，深圳市汇川技术（300124）股份有限公司(以下简称"汇川技术")获得1097家机 构集中调研，位居第一名。立讯精密（002475）工业股份有限公司(以下简称"立讯精密")紧随其后，获 得709家机构集中调研。此外，包括浙江水晶光电（002273）科技股份有限公司、中控技术股份有限公 司、澜起科技股份有限公司等在内的137家公司均接待200家及以上机构调研。 立讯精密有关负责人表示，在AI领域，公司已提前10年布局与服务器相关的电连接、光模块、电源与 散热四大领域。其中，电连接技术处于领先地位，依托电连接领域的领先优势，公司在带动其他产品发 展方面已取得显 ...

Group 1 - As of June 30, 2025, a total of 163 public fund institutions conducted research on 1,943 A-share listed companies, with a total of 40,093 research instances [1] - Public fund institutions are able to gain deeper insights into companies' operational conditions, development strategies, and industry positions through research, aiding in more accurate assessments of future profitability and growth potential [1] - There were 233 stocks that received at least 50 instances of research, with 189 stocks receiving between 50 to 99 instances, 41 stocks receiving between 100 to 199 instances, and 3 stocks receiving over 200 instances [1] Group 2 - The electronic industry led with a total of 7,376 research instances across 229 stocks, significantly outperforming other industries [2] - The pharmaceutical and biological industry and the mechanical equipment industry ranked second and third, with 5,150 and 4,958 research instances respectively [2] - The electronic industry is experiencing significant development opportunities driven by the acceleration of emerging technologies such as artificial intelligence, IoT, and 5G, supported by government policies [2] Group 3 - Other industries with high research frequency include computer, electric equipment, basic chemicals, automotive, telecommunications, national defense, and textile and apparel [3] - A total of 113 public fund institutions conducted more than 100 research instances, with leading institutions like Bosera Fund and Huaxia Fund conducting 971 and 870 instances respectively [3] - Public fund institutions are increasing research efforts to identify potential investment targets by focusing on technological barriers, industry synergy potential, and sustainable development capabilities [3]

Industry Insights - The humanoid robot industry is experiencing significant acceleration, with differentiation becoming apparent. Short-term industrial applications are expected to take the lead, while long-term development potential remains vast. The introduction of dense industrial policies and the establishment of industry alliances and funds have led to a substantial increase in financing, promoting a "capital-technology-product" closed loop in the industry [2]. Company Developments - Huichuan Technology is positioned as a core component platform for humanoid robots, leveraging its industrial automation technology to vertically integrate joint modules and focus on industrial application deployment [3]. - Changying Precision is making continuous breakthroughs in core component supply and motion control algorithms, and its collaborations with Tesla and Figure AI position it as a key beneficiary in the anticipated mass production year of humanoid robots in 2025 [3].

Core Insights - The article highlights the rapid development of the robotics industry in Wu Zhong District, which has become a key player in China's robotics landscape, with a projected industry scale exceeding 160 billion yuan by 2024, growing at an average annual rate of over 20% for six consecutive years [1][11] - Wu Zhong is home to over 1,100 robotics and AI-related enterprises, with significant contributions from leading companies like Ecovacs and Chasing Technology, which have established strong market positions both domestically and internationally [3][2] - The region has developed a comprehensive innovation ecosystem, integrating research institutions, enterprises, and technology transfer channels, fostering a collaborative environment for technological advancements [8][10] Industry Overview - Wu Zhong's robotics industry is characterized by a diverse range of products, including service robots and industrial robots, with service robots accounting for over 60% of national production and industrial robots representing one-seventh of domestic brands [1][3] - The area has seen significant sales achievements, with Ecovacs and its sub-brand achieving over 3.25 billion yuan in sales during the recent 618 shopping festival, maintaining its position as a market leader for ten consecutive years [2] - Emerging companies like LeXiang Robotics have also made notable strides, with a 362% year-on-year sales increase, showcasing the competitive landscape of the robotics sector in Wu Zhong [2] Technological Advancements - Key components such as harmonic reducers and servo motors are critical to the robotics industry, with companies like Green Harmonic Drive achieving over 60% market share and being recognized globally for their innovations [5][7] - The integration of advanced technologies, including AI and sensor development, is driving the evolution of robotics, with companies focusing on multi-machine collaboration and embodied intelligence [2][6] Collaborative Ecosystem - Wu Zhong has established a robust collaborative ecosystem involving top research institutions like Harbin Institute of Technology and Zhejiang University, which contribute to local industry planning and innovation [8][10] - The region's innovation centers are designed to facilitate research, training, and product development across various applications, including household services and industrial production [9][10] Future Outlook - The district aims to solidify its position as the leading robotics industry cluster in China, with plans to expand the industry scale to 220 billion yuan by 2026, focusing on technological innovation and high-end talent acquisition [11]

Group 1 - Nanjing government has approved the "Nanjing Embodied Intelligent Robot Industry Development Action Plan (2025-2027)" to enhance the industry scale and innovation system [1][4] - The plan aims to position Nanjing's embodied intelligent robot industry among the top in the country by 2027, with a core industry scale exceeding 10 billion yuan and the cultivation of 5 mass production enterprises [4] - The meeting emphasized the integration of resources to promote the cultivation of quality enterprises, key project attraction, and the transformation of scientific and technological achievements [1][2] Group 2 - Nanjing is focusing on the industrial robot sector as a key area for breakthrough, with major domestic brands like Estun and Huichuan Technology establishing a strong presence in the city [2] - Estun aims to create a 10 billion yuan industrial ecosystem by 2030, leveraging its position as a "chain master" to attract upstream and downstream enterprises [2] - Nanjing has developed a comprehensive industrial chain for robots, with nearly 200 enterprises in the upstream and downstream sectors [2] Group 3 - The city is also enhancing its software industry to support robot development, with recent activities aimed at deepening the application of industrial software in various stages of robot design and management [2] - The action plan includes the establishment of two characteristic industrial clusters and the construction of innovation platforms and alliances [4] - Nanjing is determined not to miss out on emerging industries, reflecting a competitive spirit in the face of urban development challenges [1]

Core Viewpoint - The establishment of the Low Altitude Economy Development Office by the National Development and Reform Commission marks a new phase in China's strategic planning for the low altitude economy, which is expected to reshape both the economy and daily life [1][8]. Group 1: Current Status and Challenges - The low altitude economy is heavily reliant on battery technology, with current flying devices limited to approximately 20 minutes of flight time due to battery capacity constraints [1]. - The lack of comprehensive legal and regulatory frameworks poses significant challenges for the development of low altitude manned flying vehicles, with safety being a critical concern [3]. - The low altitude economy is primarily composed of drones (approximately 85%) and general aviation (about 15%), with private enterprises playing a crucial role in its development [9]. Group 2: Reform Directions and Economic Empowerment - The Low Altitude Economy Development Office aims to establish a national coordination mechanism to streamline management and improve policy efficiency, thereby reducing institutional costs [7]. - A unified regulatory framework is being developed to enhance organizational efficiency and strengthen international influence in the low altitude sector [7]. - The low altitude economy is projected to contribute an additional 1-1.5 percentage points to GDP by 2035, becoming a significant driver of economic growth in China [8]. Group 3: Innovation and Market Dynamics - The entrepreneurial spirit of private drone companies is vital for the resilience and innovation within the low altitude economy, as these companies are often more agile and responsive to market demands [12]. - The low altitude economy is characterized by a long industrial chain and a wide radiation scope, making it a promising sector to address structural challenges in China's economy [8]. - The development of a comprehensive innovation ecosystem is essential for enhancing the self-sufficiency of the industry and fostering sustainable growth [7].