（编辑 袁冠琳） 证券日报网讯 汇川技术10月27日发布公告，在公司回答调研者提问时表示，公司将数字能源管理提升 至新的战略高度，其内涵远不止于当前竞争激烈的储能业务，而是聚焦于ToB端和园区端，依托"双 碳"目标与数字化技术打造新业务模式。国内业务凭借产品和技术优势持续推进，同时拓展海外渠道。 目前公司已成立数字能源管理事业部，利用公司在电力电子和数字化方面的技术优势，重点向数字化场 景解决方案进行投入。 ...

Core Insights - The company, Huichuan Technology, announced on October 27 that it is widely applying AI agents in various internal scenarios such as R&D programming, testing, data sharing, and after-sales service [1] - The AI agents trained on internal data have effectively improved management efficiency and operational effectiveness [1] - However, the company faces challenges when deploying AI agents to clients, specifically due to insufficient client-side data and a lack of domain knowledge [1] - The current strategy is to embed the "Industrial Brain" as a core capability within overall solutions, utilizing IFA/digital platforms to meet specific AI application needs [1]

Group 1 - The core viewpoint of the article highlights that the growth in the lithium battery industry is a significant contributor to the overall growth of the company's general automation business [1] - The company has also achieved good growth in various sectors including semiconductors, 3C equipment, machine tools, display equipment, and automotive equipment [1] - High demand for servo and PLC (Programmable Logic Controller) in these industries has driven the positive growth of the general automation business segment [1]

Core Viewpoint - Huichuan Technology announced on October 27 that it does not develop large models itself but integrates open-source models with industrial scenarios for application development, emphasizing that companies with industrial backgrounds have advantages in implementing such applications [1] Group 1 - The company has a long-standing accumulation in vertical small models in areas such as vision and predictive maintenance [1] - Industrial AI relies on understanding industrial scenarios and the ability to acquire and train industrial data [1]

Core Insights - Huichuan Technology announced on October 27 that the challenges in industrial software vary by category, including PLM, CAD, and CAM [1] - The core difficulty of CAX software lies in the accumulation of underlying mathematics and physical models, where Chinese companies are relatively weak [1] - While some domestic companies can quickly develop customized and simplified products based on customer needs and perform well in niche areas, they still struggle to compete with international giants in building large software integration platforms [1] - The main challenges for the development of industrial software in China are insufficient core technology accumulation and weak platform capabilities [1]

Core Viewpoint - Huichuan Technology announced on October 27 that its general automation segment includes products such as pneumatics, CNC, precision machinery, high-efficiency motors (excluding general servo motors), and sensors. The company noted that these products have experienced rapid growth this year, indicating a promising future for these segments despite their current smaller scale [1]. Group 1: Product Performance - Pneumatic products, CNC, precision machinery used in machine tools, and sensors have all achieved significant growth this year [1]. - The overall scale of these businesses is currently small, but they are in a phase of continuous cultivation and expansion [1]. Group 2: Future Outlook - The company believes that there is considerable growth potential for these products in the future [1].

Group 1: General Automation Business Performance - The general automation business has seen positive order growth across over 40 downstream industries, indicating a recovery trend in manufacturing [2][3] - The company’s market share in the domestic market continues to rise, primarily by replacing foreign brands, especially in the automotive and semiconductor sectors [2][3] - The lithium battery industry has contributed to the growth of the general automation business, alongside successful penetration in semiconductor, 3C equipment, machine tools, and automotive sectors [3][4] Group 2: Profitability and Competition - The core profit margin of the general automation business has been on the rise, despite some price pressure on products [3][4] - The company has maintained stable overall gross margins through rapid growth in high-margin products and optimization of product structure [3][4] - Inventory levels among downstream distributors are normal, with no signs of stockpiling [3] Group 3: International Expansion and Strategy - The company has invested over 700 personnel in overseas operations, focusing on developing safety products that meet European and North American standards [4][5] - The overseas business has grown nearly 50% from January to September 2025, outpacing domestic growth [5] - The company faces challenges in brand recognition and product requirements in the European and American markets, which it aims to address through international branding efforts and product development [4][5] Group 4: Robotics and AI Development - The company is focusing on developing humanoid robots by first establishing a competitive advantage in core components and then targeting industrial applications [6][7] - The integration of AI and vision technology into industrial robots is a key development area, enhancing the company's competitive edge [6][7] - The company plans to leverage open-source models in AI applications, emphasizing the importance of industrial context in AI deployment [9][10] Group 5: Financial Outlook and Cost Management - The company expects to maintain stable gross margins in the general automation business through product structure optimization and cost control [10][11] - R&D expenses are projected to continue rising, supporting long-term growth, while sales and management expenses are expected to decrease due to scale effects [11] - The target is to keep the overall expense ratio around 17% [11]

Core Viewpoint - The Science and Technology Innovation ETF (588360) opened with a gain of 2.58%, reaching a price of 1.032 yuan, indicating positive market sentiment towards technology and innovation sectors [1] Group 1: ETF Performance - The ETF's performance benchmark is the CSI Science and Technology Innovation 50 Index return [1] - Since its establishment on June 29, 2021, the ETF has achieved a return of 0.60% [1] - Over the past month, the ETF has recorded a return of 2.09% [1] Group 2: Major Holdings - Key stocks in the ETF include: - Ningde Times, which opened with a gain of 1.87% [1] - SMIC (Semiconductor Manufacturing International Corporation) increased by 2.57% [1] - Mindray Medical gained 0.65% [1] - Haiguang Information rose by 1.60% [1] - Zhongji Xuchuang increased by 2.02% [1] - Xinyisheng surged by 4.57% [1] - Cambrian Technology rose by 2.30% [1] - Huichuan Technology gained 0.88% [1] - Sunshine Power increased by 2.53% [1] - Lanke Technology surged by 4.76% [1]

Core Viewpoint - The company Huichuan Technology (300124.SZ) has demonstrated robust growth in its performance, with significant increases in revenue and net profit for the first three quarters of 2025, attracting increased investment from smart money in the market [1][3]. Financial Performance - For the first three quarters of 2025, Huichuan Technology achieved operating revenue of 31.663 billion yuan, a year-on-year increase of 24.67% [1][3]. - The net profit attributable to shareholders was 4.254 billion yuan, up 26.84% year-on-year, while the net profit excluding non-recurring gains and losses was 3.888 billion yuan, reflecting a growth of 24.03% [1][3]. - Quarterly breakdown shows revenue of 8.978 billion yuan, 11.531 billion yuan, and 11.153 billion yuan for Q1, Q2, and Q3 respectively, with year-on-year growth rates of 38.28%, 18.99%, and 21.05% [3][4]. Business Segments - Huichuan Technology has established four major business segments: General Automation, New Energy Vehicles, Smart Elevators, and Rail Transit [1][3]. - The General Automation segment, including industrial robots, generated approximately 13.1 billion yuan in sales, marking a year-on-year growth of about 20% [1][5]. - The New Energy Vehicles and Rail Transit segments together achieved sales revenue of approximately 14.8 billion yuan, reflecting a year-on-year increase of 38% [5][6]. R&D Investment - The company invested 2.994 billion yuan in R&D for the first three quarters of 2025, representing a year-on-year increase of 35.74%, with an R&D expense ratio of approximately 9.46% [4][6]. - The R&D expenses for Q3 alone were 1.03 billion yuan, up 40% year-on-year, indicating a strong commitment to innovation [4][6]. Market Position - Huichuan Technology holds a leading position in the market, with a 32% share in the general servo system market and a 22% share in the low-voltage inverter market in China [5][6]. - In the New Energy Vehicle sector, the company ranks second in the market share for electric motor controllers and fourth for electric drive assemblies [5][6]. Subsidiary Performance - The subsidiary, United Power (301656.SZ), successfully listed on the Growth Enterprise Market on September 25, 2025, raising 3.528 billion yuan in net funds [2][6]. - For the first three quarters of 2025, United Power reported operating revenue of 14.525 billion yuan, a year-on-year increase of 35.52%, and a net profit of 792 million yuan, up 38.38% [2][6].

Group 1 - The three major indices opened high, with the technology sector continuing its strong performance, particularly the Robot Index ETF (560770) which rose by 1.29% [1] - The Robot Index ETF (560770) has seen a net inflow of 654 million yuan since October, with a net subscription of 120 million yuan over the last three days, and its share has increased by over 111.4% since its listing on September 1, reaching a new high of over 2.07 billion yuan [1] - The demand for robots is robust, with significant contributions from the development and export of industrial and service robots to industrial upgrades [1] Group 2 - According to the latest research from Shenwan Hongyuan, the structural characteristics of A-shares in the five-year planning period will reflect the strongest direction in AI, robotics, and semiconductors by 2025, with a positive outlook for technology leaders in the fourth quarter of 2025 [2] - The Robot Index ETF (560770) tracks the CSI Robot Index, which includes major stocks such as Huichuan Technology, iFlytek, Roborock, Dahua Technology, and others [2] - The top three industries in the CSI Robot Index account for 83.22%, with mechanical equipment being the largest at 55.89%, followed by computers at 18.9% and home appliances at 8.43% [2]