Core Viewpoint - The acquisition of ABB's robotics business by SoftBank reflects the increasing competitiveness of Chinese companies in the six-axis robot sector, indicating that international giants are facing pressure from the rise of Chinese robotics firms [1] Group 1: Industry Insights - The high-end market, particularly in the automotive sector, is currently dominated by foreign companies, but it represents the largest potential replacement market in the future [1] - Chinese companies are gradually penetrating high-end application fields as they mature in robot body performance and technical solutions [1] Group 2: Company Strategy - The company plans to focus on the development of "AI + Vision" technology and aims to deeply integrate it into industrial robots to enhance intelligence levels [1] - The company is positioning itself to seize significant development opportunities in the robotics sector [1]

（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。 ...

（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，在软件布局方面，公司并 不直接研发大模型，但会积极应用开源大模型。在智能机器人软件方面，公司重点投入两个方向：一是 视觉技术，已将视觉与机器人团队合并，旨在推动视觉与控制端的融合，形成更好的解决方案；二是运 动控制技术，强调将末端运动控制能力与大模型结合，提升精细操作的实现效果。公司正持续加大在视 觉、运动控制与大模型融合方面的投入，以实现软硬件协同优势。 ...

（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，公司内部将AI智能体广泛 应用于研发编程、测试、数据共享及售后服务等场景，基于内部数据训练的智能体有效提升了管理效率 和运营效能。然而，在将智能体推向客户端时，面临客户侧数据不足和领域知识缺乏的挑战。因此，公 司当前的策略是将"工业大脑"作为核心能力嵌入整体解决方案中，通过IFA/数字化平台满足特定应用场 景的AI需求。 ...

（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，锂电行业的增长是通用自 动化业务增长的贡献之一；除此之外，公司在半导体、3C装备、机床、显示设备、汽车装备等多行业 也实现了较好的增长；这些行业对伺服和PLC的需求较高，推动通用自动化业务板块的较好增长。 ...

（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，工业软件的难点因类别而 异，如PLM、CAD、CAM等均属于工业软件范畴。其中CAX类软件的核心难点在于底层数学和物理模 型的积累，这方面中国企业的基础相对薄弱。在应用层面，尽管一些本土企业能够基于客户需求快速实 现定制化、简洁化的产品开发，并在细分领域表现良好，但在构建大型软件集成平台方面仍难以与国际 巨头竞争。因此，当前中国工业软件的发展难点主要集中在核心技术积累不足、平台化能力弱等压力。 ...

（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，公司自身不开发大模型， 而是把开源模型与工业场景结合进行应用开发，具备工业背景的企业在此类应用落地方面更具优势。公 司的垂直小模型在视觉、预测性维护等领域已有长期积累。工业AI需要依赖对工业场景的理解以及工 业数据的获取与训练能力。 ...

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]