Core Insights - Tesla's Optimus humanoid robot has sparked a global supply chain frenzy, with four A-share companies—Zhaowei Electromechanical, Leadshine Technology, Mingzhi Electric, and Jiangsu Leili—gaining attention as they enter Tesla's robot supply chain [2] - The competition for dexterous hands, a crucial component for humanoid robots, is intensifying among these companies, with significant market potential projected [2][3] Company Summaries - **Zhaowei Electromechanical**: Launched its first dexterous hand product in November 2024 and established a subsidiary focused on dexterous hand technology. The company has signed strategic cooperation agreements with 12 firms to promote dexterous hand applications [4][5] - **Leadshine Technology**: Established multiple subsidiaries focusing on high-density motors and dexterous hand solutions. The company aims to create a second growth curve by combining joint modules with dexterous hands and control systems [5][6] - **Jiangsu Leili**: Taking a more reserved approach, it has formed a subsidiary to leverage academic resources for dexterous hand development, exploring various technical routes [6][7] - **Mingzhi Electric**: Recently became a potential supplier for Tesla's hollow cup motors but has not made significant moves in the dexterous hand market. The company has strong technology in brushless motors but remains low-profile in this segment [7] Market Dynamics - The dexterous hand market is projected to reach nearly 100 billion by 2030, driven by the anticipated production of over 3 million humanoid robots [2] - Companies are forming specialized subsidiaries and launching products to capture market share in the dexterous hand segment, indicating a shift from traditional roles to brand creation [2][3] Technical Comparisons - Zhaowei Electromechanical and Leadshine Technology have developed dexterous hands with 20 degrees of freedom, while Jiangsu Leili's designs boast up to 22 degrees [9][10] - Leadshine's dexterous hand can support a load of 40 kg per hand and 10 kg per finger, highlighting its industrial application focus [10][11] Financial Performance - Jiangsu Leili reported the highest revenue among the four companies, while Zhaowei Electromechanical and Leadshine Technology showed strong cash flow positions [12][13] - Mingzhi Electric experienced a significant decline in net profit due to operational challenges, while Zhaowei and Leadshine reported growth in their financial metrics [12][13]

Market Overview - The electric motor sector experienced a decline of 3.47% on the trading day, with Wolong Electric Drive leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the electric motor sector included: - Dibai Electric: closed at 18.99, up 2.37% with a trading volume of 46,400 shares and a turnover of 88.84 million yuan [1] - Xingdesheng: closed at 26.70, up 2.14% with a trading volume of 64,800 shares [1] - Ananda: closed at 42.48, up 2.04% with a trading volume of 39,800 shares [1] - Major decliners included: - Wolong Electric Drive: closed at 35.00, down 6.12% with a trading volume of 3,319,400 shares and a turnover of 1.24 billion yuan [2] - Zhaowei Electromechanical: closed at 112.00, down 6.04% with a trading volume of 105,800 shares [2] - Mingzhi Electric: closed at 60.58, down 4.93% with a trading volume of 121,900 shares [2] Capital Flow - The electric motor sector saw a net outflow of 1.281 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.17 billion yuan [2] - Specific stock capital flows included: - Jiangte Electric: net inflow of 44.12 million yuan from institutional investors, but a net outflow of 23.13 million yuan from retail investors [3] - Xingdesheng: net inflow of 7.28 million yuan from institutional investors, with a net outflow of 5.50 million yuan from retail investors [3] - Wolong Electric Drive: significant net outflow of 600.61 million yuan from institutional investors [3]

Group 1 - The core point of the article highlights that Jiangsu Leili has seen a significant decrease in the number of shareholders, with a reduction of 6,643 accounts, representing a decline of 12.42% compared to the previous period [2] - As of September 2, the margin trading balance for Jiangsu Leili was reported at 689 million yuan, with a financing balance of 685 million yuan, indicating a decrease of 67.71 million yuan or 8.99% during the current concentration period [2] - The company's semi-annual report shows that it achieved an operating income of 1.958 billion yuan in the first half of the year, reflecting a year-on-year growth of 20.71%, and a net profit of 186 million yuan, which is an increase of 8.45% year-on-year [2]

Core Viewpoint - Jiangsu Leili (300660) has successfully achieved mass production of its liquid-cooled electronic water pump for data centers, which is now being promoted in the market, indicating a positive trend in business volume due to overall market demand and new customer development [1] Group 1 - The company has developed a liquid-cooled electronic water pump for data centers that has entered mass production [1] - The business volume of electronic water pumps has increased due to rising market demand and the acquisition of new customers [1] - The company is continuing to develop higher power data center electronic water pumps, with plans to disclose any significant progress in related business [1]

Group 1 - The company has a rich technology and product reserve in the robotics field and is actively engaging with downstream customers to seize market opportunities [1] - The company has established a strategic partnership with Nanjing Weilan Technology to provide quadruped robot joint actuators [1] - The company's subsidiary, Dingzhi Technology, has been recognized as an excellent partner by Zhiyuan Robotics [1]

Core Insights - Jiangsu Leili Electric Co., Ltd. experienced a 5.01% decline in stock price, trading at 49.84 CNY per share with a market capitalization of 22.285 billion CNY as of September 3 [1] Company Overview - Jiangsu Leili was established on April 29, 2006, and went public on June 2, 2017. The company is located in Changzhou, Jiangsu Province, and specializes in the research, production, and sales of various electric motors and components [1] - The revenue composition of Jiangsu Leili is as follows: household appliance motors and components (57.12%), automotive motors and parts (19.34%), industrial control motors and components (12.97%), medical and sports health motors and components (6.26%), and others (4.30%) [1] Shareholder Information - Among the top ten circulating shareholders of Jiangsu Leili, the Southern Fund's Southern CSI 1000 ETF (512100) increased its holdings by 717,200 shares in Q2, bringing its total to 1.6727 million shares, which represents 0.37% of the circulating shares [2] - The estimated floating loss for the Southern CSI 1000 ETF today is approximately 4.3992 million CNY [2] Fund Performance - The Southern CSI 1000 ETF, managed by Cui Lei, has a total asset size of 64.953 billion CNY and has achieved a year-to-date return of 24.03%, ranking 1748 out of 4222 in its category. Over the past year, it has returned 62.92%, ranking 1228 out of 3783 [2][3] - Since its inception on September 29, 2016, the fund has delivered a cumulative return of 9.76% [2]

Core Viewpoint - Jiangsu Leili is actively advancing its globalization strategy by investing in overseas production bases in Malaysia, Vietnam, and Mexico, with a total investment of 439.6 million RMB [1][2]. Group 1: Overseas Expansion - The company plans to invest 216 million RMB in Malaysia, 139 million RMB in Vietnam, and 84.94 million RMB in Mexico as part of its overseas production base construction [2]. - Since 2025, Jiangsu Leili has been increasing its overseas production capacity, with a recent plan to raise 1.286 billion RMB through convertible bonds for overseas and domestic projects [2]. - By 2024, overseas revenue is expected to account for 47% of Jiangsu Leili's total revenue, supported by established R&D and manufacturing bases in North America, Europe, and Southeast Asia [2]. Group 2: Domestic Investments - On the same day as the overseas investment announcement, Jiangsu Leili revealed plans to invest 500 million RMB in a production base and laboratory for automotive micro-motors and components in Changzhou [4]. - The company’s subsidiary plans to invest at least 150 million RMB in projects related to intelligent sensing lidar and vehicle thermal management micro-motors [4]. Group 3: Business Performance - In the first half of 2025, Jiangsu Leili achieved a revenue of 1.958 billion RMB, representing a year-on-year growth of 20.71%, and a net profit of 186 million RMB, up 8.45% [5]. - The automotive components sector saw significant growth, with revenue reaching 379 million RMB, a 63.72% increase compared to the previous year [4][5]. - The company has successfully launched multiple new products in the automotive sector, including lidar motor products, which generated 44.65 million RMB in revenue, a 35% increase year-on-year [4].

Market Overview - The electric motor sector increased by 0.16% compared to the previous trading day, with Mingzhi Electric leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Top Performers - Mingzhi Electric (603728) closed at 65.74, up 3.71% with a trading volume of 245,000 shares and a turnover of 1.575 billion [1] - Jiangsu Yinli (300660) closed at 52.47, up 3.08% with a trading volume of 303,500 shares and a turnover of 1.544 billion [1] - Xiangming Intelligent (301226) closed at 35.45, up 1.99% with a trading volume of 71,100 shares and a turnover of 244 million [1] Underperformers - Xiangdian Co. (600416) closed at 15.85, down 5.60% with a trading volume of 507,300 shares and a turnover of 808 million [2] - Kangping Technology (300907) closed at 35.70, down 4.34% with a trading volume of 42,900 shares and a turnover of 154 million [2] - Huayang Intelligent (301502) closed at 55.14, down 3.58% with a trading volume of 17,200 shares and a turnover of 9.466 million [2] Capital Flow - The electric motor sector experienced a net outflow of 1.076 billion from institutional investors, while retail investors saw a net inflow of 889 million [2] - The top net inflows from retail investors were observed in Mingzhi Electric and Zhaowei Electromechanical, while significant outflows were noted in Xiangdian Co. and Jiangte Electric [3]

| 权益类证券大宗交易(协议交易) | | | | | | | 国下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-09-02 | 300660 | 江苏雷利 | 46.32 | 10.79 | 499.79 机构专用 | | 中信建投证券股份 | | | | | | | | | 有限公司常州分公 | | | | | | | | | 司 | 9月2日，江苏雷利大宗交易成交10.79万股，成交额499.79万元，占当日总成交额的0.32%，成交价46.32 元，较市场收盘价52.47元折价11.72%。 ...

Key Highlights - De Xin Technology does not directly produce solid-state batteries [1] - Gujia Home intends to invest 1.124 billion yuan in the construction of a self-built base in Indonesia [1] - Samsung Medical signed a contract worth approximately 419 million yuan for a smart meter project in Egypt [1] - Keli Sensor plans to acquire 45% of Huahong Technology for 122 million yuan [1] - Huamao Technology has repurchased a total of 6.42% of its shares [1] - BYD's total sales of new energy vehicles reached 373,600 units in August [1] - Great Wall Motors reported total sales of 115,558 units in August, a year-on-year increase of 22.33% [1] - Sheng Tai Group's shareholder Itochu Asia plans to reduce its stake by no more than 3% [1] - Dekoli's Qian Mingying and his concerted action partner Shen Liang plan to reduce their holdings by a total of no more than 2.9957% [1] - Longqi Technology's Suzhou Shunwei plans to reduce its holdings by no more than 4.09% [1] - Tianqi Co., Ltd. signed a strategic cooperation framework agreement with Yiwei Lithium Energy [1] - Yibin Technology received a project designation notice from a domestic new energy vehicle company [1]