Core Insights - Tesla's focus on the development of the Gen3 dexterous hand is crucial for the advancement of humanoid robots, emphasizing its strategic importance in achieving refined and bionic iterations [1][2] - The dexterous hand is a key component for precise operations and intelligent interactions, significantly impacting the learning efficiency of the robot's "brain" [2][4] Summary by Sections Dexterous Hand Development - The dexterous hand is essential for humanoid robots, accounting for approximately half of the overall development effort [2] - Recent advancements in the dexterous hand include a shift towards more refined and bionic designs, which are critical for scaling production [1][2] Gen3 Dexterous Hand Features - Key changes in the Gen3 dexterous hand include: 1. **Motors**: Relocation of motors to the forearm for higher freedom of design and reduced maintenance complexity, with potential use of micro brushless motors [3] 2. **Miniature Ball Screws**: Replacement of worm gears to enhance transmission precision and efficiency [3] 3. **Tendons**: Transition from torque springs to tendon-driven mechanisms for improved finger flexibility [3] 4. **Sensors**: Integration of vision and tactile sensors for enhanced dynamic grasping capabilities [3] 5. **Lightweight Materials**: Adoption of lightweight materials to improve efficiency and lifespan [3] Business Model and Market Potential - The dexterous hand's business model is robust, with potential for earlier market penetration than complete robots, driven by high technical barriers across hardware, algorithms, and application scenarios [4] - Various companies are positioned to benefit from the dexterous hand technology, including: 1. Third-party companies leveraging technology and partnerships for faster production [4] 2. Major firms like Tesla and Xiaomi developing in-house dexterous hand solutions [4] 3. Component manufacturers extending their capabilities into complete hand solutions [4] Investment Recommendations - Companies identified as beneficiaries include Top Group, Zhenyu Technology, Wuzhou New Spring, Longsheng Technology, and others [5]

Investment Rating - The investment rating for the mechanical equipment industry is "Positive" (maintained) [1] Core Insights - The report emphasizes that the dexterous hand is a crucial component for humanoid robots, directly related to the robot's "brain" and significantly impacting its learning efficiency. The engineering effort for the Optimus dexterous hand accounts for about half of the overall humanoid robot development [13][31] - The Gen3 dexterous hand focuses on key areas such as micro motors, micro ball screws, tendon-driven systems, tactile and visual sensors, and lightweight materials, aiming for enhanced flexibility, load capacity, and perception [16][18] - The dexterous hand is expected to see early commercialization, with a diverse range of domestic companies emerging in the market [31] Summary by Sections 1. Dexterous Hand: Key Direction for Tesla's Robot Iteration - The dexterous hand is essential for precise operations and intelligent interactions in humanoid robots, with its optimization being the final step towards mass production [13][31] - Recent statements from Elon Musk highlight the strategic importance of the hand and forearm in the Gen3 iteration [13] 2. Gen3 Dexterous Hand Core Directions - Key changes in Gen3 include the migration of motors to the forearm, the use of micro ball screws for improved precision, and the adoption of tendon-driven systems for enhanced flexibility [16][18][22] - The integration of tactile and visual sensors is expected to improve dynamic grasping and complex task execution capabilities [24][25] 3. Commercialization Potential - The dexterous hand has a high technical barrier and can be sold independently, indicating unique commercialization potential across various sectors such as industrial, medical, and service applications [31] 4. Industry Landscape - The future of the dexterous hand industry is anticipated to feature a mix of third-party manufacturers, leading companies conducting in-house research, and core component manufacturers extending into full hand production [36][37] - Notable companies in this space include Tesla, Xiaomi, and various emerging third-party firms like Aoyi Technology and Xingdong Era [36][37] 5. Investment Recommendations - Recommended companies include Top Group, Zhenyu Technology, Wuzhou New Spring, Longsheng Technology, and others that are positioned to benefit from the advancements in dexterous hand technology [56]

法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于无锡隆盛科技股份有限公司 2025 年第一次临时股东大会的 上海市锦天城律师事务所 关于无锡隆盛科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：无锡隆盛科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受无锡隆盛科技股份有限公 司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东大会（以下简 称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公 司法》）、《上市公司股东会规则》等法律、法规、规章、规范性文件以及《无锡 隆盛科技股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本法律 意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的相关事项进行了必 要的核查和验证，审查了本所律师认为出具该法律意见书所需审查的相关文件、 资料。鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律 师行 ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-045 无锡隆盛科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 （二）会议出席情况 1、股东出席的总体情况： 公司截至股权登记日有表决权的股份总数为225,694,478股。通过现场和网络投 票的股东183人，代表股份95,314,536股，占公司有表决权股份总数的42.2317％。其 中：通过现场投票的股东8人，代表股份69,170,584股，占公司有表决权股份总数的 1 1、股东大会届次：2025年第一次临时股东大会。 2、会议召开的日期、时间： （1）现场会议召开时间：2025年9月15日（周一）14:30； （2）网络投票时间： 3、现场会议地点：江苏省无锡市新吴区珠江路99号本公司A407会议室。 4、会议召开的方式：本次股东大会采取现场投票与网络投票相结合的方式。 5、股东大会召集 ...

无锡隆盛科技股份有限公司 证券代码：300680 证券简称：隆盛科技 公告编号：2025-046 为完善无锡隆盛科技股份有限公司（以下简称"公司"）治理结构，根据《中华 人民共和国公司法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规、规范性文件以 及《公司章程》等相关规定，公司董事会设职工代表董事一名。公司于 2025 年 9 月 15 日召开 2025 年第一次职工代表大会，审议选举职工代表董事相关事项。 经与会职工代表认真审议，一致同意选举虞琦先生为公司第五届董事会职工代表 董事(简历附后)，其与公司现任的 7 名董事共同组成公司第五届董事会，任期自本次 职工代表大会审议通过之日起至第五届董事会任期届满之日止。本次选举完成后，公 司第五届董事会中独立董事人数未低于公司董事总数的三分之一，任职董事中兼任公 司高级管理人员的董事以及由职工代表担任的董事人数总计未超过公司董事总数的 二分之一，符合相关法律法规的要求。 无锡隆盛科技股份有限公司 董事会 关于选举产生第五届董事会职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容 ...

Core Viewpoint - On September 15, 17 automotive companies, including BYD and Xiaomi Auto, publicly committed to a supplier payment term not exceeding 60 days, with detailed guidelines on the payment process, which has garnered significant attention [1][2]. Group 1: Payment Terms and Conditions - The new initiative specifies that suppliers should expect acceptance of goods to be completed within three working days after delivery [1]. - The 60-day payment term starts from the date the goods are delivered and accepted, with a maximum duration of 60 calendar days [1]. - For non-small and medium-sized enterprises with continuous supply (more than twice a month), a consolidated reconciliation method can be used, with the payment term starting from the reconciliation date [1]. Group 2: Payment Methods and Supplier Relationships - To avoid delays in payment due to price disagreements, the initiative suggests an initial payment based on the last supply contract price (at least 80%) or a predetermined development price (at least 50%) [2]. - The initiative encourages cash or bank acceptance bills as payment methods, particularly for small and medium-sized enterprises [2]. - The China Automotive Industry Association advocates for long-term stable relationships between manufacturers and suppliers, with contracts having a minimum validity of one year [2]. Group 3: Market Reaction - Following the announcement of the initiative, the automotive parts sector saw a positive market response, with several stocks, including Langbo Technology and Tianlong Shares, hitting the daily limit, while others like CATL and Meichen Technology rose nearly 10% [2].

Core Viewpoint - The automotive industry is experiencing significant growth driven by government policies aimed at stabilizing and enhancing the sector, particularly in smart and connected vehicles, with a focus on new energy vehicles and technological advancements [1][2]. Group 1: Industry Growth and Projections - The Ministry of Industry and Information Technology and other departments have released a plan targeting approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with new energy vehicle sales projected at 15.5 million units, a growth of around 20% [1]. - The plan aims for a stable growth trajectory in 2026, with improvements in industry scale and quality, and a manufacturing value-added growth of about 6% year-on-year [1]. Group 2: Policy Initiatives and Technological Advancements - The policy emphasizes the promotion of smart and connected vehicle trials, including conditional approval for L3 level vehicle production, and aims to enhance road safety and insurance regulations [2]. - There is a focus on accelerating breakthroughs in key technologies such as automotive chips, operating systems, artificial intelligence, and solid-state batteries, with the goal of developing new features that meet consumer demands [2]. Group 3: Investment Opportunities - The long-term growth logic for smart and connected vehicles is strengthening, presenting a valuation reshaping window for leading companies in the sector [3]. - Recommended companies in the smart and connected vehicle supply chain include BYD, SAIC Motor, Xpeng Motors, and others in various segments such as chip development, control systems, and solid-state batteries [3].

Group 1 - The humanoid robot concept stocks experienced a significant surge at the beginning of trading on September 12, with Wald increasing by over 15% [1] - Longsheng Technology and Guansheng Co., Ltd. both saw increases of over 7% [1] - Other companies such as Wolong Electric Drive, New Times, and Wuzhou New Spring also showed upward movement in their stock prices [1]

Core Viewpoint - The humanoid robot concept stocks experienced a significant surge in early trading, indicating strong market interest and potential investment opportunities in this sector [1] Company Summaries - Wald increased by over 10%, reflecting investor confidence and interest in humanoid robotics [1] - Longsheng Technology and Guansheng Co. both rose by more than 7%, suggesting a positive market sentiment towards these companies [1] - Wolong Electric Drive, New Times, and Wuzhou Xinchun also saw notable gains, indicating a broader trend of rising stock prices within the humanoid robot industry [1]

Market Performance - The automotive parts sector increased by 1.73% on September 11, with Longsheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Gainers in Automotive Parts Sector - Longsheng Technology (300680) closed at 52.56, up 10.98% with a trading volume of 244,400 shares and a turnover of 1.234 billion [1] - Dengyun Co., Ltd. (002715) closed at 24.09, up 10.00% with a trading volume of 125,500 shares and a turnover of 293 million [1] - New Spring Co., Ltd. (603179) closed at 69.15, up 8.64% with a trading volume of 356,600 shares and a turnover of 2.421 billion [1] Market Capital Flow - The automotive parts sector experienced a net outflow of 1.464 billion from institutional investors, while retail investors saw a net inflow of 2.209 billion [2][3] - The top stocks with significant net inflows from retail investors include New Spring Co., Ltd. (623.87 million) and Zhejiang Xiantong (623.87 million) [3] Notable Decliners - Huayang Transmission (839946) closed at 10.83, down 5.83% with a trading volume of 210,200 shares and a turnover of 227 million [2] - Wangcheng Technology (830896) closed at 23.87, down 4.14% with a trading volume of 57,900 shares and a turnover of 138 million [2]