Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry, indicating a positive outlook for the sector in the next six months [6]. Core Insights - The "CMG World Robot Competition - Mecha Fighting Arena" concluded on May 25, showcasing the advancements in humanoid robotics, particularly the Yushu G1 robot's combat capabilities [1][14]. - The Yushu G1 demonstrated exceptional motion control, successfully executing complex fighting maneuvers such as side kicks, knee strikes, and combination punches, highlighting its high level of anthropomorphism and fluidity in movement [1][16]. - The humanoid robot's balance and recovery abilities were notably enhanced, allowing it to maintain an upright posture after being struck and to smoothly transition from a fallen position back to standing [2][20]. Summary by Sections Event Overview - The "CMG World Robot Competition" featured four teams competing with the Yushu G1 robots, which were controlled via manual, voice, and motion-sensing methods [1][14]. Motion Control Capabilities - The Yushu G1 exhibited advanced motion control, capable of performing various high-difficulty combat actions, with all movements executed through remote control based on pre-trained skills [1][16]. Software Development - The robot's skill acquisition involved two pre-training methods: real data from professional fighters and video data for imitation learning, enhancing its combat skills [3][25]. - The robot's perception system quickly locates opponents and generates executable strategies based on learned training, showcasing significant advancements in its motion control model [29]. Hardware Performance - The Yushu G1 is equipped with high-performance motors and lightweight materials, which enhance its agility and movement capabilities [4][32][33]. - The robot's self-developed joint motors provide excellent output capabilities, with a maximum torque of 120 N·m at critical joints, significantly improving its performance [32]. Industry Outlook - The humanoid robot industry is expected to accelerate its commercialization, with Yushu Technology projected to achieve a shipment of over 1,000 units by 2025 [5][35]. - The current development pace of hardware and motion control is outpacing that of the large model (brain) aspect, indicating a need for further advancements in generalization capabilities for broader task execution [35]. Investment Recommendations - The report recommends investing in companies such as Zhongda Lide, Changsheng Bearing, Aobi Zhongguang, and Huarui Precision, while suggesting attention to Shoucheng Holdings, Wolong Electric Drive, Lingyun Light, and Hanwei Technology [6][38].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company has raised its revenue guidance and shareholder returns, reflecting strong growth prospects and operational performance [7]. - The retail business has shown significant growth, leading to an upward revision of the annual revenue growth forecast from 25% to a range of 25% to 30% [7]. - The company aims to open 500 new stores in 2025, supporting its expansion strategy [7]. - The earnings forecast has been adjusted upwards, with projected net profits for 2025-2027 being 1.63 billion, 2.03 billion, and 2.46 billion RMB respectively [7]. Financial Performance Summary - Total revenue for 2023 is projected at 4.67 billion RMB, with a year-on-year growth of 106.19% [1]. - Net profit for 2023 is expected to be 737.14 million RMB, reflecting a substantial year-on-year increase of 651.42% [1]. - The company’s earnings per share (EPS) for 2023 is estimated at 1.78 RMB, with a projected P/E ratio of 43.78 [1]. - The company’s overall occupancy rate (OCC) for Q1 was 70.2%, with an average daily rate (ADR) of 418 RMB [7]. - The gross merchandise volume (GMV) for the retail business in Q1 reached 845 million RMB, showing a year-on-year increase of 70.9% [7].

证券研究报告·公司深度研究·汽车零部件 继峰股份（603997） 系列深度报告（三）：海外拐点临近，座椅加 速放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21,571 | 22,255 | 24,303 | 28,967 | 31,716 | | 同比（%） | 20.06 | 3.17 | 9.20 | 19.19 | 9.49 | | 归母净利润（百万元） | 203.88 | (566.80) | 646.47 | 1,096.72 | 1,383.64 | | 同比（%） | 114.38 | (378.01) | 214.06 | 69.65 | 26.16 | | EPS-最新摊薄（元/股） | 0.16 | (0.45) | 0.51 | 0.87 | 1.09 | | P/E（现价&最新摊薄） | 85.95 | - | 27.10 | 15.98 | 12.66 | [Table_Ta ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has raised its revenue guidance for 2025, expecting a year-on-year growth of 25% to 30%, up from the previous estimate of 25% [7]. - The retail business has shown significant growth, with a gross merchandise volume (GMV) of 845 million yuan in Q1, representing a year-on-year increase of 70.9% [7]. - The company plans to maintain its target of opening 500 new stores in 2025, with a total of 1,727 hotels as of the end of Q1, reflecting a 33% year-on-year increase [7]. - The adjusted net profit forecasts for 2025-2027 have been raised to 1.63 billion, 2.03 billion, and 2.46 billion yuan respectively, with corresponding P/E ratios of 20, 16, and 13 [7]. Financial Summary - Total revenue for 2023 is projected at 4.67 billion yuan, with a year-on-year growth of 106.19% [1]. - The net profit attributable to shareholders for 2023 is expected to be 737.14 million yuan, showing a substantial increase of 651.42% year-on-year [1]. - The earnings per share (EPS) for 2023 is estimated at 1.78 yuan, with a P/E ratio of 43.78 [1]. - The company’s total assets are projected to reach 9.66 billion yuan by 2025, with a total liability of 5.18 billion yuan [8].

证券研究报告·海外策略·美港股市场 美港股市场周报 250526 [Table_Main] 三大美股指数周度下跌超 2%，特朗普称 6 月 1 日起将对欧盟征收 50%关税 投资要点： ◼ 过去一周美股板块及个股热点事件一览：1）特朗普：对不在美国生产 的手机制造商征收 25%的关税。据财联社，特朗普表示，对不在美国生 产的手机制造商征收 25%的关税。特朗普警告称若三星产品非美国制 造，将征收 25%关税。若苹果、三星在美国建厂，将免征关税。特朗普 称将在六月底前对苹果和三星征收关税。2）美国拟向雪佛龙发放委内 瑞拉最低限度维护许可。据知情人士透露，特朗普政府正准备向雪佛龙 公司发放一份用途严格受限的许可证，允许这家石油生产商在委内瑞拉 开展必要业务的最低限度维护工作。3）甲骨文将砸 400 亿美元采购英 伟达芯片，为"星际之门"数据中心"输血"。英国《金融时报》周五消 息称，甲骨文公司将斥资约 400 亿美元采购英伟达高性能芯片，为 OpenAI 新建的美国数据中心提供算力支持。4）传 Wolfspeed 数周内申 请破产。周三，wolfspeed 开盘暴跌 66%，一度触发临时停牌。消息面 上，据华尔街 ...

[Table_Main] 2025 年全球人工智能终端展会：直观展现 AI 应用的无限可能性 投资要点： 证券研究报告·行业点评报告·智能制造 AI+智驾产业跟踪报告 [Table_Author] 2025 年 5 月 26 日 分析师 李润泽 (852) 3982 3213 leonli@dwzq.com.hk [Table_Report] 相关报告 东吴证券（香港） 请务必阅读正文之后的免责声明部分 ◼ 2025 年全球人工智能终端展会：直观展现 AI 应用的无限可能性。5 月 22 日，以"智联万物，端启未来"为主题的 2025 全球人工智能终端展 （GAIE）在深圳会展中心（福田）拉开帷幕。AI 技术与各行业领域碰 撞出奇妙的火花，AI 智能眼镜、AI 毛绒玩偶、自动驾驶巴士、AI+医疗 设备和智能收银终端等多种应用展现 AI 的无限可能性。 ◼ AI 技术的爆发全方位提升了车路云系统技术手段。AI 技术的爆发全方 位提升了车路云系统技术手段，除了汽车智能网联化之外，车路云信息 交互变得更低时延、更为可靠、算力更大且功耗更低。智能车路协同关 键技术及装备交通运输行业研发中心主任罗瑞发认为，ETC 是仅 ...

证券研究报告·公司点评报告·科技 科技产业跟踪 [Table_Author] 2025 年 05 月 26 日 证券分析师 张一凡 (852) 3982 3212 zhangyifan@dwzq.com.hk [Table_PicQuote] 行业走势 ◼ 战略规划：2025 年收入增长目标 30%以上，2025 年研发投入预计 300 亿元。2026-2030 年研发投入指引 2000 亿元。 ◼ 风险提示：产品交付不及预期；市场竞争加剧；地缘政治风险。 [Table_ 相关研究Report] 东吴证券（香港） 请务必阅读正文之后的免责声明部分 1/10 [Table_Main] 小米发布会跟踪：人车家全生态闭环，玄戒 芯片亮相，YU7 将于 7 月正式发售 投资要点 ◼ 事件：5 月 22 日，小米 15 周年战略新品发布会举行，发布玄戒 O1 3nm 旗舰芯片、搭载玄戒 O1 的小米 15S Pro、小米平板 7 Ultra 和小米首款 纯电 SUV YU7，人车家全生态实现闭环。 ◼ 玄戒 O1 芯片：第一梯队的旗舰性能与功耗。采用第二代 3nm 制程工 艺，晶体管数量达 190 亿，芯片面积 109 ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 水污染治理从关注"老大难"到"提质增效"， 固废板块提分红+供热 IDC 拓展提 ROE 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 05 月 26 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 行业走势 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 2024/5/27 2024/9/25 2025/1/24 2025/5/25 环保 沪深300 相关研究 《《生态环境保护督察工作条例》印 发，固废板块提分红验证+供热 IDC 拓 展提 ROE》 2025-05-20 《侨银股份推进人形机器人城服应 用，固废板块提分红验证+供热 IDC 拓 展提 ROE》 2025-05-12 东吴证券研究所 1 / 24 请务必阅读正文之后的免责声明部分 重点推荐：瀚蓝环境，绿色动力，永兴股份，光大环境，粤海投资，美 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-05-27 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250525：存款"降息"或加剧银行负债端压力 若 MLF 连续加量投放，对冲"负债荒"压力，那么同业存单利率的上行 空间或有限。 海外周报 20250525：流动性与财政可持续性担忧推动 10 年期美债利率 上破 4.5% 核心观点：本周美日长债拍卖结果显示需求疲软，对美债流动性和美国财 政状况可持续性的担忧令市场一度遭遇"股债汇"三杀，10 年期美债利 率上至 4.51%，美元指数再度下破 100，美股大跌；黄金在特朗普威胁对 欧盟加征 50%关税的推动下大涨 4.8%。在中美超预期的关税谈判结果出 炉后，本周海外分析师集体上修全年美国 GDP 增长预期，下修 CPI 通胀 预期，但维持美联储 Q3 首次降息，全年降息 2 次的预期不变。向前看， 特朗普《大美丽法案》本周已于众议院获得通过，后续在参议院通过的阻 力预计较小，而法案中的减税与提高债务上限相关条款或进一步加剧市 场对美国财政状况的担忧程度。 风险提示：特朗普政策超预期；美联储 降息幅度过大引发 ...

证券研究报告 微盘相对红利短期续涨概率<5% 资金流向和中短线指标体系跟踪（十四 √ 宏观流动性与资金价格: > 公开市场操作：本期央行公开市场转为净投放,规模达9600亿元,央行已连续3月实现MLF超额续作 > 货币市场利率:央行呵护下资金面整体稳健 > 债券市场利率：债市表现有所分化,信用债强于利率债。国债收益率曲线陡峭化 》外汇市场：评级下调叠加财政可持续性担忧,美元信用根基受冲击,美元走弱的同时美债冲高。中美 利差走阔,人民币升值 √ 微观流动性与A股币场资金面:A股缩量回调,可跟踪资金净流出规模收缩 > 散户:散户情绪回升 > 杠杆资金:杠杆资金转为净流出,市场风险偏好下降 > 外资:北向成交热度边际回落,海外被动资金维持净流入,离岸沪深300ETF时隔两周转为净中购 > 公募： 偏股基金新发强度回升，主动偏股型仓位小幅上行; ETF资金连续5周净流出, 军工ETF获大幅 净申购 证券分析师:蒋珺逸 执业证书编号: S0600123040067 邮箱：jiangjy@dwzq.com.cn 2025年5月26日 の 东吴证券 证券分析师: 陈刚 执业证书编号: S0600523040001 邮箱： ...