每经AI快讯，有投资者在投资者互动平台提问：你好，请问公司的人形机器人是否还仅限于概念中， 并无实质性的进展？ 领益智造（002600.SZ）7月31日在投资者互动平台表示，公司目前在人形机器人机加工结构件、核心零 部件、关节等模组、整机组装与应用落地开发方面已都具备订单。 （文章来源：每日经济新闻） ...

经济观察网7月31日，领益智造（002600）在深交所互动平台表示，公司的人形机器人业务已逐步产生 收入，涉及到各类机加工结构件、核心零部件、关节等模组、整机组装等全链路环节。 ...

Group 1 - The company provides a one-stop service for core components and modules, including lead screws, reducers, joints, and complete hardware ODM services [1] - The company has established a global and comprehensive processing and assembly factory for components, forming a complete product matrix for machined structural parts [1] - In addition to the existing capacity, the company is planning to accelerate the construction of humanoid robot production lines and R&D facilities, aiming to create a one-stop solution platform for embodied intelligent hardware [1]

Core Viewpoint - Company has established strategic partnerships with multiple domestic and international humanoid robotics companies, indicating a strong position in the smart manufacturing sector [1] Group 1 - Company has reached strategic cooperation agreements with Zhiyuan Robotics, Beijing Humanoid Robotics Innovation Center, and Qiangnao Technology among others [1] - Company has received hardware orders from humanoid robot clients both domestically and internationally [1] - Some client and cooperation information is subject to confidentiality agreements, limiting disclosure [1]

格隆汇7月31日丨领益智造(002600.SZ)在互动平台表示，公司的人形机器人业务已逐步产生收入，涉及 到各类机加工结构件、核心零部件、关节等模组、整机组装等全链路环节。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Viewpoints - The report highlights that the increasing power density of electronic devices, driven by the proliferation of technologies such as 5G, AI, and IoT, is leading to significant thermal management challenges. The thermal flow density is approaching 100W/cm², necessitating advanced thermal management solutions to ensure system reliability [1][16][24]. Summary by Sections 1. Thermal Management Challenges - The report discusses the exponential increase in electronic component failure rates with rising temperatures, noting that a 10°C increase can lead to a 50% increase in failure rates [1][16]. - It emphasizes that traditional thermal management systems are nearing their physical limits, making the development of efficient thermal management solutions critical for the evolution of computing power [24]. 2. Passive Cooling Solutions - The report identifies limitations in traditional passive cooling methods, such as metal heat sinks and graphite materials, which struggle with heat transfer efficiency in high-density applications [2][33]. - Vapor Chamber (VC) technology is highlighted as a promising passive cooling solution due to its superior thermal conductivity and ability to meet the demands of increasingly compact electronic devices [2][33]. 3. Active Cooling Solutions - Liquid cooling is presented as a viable solution to overcome the limitations of forced air cooling, with applications in both cloud data centers and consumer electronics [3][4]. - The report notes that the liquid cooling market for data centers is projected to reach $9.231 billion by 2031, indicating significant growth potential [4]. 4. Market Size and Industry Chain - The global market size for VC technology is projected to be $1.089 billion in 2024, with substantial applications across consumer electronics and data centers [4]. - The report outlines the industry chain for VC technology, including upstream raw materials and production equipment, and downstream applications in various sectors [4]. 5. Beneficiary Companies - The report lists several companies that are expected to benefit from advancements in thermal management technologies, including Feirongda, Suzhou Tianmai, and others [5].

Group 1 - The company, Lingyi Zhizao, announced on July 31 that it has established strategic partnerships with several domestic and international intelligent robotics companies, including Zhiyuan Robotics, Beijing Humanoid Robot Innovation Center, and Qiangnao Technology [1] - The company has secured hardware orders from humanoid robot clients both domestically and internationally [1]

Group 1 - The liquidity of the rare earth ETF managed by Jiashi has a turnover rate of 5.48%, with a half-day trading volume of 232 million yuan. Over the past week, the average daily trading volume reached 441 million yuan, ranking first among comparable funds [3] - The latest scale of the Jiashi rare earth ETF has reached 4.295 billion yuan, marking a new high since its establishment and ranking first among comparable funds. The latest share count is 2.991 billion shares, also a new high [3] - The Jiashi rare earth ETF has seen continuous net inflows over the past eight days, with a maximum single-day net inflow of 191 million yuan, totaling 1.045 billion yuan [3] - As of July 30, 2025, the Jiashi rare earth ETF has achieved a net value increase of 75.46% over the past year, ranking 114 out of 2941 in the index stock fund category, placing it in the top 3.88% [3] - The Jiashi rare earth ETF has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly increase being four months and the longest cumulative increase being 83.89% [3] - The average monthly return during the rising months is 9.69%, and the annualized excess return over the benchmark for the past three months is 14.88% [3] - As of June 30, 2025, the top ten weighted stocks in the CSI Rare Earth Industry Index account for 55.58% of the total weight, including Northern Rare Earth, China Rare Earth, and China Aluminum [3] Group 2 - Guojin Securities suggests that disturbances in Myanmar's mining sector may further drive up rare earth prices, with the price of praseodymium and neodymium oxide rising by 7.23% to 513,200 yuan per ton last week [4] - The strategic resource prices are expected to be re-evaluated due to supply contraction, and the implementation of management regulations is anticipated to benefit leading state-owned enterprises, leading to a dual increase in performance and valuation in the rare earth sector [4] - According to Caitong Securities, the long-term control of the entire rare earth industry chain and supply tightening will make prices easier to rise but difficult to fall. High smelting costs overseas are expected to support price differentials, raising price expectations and re-evaluating the strategic value of rare earths [4] Group 3 - The stock performance of the top ten companies in the rare earth sector shows varied results, with Northern Rare Earth declining by 5.03% and China Rare Earth by 1.93%, while Lingyi Zhi Zao increased by 0.56% [6] - Investors can also consider the Jiashi Rare Earth ETF connecting fund (011036) to seize investment opportunities in the rare earth sector [6]

Group 1 - The core viewpoint of the article is that the company, Lingyi Technology, has begun to generate revenue from its humanoid robot business, indicating progress in this sector [1] Group 2 - The humanoid robot business involves various aspects such as machining structural components, core parts, joints, and complete assembly, covering the entire supply chain [1]

Industry Insights - The Chinese stock market is experiencing a pullback, with sectors such as consumer discretionary, information technology, and finance leading the decline, while energy, consumer staples, and telecommunications sectors with high dividend yields are rising [2] - The political bureau meeting has set the tone for the second half of the year, focusing on boosting consumption and addressing internal competition, signaling a shift towards economic rebalancing [2][3] - The global AI glasses market is expected to grow significantly, with Ray-Ban Meta showing strong sales performance and Xiaomi setting ambitious shipment targets, indicating a robust growth trajectory for the AI glasses supply chain [3] Company Insights - New Oriental reported a 19% year-on-year increase in net revenue for Q4 FY25, reaching $1.09 billion, exceeding company guidance, while non-GAAP net profit grew by 59% to $98 million, driven by cost optimization measures [4] - For FY26, New Oriental anticipates total revenue growth of 5%-10%, reaching between $5.15 billion and $5.39 billion, which is below consensus expectations due to macroeconomic uncertainties and increased competition [4] - The target price for New Oriental has been adjusted down to $70 from a previous $76, maintaining a "Buy" rating despite the downward revision in revenue forecasts [4]