一、行情 国内稀土开采总量控制指标增速放缓，叠加缅甸稀土矿进口情况仍不稳定，稀土供给端或难有增量。稀土磁材供需格局继续改善可 期，2025年稀土磁材有望重塑新周期。根据中国稀土行业协会，截至2025年3月25日，稀土价格指数为181.96，较2024年末上涨 11.12%；稀土价格回升，将有望带来稀土永磁材料价格的同步上涨。另外，"两新"政策驱动下，新能源汽车、家电等需求量有望增 长，进而带来稀土永磁材料需求增加。（国联民生） *免责声明：文章内容仅供参考，不构成投资建议 4月22日，环球时报援引路透社报道，美国特斯拉首席执行官埃隆·马斯克当天表示，公司的"擎天柱"（Optimus）人形机器人的量产计 划会受到中国稀土出口管制措施的影响。为此，他表示，特斯拉正在积极申请中国稀土永磁材料的出口许可。 三、机构解读 高性能钕铁硼永磁材料是机器人伺服电机的核心材料。公开资料显示，单台人形机器人通常需要40个以上伺服电机，每个电机需要50 到100克钕铁硼材料，总用量可达2至4千克。以特斯拉的"擎天柱"为例，单台机器人需要约3.5千克高性能钕铁硼。（证券时报） 马斯克预测人形机器人需求将达100亿台，远超汽车，如果机 ...

Group 1: Business Strategy and Development - The company aims to fully develop its "human-eye-folding-service" business layout in 2025, focusing on robotics, AI glasses, folding screens, and servers [3] - The acquisition of Jiangsu Keda will allow the company to transition from a Tier 2 to a Tier 1 automotive supplier, enhancing its market position and customer relationships [10][11] - The company has established a strategic partnership with the "Tiangong" robot company to provide high-quality humanoid robot hardware services [6] Group 2: Financial Performance and Projections - Jiangsu Keda's 100% equity is valued at 505 million RMB, with the company acquiring 66.46% for 332 million RMB [7] - The projected revenue for the automotive and low-altitude economy business in 2024 is 2.117 billion RMB, with Jiangsu Keda expected to contribute 899 million RMB [11] - Performance commitments for Jiangsu Keda include net profits of at least 47 million RMB, 56 million RMB, and 65 million RMB for 2025, 2026, and 2027, respectively [11] Group 3: Product and Technology Development - The company has core technological capabilities in humanoid robots, including servo motors, reducers, and motion controllers, and has experience in joint development and assembly [4][6] - In the AI glasses sector, the company focuses on key components and technology development for AR, VR, and MR devices, collaborating closely with leading global clients [4] - The company provides comprehensive solutions for folding screens, including key components like frames and thermal management solutions, catering to high-end folding screen devices [5] Group 4: Market Position and Competitive Advantage - The company operates 58 production sites and R&D centers globally, ensuring localized management and rapid response to customer needs [13] - It has established strong partnerships with major domestic consumer electronics brands, enhancing its competitive edge in the market [14] - The company has received 31 quality awards from various clients and associations, reflecting its commitment to quality and innovation [14] Group 5: Impact of External Factors - The company is not directly affected by the "equal tariffs" event, as its products are not exported to the U.S. and it has strong capabilities to manage supply chain fluctuations [12]

Core Viewpoint - Guangdong Lingyi Intelligent Manufacturing Co., Ltd. plans to acquire 66.46% of Jiangsu Keda's equity through convertible bonds and cash payment, making Jiangsu Keda a subsidiary, with an assessed value of 505 million yuan for 100% equity as of December 31, 2024 [1][2] Group 1: Acquisition Details - The final transaction price for the 66.46% equity of Jiangsu Keda is set at 332 million yuan [1] - Lingyi Intelligent Manufacturing aims to raise up to 207 million yuan by issuing shares to no more than 35 specific investors [2] Group 2: Business Impact - Jiangsu Keda, a key supplier for major automotive manufacturers like SAIC Motor and BYD, is expected to contribute net profits of 25.32 million yuan and 40.98 million yuan for 2023 and 2024, respectively [2] - The acquisition will enable Lingyi Intelligent Manufacturing to transition from a Tier 2 to a Tier 1 supplier in the automotive industry, enhancing customer loyalty and business stability [2] Group 3: Market Position and Growth - Lingyi Intelligent Manufacturing's automotive and low-altitude economy business is projected to achieve revenues of 2.117 billion yuan in 2024, reflecting a year-on-year growth of 52.90% [3] - Post-acquisition, the combined revenue of Lingyi Intelligent Manufacturing and Jiangsu Keda in the automotive sector is expected to expand rapidly, with Jiangsu Keda projected to generate 899 million yuan in revenue [3] Group 4: Industry Trends - Leading automotive companies prioritize suppliers with consumer electronics backgrounds, leveraging their mass production and cost control advantages [3] - The trend of consumer electronics firms entering the automotive sector often involves acquisitions and partnerships to integrate into the automotive supply chain [4]

"半马"赛事透露当前人形机器人短板,软硬件均有待改善。作为全球首个人形机器人半程马拉松赛事,参 赛机器人的表现透露出了当前人形机器人在软硬件上均需要做更多的改善和提升。第一个方面是"大小 脑",作为人形机器人走向通用场景最为重要的决定性因素,此次参赛机器人均未实现自主决策和运行的能 力,需要多个研发人员陪同,以遥操或引导的形式完成比赛。第二个方面是散热,由于需要长时间不间断的 运转,跑步过程中需要陪跑人员不停对机器人关节进行降温,部分机器人也因为高温出现其它问题。第三 个方面则是续航能力,真实场景下机器人的续航能力相较于实验室环境中,还是存在较大差距。 我们认为, 对于大多数人形机器人企业,目前无论是在算法还是零部件的结构设计和材料选择上,还需做更多尝试和 创新。而人形在通用领域的应用还需更长的时间去验证,短期工业场景仅是人形迈向实际应用的第一 步。 风险提示:政策实施落地不及预期、场景化落地进程不及预期、零部件降本进程不及预期、原材料价格 波动等风险。 事件: 投资建议:人形机器人的终局并非用来跑马拉松,而是在工厂、家庭、医疗、服务等领域得到应用。目前, 以优必选、乐聚为代表的国内企业在汽车工厂已取得显著进 ...

Core Insights - The first humanoid robot half marathon held in Beijing has significantly increased interest in the humanoid robot industry, with the "Tiangong Ultra" robot winning the race in 2 hours, 40 minutes, and 42 seconds, reshaping perceptions of humanoid robot capabilities [1] - The event highlighted the supply chain behind the winning robot, revealing various listed companies' involvement, although no direct collaborations with Tiangong were confirmed [2][3] Group 1: Company Developments - The Tiangong robot was developed by the Beijing Humanoid Robot Innovation Center, established in November 2023, with key stakeholders including UBTECH, Xiaomi Robotics, and Beijing Electromechanical, each holding a 28.57% stake [1] - Following the competition, UBTECH announced the establishment of a wholly-owned subsidiary in Beijing to commercialize and globally sell the Walker and Tiangong series humanoid robots [1] Group 2: Supply Chain and Partnerships - Several listed companies, including Shuanglin Co., Liancheng Precision, Honggong Technology, and others, responded to inquiries about Tiangong but did not confirm any partnerships [2][3] - The main suppliers for Tiangong include Aobo Zhongguang, which provides 3D vision sensors, and Lide Harmonic, which supplies harmonic reducers [3][4] Group 3: Technical Challenges - The humanoid robot industry faces significant technical challenges, as evidenced by the low completion rate of less than 30% in the marathon, with issues such as falls and joint overheating being prevalent [6][7] - Key areas needing improvement include high-density battery packs, low-power motor drivers, and robust algorithms for dynamic obstacle recognition and path planning [7]

Core Viewpoint - The company Lianyi Intelligent Manufacturing plans to acquire a 66.46% stake in Jiangsu Keda for 332 million yuan, aiming to transition from a Tier 2 to a Tier 1 automotive supplier, enhancing its capabilities in the automotive parts industry [1][2][3]. Group 1: Acquisition Details - Lianyi Intelligent Manufacturing will issue convertible bonds and pay cash to acquire the stake in Jiangsu Keda, which will become a subsidiary post-transaction [1]. - The valuation of Jiangsu Keda's 100% equity is set at 505 million yuan, with the final transaction price for the 66.46% stake being 332 million yuan [1][3]. - The company plans to raise up to 207 million yuan through a stock issuance to support the acquisition [1]. Group 2: Strategic Objectives - The acquisition allows Lianyi Intelligent Manufacturing to quickly enter the automotive decorative parts sector, enhancing its product matrix and customer resources [2][3]. - The company aims to assist Jiangsu Keda in expanding its operations internationally, aligning with the localization strategies of automotive manufacturers [2]. Group 3: Financial Performance and Projections - Jiangsu Keda reported revenues of 815 million yuan and 899 million yuan for the fiscal years 2023 and 2024, respectively, with net profits of approximately 25.32 million yuan and 40.98 million yuan [4]. - The asset appraisal indicates a value increase of 258 million yuan, representing a 104.06% appreciation [3]. - Performance commitments have been established, with expected net profits for Jiangsu Keda set at no less than 47 million yuan, 56 million yuan, and 65 million yuan for the years 2025, 2026, and 2027, respectively [3]. Group 4: Industry Context - The automotive sector is still in a nurturing phase for Lianyi Intelligent Manufacturing, which has historically focused on precision components for Apple [5][6]. - The company is diversifying its revenue streams, with automotive and low-altitude economy businesses generating only 4.79% of total revenue in 2024, indicating significant growth potential [6][7]. - The acquisition of Jiangsu Keda is expected to enhance Lianyi Intelligent Manufacturing's revenue structure and expand its automotive business [7].

Group 1 - The Tonghuashun Fruit Index concept declined by 1.38%, ranking among the top declines in the concept sector, with companies like Lens Technology, Lante Optics, and Changying Precision experiencing significant drops [1][2] - Among the stocks in the Tonghuashun Fruit Index, only two stocks saw price increases, with Zhongshi Technology and BOE A rising by 2.20% and 0.26% respectively [1][2] Group 2 - The concept sectors with the highest gains today included Supply and Marketing Cooperatives (+3.93%), Cross-Border Payment (CIPS) (+3.65%), and Glyphosate (+3.57%), while the China AI 50 and Nvidia concept saw declines of -2.09% and -1.48% respectively [2] - The Tonghuashun Fruit Index experienced a net outflow of 587 million yuan from main funds, with 14 stocks seeing net outflows, and five stocks experiencing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 184 million yuan, followed by Goer Technology and Lingyi iTech with outflows of 165 million yuan and 61.8 million yuan respectively [2][3]

华纬科技：拟发行可转债募资不超7.15亿元 4月22日，华纬科技（001380）发布公告称，公司拟向不特定对象发行可转债募资不超过7.15亿元，扣 除发行费用后将全部用于南京原材料生产基地建设项目、华纬科技重庆生产基地建设项目、墨西哥生产 基地建设项目、华纬科技自动化立体仓库技改项目、补充流动资金。 资料显示，华纬科技成立于2005年5月，主营业务是高端弹性元件的研发、生产和销售。 所属行业：汽车–汽车零部件–底盘与发动机系统 领益智造：拟通过发行可转债及支付现金方式购买江苏科达66.46%股权 4月22日，领益智造（002600）发布公告称，公司拟通过发行可转换公司债券及支付现金的方式向常州 优融、上海迈环等8名交易对方购买其合计持有的江苏科达66.46%股权，并拟向不超过35名特定对象发 行股份募集配套资金。本次交易对价为3.32亿元。标的公司是一家专业生产汽车仪表板、副仪表板、门 护板、立柱等饰件的汽车零部件公司，拥有多家整车厂商一级供应商的资质。本次交易完成后，公司将 快速切入具备广阔市场前景的汽车饰件行业，获得汽车内外饰件系统零部件及模具的设计、制造及销售 能力，深化在汽车产业领域的布局。 资料显示 ...

Group 1 - The company, Lingyi Zhihao, announced the acquisition of Jiangsu Kedastern Automotive Technology Co., Ltd., aiming to purchase 66.46% of its shares for a total price of 332 million RMB, with an overall valuation of 505 million RMB for 100% of Jiangsu Kedastern [1][4] - Jiangsu Kedastern is a national high-tech enterprise specializing in automotive assembly products, holding 65 patents and serving major automotive manufacturers such as Chery, SAIC, BYD, and others [2][3] - The acquisition will enable Lingyi Zhihao to transition from a Tier 2 to a Tier 1 supplier, enhancing its capabilities in automotive interior and exterior components, and expanding its customer base [3][4] Group 2 - Jiangsu Kedastern has strong growth prospects, with projected net profits of 25.32 million RMB and 40.98 million RMB for 2023 and 2024, respectively, and commitments for future profits of at least 47 million RMB, 56 million RMB, and 65 million RMB for 2025, 2026, and 2027 [4] - The automotive industry is experiencing a significant shift towards smart, electric, and integrated solutions, with increasing demand for lightweight components and advanced technologies [5] - The acquisition is expected to create synergies in strategy, customer relations, and international expansion, positioning Lingyi Zhihao for rapid growth in the new energy vehicle sector [5]

Key Points - OpenAI's o3 model faces scrutiny as independent tests show a significant discrepancy in performance compared to the company's claims, raising concerns about transparency [2] - Wang Xingxing, CEO of Yush Robot, addresses criticism regarding a robot's malfunction during a live performance, attributing it to a technical error [3] - Amazon is reportedly delaying some data center leasing commitments, indicating potential impacts of economic uncertainty on tech spending [3] - JD.com's CEO Liu Qiangdong was spotted delivering food, which the company confirmed, while also addressing competition in the delivery sector [4] - Meituan refutes rumors about restricting delivery riders from working on other platforms, emphasizing their support for riders [4] - Zhiyuan Robotics launched Genie Studio, a comprehensive development platform aimed at addressing challenges faced by developers in AI [5] - CATL introduced its first sodium-ion battery product, "Sodium New," which is set to begin mass production in June [5] - Ant Group established two operational centers in Guangzhou, enhancing its digital operations in the region [6] - Xianyu initiated a support plan for small foreign trade businesses to facilitate domestic sales [7] - A new batch of gaming licenses was approved, with Tencent and NetEase among the beneficiaries [7] - Zhongbei Communication signed a 4.41 billion yuan contract for computing power services [8] - Pingzhi Information is set to win a 2.46 billion yuan GPU computing power project [8] - TSMC reported a loss of 40 billion TWD (approximately 32.1 billion RMB) from its U.S. factory over four years, marking the largest loss since its establishment [9] - Zhouming Technology plans to invest 600 million yuan in a Micro and Mini LED production base [9] - Ruishi Chuangxin restarted its IPO process for the Sci-Tech Innovation Board [10] - Lingyi Zhi Manufacturing intends to acquire a 66.46% stake in Jiangsu Keda through a combination of convertible bonds and cash [10] - Feixiang Technology completed a strategic financing round worth several hundred million yuan [11] - Qianxun Location announced a new round of financing exceeding 1 billion yuan, aimed at enhancing its capabilities in spatial intelligence [13] - Vivo launched its new flagship models, X200 Ultra and X200s, featuring advanced technology and competitive pricing [14]