消息面上，三个月前的春节，DeepSeek R1火爆出圈，让"东升西落"成为了随后一段时间的叙事和预 期。三个月后五一临近。DeepSeek R2临近发布此前市场预期的"5月发布"时间窗口。人工智能板块有望 迎来强烈催化剂。当前高层集体学习人工智能释放出强烈的政策升级信号，叠加DeepSeek R2等国产大 模型迭代节点临近，科技板块有望在政策与技术的双重驱动下重获资金关注。 4月28日，A股市场今日走势较稳，人工智能题材V型反弹，市场风险偏好快速提升。科创板人工智能指 数成分股中，恒玄科技、当虹科技、奥普特涨超3%，有方科技、寒武纪-U、中科星图、虹软科技、道 通科技涨超2%。科创板人工智能ETF（588930）市场热度较高，连续2个交易日获得资金净流入。 科创板人工智能ETF（588930）跟踪的科创板人工智能指数布局30只科创板人工智能龙头，覆盖AI产业 链上游算力、中游大模型云计算、下游机器人等各类创新应用，聚焦电子、计算机、机械设备、家电、 通信五大行业，前五大成分股合计权重47%，或具有较高的AI主题纯度和更高的弹性。 国元证券表示，国家高度重视人工智能产业的发展，长期成长空间广阔。尽管计算机行业 ...

在工业与卫星方向，当虹科技提供视频汇聚、视频感知压缩、视频分析、AI模型等产品及服务，如卫 星通信、轨道交通、煤炭、远洋船舶等行业客户。当虹端侧智能盒完美兼顾了"视频超级压缩+视觉AI 识别"双重业务需求，效果显著，召回率和准确率均超过98%。 在智能网联汽车方向，公司深度拓展车载智能娱乐座舱方向，充分发挥视频技术优势、视频创新优势、 视频生态优势、跨界合作优势，聚焦娱乐化、智能化、交互多样化，打造面向未来的All-in-One沉浸式 视听座舱体验。此外，当虹科技基于公司发布的"DeepSeek+BlackEye"多模态大模型，开展当虹座舱端 侧大模型落地，为智能座舱及智能驾驶带来了全新的智能和互动体验提升。 中证报中证网讯(记者王辉)科创板公司当虹科技近日发布2024年报。年报显示，2024年公司实现营业收 入3.07亿元；归属于母公司股东的净利润为-1.02亿元，较上年同期减少亏损额3599.55万元。毛利率达 41%，同比提升5.74个百分点，实现毛利率连续两年提升。与此同时，年报相关信息进一步显示，智能 网联汽车、工业与卫星业务等领域成为公司2024年新增长点 具体来看，工业与卫星业务、智能网联汽车业 ...

Event Essence - The first Embodied Intelligence Robot Games will be held in Wuxi on April 24, 2025, featuring leading companies like Yushu Technology, Leju Robotics, and Xiaomi, representing a competition for China's influence in the humanoid robot industry [1] Core Logic - The event serves as a technology validation platform, addressing three major commercialization pain points of humanoid robots: environmental adaptability, endurance, and cost control [2] - Wuxi hosts 60% of the robot supply chain in the Yangtze River Delta, with a concurrent "Humanoid Robot Forum" aimed at creating a closed loop of technology, standards, and scenarios, benchmarking against Boston Dynamics' Atlas and Tesla's Optimus [2] Data Anchors - Six manufacturers, including Yushu Technology and Leju Robotics, aim to produce over 1,000 units by 2025, while Tesla's Optimus targets thousands of units in 2025 and one million by 2030 [3] Industry Turning Point - The cost of Tesla's Optimus is projected to drop from 500,000 yuan in 2023 to 150,000 yuan by 2025, driven by domestic replacements in motors, sensors, and AI chips [6] - Xiaomi's CyberOne second generation boasts a 99% environmental recognition accuracy and can process 1TB of data daily, equivalent to 1,000 hours of surveillance footage [6] Scene Revolution - In industrial settings, robots are replacing 3-5 workers in automotive manufacturing and 3C assembly, with a payback period reduced to two years [7] - In domestic scenarios, the Ubiquiti Walker X can assist in elder care and children's education, with a potential price drop to 100,000 yuan leading to a market penetration increase from 0.1% to 5% [7] Economic Assessment - If humanoid robot penetration reaches 1% globally by 2030, it could replace 50 million workers, generating over 3 trillion USD in annual output [8] - China is expected to capture 40% of the global market share, leveraging its advantages in the electric vehicle supply chain and AI large models [8] Capital Arms Race - The domestic replacement of critical components is a key focus, with the localization rate of six-dimensional force sensors and LiDAR increasing from 10% to 50% [9] - Leading players are establishing ecological dominance, with Tesla's Optimus utilizing its automotive supply chain to potentially reduce production costs to 100,000 yuan by 2025 [10] - The industrial market could see single factory purchases of up to 1,000 robots, while a 5% household penetration could lead to an annual demand exceeding 7 million units in China [11] Investment Logic - From 2025 to 2027, focus on high-elasticity component manufacturers and leading production companies [13] - From 2028 to 2030, target system integrators and data service providers with rapid scene implementation [14] - Post-2030, invest in leading companies with over 20% global market share and core standard setters [15] Conclusion - The humanoid robot revolution is set to redefine global manufacturing and social division of labor, moving beyond the narrative of mechanical replacement to a focus on the value of productivity tools, consumer endpoints, and data platforms [16]

| 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 22 日│中国内地 | 计算机应用 | 当虹科技 2024 年实现营收 3.07 亿元（yoy-7.82%），归母净利-1.02 亿元 （yoy+26.05%），扣非净利-1.08 亿元（yoy+22.94%）。其中 Q4 实现营收 1.38 亿元（yoy+15.97%），归母净利-3274.34 万元（yoy+22.10%）。公司 业绩低于我们此前预期（收入/归母净利预期为 3.49/-0.34 亿元），主要由于 传媒文化业务进展逊于预期。我们认为，伴随 AI 需求释放，25 年公司传媒 文化业务的下游客户预算有望加速修复，同时看好工业与卫星、智能网联汽 两大板块的业务增长潜力，维持"买入"评级。 24 年亏损同比收窄，预计 25 年有望扭亏为盈 公司 2024 年归母净利亏损 1.02 亿元，同比收窄 26.05%，亏损收窄主要受 益于工业与卫星业务、智能网联汽车业务两大高附加值板块的加速成长，带 动公司整体毛利率同比提升 5.74pct 至 41%。2024 年公司销售/管理/研 ...

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 core viewpoint highlights the ongoing decline of the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which fell by 1.23% as of April 22, 2025, with mixed performance among constituent stocks [3] - The AI application landscape is accelerating, with significant releases from OpenAI, including the GPT-4.1 series and enhancements in AI capabilities, indicating a robust growth trajectory in AI technologies [3] - The Sci-Tech AI ETF closely tracks the performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which comprises 30 large-cap companies providing foundational resources and technologies for AI [4] Group 2 - The report from Guotai Junan Securities emphasizes the broad application of AI across various sectors, including securities research, banking, and insurance, suggesting a promising future for companies developing specialized AI models and products [4] - The Sci-Tech AI ETF has seen a significant growth in scale, increasing by 21.80 billion in the last three months, ranking it among the top in its category [4] - The ETF has also experienced a notable increase in shares, with a growth of 3,600,000 shares in the past month, placing it in the middle tier of comparable funds [4] Group 3 - Leveraged funds are increasingly investing in the Sci-Tech AI ETF, which recorded a net purchase of 1.1618 million in financing this month, indicating strong investor interest [5] - The ETF has demonstrated strong performance metrics, with a maximum monthly return of 15.59% since inception and a historical three-month holding profitability rate of 93.33% [5] - The management fee of the Sci-Tech AI ETF is competitive at 0.50%, with a custody fee of 0.10%, making it one of the lowest in its category [5] Group 4 - The top ten weighted stocks in the Sci-Tech Innovation Board Artificial Intelligence Index include companies like Lanke Technology and Chip Original, with the top ten collectively accounting for a significant portion of the index [7]

【市场复盘】 周一（2025年4月21日）AI与机器人板块双双上涨，截至收盘，科创人工智能ETF华夏(589010)上涨 1.51%，持仓股奥比中光上涨11.17%领涨，当虹科技、有方科技，云天励飞涨幅靠前。机器人ETF （562500）上涨2.63%，持仓股中奥比中光、鸣志电器、伟创电气领涨，涨幅均超8%。当日交易金额 9.78亿元，较上一交易日放大超一倍，换手率8.28%，市场交易活跃。 【热点要闻】 1.4月21日，特斯拉招聘主页显示，与机器人擎天柱（Optimus）相关的岗位数达到约80个，比以往任何 时候都多。擎天柱AI负责人Ashish Kumar、擎天柱AI高级经理Julian Ibarz等也在X平台发布动态，招贤 纳士。 2.4月21日，上海市经济和信息化委员会发布关于开展2025年新一代通用人工智能创新任务揭榜挂帅工 作的通知，共包含5个方向。其中，具身智能揭榜任务为：围绕真实场景下的自主作业、异构人形机器 人、高质量具身智能数据集、具身智能模型库，打造具身智能训练算力基础设施。面向具身大小脑、灵 巧手、关节、躯体、电池等核心零部件以及算力等关键组成部分的技术攻关；打造开源研发训练平台、 快 ...

Group 1 - The company will hold its 2024 Annual General Meeting on May 13, 2025, at 15:00 [4][6] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange voting system [4][8] - The meeting will include the review of the 2024 Independent Director's Work Report [6][20] Group 2 - The company announced a total asset impairment provision of CNY 44,062,850.42 for the year 2024 [24][27] - The impairment includes CNY 40,646,969.82 for expected credit losses on receivables and CNY 1,794,162.63 for inventory write-downs [24][25] - The impairment provision will reduce the company's consolidated profit for 2024 by the same amount [27] Group 3 - The company plans not to distribute profits for the year 2024, nor to increase capital through other means [39][40] - The decision is based on a net loss of CNY 102.19 million for the year, with retained earnings also negative [40][42] - The profit distribution plan has been approved by the board and will be submitted for shareholder approval [41][44] Group 4 - The company will participate in a collective performance briefing for the artificial intelligence and software industry on April 29, 2025 [30][32] - The briefing will be conducted via an online text interaction platform, allowing investors to submit questions in advance [32][33] - Key company executives will be present to address investor inquiries during the session [34]

证券代码：688039 证券简称：当虹科技 公告编号：2025-005 杭州当虹科技股份有限公司 2024年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、2024 年度利润分配方案内容 根据天健会计师事务所（特殊普通合伙）审计，公司 2024 年度实现归属于 上市公司股东的净利润为-10,219.47 万元,母公司实现净利润-6,866.31 万元。 截至 2024 年 12 月 31 日，合并报表未分配利润为-11,366.08 万元, 母公司未分 配利润为-3,114.22 万元。 分配利润为正、当年度实现盈利且该年度实现的可分配利润（即公司弥补亏损、 提取公积金后的税后利润）为正，现金分红后公司现金流仍可以满足公司正常生 产经营的需要。 根据以上规定，鉴于 2024 年度公司实现归属于母公司的净利润为负，同时 考虑公司目前经营发展的实际情况，为保障公司未来发展的现金需要，公司董事 会拟定 2024 年度利润分配预案为：不进行利润分配，也不进行资本公积转增股 本或其他形式的分配 ...