证券代码：688003 证券简称：天准科技 公告编号：2025-026 苏州天准科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 05 月 19 日 （二） 股东大会召开的地点：江苏省苏州市高新区五台山路 188 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 102 | | --- | --- | | 普通股股东人数 | 102 | | 2、出席会议的股东所持有的表决权数量 | 104,351,058 | | 普通股股东所持有表决权数量 | 104,351,058 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 54.2415 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 54.2415 | （四） ...

浙江六和律师事务所 关于苏州天准科技股份有限公司 2024年年度股东大会的 法律意见书 浙六和法意（2025）第0638号 致：苏州天准科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共和 国证券法》（下称"《证券法》"）和中国证券监督管理委员会发布的《上市公 司股东大会规则》（下称"《规则》"）等法律、法规、规范性文件以及《苏州 天准科技股份有限公司章程》（下称"《公司章程》"）的规定，浙江六和律师 事务所（下称"本所"）接受苏州天准科技股份有限公司（下称"公司"）董事 会的委托，指派吕荣律师、李卉律师（下称"本所律师"）出席公司于2025年5 月19日14:30在江苏省苏州市高新区五台山路188号公司会议室召开的2024年年 度股东大会（下称"本次股东大会"），对本次股东大会的召集、召开程序、出 席会议人员资格、会议表决方式和程序以及会议决议的有效性等事宜出具本法律 意见书。 本所律师同意将本法律意见书随公司本次股东大会决议一并公告，并依法对 本法律意见书承担相应的责任。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，现就本 次股东大会出具法律意见如下： 一、 ...

Group 1 - The A-share market experienced narrow fluctuations today, with the robotics sector showing a noticeable pullback. As of 13:55, the Robotics ETF (562500) fell by 0.57%, with constituent stocks showing mixed performance. Yawen Co. rose by 3.28%, leading the gains, while Xinjie Electric fell by 6.45%, leading the losses [1] - Over the past 20 days, the Robotics ETF has increased by over 8%. The ETF's trading volume exceeded 520 million yuan, making it the top performer among comparable funds, with a turnover rate of 3.97%, indicating active market trading [1] - Nvidia's CEO Jensen Huang stated that most robotic systems developed so far lack the necessary production scale to create sustainable momentum for innovation and progress. He predicted that all mobile devices will become robots, leading to a revolution in the industrial sector as these robots are introduced into factories [1] Group 2 - Huachuang Securities pointed out that application scenarios are key to the mass production and landing of robots. The robotics sector is transitioning from a phase of "having products but no customers" to a stage of accelerated commercial landing [2] - The B-end market, particularly in automotive manufacturing, smart logistics, and specialized industries, is showing a clear trend of early adoption, which is crucial for the commercialization of robots [2] - The Robotics ETF (562500) is the largest robotics-themed ETF in the market, closely tracking the CSI Robotics Index, which includes system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and other related companies [2]

Core Viewpoint - The article discusses the recent performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index and the implications of new U.S. regulations on AI technology exports to China, highlighting the need for domestic AI industry localization and self-sufficiency [3][4]. Group 1: Market Performance - As of May 19, 2025, the Shanghai Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 1.00%, with mixed performance among constituent stocks [3]. - Zhongyou Technology (688648) led the gains with an increase of 3.61%, while Tianzhun Technology (688003) experienced the largest decline at 4.82% [3]. - The Sci-Tech AI ETF (588790) fell by 0.86%, with a latest price of 0.58 yuan and a turnover rate of 4.16%, totaling a transaction volume of 121 million yuan [3]. Group 2: Regulatory Impact - The U.S. Department of Commerce has announced the repeal of AI diffusion rules from the Biden administration, introducing new guidelines that tighten controls on the AI industry in China, including restrictions on high-performance computing chips and AI technology services [4]. - The domestic AI industry is urged to accelerate localization and self-sufficiency in response to these regulatory changes [4]. Group 3: Fund Performance - The Sci-Tech AI ETF has seen significant growth, with an increase of 42.89 million yuan in scale over the past week, ranking second among comparable funds [4]. - The ETF's share count rose by 18.6 million shares in the same period, placing it first among comparable funds [4]. - The ETF has recorded a net outflow of 13.97 million yuan recently, but has attracted a total of 96.07 million yuan over the last five trading days [5]. Group 4: Leverage and Returns - Leverage funds have been actively buying into the Sci-Tech AI ETF, with a net purchase of 13.81 million yuan on the highest single day, bringing the latest financing balance to 64.20 million yuan [5]. - Since its inception, the ETF has achieved a maximum monthly return of 15.59% and an average monthly return of 15.59% during rising months, with a 70.97% probability of profit over three months [5]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the Shanghai Sci-Tech Innovation Board Artificial Intelligence Index accounted for 70.68% of the index, with Lanqi Technology (688008) holding the highest weight at 10.47% [6][8].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has weakened as of May 19, 2025, with mixed performance among constituent stocks [1] - Zhongyou Technology (688648) led the gains with an increase of 7.19%, while Tianzhun Technology (688003) experienced the largest decline at 4.66% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) fell by 1.57%, with the latest price at 1.13 yuan, but has seen a cumulative increase of 3.52% over the past month as of May 16, 2025 [1] Group 2 - The liquidity of the Sci-Tech Innovation Board Artificial Intelligence ETF was 2.6% during intraday trading, with a transaction volume of 20.98 million yuan [1] - The average daily transaction volume of the Sci-Tech Innovation Board Artificial Intelligence ETF over the past year was 82.25 million yuan [1] - The latest share count for the Sci-Tech Innovation Board Artificial Intelligence ETF reached 713 million, marking a new high since its inception [1] Group 3 - Minsheng Securities indicates that AI Agents are key to the software revolution, addressing the application limitations of generative AI models and advancing AI technology towards practical and intelligent applications [2] - AI Agents consist of a model, tools, and an orchestration layer, enabling autonomous goal achievement [2] - The commercialization path for AI Agents emphasizes different payment models for C-end (consumer) and B-end (business) applications, focusing on generality and extensibility for C-end, and task completion and accuracy for B-end [2] Group 4 - The future outlook suggests that the task length of AI Agents may double approximately every seven months, leading to a closed-loop development cycle where Agents can develop other Agents [2]

证券研究报告 | 行业简评报告 2025 年 05 月 18 日 马斯克确认 Robotaxi 白天出租晚上货运模式 人形机器人周报 20250518 中游制造/机械 事件 1：Skild AI 单轮融资 5 亿美元 据知悉融资谈判的人士透露，开发人工智能基础模型以操控多种机器人的 Skild AI，即将以 42 亿美元估值（不含本轮投资额）完成 5 亿美元融资。随着机器人 热潮升温，Skild AI 轮融资估值水涨船高。消息称，软银领投本轮融资，光速创 投、红杉资本、CRV 和 General Catalyst 跟投。Skild 的 AI 基础模型，能指挥 机器狗和双足人形机器人完成从家务到仓库劳动等实体任务。该公司也在向硬 件领域扩张，计划用本轮融资资金制造更多机器人。这些机器人一旦建成，将 有助于收集更多数据来优化其 AI 模型。 事件 2：华为与优必选签署合作协议，推动人形机器人工业与家庭场 景落地 华为与优必选科技在深圳正式签署全面合作协议。双方将围绕具身智能和人形 机器人领域，在产品技术研发、场景应用及产业体系等开展创新合作。协议约 定，双方将通过发挥华为昇腾、鲲鹏、华为云及大模型等能力与华为在研 ...

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robotics industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The humanoid robotics sector is experiencing significant investment activity, with multiple companies securing substantial funding rounds, indicating strong market interest and growth potential [5][10][12]. - Partnerships between major tech firms, such as Huawei and UBTECH, are expected to enhance product development and application in industrial and household scenarios, further driving industry growth [2]. - The report highlights the emergence of autonomous logistics as a rapidly deployable application for embodied intelligence, with the potential to unlock a market exceeding 100 billion [12]. Summary by Sections Investment Activities - Skild AI is set to complete a $500 million financing round at a valuation of $4.2 billion, led by SoftBank and other prominent investors, aimed at expanding its robotics capabilities [1]. - Qianjue Robotics announced the completion of a multi-million angel round financing to accelerate technology development and product iteration [3]. - Ziyuan Robotics completed a multi-million A round financing, with funds directed towards the development of its end-to-end embodied intelligence model [5]. Strategic Partnerships - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in humanoid robotics, leveraging Huawei's technological capabilities and UBTECH's expertise [2]. - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate innovation in embodied intelligence technology across various applications [4]. Market Performance - The humanoid robotics industry has shown strong performance metrics, with a notable increase in stock prices for key players, indicating robust investor confidence [17]. - The report outlines a significant increase in the number of financing events in the humanoid robotics sector, reflecting a growing interest from venture capital and institutional investors [18][20].

Core Insights - The hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization [1] - Tesla's Optimus is focusing on algorithm improvements, highlighting the importance of controllers, operational technology, chips, and data collection equipment [1] Algorithms: The Core of Embodied Intelligence - The algorithm framework is divided into two levels: the upper "brain" focuses on task-level planning and decision-making, while the lower "cerebellum" handles real-time motion planning and joint control [2] - The upper control utilizes visual-language-action (VLA) models for semantic understanding and action generation, while the lower control is transitioning from traditional model-based control to modern reinforcement learning (RL) and imitation learning (IL) [2] - Future breakthroughs in algorithms need to address challenges such as multi-modal integration, long-term task planning, and Sim-to-Real transfer [2] Data: The Foundation of Algorithm Learning - The quality and diversity of data directly impact algorithm performance, with three main sources: real data (highest precision but lowest volume), synthetic data (cost-effective but domain gap issues), and web data (large scale but requires cleaning) [3] - Real data is primarily collected through teleoperation and motion capture technologies, while synthetic data is generated via simulation platforms like NVIDIA Omniverse [3] Control Systems: The Foundation of Embodied Intelligence - There is no consensus in the industry regarding the division of humanoid robots into "brain" and "cerebellum," with the brain handling complex algorithms and data processing, and the cerebellum managing motion control [4] - The hardware consists of SoC chips, including CPU, GPU, and NPU, along with processors, storage units, communication interfaces, and I/O interfaces [4] - The software includes the operating system, middleware, and upper-layer software, with chips being the core of the controller, often utilizing NVIDIA solutions [4] Investment Opportunities in the Industry - Software is the focus for the next phase of commercialization in robotics, with Tesla's Optimus showing marginal changes primarily in algorithms [5] - Key investment targets include: - Controllers: Tianzhun Technology (embodied intelligence controllers), Zhiwei Intelligent (humanoid robot-specific controllers), Desay SV (leading vehicle domain controller) [5] - Operational technology: Huichuan Technology (PLC and drivers), Xinjie Electric (PLC), Leisai Intelligent (PC-based controllers and boards), Gokong Technology (PC-based controllers and boards), Tuosida (industrial controllers) [5] - Chips: Rockchip (SoC chips), Horizon Robotics (robotics layout) [5] - Data collection equipment: Lingyun Optical (optical motion capture equipment), Aofei Entertainment (stake in Noyton, optical-inertial integrated motion capture solutions) [5]

5月16日，A股市场早盘小幅下跌，人工智能题材低开高走翻红。科创板人工智能指数成分股中，中邮 科技、有方科技涨超7%，芯海科技、凌云光、天准科技涨超2%，当虹科技、安路科技、道通科技涨超 1%。科创板人工智能ETF（588930）过去10个交易日日均成交额7514万元，市场热度较高。 消息面上，5月15日，阿里巴巴发布2025年一季报。在AI需求的强劲推动下，阿里云收入增长继续加 速。整体来看，过去一年，阿里云收入增速从3%加速至本季度的18%。阿里云全年收入达到1180亿 元，年度收入同比增幅达到了11%。该季度内，AI相关产品收入连续第七个季度保持三位数的同比增 长。AI相关产品在众多的行业垂直领域获得广泛应用，包括互联网、零售、制造业和媒体，并越来越 侧重于增值应用。 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。 华鑫证券表示，AI板块具备显著的投资价值，主要体现在其技术演进 ...

Group 1: Financial Data Overview - In April 2025, new social financing amounted to approximately 1.16 trillion, an increase of 1.22 trillion year-on-year, with stock social financing growing by 8.7% year-on-year, and a month-on-month increase of 0.3 percentage points [11][13][14] - New credit in April was 280 billion, a decrease of 450 billion year-on-year, reflecting a weak demand in the corporate sector and a low retail demand under pressure [11][13][17] - M1 grew by 1.5% year-on-year, while M2 increased by 8.0%, with a month-on-month rise of 1 percentage point [11][13][17] Group 2: Robotics Industry Insights - The core of embodied intelligence lies in algorithms, which are divided into upper-level "brain" for task planning and decision-making, and lower-level "cerebellum" for real-time motion planning and joint control [12][10] - Data quality and diversity are crucial for algorithm performance, with real data being the primary source, supplemented by synthetic data generated through simulation platforms [12][10] - The control system serves as the foundation for embodied intelligence, with the brain executing complex algorithms and the cerebellum controlling robot movements, primarily using SoC chips [12][10] Group 3: Company Performance Highlights - Nocera's revenue in Q1 2025 increased by 130% year-on-year, reaching 381 million, with a net profit of 18 million, compared to a net loss of 142 million in the same period last year [16][19] - The sales of the core product, Acalabrutinib, grew by 89% to 311 million in Q1 2025, leading to an upward revision of the annual sales target from over 30% to over 35% growth [16][19] - The company is actively expanding its pipeline for autoimmune diseases and has submitted an IND application for its first ADC product [19][16]