Investment Rating - The report maintains a positive outlook on the humanoid robot industry, emphasizing the importance of software development for commercialization [3][4]. Core Insights - The report identifies that the hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization. It highlights the need for advancements in algorithms, data, and control systems to drive the industry forward [3][5][6]. Summary by Sections 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 [3][11][18]. - The report discusses the evolution of control algorithms, noting a shift from traditional methods to modern approaches like reinforcement learning (RL) and imitation learning (IL) [3][19][29]. - The VLA (Vision-Language-Action) model is highlighted as a significant advancement in upper-level control, enabling robots to understand and execute tasks through natural language processing [3][36][40]. 2. Data: The Foundation of Algorithm Learning - Data quality and diversity are crucial for algorithm performance, with sources categorized into real data, synthetic data, and web data. Real data is the most accurate but least abundant [3][74][76]. - The report emphasizes the importance of remote operation and motion capture technologies for collecting high-quality real data [3][79]. 3. Control Systems: The Foundation of Embodied Intelligence - The control system is described as the "brain" of humanoid robots, consisting of hardware (SoC chips, CPUs, GPUs, NPUs) and software components [3][3][3]. - The report notes that the industry lacks a unified consensus on the structure of the "brain" and "cerebellum" in humanoid robots, which are essential for executing complex algorithms and tasks [3][3][3]. 4. Investment Opportunities - The report identifies several key companies in the humanoid robot industry worth monitoring, including: - Controller segment: Tianzhun Technology, Zhiwei Intelligent, Desay SV [4][4]. - Motion control technology: Huichuan Technology, Xinjie Electric, Leisai Intelligent, Gokong Technology, Tosida [4][4]. - Chip manufacturers: Rockchip, Horizon Robotics [4][4]. - Data collection equipment: Lingyun Optical, Aofei Entertainment [4][4].

Group 1 - The China Robot Index decreased by 1.53% as of May 15, 2025, with mixed performance among constituent stocks, where *ST Xinyuan led with a 2.14% increase, and Yanmian Technology experienced the largest decline [1] - The Robot Index ETF (159526) saw a turnover of 2.25% during the trading session, with a transaction volume of 13.38 million yuan, and it ranked among the top three in average daily trading volume over the past week [3] - The top ten weighted stocks in the China Robot Index accounted for 50.38% of the index, with notable companies including Huichuan Technology and Keda Xunfei [3] Group 2 - The rapid evolution of technologies such as artificial intelligence and embodied intelligence is driving robots from traditional industrial applications to broader consumer and life scenarios, enhancing social efficiency [4] - The robot sector is expected to experience long-term growth opportunities due to strong policy support and market demand, alongside high valuation elasticity [4] - Recent strategic partnerships, such as between Yujian Technology and Tencent, as well as Huawei's collaboration with Ubtech, indicate a focus on humanoid robot technology and innovation in various application scenarios [3]

苏州天准科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688003 证券简称：天准科技 苏州天准科技股份有限公司 2024 年年度股东大会会议资料 2025 年 4 月 苏州天准科技股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会 目录 | 2024 年年度股东大会会议须知 3 | | --- | | 2024 年年度股东大会会议议程 6 | | 议案一：关于公司符合向不特定对象发行可转换公司债券条件的议案 9 | | 议案二：关于公司向不特定对象发行可转换公司债券方案（修订稿）的议案 10 | | 议案三：关于公司向不特定对象发行可转换公司债券预案（修订稿）的议案 19 | | 议案四：关于公司向不特定对象发行可转换公司债券的论证分析报告（修订稿） | | 的议案 20 | | 议案五：关于公司向不特定对象发行可转换公司债券募集资金使用可行性分析 | | 报告（修订稿）的议案 21 | | 议案六：关于制定可转换公司债券持有人会议规则的议案 22 | | 议案七：关于公司向不特定对象发行可转换公司债券摊薄即期回报、采取填补 | | 措施及相关主体承诺（修订稿）的议案 ...

Summary of Key Points from Conference Call Records Industry Overview - The electronic sector showed mixed performance with the CSI 300 index increasing by 0.61%, the electronic index rising by 0.07%, while the semiconductor index decreased by 0.43% and the consumer electronics index fell by 0.46% [1][1][1]. Key Companies and Their Performance - **Cambricon Technologies**: Increased by 1.95%, attributed to orders from ByteDance and Alibaba [1]. - **Aojie Technology**: Decreased by 6.64%, possibly influenced by a new indicator for computing chips that sets requirements for total DRAM bandwidth and IO bandwidth, affecting domestic companies using chips from TSMC and Samsung [1]. - **Siyuan Technology**: Decreased by 3.1% and **Naxin Micro** decreased by 3.3%, indicating a market correction [1]. - **Zhongke Feimiao**: Increased by 1.4% and **Tianzhun Technology** increased by 1.9%, following announcements of sample deliveries or orders for wide-spectrum bright field technology [2]. - **Hynix**: Announced a reduction in DDR4 production capacity, following Samsung's plan to cease DDR4 orders by June 2024 and fully stop production by the end of 2025 [2]. - **OpenAI**: Plans to significantly increase investment overseas for its $500 billion Stargate project, focusing on AI infrastructure [2]. - **Samsung Electronics**: Plans to start mass production of LEDoS around 2027, with the MX department expected to release the first generation of smart glasses next year [2]. Strategic Developments - **Jingzhida**: Announced a share buyback of 569,000 shares, totaling 40.16 million yuan, with plans to repurchase between 30 million to 50 million yuan [2]. - **Zhaoyi Innovation**: Potential collaboration with international SoC leaders, indicating the company's products have international competitiveness [2]. Recommendations and Future Outlook - **Jingzhida**: Recommended due to excellent FTCP testing rates and strong ties with Changxin, with potential for significant growth [3]. - **Smart Glasses Sector**: Anticipated releases from Xiaomi, Samsung, and Meta in the coming months, suggesting a favorable market for companies like Tianyue Advanced, Crystal Optoelectronics, and others [3]. - **Ascend Chain**: Rapid advancements in domestic computing technology, with the 910C 384 super node competing with GB200 NVL72, indicating growth potential in the industry [3]. Additional Companies to Watch - Companies highlighted for potential investment include Huafeng Technology, Nanya New Materials, Chipbond Technology, and Shenzhen South Circuit [4].

Core Viewpoint - The article discusses the performance and trends of the Sci-Tech Innovation Board Artificial Intelligence Index and the related ETF, highlighting the impact of government policies and market dynamics on the AI sector in China [2][3][4]. Group 1: Market Performance - As of May 7, 2025, the Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 0.17%, with mixed performance among constituent stocks [2]. - Notable gainers included Zhongke Xingtou (688568) up by 6.17%, Youfang Technology (688159) up by 3.31%, and Cambricon (688256) up by 2.71% [2]. - Conversely, Tianzhun Technology (688003) led the declines at 3.05%, followed by Chipone (688521) down 2.57% and Anheng Information (688023) down 2.39% [2]. Group 2: ETF Performance - The Sci-Tech AI ETF (588790) showed a recent price of 0.6 yuan, with a cumulative increase of 6.71% over the past two weeks [2]. - The ETF's trading volume was notable, with an 8.62% turnover and a total transaction value of 249 million yuan [2]. - The ETF's total assets reached 2.862 billion yuan, marking a new high since its inception, ranking it in the top 1/6 among comparable funds [3]. Group 3: Fund Inflows and Leverage - The Sci-Tech AI ETF experienced a significant increase in shares, growing by 36.3 million shares over the past two weeks, placing it in the top 1/6 for comparable funds [4]. - The ETF saw a net inflow of 84.6078 million yuan, with five out of the last seven trading days recording net inflows totaling 227 million yuan [4]. - Leveraged funds have been actively buying into the ETF, with a maximum single-day net purchase of 13.8065 million yuan, bringing the latest financing balance to 57.3333 million yuan [4]. Group 4: Historical Returns and Fees - Since its inception, the Sci-Tech AI ETF has recorded a maximum monthly return of 15.59%, with an average return of 15.59% during rising months and a 95.65% probability of profit over three months [4]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [6]. - The tracking error over the past two months was 0.012%, indicating high tracking precision compared to similar funds [6]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Artificial Intelligence Index accounted for 70.68% of the index, with notable companies including Lanke Technology (688008) and Cambricon (688256) [6][8]. - The top ten stocks include a mix of gainers and losers, reflecting the volatility in the AI sector [8].

天准科技 半导体业务进展电话会要点更新【财通机械佘炜超团队】 3款设备分别为TB1000，TB1500，TB2000，制程覆盖高中低，通常验证周期1年左右；对标 KLA2367（1000），2835（1500），2935（2000） 明场产品定位及竞争力？ 设备单价仅次于光刻机，难度很高，KLA卖的很贵，对终端产品良率提升起关键作用，可以找到缺陷，帮助工艺 工程师发现并解决问题。 公司明场检测设备产品线规划？ 3款设备分别为TB1000，TB1500，TB2000，制程覆盖高中低，通常验证周期1年左右；对标 KLA2367（1000），2835（1500），2935（2000） 明场产品定位及竞争力？ 设备单价仅次于光刻机，难度很高，KLA卖的很贵，对终端产品良率提升起关键作用，可以找到缺陷 天准科技 半导体业务进展电话会要点更新【财通机械佘炜超团队】 公司明场检测设备产品线规划？ 何时收入上市公司体内？ ？ 注入上市公司是矽行成立开始就定下的计划，要等矽行对上市公司报表不太会产生过大影响，公司也在研究怎么 去做这件事情，只要矽行有足够订单，公司会尽快收入体内 人形机器人域控制器情况？ 去年年底到现在目前订单 ...

消息面上，5月7日早，央行在国新办举行的新闻发布会上宣布，降准0.5个百分点，向市场提供长期流 动性约1万亿元，并降低政策利率0.1个百分点。同时增加3000亿元科技创新和技术改造再贷款。无论是 降准降息还是科技创新再贷款，都对依靠融资进行研发投入的科技成长股形成利好，人工智能科技主线 有望爆发。 5月7日，A股市场有望高开，万得全A指数现涨0.74%，人工智能题材股全面爆发。科创板人工智能指 数成份股中，有方科技、天准科技涨超5%，萤石网络、云从科技-UW、芯海科技、当虹科技涨超2%， 中邮科技、金山办公涨超1%。科创板人工智能ETF（588930）过去20个交易日超7000万元，市场热度 较高。 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 链上游算力芯片、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，前五大成份股合计权重47%，或具有较高的AI主题纯度和更高的弹性。 广发证券表示，AI板块的投资价值在于其基础设施的不断完善和用户基础的持续扩大，这两大因素共 同促进了AI在多个领域的创新应用。例如，在 ...

Core Viewpoint - The A-share market is experiencing a significant rebound, particularly in the robotics sector, with the Robotics ETF (159213) showing strong performance and a notable increase in component stocks [1][2]. Group 1: Robotics Market Performance - The Robotics ETF (159213) has surged over 2% since its listing, with a trading volume of 534,500 and a turnover rate of 26.43% [1]. - The underlying index of the Robotics ETF has increased by 2.14%, with nearly all component stocks rising, including notable gains from companies like Xinjie Electric and Haimeixing [1]. Group 2: Positive Developments in Robotics - Recent advancements in AI technology, such as the release of DeepSeek-Prover-V2-671B and Alibaba's Qwen3 model, are expected to enhance robotics capabilities [2]. - The successful application of exoskeleton robots in Taishan Scenic Area demonstrates the practical benefits of robotics, including significant physical exertion savings for users [2]. - The eighth Digital China Construction Summit has signed 455 key digital economy projects with a total investment of 228 billion yuan, indicating strong governmental support for robotics and AI [2]. - Industrial robot production in cities like Hangzhou and Ningbo has seen growth rates of 62.7% and 63.2%, respectively, while service robot production in Suzhou has surged by 165% [2]. Group 3: Human-like Robots and Industry Growth - Human-like robots are viewed as a transformative product, with significant investments from leading companies accelerating the industrialization process [3][4]. - The human-like robot industry in China is projected to grow rapidly, reaching a market size of 3.91 billion yuan in 2023, with an annual growth rate of 85.7% [4]. - By 2026, the human-like robot market in China is expected to exceed 20 billion yuan, driven by increasing demand and technological advancements [4]. Group 4: Supply Chain and Component Demand - The demand for components such as precision screws and lightweight materials is anticipated to rise with the proliferation of human-like robots [5]. - The introduction of lightweight materials like PEEK is crucial for enhancing robot performance, with Tesla's Optimus-Gen2 robot demonstrating a weight reduction of 10 kg while improving speed [5]. - The market for planetary roller screws is expected to see significant growth, with projections indicating a potential increase in demand driven by human-like robot production [5][6]. Group 5: Investment Opportunities - The Robotics ETF (159213) provides investors with a comprehensive tool to access various segments of the robotics industry, including upstream hardware, midstream system integration, and downstream applications [7].

Group 1 - The core viewpoint is that the robotics industry is accelerating its industrialization process, with a focus on T-chain robotics and highly intelligent main engine manufacturers [2] - The China Securities Index for robotics (H30590) has seen a strong increase of 2.34%, with notable individual stocks like Xinjie Electric (603416) rising by 10.00% and Haimu Star (688559) by 7.61% [1] - The Robot ETF fund (562360) has also experienced a rise of 2.36%, marking its third consecutive increase, with a latest price of 0.95 yuan [1] Group 2 - The market is beginning to recognize the scarcity of full-loop capabilities in both hardware and software for domestic humanoid robots, which have shown significant technological breakthroughs [2] - Concerns regarding tariff issues have eased, leading to a potential rebound for T-chain stocks [2] - Experts indicate that while hardware is relatively easier to solve, the real challenge lies in developing highly intelligent general-purpose AI models for humanoid robots [2]

Group 1 - The A-share market indices experienced an overall increase, with the robotics concept remaining active, particularly the robotics index ETF (159526) rising by 1.83% [1] - Notable stocks in the robotics sector included Xinjie Electric, which rose over 7%, and Tianzhun Technology and Haimeixing, both increasing by over 6% [1] - The introduction of exoskeleton robots in various scenic spots has gained popularity among tourists, showcasing the potential of this technology [1] Group 2 - The exoskeleton robots utilize advanced technologies such as artificial intelligence, sensing, ergonomics, power, and electronics, with multiple A-share listed companies contributing to the industry chain [1] - Experts indicate that the market potential for exoskeleton robots is significant, with applications expanding in medical rehabilitation, military, industrial, and transportation sectors [1] - The application of lightweight materials, such as carbon fiber, in exoskeleton robots is crucial for enhancing movement efficiency, flexibility, and endurance, making it a key technological direction for future iterations [2] Group 3 - The current joint structure of humanoid robots is not fully developed, indicating substantial room for improvement in the future [2] - The diverse functional demands of humanoid robots suggest that specific performance requirements will guide motor design, highlighting the importance of new material development in this process [2]