Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The report emphasizes the need to focus on advanced technology and companies with safety margins due to escalating trade risks [2][15] - The report highlights the recovery in the engineering machinery sector and suggests that companies like Hengli Hydraulic and Yizhiming are well-positioned to benefit from this trend [3][4][16] - The report notes that the geopolitical risks, particularly related to U.S. tariffs on Chinese imports, necessitate attention to companies with overseas production capabilities [15][16] Summary by Relevant Sections 1. Key Companies - **Hengli Hydraulic**: As a leading player in the domestic transmission sector, it is expected to benefit from the recovery in engineering machinery. The company has completed the construction of its linear actuator project and has begun small-scale production, with a focus on increasing investment in the ball screw sector for sustained growth [3][16] - **Yizhiming**: This company, a leader in injection molding and die-casting machines, is optimizing its competitive capabilities through continuous domestic and international expansion. It is anticipated that the macroeconomic recovery will support ongoing industry demand [4][17] - **Fosda**: Specializing in deep-cooling technology equipment, Fosda is projected to achieve a net profit of 258-295 million yuan in 2024, reflecting a year-on-year growth of 34.97%-54.33%. The company has a robust order book and is expected to enhance its profitability through increased overseas business [5][18] - **Sande Technology**: The company is focusing on instrument equipment and unmanned intelligent equipment, with an expected net profit of 138-152 million yuan in 2024, indicating a significant year-on-year growth of 156.81%-182.86% [8][19] - **Jiaocheng Ultrasonic**: This company is concentrating on ultrasonic equipment and solutions, with projected revenue of 580 million yuan in 2024, a year-on-year increase of 11.03% [9][20] 2. Market Trends - The report indicates that the engineering machinery sector is experiencing a recovery, with excavator sales in March 2025 reaching 29,590 units, a year-on-year increase of 18.5% [59] - The manufacturing PMI for March 2025 is reported at 50.5%, indicating a continued recovery in the manufacturing sector [29] - The report highlights the increasing demand for industrial robots, with a cumulative production of 91,088 units in the first two months of 2025, reflecting a year-on-year growth of 27.0% [51] 3. Recommendations - The report suggests focusing on key sectors such as engineering machinery (e.g., Sany Heavy Industry, LiuGong, XCMG) and humanoid robots (e.g., Hengli Hydraulic, Yizhiming) [16] - It also recommends monitoring companies with independent growth logic and strong fundamentals, such as Hengli Hydraulic and Sande Technology [16]

Group 1: Core Developments - Junsheng Group's subsidiary, Junpu Intelligent, has established a deep cooperation with Zhiyuan Robotics, leading to the formation of "Ningbo Puzhi Future Robotics Co., Ltd." and the unveiling of the "Ningbo Embodied Intelligent Robotics Innovation Center" [1] - The Ministry of Industry and Information Technology plans to conduct standard research on humanoid robots by 2025, as part of its industrial and information standards work [1] - BlueDai Technology held a product launch event for its innovative "robot integrated joint module" in the core components field [1] Group 2: Industry Trends - The robotics sector experienced short-term volatility due to tariff impacts but showed signs of recovery later in the week, indicating a potential rebound [4] - The participation of Zhiyuan Robotics' CTO, Peng Zhihui, in a national economic forum highlights the government's emphasis on embodied intelligence, suggesting a favorable environment for the robotics industry [4] - The long-term outlook for the robotics industry remains positive, with a focus on investment opportunities in core components and technologies [4] Group 3: Investment Opportunities - Investment opportunities are identified in embodied intelligence, particularly in brain models and required chip solutions, with key players including Nvidia, AIC, Horizon Robotics, and others [5][6] - Attention is drawn to embodied intelligence hardware manufacturers such as Tesla, UBTECH, and others, as well as module-level hardware suppliers and core component suppliers [8][9][10][11]

Group 1 - The A-share market saw all three major indices rise, with electronic components and power generation equipment sectors leading the gains [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) opened significantly higher, rising over 1% as of the report, with a latest circulation size of 631 million shares and a total market size of 704 million yuan [1][2] - Key component stocks such as Daotong Technology and Tianzhun Technology rose nearly 4%, while Optoelectronics increased over 3% [2] Group 2 - The U.S. Customs and Border Protection announced the exemption of tariffs on electronic products like smartphones and computers, which may alleviate price pressures for U.S. consumers and benefit major electronics companies including Apple and Samsung [2] - Huatai Securities views the tariff exemption as favorable for domestic fruit chain and PCB companies, suggesting that the core issues may shift back to overall demand and innovation pace, with optimism regarding the competitiveness and valuation recovery of Chinese enterprises [2][3] - Industrial chain analysis indicates that the impact of tariffs on the Apple supply chain and computing PCBs is largely eliminated, with expectations for recovery in product sales and supply chain pricing [3]

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robot industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [7][11]. Core Insights - The humanoid robot industry is experiencing significant developments, including partnerships and product launches, which are expected to drive long-term industrialization trends despite short-term volatility [7][11]. - The Ministry of Industry and Information Technology plans to conduct standard research on humanoid robots in 2025, highlighting the government's focus on this sector [2]. - Recent product innovations, such as the launch of the Fourier N1 open-source humanoid robot and the integrated joint module by Landai Technology, showcase advancements in core components of robotics [3][6]. Summary by Sections Industry Scale - The humanoid robot industry comprises 473 listed companies with a total market capitalization of 359.95 billion and a circulating market value of 310.07 billion [7]. Industry Index Performance - The industry has shown a performance of -13.8% over one month, 10.8% over six months, and 14.2% over twelve months, indicating a recovery trend after initial declines [9]. Investment Opportunities - The report suggests focusing on investment opportunities in key areas such as the "big and small brain" technologies and core components of humanoid robots, with specific companies highlighted for their potential [11][12]. - Notable companies to watch include Nvidia for training infrastructure, Horizon Robotics for autonomous driving chips, and Tesla for humanoid robot manufacturing [12]. Recent Events - Significant events include the establishment of Ningbo Puzhi Future Robot Co., Ltd. through a partnership between Junsheng Group and Zhiyuan Robotics, and the unveiling of the G1 humanoid robot by Yushu Technology, which demonstrates advanced combat capabilities [1][5]. - The report also notes the participation of industry leaders in economic discussions, reflecting the government's commitment to the development of embodied intelligence [4].

在盈利方面，2024 年归属于上市公司股东的净利润为 1.25 亿元，同比减少 42.05%。净利润大幅下滑， 除营收下降外，还受股份支付费用影响。报告期内，公司股份支付费用对归属于母公司所有者的净利润 影响为 1381.36 万元（已考虑相关所得税费用影响）。若剔除该费用，2024 年归属于母公司所有者的净 利润为 1.39 亿元 。 天准科技于 2009 年在苏州成立，是一家专注仪器仪表制造的企业，致力于借领先技术推动工业数字 化、智能化发展，主要服务半导体、电子、新汽车等工业领域，提供高端视觉装备产品。其业务广泛， 涵盖精密测量仪器、智能检测装备、智能制造系统、无人物流车等产品线，产品功能覆盖尺寸与缺陷检 测、自动化生产装配、智能仓储物流等工业环节。 天准科技公告，2024年营业收入为16.09亿元，同比下降2.38%。归属于上市公司股东的净利润为1.25亿 元，同比下降42.05%。公司拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证券账户中 股份为基数分配利润，向全体股东每10股派发现金红利5元（含税）。 从业务板块来看，视觉检测装备产品受光伏行业周期波动影响，收入同比下降 13.94%，成 ...

苏州天准科技股份有限公司 独立董事 2024 年度述职报告 本人王晓飞作为苏州天准科技股份有限公司（以下简称"公司"）的独立董 事，在 2024 年度任期内（2024 年 1 月 1 日至 2024 年 5 月 13 日）严格按照《公 司法》《上市公司独立董事管理办法》等相关法律法规和规章制度及《公司章程》 《独立董事工作制度》等公司制度的规定和要求，在履职期间忠实勤勉、恪尽职 守，认真出席董事会及各专门委员会会议，积极履行职责，独立自主决策，切实 维护公司和全体股东尤其是中小股东的合法权益。现将 2024 年度工作情况报告 如下： 一、基本情况 （一）个人工作履历、专业背景以及兼职情况 本人王晓飞，毕业于天津大学仪器科学与技术专业，博士研究生学历。1991 年 12 月-2007 年 9 月，任职于江苏省计量测试技术研究所，先后担任长度室检 定员、副主任、主任；2007 年 10 月至今，任职于江苏省计量科学研究院，先后 担任机械所副所长、科技发展部副部长、国家精密机械加工装备产业计量测试中 心筹备处副主任、总工程师办公室副主任、规划管理科副科长；2010 年至今， 先后担任中国合格评定国家认可委员会实验室 ...

苏州天准科技股份有限公司 独立董事 2024 年度述职报告 本人李明作为苏州天准科技股份有限公司（以下简称"公司"）的独立董事， 在 2024 年度任期内（2024 年 1 月 1 日至 2024 年 5 月 13 日）严格按照《公司法》 《上市公司独立董事管理办法》等相关法律法规和规章制度及《公司章程》《独 立董事工作制度》等公司制度的规定和要求，在履职期间忠实勤勉、恪尽职守， 认真出席董事会及各专门委员会会议，积极履行职责，独立自主决策，切实维护 公司和全体股东尤其是中小股东的合法权益。现将 2024 年度工作情况报告如下： 一、基本情况 （一）个人工作履历、专业背景以及兼职情况 本人李明，毕业于上海大学机械制造专业，硕士研究生学历。1984 年 7 月 -1994 年 5 月，任职于上海工业大学，先后担任助理工程师、工程师；1994 年 5 月至 2023 年 1 月，任职于上海大学，先后担任副研究员、研究员；2023 年 2 月 上海大学退休；2014 年 8 月-2021 年 3 月，担任上海克来机电自动化工程股份有 限公司独立董事；2022 年 10 月至今，担任深圳市中图仪器股份有限公司独立董 ...

Group 1 - The company's operating revenue for 2024 is 1.609 billion yuan, representing a year-on-year decrease of 2.38% [1] - The net profit attributable to shareholders of the listed company is 125 million yuan, showing a year-on-year decline of 42.05% [1] - The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares to all shareholders, based on the total share capital after deducting shares in the repurchase special securities account [1]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has shown a positive performance, with a 0.97% increase as of April 11, 2025, and notable gains in constituent stocks such as Chipsea Technology (688595) up 8.19% and Lanqi Technology (688008) up 5.29% [3][4]. Performance Summary - The Sci-Tech AI ETF (588790) has experienced a 0.91% increase, marking its fourth consecutive rise, with a latest price of 0.55 yuan. Over the past three months, the ETF has accumulated a 7.70% increase, ranking 2nd among comparable funds [3][4]. - The ETF's liquidity is strong, with an intra-day turnover of 4.12% and a total transaction volume of 1.08 billion yuan. The average daily transaction volume over the past week is 3.94 billion yuan, leading among comparable funds [3][4]. - In terms of scale, the ETF has seen a significant growth of 26.96 million yuan over the past two weeks, ranking 1st among comparable funds. Additionally, the ETF's share count increased by 36 million shares in the past week, also ranking 1st [3][4]. Return and Risk Metrics - Since its inception, the Sci-Tech AI ETF has achieved a highest monthly return of 15.59%, with an average monthly return of 15.59% and a monthly profit probability of 69.57%. The probability of making a profit over a three-month holding period is 87.50% [4]. - The ETF has a relative drawdown of 0.36% compared to its benchmark since inception, indicating a relatively stable performance [4]. Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in its category [4]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.010% over the past month, the best among comparable funds [4]. Top Holdings - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech AI Index account for 70.57% of the index, including Lanqi Technology (688008) and Chipsea Technology (688521) [5][7]. Industry Insights - The semiconductor and AI sectors are expected to accelerate their domestic production processes due to ongoing global trade tensions. Key areas of focus include advancements in semiconductor technology and the growth of domestic AI models [7].

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" with a recent performance of -2.51% compared to the Shanghai Composite Index's -1.37% [3][8]. Core Insights - The mechanical equipment sector has shown a mixed performance, with all sub-sectors experiencing declines this week, although the declines were less severe than the overall market [3][8]. - The human-shaped robot market is experiencing strong demand, with significant investments in software-driven domestic robots, indicating a potential growth area [3][31]. - The semiconductor equipment sector is advised to focus on domestic substitution, especially companies closely tied to major wafer foundry clients and those achieving breakthroughs in advanced process nodes [3][37]. - The engineering machinery sector is expected to benefit from domestic demand and the "Belt and Road" initiative, with limited exposure to U.S. tariffs [3][41]. - The renewable energy equipment sector, particularly wind power, is highlighted for its strategic value and growth potential, with strong order visibility and international project wins [3][41]. Summary by Sections Section 1: Market Performance - The mechanical equipment sector underperformed the Shanghai Composite Index by 1.14 percentage points this week, with all sub-sectors declining [3][8]. - The sector's PE-TTM valuation decreased by 4.61%, with notable declines in metal products and general equipment sub-sectors [3][16]. Section 2: Company Developments - The launch of new collaborative robots and advancements in solid-state battery technology are drawing market attention, indicating innovation within the sector [31][39]. - Companies like Yuanshu Technology and Cheng Tian Technology are making strides in the exoskeleton robot market, showcasing strong consumer interest and demand [32][35]. Section 3: Sector Opportunities - The semiconductor equipment sector is advised to pivot towards domestic alternatives, especially in light of recent tariff impacts [3][37]. - The engineering machinery sector is positioned to benefit from strong domestic sales and limited exposure to U.S. markets, presenting a favorable investment opportunity [3][41]. - The renewable energy equipment sector, particularly in wind energy, is noted for its defensive attributes and growth potential, with significant order inflows expected [3][41].