晨 会 纪 要 [2025]第 154 号 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 孙菲 马丽明 贺钰偲 汪炜 聂孟依 顾华昊 整理记录：汪炜 研究所今日晨会要点如下: 一、行业公司 1、公用事业行业（孙菲） 行情回顾：本周公用事业(申万)下跌 0.55%，跑输沪深 300 指数 2.92pct 根据 wind，截至 8 月 15 日，本周沪深 300 上涨 2.37%，公用事业(申万)下跌 0.55%，跑 输沪深 300 指数 2.92pct，在申万一级行业中排名第 27 位。子板块中，燃气上涨 0.47%，热力 服务上涨 0.32%，光伏发电下跌 0.09%，风电下跌 0.92%，水电下跌 1.02%，电能综合服务下 跌 1.14%，火电下跌 2.66%。 重点数据跟踪 本周现货煤价周环比小幅上升，库存回升： 国内现货：根据 wind，截至 8 月 14 日，秦皇岛动力煤(Q5500,山西产)平仓价 695 元/吨， 周环比+17 元/吨，增幅 2.51%；截至 8 月 15 日，秦皇岛煤炭库存量 567 万吨，周环比+20 万 吨，增幅 3.66%。 进口端：根据 wind，截至 ...

Investment Rating - The industry is rated as "outperforming the market" with an expected relative increase of over 10% in the next six months [38]. Core Insights - The SW power equipment sector's overweight ratio continues to decline, with a total market value of 129.79 billion yuan in Q2 2025, down 11.62% quarter-on-quarter and 22.50% year-on-year [13][14]. - The sector's market value accounts for 9.91% of the total A-share market value held by public funds, ranking third among 31 Shenwan primary industries [14]. - The concentration of holdings in the top 5, 10, and 20 stocks has increased, with respective market values of 73.96 billion, 84.77 billion, and 100.40 billion yuan, indicating a recovery in overall concentration [18]. Summary by Sections Overall Industry - The overweight ratio for the SW power equipment sector has decreased, with a current ratio of 3.98%, down 0.85 percentage points from the previous quarter [13][14]. - The total market value held by public funds in the sector is 129.79 billion yuan, reflecting a significant decline [13]. Sub-sectors - The wind power equipment sector has shown significant improvement, with a total market value of 8.16 billion yuan, up 50.84% quarter-on-quarter, while other power equipment sectors have seen declines [22][19]. - The battery, photovoltaic equipment, and grid equipment sectors have experienced a decrease in market value, with respective values of 79.27 billion, 23.05 billion, and 12.47 billion yuan, down 4.83%, 26.00%, and 21.57% [19]. Stock Trends - The top ten stocks in the SW power equipment sector include Ningde Times, Sunshine Power, and Yiwei Lithium Energy, with mixed performance; some stocks like Mingyang Smart Energy and New Era Electric have seen significant increases [29][28]. - The top ten stocks that saw the most significant increases in holdings include Aisheng Technology and JinkoSolar, primarily in the wind and photovoltaic sectors [34][31]. Investment Recommendations - The report suggests focusing on lithium battery materials due to stable growth in new energy vehicle sales, which is expected to improve the supply-demand balance [36]. - It also recommends paying attention to leading stocks in the wind power equipment sector, supported by government initiatives for large-scale wind and solar projects [36].

Core Insights - The 2025 World Humanoid Robot Games marked a significant milestone in humanoid robotics, featuring 280 top teams and over 500 robots competing, showcasing advancements in technology and performance [2] - The event highlighted the transition of robots from basic movements to complex tasks such as running and performing arts, driven by cutting-edge technologies like large models, embodied intelligence, and VLA [2] Group 1: Competition Results - In the athletics category, the champions included Lingying Technology and Utree Technology, with notable performances such as 1500 meters completed in 6 minutes 34 seconds and 400 meters in 1 minute 28 seconds [3] - Other events like the 100 meters saw the Beijing Humanoid Robot Innovation Center winning with a time of 21 seconds 5, while the 4x100 meters relay was won by Utree Technology in 1 minute 48 seconds 78 [3] - The football competitions were dominated by Tsinghua University and China Agricultural University, winning the 5V5 and 3V3 categories respectively [4] Group 2: Performance in Other Events - In field events, the long jump champion was Songyan Power with a jump of 1.468 meters, while the high jump was won by Xingdong Era at 0.95 meters [4] - The gymnastics category saw Songyan Power again excel, achieving a score of 41.60 in free gymnastics [4] Group 3: Special Performances - The performance segment featured a group dance by Hubei Guanggu Dongzhi, scoring 92.54 points, while the individual dance category was won by Utree G1 with a score of 95.40 [5] - Martial arts performances were led by PNDBOTICS with a score of 31.050, showcasing the versatility of humanoid robots in various disciplines [5] Group 4: Application Scenarios - The event also included practical applications in industrial and medical scenarios, with the Galaxy General team winning in the medical scene for drug sorting with a score of 336 points [6] - The competition illustrated the pathway from research and development to real-world applications, emphasizing the rapid advancements in humanoid robotics [6]

Group 1 - The first World Humanoid Robot Games concluded in Beijing on August 17, producing 26 champions and setting new global records in humanoid robot history [1][3] - A total of 280 teams from 16 countries participated, completing 487 events, including 21 main events and 5 peripheral events, all of which were first-time records in the history of humanoid robot development [3] - The event featured highlights such as the world's first 100-meter "sprint" for robots, a 4x100 meter relay, and the first fully AI-controlled 5v5 football match [3][5] Group 2 - In the 100-meter final, robots from Yushu Technology finished with times of 22.08 seconds and 24.53 seconds, while the robot "Tiangong" from Beijing, the only one to achieve AI autonomous running, won the championship with a weighted time of 21.50 seconds [5] - The event aimed to promote the development of humanoid robot technology and industry, using competitive sports as a means to showcase sportsmanship and the charm of sports as a universal language [5] - The closing ceremony saw the establishment of the World Humanoid Robot Sports Federation to promote the integration and progress of the humanoid robot industry globally, with the second edition of the games scheduled for August next year [7]

2025世界人形机器人运动会由北京市人民政府、中央广播电视总台、世界机器人合作组织、亚太机器人世界杯国 际理事会联合主办，北京国资公司作为赛事承办方、全球合作伙伴，目前正积极带领旗下北奥集团、国家速滑 馆、国家体育场全力开展各项筹备工作。 8月14日，全球首个以人形机器人为参赛主体的综合性体育盛会"2025世界人形机器人运动会"将在国家速滑馆"冰 丝带"正式开幕。来自16个国家的280支参赛队伍齐聚北京，将在8月15日至17日三天里围绕竞技赛、表演赛、场景 赛、外围赛四大类别共26个赛项展开487场比拼，全面展现人形机器人在智能决策、运动协作等领域的前沿成果。 距离运动会正式开幕仅剩1天，这场备受瞩目的科技盛宴已进入最后的冲刺倒计时。曾见证冰雪荣耀绽放的国家速 滑馆"冰丝带"，如今已完成华丽转身。作为2022年北京冬奥会的重要场馆，它曾承载起速滑赛事的激烈角逐与奥 运精神的传递。而今，为筹备即将启幕的全球首届世界人形机器人运动会，"冰丝带"历经全新升级改造，变身"蓝 丝带"和绿茵场，以焕然一新的姿态静待赛事开启。 目前，"冰丝带"内，机器人运动会四大比赛赛场已搭建就绪，多支参赛队伍正抓紧时间展开最后的冲刺训练 ...

Summary of Key Points from the Conference Call Industry Overview - The humanoid robot industry has shifted from short-term negative expectations to long-term optimism, influenced by the anticipated release of Tesla's V3 version, potential news from the shareholder meeting, and the possible launch of the Optimus robot in the domestic C-end market [1][2] Core Insights and Arguments - **Technological Developments**: - Overseas companies are exploring new reducer solutions, such as cycloidal pinwheel reducers, to address performance challenges of traditional harmonic reducers in heavy-load joints. Domestic manufacturers also show a preference for this technology [3][4] - Lightweight design is a crucial development direction, focusing on structural integration and material substitution (e.g., PEEK materials, magnesium-aluminum alloys) to reduce robot weight and enhance endurance and motion efficiency [1][4][6] - **Market Performance**: - The humanoid robot sector has recovered from a downturn in June, with many companies reaching new highs. Market expectations have improved, particularly regarding Tesla's upcoming V3 version and the shareholder meeting on November 6 [2][16] - **Policy and Capital Influence**: - Domestic policies have remained consistent, with significant support for the smart industry since November 2023. Local governments have established related funds, with approximately 70 billion yuan of state-owned capital invested in smart industries by July 2024 [1][8] - **Sales and Production Goals**: - Domestic humanoid robot manufacturers have generally increased their production and sales targets, with companies like UBTECH continuously raising their sales goals. Major cross-industry groups, such as those in home appliances and automotive sectors, are actively entering the humanoid robot market [9][10] Additional Important Insights - **Key Modules Development**: - The focus on "hands, eyes, brains, and scenarios" highlights the importance of key modules like dexterous hands and visual modules, which combine hardware and software to determine the final functionality and barriers to entry [11] - **Application Scenarios**: - The application potential of humanoid robots is expanding in various settings, including supermarkets, cafes, pharmacies, logistics, and power inspection, indicating a growing market for these technologies [12][13] - **Future Challenges**: - The humanoid robot industry faces two main bottlenecks: technological limitations of key components and the ability to implement solutions in real-world scenarios. Addressing these issues is essential for unlocking market demand [14] - **Market Outlook**: - The domestic market should focus on leading manufacturers and their supply chains, while the international market requires attention to marginal changes. Long-term research and investment in the "hands, eyes, brains, and scenarios" framework will be crucial for future capabilities and demand levels [15] - **Catalysts for Growth**: - Upcoming significant events, such as the release of TV3 and new product announcements from leading domestic manufacturers, are expected to catalyze the humanoid robot sector's development [16][17]

Summary of Dematech's Conference Call Industry and Company Overview - **Company**: Dematech - **Industry**: Robotics, specifically focusing on humanoid robots and automation solutions Key Points and Arguments 1. **Strategic Focus on Humanoid Robots**: Dematech is strategically positioning itself in the humanoid robot sector, emphasizing both upstream components (like screws and motors) and downstream collaborations with robot manufacturers to enhance performance in real-world applications [2][6][8] 2. **Screw Technology as a Core Component**: The company identifies screw technology as a critical component for humanoid robots due to its high load capacity, longevity, and precision, aiming to integrate this technology into their core offerings [2][7] 3. **Logistics as a Target Market**: Dematech believes that logistics scenarios are ideal for humanoid robots due to their repetitive tasks and general applicability, making it a prime market for entry [2][10][11] 4. **Collaboration with Robot Manufacturers**: The company has established close partnerships with various humanoid robot manufacturers, including Zhiyuan, to enhance training and deployment capabilities [2][9][12] 5. **Data-Driven Autonomous Work**: Dematech is focused on achieving data-driven autonomous operations, having trained nearly 30 humanoid robots and planning to explore data trading models to further business development [2][14] Additional Important Insights 1. **Global Market Strategy**: Dematech is implementing a "local for local" strategy by establishing factories in Europe, Australia, and the U.S. to mitigate trade barriers and tariffs [4][22] 2. **Product Launch Plans**: The company plans to launch new products in 2025, including lightweight and efficient components, as well as AI-integrated smart conveyors and sorting machines [4][27] 3. **Challenges in Data Collection**: The company faces significant challenges in data collection for humanoid robots, as existing data is limited and often requires extensive cleaning and annotation [17][18] 4. **Training and Adaptation of Humanoid Robots**: Training humanoid robots for logistics tasks is a complex and lengthy process, requiring substantial data accumulation and testing to ensure effectiveness [19][16] 5. **Impact of Tariffs on Business**: Dematech has managed to mitigate the impact of tariffs through local manufacturing and by diversifying its market presence beyond the U.S. to regions with lower tariffs [21][23] Future Plans and Goals 1. **Expansion of Strategic Partnerships**: The company aims to deepen collaborations with existing partners and explore new partnerships to enhance its humanoid robot offerings [15] 2. **Focus on Automation Solutions**: Dematech's long-term goal is to create fully automated logistics systems, integrating humanoid robots and automation technologies to provide comprehensive solutions [19] 3. **Market Penetration in Overseas Markets**: The company is prioritizing overseas markets for its humanoid robots, particularly in regions with high automation demand, such as Japan and Europe [24][25][26]

Group 1 - The humanoid robot technology is rapidly advancing towards full maturity, indicating the arrival of a new technological era [1] - On July 7, the Beijing Humanoid Robot Innovation Center launched an open-source motion control framework, filling a gap in the high-performance humanoid robot motion control framework in the open-source field [3] - The humanoid robot industry is experiencing heightened interest, with Zhiyuan Robotics and Yushu Technology winning a 124 million yuan order from China Mobile (Hangzhou) [3] Group 2 - The global humanoid robot market is expected to exceed 20 billion USD by 2030, with the Chinese market accounting for approximately 5 billion USD [3] - Goldman Sachs predicts that the humanoid robot market could reach 154 billion USD by 2035, indicating strong growth potential [3] - The industry is poised for a new wave of investment opportunities, particularly in companies collaborating with Huawei [4] Group 3 - Two potential stock companies have been identified for investment, with a focus on the second company, Zhenyu Technology, which has a net profit growth rate of 484.54% [4] - Zhenyu Technology is a leading enterprise in the lithium battery structural components sector, with advanced production capabilities and a strong technical foundation [4] - The first company is a leading player in the humanoid robot sector, specializing in rare earth permanent magnets, with a design capacity of 10,000 tons for neodymium-iron-boron [4] - The first company has established deep cooperation with Tesla and is a core supplier of magnetic materials for Huawei's consumer electronics [4] - The first company reported a net profit growth of 8724% in Q1 2025, with a market capitalization just over 10 billion yuan and a current stock price of 11 yuan [4]

Core Viewpoint - The first domestic 3V3 AI Robot Football League, known as RoBoLeague, will kick off on June 28 in Beijing, showcasing advanced humanoid robot technology and serving as a platform for practical data and rule validation for global humanoid robot football competitions [1] Group 1 - The event will feature four competing teams: Blaze from Beijing Information Technology University, Power from Tsinghua University Future Lab, Fire God from Tsinghua University, and Mountain Sea from China Agricultural University [1] - The competition is characterized by high-intensity matches, highlighting the cutting-edge technology in humanoid robotics [1] - The league aims to provide critical data and rule validation for the global humanoid robot football project [1]

Core Viewpoint - The 2025 World Humanoid Robot Games will be held in Beijing from August 15 to 17, marking the first comprehensive sports event focused on humanoid robots, attracting significant attention from the global robotics industry [1] Group 1: Event Overview - The event has received widespread interest since registration opened on June 6, with over 50 robot teams already registered, indicating strong enthusiasm from global robotics teams [1][3] - The event will take place at the National Stadium and the National Speed Skating Hall, building on the existing World Robot Conference [1] Group 2: Competition Structure - The competition will feature a total of 19 events divided into three main categories: competitive events, performance events, and scenario events [2] - Competitive events include 11 disciplines such as 100 meters, 400 meters, and various football formats, focusing on speed, stability, and coordination of humanoid robots [2] - Performance events consist of single and group dance competitions, assessing real-time coordination capabilities [2] - Scenario events will include six tasks related to factory and hospital settings, evaluating the precision and intelligence of humanoid robots in practical applications [2] Group 3: Participation and Engagement - The registered teams include top universities and high-tech companies from China, as well as international participants from the US and Europe, showcasing a diverse and global representation [3] - The organizing committee has prepared meticulously for the event, ensuring smooth operations in venue setup, equipment testing, and rule formulation [3] - The event will be broadcasted live through a combination of online and offline methods, allowing a global audience to experience the competition [3]