分析师声明：本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格，以勤勉的执业态度、专业审慎的研究方法，使用合法合规的信息，独立、客观地出具本报告，本报告所采用的数据和信息均来自市场公开信息，本人对这些信息的准确性或完整性不做任何保证，也不保证所包含的信息和建议不会发生任何变更。报告中的信息和意见仅供参考。本人过去不曾与、现在不与、未来也将不会因本报告中的具体推荐意见或观点而直接或间接收任 何形式的补偿，分析结论不受任何第三方的授意或影响，特此声明。 | 华安研究 2025年12月金股组合 | 归母净利润（百万元） | 归母净利润增速 | 营业收入（百万元） | 营业收入增速 | eps | pe(其余有说明) | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The article discusses the significant asset restructuring of Dongfang Precision, which plans to sell its corrugated cardboard production line business, including the Italian Fosber Group, for a total price of €774 million (approximately RMB 6.34 billion) [2][3]. Group 1: Major Asset Restructuring - Dongfang Precision announced the sale of 100% equity in Fosber Group, Fosber Asia, and Tiruña Asia to Foresight US and Foresight Italy, with the transaction expected to constitute a major asset restructuring [3]. - The financial data indicates that the revenue of the target companies accounts for 67.20% of the audited consolidated revenue of the listed company for the same period [3][5]. - The total assets of the target companies are valued at approximately RMB 2.99 billion, while the listed company has total assets of about RMB 7.53 billion, indicating that the target companies represent 39.66% of the total assets [5]. Group 2: Strategic Shift - The company aims to focus on its core business in water propulsion equipment and strategic emerging industries, marking a strategic transformation and resource reallocation [5]. - The transaction is part of a broader strategy to enhance the company's technological capabilities and upgrade its business model [5]. Group 3: Stock Performance and Market Position - Dongfang Precision's stock has seen a significant increase, with a year-to-date rise of over 90%, reaching a market capitalization of approximately RMB 22.4 billion as of November 28 [2][7]. - The company reported a revenue of RMB 3.39 billion for the first three quarters of the year, reflecting a year-on-year growth of 2.52%, while net profit attributable to shareholders increased by 54.64% to RMB 510 million [7]. Group 4: Robotics Business Development - Dongfang Precision has established a joint venture with Leju Robotics to focus on the production and application of humanoid robots, with an 80% stake in the new company [8]. - The company has been actively investing in the robotics sector since 2014, enhancing its investment portfolio in the field of industrial robotics and AI technologies [9].

东方精工表示，交易完成后，公司将进一步加大对水上动力设备业务的投入，助力子公司百胜动力持续 提升在大马力、新能源舷外机等产品的研发与产能，加快成长为具有全球竞争力的水上动力产品供应 商。未来，公司将有更多的资源用于深化公司在具身智能机器人等高端制造新兴领域的产业布局，构建 面向未来的智能制造装备业务体系，以实际行动响应国家现代化产业体系建设号召。此次资产优化不仅 有利于公司夯实资金实力、提升运营效能，也将为未来持续回报股东、实现高质量发展奠定坚实基础。 据介绍，本次交易源于东方精工对国家发展新质生产力战略方向的积极响应。东方精工自2020年起推动 科技转型升级，已在国产大马力舷外机等高端装备领域实现突破，并积极布局具身智能、机器人等战略 性新兴产业。此外，随着Fosber集团业务规模持续扩大，公司管理半径不断延伸，客观上对整体战略聚 焦与运营效率形成一定制约。此次资产出售有助于公司收缩国际管理半径，集中资源投向科技创新前沿 领域。 中证报中证网讯(王珞)11月28日，东方精工（002611）披露重大资产出售预案，宣布以现金方式出售旗 下包括意大利Fosber集团在内的瓦楞纸板生产线业务相关主体100%股权，进 ...

公司于2024年推出的IPU-X6000加速卡，目前已经开始与软件企业、AI应用企业、互联网厂商等在内的多个客户进行研发对接、生态融合并开始商业化应 用，例如，2025年11月公司与金蝶软件达成战略合作，双方共同打造"国产算力引擎+企业级软件生态"的融合标杆，这将有力推动公司AI推理能力嵌入更广 泛的企业数字化流程。 同时，公司向客户的家庭主机产品提供DeepEdge10Max芯片，已有小批量出货，未来还会向其他边缘智能硬件产品提供AI芯片及相关服务。 11月28日，云天励飞在接受机构调研时表示，公司已完成第四代NPU的研发，目前正在推进下一代高性能NPU的研发，将更适合AI推理应用。目前公司正 在开发多款芯片以适配多样化应用场景。 据介绍，云天励飞已经推出多代芯片，包括Deep Eye系列、Deep Edge系列及在研的Deep Verse系列、Deep XBot系列，使用场景包括车路云、云端大模型推 理、具身智能机器人等。 ...

11月28日，在2025世界智能制造大会期间，江苏省具身智能机器人产业联盟举办了江苏人形机器人"十 三太保"发布仪式。埃斯顿（002747）酷卓、魔法原子、软通天擎、乐享科技、天创智能、优理奇、云 幕智造、鹿明、双子智擎、集萃智造、亿嘉和（603666）、无锡无界探索、箸境智能13家公司以硬核科 技实力，作为江苏人形机器人"十三太保"集中亮相。 本次发布江苏人形机器人"十三太保"，集中展示了13家本土企业覆盖工业、服务、特种、消费等多元场 景的具身智能机器人创新产品，旨在进一步促进产业合作交流、拓展典型场景应用，推动江苏省具身智 能机器人产业创新发展。 无锡无界探索的全尺寸人形双足机器人"钢镚B-001"，带来了一场别开生面的宣讲，全程流畅专业。箸 境智能的人形机器人"小箸"可跟踪人类动作习得运动技能，全身23个灵活关节让它能轻松完成加油、击 掌、比心等动作。 此外，在世界智能制造大会期间，全国具身智能机器人应用场景挑战赛举行颁奖。该比赛吸引了来自全 国高校的105支队伍、500余名师生同场竞技，历经激烈角逐，共有12支队伍脱颖而出，荣获4个赛道的 冠军、亚军、季军。 在现场，江苏人形机器人"十三太保"依次上 ...

每经AI快讯，11月28日，兰剑智能(688557.SH)在券商策略会/交流会上表示，公司已与山东大学共同成 立"物流具身智能机器人研究院"，加快推进具身智能机器人尤其是人形机器人在物流细分场景中的研发 与产业化落地。公司竞争优势包括自研自产全产品链、技术创新和方案创新。目前公司的在手订单充 足，工业机器人智能物流系统已应用于半导体、新能源、航空航天、石油化工等多个行业。公司智能物 流机器人产品均自主研发制造，产品自研自产率超过80%。 ...

11月28日，在世界智能制造大会期间，江苏省具身智能机器人产业联盟举办了江苏人形机器人"十三太 保"发布仪式。埃斯顿（002747）酷卓、魔法原子、软通天擎、乐享科技、天创、优理奇、云幕、鹿 明、双子智擎、集萃智造、亿嘉和（603666）、无锡无界探索、箸境智能，以硬核科技实力作为江苏人 形机器人"十三太保"惊艳全场。 鹿明机器人的全尺寸人形机器LUS2是全球首个实现"1秒弹射起身"的全尺寸人形机器人，获得首届世界 人形机器人运动会群体舞蹈赛银牌。双子智擎的GeminiBot A1人形机器人展现了"双引擎"协同和丝米级 系统重复定位精度与动态规划路径能力。集萃智造的"集智A1"机器人展示了打招呼、底盘四驱四转、 语音交互等能力，支持工业、服务、医疗等多场景复合应用。 亿嘉和的具身护理机器人，具备护理辅助、体征监测及日常陪伴功能，面向医院、养老院等提供服务。 无锡无界探索的全尺寸人形双足机器人"钢镚B-001"，带来了一场别开生面的宣讲，全程流畅专业。箸 境智能的人形机器人"小箸"可跟踪人类动作习得运动技能，全身23个灵活关节让它能轻松完成加油、击 掌、比心等动作。 本次发布江苏人形机器人"十三太保"，集中展示 ...

Core Insights - The third National Industrial and Information Technology Skills Competition features a new category focused on generative AI system applications in the field of intelligent industrial robots, addressing the shortage of interdisciplinary talent in this area [1][3] - The competition aims to enhance the capabilities of humanoid robots in complex industrial environments, moving beyond traditional single-use robots to a more versatile platform that can perform various tasks such as inspection, operation, transportation, and sorting [1][3] Group 1: Competition Overview - The competition showcases humanoid robots performing autonomous navigation, obstacle avoidance, and precise manipulation tasks, with participants focusing on coding the robots' underlying motion algorithms [1] - The event is recognized as a national-level competition in the industrial and information technology sector, aligning with the country's future talent strategy [1][3] Group 2: Technological Advancements - The competition introduces cutting-edge AI technologies such as natural language processing, visual language models, and voice recognition, facilitating the transition of intelligent industrial robots from mere execution to understanding and interaction [2] - Tasks are designed to address the needs of future factories, emphasizing flexible production and rapid line changes, while enhancing system responsiveness and reliability [2] Group 3: Talent Development - The event highlights the need for multi-disciplinary talent in humanoid robot development, combining high-level research capabilities with practical skills in AI technology and robot operation [2][3] - The competition aims to cultivate and select cross-disciplinary, composite technical talent to integrate advanced equipment with generative AI technology [3] Group 4: Industry Focus - The competition encompasses six key areas: new energy vehicles, industrial robots, smart chips, industrial big data, digital transformation in manufacturing, and industrial internet applications [4]

Core Viewpoint - The strategic partnership between 越疆科技 (Yuejiang Technology) and 绿源集团 (Luyuan Group) aims to enhance the application of intelligent robots in smart retail environments, with a target of deploying 5,000 robotic units [1]. Group 1: Company Developments - 越疆科技's stock price increased by approximately 4% in early trading, reaching 37.7 HKD with a trading volume of 38.46 million HKD [1]. - The strategic cooperation framework agreement was signed on November 27, indicating a strong commitment to product development and industrial application [1]. Group 2: Market Applications - The partnership will leverage Luyuan's extensive network of over 10,000 stores nationwide to explore large-scale and phased applications of embodied intelligent robots in smart stores and smart factories [1]. - The initiative focuses on upgrading smart retail through the deployment of robotic technology, enhancing operational efficiency and customer experience [1].

Core Viewpoint - Zhongjian Technology (002779.SZ) is actively expanding into the intelligent robotics sector while seeking a listing in Hong Kong to establish an "A+H" capital layout, reflecting its ambition for further business development [1][2]. Group 1: Business Overview - Zhongjian Technology is a significant manufacturer of outdoor power equipment in China, ranking among the top ten domestic manufacturers based on projected global revenue for 2024 [1]. - The company exports its products to over 50 countries and regions, with a strong sales presence in Europe and North America, focusing on outdoor equipment and handheld tools used in landscaping, lawn care, agriculture, and urban landscape management [1]. Group 2: Financial Performance - In the first three quarters of the year, Zhongjian Technology reported revenue of 649 million yuan, a year-on-year increase of 4.45%, but a net profit of 22.5 million yuan, down 43.6% year-on-year [2]. - The company's revenue structure shows a growing reliance on wheeled outdoor equipment, which accounted for 56.2% of revenue in the first half of the year, while handheld tools decreased to 27.9% [3]. Group 3: Market Trends and Strategic Moves - The outdoor power equipment industry is shifting towards lithium battery and intelligent technology, prompting Zhongjian Technology to enhance its competitive edge through various strategic initiatives, including the establishment of subsidiaries focused on robotics [8]. - The company plans to develop not only grass-cutting robots but also expand into quadruped robots and other AI technology areas, indicating a high priority for its robotics business [9]. Group 4: International Expansion - The majority of Zhongjian Technology's revenue comes from overseas markets, with the share from mainland China decreasing from 14.3% in 2022 to an expected 5% by mid-2025, highlighting its deepening penetration into the European and American markets [5].