10月10日，鸣志电器跌5.01%，截至发稿，报78.16元/股，成交15.02亿元，换手率4.41%，总市值327.40 亿元。 数据显示，前海开源基金旗下1只基金重仓鸣志电器。前海开源中国成长混合（000788）二季度持有股 数1.2万股，占基金净值比例为1.37%，位居第十大重仓股。根据测算，今日浮亏损失约4.94万元。 前海开源中国成长混合（000788）成立日期2014年9月29日，最新规模5030.53万。今年以来收益 23.6%，同类排名4426/8166；近一年收益22.64%，同类排名4244/8014；成立以来收益62.09%。 前海开源中国成长混合（000788）基金经理为袁怡纯。 截至发稿，袁怡纯累计任职时间3年55天，现任基金资产总规模6757.2万元，任职期间最佳基金回 报-8.03%， 任职期间最差基金回报-25.75%。 资料显示，上海鸣志电器股份有限公司位于上海市闵行区闵北路88弄7号楼，成立日期1998年7月7日， 上市日期2017年5月9日，公司主营业务涉及专注于运动控制领域和智能电源领域核心技术及系统级解决 方案的研发和经营，核心业务围绕自动化和智能化领域有序外延扩张。 ...

数据显示，华夏基金旗下1只基金位居鸣志电器十大流通股东。华夏中证机器人ETF（562500）二季度 增持67.81万股，持有股数374.75万股，占流通股的比例为0.89%。根据测算，今日浮亏损失约1671.36万 元。 10月9日，鸣志电器跌5.27%，截至发稿，报80.18元/股，成交1.22亿元，换手率0.36%，总市值335.86亿 元。 资料显示，上海鸣志电器股份有限公司位于上海市闵行区闵北路88弄7号楼，成立日期1998年7月7日， 上市日期2017年5月9日，公司主营业务涉及专注于运动控制领域和智能电源领域核心技术及系统级解决 方案的研发和经营，核心业务围绕自动化和智能化领域有序外延扩张。主营业务收入构成为：控制电机 及其驱动系统类83.60%，贸易类产品8.39%，电源与照明系统控制类6.90%，设备状态管理系统类 1.07%，其他0.03%。 从鸣志电器十大流通股东角度 华夏中证机器人ETF（562500）成立日期2021年12月17日，最新规模144.71亿。今年以来收益40.61%， 同类排名1266/4221；近一年收益51.95%，同类排名805/3848；成立以来收益9.25%。 ...

经过我们团队的深度复盘，最终挖掘出了几家非常有潜力的公司！ 1、江苏雷利（智能关节龙头） 2025年，人形机器人产业迎来爆发式增长，全球市场规模预计突破1.2万亿元，年复合增长率高达 35%。特斯拉Optimus、波士顿动力Atlas等产品的商业化落地，标志着人形机器人从实验室走向规模化 生产。中国凭借完整的供应链和AI技术积累，正成为全球人形机器人制造的核心战场。政策层面，"十 四五"智能制造规划明确将人形机器人列为重点发展方向，北京、上海等地已出台专项补贴政策，单台 最高补贴达50万元。 核心竞争力：人形机器人的技术壁垒集中在"运动控制+AI交互"两大领域。运动控制依赖高精度伺服电 机和仿生关节设计，而AI交互则需突破多模态感知与决策算法。目前，中国企业在伺服电机和轻量化 材料上已实现国产替代，但在核心算法上仍依赖海外开源框架。 未来3年，随着华为、百度等科技巨头入场，国产人形机器人有望在物流、医疗、家庭服务等场景实现 规模化应用。 标签：伺服电机隐形冠军 江苏雷利是国内少数能量产高精度伺服电机的企业，其产品已供货特斯拉Optimus二代原型机。2025 年，公司新增3条自动化产线，产能提升至50万台/年 ...

景顺长城国证机器人产业ETF（159559）基金经理为金璜。 截至发稿，金璜累计任职时间2年14天，现任基金资产总规模230.21亿元，任职期间最佳基金回报 95.1%， 任职期间最差基金回报1.81%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月24日，鸣志电器涨5.82%，截至发稿，报77.26元/股，成交9.02亿元，换手率2.91%，总市值323.63亿 元。 资料显示，上海鸣志电器股份有限公司位于上海市闵行区闵北路88弄7号楼，成立日期1998年7月7日， 上市日期2017年5月9日，公司主营业务涉及专注于运动控制领域和智能电源领域核心技术及系统级解决 方案的研发和经营，核心业务围绕自动化和智能化领域有序外延扩张。主营业务收入构成为：控制电机 及其驱动系统类83.60%，贸易类产品8.39%，电源与照明系统控制类6.90%，设备状态管理系统类 1.07%，其他0.03%。 从基金十大重仓股角度 数据显示，景顺长城基金旗下1只基金重仓鸣志电器。景顺长城国 ...

Group 1 - The company conducted a specific investor survey on September 12, 2025, with 16 institutions participating, focusing on robotics, semiconductor equipment, and CNC machine tools [1] - The company is leveraging opportunities in the booming robotics market, aiming to develop high-value scenarios and achieve a commercial closed loop [1] - Current revenue from robotics is approximately 10 to 20 million yuan, primarily from industrial and logistics robots [1] Group 2 - The company has a long-standing presence in the semiconductor equipment sector, with current revenue contribution around 14%, facing challenges in front-end equipment due to long customer certification cycles [1] - In the high-end CNC machine tool market, the company has achieved over 30% revenue share, with recent breakthroughs in micron-level precision and five-axis linkage processing [1] - The company maintains a research and development investment of about 20% of revenue, focusing on core technologies in motion control and servo systems [1]

Core Insights - The company, Estun, has established a comprehensive autonomous layout across the entire industry chain, from core components to complete industrial robots, system integration, and smart factory solutions [1] Group 1 - The company focuses on motion control, robotics, and digitalization to provide leading global automation and intelligent solutions [1] - Estun emphasizes the importance of strengthening core technologies and ensuring supply chain autonomy and controllability in its business development model [1] - The company has built a competitive advantage across technology, quality, cost, service, and brand [1]

Summary of Conference Call on Humanoid Robotics and Motion Control Industry Industry Overview - The focus of the humanoid robotics industry is shifting towards software, particularly in the general humanoid robot sector, where software rather than hardware is becoming the core pain point, presenting investment opportunities [1][2] - The control system of humanoid robots is divided into "brain" (computing platform) and "cerebellum" (motion control), with rapid iterations in brain technology increasing demands for response speed and control precision in the cerebellum, thereby enhancing its value [1][3] Key Points and Arguments - Modern humanoid robot motion control employs a decentralized multi-level structure, connecting multiple MCUs under a central motion controller to balance computational load and reduce latency, integrating SoC or PCB for efficient motion control [1][6] - Future humanoid robots will emphasize extreme performance, leading to the emergence of independent cerebellums (motion control platforms) that work in conjunction with the brain for comprehensive driving, with significant growth potential and increasing value [1][8] - The control method for humanoid robots is evolving from pre-programmed instructions in industrial robots to a combination of large language models and visual modules, mapping task instructions to action requirements, which reduces computational demands and energy consumption while improving response speed and efficiency [1][11] Additional Important Insights - The transition from industrial robots to humanoid robots involves a significant change in overall control methods, with modern humanoid robots utilizing large language models (VLA) and visual modules for object recognition and task understanding, thus enhancing efficiency [1][11] - The cerebellum's role is becoming increasingly important as the performance of the brain improves, with future trends indicating a shift towards smaller models that can operate at higher frequencies (100 Hz to 1,000 Hz), matching the high demands of industrial motion control systems [1][16] - Companies with competitive advantages in the motion control field include Gu Gao, Lei Sai, and Hua Zhong, showcasing strong capabilities in multi-axis linkage control, high-precision error compensation, and low-latency performance [1][22][23] - Notable listed companies to watch include Gu Gao, Hua Zhong Ke De, Lei Sai, Tuo Si Da, Ai Si Dun, and Ai Fu Te, which have the potential to develop intelligent workstation architectures and become significant suppliers for third-party cerebellum solutions [1][25]

Group 1 - The core viewpoint is that Yushu Technology has officially initiated the process for its initial public offering (IPO) and is expected to become a significant player in the humanoid robot sector in the A-share market [1] - Yushu Technology focuses on the research, production, and sales of high-performance quadruped/humanoid robots and dexterous robotic arms, with a clear product line targeting both consumer and developer markets [1] - The company has launched two humanoid robot products, H1 and G1, with G1 being the first humanoid robot priced below 100,000 RMB, attracting significant industry attention [1] Group 2 - The capital market shows a positive outlook for Yushu Technology, having completed nearly 1 billion RMB in B2 round financing in February 2024, with notable investors including Meituan and Source Code Capital [2] - In the latest C round financing, the company secured investments from major industry players such as China Mobile's fund, Tencent, and Alibaba, indicating strong market recognition of its growth potential [2] - With ongoing advancements in core technologies like artificial intelligence and motion control, the humanoid robot industry is experiencing rapid growth, and Yushu Technology is well-positioned to capture market opportunities in service robots and industrial automation [2]

Core Viewpoint - The article highlights the launch of the Tien Kung-Lab, an open-source motion control framework for humanoid robots, which aims to enhance their adaptability and task execution capabilities in complex environments [1][3]. Group 1: Tien Kung-Lab Overview - Tien Kung-Lab is an open-source reinforcement learning motion control algorithm framework developed based on Isaaclab, integrating advanced reinforcement learning techniques and human motion data [3]. - The framework allows humanoid robots to achieve natural, efficient, and stable motion control, demonstrated by the Tian Gong Ultra winning the first humanoid robot marathon with a time of 2 hours, 40 minutes, and 42 seconds [3][7]. - The framework combines the advantages of imitation learning and reinforcement learning, utilizing an Adversarial Motion Prior (AMP) reward mechanism to enhance stability and generalization in complex terrains [3][4]. Group 2: Technical Innovations - The open-source framework improves ray tracing technology for rapid and accurate acquisition of depth maps and LiDAR point clouds, enabling end-to-end training from perception to motion in simulation environments [4]. - Tien Kung-Lab supports high-fidelity physics engine MuJoCo for Sim2Sim cross-validation, facilitating seamless transitions from training to validation [4]. - The framework has been successfully implemented on the Tian Gong 2.0 full-size humanoid robot, achieving high generalization performance in walking and running [4][5]. Group 3: Performance and Achievements - The Tian Gong Ultra demonstrated robust motion control during the marathon, effectively navigating various real-world obstacles such as bumps, dips, and speed bumps [7]. - The Tian Gong 1.0 lite, released in April 2024, was the first full-size electric humanoid robot capable of running on diverse terrains, showcasing significant advancements in motion control technology [9]. - In the 2024 Zhongguancun Bionic Robot Competition, the Tian Gong Ultra won multiple championships, including a running event with a time of 15.66 seconds and an obstacle course, highlighting its superior mobility and task execution capabilities [11]. Group 4: Future Directions - The company aims to advance towards "small brain-level intelligence," focusing on general mobility operations and complex motion control in dynamic environments [14]. - Continuous breakthroughs in motion control will establish a robust "motion intelligence hub" for humanoid robots, enabling them to autonomously navigate and perform tasks in real-world scenarios [14]. - The open-source nature of Tien Kung-Lab is expected to significantly shorten the time required for humanoid robots to achieve high-speed generalized movement across various terrains, laying the groundwork for their deployment in extreme environments [13][14].

Investment Rating - The report suggests a "Strong Buy" rating for the mechanical equipment sector, with a focus on companies with strong performance certainty in the T-chain [2][4]. Core Insights - The mechanical equipment sector has shown a decline of 1.17% compared to the Shanghai Composite Index's decrease of 0.25% during the week of June 9-13, 2025, ranking 21 out of 31 in the Shenwan first-level industry classification [4][8]. - The energy and heavy equipment sub-sector performed the best with an increase of 1.69% [4][9]. - The report highlights advancements in humanoid robotics, emphasizing the integration of cognitive intelligence and motion control, which is accelerating commercialization [4][24]. - The semiconductor equipment sector is expected to benefit from domestic manufacturers taking over overseas DDR4 production capacity, as major global suppliers are reducing their DDR4 output [4][26][28]. Summary by Sections Investment Recommendations - Focus on core companies with strong performance certainty in the T-chain: Top Group, Zhenyu Technology, Longsheng Technology [3]. - Capture investment opportunities in cleaning equipment driven by technology upgrades and low valuations: Shengmei Shanghai, Zhichun Technology, and Northern Huachuang [3]. Market Performance - The mechanical equipment sector's overall PE-TTM valuation decreased by 1.71% during the week, with laser equipment and energy heavy equipment showing the highest increases [16][21]. - The report lists the top five gainers and losers in the mechanical equipment sector, with Beikong Technology leading with a 61.09% increase [14][15]. Technological Advancements - Meta's V-JEPA 2 model enhances robots' understanding of the physical world, marking a significant breakthrough in cognitive robotics [4][24]. - The establishment of the first humanoid robot 4S store in Beijing aims to provide comprehensive lifecycle services, potentially transforming consumer service models [4][25]. Semiconductor Equipment Insights - The DDR4 market is experiencing a price surge due to major manufacturers exiting the market, creating opportunities for domestic suppliers to expand production [4][26][28]. - Recent bidding data indicates a robust activity in semiconductor equipment procurement, with multiple projects awarded in the past week [29][30]. Macro Data - The manufacturing PMI for May was reported at 49.5%, indicating a slight contraction, while the equipment manufacturing PMI was at 51.2%, suggesting expansion [33][35]. - The report notes a year-on-year increase of 22.8% in global semiconductor sales for April, with China's semiconductor sales up by 14.4% [41][43].