"十五五"规划建议提出，加快高水平科技自立自强，引领发展新质生产力。长江证券党委书记、董事长 刘正斌日前在接受中国证券报记者专访时表示，资本市场正在提升对新产业、新业态、新技术的包容 性，主动适应科技创新发展需要和科技型企业成长需求，包括证券公司在内的金融机构更须专注主业、 完善治理、错位发展，在更加精准有效促进发展新质生产力上优势互补、各展所长。 刘正斌表示，近年来，长江证券围绕金融"五篇大文章"，锚定服务实体经济发展、科技产业创新、社会 财富管理、区域重大战略"四个服务"功能定位，着力增强核心功能和核心竞争力，致力于打造综合型资 本中介、科技型金融机构、责任型公众公司。 ● 本报记者 徐昭 林倩 发挥三大优势 破解新质生产力价值密码 新质生产力的显著特点是创新，既包括技术和业态模式层面的创新，也包括管理和制度层面的创新。刘 正斌表示，当前资本市场价值发现的功能再度被重视，金融机构所面对的既是服务国家战略的时代机 遇，也是追本溯源、回归功能定位的最好时机。 相比其他金融机构，刘正斌认为，证券公司对市场脉搏和市场波动更有敏锐感知力，可以通过投研、投 资、投行、资管等全业务链深度对接投融资两端、境外与境内、市场 ...

《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①芯片+锂电池+人形机器人+华为+固态电池+CPO！这家公司为华为提供在半导体和通信领域的高精密设 备；②储能+人形机器人+固态电池+华为+无人机！这家锂电龙头签订电芯采购框架协议；③锂电池+固态 电池+核电！公司半固态系列电池已通过客户检测并获得订单。 前言 ...

对于百公里行走是完全自主控制还是遥控的问题，王闯表示，这款机器人可以全自主，该产品在7月份 的24小时行走是全自主行走。但此次考虑到红绿灯、路况以及不可预期的行人等因素，采用了半自主方 式，即人工辅助加机器人自主。 王闯补充表示，目前汽车尚未做到完全的L4自动驾驶，（人形）机器人行业远比汽车行业更新、更不 成熟。考虑到此次人形机器人行走的安全性，最终没有选择全自主方案。 那么，这款人形机器人是一口气走完百公里，还是多次换电？若是中途换电，究竟换了多少次电池？ 对此，王闯表示，并未统计换电次数，因为一路上需要观察的太多。团队需要一边走一边观察路况，还 需要时时刻刻注意不发生意外，未来的目标是让机器人自己换电、自己充电。 人形机器人竟能完成百公里跨省行走。 王闯也坦言，目前电池是人形机器人的瓶颈。现在的电池可以让人形机器人站立3小时，行走2小时，但 （续航）还是偏短。 11月20日，吉尼斯世界纪录认证官向智元远征A2（SNA210041BA00652号机器人）颁发了认证证书， 正式确认智元远征A2全程行走距离为106.286km，成为"人形机器人行走最远距离/Longest journey walked by a ...

Core Insights - The overall market performance in 2025 is driven by a stable domestic economy, improved overseas liquidity, and favorable policies in AI and robotics, with the Wande All A Index rising by 25% and the China Convertible Bond Index increasing by 18% as of November 17, 2025 [3][4][5] - The outlook for 2026 suggests potential market volatility, with limited new positive factors compared to 2025, emphasizing the need to focus on policy changes and industry trends for trading opportunities [4][5] - The convertible bond market faces valuation pressures in 2026, with a median price of 132.98 yuan and a median conversion premium of 28%, indicating high valuations and potential volatility [6] Group 1: Convertible Bonds - The convertible bond market is expected to experience amplified volatility due to high valuations and a supply-demand imbalance, with institutional investors shifting from bond assets to convertible bonds [6][7] - Potential investment themes for 2026 include opportunities in AI hardware infrastructure, application transitions, humanoid robot mass production, and structural inflation in the chemical industry [7][8] Group 2: Biofuels Industry - The biofuel sector is experiencing tight supply and demand, driven by increased EU carbon reduction targets and upcoming SAF (Sustainable Aviation Fuel) regulations, with prices for SAF rising significantly [10][11] - The EU's REDIII legislation will enhance the demand for biodiesel, particularly second-generation biodiesel, as it raises carbon reduction goals and eliminates double carbon credits for certain feedstocks [12] - Key beneficiaries in the biofuel sector include companies like Jiaao Environmental Protection and Shengao Environmental Energy, which are well-positioned to capitalize on the growing demand [13] Group 3: Robotics Industry - The humanoid robot sector is currently facing a downturn in sentiment, with key companies experiencing significant stock price adjustments, indicating a potential bottoming out and upcoming rebound opportunities [15][16] - Major players like Tesla and Xiaopeng are advancing their humanoid robot production capabilities, with Tesla planning to mass-produce its Optimus robot by 2026 and Xiaopeng launching its new humanoid robot, IRON [16][17] - The year 2026 is anticipated to be a pivotal year for domestic humanoid robot mass production, with significant technological advancements and supply chain improvements expected [18][19] Group 4: Non-Banking Financial Sector - CICC is planning a major asset restructuring to acquire Dongxing Securities and Xinda Securities, which is expected to enhance its capital base and competitive positioning in the market [21][22] - The merger will significantly improve CICC's net asset ranking to fourth in the industry, with a projected increase in total assets and net assets post-acquisition [24][25]

每经记者｜朱成祥 每经编辑｜董兴生 那么，这款人形机器人是一口气走完百公里，还是多次换电？若是中途换电，究竟换了多少次电池？ 对此，王闯表示，并未统计换电次数，因为一路上需要观察的太多。团队需要一边走一边观察路况，还需要时时刻刻注意不发生意外，未来的目标是让机器 人自己换电、自己充电。 王闯也坦言，目前电池是人形机器人的瓶颈。现在的电池可以让人形机器人站立3小时，行走2小时，但（续航）还是偏短。 新能源汽车行业曾经也被续航问题所困扰。后来借助电芯能量密度持续提升，以及电池底盘一体化、电池车身一体化等结构创新，新能源汽车才逐渐解决续 航焦虑。 电芯能量密度方面，业界普遍期待固态电池。结构创新方面，人形机器人行业也在努力。 王闯表示，电池做一层壳，机器人再包一层结构保护，造成整体体积利用率不高。因此，需要上下游一起协同、优化，以提升体积利用率。 人形机器人竟能完成百公里跨省行走。 11月20日，吉尼斯世界纪录认证官向智元远征A2（SNA210041BA00652号机器人）颁发了认证证书，正式确认智元远征A2全程行走距离为106.286km，成 为"人形机器人行走最远距离/Longest journey walke ...

北京商报讯(记者陶凤王天逸)11月20日，智元机器人宣布，智元远征A2(SNA210041BA00652号机器人) 近日成功完成了从苏州金鸡湖到上海外滩的百公里跨省行走挑战，创造了一项足以记录在全球机器人发 展史上的新纪录。 据称，11月20日，吉尼斯世界纪录认证官向智元远征A2(SNA210041BA00652号机器人)颁发了认证证 书，正式确认智元远征A2全程行走距离为106.286km，成为"人形机器人行走最远距离/Longest journey walked by a humanoid robot"吉尼斯世界纪录保持者，得益于智元研发的快速热插拔换电系统，远征A2 全程未关机、连续运行完成了挑战。 ...

Core Viewpoint - The company, TaoTao Automotive, has successfully penetrated the North American market with its low-speed electric vehicles (LSVs), achieving significant growth despite ongoing trade tensions between China and the U.S. [1][2] Group 1: Market Position and Growth - TaoTao Automotive is the second-largest electric low-speed vehicle manufacturer globally, with a market share of approximately 8.4% as of 2024 [3] - Nearly 80% of the company's revenue is derived from the U.S. market, making it the largest export destination [3] - The company has seen its stock price increase over 200% this year, indicating strong market performance [1] Group 2: Financial Performance - For the seven months ending July 31, 2025, the company reported revenue of 2.068 billion RMB, a year-on-year increase of 23.31%, and a net profit of 491 million RMB, up 88.43% [9] - The gross profit margin improved to 40.15%, reflecting a nearly 6 percentage point increase year-on-year [9] - The company’s revenue and net profit have shown consistent growth over the past few years, with a gross profit margin of 35.2% in 2022 and 37.3% in 2023 [10] Group 3: Production and Capacity - TaoTao Automotive has established a production capacity system across China, Southeast Asia, and North America to mitigate trade barriers and leverage local labor costs [2][11] - The company has built three major factories in Texas, Florida, and California, focusing on local production of low-speed electric vehicles [11] - The production capacity utilization rate for the electric mobility segment is currently at 56.6%, indicating potential room for growth [27] Group 4: Market Trends and Consumer Behavior - The global electric low-speed vehicle market is projected to grow from $700 million in 2022 to $1.1 billion by 2024, with a compound annual growth rate (CAGR) of 40.7% [5] - The average selling price of products in the North American market has increased by 89.9%, which may impact consumer purchasing behavior [13][23] - The primary consumers of LSVs in the U.S. are middle-class families with annual incomes exceeding $100,000, indicating a shift towards higher-end market positioning [4] Group 5: Strategic Initiatives - The company is transitioning from an original design manufacturer (ODM) model to a focus on its own brand, with over 60% of revenue now coming from proprietary brands [10] - TaoTao Automotive is exploring opportunities in the robotics sector, having formed partnerships with various technology firms, although expectations for this segment should be tempered due to industry uncertainties [17][18] Group 6: Valuation and Market Outlook - The company is currently valued at a price-to-earnings (P/E) ratio of 28 times for 2025 earnings, which is considered reasonable given its growth prospects [19] - Despite a slowdown in revenue growth and recent negative quarterly performance, the company maintains a strong cash position with 1.34 billion RMB in cash and cash equivalents [28] - The company has a history of returning value to shareholders through dividends, with a payout ratio of 46% [28]

校对 杨许丽 新京报贝壳财经讯（记者韦博雅）11月20日，据智元机器人消息，近日，智元远征A2完成了从苏州金鸡湖到上海外滩 的百公里跨省行走挑战，挑战从11月10日夜间持续至13日清晨，全程行走距离为106.286km，成为"人形机器人行走最 远距离 / Longest journey walked by a humanoid robot"吉尼斯世界纪录保持者。 智元远征A2完成百公里行走。图/智元机器人微信公众号 ...

Core Viewpoint - The company is closely monitoring the development trends in the humanoid robot industry and plans to advance applications in this field based on market demand [1] Group 1 - The company will strengthen cooperation with existing clients to continuously expand new projects [1] - The focus is on promoting sustainable business development through these initiatives [1]

Group 1 - The company, Changying Precision (300115), is a Tier 1 supplier for overseas humanoid robot brands, indicating a significant position in the supply chain [1] - The company directly interfaces with end brands for both order reception and delivery, highlighting its integral role in the production process [1]