Core Viewpoint - Desai Battery (000049.SZ) has stated that its products are not currently applied in humanoid robots [1] Company Summary - Desai Battery has clarified its current product applications, indicating a lack of involvement in the humanoid robotics sector [1]

格隆汇9月24日丨中伟股份(300919.SZ)在投资者互动平台表示，公司高镍三元材料和钴系材料均满足人 形机器人的性能需求。 ...

Market Overview - The Hang Seng Index closed down 185 points, marking a cumulative decline of 385 points over two days, with a final closing value of 26,159 points [3] - The total market turnover was 29.46 billion HKD, with a net outflow of 4.069 billion HKD from northbound trading [3] Stock Performance - Among 88 blue-chip stocks, 67 experienced declines, with notable drops including: - CSPC Pharmaceutical Group down 4.7% to 9.47 HKD - China Biologic Products down 4.5% to 8.14 HKD - WuXi AppTec down 3.3% to 109.7 HKD - BYD down 3.1% to 106.3 HKD - New Oriental Education saw an increase of 1.9% to 40.64 HKD, and CITIC Limited rebounded by 1.5% to 11.5 HKD, being the strongest blue chips [4] Debt Issuance - Bank of China assisted the Shenzhen Municipal Government in issuing offshore RMB local government bonds in Hong Kong, raising a total of 4 billion RMB. The bonds include 2-year, 5-year, and 10-year maturities with interest rates of 1.61%, 1.8%, and 2.08% respectively [7] - The issuance attracted significant interest, with a peak order book size of 18.67 billion RMB and an order multiple of 4.7 times [7] Green Finance Initiatives - The Hong Kong Stock Exchange signed a memorandum of cooperation with carbon trading centers in Guangzhou, Shenzhen, and Macau to enhance knowledge sharing and cooperation in the green finance ecosystem within the Greater Bay Area [8] E-commerce Regulation - The State Administration for Market Regulation reported that the online retail sales in China reached 7.43 trillion RMB in the first half of the year, growing by 8.5% year-on-year, with live e-commerce playing a significant role. However, issues of false marketing and counterfeit products were highlighted as prominent problems in the sector [9] Corporate Developments - Fantasia Holdings announced that 84% of its existing bondholders have supported the restructuring agreement, extending the deadline for creditors to join the plan [12] - Postal Savings Bank of China will absorb its wholly-owned subsidiary, Postal Huinong Bank, to optimize management and business structure, with no significant impact on its financial status [13] - China Resources Land announced the resignation of its CFO and the appointment of new executives [14] - Jiufang Zhitu Holdings is investing in EX.IO to expand its digital asset business, leveraging the resources of the virtual asset trading platform [15]

证券研究报告 汽车 报告日期：2025 年 09 月 24 日 乘用车企拐点将至，关注汽零强势赛道&客户 ——汽车行业2025 年半年报综述 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230525080001 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 商用车基本面改善，人形机器人估值修复。2025 年初至 8 月，申 万汽车板块涨跌幅+22.10%，跑赢沪深 300 指数 7.83pct。商用车 及汽车零部件板块取得超额收益。其中商用车主要系客车以及重 卡销量同比表现转好，带动板块估值修复；基于汽车与人形机器 人零部件的相似性和协同性，汽车零部件板块多家公司布局人形 机器人业务，板块走势受到人形机器人产业进展影响。在特斯拉 等头部厂商的量产指引、新品发布预期等消息的催化下，汽车零 部件板块 Q3 走势较强。 分析师：杨阳 分析师：李浩洋 相关阅读 价格战压制盈利能力，Q3 板块拐点将至。行业方面，2025Q2 乘 用车板块实现营收同环比+10.4%，高于并表销量端的同比+9.0%， 营收增速高于销量端，主要系 Q2 自主车企高端车型上市销售拉 ...

Market Overview - The market opened lower but rebounded, with the Shenzhen Component and ChiNext Index rising over 1%, and the Sci-Tech 50 Index increasing nearly 5% [1] - As of the midday close, the Shanghai Composite Index rose by 0.63%, the Shenzhen Component by 1.11%, and the ChiNext Index by 1.76% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.41 trillion yuan, a decrease of 288.5 billion yuan compared to the previous trading day [1] Sector Performance Semiconductor Sector - The semiconductor industry chain saw a collective surge, with over 20 stocks hitting the daily limit, including Jiangfeng Electronics and Zhangjiang Hi-Tech [2] - Notable performances included Changchuan Technology and Shengmei Shanghai reaching historical highs [2] - The market outlook for semiconductor equipment is positive, with expectations for increased market share for domestic equipment companies by the second half of 2025 [2] Real Estate Sector - The real estate and rental sectors experienced a rebound, with stocks like Yucheng Development and Shanghai Lingang hitting the daily limit [3] - Recent policy changes in cities like Shanghai and Suzhou aimed at stimulating housing consumption have contributed to this rebound [3] - The National Bureau of Statistics indicated that while the real estate market has faced fluctuations, the decline in sales and prices has narrowed, suggesting a stabilization trend [3] Oil and Gas Sector - Oil and gas stocks were active, with stocks like Zhun Oil and Tongyuan Petroleum seeing significant gains [3] - WTI crude oil futures rose by 1.81% to $63.41 per barrel, while Brent crude futures increased by 1.6% to $67.63 per barrel [3] Film and Entertainment Sector - The film and cinema sector rebounded, with Bona Film Group hitting the daily limit and other companies like Light Media and Huayi Brothers also seeing gains [4] - The recent success of the film "731," which grossed over 1 billion yuan in its first four days, has positively impacted the market [4] Institutional Insights - CITIC Securities emphasizes the importance of sector rotation and suggests focusing on individual stocks rather than indices, recommending investments in low-position sectors [5][6] - Guotai Junan believes that the Chinese stock market is poised for further growth, driven by capital market reforms and improved investor returns [7] - Guotai Securities notes that the potential for low-position stocks to rebound is increasing, with a focus on cyclical stocks and global pricing resources in the upcoming quarter [8]

程强系德邦证券研究所所长、首席经济学家、中国首席经济学家论坛理事 PART.01 市场概览 2025年9月23日周二，A股市场V型走势小幅收跌，债券市场回调，贵金属延续领涨创新高。 PART.02 市场行情分析 午后反弹来自科技板块带动，红利板块成稳健压舱石。两点左右开始反弹，尤其是午后最后半小时，光 刻机、存储芯片、CPO等科技概念快速拉升，带动市场情绪修复，一方面显示当前环境下市场并不看 空，指数调整后便有资金敢于买入，也显示资金对科技方向的信心。同时，前期走势延续偏弱的红利板 块全天表现强势，低估值、高股息属性下，银行、煤炭板块表现强势，成为市场稳定器。 政策空窗期，市场或将高位震荡，科技维持主线地位不变。伴随一系列政策及事件（美联储议息会、中 美元首通话、"十四五"时期金融业发展成就发布会）落地，当前市场进入政策空窗期，结合指数已在高 位、国庆假期临近，资金兑现压力可能加剧波动，我们认为未来一段时间高位震荡概率较大。工信部部 长李乐成今日在第25届中国国际工业博览会开幕式上致辞，提出"十五五"时期，工业和信息化部将牢牢 锚定实现新型工业化这个关键任务，加快打造一批新兴支柱产业，加强前沿技术研发和应用推 ...

Group 1 - The core viewpoint of the news is that Bojie Co., Ltd. has shown significant stock performance with a year-to-date increase of 104.89% and a recent decline of 2.03% over the last five trading days [1] - As of September 24, Bojie Co., Ltd. has a market capitalization of 9.963 billion yuan and a trading volume of 269 million yuan, with a turnover rate of 4.16% [1] - The company has been actively traded, appearing on the "Dragon and Tiger List" three times this year, with the latest appearance on September 19, where it recorded a net buy of -61.3071 million yuan [1] Group 2 - Bojie Co., Ltd. operates in the mechanical equipment sector, specifically in automation equipment and industrial control devices, and is associated with major concepts such as Tesla and Apple supply chains [2] - For the first half of 2025, Bojie Co., Ltd. reported a revenue of 672 million yuan, reflecting a year-on-year growth of 17.48%, and a net profit attributable to shareholders of 20.1921 million yuan, up 11.55% [2] - The company has distributed a total of 221 million yuan in dividends since its A-share listing, with 2.00491 million yuan distributed in the last three years [3]

Industry Overview - The humanoid robot industry is experiencing a surge in activity, with numerous domestic and international players entering the market, including major companies like Huawei, ByteDance, BYD, Xiaomi, and Ant Group in China, as well as Tesla and Figure AI abroad. This indicates a phase of "a hundred flowers bloom, a hundred schools of thought contend" in the industry [1][8] - The emergence of AI companies like DeepSeek is driving the development of general-purpose robotic models, facilitating the realization of embodied intelligence in humanoid robots [1][8] Company Developments - Tuosda has launched its first wheeled humanoid robot, "Xiao Tuo," which features a four-stewart wheel design and supports 360-degree omnidirectional movement, leveraging the company's expertise in high-end servo technology [2] - Zhiyuan Robotics has successfully demonstrated its Lingxi X2 humanoid robot performing the complex "Webster flip," showcasing advanced motion control and dynamic balance capabilities [3] - Modulus Technology has completed a Pre-A round financing of tens of millions, which will be used to expand production lines and enhance delivery capabilities across various sectors, including robotics and smart vehicles [3] - Figure has raised over $1 billion in its Series C funding round, achieving a valuation of $39 billion, with participation from notable investors such as Nvidia and Qualcomm Ventures. This funding is crucial for expanding their AI platform and manufacturing scale [4][5] - Tesla's CEO Elon Musk has set a target of delivering 1 million humanoid robots, which is part of a new compensation plan potentially worth nearly $1 trillion [5] - Luxiao Technology has partnered with Kepler Robotics to develop AI-enabled household service robots, aiming to sell at least 1 million units in Europe and the U.S. over the next three years [6] Collaborative Efforts - Figure is collaborating with Brookfield to develop a humanoid robot dataset, which will involve collecting human video data across Brookfield's extensive real estate portfolio. This data will be used to train Figure's proprietary Helix model [7] Investment Recommendations - The humanoid robot industry is expected to see significant commercial applications, with a focus on domestic component manufacturers benefiting from this trend. Key companies to watch include: - Assemblies: Sanhua Intelligent Control, Top Group - Reducers: Shuanghuan Transmission, Zhongdali De - Motors: Mingzhi Electric - Companies in the Seris Robot supply chain: Yongmaotai, Longsheng Technology - Companies in the Huawei robot supply chain: Tuosda, Zhaowei Electromechanical, Zhongjian Technology, Hechuan Technology, Aifute [8][9]

9月24日，中鼎股份盘中下跌2.02%，截至10:41，报24.77元/股，成交6.49亿元，换手率1.97%，总市值 326.09亿元。 资金流向方面，主力资金净流出4437.08万元，特大单买入6888.69万元，占比10.61%，卖出8470.17万 元，占比13.05%；大单买入1.52亿元，占比23.41%，卖出1.81亿元，占比27.80%。 截至6月30日，中鼎股份股东户数10.14万，较上期减少0.18%；人均流通股12966股，较上期增加 0.18%。2025年1月-6月，中鼎股份实现营业收入98.46亿元，同比增长1.83%；归母净利润8.17亿元，同 比增长14.11%。 分红方面，中鼎股份A股上市后累计派现27.38亿元。近三年，累计派现7.90亿元。 机构持仓方面，截止2025年6月30日，中鼎股份十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2478.86万股，相比上期减少2808.87万股。南方中证500ETF（510500）位居第四大流通股 东，持股1171.51万股，相比上期增加169.62万股。 责任编辑：小浪快报 中鼎股份今年以来股价涨90.98%，近5个 ...

国内市场综述 宽幅震荡 小幅收跌 周二（9 月 23 日）大盘宽幅震荡，小幅收跌。截至收 盘，上证综指收于 3821.83 点，下跌 0.18%；深成指 收于 13119.82 点，下跌 0.29%；科创 50 下跌 0.1%； 创业板指上涨 0.21%，万得全 A 成交额共 25185 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 5 个行业上涨，其中 银行、煤炭、电力设备及新能源涨幅居前，而消费者 服务、综合金融及商贸零售则跌幅较大。概念方面， 银行、贵金属及发电设备等指数表现活跃。 海外市场综述 美国三大股指全线收跌，亚马逊跌超 3% 周二（9 月 23 日），美国三大股指全线收跌，道指跌 0.19%，标普 500 指数跌 0.55%，纳指跌 0.95%。亚马 逊跌超 3%，英伟达跌近 3%，领跌道指。万得美国科技 七巨头指数跌 1.54%。中概股普遍下跌，百度跌超 8%。 新闻精要 1. 王毅会见美国国会众议员代表团 2. 上海首批中试平台发布 涵盖新型储能和人形机器 人等领域 3. 8 月份全社会用电量同比增长 5% 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭 ...