WAIC 2025 总结及 optimus 3 代新设计下的投资机遇 20250728 摘要 WAIC 2025 展会规模创历届之最，800 多家企业展示 60 余款新型智能 硬件，人形机器人应用落地更突出，体现"干活是刚需"的核心命题， 从追求前沿科技向实际应用靠近，更多人形机器人动起来，集中于物品 分解、互动导览。 人形机器人本体、大脑、小脑、关节、传感器及灵巧手等方面均有显著 进步，特斯拉、宇树科技、智元、云深处等展示首发产品，供应链端更 快更轻且符合批量化需求趋势明显，性价比提升。 灵巧手技术在自由灵活度和响应速度上有明显提升，各种技术路线持续 迭代，价格从数十万降至一万以下的新产品问世，科达利旗下科盟创新 展示轻量化谐波和摆线减速器，减重效果显著。 矩阵超智软硬件系统完全自研，在拟人步态行走和基础导览交互方面表 现优秀。千寻智能推出的大模型具身大脑在人形机器人的功率密度和速 度精度上达到较高水平，并发布自研 VLA 模型 Spirit Version One。 Q&A 近期机器人产业链的整体情况如何？有哪些值得关注的投资方向？ 近期机器人板块热度不减，尤其是在 WAIC 2025 展会上，国内外本体 ...

Market Overview - The A-share market is expected to experience fluctuations around the 3600-point level in the short term, with a likely period of consolidation ahead [1][10] - The market sentiment is anticipated to stabilize gradually as self-adjustment occurs and potential positive factors emerge [10][11] - If sustained hot sectors attract capital and trading volume increases, the index may break through the 3600-point barrier, opening new upward space [10][11] Short-term Strategy - Investors are advised to remain rational and avoid blindly following trends, particularly in high-flying sectors [2][11] - It is recommended to selectively reduce positions in sectors that have seen significant gains, such as hydropower and related areas, while looking to invest in technology growth sectors during dips [2][11] Mid-term Outlook - The A-share market is projected to exhibit a "slow bull" pattern driven by favorable tariff negotiations, ongoing policy support, and an overall improvement in liquidity [2][11] - Key areas for mid-term investment include sectors with growth elasticity, such as AI infrastructure, innovative pharmaceuticals, and humanoid robotics, which are driven by both policy and technological advancements [2][11] Sector Performance - The military industry has shown strong performance, with significant gains noted in the aerospace and defense sectors, supported by government policies and geopolitical tensions [6][10] - The pharmaceutical sector is also active, with innovative drugs gaining traction as the environment for commercialization improves [8][10] - Communication sectors, particularly those related to 5G and emerging 6G technologies, are expected to benefit from government initiatives and advancements in technology [9][10]

从2016年成立，宇树已经走过了近10年时间。在产业界看来，宇树机器人在核心零部件、运动控制、机器人感知、成本管控等领域优势明显。而从投资界的 视角来看，稳定的利润已经可以解释一切。"顺理成章吧，也符合正常公司的上市流程。"中腰部投资机构投资经理柳琪告诉贝壳财经记者。 也许从一支秧歌舞开始，明星机器人企业的资本动作亦在加速。宇树之外，7月8日，智元机器人（以下简称"智元"）官宣拟收购上纬新材63.62%股份，若收 购成功，将成为具身智能企业在科创板的首单收购案例。 智元至今仅成立两年半，尽管否认了"借壳上市"的猜想，但7月9日至7月22日的10个交易日内，上纬新材股价接连斩获10个涨停板，区间累计涨幅达到 519.41%，刷新A股"20cm"个股连板纪录。 "智元的资本操作有些出乎意料，但也是好事，可以通过更多的钱加速技术进步和产品迭代，目前市面上具备同等能力的公司并不多，不是一条好复制的 路，走起来也没这么容易。"柳琪说。 图/IC 对于一级市场的投资经理们而言，杭州宇树科技股份有限公司（以下简称"宇树"）开始上市辅导在意料之中。 行业格外热闹，但机器人专业出身的柳琪，看过大大小小机器人项目后一直未出手。她 ...

Group 1: Industry Overview - The humanoid robot industry is on the brink of explosive growth, with a projected compound annual growth rate (CAGR) exceeding 60% over the next five years [4][6] - By 2030, the production capacity of humanoid robots is expected to reach 5-6 million units, with the market size surpassing 450 billion yuan [6] - In the first half of 2025, there were 87 financing events in China's humanoid robot sector, raising a total of 10.9 billion yuan, nearly doubling the financing amount from the entire year of 2024 [5] Group 2: Company Profile - Hanwei Technology - Hanwei Technology, established in 1998 and listed on the Shenzhen Stock Exchange in 2009, is a leading company in the gas sensor field in China [2] - The company is one of the few capable of mass-producing flexible tactile sensors, with a thickness of less than 0.3mm and sensitivity reaching 0.1 kPa [3] - Hanwei Technology is collaborating with various robotics companies to integrate flexible tactile sensors into robotic hands, enhancing their ability to perform complex and delicate tasks [3] Group 3: Technological Advancements - Hanwei Technology's product matrix covers multiple dimensions of perception for humanoid robots, including touch, balance, force control, and smell [4] - The company has developed various electronic skin technologies, including pressure-sensitive, piezoelectric, capacitive, magnetic, and liquid metal sensors, suitable for different body parts and functional scenarios [4] - The flexible sensor production line at Suzhou Nistad has reached full capacity, with new expansion plans underway to significantly increase production in the second half of the year [8] Group 4: Market Dynamics - The sensor market is expected to grow rapidly, driven by the humanoid robot market, with a projected CAGR of 61.6% by 2030 [7] - Force sensors are anticipated to dominate the market, with a demand scale of approximately 58.5 billion yuan by 2030, while visual sensors may reach around 20 billion yuan [7] - Hanwei Technology is actively supplying flexible electronic skin products to several humanoid robot manufacturers, indicating a strong market presence [7]

Group 1: AI Model Development - Zhiyu released its flagship model GLM-4.5 with a total parameter count of 355 billion and activation parameters of 32 billion, ranking third globally and first among open-source models [1] - The API call pricing for GLM-4.5 is set at 0.8 yuan per million tokens for input and 2 yuan per million tokens for output [1] Group 2: AI Conference and Procurement - The "2025 World Artificial Intelligence Conference" concluded with an expected procurement amount of approximately 16.2 billion yuan from 300 project demands [3] Group 3: Government Support for AI - Shanghai will issue 600 million yuan in computing power vouchers to reduce the cost of using intelligent computing power, with a maximum 30% rent subsidy for entities renting intelligent computing [4] - The city will also support up to 10% of construction costs for self-deployed intelligent computing facilities [4] Group 4: AI Product Launches - Xiaomi's AI glasses project aims for annual shipments exceeding 5 million units within three years, targeting the large population of myopic individuals in China [5] Group 5: AI Image Recognition Challenges - A Microsoft study revealed that humans can only correctly identify AI-generated images 62% of the time, indicating significant challenges in distinguishing between real and AI-generated images [6] Group 6: Robotics Industry Insights - Yushu Technology highlighted the "pseudo-intelligence" dilemma faced by humanoid robots, citing limitations in real-world decision-making and fragmented environmental perception [7] Group 7: Semiconductor Industry Developments - Samsung and Tesla signed a long-term chip manufacturing agreement valued at 16.5 billion dollars, with a new factory in Texas dedicated to producing Tesla's next-generation AI6 chips [7] Group 8: Workforce Adjustments in IT Services - Tata Consultancy Services announced a global workforce reduction of approximately 12,000 positions, representing about 2% of its total employees, due to declining industry demand [8] Group 9: Space Exploration and Economic Implications - NASA discovered a significant "gold mine" on the asteroid 16 Psyche, with an estimated value of 700 trillion euros, raising concerns about potential economic impacts if wealth were distributed globally [9]

Core Viewpoint - The embodied intelligence market is experiencing a dichotomy, with significant capital inflow and high-profile financing events occurring alongside investor caution and concerns about market sustainability and profitability [1][2][3]. Group 1: Investment Trends - The recent acquisition of Weite New Materials by Zhiyuan Robotics for 2.1 billion yuan has reignited interest in the embodied intelligence sector, shifting focus from technological breakthroughs to capital operations [1][3]. - Despite investor hesitance, substantial financing activities continue, with notable rounds including over 100 million USD raised by Xinghai Tu and 1.22 billion USD by Tashizhi Hang, marking the largest single financing in the sector this year [1][4]. - The first half of 2025 saw 286 financing events in the domestic robotics sector, a 138% increase year-on-year, totaling 27 billion yuan [3]. Group 2: Market Dynamics - The industry is characterized by a "split" where some investors are exiting due to concerns over technology maturity and commercialization timelines, while large financing rounds are still being recorded [3][6]. - The competition is shifting towards delivery capabilities, with major companies like China Mobile placing significant orders, indicating a transition from conceptual discussions to practical applications [7][8]. - The humanoid robot market is projected to reach 6.339 billion yuan globally by 2025, with China expected to capture about 50% of this market [9]. Group 3: Challenges and Opportunities - The market faces challenges such as a mismatch between technological capabilities and market expectations, with many orders focused on non-core applications [11][12]. - Key issues include technical bottlenecks, scene mismatches, production difficulties, and a lack of standardization, which hinder the industry's growth [11][12]. - Companies that can effectively navigate these challenges and demonstrate cost-saving and efficiency-enhancing capabilities will likely thrive in the evolving market landscape [13].

Group 1 - The national childcare subsidy scheme will provide an annual subsidy of 3,600 yuan per child until the age of three, starting from January 1, 2025 [1] - Families with children born before January 1, 2025, who are under three years old, will also be eligible for the subsidy, calculated based on the number of months [1] - The policy aims to reduce the financial burden of raising children and is expected to benefit over 20 million families annually [1][3] Group 2 - The increase in birth rates in 2024 is attributed to accumulated fertility intentions, the implementation of local support policies, and cultural preferences related to the zodiac [3] - Over 20 provinces have already begun exploring childcare subsidies, with some regions like Yunnan and Ningxia implementing provincial-level policies [3] - The example of Panzhihua City in Sichuan, which introduced a childcare subsidy policy in 2021, shows a positive impact on population growth [3][4] Group 3 - The long-term trend indicates a decrease in the number of women of childbearing age, which may continue to affect birth rates [4] - The comprehensive implementation of the childcare subsidy system reflects a significant investment in human capital, with a broader coverage and stronger support [4] - Experts suggest that merely providing subsidies is insufficient to fundamentally address low birth rates; a holistic approach is needed to create a family-friendly society [4]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [41]. Core Insights - The 2025 World Artificial Intelligence Conference (WAIC 2025) opened on July 26, focusing on AI applications, including embodied intelligence, intelligent agents, and AI glasses, which received significant attention [11][16]. - Unitree Technology launched its third humanoid robot, Unitree R1, which features 26 joints and is priced starting at 39,900 yuan, aimed at providing a development platform for AI developers and educational scenarios [17][20]. - The Q2 2025 fund holding report for the computer industry shows a slight increase in the fund holding ratio to 2.46%, with significant changes in the top ten heavy stocks compared to Q1 2025 [21]. Summary by Sections Company Dynamics - Nanjing Information plans to sign a three-year framework contract with its controlling shareholder for a total integrated procurement project, with an estimated total amount of 58.27 million yuan [3]. - New Beiyang's subsidiary won a bid for a cash machine procurement project for China Construction Bank, covering the period from 2025 to 2028 [3]. Investment Recommendations - Companies to watch in the AI application sector include iFlytek, Kingsoft Office, Hehe Information, Dingjie Smart, and Hengsheng Electronics [4]. - Companies in the humanoid robot supply chain to consider include Tuolisi, Hongsoft Technology, Zhongke Chuangda, Softcom Power, and Suochen Technology [4]. Industry News - The AI server market is projected to see a decrease in the share of purchased Nvidia/AMD chips from approximately 63% in 2024 to about 42% by 2025, with domestic chips expected to grow to 40% [25]. - The AI industry in China has surpassed 700 billion yuan, indicating a significant expansion in the digital economy [27][28].

Group 1 - The service industry in China showed a strong growth in the first half of the year, with a value added of 39,031.4 billion yuan, representing a year-on-year increase of 5.5% and accounting for 59.1% of the GDP, an increase of 0.7 percentage points compared to the previous year [1][2] - The contribution rate of the service industry to national economic growth was 60.2%, up by 5.8 percentage points year-on-year, with the service sector driving GDP growth by 3.2 percentage points, an increase of 0.5 percentage points [2] - In the second quarter, the service industry added value reached 19,517.2 billion yuan, growing by 5.7% year-on-year, with a contribution rate to economic growth rising to 61.2% [2] Group 2 - The service retail sales increased by 5.3% year-on-year, outpacing the growth of goods retail sales by 0.2 percentage points, while per capita service consumption expenditure rose by 4.9%, accounting for 45.5% of total per capita consumption expenditure [2] - Cultural and tourism consumption saw significant growth, with tourism services and cultural sports services increasing by 31.9% and 7.4% respectively, and the national box office exceeding 29.2 billion yuan, growing over 20% year-on-year [3] Group 3 - The high-tech service sector experienced robust demand, with fixed asset investment in high-tech services growing by 8.6% year-on-year, and investment in information services increasing by 37.4% [5] - The business activity index for the service industry remained above the critical point, averaging 50.2, indicating continued expansion and positive market expectations [6][7] Group 4 - The integration of technological and industrial innovation is deepening, with high-tech service enterprises showing revenue growth of 9.9% and strategic emerging service enterprises growing by 9.5% from January to May [4] - The digital technology application sector also saw a revenue increase of 11.2% year-on-year, reflecting ongoing innovation and optimization in digital service supply [4]

Group 1 - As of July 28, 620 A-share listed companies have received institutional research, with nearly 80% of them achieving positive returns since July [1][2] - The mechanical equipment industry is the most favored, with 67 companies receiving institutional research, while the pharmaceutical and biotechnology sector follows closely with 66 companies [1][5] - New Yisheng has attracted the most attention, receiving 139 institutional research visits, focusing on its Thailand factory expansion and industry outlook for the second half of the year [1][2] Group 2 - Zhongji Xuchuang and Haopeng Technology also received significant attention, each hosting over 100 institutional research visits, with discussions on optical chip supply and advancements in battery technology for drones and AI glasses [2][3] - Nearly 200 companies have seen stock price increases of over 10% since July, with Copper Crown Copper Foil achieving a remarkable 100.48% increase [3][4] - The mechanical equipment sector has surpassed the electronics sector in institutional interest, driven by developments in humanoid robots and significant events like the 2025 World Artificial Intelligence Conference [4][5] Group 3 - The innovation drug sector has shown strength, with companies like Guangsheng Tang and Heng Rui Pharmaceutical experiencing significant stock price increases, indicating potential opportunities in AI healthcare themes [5][6] - Analysts suggest focusing on high-certainty and incremental technology opportunities in the humanoid robot sector, particularly regarding Tesla's Optimus production and domestic supply chain developments [5][6]