（央视财经《第一时间》）第二批获得中国人民银行科技创新债券风险分担工具支持的四家民营股权投资机 构发行的债券，将于明天到28日在银行间市场发行，预计将为科技创新企业注入更多长期发展资金。四家民 营股权投资机构拟发行科创债合计9.3亿元。 中国银行间市场交易商协会表示，下一步还将提高注册发行效率，用好风险分担工具，大力发展债券市场"科 技板"，引导更多金融资源投早、投小、投长期、投硬科技，助力我国实现高水平科技自立自强。 转载请注明央视财经 编辑：王一帆 基石资本执行总裁兼合伙人 王启文：这期投资方向都是科技方向，特别是半导体、人工智能、机器人、合成 生物、脑科学这些方向。给我们管的创投基金、股权投资基金带来了稳定、长期、低成本的资金。 股权投资机构是投早、投小、投硬科技的重要力量，此前他们很少进行债券融资。为支持这些机构发债，中 国人民银行专门创设了科创债风险分担工具，提供低成本再贷款资金，与地方政府等一起为股权融资机构发 债提供担保等支持。今年6月，首批获得央行分担工具增信的科创债发行。目前，13.5亿元的募集资金已有将 近50%投入实际使用，并撬动上百亿元资金支持科技创新。 盛景嘉成总裁 联合创始人 刘昊 ...

Core Viewpoint - The article highlights the growing interest in robotics companies in the capital market, with Kanop becoming the latest to apply for a listing in Hong Kong, emphasizing the industry's potential and the competitive landscape [1][3]. Company Overview - Kanop ranked first in revenue for manufacturing welding robots in China last year, but reported a loss of 12.94 million yuan [2]. - The company generated 156 million yuan in revenue in the first half of this year, a 36% year-on-year increase, and achieved a profit of 8.44 million yuan [5]. Industry Context - The CEO of Yushu Technology stated that the next decade will see robots evolve from mere tools to essential partners in life, indicating a significant shift in the robotics industry [3]. - The market for welding robots in China is projected to grow from 7 billion yuan in 2020 to 8.4 billion yuan in 2024, with a compound annual growth rate (CAGR) of only 4.4% [8]. Financial Performance - Kanop's financial performance has been volatile, with profits of 28.27 million yuan in 2022 dropping to 1.69 million yuan in 2023, followed by a loss of 12.94 million yuan [8]. - The company's cash flow has also been inconsistent, with cash inflows of 8.88 million yuan in the first half of this year after outflows in previous years [8]. Competitive Landscape - Despite being the top manufacturer of welding robots, Kanop's revenue of 137 million yuan is closely followed by competitors with revenues of 128 million yuan and 120 million yuan, indicating a lack of absolute market dominance [9]. - In the broader market, larger competitors like UBTECH and Geek+ have significantly higher revenues, making it challenging for Kanop to catch up [9].

Group 1: Financial Performance - From 2021 to 2024, the company's operating revenue increased from 2.713 billion to 4.360 billion CNY, with a year-on-year growth of 13.93% in the first nine months of 2025 [2] - The company has achieved stable growth in both revenue and profit, supported by a diversified business layout [2] Group 2: Product Development and Market Expansion - The company is a leading player in commercial vehicle ABS and is advancing the development and mass production of core products such as EHPS, X-EPS, and AEB+EBS [3] - The company expects to produce over 10,000 sets of EMB products annually by 2028, following the implementation of new regulations [3] - The wireless charging products are being deployed across various sectors, including passenger vehicles and industrial robots, with partnerships established with multiple clients [3] Group 3: Product Advantages and Sales Growth - The aluminum alloy fixed caliper products have reduced weight by over 66% compared to steel pistons and have shown steady revenue growth since 2023 [4] - The sales volume of two-wheeler ABS products surged from 100,000 units in 2024 to 450,000 units by September 2025, marking a growth rate of 350% [5] Group 4: International Expansion and Financial Health - The company has completed land acquisition for its overseas operations in Mexico and is progressing normally [6] - There are no significant risks related to accounts receivable or bad debt provisions, as the company reports good collection performance [6] Group 5: Future Research and Development Focus - The company has strategically invested in Tongchuan Technology to enhance its capabilities in core components for robotics, aiming to leverage its advantages in smart electric vehicles for expansion into the robotics sector [6]

Core Viewpoint - Tongda Power (002576.SZ) indicates that its servo motor cores are suitable for robotic drive motors, and the order volume remains at a normal level [1] Company Summary - The company produces servo motor cores that are applicable in the robotics sector [1] - The current order volume for the company's products is stable [1]

Group 1 - The robotics industry is still in its early development stage, with design and procurement not fully matured [2] - There is currently no unified standard for the types of connectors used in the robotics sector [2] - The company has some consumer electronics products that can be utilized in the robotics field [2]

格隆汇11月25日丨鑫铂股份(003038.SZ)在互动平台表示，公司研发生产的机器人镁铝合金结构产品已 根据客户提供的图纸和技术参数打样，效果良好，预计12月底前进行小销量送样。 ...

Core Viewpoint - Shaanxi Huada (301517.SZ) is actively expanding its capabilities in aerospace, defense, and communication sectors, focusing on high-reliability design and environmental testing for satellite and deep space exploration applications [1] Group 1: Aerospace Applications - The company has accumulated significant core technologies in high-reliability design and environmental testing, providing solid support for satellite, launch vehicles, and deep space exploration [1] - The company is initiating key research in astronautical-grade design, on-board modules, and radiation-resistant technologies to enhance its offerings in the "space computing" sector [1] Group 2: Product Development and Market Expansion - The company aims to create comprehensive solutions covering "components—modules—subsystems" for in-orbit space-based big data processing scenarios [1] - The company is also focusing on the development of robotics, planning to increase market penetration and continuously drive technological innovation and smart manufacturing to expand its market share [1]

Core Viewpoint - The A-share market is experiencing strong performance, particularly in the semiconductor sector, driven by the rapid evolution of AI and the upcoming IPOs of domestic technology companies [1][2]. Group 1: Market Performance - The three major A-share indices continued their strong momentum, with the Kexin 50 ETF (588000) rising by 0.51% in the afternoon session [1]. - Notable stocks include Hengxuan Technology and Shengyi Electronics, both rising over 6%, while companies like Jingchen Technology and Chipone increased by over 4% [1]. - The Kexin 50 ETF has seen significant capital inflow, with a net inflow of 3.876 billion in the last five days and 6.020 billion in the last ten days [1]. Group 2: Industry Developments - The domestic GPU leader, Moer Thread, has initiated its IPO on the Sci-Tech Innovation Board, with an issue price of 114.28 yuan per share, marking it as the highest-priced new stock of the year [1]. - The IPO process for Moer Thread was notably swift, taking only 88 days from acceptance to approval, setting a record for the fastest approval on the Sci-Tech Innovation Board this year [1]. - Other domestic computing chip companies, such as Muxi and Suiyuan, are expected to follow suit, potentially boosting the semiconductor sector further [1]. Group 3: Future Outlook - Dongguan Securities anticipates a new growth cycle for the semiconductor industry by 2025, driven by the restructuring of demand due to rapid AI advancements [1]. - Revenue and net profit in the semiconductor sector are expected to increase year-on-year in the first three quarters of 2025 [1]. - The Shenwan Semiconductor Industry Index has seen a rapid increase in valuation since 2025, outperforming the broader market, with all sub-sectors recording positive growth [1]. Group 4: ETF Composition - The Kexin 50 ETF (588000) tracks the Kexin 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, totaling 74.47% [2]. - The ETF's focus aligns well with the development of cutting-edge industries such as AI and robotics, as well as various high-tech fields including semiconductors, medical devices, software development, and photovoltaic equipment [2].

Group 1 - The company has successfully developed magnesium-aluminum alloy structural products for robots and has completed sample production based on customer specifications [2] - The company plans to conduct small-scale sample deliveries to leading robot customers by the end of December [2]

Core Viewpoint - Hesai Technology (HSAI.US) experienced a significant stock price surge, closing up 18.08% at $18.22 per share on November 24, 2023, with continued gains in the Hong Kong market [2][4]. Group 1: Technological Advancements - The key driver behind the stock price increase was the announcement of major technological breakthroughs, including the launch of the Fermi C500, a high-performance smart control chip based on RISC-V architecture, and the unique "photon isolation" safety technology [4][5]. - The "photon isolation technology" is now integrated into all of Hesai's main lidar products, enhancing their safety features [4]. Group 2: Market Position and Performance - Hesai is the largest lidar manufacturer globally, holding a 46% market share in the automotive lidar sector as of August, which is 1.5 times that of the second-ranked competitor and 2.4 times that of the third [6]. - The company has established partnerships with over 20 major automotive manufacturers, including BYD, Geely, and Xiaomi, and has secured contracts for the 2026 model year with leading ADAS clients [6][7]. - In Q3 2025, Hesai reported a net revenue of 795 million RMB, a 47.5% year-over-year increase, and a net profit of 256 million RMB, marking a turnaround from a loss of 70.4 million RMB in the same period last year [8]. Group 3: Industry Growth and Future Outlook - The demand for lidar technology is expected to rise significantly due to the rapid development of the autonomous driving and robotics sectors in China, with projections indicating that lidar shipments for vehicles could exceed 3 million units by 2025 [8]. - Hesai anticipates Q4 2025 net revenue to be between 1 billion to 1.2 billion RMB, representing a year-over-year growth of approximately 39% to 67% [8]. Group 4: Market Recognition - Hesai's strong performance and position in the lidar and robotics sectors have drawn attention from the capital markets, particularly with the upcoming announcement of the "Hong Kong Top 100" list, which could further enhance its market visibility [9][10].