Core Insights - Company Zhongding Co., Ltd. announced that its subsidiary Anhui Zhongding Intelligent Thermal System Co., Ltd. has been selected as a supplier for liquid cooling dummy loads by two domestic liquid cooling system integrators, with a total project value of approximately 15 million yuan [2] Group 1: Business Development - Zhongding's subsidiaries, Zhongding Fluid and Zhongding Intelligent Thermal System, are leading the development of thermal management system assemblies, actively expanding into energy storage thermal management and supercomputing center thermal management based on their automotive thermal management business [2] - The company has launched a series of liquid cooling units and immersion liquid cooling units in the energy storage sector, utilizing self-developed thermal management controllers and core technologies such as piping systems and seals [2] - In the supercomputing center thermal management field, the main products include CDU (Chilled Liquid Distribution Unit), cold plates, piping, and other liquid cooling system products, with a focus on developing immersion liquid cooling products [2] Group 2: Strategic Partnerships - Zhongding recently entered into a strategic cooperation agreement with Shanghai Fourier to collaborate on humanoid robot-related products, aiming to enhance the development of components such as harmonic reducers, planetary reducers, force sensors, lightweight skeletons, and hollow cup motors [2] - This partnership is expected to strengthen the relationship between the two companies and promote the development of their respective businesses [2]

银轮股份（002126.SZ）11月24日在投资者互动平台表示，您好，公司目前与国内国际部分机器人头部 客户有业务合作，具体经营数据请留意公司定期报告，谢谢！！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司通过北美机器人头部公司的验厂吗？预计会 成为定点企业吗？目前公司有关机器人零部件有多少金额的收入？ ...

国金证券认为，汽车主机厂、3C品牌商因为掌握需求场景以及硬件供应链，相对竞争优势正在提升， 同时拥有大脑以及硬件迭代能力和需求场景的如华为、字节、小米等机器人，仍然是商业逻辑最顺的。 建议关注特斯拉、figure、华为、字节、小米、智元等机器人布局进展。供应链重点关注"门票行情"及 技术迭代带来的产业机遇。 2、工信部公示人形机器人标准化技术委员会委员名单，宇树科技股份有限公司王兴兴、智元创新（上 海）科技股份有限公司彭志辉等为副主任委员。 3、Anthropic正式发布最新的模型Claude Opus 4.5。微软宣布在Microsoft Foundry、GitHub Copilot付费 计划及Microsoft Copilot Studio中引入Claude Opus 4.5。 【机构观点】 【市场复盘】 本周一（11月24日），科创人工智能ETF华夏（589010）盘中一度探底后强势拉升，最终收涨1.40%， 成功修复日内跌幅。持仓股方面多点开花，超八成成分股飘红，福昕软件、海天瑞声等应用端龙头领涨 超7%，展现出极强的弹性。资金面上，ETF持续获得资金青睐，昨日单日再度"吸金"超2700万元，近5 日 ...

Core Viewpoint - The recent downturn in the A-share market has led to a significant inflow of funds into ETFs, indicating a "buy the dip" mentality among investors despite the market's overall decline [2][6][10]. Market Performance - The A-share market experienced a substantial adjustment from November 17 to 21, with the Shanghai Composite Index falling over 3% and the ChiNext Index dropping more than 6%, marking the largest weekly decline in months [1][4][5]. - As of November 24, signs of stabilization were observed, with all three major indices showing slight increases and a total of 4,228 stocks rising [3]. Fund Inflows - A total net inflow of 701.21 billion yuan was recorded for stock ETFs and cross-border ETFs, with broad-based index ETFs attracting 359.31 billion yuan, highlighting a strong preference for these investment vehicles during market corrections [2][6]. - Specific ETFs such as the CSI 500 ETF, STAR 50 ETF, and ChiNext ETF were particularly favored, with net inflows of 64.29 billion yuan, 56.99 billion yuan, and 55.33 billion yuan, respectively [6]. Investment Trends - The current market adjustment is viewed as a normal correction, with many investors seizing the opportunity to buy into ETFs as a long-term strategy rather than short-term speculation [6][7]. - A notable trend of "high cutting low" has emerged, where funds are flowing out of high-valuation sectors like electronics and into more stable sectors such as banking and consumer goods [8][9]. Sector Preferences - Despite the overall market correction, there remains a strong interest in technology stocks, with significant inflows into sector-specific ETFs such as AI and robotics [9]. - The market is expected to see a shift towards undervalued assets with high dividend yields and positive fundamental outlooks as investors adjust their strategies [10].

Core Viewpoint - The recent A-share market has experienced significant adjustments, with major indices seeing substantial weekly declines, yet there is a notable influx of funds into ETFs, indicating a "buy the dip" mentality among investors [2][4]. Fund Flows and Market Trends - During the week of November 17-21, A-shares faced a major downturn, with the Shanghai Composite Index dropping over 3% and the ChiNext Index falling more than 6%, marking the largest single-week decline in months [2][4]. - Despite this downturn, a total of 701.21 billion yuan flowed into stock and cross-border ETFs, with broad index ETFs attracting 359.31 billion yuan, highlighting a strong interest in these investment vehicles [4][5]. - The trend of "buying the dip" is evident, as many investors are taking advantage of the market correction to enter positions in ETFs [5][8]. Sector Preferences - The most favored ETFs during this period include the CSI 500 ETF, STAR 50 ETF, and ChiNext ETF, with net inflows of 64.29 billion yuan, 56.99 billion yuan, and 55.33 billion yuan, respectively [5][8]. - There is a clear shift in fund flows, with significant outflows from high-valuation sectors such as electronics and technology, while sectors like banking and consumer goods are gaining attention due to their relative stability and lower valuations [7][8]. Investment Strategies - Analysts suggest that the current market environment calls for a balanced investment approach, focusing on undervalued assets and sectors with strong fundamentals, such as AI, chips, robotics, and innovative pharmaceuticals [9]. - The recommendation for investors is to diversify their portfolios and consider stocks that have not seen significant price increases, rather than concentrating on high-flying tech stocks [9].

11月23日晚间，兆威机电公告称，公司发行境外上市外资股（H股）获得中国证监会备案。公司本次发 行尚需取得香港证券及期货事务监察委员会和香港联合交易所等相关监管机构、证券交易所的批准、核 准。 4月，兆威机电启动赴港上市计划，并在两个月后正式向港交所递交上市申请。 进一步提升公司治理水平和核心竞争力，深入推进公司全球化战略，是兆威机电在A股上市近五年后， 启动赴港IPO的主要原因。 随着新能源汽车、人工智能等领域的快速发展，微型传动与微型驱动行业市场规模持续扩大。作为微型 传动领域的龙头企业，兆威机电的盈利能力稳步提升。 2025年前三季度，兆威机电实现营业收入12.55亿元，同比增长18.7%；归属于上市公司股东的净利润 （以下简称"归母净利润"）1.81亿元，同比增长13.86%。 长江商报记者注意到，兆威机电的A股IPO募投项目兆威机电产业园建设项目在达成预定可使用状态 后，累计已实现效益11.54亿元。 长江商报消息 ●长江商报记者 徐佳 兆威机电（003021.SZ）赴港上市取得新进展。 长江商报记者注意到，持续拓展优化全球布局、加快业务国际化进程，是兆威机电2025年经营计划的重 要内容。赴港二次 ...

Core Viewpoint - The article introduces the GeoScan S1, a highly cost-effective handheld 3D laser scanner designed for various applications, emphasizing its advanced features and capabilities in real-time 3D mapping and data collection [3][11]. Group 1: Product Features - GeoScan S1 offers a lightweight design with a one-button start for efficient 3D scanning solutions, achieving centimeter-level precision in real-time scene reconstruction [3][6]. - The device can generate point clouds at a rate of 200,000 points per second, with a maximum measurement distance of 70 meters and 360° coverage, suitable for large scenes over 200,000 square meters [3][31]. - It integrates multiple sensors, including RTK, IMU, and high-resolution cameras, enabling high-precision mapping and data collection in complex environments [24][36]. Group 2: Technical Specifications - The GeoScan S1 operates on Ubuntu 20.04 and supports various data export formats such as PCD, LAS, and PLY, with relative accuracy better than 3 cm and absolute accuracy better than 5 cm [24][29]. - The device dimensions are 14.2 cm x 9.5 cm x 45 cm, weighing 1.3 kg without the battery and 1.9 kg with the battery, and it has a battery capacity of 88.8 Wh, providing approximately 3 to 4 hours of operation [24][25]. - It features a 5.5-inch touchscreen and supports wireless connectivity via Wi-Fi and Bluetooth, along with multiple external expansion options [25][24]. Group 3: Applications and Market Position - GeoScan S1 is suitable for various applications, including urban planning, construction monitoring, and environmental surveying, capable of operating in diverse settings such as office buildings, industrial parks, tunnels, and forests [40][49]. - The product is positioned as the most cost-effective option in the market, with a starting price of 19,800 yuan for the basic version, catering to a wide range of user needs [11][60]. - The device supports cross-platform integration, making it compatible with drones, unmanned vehicles, and robotic systems for automated operations [47][49].

本报记者 彭衍菘 近日，尽管市场情绪趋于谨慎，但ETF市场却迎来资金踊跃进场。 Wind资讯数据显示，11月14日至11月21日，全市场ETF净流入额超1000亿元，其中多只宽基ETF强势"吸金"，成为资金逆 市配置的核心标的。这种"市场调、资金进"的反差，折射出投资者对A股中长期价值的认可。 资金借道ETF逆市布局 尽管短期承压，但机构普遍认为A股市场中长期向好基础未变，震荡筑底期的结构性机会值得把握。富荣基金研究人士表 示，市场在经历调整后，结构性机会或将更侧重于基本面扎实和符合中长期政策导向的领域，其中科技创新与产业升级有望仍 是核心——人工智能、机器人等代表新质生产力的方向，在全球AI产业革命的驱动下更具机会。 具备"全球敞口"的制造业同样被看好。富荣基金研究人士认为，部分工程机械、白色家电、电网设备企业已完成海外产能 布局，在全球价值链中定位提升，有望受益于出海需求扩张。 此外，与"反内卷"政策和需求复苏相关的领域也存在机遇，部分产能出清彻底的顺周期行业及促消费政策提振的新型消费 领域，存在景气改善机会。 "宽基ETF逆市'吸金'反映了资金对市场估值底部的认可。"深圳市前海排排网基金销售有限责任公司 ...

Core Viewpoint - The company has made significant advancements in the robotics sector, particularly in the development of core components and tools for robotic applications [1] Group 1: Company Developments - The company has established a substantial presence in the manufacturing of cutting tools for robotic core components [1] - Existing tool products are applicable for processing robotic parts such as screws, reducers, and planetary gears [1] - The company has developed a cyclone milling cutter specifically for high-precision screw processing in humanoid robots, enhancing production efficiency and machining accuracy [1] Group 2: Product Validation and Future Plans - Gear hobs for gear processing have been validated by downstream customers and have entered the supply phase [1] - The company has completed tool testing with leading enterprises in the reducer sector [1] - There are ongoing efforts to optimize and develop related tool products, with an increased focus on comprehensive solutions for robotic core component processing [1]

Core Viewpoint - Zhejiang Rongtai's net profit attributable to shareholders reached 200 million yuan in the first three quarters of 2025, representing a year-on-year increase of 22.0% [1] - The company is expected to maintain stable growth in its main business as the impact of tariff policies gradually diminishes [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 80 million yuan, showing a year-on-year increase of 21.8% and a quarter-on-quarter increase of 25.0% [1] Business Outlook - The company is actively communicating with major clients regarding new business opportunities, with product technology and performance meeting client requirements, which may lead to a significant market share in the future [1] - The company is also developing other components in response to client demand, indicating potential expansion in various product categories [1] Production Capacity - The production capacity in Thailand is set to continue, with adjustments made based on actual conditions [1] - The robotics business is on the verge of mass production, presenting significant future growth potential [1]