Core Viewpoint - The victory of Tsinghua University's Fire God Team at the RoboCup 2025 marks China's first championship in the humanoid category, highlighting significant advancements in robotics technology and raising questions about the future integration of robots into everyday life [1][2]. Group 1: Technological Advancements - The core competitiveness of the accelerating evolution team is rooted in nearly 20 years of technological accumulation, particularly in bipedal humanoid robots, with foundational capabilities such as walking, running, and autonomous recovery after falls [2]. - The RoboCup serves as a rigorous testing ground for AI decision-making, requiring teams to develop their own algorithms without remote control, thus pushing the boundaries of AI capabilities [2][3]. - The technology developed for soccer robots can be directly applied to household and industrial scenarios, enhancing capabilities such as movement precision and decision-making logic [2][3]. Group 2: Investment and Market Potential - Over the past year and a half, the company has invested over 100 million in hardware and algorithm development, with expected revenue matching this investment, and has delivered hundreds of robots to over ten countries [3][5]. - The current market for robots is segmented into short-term focuses on competitions, research, and education, with a projected expansion into household applications and general-purpose robots in the long term, targeting markets worth hundreds of billions to trillions [5]. Group 3: Future Pathways - The company aims to avoid industrial applications, focusing instead on household robots as the next generation of interactive and productivity tools, similar to the evolution of smartphones and computers [4][5]. - The transition from "assisting" to "replacing" human tasks in cooking and emotional interaction is hindered by current AI limitations, which are still transitioning from low to medium levels of intelligence [4]. - The journey from winning competitions to real-world applications involves overcoming significant technical challenges, with the potential for robots to evolve into companions and assistants in domestic settings [5].

IDC最新调研显示，到2029年全球机器人市场规模将突破4000亿美元。其中，中国市场预计将占据全球 近半份额，并以近15%的复合增长率位居全球前列，成为推动全球机器人产业增长的核心引擎。 有券商表示，从人形机器人量产节奏的角度，2025年将会是突破性的一年。万台级别的量产将带动下游 产业链进入确定性放量阶段，而万台级别的数据采集和训练有望真正解决数据匮乏的难题，推动人形机 器人向更泛化、更实用的阶段发展。 资料显示，国证机器人产业指数覆盖机器人产业链各核心环节，人形机器人相关成份股权重在所有ETF 跟踪的指数中位居第一，跟踪该指数的机器人ETF易方达（159530）可助力投资者便捷布局产业发展机 遇。 （文章来源：每日经济新闻） A股三大指数早盘横盘震荡，国证机器人产业指数早盘一度冲高近1%。成份股中，盈峰环境、赛摩智 能涨幅居前。 Wind数据显示，跟踪该指数的机器人ETF易方达（159530）在7月颇受市场关注，累计净流入资金超15 亿元，在所有机器人ETF中居第一，最新规模达32亿元。 ...

Group 1: ETF Performance - The liquidity of the Robot ETF managed by Jiashi has a turnover rate of 4.51%, with a transaction volume of 24.81 million yuan [2] - Over the past year, the Robot ETF has seen a significant growth in scale, increasing by 522 million yuan [2] - As of July 31, the net value of the Robot ETF has risen by 45.32%, ranking 468 out of 2943 index equity funds, placing it in the top 15.90% [2] Group 2: Fund Returns - Since its inception, the Robot ETF has achieved a maximum monthly return of 25.78%, with the longest consecutive monthly gains being three months and a maximum cumulative increase of 37.12% [2] - The average return during the months of increase is 8.93% [2] Group 3: Top Holdings - As of July 31, the top ten weighted stocks in the CSI Robot Index include iFlytek, Huichuan Technology, Stone Technology, Dahua Technology, Zhongkong Technology, Dazhu Laser, Shuanghuan Transmission, Robot, Ecovacs, and Julun Intelligent, collectively accounting for 48.86% of the index [2] Group 4: Market Trends - According to IDC, global shipments of commercial service robots surpassed 100,000 units in 2024, with delivery and cleaning robots dominating the market [4] - Chinese manufacturers lead the market with an 84.7% share of shipments, indicating rapid market expansion [4] - Companies such as Qianlang Intelligent, Pudu Robotics, Gaoxian Robotics, and Yunjijia Technology are among the leaders in global shipment volumes [4] Group 5: Industry Outlook - Great Wall Securities notes that humanoid robots are currently in the factory working phase, with various sectors like automotive, home appliances, and cloud services expanding into the robotics market [5] - The acceleration of orders for humanoid robots and the iterative development of robots are expected to lead to rapid growth in the sector [5] - The financing of robot manufacturers is accelerating, indicating a positive outlook for investment opportunities in the related industry chain [5] Group 6: Investment Opportunities - Investors without stock accounts can access opportunities in the robotics sector through the Robot ETF Jiashi linked fund (024619) [6]

Group 1: Su Shi Testing (300416) - The company maintains a positive trend in demand for testing equipment and services in the first half of the year, achieving performance growth through enhanced market promotion and project implementation [1] - The company is optimistic about the second half of the year, focusing on emerging industries and resource integration [1] - Gross margin decline is attributed to intensified market competition and cost pressures, with plans for technological innovation and refined management to address these challenges [1] - The integrated circuit sector is in a capacity ramp-up phase, with gross margins affected by competition and costs, and future efforts will focus on market promotion and capacity expansion [1] - The demand for third-party testing institutions is recovering, and there is good demand in specialized sectors of testing services, although demand for new energy vehicles is slowing [1] Group 2: Defu Technology (301511) - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil [2] - Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons [2] - Projected revenue for 2024 is €134 million, with a net loss of €370,000, while Q1 2025 is expected to generate €45 million in revenue and a net profit of €1.67 million, indicating a quarterly turnaround [2] - The total production capacity of Defu Technology's electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally [2] - The company plans to invest €183 million in R&D in 2024, aiming to deepen its technology strategy with 17 new invention patents [2] Group 3: Hengshuai Co., Ltd. (300969) - Hengshuai Co., Ltd. highlights the advantages of its harmonic magnetic field motor technology, including lightweight design, reduced axial current, and cost optimization [3] - The company provides customized solutions in the humanoid robot sector, which is expected to be a significant growth area in the future [3] - There is no disruptive innovation needed in traditional cleaning services, but successful applications have been made in high-level autonomous driving scenarios [3] - The gross margin of the DS active perception cleaning system depends on market scale and production volume, with initial high costs expected to stabilize and remain competitive in the future [3] - The rising demand for electrification is expanding the automotive motor market, and the robotics industry is seen as a growth market, with ongoing product development planned [3]

调研纪要：德福科技收购卢森堡铜箔，跻身全球高端IT铜箔头部企业。卢森堡铜箔成立于1960年，是全 球唯一的非日系高端IT铜箔龙头厂商，拥有1.68万吨/年产能，核心产品包括HVLP和DTH。2024年营收 1.34亿欧元，净利润-37万欧元；2025年Q1营收0.45亿欧元，净利润167万欧元，实现季度性扭亏。德福 科技电解铜箔总产能跃升至19.1万吨/年，跻身全球第一，将加快技术资源整合，提升盈利能力。德福 科技2024年研发投入1.83亿元，新增17件发明专利，持续深化高频高速、超薄化、功能化技术战略。 根据市场公开信息及7月31日披露的机构调研信息，知名私募玖鹏资产近期对3家上市公司进行了调研， 相关名单如下： 1）德福科技 （上海玖鹏资产管理中心(有限合伙)参与公司路演活动） 机构简介： 上海玖鹏资产管理中心（有限合伙）于2016年2月17日成立，注册资本1500万人民币；公司于2016年9月 19日在中国证券投资基金业协会备案成功，并于2017年5月成为基金业协会观察会员； 2）新坐标 （上海玖鹏资产参与公司特定对象调研&分析师会议&现场参观） 调研纪要：2024年度，公司海外营业收入占公司营业收入 ...

（编辑 袁冠琳） 证券日报网讯 领益智造7月31日在互动平台回答投资者提问时表示，公司已获得多家人形机器人的硬件 服务订单，并开放机器人应用场景，供机器人开展场景化训练与测试、通用数据集建立等用途。此外， 数据资产正成为机器人产业的核心竞争力，公司正在完成真实训练场景搭建、数种应用落地开发数据采 集，集成多本体、多任务、高价值数据。 ...

（文章来源：证券日报） 证券日报网讯领益智造7月31日在互动平台回答投资者提问时表示，公司已与国创中心签署战略合作协 议，公司为国创中心提供硬件服务，并为国创中心开放机器人应用场景，供机器人开展场景化训练与测 试、通用数据集建立等用途，双方将整合优势资源，共同推动机器人产业在技术创新、产品研发及产业 化应用等方面的发展。近期，双方已就意向订单达成一致，正在为国创中心的机器人提供关键零部件。 ...

Core Viewpoint - The company is transforming into a smart infrastructure asset service provider, leveraging its strong asset operation and financing capabilities while focusing on building a complete ecosystem in the robotics industry [1][2]. Group 1: Company Overview - The company, originally listed as "首长国际" in Hong Kong, began its strategic transformation in 2016 and has established a solid moat in asset operation and financing [1]. - The company is backed by top-tier strategic shareholders, including Shougang Group and Orix Group, enhancing its financial stability and growth potential [1]. - The company aims to create a full lifecycle service loop for infrastructure assets while deepening its investment in the robotics sector [1]. Group 2: Performance Highlights - The asset operation business recorded a revenue of 920 million HKD in 2024, representing a year-on-year increase of 39.8% [1]. - The company operates 12 airport parking resources, including six with an annual throughput of over 10 million [1]. - The asset financing business has experienced historical volatility but is expected to stabilize due to changes in accounting standards in 2024 [1]. Group 3: Robotics Business Development - In early 2024, the company partnered with Beijing Guoguan to establish a 10 billion RMB robotics industry investment fund, investing in various high-quality enterprises in the robotics field [2]. - The company leverages its extensive parking lot and industrial park operations to create unique scene advantages, shortening commercialization cycles and enhancing product iteration [2]. - The establishment of Beijing Shoucheng Robotics Technology Industry Co., Ltd. in February 2025 will further validate the conversion of scenes to orders in the robotics sector [2]. Group 4: Financial Projections and Investment Outlook - The company is a leader in parking lot operations, with a strong cash flow foundation supporting its robotics business expansion [3]. - Revenue projections for 2025-2027 are estimated at 1.52 billion, 1.71 billion, and 1.89 billion HKD, with corresponding net profits of 580 million, 710 million, and 820 million HKD [3]. - The company is rated as a "buy" with projected P/E ratios of 24.9x, 20.3x, and 17.5x for the respective years [3].

本公司高级管理人员、基金投资和研究部门负责人持有本基金份 额总量的数量区间为0，本基金的基金 经理持有本基金份额总量的数量区间为0。 7月31日，鹏华基金发布公告称，鹏华国证机器人产业交易型开放式指数证券投资基金合同已于2025年 07月30日生效。 基金募集期间自2025年07月21日至07月25日，有效认购总户数4,087户，净认购金额3.89亿元，利息结转 份额20,853份，总募集份额3.89亿份。 ...

领益智造（002600.SZ）7月31日在投资者互动平台表示，公司已获得多家人形机器人的硬件服务订单， 并开放机器人应用场景，供机器人开展场景化训练与测试、通用数据集建立等用途。此外，数据资产正 成为机器人产业的核心竞争力，公司正在完成真实训练场景搭建、数种应用落地开发数据采集，集成多 本体、多任务、高价值数据。 （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：请问公司机器人业务最近有什么进展吗？ ...