会议纪要 证 券 研 究 报 告 1. 业绩总览：FY25Q3 实现营收 28.80 亿美元（YoY+24.57%，QoQ+9%），高 于指引上限，公司四大业务部门均实现双位数增长。FY25Q3 调整后毛利率为 69.2%（YoY+1.3pct，QoQ-0.2pct），调整后 EPS 2.05 美元（YoY+29.75%， QoQ+10.81%），高于指引区间上限。 2. 业务拆分：（1）工业，收入为 12.85 亿美元（YoY+22.94%，QoQ+10.97%）， 占营收 45%，工业业务持续复苏，所有子行业及地区均实现环比增长。主要应 用领域全部实现同比增长，其中自动测试设备业务表现尤为突出，主要得益于 人工智能领域投资的增加。此外，航空航天与国防业务也创下了季度新高。（2） 汽车，收入为 8.51 亿美元（YoY+22.45%，QoQ+0.12%），占营收 30%，主要 系领先的互联互通和功能安全电源解决方案继续推动着实现两位数的同比增 长。（3）通信，收入为 3.72 亿美元（YoY+40.38%,QoQ+18.10%），占营收 13%， 有线和数据中心业务约占通信业务总收入的三分之二，随着人工智能 ...

Group 1: Industry Insights - Deepseek announced the release of its large model V3.1, which utilizes UE8M0 FP8Scale parameter precision, indicating a positive impact on the domestic AI chip and semiconductor industry chain [3] - The Chinese government plans comprehensive reforms in the petrochemical and refining industry, targeting the elimination of small facilities and upgrading outdated operations, with a focus on producing specialty fine chemicals [4] - The adjustment of capacity in the petrochemical industry is seen as a continuation of the "anti-involution" policy, although the profitability of the domestic petrochemical industry is primarily influenced by overseas oil prices [4] Group 2: Advanced Manufacturing - As of June 2025, China's cumulative installed capacity for power storage reached 164.3 GW, a year-on-year increase of 59%, while new energy storage capacity reached 101.3 GW, up 110% [7] - Citigroup raised its target price for lithium carbonate in China from $7,000 to $11,000 per ton, indicating that the recent price increase is seen as temporary due to supply disruptions [7] - EVE Energy reported a revenue of 28.169 billion yuan for the first half of the year, a year-on-year increase of 30.06%, driven by growth in power and energy storage battery businesses [8] Group 3: Consumer Sector - Bilibili reported a revenue of 14.341 billion yuan for the first half of 2025, a year-on-year increase of 21.62%, with a notable rise in gross margin to 36.5% [10] - The gaming segment generated 1.61 billion yuan in revenue, a 60% increase year-on-year, driven by new game seasons and stable operations of long-term products [10] - The advertising business saw a revenue increase of 20%, with performance ads growing by 30% and AI-related ads experiencing a nearly 400% increase [10]

henry 发自 凹非寺 量子位 | 公众号 QbitAI 两年一次的院士增选来了。 8月20日，中国科学院和中国工程院分别在官网上发布公告，公布了2025年院士增选有效候选人名单。 其中，中国科学院院士有效候选人639人，中国工程院院士有效候选人660人。 据悉，后续将开展外部同行专家评议，院士增选大会选举，选出新增院士（两院各不超过100名） 根据2023年的时间线：8月31日发布增选有效候选人名单，11月22日公布院士增选结果。 即便最终结果公布还有一段时间，这份候选名单，也非常值得关注关注。 从院士增选中看人工智能 两年一度的院士增选，不仅是科研界的大事，同时也折射出各学科的发展趋势。 总体来看，今年两院候选人数均有所增加：中国科学院639人，较2023年增长约9.6%。 | 中国科学院院士增补候选学科及人数 | | | --- | --- | | 学科 | 人数 | | 数学物理学部 | 98 V | | 化学部 | 105人 | | 生命科学和医学学部 | 125人 | | 地学部 | 96人 | | 信息技术科学部 | 61人 | | 技术科学部 | 104人 | | 特别领域 | 50 人 | ...

机器人的功能触角：灵巧手 20250821 摘要 灵巧手技术层面聚焦驱动、传动和感知。驱动系统以空心杯电机为主， 但普通直流无刷电机和新型轴向磁通电机等方案可提高功率密度。传动 方面，键绳、微型丝杠、精密减速器各有优劣，可组合应用。感知领域 中，触觉传感器技术壁垒高，压阻式传感器应用广泛，未来或发展为电 磁电子皮肤。 灵巧手发展历史悠久，早期应用功能单一。2000 年后，仿生灵巧手快 速发展，如德国宇航中心推出高自由度灵巧手，但成本高昂。国内哈工 大推出首个进入工业测试的国产灵巧手。特斯拉 Optimus 人形机器人 推动行业发展，不断迭代技术方案，验证多种驱动和传动方案。 海外市场由领先公司主导，中国企业积极布局。非上市公司如银石、强 岛，上市公司如兆维机电、明智电器、雷赛智能和禾川等具有优势。末 端执行器分为多指夹爪和多指灵巧手，后者模仿人类生理结构，是未来 发展趋势，可实现复杂精细操作。 特斯拉人形机器人不断迭代，第一代采用空心杯电机加涡轮蜗杆方案， 第二代改用直流无刷电机加微型丝杠加腱绳方案，并验证直驱及微型谐 波减速器等新方案。特斯拉计划在 11 月发布第三代人形机器人产品， 其零销售方案将更清晰。 ...

Financial Data and Key Metrics Changes - Revenue for the third quarter was $2,880,000,000, exceeding expectations, up 9% sequentially and 25% year over year [15] - Gross margin was 69.2% and operating margin was 42.2%, both up 100 basis points sequentially and year over year [18] - EPS was $2.5, above the high end of the guided range and up 30% year over year [18] Business Line Data and Key Metrics Changes - Industrial represented 45% of revenue, up 12% sequentially and 23% year over year, with double-digit growth across all subsectors [15] - Automotive accounted for 30% of revenue, down 1% sequentially but up 22% year over year [16] - Communications made up 13% of revenue, up 18% sequentially and 40% year over year [16] - Consumer also represented 13% of revenue, up 16% sequentially and 21% year over year, marking the fourth consecutive quarter of double-digit year-over-year growth [17] Market Data and Key Metrics Changes - The industrial business is experiencing a recovery, particularly in aerospace, defense, and automation sectors, driven by increased spending in defense and AI infrastructure [6][15] - The automotive market is seeing a decline in sequential revenue due to unwinding of prior pull-ins, particularly in China [47][50] Company Strategy and Development Direction - The company is focusing on innovation-driven growth, particularly in the industrial automation and robotics sectors, with expectations of long-term expansion [6][11] - Partnerships are being formed to enhance product offerings and customer collaborations, particularly in robotics and automation [9][12] - The company is investing in application-specific solutions to capture growth opportunities in advanced robotics [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating geopolitical and macroeconomic uncertainties, citing a diversified business model as a strength [6][21] - The outlook for the industrial market remains strong, with expectations for continued growth despite seasonal trends [25][42] - Management is monitoring the impacts of tariffs and other external factors closely [21] Other Important Information - Cash and short-term investments totaled $3,500,000,000, with a net leverage ratio of 1.1 [18][19] - Free cash flow over the trailing twelve months was $3,700,000,000, representing 35% of revenue [20] Q&A Session Summary Question: Industrial growth outlook and inventory levels - Management indicated that industrial growth has been strong, with expectations for continued growth in Q4, despite being in a cyclical upturn [24][25] Question: Gross margin expectations and utilization rates - Management acknowledged lower gross margins due to unexpected lower utilization but expects to return to 70% margins in Q4 [29][30] Question: Automation revenue growth potential - Management expressed optimism about the automation business potentially doubling in size by 2029 due to strong R&D and market demand [35][37] Question: Automotive market trends and pull-ins - Management noted that automotive revenue is expected to decline in Q4 due to unwinding of prior pull-ins, particularly in China [46][50] Question: Supply constraints in aerospace and defense - Management confirmed strong demand in aerospace and defense, leading to supply constraints, but is actively increasing capacity to meet demand [68][69]

8月17日 ， 韩媒KIPOST报道称，三星电子 在7月 与特斯拉签订价值至少 1 65亿美元 （ 约合人民币118 5亿元 ） 的半导体晶圆代工合同同时，其子公司三星显示 (SDC) 也获得了特斯拉订单。 报道称， 三星显示将从2027年开始向特斯拉供应8英寸OLED屏幕，有观点认为，这一规格产品可能用 于特斯拉电动汽车的后排触控屏或是下一代Optimus人形机器人的面部屏幕。 对于前一种可能而言，目前特斯拉汽车的后排触控屏已在采用基于LCD的8英寸触控屏，更换为OLED 没有本质提升，且会推高物料成本；而下一代Optimus人形机器人如引入面部显示屏可提升人机交互性 能，同时易弯曲、低功耗、低厚度的OLED显示技术也更适合机器人面部这种曲面结构。 据悉，特斯拉计划在今年年底前推出其第三代人形机器人Optimus，并于2026年开始量产，五年内实现 年产能100万台。第三代Optimus预计将采用面部显示屏，向周围的人显示情绪和基本信息。 值得一提的是，此前有消息爆料，苹果也将进军机器人行业。该公司目前正在研发一款iPad桌面机器 人，设备原型使用7英寸左右的显示屏，计划于2027年上市。 今年1月，苹果曾 ...

Core Insights - Yushu Technology has released a teaser for a new robot, showcasing its silhouette and key specifications [2] - The robot stands at a height of 180 centimeters and features "31 joint DOF" which refers to 31 degrees of freedom in its joints [2] Company Highlights - The new robot's design emphasizes advanced joint articulation with a total of 31 degrees of freedom [2] - The announcement indicates a focus on innovation and technological advancement within the robotics sector [2]

Core Viewpoint - The company is actively optimizing the products of the acquired Better Robotics and has established a new subsidiary in France to operate the core assets obtained from Aldebaran Robotics, aiming to leverage the technology and market influence of humanoid robots like Nao to create synergistic effects [2] Group 1 - The company is focusing on continuous optimization of Better Robotics' products [2] - A new subsidiary in France will be set up to operate the core assets acquired from Aldebaran Robotics [2] - The original core team of Aldebaran will be integrated to maximize the advantages of technology, brand, and market influence [2] Group 2 - The company aims to achieve a synergistic effect of "1+1>2" through the integration of resources and capabilities [2] - There are uncertainties regarding team integration, R&D progress, and market promotion effectiveness [2] - The company plans to continue enhancing its business layout through investments and acquisitions, with related matters being disclosed as necessary [2]

Group 1 - The investment opportunities in robotics applications are gaining attention, with the development of the VLA model enabling robots to work in simple scenarios and achieve zero-sample transfer [1] - High-flexibility scenarios are expected to be implemented in the third and fourth quarters of this year, with a significant increase in volume anticipated next year as data accumulation and model optimization cross the economic balance point [1] - Companies in logistics, apparel, and healthcare are accelerating the deployment of robots through self-research or partnerships, supported by policies such as those for healthcare robots [1] Group 2 - Global demand for gas turbines is on the rise, with new gas turbine orders for the first half of 2025 expected to increase by 35.56% year-on-year [1] - The core component of turbine blades is facing global capacity constraints [1] - The upcoming bidding for nuclear fusion power sources will see the Tokamak power (including magnet power and auxiliary heating power) accounting for about 15% of the value, with FRC and Z-pinch devices driving demand for switches and capacitors [1] Group 3 - The engineering machinery sector is experiencing an upward trend, with excavator sales in July increasing by 25.2% year-on-year [1] - The gas turbine and railway equipment sectors are steadily improving, while the shipbuilding sector is showing signs of slowing down, and oil service equipment is stabilizing at the bottom [1] Group 4 - The robotics industry ETF (159551) tracks the robotics index (H30590), which focuses on companies involved in the research, development, and application of robotics technology [1] - The index covers the entire industry chain from upstream key components to downstream system integration, reflecting the development trends and technological advancements in the robotics-related industries [1]

Group 1 - The stock price of Zhongjian Technology experienced fluctuations on August 18, opening at 108.50 yuan, reaching a high of 109.00 yuan, and a low of 104.62 yuan, ultimately closing at 106.96 yuan, down 0.96% from the previous trading day [1] - The trading volume for the day was 65,940 hands, with a total transaction amount of 701 million yuan [1] - Zhongjian Technology's main business involves the research, development, production, and sales of specialized equipment, primarily used in the industrial automation sector [1] Group 2 - The company is headquartered in Zhejiang Province and has a significant technological accumulation in the field of robotics [1] - On August 18, the net outflow of main funds for Zhongjian Technology was 7.9233 million yuan, while the cumulative net inflow over the past five trading days was 31.4488 million yuan [1] - A rapid decline was observed in the early trading session, with a drop of over 2% within five minutes around 9:30 AM [1]