登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688266 证券简称：泽璟制药 公告编号：2025-026 苏州泽璟生物制药股份有限公司 关于自愿披露签署注射用重组人促甲状腺激素 独家市场推广服务协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 苏州泽璟生物制药股份有限公司（以下简称"公司"）于2025年6月5日与德国默克公司（Merck KGaA）的瑞士子公司Ares Trading S.A.（以下简称"ATSA"）签署《服务协议》（以下简称"协议"）。 公司同意授权ATSA作为注射用重组人促甲状腺激素（以下简称"标的产品"）在中华人民共和国境内 （为本协议之目的，不包括香港特别行政区、澳门特别行政区和台湾地区）的独家市场推广服务商。 ● 在满足协议约定的条款下，公司将获得授权款总金额为最高人民币25,000万元，其中协议生效日期起 30个工作日内ATSA将向公司支付第一笔预付款人民币5,000万元、标的产品首个适应症获批后ATSA将 向公司支付第二笔款项人民币20,000万元 ...

Group 1: Industry Overview - The humanoid robot industry is experiencing a historic turning point, with significant growth in financing driven by breakthroughs in AI large model technology and favorable policies [1][2] - As of June 5, 2023, there have been 59 investment events in the humanoid robot sector in China this year, amounting to several billion yuan [1] - The global investment in robotics has exceeded 200 billion yuan since 2025, with China's investment activity accounting for over 82% of the total [2] Group 2: Company Developments - Beijing Accelerated Evolution Technology Co., Ltd. has completed its Series A financing, which will be used for product iteration and large-scale production [2] - Sichuan Embodied Humanoid Robot Technology Co., Ltd. announced the completion of several million yuan in angel round financing and plans to release a robot with an emotional cognition system by the end of the year [2] - Lu Ming Robot Technology (Shenzhen) Co., Ltd. has completed three rounds of financing within six months, with notable investors including Inno Angel Fund and Fosun Ruijing [2] Group 3: Market Trends - The humanoid robot commercialization process is beginning, with significant orders reported by various companies, indicating a shift towards practical applications in sectors like education and tourism [3] - 2025 is anticipated to be a pivotal year for the mass commercialization of humanoid robots, with expectations for widespread deployment in smart factories and emotional companionship robots [3][4] - The number of robot-related enterprises in China has surpassed 900,000, with a 44% increase in new companies compared to the same period in 2024 [3] Group 4: Challenges and Innovations - Despite the optimistic outlook, the humanoid robot industry faces challenges related to technology and cost, with current systems having limitations in decision-making, motion control, and execution [4][5] - The cost structure of humanoid robots remains high, with components like the actuator joint module accounting for a significant portion of the overall cost [5] - Companies are focusing on innovation and collaboration within the core supply chain to overcome these challenges, with notable advancements in key components such as harmonic reducers and 3D vision sensors [6]

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 图表：中标项目电解槽单瓦平均价值量对比（元/W） 图表：生产侧氢价指数呈长期震荡下降态势 图表:绿氢项目立项超650万吨 2023.4 =2024.4 =2025.4 250.0 200.0 150.0 4.00 100.0 2.00 1.00 PEM槽 (元/W) 碱 (元/V) 资料来源:政府官网、国际氢能网等,国金证券研究所 资料来源:中国招标与采购网,国金证券研究所 资料来源:中国氢能联盟,国金证券研究所 · 预计2025年绿氢项目对应制氢设备招标量新增1.5GW，对应绿氢产能约15万吨。根据《氢能产业发展中长期规划（2021- 2035年）》，可再生能源制氢产能规划达到10-20万吨。目前可再生能源制氢落地产能在11万吨左右，距离2025年目标缺 口约为9万吨。随着设备降价、绿氢项目陆续动工,25年将能看到标杆性的大项目招标落地。 · 预计2025年氧燃料电池汽车新增上万辆。根据《氢能产业发展中长期规划（2021-2035年）》，2025年燃料电池汽车保有 量计划达到5万辆。截至2025年4月 ...

Group 1 - The core viewpoint of the article is that Yushi Technology has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to raise funds for global market expansion and continuous development in the autonomous driving sector [2][3] - Yushi Technology's projected revenue for 2024 is 265 million RMB, with a gross margin of 43.7%, meeting the Hong Kong Stock Exchange's criteria for "commercialized companies" [2] - The company has achieved a compound annual growth rate (CAGR) of 101.3% in revenue from 2022 to 2024, indicating strong growth [2] - Yushi Technology holds significant market shares in the commercial vehicle L4-level autonomous driving solutions, with 91.7% in airport scenarios and 45.1% in factory scenarios [2] - As of May 20, 2025, Yushi Technology has established partnerships with 17 Chinese airports and 3 overseas airports [2] Group 2 - The successful IPO of Yushi Technology could serve as a model for the commercialization of the domestic autonomous driving industry, potentially elevating China's smart driving technology within the global value chain [3] - Since its establishment in 2016, Yushi Technology has completed six rounds of financing, raising over 1.7 billion RMB, with investors including Innovation Works, ZhenFund, and Bosch Venture Capital [3] - After the last round of financing in 2023, the company's valuation reached 7.3 billion RMB [3] - The founder and CEO, Wu Gansha, previously worked at Intel, where he led strategic planning for big data and established key directions for Intel's China Research Institute [3] - Yushi Technology has implemented a "scene replication + localized adaptation" strategy to expand into overseas markets, with its autonomous driving solutions deployed in six countries and regions, serving 198 clients, including 35 Fortune 500 companies [3]

2025.06. 05 作者 | 第一 财经 刘晓颖 图源｜ 江苏体育局网站 据央视财经，正在进行的江苏省城市足球联赛，近期吸引了大批球迷前往观赛，也带动6个主场城市 文旅消费总额大幅增长。由于原定比赛场地很难满足观赛需要， 日前，江苏多个城市申请更换成更 多座位、灯光草皮等条件更好的比赛场地。 官方数据显示，"苏超"目前已吸引了超过18万名球迷涌入各个主场城市现场观赛， 上座率堪比职业 足球联赛。在"苏超"的带动下，各地文旅部门纷纷推出观赛旅游套餐、城市IP展演，将赛事流量转 化为文旅增量。 6月2日至6月8日，江苏省内景区预订同比增长305%。 "实话讲，知道（苏超）在当地会火，但是互联网上爆了确实没事先想到。"作为此次苏超的赞助商 之一卡尔美（KELME）市场营销部负责人柯鸿润告诉记者。 如今成为顶流的苏超全称首届江苏省城市足球联赛，作为一个地区性的足球联赛，在今年5月10日第 一场开踢前，主办方或许都不会想到火遍全国全网。 正如当地的一位资深体育记者孙庆在其专栏里评论，论苏超的纯粹竞技水平不算高，毕竟限制了职业 球员报名数量、以学生球员+业余球员为主，这也是行业内的人士一开始不太看好这项赛事能火的原 ...

日本周五将进行第二次登月尝试，美国政策不确定性令前景复杂化 金十数据6月5日讯，日本初创公司ispace计划在北京时间本周五03:17完成其第二次无人月球着陆，力争 成为首家成功实现受控登月的非美国公司。这距离其首次失败的尝试已有两年时间。若此次任务成功， ispace将把收集到的月壤"所有权"转移给美国宇航局（NASA），这将成为全球首例商业化的月球资源 交易。根据NASA2020年的声明，ispace的日本与卢森堡子公司将在该交易中各获得5000美元。不过， 鉴于特朗普政府提出削减预算，该合同是否受影响还未可知。NASA和ispace发言人未对此置评。另一 方面，日本投资者对登月计划热情高涨，ispace的股价今年至今已上涨约60%。 ...

Group 1: Automotive Sector Insights - The current trend in the automotive sector is the industrialization of L4 autonomous driving, which is becoming a clear industry trend [1] - The passenger vehicle segment is experiencing relatively flat terminal insurance sales data, with automakers increasing promotional efforts to support performance expectations and new vehicle forecasts [1] - New vehicle launches and exports are expected to provide structural growth opportunities within the automotive sector, indicating potential for upward revisions in expectations [1] Group 2: Autonomous Driving Developments - Tesla plans to launch a paid full self-driving service in Austin, Texas, in June, with plans to expand to other cities by the end of the year, while preparing for a regulated full self-driving launch in Europe [2] - Companies like Pony.ai and WeRide are expanding their partnerships with Uber, accelerating the rollout of Robotaxi services globally [2] - The L4 technology has been at a low expectation point for a long time, but the capital market is quickly catching up with industry advancements, indicating potential for a new upward momentum in the sector [2] Group 3: Robotics Sector Analysis - The robotics sector has experienced a volatile market recently, with high expectations making further upward adjustments challenging, leading to a phase of validating individual stock performances [3] - Industry benchmark manufacturers have begun releasing initial large-scale procurement orders, with market focus shifting to mid-term prototype iterations and larger-scale production to validate industry trends [3] - Recommendations for investment include companies like BYD, Geely, and Xiamen King Long, as well as components suppliers such as Desay SV and Bertel [3]

Group 1 - TAE Technologies has completed a new funding round, raising $150 million, with investors including Google, Chevron, and New Enterprise Associates [2] - This marks TAE's 12th funding round, bringing total funding to approximately $1.8 billion, making it one of the most funded fusion energy companies globally [2] - TAE has developed a new reactor design that no longer requires the collision of two plasma spheres to initiate reactions, allowing for a smaller, cheaper, and easier-to-operate reactor [2] Group 2 - Google has participated in two funding rounds for TAE, with the previous round in 2022 raising $250 million, and collaboration dating back to 2014 [3] - The introduction of AI has significantly reduced the time and number of experiments needed to optimize reactor parameters from about two months and 1,000 experiments to just a few hours [3] - TAE's reactor can currently generate plasma temperatures of up to 70 million degrees Celsius, with plans to heat plasma to 1 billion degrees Celsius in future commercial devices [3]

【食饮 】换季消费及成长 投资建议：结构分化，重视成长。 大众品首选新消费、高成长，白酒周期寻底，配置价值凸显。 白酒：分化加剧，更加理性。 25Q2 产业景气度仍在寻底，头部公司淡季韧性凸显。 与 2012-14 年的行业调整期相比，本轮周期需求和预期的调整烈度相 对较小、但调整周期明显拉长。上一轮白酒行业调整呈 V 型，行业出清速度快；本轮调整更像 U 型，调整幅度相对较小，目前仍在筑底阶段。 我们认为 短 期股价走势已基本反应市场悲观预期，伴随政策预期回暖白酒板块有望迎来一轮估值修复。 啤酒 & 饮料：啤酒有望修复，饮料结构繁荣。 啤酒旺季将至、经营环比改善； 饮料仍处于单品势能释放阶段。 大众品：表现分化，结构性增长。 新消费趋势延续，首选高成长。我们认为休闲食品结构性红利明显，魔芋制品打开第二成长曲线， 头部企业成长性凸显 ； 调味品、乳制品 收入边际改善， 竞争格局优化可期 。 风险提示： 经济复苏不及预期；市场竞争加剧；成本上涨；出现食品安全问题。 >>以上内容节选自国泰海通证券已经发布的研究报告 ： 换季消费及成长 ，具体分析内容（包括风险提示等） 请详见完 整版报告。 趋势：老树焕新芽、产品 ...

Group 1 - The commercialization challenges faced by large model companies, particularly Zhipu AI, are becoming increasingly prominent as it aims to target B-end and G-end markets [2][6] - Zhipu AI's COO Zhang Fan is set to leave the company at the end of June to pursue entrepreneurship in the AI Agent field, with the new project receiving investment support from Zhipu [2][5] - The restructuring of Zhipu AI's commercialization department has led to a shift in management responsibilities, moving away from the traditional ToB/ToG logic [6][8] Group 2 - Zhipu AI has experienced significant personnel turnover, including the departure of key figures such as VP Zhang Kuo, which has hindered its ability to secure new financing [5][6] - The company has received a total of 1.8 billion yuan in strategic investments from state-owned enterprises in Hangzhou, Zhuhai, and Chengdu since 2025 [5] - The slow progress in Zhipu's model capabilities and financing plans has raised concerns about its future in the competitive AI landscape [5][6] Group 3 - The B-end market for AI services is becoming increasingly challenging, with a shift in demand and a decrease in genuine needs from enterprises [8][9] - Zhipu AI's current workforce is approximately 800 to 1,000 people, with half of them in the commercialization team, although the company claims that over 70% of its workforce is dedicated to research and development [9][10] - The competitive landscape among large model service providers has led to price wars, impacting project quality and profitability [9][10] Group 4 - Zhipu AI's foundational model has not seen updates since December 2024, which is concerning in the rapidly evolving AI sector [11] - The company ranks lower in model performance compared to its peers in the "AI Six Dragons," indicating a potential lag in technological advancement [11][12] - The release of DeepSeek-R1 has intensified competition, making it harder for Zhipu to secure contracts as clients gravitate towards DeepSeek's offerings [9][11] Group 5 - Zhipu AI has initiated the IPO process, becoming the first among the "AI Six Dragons" to do so, which may provide a pathway for future growth [17][18] - The company aims to balance its academic roots with commercial success, similar to SenseTime, but faces challenges in transitioning from research to practical applications [18][19] - Internal management issues and overlapping authority among departments have been reported, which could affect operational efficiency as the company prepares for its IPO [23][24]