汽车零部件业务快速放量，发行可转债加速扩产： | 投资要点 | | --- | 事件： 公司发布2025年一季报，2025Q1公司营收达7.47亿元，同比+47.76%/环比+6.98%，主要系模具 Q1交付多＋智界R7 Q1集中交付；25Q1公司归母净利润达0.97亿元，同比+28.49%/环 比-0.31%。 从盈利能力看，公司25Q1毛利率达25.00%，同比+1.26pct/环比-1.82pct；25Q1净利率14.88%， 同比-1.37pct/环比-2.03%。25Q1公司三费费用率达4.49%，同比-1.80pct/环比-1.14pct。其中销售 费用/管理费用/财务费用率分别达0.69%/3.84%/-0.05%，研发费用率达3.93%。 25Q1投资收益1337万，环比减少1000万，主要系奇瑞销量Q1 62万辆，同比+17%，环 比-27%。在奇瑞Q1销量环比下滑导致投资收益减少一千万的情况下，公司净利润能保持环比 持平，经营持续向好。 | 现金流量表(百万元) | 2024A | 2025E | 2026E | 2027E | 重要财务与估值指标 | 2024A | 2025E | 20 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report comprehensively presents the overnight market trends of domestic and international commodities, futures, and stocks, along with important macro - level news and policy updates. It also includes data on various industries such as energy, metals, agriculture, finance, real estate, and international economic indicators, reflecting the complex and dynamic nature of the global economic and financial markets. 3. Summary by Directory Overnight Market Trends - Domestic commodity futures night - session closed generally higher, with most energy and chemical products rising, but some like crude oil falling. Black - series all rose, agricultural products mostly rose, and basic metals had mixed performance. For example, soda ash rose 1.33%, and coke rose 1.82% [2][62]. - International oil prices weakened, with concerns about OPEC+ increasing production and global economic uncertainty. The US crude oil main contract fell 2.18%, and Brent crude oil main contract fell 1.97% [2]. - International precious metal futures closed with mixed results. COMEX gold futures fell 3.45%, and COMEX silver futures rose 2.01% [3]. - CBOT agricultural product futures main contracts mostly fell, except for soybeans which rose 0.53% [3]. - London basic metals mostly rose, with LME aluminum rising 2.22% [3]. Important News - **Macro News** - The Ministry of Ecology and Environment will strengthen the carbon - emission trading market, ensuring new - entrant training and cracking down on data fraud [7]. - The Chinese Foreign Ministry emphasized the need for the US to stop threats and engage in equal - footing dialogue [7]. - The US Middle - East envoy will visit Russia for Ukraine - related talks [7]. - Trump stated he had no plan to fire Fed Chairman Powell [7]. - The US Treasury Secretary reaffirmed the strong - dollar policy and called for international financial system re - balancing [8]. - US April PMI data showed mixed trends, with service PMI at a 2 - month low and manufacturing PMI at a 2 - month high [8]. - The Fed's Beige Book indicated economic uncertainty due to tariffs [12]. - Trump criticized Zelensky's remarks on Crimea as harmful to peace talks [13]. - Congo (Kinshasa) and the rebel group "M23 Movement" expressed hope for a cease - fire [14]. - **Energy and Chemical Futures** - UAE's Fujairah port's refined - oil inventory decreased to a four - week low, with different trends for light, medium, and heavy fractions [16]. - China's methanol port inventory decreased, with both East and South China regions de - stocking [16]. - Japan's commercial crude - oil inventory decreased, while gasoline inventory increased [16]. - Some OPEC+ members may propose accelerating oil production in June [19]. - US EIA data showed a decrease in crude - oil exports and production, and an increase in commercial inventory [19]. - Kazakhstan may prioritize national interests over OPEC+ in oil - production decisions [19]. - **Metal Futures** - The Shanghai Gold Exchange adjusted margin levels and price - limit ranges for gold and silver contracts [21]. - Peru's Antamina copper mine had an accident, leading to a full - scale shutdown for safety and investigation [21]. - The passenger - car market in China showed growth in April 1 - 20 sales compared to last year but a decline compared to last month [21]. - The Shanghai Futures Exchange adjusted the trading fees for the AU2506 gold - futures contract [24]. - **Black - series Futures** - In March 2025, global crude - steel production increased by 2.9% year - on - year, with China, India, and the US showing different trends [26]. - In mid - April, the social inventory of 5 major steel products in 21 cities decreased by 5.6% month - on - month [26]. - **Agricultural Product Futures** - India's palm - oil imports are expected to increase from May to September [28]. - Corn - starch enterprise inventory increased slightly, with a 0.29% weekly increase [28]. - China's pig prices rose 0.7% in the third week of April after 10 weeks of decline [28]. - Argentina's soybean harvest may accelerate due to dry conditions, with an expected yield of 4860 tons [31]. - Brazil's April soybean export forecast was adjusted down to 1430 tons, while the soybean - meal export forecast remained unchanged [32]. - The expected US soybean export net sales for 2024/25 and 2025/26 were estimated [33]. Financial Market - **Finance** - By the end of Q1, 162 public - fund institutions managed a total of 31.05 trillion yuan, with the top 10 fund companies named. The number of active - equity fund managers with over 100 million yuan in management decreased [35]. - In Q1 2024, public funds had a profit of 2528.54 billion yuan, a more than 10 - fold increase year - on - year [35]. - Shandong Feiyin Payment Information Technology Co., Ltd. cancelled its payment license, and the number of licensed payment institutions decreased to 170 [35]. - **Real Estate** - Xiamen optimized its housing - expropriation compensation policy, allowing house - tickets for second - hand housing and offering a 5% bonus for new - house purchases within 6 months [38]. - Qingdao released its 2025 housing - development plan, covering multiple aspects such as housing supply and renovation [38]. - Zhengzhou proposed to adjust the upper - age limit for housing - provident - fund loans [38]. - **Industry** - In Q1, domestic tourism had a 26.4% increase in trips and an 18.6% increase in spending [39]. - The National Robotics Standardization Technical Committee and the International Starlink Alliance signed a cooperation agreement for robot standardization [39]. - India imposed a 5 - year anti - dumping tax on Chinese aniline [40]. - **Overseas** - The Fed's Beige Book showed little economic change but high trade - policy uncertainty [41]. - The US President may exempt some tariffs for automakers and steel and aluminum [44]. - The US State Department will implement a restructuring plan, cutting 15% of domestic staff and closing 132 offices [44]. - In February, EU exports to the US increased by 22.4%, and imports from the US increased by 2.4% [44]. - The IMF predicted that tariff hikes would increase global public - debt - to - GDP ratio [44]. - April PMI data for various countries showed different economic trends, with India having high - growth PMIs [45]. - **International Stock Market** - Chinese concept stocks generally rose, with the Nasdaq Golden Dragon China Index rising 2.93% [52]. - Apple and Meta were fined 500 million euros and 200 million euros respectively by the EU [53]. - Musk will focus more on Tesla in May [54]. - Intel may cut over 20% of its staff and participated in the Shanghai Auto Show [57]. - Many companies released their financial reports, with different profit and revenue performances [57]. - **Commodities** - Similar to the overnight market trends, domestic commodity futures had mixed results, and there were policy and event updates such as copper - mine accidents and OPEC+ production - increase discussions [62]. - **Bonds** - Treasury - bond futures fell, and bond yields generally rose. The inter - bank market had loose funds [72]. - Some bonds will be fully redeemed, and some companies had negative credit events [72]. - **Foreign Exchange** - The on - shore RMB against the US dollar rose 190 basis points at 16:30 on Wednesday, and the central parity rate was depreciated by 42 basis points [73].

4月23日，国民技术（300077）与中国科学院深圳先进技术研究院电驱系统专家团队在深圳签署合作意 向协议，双方将在国家重点研发项目支持下，就智能机器人及关节伺服驱控领域的核心技术攻关展开深 度合作。(人民财讯) ...

5、 上证报记者从上海商务委获悉，最新发布的 《关于进一步优化上海餐饮企业发展环境的若干措施》 （以下简称若干措施）提出，鼓励金融机构有 效运用大数据和金融科技手段，在风险可控前提下开发有针对性的金融产品， 加大对餐饮企业的融资支持力度 。 6、 22日讯， 首届具身智能机器人运动会将于4月24日至26日在无锡市惠山区举办 。 本次活动包括开幕式、竞技赛/应用赛、主题会议等多个环 节。 其中，竞技赛包括竞速跑、越野跑、足球、篮球、舞蹈等； 应用赛包括搬运、智能抓取、室内救援等。 在无锡（惠山）人形机器人产业园推介 环节，宇树科技、小米人形机器人、乐聚机器人等相关负责人也将参与，就人形机器人关键技术瓶颈与突破路径、人形机器人应用场景的深度挖掘与落 脚难点等展开讨论。 今日导读 1. 多只黄金LOF在近日大涨后提示溢价风险。以易方达黄金主题证券投资基金(LOF)为例，该基金4月22日上午部分时段停牌，但复牌后继续大 涨，午后该基金再度停牌，全天涨幅超过9%。 2. 4月21日，中国人寿保险（集团）公司（以下简称"中国人寿集团"）官网集团领导栏信息显示，李祝用职务更新为该集团党委副书 记、副董事长、总裁，这意味着， ...

今年以来，机器人赛道火极一时，蛇年春晚上，宇树科技旗下身穿花袄表演扭秧歌的人形机器 人成为 "显眼包"；4月1 9日，全球首个人形机器人半程马拉松在北京亦庄开赛，来自北京人形 机器人创新中心和优必选科技的"天工Ultr a "以2时4 0分4 2秒的成绩冲线，夺得全球首个人形机 器人半程马拉松赛事桂冠。 在此背景下，发达地区纷纷设立相关产业基金，抢抓相关机遇，我们统计具有代表性的事件如 下： 2 0 2 5中国（合肥）智能机器人产业发展大会日前在安徽省合肥市高新区举行。会上，合肥市副 市长王海霞发布了合肥市支持智能机器人产业发展重大政策举措——" 6 1 2 8 "工程。 " 6 1 2 8 "工程计划在1年内开放6 0家整车配套企业供应链目录，为1 0 0家企业提供公共服务与技 术攻关支持，打通华为、讯飞两大多模态"智慧大脑"，并加速落地八大应用场景。此外， 合肥 计划设立 1 0 0亿元未来产业基金，3年内投入2 0亿元建设公共服务平台，并提供每年1亿元专项 补贴，全方位保障智能机器人产业发展 ，推动产业向高端化、智能化、国际化迈进。 大会还发起成立智能机器人产业生态联盟，全力打造具有全球竞争力的产业集群 ...

对接需求请扫码 每日｜荐读 活动： 「2025中国产业资本峰会」圆满落幕，CVC成为投资行业枢纽！ 榜单： 「2025产业投资100强」正式发布 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 4月21日，合肥市副市长王海霞在安徽省合肥市高新区举办的2025中国智能机器人产业发展大会上 宣布，合肥市将设立100亿元基金以支持智能机器人产业的发展，并推出"6128"工程。 该工程计划在一年内开放60家整车配套企业供应链目录，为100家企业提供公共服务与技术攻关支 持，打通华为、讯飞两大多模态"智慧大脑"，并加速落地八大应用场景。 来源：合肥市投资基金协会 ...

中科院院士蒲慕明表示，我们要借鉴大脑的结构和计算特点，让人工智能突破算力、数据和参数规模的限制，实现更高级别的通用人工智能。 自上世纪80年代类脑计算的概念被首次提出起，有关类脑人工网络、类脑机器学习、类脑芯片等领域的技术研究不断涌现。而随着算力、芯片、算法三要素 的不断突破，以及多学科交叉融合的逐步深入，类脑智能发展正迎来新的发展契机。 4月18下午，在2025全国类脑智能产业创新发展推进会上，类脑智能产业创新发展联盟发起成立，类脑智能未来产业基金矩阵在会上首次亮相。 类脑智能未来产业基金矩阵由上海未来产业基金、博康共赢基金、道禾基金、杨浦科创集团等10家投资机构联合发起，将聚焦类脑智能产业新赛道，支持类 脑产业前沿技术研究、落地与应用，完善类脑产业布局，推动区域类脑产业发展。 于2017年就在全国率先开展类脑智能布局的上海，通过深化基础原创理论研究、加快关键核心技术攻关、承接国家重大战略任务等举措，在类脑计算芯片、 类脑视觉系统研发等领域取得了重要成果。 当前，规模定律（Scaling Law）已将达到算力和数据的瓶颈，人工智能的性能提升将会放缓。新算法与人工网络模型的进一步优化，借鉴低功耗但复杂而 精巧 ...

Core Viewpoint - The company is positioned to benefit from the rapid development of new energy systems and the digital energy sector, driven by national policies and market demands [7][11]. Company Overview - The company operates primarily in two business segments: "Digital Energy" and "Intelligent Robotics," focusing on core technologies such as active distribution networks, energy storage, advanced control of robots, and artificial intelligence [3][6]. - The company has over 20 years of experience in the electric power energy sector, providing integrated solutions across the entire "source-network-load-storage" industrial chain [6][14]. Digital Energy Sector - The company is one of the earliest entrants in the distribution automation field in China, actively participating in the development of smart grids and new energy systems [4][5]. - National policies are accelerating the construction of new power systems, with significant investment expected in the digital energy sector, projected to exceed 10 trillion yuan by 2030 [7][10]. - The transition to a digital and intelligent distribution network is essential to accommodate the increasing penetration of distributed renewable energy and electric vehicles [8][9]. Intelligent Robotics Sector - The robotics industry in China is expected to maintain a high growth rate, with an annual revenue growth rate exceeding 20% by 2025 [12]. - The company has developed a diverse range of customized intelligent robotic products and solutions, serving various industries including automotive, new energy, and rail transportation [15]. - The increasing competition in the robotics sector has led to challenges in profitability, with many companies facing intense market pressure [12]. Business Model - The digital energy business primarily serves state-owned power companies and large energy-consuming enterprises, utilizing a bidding process for order acquisition [13]. - The intelligent robotics business operates on a "make-to-order" model, focusing on customized solutions based on client needs [13]. Market Position - The company holds a strong market position in the electric power and energy sector, with significant influence in smart distribution and energy storage products [14]. - The company's robotics products are widely recognized in various applications, achieving high market acceptance and operational efficiency [15].

（原标题：上市公司动态 | 3天内A股回购增持金额近800亿元，罗博特科重大资产重组暂缓审议） -- 重点要闻 – 3天内A股回购增持金额近800亿元 据智通财经记者初步统计，截至目前的三个交易日内，111家上市公司抛出回购预案或发布股东提议回购公告，拟回购金额上限416.7亿元；67家 上市公司抛出股东增持计划，拟增持金额上限381.87亿元；回购增持总金额上限合计高达798.57亿元。另据记者初步统计，今年三月份，上市公司 相关回购增持金额上限合计199.4亿元。对比来看，近三日宣布回购增持的力度明显增强，反映出上市公司和大股东对资本市场发展前景的坚定信 心，此举对后市的提振效果也将日益显现。 4月9日电，截至发稿，据智通财经不完全统计，盘后包括国泰君安、三安光电、潍柴动力、歌尔股份、嘉化能源、中泰证券、四川长虹、国投资 本、山东高速、卡倍亿、长虹华意、长虹美菱、财通证券、山推股份、海翔药业、浙江医药、太阳能、东山精密、节能风电、万润股份、荣盛石 化、山东黄金、吉电股份、亨通光电、杭氧股份在内的25家A股上市公司盘后披露金额最高达2亿元及以上的回购或增持计划公告。具体来看，国 泰君安拟10亿元-20亿元回 ...

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