Core Viewpoint - The fourth Global Digital Trade Expo highlights the rapid growth and potential of the intelligent robotics industry, with Yushutech emerging as a leader in the field of quadruped and humanoid robots [1][2]. Group 1: Company Overview - Yushutech, founded in 2016, has become a globally recognized robotics company, achieving the highest shipment volumes of quadruped and humanoid robots in recent years [1][2]. - The company launched its first humanoid robot, "H1," in 2023, which has already achieved significant recognition by winning multiple gold medals at the inaugural World Humanoid Robot Sports Games [2]. Group 2: Industry Insights - The intelligent robotics industry is experiencing explosive growth in China, driven by continuous government support and advancements in AI technology [2]. - The current stage of AI robotics involves understanding complex commands and executing smooth movements, but the industry is still limited to fixed actions and lacks autonomous interaction capabilities [3]. Group 3: Future Development Plans - Yushutech aims to achieve real-time command response and the ability to perform any action within its capabilities by the end of 2025 or early 2026, marking a critical step towards commercialization [3][5]. - The company envisions a longer-term breakthrough where embodied intelligent robots can autonomously understand commands in unfamiliar environments and interact with the physical world, potentially achievable by 2026 to 2027 [5].

格隆汇9月24日丨映翰通(688080.SH)在投资者互动平台表示，公司高度关注包括人形机器人在内的具身 智能机器人产业的发展动态，随着人工智能、传感器、运动控制等技术的进步，该领域未来具有较大的 发展潜力和市场空间，但人形机器人整体仍处于技术快速演进与应用探索阶段，目前距离大规模产业化 尚有一定距离。 公司现有业务与机器人产业在部分底层技术环节（如工业互联网、通信连接、智能控 制等）具有一定的技术关联性。公司已在相关领域保持前瞻性关注和研究，公司会结合公司自身业务发 展战略和核心优势，持续跟踪技术进展与产业应用机会。 ...

格隆汇9月24日丨映翰通(688080.SH)在投资者互动平台表示，公司高度关注包括人形机器人在内的具身 智能机器人产业的发展动态，随着人工智能、传感器、运动控制等技术的进步，该领域未来具有较大的 发展潜力和市场空间，但人形机器人整体仍处于技术快速演进与应用探索阶段，目前距离大规模产业化 尚有一定距离。 公司现有业务与机器人产业在部分底层技术环节（如工业互联网、通信连接、智能控 制等）具有一定的技术关联性。公司已在相关领域保持前瞻性关注和研究，公司会结合公司自身业务发 展战略和核心优势，持续跟踪技术进展与产业应用机会。 ...

Group 1 - The company Wan'an Technology (002590) announced a deep collaboration with Tongchuan Technology in the field of embodied intelligent robots [1] - The collaboration aims to promote technological synergy and industrial integration [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 江海证券指出，国内人形机器人商业化步伐加快，头部企业持续释放利好。优必选、智元等企业相 继斩获大额订单，优必选在手订单金额已达近4亿元，智平方与慧智物联达成战略合作，计划部署超 1000台具身智能机器人。傅利叶人形机器人GR-3开启预售并计划交付。海外方面，Figure获10亿美元融 资，特斯拉Optimus 3在抓握精度和操作灵活性上显著提升。国家及地方政府持续加码支持，广州、河 南等地出台政策推动具身智能机器人产业发展。新标准《人形机器人数据集标准》及"浦江X"平台发 布，助力技术迭代与商业化落地。在政策支持与产业链企业合作加快的背景下，人形机器人产业进入快 速发展期。 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取涵盖机床整 机制造商、数控系统、轴承、 ...

证券研究报告·行业点评报告 2025 年 9 月 23 日 江海证券研究发展部 执业证书编号：S1410524040001 自动化设备行业 机械军工行业研究组 分析师：张诗瑶 国内头部人形企业持续释放利好，特斯 拉发布 Optimus 3 新进展 事件： 行业评级：增持（维持） 9 月 21 日，上海 2025 浦江创新论坛发布《ITU 具身智能机器人标准化展望》、 《人形机器人数据集标准》及"浦江 X"具身智能标准化数据集平台"穹顶 DOME"。新标准聚焦人形机器人数据采集、标注、共享与安全规范，为产业 链提供统一接口与质量基准。"浦江 X"平台首期开放超 5 万条多模态数据，覆 盖工业、服务、医疗三大场景，支持在线调用与标注，助力具身智能技术快速 迭代与商业化落地。 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 注：2025 年 9 月 22 日数据 相关研究报告 1. 江海证券-行业点评报告-自动化设 ...

Core Viewpoint - The establishment of Shanghai Zhenghe Robot Co., Ltd. is driven by the company's close attention to the technological development trends in the field of embodied intelligent robots [1] Group 1: Company Strategy - The company aims to actively expand in the robotics sector by leveraging its leading technology and deep accumulation in chain transmission technology [1] - The company is focusing on the development of a micro chain system project, which targets the transmission technology for robotic dexterous hands, currently in the early stages of technological exploration and reserve [1] Group 2: Future Plans - The company plans to promote the development from a single micro chain system to an integrated hardware and software solution, as well as downstream dexterous hand applications through the micro chain system project [1]

倪黎祥 摄 会见中，刘小涛代表苏州市委、市政府对新西兰商务对接考察团来苏开展经贸洽谈表示欢迎。他说，苏州素 以经济文化"双面绣"著称，是一座产业之城、开放之城、人文之城。当前，苏州正坚定不移扩大高水平对外开 放，大力实施全球产业创新合作伙伴计划，深度融入全球创新链产业链供应链。诚挚期盼各位企业家能将苏州作 为事业的新起点、投资的首选地，在贸易投资、先进制造、产业协同、文旅教育等方面开展务实合作，推动优质 项目、先进理念、创新资源落地苏州，共享中国大市场广阔机遇。苏州将持续打造市场化、法治化、国际化一流 营商环境，切实保障包括新西兰企业在内的外资企业扎根发展。 9月20日，苏州市委书记刘小涛会见了由新西兰奥克兰商会首席执行官西蒙·布里吉斯率领的新西兰商务对接 考察团一行。 西蒙·布里吉斯表示，此次来苏州考察，充分领略了苏州独具魅力的历史文化、民俗风情，切实感受到苏州先 进的发展理念、完善的产业体系、前沿的科技创新、蓬勃的企业活力。愿充分发挥桥梁纽带作用，推动新西兰企 业深化与苏州合作，并促进两地教育、文化、科技等领域交流往来，实现更高水平互利共赢。 在苏州期间，新西兰商务对接考察团一行考察了苏州市规划展示馆、苏 ...

Core Insights - The article highlights the integration of technology, culture, and commerce in the new cultural space developed by Fengyuzhu, centered around the popular sci-fi IP "The Three-Body Problem" [1][3]. Group 1: Company Strategy - Fengyuzhu aims to transform passive exhibitions into active experiences, enhancing audience engagement through immersive and interactive technologies [4][5]. - The company emphasizes the importance of maintaining a playful and innovative culture to adapt to changing market dynamics and find new growth opportunities [3][6]. Group 2: Technological Integration - The cultural space utilizes advanced technologies such as AR, XR, and AIGC to create a multi-sensory experience that captivates audiences [4][6]. - Fengyuzhu has established a Smart Robotics Research Institute to explore the application of humanoid robots and AI in cultural tourism, enhancing the interaction between humans and machines [7]. Group 3: Market Potential - The company believes that many cultural and science museums across the country could benefit from a similar transformation, leveraging new technologies to revitalize local cultural content [5][6]. - The successful implementation of these innovative experiences could open new avenues for growth and engagement in the cultural sector [3].

Core Viewpoint - The article highlights the transformation of cultural spaces through the integration of technology, culture, and commerce, exemplified by the "Three-Body Future Academy" project in Shanghai, which leverages the popular sci-fi IP "Three-Body" to create an engaging and immersive experience for visitors [1][4]. Group 1: Company Strategy and Vision - The company aims to redefine traditional exhibition methods by shifting from passive displays to active, immersive experiences that engage audiences emotionally and intellectually [2][5]. - The focus is on maintaining a playful and innovative spirit within the company, which is seen as essential for finding competitive advantages in a changing market [3][6]. - The company is exploring the integration of emerging technologies, such as embodied intelligent robots and AI, to enhance visitor experiences in cultural and tourism settings [7]. Group 2: Technological Integration - The "Three-Body Future Academy" project utilizes advanced technologies like AR, XR, and AIGC to create a multi-sensory environment that captivates visitors and encourages interaction [4][6]. - The company has established a digital exhibition center that showcases cutting-edge technologies, including virtual reality and interactive projections, to enhance cultural presentations [6]. - Future developments may include the incorporation of AI models to create more personalized and interactive experiences for visitors [6][7]. Group 3: Market Potential and Expansion - The company believes that many cultural and science museums across the country could benefit from a similar technological overhaul to revitalize local cultural content and improve operational efficiency [5][6]. - By leveraging new technologies, the company aims to create unique cultural spaces tailored to different cities, enhancing the vitality of cultural consumption [5].