智通财经APP讯，大洋电机(002249.SZ)发布公告，为进一步深化产业协同，借助专业机构的能力与资源 优势，在立足主业的同时适度进行新兴产业股权投资，以提升公司对新兴产业的洞察力，推进产业与资 本的有效融合，公司于2025年12月1日与北京上河动量私募基金管理有限公司(以下简称"上河动 量"、"普通合伙人")及其他有限合伙人签署了《嘉兴上河古宗股权投资合伙企业(有限合伙)合伙协 议》。嘉兴上河古宗股权投资合伙企业(有限合伙)(以下简称"上河古宗"或"合伙企业")目标认缴规模为 人民币10,315万元，公司作为有限合伙人使用自有资金出资3,000万元人民币认购合伙企业的基金份额。 本次对外投资资金来源为公司自有资金。公司在确保现金流安全及主营业务稳健发展的基础上，借助产 业基金管理人在机器人领域的专业研判能力、高效的管理运作机制以及广泛的资源网络，积极拓展投资 视野，开辟多元投资渠道。本次对外投资将有助于公司进一步实现产业协同，完善公司在机器人产业链 的战略布局，强化与机器人行业优质企业的战略合作关系，提升公司的综合竞争实力与风险抵御能力， 为公司的长远发展和持续壮大奠定坚实基础。 ...

大洋电机12月2日公告，公司与北京上河动量私募基金管理有限公司及其他有限合伙人签署了合伙协 议，公司作为有限合伙人使用自有资金出资3000万元人民币认购合伙企业的基金份额。本次对外投资资 金来源为公司自有资金。本次对外投资将有助于公司进一步实现产业协同，完善公司在机器人产业链的 战略布局，强化与机器人行业优质企业的战略合作关系。 ...

每经AI快讯，12月2日，大洋电机(002249.SZ)公告称，公司于2025年12月1日与北京上河动量私募基金 管理有限公司及其他有限合伙人签署了合伙协议，公司作为有限合伙人使用自有资金出资3000万元人民 币认购合伙企业的基金份额。本次对外投资资金来源为公司自有资金。本次对外投资将有助于公司进一 步实现产业协同，完善公司在机器人产业链的战略布局，强化与机器人行业优质企业的战略合作关系。 ...

Group 1 - The Robot ETF (562500) has shown resilience with a 0.74% increase, maintaining a position above the average line after a morning dip, indicating strong market performance [1] - Over 70% of the component stocks are in the green, with notable gains from companies like Gokong Technology (5.80% increase), Junwei Intelligent, and Tuobang Co., both rising over 3% [1] - The trading volume exceeded 645 million yuan, reflecting high market activity and liquidity [1] Group 2 - Yushutech Co., Ltd. successfully registered the "GAMEBOT" trademark, focusing on AI research and robotic process automation technology [1] - Open Source Securities noted that leading companies are accelerating capital actions, driving collaborative development across the entire industry chain [1] - Since 2024, five companies, including UBTECH and Yujian Technology, have listed on the Hong Kong Stock Exchange, with 28 robot companies applying for listing between January and October 2025, most being technology-driven and unprofitable, highlighting long-term value recognition of technological barriers [1] - The acceleration of capitalization in the secondary market broadens financing channels for companies, aiding in increased R&D investment and capacity building, while also promoting resource integration across the industry chain [1] Group 3 - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots [2] - The ETF provides investors with a streamlined way to invest in the upstream, midstream, and downstream sectors of the robotics industry [2]

2025 年 11 月 30 日 班牙/行业高 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 政策交易逐渐升温，T 再催化 -2025/11/24-2025/11/28 汽车周报 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 申万宏源研究微信服务号 观点：我们认为机器人产业链相关公司股价经过前期数周调整，当前隐含的预期较低, ○ 但产业端进展仍在持续：海外，随着马斯克万亿薪酬获批、2026 年人形机器人量产在 即,短期或看到 T 链相关公司定点落地;国内, 宇树 ipo 辅导完成,国产机器人链条也 有望迎来催化。我们建议首先关注包括特斯拉、小鹏等的科技领先企业,及其相关的机 器人产业链公司,如恒勃、双环、隆盛、福达、银轮等。同时对业绩有支撑、估值相对 较低目有提升潜力的公司,推荐关注科博达、星宇、继峰、松原等;以及业绩恢复,估 值具备明显性价比的敏实、宁波华翔等。与此同时，央国企改 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the robotics supply chain and related companies [4]. Core Viewpoints - The report highlights that the stock prices of companies in the robotics supply chain have adjusted recently, leading to lower expectations, while industry advancements continue [4]. - Key companies to watch include Tesla and Xiaopeng, along with robotics supply chain firms such as Hengbo, Shuanghuan, Longsheng, Fuda, and Yinlun [4]. - The report emphasizes the importance of companies with strong performance support and relatively low valuations, recommending KBD, Xingyu, Jifeng, and Songyuan [4]. - The report also notes the significant changes brought about by state-owned enterprise reforms, particularly in SAIC and Dongfeng [4]. Industry Updates - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of November were 71,000 units, a year-on-year decrease of 7% but an increase of 7% compared to the previous month [4]. - Recent increases in traditional and new energy raw material price indices were noted, with traditional car raw material prices rising by 0.9% week-on-week and 0.2% month-on-month, while new energy vehicle raw material prices increased by 1.6% week-on-week and 1.4% month-on-month [4]. - The total transaction value of the automotive industry for the week was 402.936 billion yuan, with a week-on-week decrease of 4.29% [4]. Market Situation - The automotive industry index closed at 7545.76 points, with a weekly increase of 3.24%, outperforming the CSI 300 index, which rose by 1.64% [9]. - A total of 252 stocks in the industry rose, while 16 fell, with the largest gainers being Tianpu Co., Chaojie Co., and Fusa Technology, which increased by 35.3%, 28.4%, and 27.3% respectively [13]. - The report identifies key events, including the launch of the Leap Lafa5, which aims to set a new benchmark in the 100,000 yuan pure electric sedan market [5][27]. Investment Analysis - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, Xiaopeng, and Li Auto, as well as companies involved in intelligent trends like Huawei's HarmonyOS [4]. - It suggests monitoring state-owned enterprise consolidations, particularly in SAIC, Dongfeng, and Changan [4]. - The report highlights component manufacturers with strong growth potential and robotics layouts, recommending Xingyu, Fuyao Glass, New Spring, Fuda, Shuanghuan, and Yinlun [4]. Key Events - The report notes significant partnerships and product launches, including BYD's collaboration with Midea to create a smart living paradigm and Changan's plans to release its first vehicle-mounted robot in Q1 next year [20][21]. - The report also mentions the launch of the new electric sedan Lafa5 by Leap, which targets the global market with competitive pricing and features [5][27].

Core Viewpoint - The company is facing significant operational challenges, with declining revenue and increasing losses, despite the overall growth in the robotics industry. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 2.218 billion yuan, a year-on-year decrease of 8.73% [1] - The net profit attributable to shareholders was -160 million yuan, a substantial decline of 59.96% year-on-year, indicating an expanding loss [1] - In Q3 2025, the single-quarter revenue was 558 million yuan, down 27.44% year-on-year and also showing a declining trend compared to the previous quarter [1] - The net profit excluding non-recurring gains and losses for the first three quarters was -204 million yuan, a decrease of 25.95% year-on-year, reflecting deteriorating core business profitability [1] Cash Flow Situation - The net cash flow from operating activities for the first three quarters of 2025 was -352 million yuan, worsening from -219 million yuan in the same period last year, a decline of 60.97% [2][3] - This marks the fourth consecutive year of negative operating cash flow since 2022, which is particularly detrimental for a high-tech company requiring continuous R&D investment [3] Balance Sheet Overview - As of the end of Q3 2025, the company had total assets of 11.996 billion yuan and equity attributable to shareholders of 4.296 billion yuan [3] - The debt-to-asset ratio stood at 61.76%, consistently above 60%, indicating a high level of financial leverage [3] - Short-term borrowings amounted to 445 million yuan, and accounts payable were 606 million yuan, contributing to a high total current liability [4] - The retained earnings were -379 million yuan, indicating a prolonged period of accumulated losses and decreasing financial safety margins [4] Industry Context - The company's performance contrasts sharply with the overall growth in the robotics industry, where many peers have reported business growth despite a slowdown in the manufacturing sector [5] - In 2024, the company reported a record revenue of 4.138 billion yuan from the sale of approximately 8,287 robots, highlighting a significant decline in performance within just one year [5][6] - The company has acknowledged its operational challenges and is focusing on independent innovation and enhancing its core business within the robotics industry [6][7] - Despite efforts to explore both domestic and overseas markets, the strategies have yet to reverse the declining trend in performance as of Q3 2025 [8]

Investment Rating - The report maintains a positive outlook on the automotive industry, highlighting potential investment opportunities in technology-driven companies and the robotics supply chain [5][6]. Core Insights - The automotive industry is experiencing a rebound, particularly in the robotics sector, with companies like Tesla and Xpeng leading the way. The report suggests focusing on technology leaders and related robotics companies [5][6]. - The report emphasizes the importance of the upcoming 2026 timeline for the realization of technological advancements in the automotive sector, particularly in electric vehicles and AI integration [6][7]. - The report notes a significant decline in average daily retail sales of passenger vehicles, down 9% year-on-year, indicating a challenging market environment [5][51]. - The Guangzhou Auto Show showcased a shift in competition from individual models to comprehensive technology ecosystems, reflecting the industry's evolution towards system-level competition [10][24]. Industry Updates - The report indicates that the average daily retail sales of passenger vehicles in the second week of November were 67,000 units, a decrease of 9% compared to the same period last year [5][51]. - The automotive industry index fell by 4.89% this week, underperforming compared to the Shanghai Composite Index, which declined by 3.77% [11][14]. - The report highlights that 20 stocks in the automotive sector rose while 251 fell, with the largest gainers being Tianpu Co., Luochang Technology, and Zhejiang Rongtai [17][19]. Market Conditions - The total transaction value in the automotive sector for the week was 421.1 billion yuan, reflecting an 18.56% decrease from the previous week [5]. - The report notes a decrease in both traditional and new energy raw material price indices, indicating potential cost pressures for manufacturers [5]. - The report identifies key events, including the Guangzhou Auto Show, which highlighted the acceleration of brand clearing and systemic competition in the automotive market [8][9]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, and Xpeng, as well as component companies with strong performance and growth potential [5][6]. - It suggests that companies with strong performance growth and capabilities in robotics or overseas expansion, such as Xingyu Co., Fuyao Glass, and Newquay Co., should be closely monitored [5][6]. - The report also emphasizes the importance of state-owned enterprise reforms and their potential impact on companies like SAIC and Dongfeng [5].

Market Overview - The three major indices opened higher, with the Shanghai Composite Index up 0.36%, the Shenzhen Component Index up 0.53%, and the ChiNext Index up 0.90% [1] - The real estate sector showed renewed strength, while military industry stocks continued to perform well [1] Industry Developments - Sixteen hard technology products were rapidly approved, with eleven fund companies, including E Fund and Huatai-PB, receiving licenses to initiate fundraising [1] - The National Internet Information Office and the Ministry of Public Security drafted regulations on personal information protection for large online platforms, requiring data collected in China to be stored domestically [1] Investment Insights - CITIC Securities noted that the volatility of global risk assets is primarily a liquidity issue, with a heavy reliance on AI narratives leading to valuation corrections as commercial development lags behind market expectations [2] - Concerns about the sustainability of AI infrastructure in North America have intensified due to revised expectations for interest rate cuts by the Federal Reserve [2] - Long-term investment strategies should focus on resource and traditional manufacturing sectors, while the difficulty of timing rotations in high-cut-low strategies is expected to increase [2] Technology Sector Focus - The domestic DRAM chip leader, Changxin Storage, launched new DDR5 and LPDDR5X products, with the latest DDR5 chip achieving a 25% speed increase to 8000Mbps [3] - The demand for DRAM is expected to surge, with prices having risen by 50% this year and projected to increase by an additional 30% by Q4 2025 [3] - The demand from NVIDIA for LPDDR is anticipated to create broader, long-term risk factors affecting the entire consumer electronics market [3] Market Sentiment - The Shanghai Composite Index experienced significant weakness, with a notable decline attributed to external risks and market sentiment testing [4] - The focus of market concerns has shifted from AI capital expenditure sustainability to fears of prolonged high interest rates by the Federal Reserve [4] - Current strategies should prioritize stable performance sectors and maintain flexibility for potential new technology trends in the coming year [4]

证券日报网讯 宏昌科技（301008）11月20日发布公告，在公司回答调研者提问时表示，良质关节是公 司战略性投资机器人产业链的重要抓手，目前持有该公司30%股权，投资时保留了相关股权优先并购 权。相关事项请以公告为准。 ...