齐鲁晚报·齐鲁壹点 于泊升 4月22日-4月24日，由济南市机器人产业发展办公室、济南市工业和信息化局主办的"济南市首届机器人 产业创新成果展暨供需对接活动"在高新区齐鲁软件园举办。活动期间，以"智启泉城 链动未来"为主 题，举办了企业新产品、新技术及应用场景需求发布活动。 目前济南市各类机器人企业近百家，核心产业规模接近150亿元，拥有3个国家级工业设计中心、1个国 家级企业技术中心、10个省级企业技术中心，涌现出一批国内外知名企业和产品，在冶金、电力、汽车 制造、建筑等细分领域实现多项突破。 本次活动是在充分征求机器人相关企业意见建议基础上，突出"供给侧"和"需求侧"的零距离接触，挖掘 本地产业发展潜能、展示济南发展环境，构建机器人产业上下游联动和项目洽谈平台、促进供需有效对 接的一次尝试。活动旨在以"成果展览"促"供需对接"，精准解决企业反映集中的应用场景不足、市场开 拓不够等问题，搭建供需对接、场景招商、以商招商、基金招商的新平台，打通供需对接的"最后一公 里"，打造机器人产业良好发展生态。 济南市机器人产业发展办公室突出"精准"导向，坚持"产业应用+产业发展"双轮驱动，聚焦打造一批民 用、商用、政用 ...

Market Overview - The Shanghai Composite Index fell by 0.1% to close at 3296.36 points, with a daily high of 3312.19 points [1] - The Shenzhen Component Index increased by 0.67% to close at 9935.8 points, reaching a high of 9990.03 points [1] - The ChiNext Index rose by 1.08% to close at 1949.16 points, with a peak of 1962.68 points [1] ETF Market Performance - The median return of stock ETFs was 0.18% [2] - The highest performing scale index ETF was the Ping An CSI 2000 Enhanced Strategy ETF with a return of 2.12% [2] - The highest performing industry index ETF was the China Tai CSI 800 Automotive and Parts ETF with a return of 2.66% [2] - The highest performing strategy index ETF was the China Xia ChiNext Low Volatility Value ETF with a return of 0.68% [2] - The highest performing theme index ETF was the E Fund National Index Robotics Industry ETF with a return of 4.55% [2] ETF Performance Rankings - The top three ETFs by return were: E Fund National Index Robotics Industry ETF (4.55%), Invesco Great Wall National Index Robotics Industry ETF (4.51%), and E Fund CSI Automotive Parts Theme ETF (3.95%) [5] - The top three ETFs by decline were: Guotai CSI Hong Kong Gold Industry Stock ETF (-7.09%), Yongying CSI Hong Kong Gold Industry Stock ETF (-6.63%), and Huaxia CSI Hong Kong Gold Industry Stock ETF (-6.6%) [6] ETF Fund Flow - The top three ETFs by fund inflow were: Southern CSI 1000 ETF (inflow of 767 million), Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (inflow of 388 million), and Southern CSI 500 ETF (inflow of 356 million) [8] - The top three ETFs by fund outflow were: E Fund ChiNext ETF (outflow of 615 million), Huaxia Shanghai Stock Exchange 50 ETF (outflow of 364 million), and China Merchants CSI Dividend ETF (outflow of 341 million) [10] ETF Margin Trading Overview - The top three ETFs by margin buying were: Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (486 million), Huabao CSI Medical ETF (226 million), and E Fund ChiNext ETF (211 million) [11] - The top three ETFs by margin selling were: Huatai-PB CSI 300 ETF (17.48 million), Southern CSI 500 ETF (16.47 million), and Southern CSI 1000 ETF (13.59 million) [13] Institutional Perspectives - Wanlian Securities believes that the Chinese robotics industry will continue to experience a historical opportunity for development, driven by recovering domestic and international demand, ongoing policy support, and continuous product performance improvements. They recommend focusing on leading companies with market advantages and strong performance certainty [13] - Guotai Securities states that humanoid robots are still in the nascent stage of development, requiring time and patience for true industrialization. They note rapid development and accelerated iteration over the past three years, suggesting a focus on value and positioning for future growth [14]

Core Viewpoint - Helen Zhe has demonstrated significant growth in its Q1 2025 financial performance, with a notable increase in revenue and net profit, indicating a strong upward trend in its business operations driven by policy support and the rapid development of the robotics industry [1][6]. Financial Performance - The company achieved total revenue of 346 million yuan in Q1 2025, representing a year-on-year increase of 54.80% [1]. - The net profit attributable to shareholders reached 28.64 million yuan, up 26.71% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 28.50 million yuan, reflecting a 40.66% increase compared to the previous year [1]. - Operating cash flow turned positive, with a net cash flow from operating activities of 63.38 million yuan, a significant improvement from -75.33 million yuan in the same period last year, marking a year-on-year growth of 184.13% [2]. Order Growth and Business Expansion - The company reported a substantial increase in new orders, with a total of 1.967 billion yuan in new contracts signed or awarded in 2024, representing an 83.95% year-on-year increase [3]. - Notable achievements include crossing the 1 billion yuan revenue mark for the first time at the Xuzhou headquarters and securing over 400 million yuan in new orders for the wholly-owned subsidiary, Gelaman [3]. - Specific highlights include the signing of over 500 units of equipment, bulk orders for fire trucks exceeding 150 units, and entry into the forest firefighting market with a contract worth 58 million yuan [3]. Asset Management and Financial Health - The total accounts receivable decreased from approximately 944 million yuan to 760 million yuan, attributed to increased cash collections due to higher revenue [7]. - The company's debt-to-asset ratio improved from 40.43% to 36.21%, indicating a more stable financial structure and reduced risk of bad debts [7]. - Helen Zhe has entered into a strategic cooperation agreement with China Aneng Group to enhance its emergency equipment development and market expansion efforts [7]. Strategic Goals - The company aims to achieve a fourfold increase in operating performance by 2025, continuing to focus on its three main business areas through technological breakthroughs, marketing innovation, and supply chain optimization [6][7].

Core Viewpoint - The first humanoid robot half marathon was successfully held in Beijing, showcasing advancements in robotics and attracting attention from various sectors, including technology and investment [1][2][13]. Group 1: Competition Results - The champion of the event was the Tiangong Robot team, completing the race in 2 hours, 40 minutes, and 42 seconds without changing robots [15]. - The runner-up was the Little Rascal Robot team, which changed robots once, finishing in 3 hours, 27 minutes, and 50 seconds [15]. - The third place was taken by the Walker No. 2 Robot team, which changed robots twice, with a final time of 4 hours, 0 minutes, and 56 seconds [15]. Group 2: Robot Performance and Features - The Tiangong Ultra robot, which won the competition, stands approximately 1.8 meters tall and weighs around 55 kilograms, achieving a peak speed of 12 kilometers per hour [27][29]. - The N2 robot, which secured second place, is developed by Songyan Power, standing 1.2 meters tall and weighing 30 kilograms, capable of running at a speed of 3.5 meters per second [31]. - The Walker No. 2 robot, which came in third, is based on tendon-driven technology, standing 1.7 meters tall and weighing 28 kilograms [31]. Group 3: Industry Insights and Trends - The event coincided with the second China Humanoid Robot and Embodied Intelligence Industry Conference, highlighting the rapid development and market potential of humanoid robots in China [103]. - A report predicts that by 2025, China's humanoid robot production will exceed 10,000 units, with a market size expected to reach 8.239 billion yuan, capturing a significant share of the global market [103]. - Major internet companies are increasingly investing in the humanoid robotics sector, indicating a competitive landscape as they explore applications in logistics, service, and manufacturing [104][106]. Group 4: Investment and Market Dynamics - The robot ETF (159770) has seen significant inflows, with its shares increasing by over 40 billion since the beginning of the year, reflecting investor interest in the robotics sector [108]. - The event serves as a barometer for the capital market, indicating the growing importance of robotics in various industries and the potential for future investment opportunities [108].

Group 1 - The world's first humanoid robot half marathon concluded in Beijing, with the TianGong Ultra robot winning the race in approximately 2 hours and 40 minutes [1] - TianGong Ultra, developed by the Beijing Humanoid Robot Innovation Center, stands 1.8 meters tall and features high-precision sensors and reinforcement learning algorithms, achieving a stable performance with an average speed of 10 km/h and a maximum speed of 12 km/h [1] - The robot maintained a battery change frequency of every 5 kilometers during the first 10 kilometers of the race, showcasing its lightweight design and bipedal motion control technology [1] Group 2 - The event serves as a technology showcase and a barometer for the capital market, with the Huaxia Fund's robot ETF (562500) exceeding 11.6 billion yuan, leading the industry and heavily investing in key players like Top Group and Mingzhi Electric [2] - The rise of humanoid robots from laboratory settings to complex applications is accelerating, with TianGong's performance highlighting the emergence of the domestic robot industry chain [2] - The Huaxia Robot ETF provides investors with a streamlined opportunity to engage in the trillion-yuan robot industry, leveraging its scale and liquidity to empower future investments [2]

"当前的人形机器人行业正处萌芽期，随着政策支持力度的加大，产业联盟和基金的纷纷成立，融资数 量的大幅增长，这个产业有望形成"资金—技术—产品"的闭环。"余欢表示，作为基金经理，也希望能 够挖掘到机器人产业中卡位好，壁垒高、价值量大的优质上市公司，助力投资者分享行业高速发展带来 的企业价值增值。 免责声明： 今年以来，机器人特别是人形机器人成为了资本市场甚至全民热议的话题。宇树机器人春晚扭秧歌的表 演让大家耳目一新；海外车企龙头对未来几年人形机器人的量产数量指引使市场兴奋不已；2025年《政 府工作报告》首次提及智能机器人和具身智能；国内外各大互联网企业、整车厂商纷纷下场布局人形机 器人领域；很多国家开始把机器人作为国家战略重点支持。 与此同时，关于机器人的各种讨论也不绝于耳，机器人的智力到达了什么程度？机器人替代人去工厂有 经济效应吗？机器人的成本可以降低多少？什么时候机器人可以真的走进家庭？ 带着这些问题，长城久鑫基金经理余欢走访调研了多个地方的机器人本体企业和零部件公司。在调研 中，余欢发现，行业发展方兴未艾，越来越多的地方政府开始大力支持机器人行业的发展，也有越来越 多的企业开始涉足并重点布局机器人领域 ...

Group 1 - The National Robot Industry Index (980022) has seen a strong increase of 4.81% as of April 10, 2025, with key stocks such as Hechuan Technology (688320) rising by 10.50% and others like Jiechang Drive (603583) and Maigemeite (002851) hitting the daily limit up [1] - The Robot 100 ETF (159559) has also experienced a rise of 3.90%, with a trading volume of 21.98 million yuan and a turnover rate of 5.37% [1] - The Robot 100 ETF has achieved a new high in shares, reaching 386 million shares, and has seen a total net inflow of 35.08 million yuan over the past four days [1] Group 2 - As of March 31, 2025, the top ten weighted stocks in the National Robot Industry Index account for 42.06% of the index, including companies like Huichuan Technology (300124) and Keda Xunfei (002230) [2] - The Ministry of Industry and Information Technology has issued key points for industrial and information standards for 2025, focusing on future industry standards in areas such as metaverse, brain-computer interfaces, and humanoid robots [2]

NO.2 广东省交通行业算力中心揭牌 4月9日，广东省交通行业算力中心在韶关市揭牌。广东省交通行业算力中心是"广东省交通行业高精数 字底座"的关键基础设施，是广东省"一轴两网"公路水路交通基础设施数字化转型升级实施方案的重点 工程，由广东省交通集团负责建设。该中心按照国家A级机房标准建设，规划部署638个标准机柜，首 期建成324个机柜，可满足全省交通行业超算、云计算、大数据分析等多样化算力需求。 每经记者 杨煜 每经编辑 马子卿 丨2025年4月10日 星期四丨 NO.1 联影发布"元智"医疗大模型 4月9日，联影发布"元智"医疗大模型，并同步推出覆盖影像诊断、临床治疗、医学科教、医院管理、患 者服务等多场景的10余款医疗智能体。其中，基于数千万级医疗影像数据和数十万级医疗级精细标注数 据训练打造的"元智"医疗影像大模型能支持10+影像模态、300种影像处理任务，在处理诸如复杂病灶诊 断，器官分割等关键任务上，模型的精准度测评已超过95%。 点评：医疗AI向临床深水区突破，95%的精准度或重构诊疗效率标准，加速医疗资源普惠化。但数据隐 私安全、伦理审查及医患信任建立仍是落地难点，投资者需关注技术向实际创收转 ...

Core Insights - The company reported a revenue of 960 million yuan for 2024, representing a year-on-year increase of 4%, and a net profit attributable to shareholders of 210 million yuan, up 6% year-on-year [1] - The company achieved a revenue of 260 million yuan in Q4 2024, down 1% year-on-year but up 7% quarter-on-quarter, with a net profit of 50 million yuan, down 4% year-on-year but up 5% quarter-on-quarter [1] - The global electric vehicle sales reached 17.53 million units in 2024, a 22% increase year-on-year, with China accounting for 12.27 million units, up 38% [1] Financial Performance - The company's gross profit margin for 2024 was 34.8%, a decrease of 1.5 percentage points year-on-year, while the net profit margin was 22.2%, an increase of 0.3 percentage points year-on-year [2] - In Q4 2024, the gross profit margin was 32.5%, down 4.2 percentage points year-on-year and 1.4 percentage points quarter-on-quarter, with a net profit margin of 19.4%, down 0.5 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [2] - The company’s expense ratio for 2024 was 9.7%, a decrease of 1.3 percentage points year-on-year, with reductions in sales, management, and financial expenses [2] Product Development and Market Opportunities - The company is expanding its product offerings in the "motor + actuator" segment, achieving a revenue of 430 million yuan from motor business in 2024, a 17% increase year-on-year, accounting for 45% of total revenue [1] - The ADAS intelligent cleaning system is seeing accelerated industrialization, with increased demand from commercial applications like L3+ level Robotaxi and autonomous delivery vehicles [3] - The company is leveraging its technological expertise to develop humanoid robots and related technologies, potentially opening new market opportunities [3] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 260 million yuan, 320 million yuan, and 400 million yuan for the years 2025, 2026, and 2027, corresponding to price-to-earnings ratios of 26, 22, and 17 times respectively [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company is transitioning from a cable leader to a comprehensive service provider in smart energy and smart cities, with a focus on intelligent cable networks, smart batteries, and smart airport services [3][4] - Revenue has grown from 17.155 billion yuan in 2019 to 24.465 billion yuan in 2023, with a CAGR of 9.27%. However, net profit has fluctuated, with a forecasted net loss of 1.5 to 3 billion yuan for 2024, indicating a wait for performance inflection points [3][4] Summary by Sections 1. Transition to Smart Energy and Smart City Services - The company aims to become a global leader in smart energy and smart city services, having established a dual-wing business model focusing on intelligent cable networks and smart batteries [8][11] 2. Intelligent Cable Networks - The company is the largest cable manufacturer in China, with a market share of approximately 48% in the wind power sector and 60% in nuclear power cables. Future growth is expected from stabilized copper prices and the production of submarine cables [4][31][44] - Revenue from intelligent cable networks increased from 17.211 billion yuan in 2020 to 22.598 billion yuan in 2023, although net profit has been affected by fluctuating copper prices [49][50] 3. Smart Batteries - The smart battery segment has faced continuous losses, with a forecasted net loss of 5.05 billion yuan in Q3 2024. However, the company has secured significant orders, indicating potential for recovery [64][88][92] - The company has established a full industry chain layout from cell to system, with a current battery capacity of 7 GWh and plans for expansion [78][83] 4. Smart Airport Services - The smart airport business is expected to grow steadily, benefiting from increasing demand for civil aviation and supportive government policies for low-altitude economy development [98][106] - The subsidiary, Beijing Jinghang An, holds top qualifications in airport engineering and has a strong market presence in navigation lighting [107] 5. Emerging Business Opportunities - The company is leveraging its technological expertise in traditional businesses to enter new markets such as robotics cables and AI-related products, enhancing its valuation [3][4] 6. Profit Forecast and Valuation - The profit forecast for 2024-2026 is adjusted to -218 million, 666 million, and 1.03 billion yuan respectively, with corresponding EPS of -0.1, 0.3, and 0.46 yuan. The current stock price corresponds to PE ratios of -50, 16, and 11 times [5][4]