Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. Core Viewpoints - Last week, the stock market continued to adjust, with major indices oscillating downward and daily trading volume shrinking to the 2 - 2.4 trillion range. Geopolitical conflicts and weakened Fed rate - cut expectations suppressed risk appetite. The bond market showed a weak and oscillating pattern, with the 10 - year Treasury yield rising. The convertible bond market mostly declined, with the CSI Convertible Bond Index down 3.15% for the week [1][6][7]. - Amid the escalating US - Iran conflict and rising oil prices, market risk - aversion persisted. The Shanghai Composite Index fell below 4000 points, and convertible bonds adjusted with the underlying stocks. The valuation of debt - biased convertible bonds was significantly compressed, while the premium rate of convertible bonds with a par value above 120 yuan rebounded. In the short term, convertible bonds present individual - bond opportunities. It is recommended to focus on sectors such as semiconductors, computing power leasing, energy storage, and defensive sectors [2][17]. Summary by Relevant Catalogs Market Trends (2026/3/16 - 2026/3/20) Stock Market - The overall market continued to adjust, with major indices oscillating downward and daily trading volume shrinking to 2 - 2.4 trillion. Geopolitical conflicts and weakened Fed rate - cut expectations suppressed risk appetite. The technology sector fluctuated more, and upstream resource products showed divergent trends. Defensive sectors were relatively resilient [1][6]. - By industry, most Shenwan primary industries declined. Communications (2.10%), banks (0.36%), and food and beverages (-0.48%) performed relatively well, while non - ferrous metals (-11.82%), basic chemicals (-10.53%), and steel (-10.29%) performed poorly [7]. Bond Market - Despite balanced and loose liquidity, bond yields generally rose due to factors such as improved economic data, inflation pushed up by geopolitical conflicts, and liquidity concerns. The bond market showed a weak and oscillating pattern, and the 10 - year Treasury yield closed at 1.83% on Friday, up 1.56bp from the previous week [1][7]. Convertible Bond Market - Most convertible bond issues declined. The CSI Convertible Bond Index fell 3.15% for the week, the median price dropped 3.31%, and the arithmetic average par value fell 5.54%. The overall conversion premium rate increased by 2.71% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds in the par value ranges of [90,100), [100,110), and [110,120) changed by -3.51%, -4.74%, and -2.68% respectively, and were at the 95%, 91%, and 78% quantiles since 2023 [7]. - By industry, convertible bonds in most industries declined. Banks (-0.72%), commerce and retail (-1.21%), and beauty care (-1.71%) performed relatively well, while petroleum and petrochemicals (-10.05%), social services (-9.69%), and non - ferrous metals (-7.23%) performed poorly [10]. - In terms of individual bonds, Yubang (photovoltaic welding tape), Hongbai (organosilicon), Jinhong (helium), Haiyou (photovoltaic film), and Songlin (smart home) convertible bonds led the gains; Zhongchong Zhuan 2 (pet food), Jize (wind power), Baichuan Zhuan 2 (fine chemicals), Hengyi (chemical fiber), and Hongqiang (concrete admixture) convertible bonds led the losses [1][11]. - The total trading volume of the convertible bond market last week was 316.723 billion yuan, with an average daily trading volume of 6.3345 billion yuan, a decrease from the previous week [15]. Valuation - As of March 20, 2026, for equity - biased convertible bonds, the average conversion premium rates of convertible bonds in the par value ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 49.44%, 41.36%, 28.57%, 19.24%, 16.43%, and 14.53% respectively, at the 97%/96%, 97%/97%, 94%/93%, 87%/81%, 92%/93%, and 97%/95% quantiles since 2010/2021 [18]. - For debt - biased convertible bonds, the average YTM of convertible bonds with a par value below 70 yuan was -2.95%, at the 4%/11% quantiles since 2010/2021 [18]. - The average implied volatility of all convertible bonds was 46.08%, at the 92%/96% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 4.55%, at the 88%/88% quantiles since 2010/2021 [18]. Primary Market Tracking Newly Announced Issuances and Listings - Last week (2026/3/16 - 2026/3/20), Shang 26 and Boshi convertible bonds announced issuances, and Tonglian convertible bonds were listed [25]. - As of the announcement on March 20, there were no announcements of convertible bond issuances or listings for the next week (2026/3/23 - 2026/3/27) [29]. Issuance Progress - Last week, Shenergy Co., Ltd. was approved for registration by the exchange. Shengde Xintai, Baotai Co., Ltd., Tonghe Technology, and Huaxiang Co., Ltd. passed the review of the listing committee. Runbei Hangke and Xianfeng Jinke passed the general meeting of shareholders. Shentong Express had a board of directors' plan. There were no newly accepted enterprises by the exchange [29]. - As of now, there are 100 convertible bonds to be issued, with a total scale of 167.22 billion yuan. Among them, 4 have been approved for registration, with a total scale of 6.43 billion yuan; 12 have passed the listing committee, with a total scale of 11.89 billion yuan [29].

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Insights - The report highlights that Yushu Technology, a leading global developer of general-purpose robots, is seeking to raise 4.202 billion CNY through its IPO on the Sci-Tech Innovation Board, marking a significant step towards commercialization in the robotics industry [5]. - Yushu Technology is expected to achieve a revenue of 1.708 billion CNY and a net profit of 600 million CNY in 2025, representing year-on-year growth of 335% and 674% respectively [5]. - The company has a comprehensive product matrix that meets diverse customer needs, with its Go series and B series quadruped robots leading in global sales [5]. - The gross profit margin is projected to increase from 44.22% in 2023 to 60.27% in 2025, indicating strong profitability [5]. - Yushu's self-developed UnifoLM brain system and its technological advancements position it as a leader in the robotics field, with significant progress in embodied intelligence models [5]. - The report suggests focusing on key manufacturers such as UBTECH and related application scenario manufacturers like Hangcha Group and Jack Shares [5]. Summary by Sections Financial & Sales Data - Yushu Technology's expected revenue and net profit for 2025 are 1.708 billion CNY and 600 million CNY, respectively, with growth rates of 335% and 674% [5]. - The company anticipates a shipment of over 5,500 humanoid robots in 2025, maintaining its industry leadership [5]. Product Matrix - The company offers a range of core products, including the Go series and B series quadruped robots, which are utilized in various sectors such as education and intelligent manufacturing [5]. - The average selling price for the Go series is 19,600 CNY, while the B series is priced at 305,000 CNY [5]. Profitability and R&D - Yushu Technology employs a fully self-researched model for its high-performance robots, leading to a gross profit margin increase from 44.18% in 2022 to 59.45% in the first nine months of 2025 [5]. - The UnifoLM brain system has achieved a top score of 98.7 on the LIBERO benchmark dataset, showcasing its competitive edge [5].

以下文章来源于创投日报 ，作者敖瑾 创投日报 . 投资人都在关注的主流媒体平台，《科创板日报》出品。 本周五（3月20日），由王兴兴创办的宇树科技IPO材料对外披露。此前市场上流传的诸多有关宇树科技融资的消息，在详细的材料中都得 到了证伪或证实，而这一备受瞩目的明星项目完整的融资路径，也由此浮出水面。 作为在具身智能火爆之前成立的项目，宇树的融资历程并非一路坦途。在其创立至今的10年时间里，经历了天使投资人的大胆押注、漫长蛰 伏以及热度陡增后的市场追捧。 值得注意的是，宇树科技期间股权变动的定价方式及估值依据，也引起本次科创板IPO预先问询。 天使投资人尹方鸣 在宇树科技的豪华股东团中，隐匿着并不起眼的天津君万弘毅企业管理咨询合伙企业（有限合伙）（下称"君万弘毅"），目前持有宇树 3.07%的股权。 君万弘毅最早于2020年8月出现在宇树科技的股东名单中，其全部持股来自于一位个人投资者的股权转让，这名个人股东即为宇树科技的天 使投资人尹方鸣。 据媒体此前报道，尹方鸣也是一名创业者，在2014年创办智能机器人公司Roobo之前，曾任职于联发科、奇虎360及搜狗。2016年，尹方 鸣做出了押注王兴兴的决定：以10 ...

证券研究报告 具身智能科技前瞻探索(第2期) 2025/ 03 /21/ 姓名: 王浩 (分析师) 邮箱:wanghao2@gtht.com 电话:0755-23976666 - P 证书编号: S0880513090004 证书编号: S0880124070046 姓名: 张涵 (研究助理) 邮箱: zhanghan5@gtht.com 电话:0755-23976666 03 01 02 2 / CONTENTS 3 / 01 02 03 04 05 06 07 《具身智能科技前瞻探索》第2期 【真实世界在线学习】RLinf-USER: 面向具身智能真实世界在线策略学 习的统一可扩展系统 请参阅附注免责声明 4 / RLinf-USER：面向具身智能真实世界在线策略学习的统一司护键紧紧 1.1 真实世界在线学习■《RLinf-USER: A Unified and Extensible System for Real-World Online Policy Learning in Embodied Al》2026/2/22 清华大学等机构推出 RLinf-USER 系统，一套面向具身智能真实世界在线策略学习 ...

Core Insights - RoboForce, a company focused on physical AI, has successfully completed a $52 million Pre-A funding round, achieving a post-money valuation of $350 million, approximately 250 million RMB [1][3] - The funding round was led by YZi Labs, with participation from notable investors including Yahoo co-founder Jerry Yang and Nobel laureate Myron Scholes, highlighting the strong backing from technology, investment, and academic sectors [3][5] Funding Details - The Pre-A round raised $52 million, bringing the total funding to $67 million [4][5] - Previous funding rounds include $5 million in an angel round and $10 million in a seed round, indicating a steady growth trajectory since its inception [4] Business Model and Market Position - RoboForce has over 11,000 robot order intentions and serves clients across 12 countries, focusing on industrial applications rather than consumer-oriented tasks [5][17] - The company differentiates itself by developing robots that replace human labor in high-risk and physically demanding jobs, moving away from the emotional value of robots [5][17] Technological Collaboration - RoboForce is a key partner of NVIDIA in the physical AI sector, recognized at the 2026 GTC conference, which underscores its technological credibility [6][7] - The collaboration focuses on training robots for complex industrial tasks using NVIDIA's technology, enhancing their operational capabilities in real-world environments [9] Product Development - The company launched the TITAN robot, designed for heavy-duty industrial tasks, with a load capacity of 40 kg and precision of 1 mm, targeting sectors like solar installation and mining [10][12][13] - RoboForce emphasizes practical applications of robotics in industries facing labor shortages and high safety costs, positioning itself to address significant market needs [15][17] Team and Talent Acquisition - The founding team includes experts from leading companies and universities, ensuring a strong foundation for innovation and development [18][20] - RoboForce maintains a selective hiring process, with a low acceptance rate, to build a highly skilled research and development team [21] Future Plans - The recent funding will be directed towards enhancing the Physical AI model, accelerating the production of the TITAN robot, and expanding commercial applications across various industries [22] - The company is poised to capitalize on the growing demand for industrial automation solutions, driven by advancements in AI and a global labor shortage [25][27]

Core Viewpoint - The National Venture Capital Guiding Fund has begun recruitment just three months after its official launch, indicating a rapid acceleration in its operational pace and a strong demand for professional investment management talent [1][2]. Group 1: Recruitment and Operational Progress - The National Development and Reform Commission has initiated the second batch of public recruitment for 2026, including five positions at the National Venture Capital Guiding Fund, aiming to hire six individuals [1]. - The fund has a three-tier structure: "Guiding Fund Company - Regional Fund - Sub-Fund," focusing on key areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area [2]. - The Beijing-Tianjin-Hebei Venture Capital Guiding Fund, with a scale of 50 billion yuan, has completed its filing and signed four sub-funds and one direct investment project [2]. Group 2: Investment Strategy and Recommendations - To effectively utilize the National Venture Capital Guiding Fund, a systematic approach is needed, focusing on mechanisms, investment strategies, and ecosystem building [3]. - There is a need to enhance error tolerance and diversification mechanisms in fund performance evaluation, emphasizing overall portfolio performance rather than individual projects [3]. - The fund should adopt a "mother fund + sub-fund" model, allowing specialized GPs to manage investments in niche areas, while the guiding fund acts as a supporter and integrator [5]. - It is crucial to provide not just capital but also "scenarios" and "orders" to early-stage companies, as these can be more valuable than financial investments alone [5].

Core Viewpoint - Unitree Technology, a leading player in the robotics industry, is set to go public with a valuation of 12.7 billion RMB, showcasing that a technology-focused approach can lead to success in the competitive robotics market [2][9]. Financial Performance - The company is projected to achieve revenues of 392 million RMB in 2024, with a staggering 335% increase to 1.708 billion RMB in 2025, maintaining profitability for two consecutive years [3][31]. - The net profit, excluding non-recurring items, is expected to reach 600 million RMB in 2025, marking a 674.29% year-on-year increase [31]. - The gross margin for the main business is forecasted to rise from 44.18% in 2022 to 59.45% in the first three quarters of 2025 [31]. Product Development and Market Position - Unitree has established itself as the global leader in quadruped robot sales, with cumulative sales exceeding 30,000 units [36]. - The humanoid robot sales are projected to exceed 5,500 units in 2025, making it the top revenue source for the company, with sales revenue reaching 595 million RMB [38]. - The G1 humanoid robot, priced under 100,000 RMB, has become the best-selling humanoid robot globally due to its high cost-performance ratio [38][53]. Investment and Support - The company has attracted over 40 investors, including major players like Meituan, Tencent, Alibaba, and various state-owned enterprises, providing robust ecosystem support [4][12][28]. - Pre-IPO, Meituan holds a 9.65% stake, making it the largest external institutional shareholder, with a stake value exceeding 1.225 billion RMB [27][30]. Innovation and Technology - Unitree's success is attributed to its "full-stack self-research" approach, controlling key components and algorithms, which enhances product integration and performance [33][35]. - The company is investing in the development of embodied intelligence models and computing power centers to strengthen its competitive edge in the robotics sector [56]. Market Trends and Competition - The humanoid robotics sector is becoming increasingly competitive, with over 140 related companies in China, including at least six unicorns valued over 10 billion RMB [55]. - Unitree's focus on hardware and motion control is strong, but it faces challenges in the development of advanced AI models compared to emerging competitors [55].

Core Viewpoint - The article discusses the evolution of the robotics industry over the past decade, highlighting the rise of humanoid robots and the significant growth of Yushu Technology, which has become a leader in the market with impressive sales figures and a strong focus on hardware capabilities [5][6][7]. Group 1: Company Overview - Yushu Technology submitted its IPO prospectus on March 20, 2026, claiming to have the highest global shipment volume of humanoid robots [6][7]. - The company transitioned from quadruped robots to humanoid robots, achieving a revenue of 1.7 billion yuan in 2025, a year-on-year increase of 335.36% [9]. - In the first nine months of 2025, the humanoid robot business generated 590 million yuan, reflecting a growth of 456.78% compared to the previous year [9]. Group 2: Financial Performance - Yushu's humanoid robot shipments exceeded 5,500 units in 2025, with the humanoid robot business contributing 27.60% to total revenue in 2024 [11]. - The company reported a net profit of 94.5 million yuan in 2024, with a net profit of 100 million yuan in the first nine months of 2025 [11]. - The gross margin for Yushu's main business was 44.22%, 56.41%, and 60.27% from 2023 to 2025, indicating a strong profitability compared to competitors [11]. Group 3: Market Position and Challenges - Yushu's focus on hardware capabilities has led to a strong market presence, but the company lacks advanced cognitive abilities in its robots, which may limit future growth [8][24]. - The robotics industry is still in its early stages, with many companies, including Yushu, yet to establish sustainable business models [13][39]. - The article suggests that Yushu's current success is based on a temporary optimal solution, and the company may face challenges as the industry evolves towards requiring more advanced cognitive capabilities [39][45]. Group 4: Competitive Landscape - Yushu identifies competitors such as Tesla and Figure, but the article notes that many companies in the industry have not yet solidified their business models [42]. - The competition may shift from hardware-driven companies like Yushu to those focusing on cognitive capabilities as the industry matures [45]. - The article emphasizes that the future of humanoid robotics may depend on the ability to integrate advanced cognitive models, which Yushu currently lacks [45][46].

听雨 发自 凹非寺 量子位 | 公众号 QbitAI 它就是当下最炙手可热的具身智能独角兽—— 光轮智能 。 台上台下，光轮的身影可谓"无处不在"： 老黄主题演讲中，演示了多个机器人仿真demo——机器人叠衣服、拉紧皮带，背后用的就是光轮的技术。 光轮的展台Booth 1406，位置也是相当核心，就在入口一进来的地方，旁边就是三星、美光等存储芯片巨头，还有Together AI、Lambda、 Global AI等AI Infra重量级玩家。 GTC 2026，比往年更热。 主会场座无虚席，台下三万人、线上数百万观众同步观看。 从大模型到机器人，再到Physical AI，几乎所有人都在讨论同一个问题： AI，如何真正进入现实世界？ 黄仁勋台上布道，各路AI公司则在台下争奇斗艳。 但今年现场内外，一家不造机器人、也不做大模型的公司，却在Physical AI多个关键环节中反复出现。 仔细一瞅，今年的GTC大会上，主舞台、产品展区、主题演讲，哪哪儿都有光轮的身影，Physical AI的氛围也是持续沸腾。 再加上光轮智能的合作名单，从大模型公司到Infra公司，从具身智能企业再到车企，那叫一个通吃。 连世界模型 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights various trends and opportunities for Chinese companies expanding overseas, focusing on sectors such as fashion, technology, and beverages. It emphasizes the importance of localization and cultural adaptation in successful market entry strategies. Industry Trends - Southeast Asia is identified as a prime market for Chinese short dramas, with a projected market size of $390 million by 2025, driven by local production and cultural similarities [1] - Chinese liquor exports are increasing in volume but decreasing in price, with a 25.87% rise in export volume and a 9.9% drop in average price, indicating a "thin profit, high sales" model [1] - Chinese fashion brands are adopting two main strategies for international expansion: scaling up through brands like Urban Revivo and focusing on niche markets with brands like Zhihe [3] - The ongoing conflict in the Middle East poses logistical and market demand challenges for Chinese automotive companies, but they can leverage their supply chain and local partnerships to adapt [4] - The financial sector is transitioning from product export to value export, with a focus on the internationalization of the Renminbi [5] - Domestic AI model companies are accelerating their global expansion, with significant revenue growth from international markets [6] - The industrial robot sector is experiencing a 48.7% increase in exports, marking China as a net exporter for the first time [6] - The token economy is emerging as a new form of digital trade, with Chinese models dominating global token consumption [6] - The Middle East is becoming a strategic market for Chinese brands, with 80% of new brands already established there [7] - The report outlines twelve key trends for Chinese companies going global in 2026, emphasizing a shift from product output to global capacity layout [8] Brand Dynamics - 361° is targeting the Southeast Asian Gen Z market through partnerships with NBA stars and local store openings [13] - Luckin Coffee has successfully expanded into Singapore, Malaysia, and the U.S., with a focus on digital operations [16] - MiniMax has demonstrated the potential for Chinese AI companies to succeed globally, achieving significant revenue growth and improved profit margins [19] - Didi's international business has shown strong growth, with a 31% increase in GTV for its international operations [20] - BGI Genomics is shifting its business model from product output to technology licensing, enhancing its financial performance [21]