责任编辑：小浪快报 拓斯达所属申万行业为：机械设备-自动化设备-机器人。所属概念板块包括：机器视觉、新型工业化、 工业互联网、工业4.0、机器人概念等。 截至9月30日，拓斯达股东户数7.16万，较上期减少17.93%；人均流通股4638股，较上期增加21.85%。 2025年1月-9月，拓斯达实现营业收入16.88亿元，同比减少24.49%；归母净利润4933.65万元，同比增长 446.75%。 分红方面，拓斯达A股上市后累计派现2.84亿元。近三年，累计派现4817.81万元。 机构持仓方面，截止2025年9月30日，拓斯达十大流通股东中，易方达国证机器人产业ETF（159530） 位居第二大流通股东，持股1081.08万股，相比上期增加905.76万股。华夏中证机器人ETF（562500）位 居第三大流通股东，持股920.21万股，相比上期增加171.63万股。香港中央结算有限公司位居第五大流 通股东，持股410.09万股，相比上期增加120.22万股。天弘中证机器人ETF（159770）位居第六大流通 股东，持股366.95万股，相比上期增加64.25万股。富国国证机器人产业ETF（159272）位 ...

Group 1 - The core viewpoint of the news is that YingShi Innovation's stock has experienced fluctuations, with a recent decline in price and significant trading activity, indicating potential investor concerns and market dynamics [1][2]. - As of December 18, YingShi Innovation's stock price was 239.11 yuan per share, with a market capitalization of 95.883 billion yuan. The stock has increased by 35.09% year-to-date but has seen a decline of 4.82% in the last five trading days [1]. - The company has been active in the stock market, appearing on the "龙虎榜" (a trading board for stocks with significant trading volume) six times this year, with the most recent appearance on August 28, where it recorded a net buy of -181 million yuan [1]. Group 2 - YingShi Innovation Technology Co., Ltd. was established on July 9, 2015, and is located in Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras [2]. - The company's revenue composition includes 86.06% from consumer-grade smart imaging devices, 12.63% from accessories and other products, and 0.30% from professional-grade smart imaging devices [2]. - As of September 30, 2025, YingShi Innovation reported a revenue of 6.611 billion yuan and a net profit attributable to shareholders of 792 million yuan, reflecting a year-on-year decrease of 5.95% [2]. Group 3 - As of September 30, 2025, the top ten circulating shareholders of YingShi Innovation included several new institutional investors, such as Bosera Science and Technology Innovation Mixed Fund and Fortune Consumer Theme Mixed Fund, indicating growing institutional interest [3]. - The number of shareholders increased by 36.16% to 23,100, while the average circulating shares per person decreased by 26.56% to 1,318 shares [2].

公司业务围绕三大解决方案展开，持续推动技术迭代与市场拓展。核心业务为图像传感器解决方案，在 智能手机CIS领域，豪威集团于2025年4月推出适用于旗舰智能手机的OV50X图像传感器，通过搭载 LOFIC技术，在任何光照条件下可实现单次曝光HDR。 在汽车CIS领域，豪威集团相继推出采用 TheiaCel 技术的OX08D10 800万像素CIS、OX05D10 500万像 素CIS、OX12A10 1200万像素CIS 及OX03H10 300万像素CIS，能够满足新一代ADAS和自动驾驶的机器 视觉要求。 12月14日，作为全球领先的Fabless半导体设计公司豪威集成电路(集团)股份有限公司(简称：豪威集团 （603501）)(603501.SH)通过港交所主板上市聆讯，UBS、CICC、PASCHK、GFSHK为其联席保荐人。 在医疗CIS 领域，豪威集团于2024年6月发布了全新的OCH2B30摄像头模组，适用于3D口腔牙科扫描 仪，提供超小型摄像头模组，促进其在牙科学领域的应用。集团亦于2024年新成立了机器视觉部门，且 作为端侧AI计划的一部分，于2024年7月发布了全新的OP03050和OG0T ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The target price of Tianzhun Convertible Bond on the first day is estimated to be between 129 and 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 38% - 43%, corresponding to a target price of around 129 - 134 yuan. The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057% [3][19][20] Summary According to the Directory 1. Tianzhun Convertible Bond New - Bond Analysis and Investment Advice 1.1 Convertible Bond Basic Terms Analysis - Tianzhun Convertible Bond is issued through priority allotment and online issuance, with a bond and issuer rating of AA-. The issuance scale is 872 million yuan, the initial conversion price is 55.73 yuan, the convertible bond parity on December 12, 2025, is 93.74 yuan, the pure bond value is 93.02 yuan. The game terms (lower - revision, redemption, and put - back clauses) are normal. Overall, the bond issuance scale is average, liquidity is average, the rating is acceptable, and the bond floor provides good protection. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14] 1.2 New - Bond Initial Price Analysis after Listing - The company's main products are industrial vision equipment, including visual measurement equipment, visual inspection equipment, visual process equipment, and intelligent driving solutions. The funds raised will be used to upgrade and expand existing products, enhance market competitiveness, and maintain technological leadership. The target price of the convertible bond on the first day of listing is estimated to be between 129 and 134 yuan, and the conversion premium rate is expected to be in the range of 38% - 43% [3][18][19] 1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057%. Assuming the old shareholders' allotment ratio is 43% - 65%, the scale available for the market is 308 million - 499 million yuan. Based on the assumption of 8.77 million online valid subscriptions, the winning rate is calculated [4][20] 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Up - and Downstream Industry Situation - Tianzhun Technology is a well - known domestic vision equipment platform company, focusing on serving the electronics, semiconductor, and new - energy vehicle industries. It provides high - end vision equipment products. The upstream of the machine - vision industry includes core hardware and software, the mid - stream consists of application systems and visual equipment, and the downstream is mainly end - user industries such as 3C electronics, automotive, and semiconductors [21][22] 2.2 Company's Operating Conditions - From 2022 to the first three quarters of 2025, the company's operating income remained generally stable, with minor fluctuations. The main business is prominent, but the comprehensive gross profit margin and net profit margin have shown a downward trend in recent years. The period expenses have gradually increased, and the R & D expenses have fluctuated slightly. The accounts receivable turnover rate has gradually decreased, and the proportion of accounts receivable in operating income has fluctuated significantly [24][28][32] 2.3 Company's Equity Structure and Major Subsidiaries - As of September 30, 2025, the equity structure is relatively concentrated. Qingyi Investment is the largest shareholder, and Ningbo Zhunzhi is the second - largest shareholder. The top two shareholders hold a combined 42.82% of the shares, and the top ten shareholders hold 64.67% of the shares. Qingyi Investment is the controlling shareholder, and Xu Yihua is the actual controller [4][20][44] 2.4 Company's Business Characteristics and Advantages - Tianzhun Technology is a well - known domestic vision equipment platform company. Its competitive advantages include technological innovation, an intellectual property protection mechanism, and talent cultivation. It has established multiple R & D innovation platforms, has a strict intellectual property protection system, and a large R & D team [49][50] 2.5 Allocation of the Raised Funds - After deducting issuance fees, 400 million yuan of the raised funds is planned for the R & D and industrialization project of industrial vision equipment and precision measurement instruments; 278 million yuan is for the R & D and industrialization project of semiconductor metrology equipment; 194 million yuan is for the R & D and industrialization project of intelligent driving and embodied intelligent controllers. Each project has its own investment return indicators and construction periods [12][51][53]

当前，新一轮科技革命方兴未艾。人形机器人作为人工智能与高端制造融合的典型代表，正成为引领科 技与产业变革的关键领域，引发行业高度关注。据预测，到2035年，全球人形机器人市场规模有望突破 千亿美元。 欧菲光人形机器人视觉感知产品架构组合方案 推进中国式现代化，科学技术要打头阵，科技创新是必由之路。在中国新闻社于12月16日举办的"国是 论坛：2025年会"上，多位专家学者、行业、企业代表齐聚一堂，共同探讨如何以科技创新赋能经济社 会高质量发展，为推进中国式现代化铸造强力引擎。 企业是创新的主体，也是推动创新创造的生力军。企业凭借其独特的市场地位、资源优势和敏锐的市场 洞察力，在推动科技创新、培育新质生产力上发挥着关键作用。当下，中国式现代化建设浪潮中，不断 涌现出诸多科技创新企业代表。 欧菲光集团股份有限公司始终将科技创新作为企业发展的持久动力，在摄像头模组、光学镜头、指纹识 别、机器视觉等关键技术研发上持续取得进展，并通过持续加大研发投入、加快自主创新节奏，推动技 术成果产业化，巩固其在全球光学光电行业的领军地位。 财务数据显示，2025年上半年，公司研发支出为7.58亿元，占营业收入的7.70%，投入领域 ...

来源：新浪证券-红岸工作室 12月15日，兆龙互连跌5.19%，成交额4.51亿元，换手率3.31%，总市值164.42亿元。 异动分析 铜缆高速连接+光纤概念+5G+机器视觉+人民币贬值受益 1、根据2025年7月30日互动易：公司凭借在高速电缆领域的技术积累，已成为国际头部互联方案商在有 源电缆（AEC）领域的核心合作伙伴。 2、根据2025年5月29日投资者关系活动记录表：公司光产品涵盖光纤跳线、MPO/MTP预端接、LC光纤 连接器等。目前国内主要服务于金融系统（如银行）、高等院校、医疗、展馆等中高端项目；同时正进 一步拓展海外市场，逐步形成小批量业务阶段。 3、招股说明披露：公司是国内少数有能力设计制造超六类、七类、超七类乃至八类数据电缆的企业， 能够满足 5G 时代新的数据传输需求。 4、2025年2月27日互动易：公司机器视觉产品已经批量运用于多种机器视觉连接系统解决方案，包含 CoaXPress、GigE、10GigE、Camera Link、光跳线等。 5、根据2024年年报，公司海外营收占比为61.93%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不 ...

Core Viewpoint - The company, Eko Optics, is expanding its product offerings in emerging fields such as biomedical and scientific instruments, with some products already achieving small-scale shipments. The company aims to explore opportunities in these sectors to gradually enhance revenue contributions [2]. Group 1: Product Development and Market Position - Eko Optics has developed a range of high-end industrial cameras and imaging systems based on core technologies such as high-resolution imaging, low noise control, and multi-spectral analysis, targeting key applications in gene sequencing, cellular microscopy, and pathological analysis [2]. - In the gene sequencing field, the company’s high-resolution line scan cameras, including the 16K true color line scan camera and advanced TDI line scan camera, have been applied in downstream gene sequencers, meeting the high responsiveness and speed imaging needs in low-light detection scenarios [2]. - For cellular microscopy, the company has launched a super-resolution series of area scan cameras with a maximum resolution of 1.35 billion pixels and multi-spectral cameras that support ultra-high precision detection in cellular structure analysis and fluorescence imaging [3]. - In the pathological analysis sector, the company’s non-visible light cameras, such as infrared and ultraviolet cameras, along with multi-spectral cameras, have been utilized for analyzing pathological slices, enhancing diagnostic accuracy through various imaging techniques [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请文件及所披露信息的真实 性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实 质性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自行负责。投资者自主 判断发行人的投资价值，自主作出投资决策，自行承担证券依法发行后因发行人经营与收益变化或者证 券价格变动引致的投资风险。 重大事项提示 公司聘请中证鹏元为本次发行的可转换公司债券进行了信用评级，天准科技主体信用级别为AA-，本次 可转换公司债券信用级别为AA-，评级展望为稳定。 本次发行的可转换公司债券存续期内，评级机构将每年至少进行一次跟踪评级。如果由于外部经营环 境、公司自身情况或评级标准变化等因素，导致本次可转换公司债券信用评级降低，将会增大投资者的 投资风险，对投资者的利益产生一定影响。 三、关于公司本次发行可转换公司债券的担保事项 本次向不特定对象发行可转债不设担保。敬请投资者注意本次可转换公司债券可能因未设定担保而存在 ...

Core Viewpoint - The robot industry is experiencing fluctuating interest in the capital market, with a notable focus on humanoid robots expected to be mass-produced by 2025. However, the listing process for companies like Ledong Robotics has faced delays and challenges due to market conditions and competition [1]. Company Overview - Ledong Robotics, established in 2017, is a full-stack intelligent robotics company focusing on visual perception technology. It aims to provide intelligent robotic infrastructure and products for various applications, including home, commercial, and industrial sectors [2]. - According to market research, Ledong Robotics is projected to be the largest global company in visual perception-based intelligent robotics by 2024, with 6 million robots enabled and 720,000 units of DTOF radar shipped [2]. Financial Performance - Ledong Robotics reported total revenues of 234 million RMB, 277 million RMB, and 467 million RMB for the years 2022, 2023, and 2024, respectively. The company also recorded losses of 73.13 million RMB, 68.49 million RMB, and 56.48 million RMB during the same period [3]. - For the first half of 2025, the company achieved revenues of 386 million RMB and 196 million RMB, with losses of 28.93 million RMB and 13.78 million RMB, respectively. The ongoing losses are attributed to the company's focus on product innovation and global expansion during its growth phase [3]. Market Dynamics - The machine vision industry is divided into 3D vision and AI-based 2D vision, with increasing automation in manufacturing driving growth. However, the sector faces intense competition from established players like Hikvision and others, leading to price wars [4]. - Ledong Robotics' gross margin decreased from 27.3% in 2022 to 19.5% in 2024, before rebounding to 25.4% in the first half of 2025, reflecting the impact of industry competition [5]. Strategic Initiatives - The company plans to use the funds raised from its IPO to enhance R&D in visual perception technology, expand its brand internationally, optimize production capacity, and explore potential investment opportunities [3]. - Ledong Robotics has entered the lawn mowing robot market, launching its first generation of robots in 2024 and achieving cumulative sales of 10,000 units. The second generation, featuring AI algorithms, is expected to drive further growth [5]. Competitive Landscape - The lawn mowing robot market is estimated to have annual sales of 30 million units, with current robotic models holding less than 10% market share. This presents a significant growth opportunity for Ledong Robotics, although competition from leading lidar companies is anticipated [5]. - The company primarily targets the mid-to-low-end market for laser radar applications, which may limit its ability to penetrate the high-end autonomous vehicle market, where demand is increasing [6].

每经AI快讯，12月8日，瑞芯微（603893）(603893.SH)发布投资者关系活动记录表公告，公司旗舰产品 RK3588在机器人市场已有较高占有率，与宇树科技、云深处科技、极智嘉、科沃斯（603486）等众多 知名客户合作了多种形态的机器人产品，例如人形机器人、四足机器人、服务机器人、工业巡检机器 人、AGV搬运机器人、清洁机器人等。公司把机器人作为AIoT重要产品线。当前公司SoC产品已经应 用在多种形态机器人，拥有较高市占率，主要承担机器人"小脑"功能。依托技术积累和产品布局优势， 公司以端侧算力协处理器布局机器人"大脑"，同时在机器视觉、音频等领域都有成熟方案，后续会快速 在这些领域与客户展开更广泛合作。公司与多家存储厂商保持长期良好的合作关系。 ...