证券研究报告 2025年06月09日 Robovan：省钱且安全，助力无人物流加速落地 作者： 分析师 孙潇雅 SAC执业证书编号：S1110520080009 1 行业评级： 上次评级： 强于大市 强于大市 （维持评级） 请务必阅读正文之后的信息披露和免责申明 摘要 Robovan，即无人物流车，支持L4级（高度自动驾驶）自动驾驶技术技术。 行业报告： 行业专题研究 汽车 Robovan旨在解决无人运输、无人卸货和无人搬运三大物流痛点，尤其是前两者，无人搬运未来的趋势更可能由机器人来承担。其中无人配 送主要解决的是分拣中心到快递驿站的场景。且电商快递仅占无人配送的20%市场，生鲜医疗/商超快消和批发市场主要涉及无人运输和无人 卸货，同样是Robovan的重点领域。 目前已采用Robovan的快递公司，已实现明显的经济效益，并提升经营效率。通过引入Robovan，极兔实现网点单票成本30%的下降，顺丰单 辆Robovan每天可运输1200件包裹，大大提升配送效率。 主要Robovan厂商： 1、新石器：具备全栈自研能力，并采用车规级量产方式，实现产品的模块化设计。面对不同的应用场景，可通过AI算法，实现对物流 ...

Group 1: New Stock Market Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of new stocks in May declining across the three major boards [5][4] - In the past week, 10 new stocks recorded positive gains, accounting for 20.83% of the total, down from 26.53% previously [5] - The main board saw a new stock, Guqi Textile Materials, debut with a first-day gain of 148.34% and an opening valuation of 34.86 times [5] Group 2: Automotive Industry Developments - Multiple companies are accelerating their layouts to compete in the trillion-level unmanned logistics market, with significant growth in the sector [6][8] - As of 2024, the scale of unmanned delivery vehicles has exceeded 6,000 units, delivering over 100 million orders across more than 100 sub-segments [8] - The unmanned delivery vehicle industry is expected to see a substantial increase in production, with New Stone Technology delivering over 1,000 unmanned vehicles monthly, projecting a monthly delivery of 2,000 units in the second to third quarters of 2025 [9] Group 3: Aviation Industry Insights - The development of China's large aircraft has faced challenges but has ultimately succeeded with the C919, marking a significant milestone in the country's aviation industry [13][14] - The demand for large aircraft is shifting towards the Asia-Pacific region, with China projected to receive 9,323 new aircraft over the next 20 years, representing 21.3% of global deliveries [13] - China Commercial Aircraft Corporation (COMAC) is positioned as a potential disruptor in the duopoly of Boeing and Airbus, benefiting from domestic demand and the successful rollout of the C919 [13][16] Group 4: Non-Banking Financial Sector - The regulatory body is developing evaluation methods for financial services, emphasizing technology finance as a key assessment indicator [15][17] - The evaluation framework includes a scoring system that prioritizes technology-related financing activities, reflecting the regulatory focus on enhancing services for technology enterprises [17] - Recent regulatory changes aim to improve corporate governance among listed companies, promoting better practices and protecting minority investors [17]

Core Points - The National Development and Reform Commission has announced a new batch of 19 national backbone cold chain logistics bases, enhancing the infrastructure across 17 provinces, including Jilin, Henan, and Guizhou, with a notable first-time establishment in Tibet [1][11] - These logistics bases aim to improve the integration of regional agricultural products into the national market, particularly benefiting the southwest's specialty products [3][5] - The cold chain logistics network is expected to significantly reduce transportation losses, with a reported 80% decrease in loss rates for certain products like lychee due to improved logistics [12] Group 1: Infrastructure Development - The newly established cold chain logistics bases will serve as demonstration projects, facilitating the upward movement of specialty agricultural products and enhancing urban consumption [5][11] - The cold chain logistics backbone network has been largely established, connecting production, circulation, and consumption spaces through a "four horizontal and four vertical" structure [9][11] Group 2: Technological Innovation - The bases will leverage advanced technologies such as smart sorting and logistics robots to drive innovation in cold chain logistics [5][9] - The implementation of AI algorithms for real-time monitoring of temperature and order volumes in cold chain vehicles is enhancing operational efficiency [15] Group 3: Market Integration - The initiative aims to create a public service platform for cold chain logistics, promoting international trade in cold chain products [9][11] - The integration of cold chain logistics with modern agriculture and product processing industries is prioritized to foster coordinated development [9][11] Group 4: Future Outlook - The National Development and Reform Commission plans to further promote the construction of the 105 national backbone cold chain logistics bases, aiming to reduce overall logistics costs in society [17]

对 T 链的看法及中期策略会人形机器人论坛总结 20250608 摘要 人形机器人板块估值分化加剧，部分公司估值已充分反映乐观预期，而 另一些公司则被低估，为投资者提供了差异化选择的机会。 特斯拉 Optimus 项目负责人变动或带来积极影响，新负责人埃隆·马斯 克在软件和算法方面的优势，有望加速 Optimus 在软件层面的发展和 环境适应机制训练。 特斯拉 Optimus 项目量产提速，预计 2025 年第三季度将有数千台机器 人部署到工厂，尽管数据采集规模有限，但仿真主导策略和跨域复用技 术将加速训练进程。 特斯拉仿真平台精度领先，虚拟到现实运动误差降低 30%以上，目标控 制误差率小于 5%，行走步态优化后效率提升 40%，成本降低 50%以 上，显著提升训练效率。 市场对 Optimus 下半年及明年初的场景泛化和商业化落地持乐观态度， 工厂多样化场景已能满足数据需求，预计将在具体任务上实现较好的商 业闭环。 Q&A 目前人形机器人产业的估值情况如何？ 截至今年（2025 年）6 月初，A 股市场上约 200 家与人形机器人相关的概念 股总估值为 3.3 万亿人民币。扣除这些公司主业合理市值后，机器 ...

E-commerce and New Retail - AliExpress has opened its platform to local Polish merchants to expand its business in Poland and Europe, focusing on categories such as 3C digital products, home appliances, sports entertainment, and automotive parts [1] - JD.com has launched customized digital humans for brand merchants, leveraging JD Cloud technology to enhance live-streaming sales, which is expected to provide a competitive edge in the e-commerce market [2] Logistics and Supply Chain - The State Council's revised "Interim Regulations on Express Delivery" has been implemented, emphasizing green, reduced, and recyclable packaging, which will significantly impact the express delivery industry [3] - SF Express has increased its fleet of unmanned vehicles to 200, covering 38 major cities in China, enhancing delivery efficiency and reducing labor costs [4] - Taobao and Tmall have introduced a logistics service brand "Express Door-to-Door" in collaboration with SF Express, aiming to optimize logistics services and improve competitiveness in the e-commerce market [5] - JD.com is expanding its delivery workforce to 150,000 full-time riders, having already surpassed 100,000, in response to a surge in daily order volume exceeding 25 million [6] Investment and Innovation - The humanoid robot company "Accelerated Evolution" has completed its Series A financing, which will support product upgrades and mass production, indicating strong growth potential in the humanoid robot market [10] - Tasting's registered capital has increased from approximately 1.03 million RMB to about 118 million RMB, a growth of approximately 11,323%, providing financial support for its expansion in the competitive restaurant market [7] Ride-hailing and Mobility - Didi's Q1 report shows a 13.4% year-on-year increase in core platform order volume, reaching 4.247 billion orders, with daily average orders for Chinese mobility at 36.2 million [8] - Didi will distribute over 600 million RMB in summer heat subsidies to drivers across nearly 300 cities, enhancing service quality and addressing consumer comfort during peak travel seasons [9]

小龙虾价格下跌，反映了市场供需关系的变化。一方面，小龙虾养殖技术日益成熟，湖北、江苏、安徽 等传统主产区持续扩产，四川、江西等新兴产区也加速发展。2024年，全国小龙虾养殖面积约3000万 亩，产量约300万吨，已经成为淡水养殖第四大品类。而且，不少产地气候相近，都在每年5月到6月集 中上市，短期内市场供应量激增，容易引发全国价格跳水。 眼下，随着气温不断攀升，小龙虾消费逐渐进入旺季，而价格却便宜了。今年前4个月，小龙虾全国批 发价格最高时约70元一公斤，5月就变成38元一公斤了，降幅近50%。 小龙虾养殖户要用好政策、资金和技术支持，升级养殖技术，通过水温调控、电子控温、分池管理等手 段，打造全季控温养殖。拓展更多销售渠道，跨区域错峰供应，延长供应周期，缓解季节性供需矛盾， 实现"四季有虾"。小龙虾加工企业也要进一步升级加工工艺与装备，提升出肉率和口感品质，积极尝试 向精深加工转型升级。 餐饮店还可以顺应消费场景的变化，及时调整经营思维和策略。如把小龙虾与火锅、涮肉、烤肉等相结 合，开发小龙虾汉堡、小龙虾披萨、小龙虾粽子等丰富吃法，让菜品应季创新，满足消费者多样化的口 味需求，也可以强化"龙虾社交"卖点，挖 ...

每经编辑｜张喜威 袁东 1 我国新增19个国家骨干冷链物流基地 涉及长春、洛阳、遵义等 近期，湖南张家界慈利县溶洞垃圾问题引发关注。经核查，大田坑溶洞、杨家坡溶洞污染物主要为禁止焚烧垃圾后至城乡环卫一体化前（2010年至2016年期 间）倾倒的生活垃圾。截至6月8日18时，两洞累计清理垃圾51吨，杨家坡溶洞垃圾已基本清理完毕。截至6月6日，4名责任人被停职检查，涉嫌环境违法问 题已立案14起，对涉嫌违法排污的养殖户立案调查3家，对东方希望燕子育肥场停产整改，对东方希望其他6家养殖场开展执法检查；慈利县人民检察院对涉 嫌生态环境违法行为的企业和个人进行公益诉讼立案。（央视新闻） 5 江西回应投资3.5亿的博物馆闲置两年：将深入调查，严肃处理 6月8日晚，江西南昌小蓝经济技术开发区管理委员会发布公告称：2025年6月7日晚，总台《焦点访谈》栏目报道反映了小蓝经济技术开发区汽车博物馆项目 在工程竣工备案、开馆运营等方面存在滞后的问题。区党工委、管委会当晚召开专题会议研究部署，全力推进开馆各项工作，明确2025年8月实现开馆运 营。对项目推进中存在的推诿扯皮等问题，将深入调查并严肃处理。 6 国际新闻 泰柬就边境局势 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has announced a new batch of 19 national backbone cold chain logistics bases, enhancing the cold chain logistics network and supporting the digital and green transformation of the industry [1][2]. Group 1: Cold Chain Logistics Network Development - The inclusion of 19 new cold chain logistics bases will increase the total number of national backbone cold chain logistics bases to 105, achieving full coverage across all 31 provinces, regions, and municipalities in China [1][2]. - This expansion will optimize spatial layout and support the construction of the "four horizontal and four vertical" national cold chain logistics backbone channel network, promoting the scale, intensification, organization, and networking of cold chain logistics [1][2]. Group 2: Meeting Consumer Demand - The new bases will play a core organizational role in the cold chain logistics network, facilitating the integration of urban and rural cold chain networks and enhancing the flow of specialty agricultural products to urban areas [1][2]. - These bases will effectively support the consumption of high-quality fresh produce in urban areas, addressing the needs of upgrading consumer demand [1][2]. Group 3: Digital and Green Transformation - The bases are actively promoting the digital upgrade of existing cold chain logistics facilities, incorporating technologies such as automated storage, intelligent sorting, logistics robots, and temperature monitoring [2]. - For instance, the Hangzhou cold chain logistics base is developing a "smart trading market" and has implemented a 29,000 square meter rooftop photovoltaic system, integrating solar power generation, storage, and charging [2]. Group 4: Domestic and International Connectivity - The new cold chain logistics bases will leverage geographical and industrial advantages to build two major cold chain logistics systems that serve domestic production and sales as well as international trade [2]. - This initiative aims to facilitate the dual circulation of cold chain logistics both domestically and internationally [2]. Group 5: Future Development Plans - The NDRC plans to guide local authorities in advancing the construction of national backbone cold chain logistics bases, enhancing the scale, intensification, organization, and networking of the cold chain logistics system [3]. - This effort aims to effectively enhance the value chain of cold chain products and support the upgrading of urban and rural residents' consumption [3].

Group 1 - China has established a "four horizontal and four vertical" backbone cold chain logistics network, enhancing its logistics infrastructure [2][9] - The National Development and Reform Commission announced the construction of 19 new national cold chain logistics bases, indicating a significant investment in this sector [9] Group 2 - The first batch of 38 cities, including Beijing, Shanghai, and Guangzhou, has been designated as pilot cities for retail innovation, aiming to improve supply chains and service quality [14] - The implementation of the "Two New" policy has been aimed at stimulating rural market consumption through expanded subsidies and optimized services [8] Group 3 - The construction of a modern industrial system in Jiangxi is underway, focusing on upgrading traditional industries and fostering emerging sectors to drive high-quality development [12] - The development index for China's marine economy is projected to reach 125.2 in 2024, with a marine GDP expected to exceed 10 trillion yuan, reflecting growth in this sector [16]

6月8日周日《新闻联播》要闻21条 智通财经6月8日电，今天《新闻联播》主要内容有： 17、美航天工业协会称美加征关税将损害美民航产业： （1）美联储系统高管称美关税政策或致通胀率 持续居高； （2）墨西哥行业协会称美关税政策破坏北美汽车供应链稳定； 2、许其亮同志遗体在京火化； 3、【锲而不舍落实中央八项规定精神】各地一体推进学查改 确保学习教育成果可感可及； 4、"两新"下乡进村 激活农村市场消费新活力； 5、我国构建起冷链物流"四横四纵"骨干通道网络； 6、因地制宜 建设美丽海湾； 7、【真抓实干 打开改革发展新天地】江西加快构建现代化产业体系； 8、【一线调研】一家小微企业的"夺冠"密码； 9、第一批全国零售业创新提升试点城市名单发布； 10、各地加快制修订住宅项目地方标准； 11、《2025中国海洋经济发展指数》今天发布； 12、中国进出口银行前5个月投放外贸领域贷款4600亿元； 13、渤海最大油气平台完成海上浮托安装； 14、新疆奇台射电望远镜项目中心塔混凝土浇筑完成； 15、俄称抵达顿涅茨克西部边界并继续推进 乌称在多方向击退俄进攻 俄乌换俘计划生变 双方各执一 词； 16、伊朗称获得大量以色 ...