据世界卫生组织数据，每年 1500 万人中风，75%-80% 幸存者有运动障碍；美国约 4040 万残疾成年人 中，不少存在严重行走障碍。全球人口老龄化正让这类问题愈发突出。传统辅助工具如轮椅、拐杖、刚性外骨 骼，或限制活动范围，或笨重昂贵。而 可穿戴软体机器人（又称 "外装" Exosuit）这一革命性技术，正带来 改变。 这种被称为 "软体外装"的新型康复机器人，正在全球范围内快速发展。 不久前 ，意大利那不勒斯费德里科 二世大学 的研究团队 在 《 IEEE Transactions on Medical Robotics and Bionics 》期刊 上发表了一篇 重要的系统性综述， 首次全面梳理了 2013 年至 2023 年间软体可穿戴机器人领域的 164 项重要成果，不 仅系统揭示了该领域最完整的技术图谱 —— 涵盖 4 大驱动技术、55 种气动装置及 59 种电缆系统的全维度 解析，更清晰呈现了这一快速发展领域的技术全貌与未来演进方向。 （论文标题和链接在文末） 图注：综述中涵盖的软体外装按照辅助关节分类，从肩部、肘部、手腕到髋关节、膝关节、踝关节，展示了全身各部位的辅助 装置 ▍ 从刚性到 ...

中国具身智能的"产业派"。 作为中国最早提出并系统性研发端到端VLA技术范式的创企，智平方早在2024就与北大等顶尖机构 联合发布的RoboMamba模型，不仅比Pi的OpenVLA更早公开应用，还在未见任务的泛化能力上显 著超越当时SOTA的Google RT 系列模型。今年联合头部高校发布的FiS-VLA，则进一步提升了机 器人在复杂环境中的响应速度和泛化能力。这些成果不仅让智平方跻身国际前沿，更让全球看到了中 国具身智能的技术厚度。 当然， WAIC上的三大演示只是爱宝能力的缩影。作为中国具身智能的"产业派"，智平方从不止步 于技术展示，而是将核心技术真正投入到高强度的产业场景中。 在汽车制造领域，智平方与东风柳汽的合作是一个标志性案例。搭载GOVLA大模型的爱宝进驻到东 风柳汽的工厂，在上下料、物流转运、贴标签、收纳保护布等环节中进行应用探索。这标志着国产具 身大模型首次获得汽车制造全场景验证，是领先技术获得顶级工业场景深度打磨的里程碑。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，智平方（AI² Robotics）携通用智能机器人Al ...

Core Insights - The World Artificial Intelligence Conference in Shanghai showcased over 60 intelligent robots, highlighting advancements in both industrial and service applications [2][4] - The event emphasized the transition of humanoid robots from mere demonstrations to practical solutions in various sectors, indicating a significant shift towards commercialization [6][9] Group 1: Industry Developments - The exhibition area exceeded 70,000 square meters for the first time, featuring robots capable of diverse tasks, from combat to service [2][3] - Shanghai Electric introduced a humanoid robot designed for industrial environments, capable of autonomous identification and handling of various box sizes, enhancing warehouse efficiency [3] - The XMAN-F1 service robot by Qianlang Intelligent showcased its ability to prepare popcorn and customize drinks, indicating the potential for future service applications [4] Group 2: Technological Advancements - The progress in robot components, such as tactile grippers using innovative sensory technology, allows robots to handle fragile items with precision [5] - The collaboration between large models for task planning and small models for execution is expected to advance robotic capabilities significantly [7] Group 3: Human-Robot Interaction - The conference highlighted the importance of understanding in human-robot collaboration, suggesting that true cooperation relies on mutual comprehension of intentions [9] - Industry leaders emphasized the need for ethical frameworks and policies to ensure the safe integration of robots into society, moving beyond their role as mere tools [9][10]

Core Viewpoint - The recent surge in the stock market is driven by significant gains in specific sectors, particularly in engineering machinery, supported by government investment in water conservancy projects [1][4]. Group 1: Stock Market Performance - The three major stock indices collectively rose, with the Shanghai Composite Index increasing by 1.67% to close at 3593.66 points, the Shenzhen Component Index rising by 2.33% to 11168.14 points, and the ChiNext Index gaining 2.76% to 2340.06 points [1]. - Approximately 71% of stocks experienced gains during the week, with 176 stocks rising over 15% and 10 stocks declining more than 15% [1]. Group 2: Leading Stocks - Hengli Drilling Tools (836942.BJ) topped the weekly gainers with a remarkable 184.05% increase, followed by Upwind New Materials (688585.SH) with a 97.37% rise [1]. - Hengli Drilling Tools achieved a four-day consecutive limit-up, reaching a historical high of 55.93 yuan per share, with a total market capitalization of 3.4 billion yuan [1][4]. Group 3: Industry Insights - The company specializes in the design, production, and sales of various engineering rock-breaking tools, with major clients including China Railway, China Power Construction, and China Communications Construction [4]. - The recent announcement of over 300 billion yuan in support for major water conservancy projects is expected to drive demand for engineering machinery, particularly in the context of infrastructure investment [4][5]. - Analysts predict that the engineering machinery sector will benefit from increased demand as domestic water conservancy projects progress, potentially leading to a dual boost in performance and valuation for the sector [7]. Group 4: Performance and Financials - Hengli Drilling Tools reported a first-quarter revenue of 39.41 million yuan, a year-on-year decrease of 9.02%, while net profit attributable to shareholders increased by 160% to 12.61 million yuan [6]. - The company has issued warnings regarding its stock price volatility, indicating that there have been no significant changes in its fundamentals or undisclosed major information [5]. Group 5: Declining Stocks - Forest Packaging (605500.SH) led the decliners with a 25% drop, attributed to the competitive landscape in the takeaway market and its limited involvement in food packaging [9][10]. - The company anticipates a significant decline in net profit for the first half of 2025, projecting a decrease of 58.64% to 72.42% year-on-year [11].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 孙小程）7月26日，2025世界人工智能大会（WAIC 2025）在上海开幕，智平方携带通用智能机器人AlphaBot（爱宝）参展。在 展区现场，爱宝上演了多场景、多任务的"技能秀"——打冰淇淋/咖啡/饮料、2X2码垛、打架子鼓。三场看似简单的演示，展现了其在生活、工业、娱乐三 大场景背后的空间感知、长程柔性、全域全身、快速学习等技术底色。 对此，郭彦东以他办公桌上放置的摆件为例，摆件周围是固定的机械臂，中间是钢铁侠。"机械臂完成的是固定的确定性任务，比如给钢铁侠装盔甲，而钢 铁侠完成后就可以离开这个固定区域，在不同场景中工作。" 在他看来，通用智能机器人并非要取代工厂现有的自动化设备，而是与自动化设备形成互补关系。中国虽然自动化设备使用量已占全球50%以上，但仍有相 当比例的一线工人。这也反映出当前自动化设备尚无法完全满足工厂需求，未来也需要更灵活的机器人解决工厂劳动力不足的问题。 除了工业场景，智平方还将业务拓展到公共服务领域。今年第三季度，爱宝将首次进入国内一线城市的机场，展现其在开放复杂环境下的自主行动和多任务 处理能力。 不少具身智能企业会优先 ...

越南提到正在积极推进国内程序，以加入多方临时上诉安排 (MPIA)。 美国再次否决了在世贸组织（WTO）恢复争端解决机制下上诉机构法官甄选程序的提案。 第一财经记者从权威信源处获悉，在近期举行的WTO争端解决例会上，哥伦比亚代表130个成员方发 言，第89次提出关于启动上诉机构空缺成员遴选程序的提案。 哥伦比亚代表表示，提交该提案的成员国数量众多，反映了各国对上诉机构运作的共同利益，更广泛地 说，是对WTO争端解决机制运作的共同利益。 美方则再次否决了该提案。 与此同时，在当天会议上，越南提到正在积极推进国内程序，以加入多方临时上诉安排 (MPIA)。MPIA 是在上诉机构停摆期间的临时措施，最终目标仍是启动上诉机构成员遴选，恢复上诉机构正常运转。 美国第89次否决该提案 如前所述，美国代表再次表示不支持上述提案，并表示其长期以来对WTO争端解决机制的担忧，称这 种担忧在美国历届政府中都持续存在。 美国代表重申，将反思在多大程度上能够实现WTO争端解决机制的改革。 27个成员方也在会议上再次发言，重申其支持该联合提案，并强调恢复全面运作的争端解决机制的迫切 需要。 哥伦比亚代表130个成员表示，对于第89次未 ...

Group 1: Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 8.14[12] - Hualing Steel's net profit is projected to increase from CNY 20.32 billion in 2024 to CNY 28.54 billion in 2025, with a PE ratio of 19.72[12] - Xiamen Tungsten's net profit is expected to rise from CNY 17.28 billion in 2024 to CNY 21.01 billion in 2025, with a PE ratio of 22.97[12] Group 2: Construction and Transportation - Sichuan Road and Bridge's net profit is forecasted to grow from CNY 72.10 billion in 2024 to CNY 82.86 billion in 2025, with a PE ratio of 10.35[12] - YTO Express's net profit is expected to decrease from CNY 40.12 billion in 2024 to CNY 35.39 billion in 2025, with a PE ratio of 13.03[12] - China Merchants Highway's net profit is projected to be CNY 55 billion in 2025, with a PE ratio of 14.56[12] Group 3: Chemical and Energy Sector - Yara International's net profit is expected to rise from CNY 9.50 billion in 2024 to CNY 17.94 billion in 2025, with a PE ratio of 30.56[12] - Funiu Power's net profit forecast for 2025 is CNY 28.95 billion, with a PE ratio of 9.18[12] - Huajin's net profit is projected to recover to CNY 0.92 billion in 2025 after a loss of CNY 27.95 billion in 2024[12] Group 4: Strategic Metals and New Materials - Xiamen Tungsten's strategic metal segments are expected to contribute 79% to profits in 2024, with a focus on tungsten and rare earths[21] - Zhongcai Technology's special glass fiber is projected to see significant demand growth due to AI hardware requirements, with expected profits of CNY 0.2 billion in 2024[30] - The company anticipates a profit contribution from special glass fiber of CNY 7.2 billion by 2026[30]

行 业 及 产 业 非银金融/ 保险Ⅱ 行 业 研 究 / 行 业 点 评 相关研究 看好 ——2025 年二季度人身险产品预定利率研究值点评 预定利率研究值较预定利率上限差值连续两个季度突破 25bps，预定利率即将 再迎下调。7 月 25 日，保险行业协会组织召开人身保险业责任准备金评估利率 专家咨询委员会 2025 年二季度例会，公布当前普通型人身保险产品预定利率 研究值为 1.99%。根据 1 月 10 日金管局下发的《关于建立预定利率与市场利 率挂钩及动态调整机制有关事项的通知》（简称"《通知》"），在售普通型人身险 产品预定利率最高值连续 2 个季度高于预定利率 25bps 以上时，需及时下调新 产品预定利率最高值，并在 2 个月内做好产品切换。目前，传统险产品预定利 率上限为 2.5%，二季度研究值较预定利率上限差值达 51bps，已连续两个季度 超过 25bps 阈值（一季度为 2.13%，较 2.5%差值为 37bps），触发预定利率下 调要求，需在 9 月 1 日前完成产品切换。 预定利率调降节奏符合预期，分红险降幅低于普通型产品。7 月 25 日，平安人 寿、中国人寿发布人身险产品预定利 ...

Investment Rating - The investment rating for the electric power equipment and new energy industry is "Positive" [2] Core Insights - The report highlights that the electric vehicle (EV) battery sector is expected to see an optimization in its structure, leading to a potential recovery in profitability. Factors contributing to this include a long-term significant correction in the lithium battery sector, a potential turning point in the oversupply of lithium batteries, and a decrease in lithium carbonate prices, which may lower battery costs and stimulate downstream demand [3][4] - The report emphasizes that 2025 is likely to be a significant year for grid investment, with the electric power equipment sector presenting favorable investment opportunities. The increasing electricity demand from emerging industries like AI is expected to drive the demand for power equipment [3][4] - In the energy storage sector, it is anticipated that energy storage will maintain a high growth trajectory in 2025, with large-scale energy storage expected to benefit from the gradual improvement of the electricity market and auxiliary service market [4] - The photovoltaic (PV) sector is experiencing sustained high demand in Europe, with inventory pressures expected to ease and domestic ground power station demand remaining strong. The report notes that new technologies such as TOPCON are entering large-scale production, which is expected to inject new momentum into the development of renewable energy [4][5] Summary by Sections New Energy Vehicles - The report indicates that the price of battery-grade lithium carbonate has increased by 16.5% week-on-week, reflecting a growing demand in the new energy vehicle market. In June 2025, new energy vehicle sales reached 1.329 million units, a year-on-year increase of 26.7% [9][13][15] Electric Power Equipment and Energy Storage - The report suggests that the electric power equipment sector is entering a growth cycle, driven by increased electricity demand from new industries and the need for grid upgrades due to rapid renewable energy development. Key companies to watch include Siyi Electric, Haixing Power, and Jindan Technology [3][4] - In energy storage, the report highlights investment opportunities in large-scale storage, commercial storage, and household storage, with specific companies recommended for each segment [4] Photovoltaic Industry - The report notes a 13.5% increase in the price of polysilicon, indicating a positive trend in the photovoltaic industry. The demand for solar installations is expected to accelerate due to cost reductions and new technology advancements [16][17] Industrial Control and Humanoid Robots - The report discusses the anticipated recovery in the industrial control sector, with a new cycle of equipment updates expected. The launch of the humanoid robot "UnitreeR1" by Yushu Technology is highlighted, showcasing advancements in the robotics industry [6][7]

福然德（605050）动态点评 车用金属板材专家，进军机器人 2025 年 07 月 27 日 【事项】 7 月 9 日，开普勒人形机器人于微信公众号发布，已成功完成 A+轮战 略融资，福然德成功加入。近期，福然德与上海开普勒机器人合资组 建了上海德普智擎机器人，注册资本 1,000 万元。 【评论】 挖掘价值 投资成长 证券分析师：周旭辉 证书编号：S1160521050001 证券分析师：李京波 证书编号：S1160522120001 相对指数表现 -10% 14% 38% 62% 86% 110% 2024/7 2025/1 2025/7 福然德 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 8,018.33 | | 流通市值（百万元） | 8,018.33 | | 52 周最高/最低（元） | 16.65/7.67 | | 52 周最高/最低（PE） | 26.02/11.98 | | 52 周最高/最低（PB） | 1.90/0.88 | | 52 周涨幅（%） | 112.13 | | 52 周换手率（%） | 42.94 | | 注：数据更新日期截止 2 ...