| 华安研究 2025年7月金股组合 | 归母净利润 | （百万 | ） | 归母净利润增速 | 营业收入 | （百万） | 营业收入增速 | eps | pe(pb有说明 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | ...

Group 1 - The event "Overseas Chinese See Shanghai" aims to strengthen political guidance and unite overseas Chinese to promote patriotism and contribute to China's modernization [1][8] - The application of "AI+" in the manufacturing sector is highlighted as a means to innovate production methods and enhance the resilience and security of supply chains [3][5] - The focus on AI technology in various fields, such as antibacterial peptide drugs and tissue regeneration materials, reflects a commitment to national strategic needs and addressing clinical challenges [5][7] Group 2 - The importance of cultural roots in design and architecture is emphasized, showcasing how overseas Chinese professionals contribute to urban development and national progress [7] - The entrepreneurial spirit among returnees is illustrated through the establishment of AI-driven companies in Shanghai, leveraging the city's complete AI industry chain and supportive environment for overseas students [7][8] - The event included visits to key innovation and educational sites in Shanghai, enhancing the understanding of the city's technological and cultural advancements [8]

Core Insights - The Hong Kong stock market has seen a surge in robot company IPOs since 2025, with over 10 companies, including Kales, aiming for listings [1] - Kales has submitted its application to the Hong Kong Stock Exchange and aims to become the first "full-stack intelligent in-house logistics robot" company listed in Hong Kong [1] - Kales specializes in comprehensive intelligent in-house logistics robots, utilizing embodied intelligence technology to redefine supply chain operations [1] Company Overview - Kales offers a full range of robotic products across three core product lines, covering in-house logistics operations and is one of the few companies globally with full-stack technology and core function coverage [1] - The company has focused on in-house logistics automation innovation for over a decade and became one of the top five related companies in China by revenue in 2024 [1] - By the end of 2024, Kales had served 779 clients and completed over 1500 projects, with a pending contract amount of 2.1 billion [1] Financial Performance - Kales has completed multiple rounds of financing, achieving a valuation of 3.5 billion after the E round, with major shareholders including Zhongjin Fund, SF Technology, and China Merchants Advanced Technology [1] - The company's revenues for 2022, 2023, and 2024 were 657 million, 551 million, and 721 million respectively, with corresponding losses of 210 million, 242 million, and 178 million [1] IPO Plans - Kales plans to use the funds raised from the IPO to advance product lines, develop technology, expand production capacity, explore global markets, and supplement working capital [1] - The trend of robot companies going public in Hong Kong is supported by the market's compatibility with the industry stage, allowing unprofitable companies to list and benefiting from high refinancing efficiency [1]

网友：看到有报道说，今年6G进入"标准化元年"，预计2029年完成标准制定，2030年前后实现试商 用。我很好奇，中国目前的6G技术发展情况怎样？6G技术有什么特点和挑战？未来又将如何赋能其他 产业？ 6G的强大不止于通信 2019年，我国工业和信息化部成立了IMT—2030（6G）推进组，统筹我国6G研发和技术试验。想了解 为何要布局、发展6G，这就要从6G的特点谈起。 凭借超大带宽超高速率、低时延高可靠、超大连接的性能，5G带给人们很好的通信体验。而在未来， 6G还将有成倍的性能提升。 比如，在传输速率上，6G有望实现100Gbps（吉比特每秒）以上的传输速率；其次，6G的时延小于1毫 秒，这对工厂内的机器协同、远程设备操控等对实时性要求极高的应用至关重要；连接数上，6G将支 持更广泛的设备接入，尤其是支持更复杂的物联网设备、智能终端和人体传感器，帮助真正实现"万物 智联"。 6G的强大不止于通信。我们可以从"三个一体"——通感一体、空天一体、通智一体来理解6G的特点。 通感一体指6G的通信信号既能传输信息又能感知环境。空天一体指将空中、地面、地下、水下的通信 资源整合，形成广泛覆盖的通信网络；通智一体指 ...

Core Insights - The increasing demand for clear ROI from clients is pushing companies to focus on cost control and practical applications rather than just technological advancements [1][3] - The launch of the humanoid robot CASBOT 02 on JD.com resulted in actual orders within 48 hours, indicating strong market interest [1] - The second-generation robot emphasizes scenario-based design and cost optimization, with a price starting at 328,000 yuan [1][3] Company Developments - Lingbao CASBOT announced nearly 100 million yuan in angel financing, with significant backing from industrial partners like Lens Technology and Tianjin Jiayi [1][2] - The CASBOT 02 features a VLA model that enhances operational precision to sub-millimeter levels, focusing on specific industrial applications [2] - The company aims for small-batch production across three product lines, targeting around 100 units per line [6] Market Trends - The presence of humanoid robots on consumer platforms like JD.com signifies a shift towards more structured sales channels for large-scale commercialization [7] - JD.com has established a dedicated "Intelligent Robot Business" department, indicating a strategic focus on the smart robotics sector [8] - The sales of smart robots on JD.com saw a tenfold increase during the "6·18" shopping festival, reflecting growing consumer interest [7] Strategic Partnerships - Lingbao CASBOT is leveraging partnerships with industry giants to enhance data accumulation and improve its algorithm models [2] - JD.com is facilitating access to various sales channels, including B2B opportunities, to reach over 9 million government and enterprise users [8]

Group 1 - Guangdong is accelerating the application demonstration and promotion of embodied intelligent robots and key technologies, establishing the Guangdong Provincial Innovation Center for Embodied Intelligent Robots [1] - The center aims to promote continuous innovation in artificial intelligence and robotics across various sectors, including healthcare, education, urban management, and specialized industries [1] - According to the Guangdong Provincial Department of Industry and Information Technology, the industrial robot output in Guangdong is expected to exceed 240,000 units in 2024, representing a year-on-year growth of 31.2%, maintaining the top position in the country for five consecutive years and accounting for 44% of the national market total [1] Group 2 - Various companies, such as Guangdong Blue Potential Marine Technology Co., are testing intelligent underwater robots, showcasing the practical applications of robotics in different environments [3] - Shenzhen-based companies like Zhongqing Robot Technology Co. are demonstrating humanoid robots performing tasks such as dance, indicating advancements in robotics capabilities [4] - The Guangdong Provincial Innovation Center is actively involved in the development and testing of various robotic systems, including pipeline inspection robots and dual-arm collaborative robot systems [5][8]

Group 1 - The company has entered or is in the process of entering four cooperation framework agreements related to its smart robot business, but no final agreements have been established as of the announcement date [1] - The company currently does not own any production centers, but may collaborate with Datar Robotics, which has a production center in Shanghai with an annual output of over 20,000 robots [1] - The company is in discussions with Datar regarding the transfer and licensing of over 1,800 patents and software rights [1] Group 2 - The target price of approximately $20,000 for the robots does not represent the actual selling price but is based on assumptions of market price due to increased demand and economies of scale [2] - The company has not entered into any formal agreements or specific sales orders for the production of over 1,000 property management robots over the next three years, which is an indicative target based on preliminary discussions [2] - The robots are customizable for various property management services, including security patrol, customer service, cleaning, and delivery [2]

【消息面】 每日市场观察 2025 年 6 月 26 日 【今日关注】 指数三连阳，万得全 A 指数快速突破前期整理平台。成交量连续放大， 已经达到年内较高水平。量价齐升的走势，初步构建了年内少见的良性 技术形态。行业上，非银金融涨势加速，而银行板块已经呈现连续的强 势，尤其是大型国有银行的上涨，可能反映出长线资金的持续进入。消 息面上，部分公司开始披露中报业绩情况，中东局势趋于稳定，国内大 型券商子公司获得香港证监会批准，将现有交易牌照升级，以及六部门 发布金融支持扩消费 19 条，较多的利好信息提振了整体的市场情绪。 市场风险偏好整体提升，指数的技术层面初步形成对前期整理平台的突 破形态。重点关注成交量变化较为明显的计算机，军工，电子，电力设 备等板块。 【市场回顾】 市场概况：6 月 25 日，市场全天震荡拉升，沪指创年内新高，创业板 指涨近 3%。截至收盘，沪指涨 1.03%，深成指涨 1.72%，创业板指涨 3.11%。 【资金面】 主力资金流向：6 月 25 日，上证净流入 315.72 亿元，深证净流入 325.54 亿元。行业板块方面，主力资金流入前三的板块为证券、软件开发、电 池，主力资金流 ...

Group 1 - Company Kales Technology has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International and CITIC Securities as joint sponsors [1] - Kales Technology specializes in integrated intelligent in-house logistics robots, aiming to redefine supply chain operations through advanced embodied intelligent robot technology [1] - The company offers three core product lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR), covering essential functions in in-house logistics [1] Group 2 - As of December 31, 2024, Kales Technology has served 779 clients across 28 industries, with over 1,500 projects and a total contract value of RMB 2.1 billion pending delivery [2] - Financially, Kales Technology reported revenues of approximately RMB 657 million, RMB 551 million, and RMB 721 million for the fiscal years 2022, 2023, and 2024 respectively, with gross profits of RMB 103 million, RMB 91.67 million, and RMB 114 million for the same periods [2] - Despite expanding its customer base and improving operational efficiency, Kales Technology recorded net losses of RMB 209.6 million, RMB 241.6 million, and RMB 178.1 million for the fiscal years ending December 31, 2022, 2023, and 2024 respectively [2]

Group 1 - The core viewpoint emphasizes the importance of industrial stability and optimization in boosting consumption and ensuring supply chain efficiency [1][2] - Jinan's industrial and information technology bureau has implemented an action plan focusing on "stabilizing production, strengthening brands, and promoting consumption" to adapt to the diverse and high-quality consumption demands of residents [1][2] - From January to May, Jinan's industrial added value increased by 8.2% year-on-year, outperforming national and provincial averages by 1.9 and 0.4 percentage points respectively [2] Group 2 - The city is accelerating industrial equipment upgrades, with 41 long-term national bond projects reported in the industrial sector and 5 in the electronic information sector, totaling a financing demand of 5.67 billion yuan [2] - A total of 770 enterprises are implementing 1,004 industrial technology transformation projects, with 313 projects exceeding 100 million yuan [2] - The automotive manufacturing sector saw a significant increase, with added value growing by 37.8% and retail sales of new energy vehicles rising by 16.0% year-on-year [2] Group 3 - Jinan is focusing on creating a diverse and distinctive product matrix to meet the demands of consumption upgrades, leveraging its status as a demonstration city for the "Three Products" strategy in consumer goods [3] - The city aims to enhance the competitiveness and brand influence of consumer goods through digitalization and flexible production [3] - Notable companies like Qilu Pharmaceutical and Jincheng Pharmaceutical have been selected as typical cases for the national "Digital Three Products" application scenarios [3] Group 4 - Jinan is developing several provincial-level characteristic food industry clusters, including food and beverage processing and deep processing of agricultural products [4] - The city has established a "cosmetics industry belt" and is promoting high-end industrial parks focused on rose flower raw material development [4] Group 5 - The industrial and information technology bureau is enhancing supply-demand connections through a three-pronged approach: offline precision matching, online digital empowerment, and innovative scenario expansion [5] - The "Hundred Events, Ten Thousand Enterprises" supply-demand matching initiative has held 183 events, with 2,500 registered enterprises on the service platform [5] - The bureau is also promoting the commercialization of cutting-edge technologies such as autonomous driving and brain-computer interfaces [5][6]