盘前要闻 1、政治局会议分析研究明年经济工作，消费或成突破方向 类型：宏观 情绪影响：正面 中共中央政治局12月8日召开会议，分析研究2026年经济工作。会议强调，继续实施更加积极的财政政 策和适度宽松的货币政策，发挥存量政策和增量政策集成效应。坚持内需主导，建设强大国内市场。申 万宏源表示，政策仍将内需置于核心，消费或成突破方向。 12月8日，外交部发言人郭嘉昆主持例行记者会。在中美经贸关系的问题上，郭嘉昆表示，中美经贸关 系的本质是互利共赢，不存在谁占谁的便宜。经贸合作应该继续成为中美关系的"压舱石"和"推进器"。 希望美方同中方一道落实好两国元首重要共识，不断压缩问题清单，拉长合作清单，争取更多积极进 展。 4、沐曦股份打新中签率低于摩尔线程 1.93万个号码中签 类型：公司 情绪影响：中性 2、谷歌官宣：首款搭载Gemini的AI眼镜将于2026年推出 类型：行业 情绪影响：正面 谷歌最新宣布，公司正着手开发两种不同类别的人工智能眼镜，以在明年与Meta的产品展开竞争。谷 歌智能眼镜将搭载Gemini大模型，将于2026年上市。分析人士表示与安卓手机生态类似，新推出的操作 系统也将向其他科技厂商开放， ...

Core Insights - The announcement marks the official mass production of the 5000th general-purpose embodied robot, Lingxi X2, by the company [1] - The cumulative shipment data for the three major product series was revealed, with 1,742 units of Expedition A1/A2, 1,846 units of Lingxi X1/X2, and 1,412 units of Spirit G1/G2 [1] - This transition signifies that embodied robots have moved from the technology validation phase to large-scale commercial use [1] Product Development - The company has achieved a leap in full-chain capabilities, transitioning from early small-batch trial production to large-scale production based on technology, supply chain, and market considerations [1] - Rapid iteration of the robot body and three major intelligent technologies has been completed, enhancing the technical ecosystem including Lingchu & Lingxin & Spirit platforms and Lingqu OS [1] Supply Chain and Market Expansion - A stable supply chain for core components and sensors has been established, laying a solid foundation for large-scale production [1] - The company's solutions have expanded from single scenarios to multiple scenarios, driving continuous expansion of its commercial footprint [1]

人民财讯12月8日电，12月8日，智元联合创始人、总裁兼CTO彭志辉在智元量产工厂内宣布，第5000台 通用具身机器人——灵犀X2正式量产下线，标志着具身机器人已从技术验证阶段全面迈入规模商用时 代。 ...

来源：潮新闻 一个仓库，一台电脑和3D打印机，一堆各式各样的零件，就能像玩乐高一样，徒手组装出市面最火的 人形机器人？ 最近，在社交媒体上，"张工的车库"火出了圈。许多粉丝追着看视频，看他直播手搓机器人，还有很多 年轻的工程师从外地赶来，专程跟他"拜师学艺"。 "张工"名叫张冬，80后，他手搓机器人的车库就在杭州。 近日，潮新闻记者与张冬见了一面，聊聊手搓机器人的那些事。 图为张冬 记者 杨云寒 摄 200平方米的仓库里，他们用极普通的材料搓出人形机器人 见面的地方，在萧山区金一路边的一个园区里。张冬个头不高，身材微胖，气质有些儒雅。 他在这里有个工作室，门口挂着"人形具身机器人研发中心"的牌子。 图为张冬的工作室 记者 杨云寒 摄 摆在桌上的仿真人头 记者 杨云寒 摄 张冬的工作室里正在手搓的具身智能机器人，主要有三种，一种是安装了灵巧手和仿真人头的人形机器 人，可以模仿人的动作和表情，像人一样交流，能在公司当前台，在小区当保安，还可以去学校里给孩 子们上课；一种是双臂轮式机器人，可以在工厂里当流水线工人，两条灵活的机器臂不仅能拧螺丝，还 能拿起水杯倒开水；最后一种也是机器狗，功能和宇树的差不多，能巡逻检查 ...

Group 1 - A total of 433 companies were investigated by institutions in the past 10 days, with 381 being securities firms and 302 being fund companies [1] - 88 listed companies were researched by overseas institutions, with 8 companies receiving attention from more than 20 overseas institutions, including Huichuan Technology, which was investigated by 68 overseas institutions [1] - Lixun Precision was the second most researched company, with 48 overseas institutions participating in the investigation, indicating significant growth potential in the non-overseas consumer electronics market over the next decade [1] Group 2 - Stocks that were investigated by overseas institutions saw an average increase of 0.36% in the past 10 days, with Shenghui Integration experiencing the highest increase of 32.47% [3] - 13 stocks received ratings from at least 15 institutions, with a consensus forecast of over 20% profit growth in 2025, including Kaiying Network, Lixun Precision, and Huichuan Technology [3] - Jinli Permanent Magnet is predicted to have the highest profit growth, with 18 institutions forecasting a net profit increase of 152.52% in 2025 [3][4]

证券日报网讯12月4日，芯导科技在互动平台回答投资者提问时表示，公司部分GaN产品已应用于部分 品牌旗舰手机中，在人形机器人领域尚未出货。公司部分ESD、MOS、TVS等产品已小量应用于具身机 器人领域中，主要为串口信号静电防护、电机驱动、电源口浪涌防护等。 ...

Core Viewpoint - The company has confirmed that some of its GaN products are currently used in flagship smartphones, but there has been no shipment of these products in the humanoid robot sector [1]. Group 1: Product Applications - The company has applied some GaN products in flagship smartphones [1]. - Some ESD, MOS, and TVS products have been minimally applied in the embodied robot field, primarily for serial signal electrostatic protection, motor drive, and power port surge protection [1].

Core Viewpoint - The rapid growth in AI server computing power and the industrialization of embodied robots are driving a revolution in the PCB (Printed Circuit Board) industry, with DingTai High-Tech (301377.SZ) leading the global PCB drill bit market and seeking a dual listing in Hong Kong [2][17]. Company Overview - DingTai High-Tech is the leading supplier of PCB drill bits, holding a global market share of 26.8% in 2024, which is expected to increase to 28.9% in the first half of 2025, meaning one in three PCB drill bits globally comes from this Chinese company [5]. - The company has established a comprehensive product line that includes precision tools, grinding and polishing materials, functional film materials, and intelligent CNC equipment, serving various industries such as AI servers, embodied robots, semiconductors, low-orbit satellite communications, and smart vehicles [3][5]. Financial Performance - In the first three quarters of 2025, DingTai High-Tech achieved revenue of 1.457 billion yuan, a year-on-year increase of 29.13%, and a net profit of 282 million yuan, surging 63.94% year-on-year [8][10]. - The overall gross margin improved by 4.4 percentage points to 38% in the first half of 2025, driven by the steady increase in sales of high-margin products [6][10]. Market Position and Strategy - DingTai High-Tech's unique "self-research equipment" model allows it to maintain a competitive edge, as 95% of its production equipment is self-developed, enabling faster expansion and better cost control compared to competitors reliant on expensive imported equipment [5][11]. - The company is actively pursuing an integrated transformation of "tools + materials + equipment," with a focus on the embodied robot sector, collaborating with teams to develop core components for intelligent robots [16][17]. Challenges and Future Outlook - Despite strong performance, DingTai High-Tech faces challenges such as reliance on precision tools for over 80% of its revenue, which ties its fate closely to the cyclical nature of the global PCB industry [11]. - The company is also working on expanding its global presence, with overseas revenue growing 123% year-on-year but still only accounting for 8.8% of total revenue [11][14]. - Rising raw material prices, particularly for tungsten, pose a risk to profit margins, although the company is implementing strategies to mitigate these costs [14][15].

Core Viewpoint - The humanoid robot industry is poised for significant growth in the next decade, driven by market demand, technological advancements, and increased government support, despite current concerns about market bubbles [2]. Group 1: Industry Trends - The humanoid robot sector is expected to experience a "golden decade" due to the convergence of four driving forces: aging population, integration of AI and robotics, and enhanced government support [2]. - The industry has seen rapid development over the past ten years, primarily in industrial robotics, fueled by market demand and technological iterations [2]. Group 2: Market Dynamics - There is a notable divide in the capital market regarding the humanoid robot sector, with some experts citing potential bubbles while others see strong growth prospects [2]. - The upcoming launch of Tesla's third-generation humanoid robot, Optimus Gen3, is anticipated to significantly influence the global humanoid robot industry, with production preparations already underway [3]. Group 3: Technical Challenges - The humanoid robot industry faces several technical challenges, including high failure rates of key components such as motors and control boards, as well as issues with power supply and battery replacement [4]. - Current research on the reliability, temperature management, and efficiency of humanoid robots is lacking, indicating a need for further development in these areas [4].

Core Viewpoint - Ding Tai High-Tech has submitted an application for listing on the Hong Kong Stock Exchange, aiming to expand its market presence after its previous listing on the Shenzhen Stock Exchange in November 2022 [1] Group 1: Company Overview - Ding Tai High-Tech was established in 2013 and is a comprehensive solution provider in precision manufacturing, integrating tools, materials, and equipment [1] - The company is the largest supplier of drill needles globally, ranking first among PCB drill needle manufacturers with market shares of 26.8% for 2024 and 28.9% for the first half of 2025 [1] Group 2: Financial Performance - As of December 2, Ding Tai High-Tech's stock closed at 99.49 yuan per share, down 1.50%, with a cumulative increase of 386.03% year-to-date, resulting in a total market capitalization of approximately 40.8 billion yuan [1] Group 3: Product and Market Applications - The product portfolio includes precision tools, grinding and polishing materials, functional film materials, and intelligent CNC equipment, serving critical end markets such as AI servers, robotics, semiconductors, low-orbit satellite communications, high-end equipment manufacturing, smart vehicles, consumer electronics, telecommunications, and industrial control [1] Group 4: Production Capabilities - Ding Tai High-Tech has established mature production bases in Dongguan, Guangdong, and Nanyang, Henan, creating a comprehensive production system covering the entire supply chain of tools, materials, and equipment, with an overseas production base in Thailand already achieving mass production [1]