作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 三连阳的沪指从上周的回调中反弹， 指数继续向年内新高发起冲击 。 截止收盘，沪指涨 0.45% ，收报 3633.99 点；深证成指涨 0.64% ；创业板指涨 0.66% 。 多重利好驱动的军工板块，无疑是这三连涨背后的主要功臣，今天继续着强势表现。 这波军工行情，到底能走多久？ 01 涨停潮继续 板块题材方面，硬件装备细分赛道一齐开花 。 Peek 材料、液冷服务器、军工装备、人形机器人板块走高，水电、医药板块调整。 | PEEK材料 8.87% | 中船系 4.62% | 宇树机器人 3.71% | 十大军工集团 3.56% | 航母 3.55% | | --- | --- | --- | --- | --- | | 減速器 | 军工信息化 | 具身智能 | ■ 业母机 | 液冷服务器 | | 3.43% | 3.23% | 3.06% | 3.05% | 2.99% | | 雅江水电站 -0.99% | | 坑生素 ｜ | 血液制品 -1.36% | 減肥药 -1.49% | | 水利水电建设 -1.51% | 干细胞 ...

松延动力创始人姜哲源 创始人姜哲源更是其中的佼佼者，堪称 "清华学霸" 的典范。1998 年出生的他，凭借优异的成绩在高考中脱 颖而出 —— 以北京市第 28 名的佳绩考入清华大学电子工程系，随后一路深耕学术，顺利攻读至博士阶段。 在博士生涯的第三年，怀揣着对人形机器人领域的满腔热忱与远大愿景，姜哲源毅然决定辍学创业，于202 3 年 9月正式创立松延动力，以科研人特有的严谨与创业者的魄力，带领团队在赛道上快速突围。 在产品研发与业务拓展方面 ， 松延动力致力于通用人工智能本体，机器人仿生，以及具身操作系统等多个方 向的研发。 松延动力主要的三款产品， 高形态人形机器人 N2、具身智能机器人E1和通用人形Dora 分别应用于不同场 景。 N2主要应用于工业协作场景，曾在北京市人形机器人半程马拉松中获得亚军，还是全球首个能在多场景完成 连续后空翻的机器人。在2025年7月，N2的交付量达到92台，是公司的主要产品。 机器人大讲堂获悉 ， 国内人形机器人领域的新锐企业松延动力宣布完成数亿元 A++ 轮融资。本轮融资由金 浦投资领投，北汽产投、中金资本、晶科能源、赟汇资本、优山资本、卓源亚洲、元智未来等一众知名机构 ...

Core Viewpoint - The stock price of Kewen New Materials (688585.SH) has surged dramatically, increasing by 1320.05% from 7.78 CNY to 110.48 CNY per share between July 9 and August 5, 2025, making it the first "15-fold stock" of the year [2][10]. Group 1: Stock Performance - Kewen New Materials' market capitalization rose from 3.2 billion CNY to 44.6 billion CNY during the same period, a 14-fold increase [2]. - The stock has experienced multiple instances of abnormal trading fluctuations, with the Shanghai Stock Exchange issuing several risk warning announcements [3][6]. - As of August 6, 2025, the stock price fell by 20% to 88.38 CNY, resulting in a market capitalization decrease of 8.914 billion CNY [12]. Group 2: Shareholding Structure - The external circulation of Kewen New Materials' shares is relatively small, with major shareholders holding approximately 85% of the company's A-shares, leaving only about 15% for external circulation [3][10]. - The major shareholders include SWANCOR IND.CO.,LTD., Strategic Capital Holding Limited, and Jinfeng Investment Holding Co., Ltd. [3]. Group 3: Acquisition and Business Transformation - The stock price surge is linked to an ongoing acquisition where Zhiyuan Robotics intends to acquire at least 63.62% of Kewen New Materials, changing its controlling shareholder and actual controller [4][5]. - Zhiyuan Robotics is recognized for its achievements in humanoid robot mass production and commercialization, with expectations to inject robotic assets into Kewen New Materials, potentially transforming it into a humanoid robot platform enterprise [5][6]. Group 4: Financial Performance - For the first half of 2025, Kewen New Materials reported a revenue of 784 million CNY, a 12.5% increase year-on-year, but a net profit of 29.9 million CNY, a decrease of 32.91% compared to the previous year [11]. - The decline in net profit is attributed to foreign exchange losses, increased overseas sales costs, and rising R&D expenses [11].

Group 1: Business Growth and Market Outlook - The company's automotive gear business has experienced significant growth due to the rapid development of domestic automotive production and the gradual release of production capacity. Future growth is expected to continue driven by increasing market demand and successful customer acquisition [1][2]. - The gear industry is projected to grow as global economic conditions improve and industrialization accelerates, leading to increased demand for high-precision gears, particularly in the automotive and robotics sectors [3]. Group 2: R&D and Product Development - The company is focusing on the development of new core equipment for planetary roller screw processing, with progress aligning with expectations. Future investments will aim to enhance market competitiveness through innovative manufacturing processes [3][4]. - Current products for humanoid robots include precision gears, reducers, and screw products, with ongoing small-scale orders. The impact on annual revenue and profit is expected to be minimal [4][5]. Group 3: Investment Projects and Financial Management - The company’s fundraising projects are progressing smoothly, with the "Annual Production of 300,000 Sets of New Energy Vehicle Drive Reducers" project expected to be completed by December 31, 2025, due to adjustments in construction timelines [4][5]. - The company is investing in high-precision gear and screw processing equipment to reduce costs and enhance core competitiveness in the humanoid robot sector [4][5]. Group 4: Industry Potential and Risks - The humanoid robot industry is anticipated to have vast market potential, supported by domestic policy initiatives. The company aims to leverage its products in this sector for rapid growth [5]. - Investors are advised to recognize the risks associated with future projections and expectations discussed during the investor relations activity [5].

Group 1 - The company Jiuri New Materials (688199.SH) has indicated that its photoinitiator products are utilized by downstream customers, including manufacturers of photopolymer coatings and adhesives [1] - The company's products can also be partially used in the production of humanoid robots, and it will carefully evaluate the materials involved in humanoid robot manufacturing [1]

Group 1 - Dongguan's capital market shows unique development trends in 2024, with 63 A-share listed companies, the highest among prefecture-level cities in the province [1] - The total operating revenue of these companies reached 127.37 billion, a year-on-year increase of 2.57%, while net profit was 6.04 billion, down 19.81% [1][2] - 37 companies reported positive revenue growth, accounting for nearly 60%, with Shengyi Technology leading at 20.39 billion, a 22.92% increase year-on-year [2][3] Group 2 - Shengyi Technology's net profit reached 1.739 billion, up 49.37%, benefiting from increased demand in AI computing and PCB product optimization [2][3] - 27 companies invested over 100 million in R&D, with Shengyi Technology leading at 1.157 billion, focusing on new server platform technologies [3] - The electronic information and advanced manufacturing sectors dominate Dongguan's listed companies, accounting for 46.77% of the capital market [3][4] Group 3 - Despite some companies showing strong performance in revenue, net profit, and R&D innovation, others face pressure from declining performance and market challenges [4] - The overall scale of listed companies remains small, indicating a need for further development and integration of the industrial chain [4] - Future strategies for Dongguan's listed companies include continuous innovation and leveraging emerging industry opportunities through mergers and acquisitions [4]

Core Viewpoint - The A-share market shows a positive trend with major indices experiencing gains, indicating a potential for continued upward movement in specific sectors like military and robotics [3][5][11]. Market Performance - As of the close on August 6, the Shanghai Composite Index rose by 0.45% to 3633.99, while the Shenzhen Component Index increased by 0.64% to 11177.78, and the ChiNext Index gained 0.66% to 2358.95 [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion yuan, an increase of over 100 billion yuan compared to the previous day [5]. Sector Analysis - Military stocks surged, particularly in the humanoid robot sector, with several stocks hitting the daily limit up, including Huami New Materials (30% increase) and Haosen Intelligent (20% increase) [8]. - Conversely, sectors such as traditional Chinese medicine, Tibet-related stocks, and tourism experienced declines [8]. Capital Flow - There was a net inflow of funds into sectors like defense, machinery, and computing, with notable inflows into stocks such as Dongfang Guoxin and Chengfei Integration [8]. - In contrast, stocks like Xizang Tianlu and Hengrui Medicine faced significant net outflows [9]. Institutional Perspectives - Dongfang Securities suggests that the overall risk appetite for global assets is weak, which may lead to fluctuations in the A-share market, with a potential consolidation around the 3600-point mark before further upward movement [11]. - Huaxi Securities highlights a distinct characteristic of the current market, emphasizing a rotational rise and low-level rebound, which is expected to attract more external capital [11]. They recommend focusing on new technologies and growth areas such as AI computing and robotics, as well as undervalued state-owned enterprises [11].

Market Performance - The three major stock indices rose collectively, with the North Stock 50 Index increasing by over 1% and more than 3,300 stocks in the market showing gains [1] - As of the market close, the Shanghai Composite Index rose by 0.45% to 3,633.99 points, the Shenzhen Component Index increased by 0.64% to 11,177.78 points, and the ChiNext Index gained 0.66% to 2,358.95 points [1] - The North Stock 50 Index saw a rise of 1.58%, with total trading volume across the Shanghai, Shenzhen, and North Stock markets reaching 1.7595 trillion yuan [1] Sector Performance - The pharmaceutical and tourism sectors experienced declines, while the military, automotive, coal, and semiconductor sectors saw significant gains [1] - Active concepts included humanoid robots, industrial mother machines, and liquid-cooled servers [1] Investment Insights - According to Everbright Securities, the current market trend may exhibit characteristics of "rotating supplementary gains," with a focus on sectors that are likely to benefit from this trend [1] - Key areas of interest in the first-level industry include machinery and electrical equipment, while second-level industries to watch are engineering machinery, chemical fibers, automation equipment, and commercial vehicles [1] - Long-term focus areas include consumption, technological self-reliance, and dividend stocks, with specific attention to policy subsidies, service and new consumption trends in the consumption sector, and AI, robotics, semiconductors, and military sectors in technology [1] Future Outlook - The market is expected to enter the next phase of an upward trend in the second half of the year, with potential to break through the phase high points of the second half of 2024 [1] - The market style in August is anticipated to lean towards cyclical sectors, with a focus on home appliances, non-bank financials, and electrical equipment [1]

Economic Growth - China's GDP grew by 5.3% year-on-year in the first half of the year, surpassing the government's target of around 5% for the full year [1] - Domestic demand contributed 68.8% to GDP growth, with consumption alone accounting for 52%, indicating a strong consumer-driven economy [2] Consumption and Policy Measures - The government issued 1.3 trillion yuan in long-term special bonds, with 300 billion yuan allocated for consumer goods replacement programs, leading to over 30% sales growth in related products [2] - New policies, including childcare subsidies and free preschool education, aim to boost birth rates and subsequently increase consumption in related sectors [2] Inflation and Economic Policy - The Consumer Price Index (CPI) was -0.1% and the Producer Price Index (PPI) was around -3% in the first half, indicating deflationary pressures [3] - The government aims for a CPI growth target of around 2%, suggesting more proactive fiscal and monetary policies to stimulate demand and moderate inflation [3] Market Trends - The humanoid robot sector is expected to grow significantly, with a projected market size of nearly 38 billion yuan by 2030 and a compound annual growth rate of over 61% from 2024 to 2036 [5] - Recent adjustments in the humanoid robot market have created a favorable environment for investment, with signs of renewed interest and potential for significant returns [5] Stock Market Activity - The A-share market saw a notable increase in margin trading, surpassing 2 trillion yuan for the first time in nearly a decade, reflecting investor optimism [6] - Hong Kong stocks experienced substantial inflows, with southbound funds net buying 820 billion HKD, indicating strong demand from mainland investors [7]

Market Performance - The three major A-share indices closed higher, with the Shanghai Composite Index up by 0.45%, the Shenzhen Component Index up by 0.64%, and the ChiNext Index up by 0.66% [1] - The Northbound 50 Index increased by 1.58%, and the total trading volume in the Shanghai and Shenzhen markets reached 1.7591 trillion yuan, an increase of 143.3 billion yuan compared to the previous day [1] - Over 3,300 stocks in the two markets experienced gains [1] Sector Performance - The PEEK materials, military equipment, and humanoid robot sectors saw significant gains [1] - PEEK materials showed strong performance, with companies like Zhongxin Fluorine Materials (002915) hitting the daily limit, and others such as Kaisheng New Materials (301069) and Xinhang New Materials (301076) also reaching the daily limit [1] - The military equipment sector continued to strengthen, with companies like Guorui Technology (300600) and Jiekang Equipment (300875) hitting the daily limit [1] - The humanoid robot sector also performed well, with Huami New Materials reaching the daily limit and several other companies like Haichang New Materials (300885) also hitting the daily limit [1] - Conversely, the pharmaceutical sector experienced a collective adjustment, with Qizheng Tibetan Medicine (002287) dropping over 9% and Guilin Sanjin (002275) declining nearly 7% [1]