（文章来源：证券日报） 证券日报网讯 12月2日，中力股份在互动平台回答投资者提问时表示，公司于第十届"双十一活动"期 间，正式面向全球发布了"超人形具身袋鼠机器人"。该产品并非仅为概念展示，而是公司在新产品研发 与产业化探索方面的重要成果。工业领域内前沿技术产品，从首发、市场验证到形成规模化订单的完整 商业推广，有标准流程和周期。公司会依据整体战略和市场节奏，有序推进相关工作。 ...

Group 1 - The core viewpoint of the article highlights the recent analysis by CITIC Securities on the humanoid robot industry, indicating that the first batch of sci-tech entrepreneurial robot ETFs has been collectively submitted, which is expected to attract more capital into the robot sector, boosting market performance [1] - Google DeepMind's CEO expressed intentions to establish Gemini as the foundational software for the robotics world, having recruited the former CTO of Boston Dynamics as the Vice President of Hardware Engineering, signaling Google's increased investment in the embodied robotics field [1] - Robots are identified as a significant application of AI with vast potential for practical implementation, and the previous market correction in the sector has been substantial, suggesting that upcoming events such as Gen3 launches, new product releases, and Yushu's IPO progress should be closely monitored [1] Group 2 - The report suggests focusing on quality segments at the bottom of the market to capture certainty and core changes, such as dexterous hands, as the industry evolves [1]

Core Viewpoint - Ding Tai High-Tech (301377) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and HSBC acting as joint sponsors [1] Company Overview - Ding Tai High-Tech is a global leader in the PCB manufacturing sector, specializing in precision tools and providing comprehensive manufacturing solutions [1] - The company's product range includes precision tools, grinding and polishing materials, functional film materials, and intelligent CNC equipment [1] - According to Frost & Sullivan, Ding Tai High-Tech holds the largest market share in the global drill needle market by sales [1] Market Applications - The products of Ding Tai High-Tech serve various strategic end markets, including AI servers, embodied robots, semiconductors and integrated circuits, low-orbit satellite communications, high-end equipment manufacturing, smart vehicles, as well as consumer electronics, communications, and industrial control [1] Industry Significance - PCBs are referred to as the "mother of the electronics industry," and the technical level of PCB-specific tools directly impacts PCB technology iteration, end product performance, production costs, and delivery cycles [1] Production and Expansion Strategy - The company has established a mature production base in China and has set up a subsidiary in Thailand for mass production [1] - In 2025, Ding Tai High-Tech plans to acquire MPK Kemmer assets to accelerate its expansion into the German and European markets, with future plans to increase investments in Asia and Europe to build a global operational network [1]

中信建投研报表示，巨头纷纷布局，首批科创创业机器人ETF集体上报，底部聚焦优质环节。近期，首 批科创创业机器人ETF集体上报，预计未来市场将有更多资金流入机器人板块，助推板块行情。谷歌 DeepMindCEO曾表示想将Gemini打造成机器人世界的软件基底，目前已挖角波士顿动力前CTO担任硬 件工程副总裁，意味着谷歌进一步加码具身机器人赛道。机器人作为AI应用的重要方向，具有广阔的 落地前景，前期板块回调较为充分，后续Gen3定点、新品发布、宇树IPO进展等事件催化值得重点关 注，底部建议聚焦优质环节，把握确定性和灵巧手等核心变化。 ...

Group 1 - The core viewpoint of the article highlights the increasing interest and investment in the robotics sector, particularly with the recent submission of the first batch of technology innovation and entrepreneurship robotics ETFs, which is expected to attract more capital into the robotics market [1] - Google’s DeepMind CEO has expressed intentions to develop Gemini as a foundational software for the robotics world, indicating a strategic move by Google to strengthen its position in the embodied robotics sector by hiring the former CTO of Boston Dynamics as the Vice President of Hardware Engineering [1] - Robotics is identified as a significant application of AI with vast potential for practical implementation, and the article suggests that the recent market corrections in the sector have created opportunities to focus on high-quality segments, emphasizing the importance of upcoming events such as Gen3 launches, new product releases, and the IPO progress of Yushu [1]

磁组件是机器人关节伺服电机的核心部件，单台人形机器人需3.5-4kg钕铁硼磁材，相当于1.75台新能源 汽车用量。金力永磁凭借技术突破构筑壁垒：通过晶界渗透技术降低40%重稀土用量，矫顽力达 45kOe，磁组件尺寸精度5μm、良率92%，均远超行业平均水平，累计申请67项机器人相关专利。其产 品已通过特斯拉5万次关节疲劳测试、波士顿动力极寒测试，获国际巨头认证。 2025年，具身机器人行业迈入量产爆发期，全球高端磁材需求同比暴涨150%，金力永磁宁波机器人磁 组件超级工厂的投产恰逢其时。作为全球高性能钕铁硼永磁材料龙头，该工厂投资12亿元，规划年产 3000吨磁材与1亿套磁组件，2025年第二季度正式投产并启动批量交付，为公司抢占行业红利奠定核心 基础。 产能布局持续加码，除宁波工厂外，墨西哥基地同步建成年产100万套专线，规避关税壁垒。2025年公 司高性能磁材总产能达4万吨，2027年将扩至6万吨，可充分覆盖机器人行业亿台级普及后的增量需求。 当前，机器人用永磁体已占公司营收15%且持续增长，随着宁波工厂产能爬坡完成，叠加行业供需缺口 扩大，金力永磁有望在具身机器人时代实现业绩飞跃，巩固全球高端磁组件领域 ...

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor, amid a growing trend of electric drive companies seeking dual listings in Hong Kong and A-shares [1][2]. Financial Performance - The company has faced a "revenue growth without profit" situation, with reported revenues of 1.376 billion yuan, 1.243 billion yuan, 1.5 billion yuan, and 909.19 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively, while incurring losses of 130 million yuan, 112 million yuan, 177 million yuan, and 21.26 million yuan during the same periods [3][4]. - Cumulative losses over three and a half years reached 440 million yuan, primarily due to strategic investments in new energy vehicle solutions and significant impairment losses on financial and contract assets [3][4]. Business Structure - The main business segments include new energy vehicle solutions, special precision electric drive systems, industrial automation solutions, and other services, with the new energy vehicle segment rapidly growing to account for 60.4% of total revenue in the first half of 2025, up from 36.3% in the same period of 2024 [5][6]. - The company has secured 21 projects from commercial vehicle manufacturers and 26 projects from passenger vehicle manufacturers, with 21 projects already in mass production [5][8]. Market Dynamics - The global electric drive solutions market is projected to grow from 278.5 billion yuan in 2020 to 471.3 billion yuan in 2024, and is expected to reach 957.4 billion yuan by 2029, with the Chinese market showing a compound annual growth rate of 18.6% [10][12]. - The demand for electric drive solutions is driven by the urgent need for green and low-carbon transformation in industrial and transportation sectors, with new energy vehicle production in China reaching 12.672 million units in the first ten months of 2025, a year-on-year increase of 28.1% [12]. Competitive Position - As of 2024, Ningbo Feishi is the second-largest supplier of specialized electric drive solutions in China's industrial control sector, with a market share of 6.6% [13][14]. - Despite its leading position, the company faces challenges such as low gross margins, cash flow pressures, and high customer concentration, which could impact its profitability and long-term growth potential [8][14].

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor, amid a growing trend of electric drive companies seeking dual listings in Hong Kong [1][2]. Company Overview - Established in November 2001, Feishi Technology is a leading provider of electric drive solutions in China, offering customized systems characterized by high precision, efficiency, and torque, widely applied in various industrial sectors [2]. Financial Performance - The company has faced challenges with profitability, reporting revenues of 1.376 billion yuan, 1.243 billion yuan, 1.500 billion yuan, and 909.19 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. During the same periods, net losses were 130 million yuan, 112 million yuan, 177 million yuan, and 21.26 million yuan, totaling 440 million yuan in losses over three and a half years [3][4]. - Despite a 58% year-on-year revenue increase in the first half of 2025, driven by the rapid growth of the new energy vehicle (NEV) solutions business, the company still reported a net loss of 21.26 million yuan [3][4]. Business Structure - The main business segments include NEV solutions, precision electric drive systems, industrial automation solutions, and other services. The NEV solutions segment has rapidly grown, accounting for 60.4% of total revenue in the first half of 2025, up from 36.3% in the same period of 2024 [5]. - The company has secured 21 projects with commercial vehicle manufacturers and 26 projects with passenger vehicle manufacturers, with 21 projects already in mass production [5]. Profitability and Margins - The gross margin has shown fluctuations, recorded at 8.29%, 14.26%, 16.13%, and 14.64% from 2022 to the first half of 2025 [6]. - The NEV solutions segment has a low gross margin of 1.5%, despite increasing sales volume from 96,700 units in 2022 to 131,800 units in the first half of 2025, with average selling prices dropping from 5,763 yuan to 4,166 yuan [5][6]. Customer Concentration and Risks - The company has a high customer concentration, with the top five customers accounting for 64.7% of revenue in the first half of 2025, up from 53% in 2022. This reliance on a few customers poses risks to profitability [7][8]. - Financial pressures are evident, with negative cash flow from operating activities in most reporting periods, and high levels of accounts receivable, indicating potential liquidity issues [8]. Industry Context - The global electric drive solutions market is projected to grow from 278.5 billion yuan in 2020 to 471.3 billion yuan in 2024, with China expected to see a compound annual growth rate of 18.6% [10]. - The demand for electric drive solutions is driven by the urgent need for carbon reduction in industrial and transportation sectors, with the NEV market in China experiencing significant growth, achieving a penetration rate of 46.4% by October 2025 [12]. Competitive Position - Feishi Technology ranks as the second-largest supplier of specialized electric drive solutions in China's industrial control sector, with a market share of 6.6% as of 2024 [13][14]. - Despite its leading position, the company faces challenges in converting competitive advantages into sustainable profitability due to low margins, cash flow constraints, and high customer concentration [14].

Core Insights - The article highlights the launch of enterprise services by the company "Automated Driving Heart," which aims to support businesses in the autonomous driving sector through various consulting and training services [1][2]. Group 1: Company Services - The company has developed nearly 50 courses focused on self-driving and embodied technology, catering primarily to the consumer market in its initial two years [1]. - The newly introduced enterprise services include brand promotion, industry consulting, technical training, and team upgrades [4]. - The company has accumulated nearly three years of industry consulting and training experience, along with a substantial expert talent pool and a fan base of nearly 400,000 across platforms [1]. Group 2: Partnerships and Collaborations - The company has established collaborations with multiple domestic universities, vocational colleges, Tier 1 suppliers, original equipment manufacturers (OEMs), and embodied robotics companies [2]. - The goal is to reach more companies in need of upgrades and to promote advancements in the autonomous driving field [2].

Core Insights - Jiangsu Province's Science and Technology Department announced the list of benchmark incubators for 2025, with 13 incubators from Suzhou included, making a total of 24 benchmark incubators in the city, accounting for nearly one-third of the province's total [1] - The newly added 13 benchmark incubators in Suzhou cover strategic emerging industries such as artificial intelligence, green technology, and embodied robotics, contributing to the city's industrial upgrade and innovation [1] Group 1 - Suzhou leads the province in both the number of newly added and total benchmark incubators, indicating a strong position in incubator development [1] - The benchmark incubators in Suzhou have formed a matrix development pattern that supports "high-precision" industries, providing robust momentum for industrial upgrades [1] - Notable incubators include the Su University Tian Gong AI Industry Incubator, which has nurtured 120 companies, including 17 high-tech enterprises and 3 listed companies [1] Group 2 - The Qingyuan Science and Technology Green Technology Incubator, backed by Tsinghua University's Environmental College, has a precise incubation system that has successfully incubated 67 companies, with 64% being technology-based SMEs and 31% high-tech enterprises [1] - The Kunshan Embodied Robotics Industry Incubator employs a collaborative model involving government, industry, academia, and research, attracting 25 high-level talent enterprises [1] - The city’s Science and Technology Bureau aims to build a high-quality incubation ecosystem aligned with the "14th Five-Year Plan" goals, promoting innovation and development [2]