Report Summary 1. Investment Rating of the Industry The document does not provide an investment rating for the industry. 2. Core Viewpoints On September 2, 2025, the broader market fluctuated and adjusted throughout the day, with the robot industry chain strongly rebounding in the afternoon. The Shanghai Composite Index dropped 0.45%, the Shenzhen Component Index fell 2.14%, and the ChiNext Index declined 2.85%. Market turnover increased by 13.4777 billion yuan compared to the previous trading day. There were 1,259 rising stocks and 4,056 falling stocks in the entire market [2]. 3. Summary by Directory 3.1 Market News - The Ministry of Finance and the State Taxation Administration announced tax exemptions and refunds for the investment income of entities using transferred state - owned equity and cash proceeds [13]. - Chinese President Xi Jinping held talks with Russian President Vladimir Putin in Beijing, emphasizing the development of China - Russia relations [13]. - A new poll showed that the proportion of Americans believing they can improve their living standards dropped to 25%, the lowest since 1987, and most were pessimistic about the "American Dream" [13]. - As of September 1, the margin trading balance in the A - share market reached 2.3 trillion yuan, hitting a new high [13]. - China made a series of institutional improvements in anti - monopoly and anti - unfair competition, and the China Computing Power Platform completed the access of 10 provincial sub - platforms [13]. 3.2 Overall Market Performance - On September 2, 2025, the broader market fluctuated and adjusted. The Shanghai Composite Index fell 0.45%, the Shenzhen Component Index declined 2.14%, and the ChiNext Index dropped 2.85%. Market turnover was 291.2424 billion yuan, an increase of 13.4777 billion yuan from the previous trading day. There were 1,259 rising stocks and 4,056 falling stocks [2][14]. 3.3 Market Style and Industry Performance - In terms of style, the order of index gains and losses was: consumption > cycle > growth > 0 > finance > stability; large - cap value > mid - cap value > small - cap value > large - cap growth > mid - cap growth > small - cap growth; stocks heavily held by funds performed better than the CSI All - Share Index [19]. - Among industries, 30 CITIC first - level industries showed mixed performance. The top performers were power equipment and new energy (2.77%), non - ferrous metals (2.50%), and food and beverages (2.26%); the bottom performers were transportation (-1.50%), household appliances (-1.33%), and computers (-1.00%) [19]. - In the concept sector, most concept sectors declined. Sectors such as reducers, PEEK materials, and industrial mother machines rose, while F5G, WiFi6, and co - packaged optics (CPO) dropped significantly [19]. 3.4 Capital Flow Performance - On September 2, the main funds had a net outflow of 151.276 billion yuan, with super - large orders having a net outflow of 98.982 billion yuan and large orders a net outflow of 52.294 billion yuan. Medium - sized orders had a net inflow of 6.729 billion yuan, and small orders continued to have a net inflow of 144.547 billion yuan [3][23]. - Southbound funds had a net inflow of 9.281 billion Hong Kong dollars on September 2. The Shanghai - Hong Kong Stock Connect had a net inflow of 5.636 billion Hong Kong dollars, and the Shenzhen - Hong Kong Stock Connect had a net inflow of 3.645 billion Hong Kong dollars. The turnover of the Hong Kong stock market was 328.119 billion Hong Kong dollars, a decrease of 52.112 billion Hong Kong dollars from the previous trading day [4][25]. 3.5 ETF Capital Flow Performance - On September 2, the trading volumes of most ETFs such as SSE 50, CSI 300, CSI 500, and CSI 1000 increased compared to the previous trading day. The trading volumes of Huaxia SSE 50 ETF, Huatai - Berie CSI 300 ETF, Harvest CSI 300 ETF, E Fund CSI 300 ETF, Southern CSI 500 ETF, Southern CSI 1000 ETF, and Huaxia CSI 1000 ETF were 2.433 billion yuan, 4.755 billion yuan, 1.063 billion yuan, 0.817 billion yuan, 1.736 billion yuan, 2.028 billion yuan, and 0.363 billion yuan respectively, with changes of - 0.511 billion yuan, - 0.740 billion yuan, + 0.251 billion yuan, - 0.141 billion yuan, + 0.424 billion yuan, + 0.850 billion yuan, and + 0.084 billion yuan respectively compared to the previous trading day [28]. - On September 1, capital mainly flowed into the ChiNext Index ETF, with an inflow of 0.608 billion yuan [3][28]. 3.6 Global Market Performance - On September 2, major Asia - Pacific stock indices closed mixed. The Hang Seng Index dropped 0.47% to 25,496.55 points, the Hang Seng Tech Index fell 1.22% to 5,728.46 points, the Nikkei 225 Index rose 0.29% to 42,310.49 points, and the S&P/ASX 200 Index declined 0.30% to 8,900.60 points [4][32]. - On September 1, major European stock indices generally rose. The German DAX Index rose 0.57% to 24,037.33 points, the UK FTSE 100 Index increased 0.10% to 9,196.34 points, and the French CAC40 Index rose 0.05% to 7,707.90 points [4].

Market Overview - The A-share market showed mixed performance on September 2, with the Shanghai Composite Index down 0.45% to 3858.13 points, the ChiNext Index down 2.85% to 2872.22 points, and the Shenzhen Component Index down 2.14% to 12553.84 points [3][4] - A total of 1257 stocks rose while 4055 stocks fell across the exchanges, with a total trading volume of 28,750 billion yuan, an increase of 1,251 billion yuan from the previous trading day [4][5] Sector Performance - Banking stocks performed well, with several banks like Chongqing Rural Commercial Bank and China Merchants Bank rising over 3% [6] - Public utilities also saw gains, with stocks like Beijing Yuntong and Shanghai Electric hitting the daily limit [6] - In contrast, technology stocks faced significant declines, particularly in the communication, electronics, and computer sectors, with some stocks dropping over 10% [6][7] Investment Sentiment - Analysts predict a phase of market consolidation, with active trading and supportive liquidity conditions expected to sustain the market [8][9] - The market is anticipated to maintain an upward trend, driven by industry policies and ample liquidity, despite recent high valuations in some technology stocks [9][10] - The potential for further gains in indices like the Shanghai Composite and CSI 300 is noted, with a focus on sector rotation and strategic positioning in the market [10]

Group 1: Financial Performance - Gujing Gongjiu reported a net profit of 3.662 billion yuan for the first half of the year, an increase of 2.49% year-on-year, with operating revenue of 13.88 billion yuan, up 0.54% [1] - Guoxuan High-Tech announced a net profit of approximately 367 million yuan for the first half of 2025, a year-on-year increase of 35.22%, with operating revenue of about 19.394 billion yuan, up 15.48% [1] - Anhui Construction reported a net profit of approximately 553 million yuan for the first half of 2025, a decrease of 9.8% year-on-year, with operating revenue of about 30.185 billion yuan, down 9.79% [2] - Conch New Materials reported a net loss of approximately 29 million yuan for the first half of 2025, with operating revenue of about 2.401 billion yuan, down 9.7% year-on-year [6] Group 2: Corporate Actions - Zhongding Co., Ltd. signed a strategic cooperation agreement with the government of Hefei's Baohe District to establish a complete robot industry chain [3] - Anfu Technology's controlling shareholder, Qianhai Glory, decided to terminate its plan to continue increasing its stake in the company to avoid triggering mandatory tender offer obligations [5] - Yingjia Gongjiu plans to transfer 100% equity of Yingjia Business Hotel to Yingjia Guolv for 31.7265 million yuan as part of its asset optimization strategy [8] Group 3: Leadership Changes - Shanhe Pharmaceutical's controlling shareholder and chairman, Yin Zhenglong, passed away on August 26, 2025, holding approximately 63.0575 million shares, accounting for 26.9% of the company's total shares [7]

Core Viewpoint - The establishment of Shouwo Investment Holdings' subsidiary, Shoucheng Robot Advanced Materials Industry Co., Ltd., aims to extend the robot industry chain and create a comprehensive ecosystem centered around humanoid robots, positioning itself as a significant player in the robot industry ecosystem [1] Group 1: Strategic Initiatives - The new advanced materials company will focus on investing and incubating key upstream materials required for the robot industry, enhancing the company's capabilities in the robot ecosystem [1] - The initiative is part of the company's strategic layout to address critical upstream segments of the robot industry chain, seizing significant opportunities in the advanced materials sector during the industrialization of robotics [1] Group 2: Focus Areas - The advanced materials company will concentrate on the industrialization of core advanced materials such as electronic skin materials, tendon materials, and lightweight PEEK materials, which will significantly enhance the company's integration capabilities across the entire industry chain [1] - This move is expected to improve the performance and competitiveness of existing robot projects, ultimately creating long-term value returns for all shareholders [1]

Core Viewpoint - The establishment of Shouwo Investment Holdings' subsidiary, Shoucheng Robotics Advanced Materials Industry Co., Ltd., aims to extend the robotics industry chain and create a comprehensive ecosystem centered around humanoid robots, positioning the company as a significant player in the robotics industry ecosystem [1] Group 1: Strategic Initiatives - The new advanced materials company will focus on investing in and incubating key upstream materials required for the robotics industry, enhancing the company's capabilities in the robotics ecosystem [1] - The initiative is part of the company's strategic layout to address critical upstream segments of the robotics industry chain, seizing significant opportunities in the advanced materials sector during the industrialization of robotics [1] Group 2: Focus Areas - The advanced materials company will concentrate on the industrialization of core advanced materials such as electronic skin materials, tendon materials, and lightweight PEEK materials, which will significantly enhance the company's integration capabilities across the entire industry chain [1] - This focus will further improve the ecosystem surrounding humanoid robots, empowering existing robotics projects and enhancing their performance and competitiveness [1]

Core Insights - Shanghai Electric reported a robust performance in the first half of 2025, with significant growth in revenue and net profit [1] Financial Performance - The company's operating revenue reached 54.303 billion yuan, representing a year-on-year increase of 8.99% [1] - Net profit attributable to shareholders was 0.821 billion yuan, up 7.32% [1] - After excluding non-recurring gains and losses, net profit surged by 122.89% to 0.546 billion yuan [1] Order Growth - Shanghai Electric achieved new orders totaling 109.81 billion yuan in the first half of 2025, marking a 31% year-on-year increase [1] Strategic Development - The company is advancing in strategic emerging industries and future industries, having established an initial industrial chain covering industrial robots, special robots, intelligent robots, and humanoid robots [1] - Commercial application testing has already commenced for these new technologies [1]

Group 1 - The company plans to establish a complete upstream and downstream industrial chain for robots in Hefei City, with full support from the Baohe District Government [1] - A strategic cooperation agreement has been signed between the company and the Baohe District Government to facilitate investment and project construction [1] - The company possesses R&D capabilities and high-end manufacturing capabilities in the robot business, including robot reducers, sensors, joint assemblies, and robot bodies [1] Group 2 - There is an increasing demand in the industry for mature manufacturing technology processes and stable core component supply for robot body OEM [1] - The signing of the agreement will allow the company, as a leading enterprise in the industrial chain, to effectively integrate advantageous resources and actively layout robot reducers, sensors, joint assemblies, and robot bodies [1] - The establishment of a complete upstream and downstream industrial chain will enhance the company's business layout [1]

Core Viewpoint - The company plans to establish a complete upstream and downstream industrial chain for robotics in Hefei City, with full support from the Baohe District Government [1] Group 1: Strategic Collaboration - The company has signed a strategic cooperation agreement with the Baohe District Government to facilitate investment and project construction in Hefei City [1] - The agreement aims to enhance the company's business layout by integrating advantageous resources in the robotics sector [1] Group 2: Robotics Business Capabilities - The company possesses strong R&D capabilities and high-end manufacturing capabilities in the robotics field, including components such as robotic reducers, sensors, joint assemblies, and robotic bodies [1] - There is an increasing demand within the industry for contract manufacturing of robotic bodies, mature manufacturing processes, and stable supply of core components [1]

Core Viewpoint - The company plans to establish a comprehensive robot upstream and downstream industrial chain in Hefei City, with full support from the local government [1] Group 1 - The company announced its intention to invest in Hefei City on August 28 [1] - The Hefei Baohe District People's Government is committed to supporting the company's investment and assisting in project construction and industrial layout [1] - A strategic cooperation agreement has been signed between the company and the local government following friendly negotiations [1]

Core Viewpoint - The company plans to establish a complete upstream and downstream robotics industry chain in Hefei City, with strong support from the local government [1] Group 1: Strategic Initiatives - The company has signed a strategic cooperation agreement with the Baohe District People's Government to facilitate investment and project construction [1] - The planned projects include manufacturing and outsourcing of robotic reducers, sensors, joint assemblies, and robotic bodies [1] Group 2: Development Plans - The company will implement the robotics projects in phases based on the development status of the industry in Baohe District [1] - The company aims to actively attract related upstream and downstream enterprises to enter Baohe District [1]