Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the significance of tactile sensors in optimizing Tesla's Optimus robotic hand, emphasizing that the engineering effort for the hand constitutes half of the overall development [16][18] - Vision-tactile technology is identified as a key method for enhancing robotic interaction with the physical world, providing high-resolution tactile information through optical imaging and tactile perception [5][18] - Domestic companies are rapidly catching up with international leaders in tactile technology, leveraging local supply chains and application scenarios [7][47] Summary by Sections Section 1: Vision-Tactile Sensing - Tactile sensors are crucial for the optimization of Tesla's Optimus robotic hand, which features 22 degrees of freedom and tactile sensors on all fingers [16][17] - Vision-tactile technology captures microscopic deformations during contact with objects, converting them into high-resolution tactile data, enabling robots to perform delicate operations [18][22] - The technology allows for the simultaneous perception of normal force, shear force, object pose, and texture, closely mimicking human tactile capabilities [33] Section 2: Domestic Companies Catching Up - GelSight is recognized as the global leader in vision-tactile sensors, with significant advancements made by domestic startups in material design and deep learning models [7][47] - Notable companies include: - **叠动科技 (Diedong Technology)**: Innovated the integration of MEMS technology with vision-tactile sensing, receiving strategic investment from 隆盛科技 (Longsheng Technology) [49][50] - **帕西尼 (Paxini)**: A leader in multi-dimensional tactile technology, has received over 100 million yuan in strategic investment from BYD [56][61] - **一目科技 (Yimu Technology)**: Developed the world's first full-stack tactile system designed for precise operations, supported by 松霖科技 (Songlin Technology) [62] Section 3: Investment Recommendations - Recommended stocks include 隆盛科技 (Longsheng Technology) as a beneficiary of the advancements in vision-tactile technology [8]

Core Viewpoint - The article highlights the impressive performance of the Yushun G1 robot at the 2025 World Humanoid Robot Games, showcasing its capabilities in both competition and leisure activities, while also addressing some operational challenges faced during the events [3][5][50]. Group 1: Competition Performance - The Yushun G1 robot achieved remarkable results, including a standout performance in the 100-meter sprint where it demonstrated exceptional speed [5][10]. - In the 1500-meter final, the H1 robot caused a stir by colliding with an opponent's operator but continued to win the race, leading to humorous commentary online about its "strategy" [18][21][25]. - The G1 robot excelled in obstacle courses, showcasing its balance and coordination skills, successfully navigating stairs and complex environments [35][47]. Group 2: Operational Challenges - The collision incident during the 1500-meter race was attributed to a lack of control during operator handover, highlighting the need for improved operational protocols [25][28]. - The H1 robot's performance was conducted under manual control, which raised concerns about operator fatigue, prompting plans for fully autonomous participation in future events [29]. - The article notes that while the robots displayed impressive capabilities, there is still room for improvement in their algorithms and operational efficiency [31][50].

Group 1 - The stock price of Junsheng Electronics (600699) has increased by 9.7% over the past week, attributed to developments in humanoid robots, automotive electronics, and growth in the first quarter report [1] - The company has fully entered the humanoid robot sector and plans to establish a wholly-owned subsidiary, Ningbo Junsheng Embodied Intelligent Robot Co., Ltd., by April 2025 [1] - Junsheng Electronics has made progress in its Robotaxi business, with products applicable to autonomous taxis, including safety airbags, seat belts, steering wheels, and various automotive electronic products [1] Group 2 - Over the past three years, the company has distributed approximately 860 million RMB in dividends and conducted share buybacks totaling around 420 million RMB [2] - The company has completed its loan buyback plan disclosed for November 2024, repurchasing 13.03 million shares for approximately 222 million RMB, with the repurchased shares being canceled [2] - Junsheng Electronics emphasizes shareholder returns through performance improvement and a dual approach of cash dividends and share buybacks, enhancing investor satisfaction [2] Group 3 - The company acknowledges the national policy on anti-involution, which aims to systematically address low-price competition and guide the industry towards value competition, enhancing overall profitability and promoting high-quality, innovation-driven transformation [2]

金融界8月18日消息，有投资者在互动平台向东土科技提问：在观看世界人形机器人运动会的时候，有 几个问题想问下，1.公司的机器人产品有没有参加这次大赛？2.公司之前发布的小东机器人可以实现全 语音控制吗，还是需要使用手柄遥控？能否自动识别人类的自然指令，然后根据人类的语音内容自主规 划工作？ 公司回答表示：尊敬的投资者，您好！公司产品未参加此次世界人形机器人运动会。公司的小东机器人 可实现语音控制，能识别常见语音指令并完成相应引导等工作。但目前暂无法完全自动识别人类所有自 然指令并自主规划复杂工作，后续我们会持续升级优化。感谢关注！ ...

Core Viewpoint - The article discusses the current status and challenges faced by Xingzheng Global in the mutual fund industry, highlighting the decline in its equity fund performance and the shift towards fixed-income products [1][14]. Fund Performance - As of mid-2025, Xingzheng Global ranks 20th in non-cash fund size, with a total management scale of 652.3 billion yuan, of which fixed-income funds account for 79% [1]. - Among 4846 mixed equity funds, only a few hundred billion funds remain, with Xingquan funds holding three of them [1]. - The only two billion funds that lost money this year include one from Xingzheng Global, indicating challenges in its equity fund performance [1]. Key Fund Managers - The article highlights the performance of key fund managers, particularly Xie Zhiyu, who manages three funds with varying success. His best-performing fund, Xingquan Social Value, achieved a one-year return of 58.32% [4][8]. - Xie Zhiyu's funds have faced significant losses in recent years, with Xingquan He Run losing over 11.6 billion yuan from 2022 to 2023 [7]. Market Trends and Strategies - Xie Zhiyu has expressed optimism about sectors like technology and consumer goods, particularly in smart driving and emotional consumption [8]. - The article notes that Xingquan Trend Investment, once a flagship fund, has seen its scale shrink significantly and has struggled to keep up with market trends [9][13]. Challenges and Future Outlook - The article suggests that Xingzheng Global's equity business faces difficulties due to issues like cognitive rigidity and slow portfolio adjustments among its top fund managers [14]. - There are indications that Xingzheng Global may focus on ETFs in the second half of the year, but it is unlikely to aggressively push this strategy [14].

截至2025年8月18日 11:25，机器人ETF南方(159258)上涨2.52%，盘中换手6.41%，成交2419.49万元。中 证机器人指数(H30590)强势上涨2.53%，成分股石头科技(688169)上涨14.51%，大华股份(002236)上涨 9.99%，均普智能(688306)上涨7.53%，瀚川智能(688022)，矩子科技(300802)等个股跟涨。 截至8月15日，机器人ETF南方(159258)近1周规模增长1.60亿元。资金流入方面，机器人ETF南方 (159258)近5个交易日内有3日资金净流入，合计净流入1.39亿元。 相关产品：机器人ETF南方(159258)，场外联接(A：020607；C：020608；I：020999)。 近期，人形机器人产业迎来快速发展，多个具有较好运动控制能力的机器人在2025世界机器人大会上集 中亮相，展现出AI技术在人形机器人上的应用潜力。 湘财证券指出，AI技术在端侧的落地有望推动人形机器人、AI PC、AI手机实现较高商业价值，进而推 动AI技术在端侧形成商业闭环。当前，全球首个人形机器人运动会在北京开幕，来自16国的500余台机 器人参与2 ...

Core Viewpoint - Lens Technology (06613) has seen a significant stock increase of over 6%, reaching a new high of 23.26 HKD, driven by positive market sentiment and favorable analyst coverage [1] Group 1: Company Performance - Lens Technology's stock rose by 6.52% to 23.2 HKD, with a trading volume of 210 million HKD [1] - The company is a major supplier of glass covers and metal casings for Apple, benefiting from rising average selling prices and market share expansion [1] Group 2: Market Trends and Projections - The company is expected to benefit from iPhone specification upgrades, the trend towards foldable iPhones, and 3D glass technology [1] - Lens Technology is also a key supplier for Tesla's smart cockpit and is expanding into Xiaomi's automotive glass market [1] - The company is collaborating with industry leaders to explore emerging businesses such as humanoid robots and AI-enhanced AR glasses [1] Group 3: Financial Forecast - According to Citi's report, Lens Technology's revenue is projected to grow at a compound annual growth rate (CAGR) of 18% from 2024 to 2027 [1] - Growth drivers include increased market share in smartphones and computers, diversification of automotive products, and expansion into new sectors [1] - The initial coverage by Citi has assigned a "Outperform" rating with a target price of 28.2 HKD for H-shares [1]

Group 1 - The world's largest underwater shield tunnel, with a diameter of 17.5 meters, successfully completed its construction in Jinan, marking a significant milestone in engineering [2] - Xiaomi's automotive factory in Beijing has achieved 100% automation in key processes, producing over 300,000 electric vehicles in just over a year, reflecting a transformative shift in traditional manufacturing [2] - China's successful launch of the experimental satellite No. 28 B star 02, which is intended for space environment detection and related technology testing, demonstrates advancements in aerospace capabilities [2] - The second production aircraft of the AG600 amphibious plane has successfully completed its first production test flight, indicating readiness for delivery and compliance with design specifications [2] Group 2 - The production of new energy vehicles in Beijing reached 262,000 units in the first half of the year, representing a year-on-year increase of 150% [2] - The North Vehicle New Energy Xiangjie Super Factory, set to commence production in 2024, is positioned as a pioneer in the ongoing industrial transformation [2]

对冲基金（Hedge Fund）指采用对冲交易手段的基金，也称避险基金或套期保值基金。它们不满足于跟随市场指数，而是利用股票多空、全球宏观、事件驱 动等多元策略，在股票、债券、大宗商品、衍生品甚至加密资产之间灵活切换，并通过杠杆、卖空、衍生品对冲等手段放大收益或降低风险。 根据知名对冲基金投资机构LCH Investments的统计，2024年，整个对冲基金行业为投资者带来2890亿美元的净收益，其中世界前20大对冲基金管理人贡献 了937亿美元的净收益，占比44.3%。从管理规模来看，截至2024年底，前20大对冲基金管理人的资产管理规模（AUM)占行业总规模的20.2%。 | 排名 | 对冲基金简称 | 创始人/基金经理 | 2024年底的资产管成立以 | | | --- | --- | --- | --- | --- | | | | | 理净值(亿美元) | 收益 | | 1 | Citadel | Ken Griffin | 649 | | | 2 | DE Shaw | Various | 411 | | | 3 | Millennium | lsrael Englander | 740 | | | ...

据悉，在人形机器人田径项目中，跳高运动不仅需要硬件突破高扭矩输出和结构强度的极限，还面临动 态控制上多物理场耦合的复杂挑战，需实时优化质心轨迹、角动量及落地姿态，对传感器精度和抗干扰 能力要求极高，相比跑步等运动技术挑战更为突出。星动L7之所以能在跳高比赛中脱颖而出，背后依 靠的是公司技术积累和星动L7"本体+大脑"能力。 新浪科技讯 8月18日上午消息，2025首届世界人形机器人运动会（简称"机器人运动会"）上，星动纪元 全尺寸双足人形机器人星动L7在原地跳高项目中成功跳至95.641cm高度，断档第一，斩获该项目桂 冠，展现了领先的运动性能。 星动L7身形与成年人相近，身高171cm，体重65kg，搭载的自研关节模组动力极为强劲，峰值扭矩高达 400N・m，峰值转速达到25 rad/s，全身55个准直驱"活动关节"协同配合，为跳高时提供了强大的动力 来源。（文猛） 责任编辑：杨赐 ...