【市场复盘】 【热点要闻】 1.5月16日上午，上海智元机器人发布了一段5分钟左右、联合创始人"稚晖君"彭志辉与灵犀X2对话互动 的短视频，其机器人不仅拥有了"内心戏"，还学会了点功夫，能将木板一掌击为两段。在视频中可以看 到，灵犀X2升级了主动交互能力。 2.5月16日，国家数据局综合司印发了《数字中国建设2025年行动方案》。其中提出，深度挖掘人工智 能应用场景，积极开展人工智能高质量数据集建设。着力发展智能网联新能源汽车、人工智能手机和电 脑、智能机器人等新一代智能终端及智能制造装备。 3.OpenAI计划在阿联酋建设一个大型新数据中心，该中心最终可能成为全球最大的数据中心之一。这不 仅是该公司在中东地区的重大投资，也是其全球AI基础设施扩张计划的重要扩展。 【机构观点】 民生证券指出，人形机器人技术加速演进，已成为科技竞争的新高地、未来产业的新赛道、经济发展的 新引擎，产业奇点已至，应用端、成本端、软件端迎来三重突破，产业化关键瓶颈正在打开。 【热门ETF】 上周五（5月16日），截至收盘，科创人工智能ETF华夏（589010）下跌0.19%，持仓股中麒麟信安下跌 2.43%领跌，威胜信息、寒武纪等个 ...

6,10 ★ TSS2025 2025年，全球半导体产业在复杂国际形势、终端市场需求波动及颠覆性技术突破的三重变量中深度演 进。AI算力革命与人形机器人产业风口加速形成，晶圆代工市场呈现高端制程与成熟工艺两极化发展， 先进封装产能需求持续攀升，存储芯片周期波动仍存不确定性，第三代半导体产业化进程全面提速。 展望未来，在AI与机器人浪潮驱动下，半导体产业技术变革与产业机遇并存，但也同样面临一系列挑 战。 2025年6月10日（周二） ，TrendForce集邦咨询将在深圳举办" 2025集邦咨询半导体产业高层论坛 （TrendForce Semiconductor Seminar 2025）"。 本次会议为主要面向产业链高层的精品会议，行业精英云集，全程干货分享交流。 目前，演讲嘉宾团队已集结完毕。届时，集邦咨询多位重量级资深分析师将持续聚焦AI人工智能领域， 围绕晶圆代工、IC设计、内闪存、服务器、宽禁带半导体等产业链热门议题，全方位剖析半导体产业现 状与未来，敬请期待！ 演讲阵容 TSS2025 演讲嘉宾： 郭祚荣 集邦咨询资深研究副总经理 分享主题： AI持续升温，全球半导体市场战略布局 ✦ • ✦ 分享 ...

Core Viewpoint - JD.com reported strong first-quarter 2025 results, with revenues increasing 15.8% year over year to RMB 301.1 billion ($41.5 billion), surpassing estimates [1] - The company faces near-term challenges, particularly in its new business segment, which is impacting profitability despite long-term growth potential [2][18] Financial Performance - JD's non-GAAP diluted net income per share rose 48.8% year over year to RMB 8.41 ($1.16), exceeding consensus estimates by 10.48% [1] - The Zacks Consensus Estimate for 2025 earnings is $4.59 per share, revised downward by 3.16% over the past 30 days, indicating 7.75% year-over-year growth [6] - The consensus for 2025 revenues is $172.07 billion, suggesting 7.04% year-over-year growth [6] New Business Segment Challenges - The new business segment reported a non-GAAP operating loss of RMB 1.3 billion in Q1 2025, despite an 18% year-over-year revenue increase [4] - The food delivery initiative is still in its early stages, incurring significant costs without meaningful revenue contributions [5] Competitive Landscape - JD.com operates in a highly competitive online retail market in China, facing significant competition from Alibaba and PDD Holdings [7][8] - Alibaba holds approximately 80% of China's e-commerce market, while PDD attracts consumers with aggressive discounts [8] - JD's competitors have advantages such as longer operating histories and larger customer bases, posing threats to JD's market share [10] Stock Performance and Valuation - JD shares have returned 7.5% year-to-date, outperforming the Zacks Retail-Wholesale sector and the Zacks Internet - Commerce industry [11] - However, JD has underperformed compared to Alibaba and PDD, which gained 55.3% and 23.2% respectively [12] - JD currently trades at a forward 12-month P/E ratio of 7.94X, significantly below the industry average of 22.94X, indicating a potentially discounted valuation [15]

Summary of Jabil (JBL) FY Conference Call - May 13, 2025 Company Overview - **Company**: Jabil (JBL) - **Industry**: Electronics Manufacturing Services (EMS) Key Points and Arguments Macro Economic Concerns - There is a sense of relief among customers regarding recession fears, with the administration's efforts seen as effective in preventing a significant downturn [3][5][6] - Jabil's diversified portfolio across various end markets, including healthcare and digital commerce, positions the company well to manage through economic fluctuations [4][5] Supply Chain and Tariff Management - Jabil has regionalized its supply chain, producing in-country for local consumption, which mitigates risks associated with tariff volatility [7][8] - The company is not currently seeing significant shifts in business due to tariffs, as customers are cautious about the costs and risks of relocating operations [8] Capacity and Geographic Flexibility - Approximately 35% to 40% of Jabil's capacity is located in the Americas, with current utilization around 75-80%, indicating room for growth [16][18] - The company has recently opened a facility in St. Petersburg, Florida, and has the capability to expand in the U.S. and Mexico as needed [16][18] Margin Improvement Strategies - Jabil aims to increase its margin from 5.4% to 6% or 6.5% in the near future, driven by portfolio diversification, vertical integration, and operational efficiencies [22][23][24] - The company is focusing on higher-margin businesses and has made tuck-in acquisitions to enhance its service offerings [24][25] Growth in Cloud and Data Center Infrastructure - Jabil has increased its revenue guidance for the second half of the fiscal year by $1 billion, driven by strong demand from hyperscale customers and capital equipment business [28] - The company is confident in continued spending from cloud customers, viewing it as an "arms race" among hyperscalers [28][29] Automotive Sector Challenges - The automotive segment faces headwinds from tariffs and reduced demand for electric vehicles (EVs), but Jabil is diversifying its customer base and product offerings to mitigate risks [44][45] - The company has added new OEM customers in China, which is expected to provide growth opportunities in the EV space [46][48] Healthcare Market Opportunities - Jabil is significantly larger than its nearest competitor in the healthcare market and is focused on expanding its share of wallet through organic growth and acquisitions [56][57] - The company recently acquired Pharmaceutical International Incorporated, enhancing its capabilities in pharmaceutical delivery systems [58] Semiconductor Capital Equipment - Jabil's semiconductor capital equipment business is performing well, with strong growth driven by key customers like NVIDIA [62] - The company anticipates a cyclical recovery in the semiconductor industry within the next twelve months [63] Networking and Communications - The networking segment is experiencing slower growth due to exiting low-margin businesses, but there are positive trends in Ethernet and liquid cooling technologies [65][66] Digital Commerce Growth - Jabil is seeing growth in digital commerce, particularly in automation and robotics for retail environments, with expectations for continued expansion in this area [67][68] Future Outlook - Jabil's path to achieving higher margins is not solely dependent on revenue growth but also on optimizing product mix and operational efficiencies [69][70] - The company is well-positioned for future growth across various sectors, including healthcare, cloud infrastructure, and automotive, despite current economic challenges [49][50][56]

RT Milan Kovac (@_milankovac_)More coming shortly! The team has been working very hard in the background.Entirely trained in simulation with RL. Many optimizations and fixes have been put in place in our sim-to-real training code.The cable is there in case of a fall (not actually holding the bot) since this is an early result which will get more stable very quickly. ...

Robotics hasn't had its Jad GPT moment yet, but we think it is almost here. Everyone has known that robots are the future, but that proved elusive because previous generations of robots were expensive, brittle, and only worked in control conditions. With the rapid improvements in foundation models, it is finally possible to make robots that have human level perception and judgment.That has been the missing piece. While consumer use case feature heavily in science fiction, some of the overlooked and most imm ...

Core Viewpoint - BofA Securities analyst Justin Post maintains a Buy rating on Amazon with a price target of $230, highlighting the company's significant investment in robotics to enhance efficiency and reduce costs [1][2]. Robotics and Automation - Amazon introduced eight new robots aimed at improving package sorting and handling at delivery stations and fulfillment centers, which include models like Tipper, ZancaSort, and Vulcan [1][2]. - The robots are expected to assist with approximately 75% of customer orders, with an anticipated increase in robot touchpoints per package as more types are introduced [2][3]. Cost Efficiency and Staffing - Amazon's logistics and fulfillment workforce is close to 1 million, with a 50% annual churn rate, indicating a potential long-term staffing challenge that robotics could help mitigate [3]. - Robotics are projected to drive cost efficiencies by reducing labor and injury costs, improving warehouse utilization, and enhancing order accuracy, which could decrease product return rates [4]. Fulfillment Center Innovations - The new 12 Generation Fulfillment Center, which opened in late 2024, spans over 3 million square feet and utilizes ten times more robots than previous models, aiming to reduce fulfillment processing time by up to 25% [5][6]. - Fulfillment costs are projected to be $99 billion in 2024, and even a 10% savings could translate to an additional $10 billion in profits [6]. Overall Cost Structure - Fulfillment represents about 17% of Amazon's total costs and 15% of total revenues, while shipping costs also account for another 17% of total costs [7]. - Amazon's advancements in delivery, including Zoox AV capabilities and MK30 drones, are expected to yield long-term cost savings, with a goal of delivering 500 million packages by drone annually by 2030 [8]. Stock Performance - Following these developments, Amazon's stock rose by 7.9%, reaching $208.49 [8].

各项政策加持，热度非凡，行业活动也层出不穷，小编通过网络搜集整理了 未来两周国内外机器人及人工智能领 域行业活动活动榜单 ，供大家参考。 机器人产业蓬勃发展，正极大改变着人类生产和生活方式，为经济社会发展注入强劲动能。2023年年初，工业和 信息化部联合十六大部委印发《"机器人+"应用行动实施方案》，目标到2025年，制造业机器人密度较2020年实现 翻番，服务机器人、特种机器人行业应用深度和广度显著提升，机器人促进经济社会高质量发展的能力明显增 强。11月12日工业和信息化部又印发《人形机器人创新发展指导意见》，提出人形机器人有望成为继计算机、智 能手机、新能源汽车后的颠覆性产品，并明确2025年实现批量生产。 2025.05.12-05.25 机器人及人工智能相关活动预告 1 2025仿生机器人与智能控制论坛 时间： 2025.05.13 地点： 中国计量大学闻厅二楼报告厅 主办单位： 中国计量大学 2 人工智能及机器人产业投资高峰论坛 & 2025 智通星耀夏季联合策略会 时间： 2025.05.15 地点： 深圳南山区 主办单位： 智通财经 3 具身智能机器人'技能'创新论坛 时间： 2025.05. ...

Core Viewpoint - The robotics sector is experiencing a strong rebound, with the Robotics ETF (562500) showing significant gains and increased liquidity, indicating positive market sentiment and investor interest in robotics-related stocks [4][5]. Group 1: ETF Performance - As of May 9, 2025, the Robotics ETF has seen a net value increase of 34.54% over the past three years, ranking 161 out of 1747 index stock funds, placing it in the top 9.22% [5]. - The ETF has achieved a maximum single-month return of 26.22% since inception, with the longest consecutive monthly gains being three months and a total increase of 38.11% [5]. - The average monthly return during rising months is 7.74%, with an annual profit percentage of 66.67% and a historical three-year profit probability of 67.74% [5]. Group 2: Fund Metrics - The Robotics ETF has a management fee of 0.50% and a custody fee of 0.10%, which are the lowest among comparable funds [5]. - The ETF's tracking error over the past six months is 0.017%, indicating the highest tracking precision among similar funds [5]. Group 3: Market Activity - The Robotics ETF has seen a trading volume of 3.28 billion yuan with a turnover rate of 2.32% [4]. - In the past seven trading days, the ETF attracted a total inflow of 27.6984 million yuan, and its scale increased by 733 million yuan over the past two weeks [4]. - The ETF's financing buy-in amount reached 94.4481 million yuan, with a financing balance of 820 million yuan, indicating ongoing leverage investment [4]. Group 4: Key Holdings - Notable stocks within the Robotics ETF include Keli'er (科力尔) with a 9.98% increase, Tuosida (拓斯达) up 7.20%, and Xinjie Electric (信捷电气) rising 6.70% [4][7].

Group 1 - The event "Talent Gathering in the Bay Area: Smart Manufacturing Future" was held in Dongguan, showcasing Guangdong's strategic vision and practical actions in building a talent ecosystem in the AI and robotics sectors [1][2] - The offline job fair attracted 345 companies offering over 7,000 job positions, with a total of 11,000+ positions available through online and offline channels, and 4.28 million online participants [1][2] - The event was organized by the Guangdong Provincial Human Resources and Social Security Department, Dongguan Municipal Government, and Huawei Technologies, with around 2,500 participants from various sectors [1][2] Group 2 - The "Yue Craftsman" AI model was launched, marking the first AI model specifically designed for vocational schools in China, integrating AI technology into vocational education and skill training [2][3] - The model aims to create a comprehensive intelligent system covering recruitment, teaching, training, and employment, optimizing learning paths based on individual student data [2][3] Group 3 - Guangdong has 148 vocational schools with approximately 667,000 students, including 63 schools offering industrial robotics programs and 17 schools offering AI programs, contributing to the development of high-quality skilled talent [3][5] - The event featured 18 vocational schools showcasing innovative achievements in training talent for the AI and robotics industries, with several cooperation agreements signed between schools and leading companies [4][5] Group 4 - The dual selection event utilized a "1-day offline + 2-week online" model, facilitating a multi-dimensional platform for matching technical talent with high-quality job opportunities [6][7] - Over 600 companies from various sectors participated in the job fair, providing a wide range of employment opportunities and signaling a positive outlook for skilled talent in Guangdong [6][7] Group 5 - Guangdong's vocational schools supply over 170,000 skilled workers annually, with a total skilled workforce of 20.93 million, including 7.68 million high-skilled workers, supporting the province's high-quality development [7]