活动当日上午，投资者代表一行抵达活动第一站均胜电子。在公司董事会秘书俞朝辉的陪同下，投资者 实地参观企业生产线，通过沉浸式体验，近距离感受公司在生产智能化与管理精细化方面的实践成果。 中证报中证网讯（王珞）为搭建上市公司与投资者深度沟通的桥梁，引导投资者以理性视角审视沪市上 市公司的投资价值，2025年9月17日，中国银河（601881）证券联合上海证券交易所组织开展"我是股 东"——走进沪市上市公司系列活动，带领20余名投资者代表走进机器人ETF成分股均胜电子 （600699）和拓普集团（601689）。 本次活动由上海证券交易所和中国银河证券主办，均胜电子、拓普集团及中国银河证券宁波分公司承 办，中国银河证券投资者教育基地协办，并得到了景顺长城基金的大力支持。活动期间，中国银河证券 还同步联动"银河金熠"与"银河星耀管理人俱乐部"两大服务品牌，进一步整合证券、基金、上市公司等 多方资源，旨在为参与者打造更优质的服务体验。 探访均胜电子 解码企业战略布局 下午，投资者代表一行转场前往本次系列活动的第二站——拓普集团，开启下午的深度探访。拓普集团 投资者关系总监熊晓武热情接待投资者，带领投资者参观展厅，并介绍 ...

Group 1 - The core viewpoint is that Tianlong Co., Ltd. (603266.SH) clarified its involvement in the semiconductor industry, specifically stating that its affiliate, Zhejiang Cuizhan Microelectronics Co., Ltd., focuses on new power semiconductor device design, R&D, packaging, and automotive embedded development tools, and does not engage in humanoid robot industry perception systems [1] Group 2 - Zhejiang Cuizhan Microelectronics Co., Ltd. is identified as a high-tech enterprise [1] - The company specializes in the design and manufacturing of new power semiconductor devices [1] - The current business scope does not include the perception system for humanoid robots [1]

Investment Rating - The report maintains a rating of "Overweight" for the light industry manufacturing sector [1]. Core Insights - The report highlights the listing of Daxing Technology, the leading company in the folding bicycle market, which holds a market share of 36.5% in sales. The company is expected to achieve a revenue of 450 million yuan in 2024, with a compound annual growth rate (CAGR) of 33.1% from 2022 to 2024. The sales volume is projected to reach 229,500 units in 2024, with a CAGR of 24.1% during the same period. The folding bicycle segment is characterized as a low penetration, high growth niche market, suitable for urban applications and with a low barrier to entry for new riders [5][6]. Summary by Sections Market Overview - The light industry manufacturing index increased by 1.88% from September 8 to September 12, 2025, ranking 13th among 28 Shenwan industries. The textile and apparel index rose by 0.67%, ranking 20th [10]. Key Company Performance - Daxing Technology has established a comprehensive sales network covering offline, online, and overseas markets, with 680 domestic dealerships as of April 2025. The company has significant potential for market expansion, particularly in overseas channels, where it generated approximately 30 million yuan in revenue in 2024 [5][6]. Investment Opportunities - The report suggests actively monitoring the folding bicycle sector due to its high growth potential and the competitive advantages of leading companies like Daxing Technology. Additionally, it emphasizes investment opportunities in the consumer supply chain as companies expand overseas, particularly in packaging and hygiene products [5][6]. Sector Recommendations - The report recommends focusing on companies with strong growth potential in the new consumer market, particularly in the trendy toy segment, and highlights the performance of companies like Pop Mart and Morning Glory, which are expected to benefit from expanding demand and market presence [6][67].

9月10日，一份疑似某上市公司的"调研报告"在网上流传，其中提及T（疑似特斯拉）人形机器人Tier1（一级供应商）以及人形机器人外壳材料。对于这 份"调研报告"是否属实，《每日经济新闻》记者多次致电该上市公司，但均未能接通。 记者注意到，当日三花智控、银轮股份等股价小幅走低，震裕科技下跌4.64%，不过浙江荣泰上涨6.47%。这些厂商被资本市场认为是人形机器人一级供应 商，提供线性关节模组解决方案。9月11日，人形机器人板块(886069)上涨2.76%，三花智控、银轮股份、震裕科技、浙江荣泰涨幅分别为3.76%、3.73%、 2.87%、0.68%。 宝武镁业股价涨停 上述"调研报告"显示："友商出了严重质量问题停了，我们的迭代后面也会共享给友商。关节模组做好是不容易的，T（疑似特斯拉）是有节操的，最终就我 们两家。" 根据山西证券信息，特斯拉人形机器人两大Tier1厂商分别为拓普集团和三花智控。 9月10日上午，《每日经济新闻》记者致电三花智控。对于该"调研报告"，三花智控工作人员表示并不清楚。而对于公司是否进入特斯拉人形机器人供应 链，该工作人员表示："公司对于客户这一块保密要求比较高，不能对外披露。" ...

Core Viewpoint - A leaked research report suggests that certain companies are Tier 1 suppliers for Tesla's humanoid robot, impacting their stock prices and market perception [1][2]. Group 1: Stock Market Reactions - On September 10, stocks of companies like Sanhua Intelligent Control and Yinlun Co. experienced slight declines, while ZheJiang RongTai saw a 6.47% increase [1]. - The humanoid robot sector index rose by 2.76% on September 11, with Sanhua Intelligent Control, Yinlun Co., ZheJiang RongTai, and Zhenyu Technology showing respective gains of 3.76%, 3.73%, 2.87%, and 0.68% [1]. - Baowu Magnesium's stock hit the daily limit up, closing with a 4.88% increase on the same day [3]. Group 2: Company Responses and Developments - Sanhua Intelligent Control stated they could not confirm their involvement in Tesla's supply chain due to confidentiality requirements [2]. - ZheJiang RongTai has been involved in humanoid robot projects but has not disclosed specific collaborations with Tesla [2]. - Zhenyu Technology reported that their linear actuators have been validated by several well-known humanoid robot clients [2]. Group 3: Material Insights - The report indicated that Tesla does not use PEEK materials but instead relies heavily on magnesium-aluminum alloys for its humanoid robots [3]. - Baowu Magnesium confirmed that their supply of magnesium-aluminum alloy products to humanoid robot manufacturers is currently limited [3]. Group 4: Shareholder Activities - ZheJiang RongTai has seen significant shareholder reductions, with major shareholders reducing their stakes between June and September [5][6]. - Despite the reductions, notable investors like Zhang Jianping have increased their holdings in ZheJiang RongTai, becoming the sixth-largest shareholder [6]. - ZheJiang RongTai has been active in expanding its business, including acquiring a majority stake in a precision machinery company and establishing a new subsidiary focused on robotics [6].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][23]. Core Insights - The company achieved a revenue of 12.94 billion yuan in the first half of 2025, representing a year-on-year increase of 5.8%, while the net profit attributable to the parent company decreased by 11.1% [1][9]. - In Q2 2025, the company reported a revenue of 7.17 billion yuan, up 9.7% year-on-year and 24.3% quarter-on-quarter, with a net profit of 730 million yuan, down 10.0% year-on-year but up 29.0% quarter-on-quarter [1][9]. - The company is focusing on expanding its liquid cooling business, having secured initial orders worth 1.5 billion yuan, leveraging its thermal management capabilities and customer resources [3][22]. Financial Performance - The company’s gross margin in Q2 2025 was 19.3%, a decrease of 1.1 percentage points year-on-year, attributed to changes in product structure and reduced economies of scale [2][14]. - The company’s R&D expenses increased due to ongoing investments in new products related to robotics and automotive electronics [2][14]. - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is adjusted to 3.22 billion, 3.94 billion, and 4.77 billion yuan respectively [4][23]. Revenue and Profit Forecast - The projected revenue for 2025 is 31.39 billion yuan, with a growth rate of 18.0% [5]. - The expected earnings per share (EPS) for 2025 is 1.86 yuan, reflecting a downward adjustment from previous estimates [4][5]. Market Position and Strategy - The company is positioned as a core player in the humanoid robotics supply chain, with ongoing collaborations with major automotive manufacturers to enhance its product offerings [4][23]. - The company is implementing a platform strategy and deepening partnerships with various automotive brands, which is expected to provide stable growth momentum [3][22].

Group 1 - The core viewpoint of Yushu Technology is to submit an IPO application between October and December 2025, with operational data to be disclosed at that time [1] - In 2024, the sales distribution of Yushu Technology's products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products [1] - About 80% of quadruped robots are utilized in research, education, and consumer sectors, while the remaining 20% are applied in industrial fields such as inspection and firefighting [1] Group 2 - Yushu Technology recently unveiled a new humanoid robot with a height of 1.8 meters and 31 degrees of freedom, indicating significant advancements in their humanoid robot technology [2] - The latest humanoid robot, R1, was launched on July 25, with a starting price of 39,900 yuan and features 26 joints and a weight of approximately 25 kilograms, showcasing industry-leading specifications [2] - The release of the new humanoid robot is seen as a continuation of Yushu Technology's innovation in the humanoid robot sector, building on the success of previous models [2] Group 3 - The humanoid robot industry is entering a phase of "hundred flowers bloom, a hundred schools of thought contend," with increased participation from domestic and international players [3] - Major companies like Huawei, ByteDance, BYD, Xiaomi, and Ant Group are intensifying their investments in embodied intelligence, while international firms like Tesla and 1X are accelerating commercialization efforts [3] - The emergence of AI companies is driving the development of general-purpose robotic models, facilitating advancements in humanoid robots [3] Group 4 - The humanoid robot industry is at a critical juncture for technological breakthroughs and commercialization, with a focus on domestic component manufacturers benefiting from the industry's growth [4] - Cost remains a significant barrier to the widespread adoption of humanoid robots, but domestic core components are becoming competitive in performance and cost on a global scale [4] - The 2025 World Robot Conference indicates that domestic core components are ready for large-scale application, suggesting investment opportunities in high-quality domestic component companies [4]

Group 1 - The core viewpoint of the article highlights the significant partnership between UBTECH (09880) and Infini Capital, involving a strategic cooperation agreement worth $1 billion [1] - UBTECH's stock price increased by approximately 4.39%, reaching HKD 104.7, with a trading volume of HKD 30.47 billion [1] - Infini Capital plans to acquire up to 5% of UBTECH's shares and collaborate on investments in the humanoid robot supply chain [1] Group 2 - Citigroup expressed optimism regarding UBTECH's performance, raising the company's humanoid robot delivery guidance from 300-500 units to over 500 units for this year [1] - The forecast for next year's deliveries is set between 2,000 to 3,000 units, driven by better-than-expected progress in the automotive, auto parts, and electronics sectors [1] - Citigroup adjusted its revenue forecasts for UBTECH, increasing estimates by 2% for this year and 13% for the next, while raising the target price from HKD 98 to HKD 121, reflecting a more optimistic outlook for humanoid robots [1]

智通财经APP获悉，优必选(09880)再涨近5%，截至发稿，涨4.39%，报104.7港元，成交额30.47亿港 元。 消息面上，优必选与国际知名投资机构Infini Capital正式签署10亿美元战略伙伴合作协议。除此之外， 双方达成多项产业战略合作内容：Infini Capital计划在合适时机增持优必选股票，成为不超过5%持股比 例的重要股东；双方联手投资人形机器人上下游产业链；同时双方计划在中东建立超级工厂和研发中心 以及中东总部。 花旗发表研报称，对优必选上半年业绩感到鼓舞。公司将今年人形机器人交付指引从300至500台上调至 超过500台，并预测明年交付2000至3000台，因在汽车、汽车零部件和电子行业的进展好于预期。该行 因此上调对公司今明两年收入预测2%及13%，目标价从98港元上调至121港元，反映人形机器人更乐观 前景，评级"买入"。 ...

Group 1: Market Drivers - The A-share market's Shanghai Composite Index has surpassed 3700 points due to multiple factors, reflecting positive expectations for economic transformation and policy, as well as a resonance between capital flow and industry trends [1] - The government has intensified growth-stabilizing policies, shifting fiscal policy towards consumer support and easing real estate policies, which alleviates concerns about economic downturns [1] - A loose liquidity environment is maintained by the central bank, with margin trading balances exceeding 2 trillion yuan, indicating a significant increase in market risk appetite [1] Group 2: Industry Trends - The AI computing power and semiconductor sectors are leading the market, with major players in optical modules exceeding performance expectations, and the commercialization of AI applications in North America accelerating [2] - The innovative drug sector is showing signs of recovery, with some companies reaching performance inflection points and price-to-sales ratios returning to reasonable levels, attracting investment [3] Group 3: Market Structure - There is an influx of new capital, with nearly 2 million new personal investor accounts opened in July, and a significant year-on-year increase in fund subscriptions, indicating a shift of wealth towards equity assets [4] - The market is characterized by a divergence between indices and individual stocks, with over 4000 stocks declining on the day the index surpassed 3700 points, highlighting a "profit from the index but not from stocks" phenomenon [5] Group 4: Market Sentiment and Valuation - Market sentiment indicators are warming up, with the total trading volume of the entire A-share market exceeding 2 trillion yuan for three consecutive days, although margin trading balances relative to total market value remain below historical peaks, suggesting sentiment is not overheated [7] - Valuation recovery logic indicates that sectors like consumer goods and pharmaceuticals, after prolonged adjustments, are attracting allocation funds as their price-to-earnings ratios return to historical medians [8] Group 5: Structural Opportunities - The core direction for structural opportunities remains in technology growth, particularly in AI computing power, semiconductors, and robotics [10] - There are potential short-term opportunities in blue-chip stocks, particularly in consumer sectors like liquor and home appliances, as well as high-dividend banking stocks due to their defensive attributes and valuation recovery [11] Group 6: Policy Themes - Areas benefiting from "anti-involution" policies, such as low-altitude economy and biomanufacturing, are worth attention [12]