环球市场动态 外 需 驱 动 型 亚 太 新 兴 经 济 体 边 际 回 暖 股 票 A 股周二延续涨势，算力、PCB 板 块领涨；港股走高，科技股普遍走 强；欧洲股市受俄乌和平进程推动 走强；美股科技股低开高走， Alphabet (GOOGL US) 创新高。 外 汇 / 商 品 报导指乌克兰原则同意和平协议， 周二油价下跌。白宫经济顾问哈塞 特据报是下任美联储主席的热门人 选，推动纽约期金造好。美国最新 公布的经济数据支持美联储下月再 降息，加上美联储下任主席的新闻， 利淡美元汇价，美汇指数跌穿 100。 固 定 收 益 美国国债全线上涨，10 年期收益率 一个月来首次跌破 4%。哈塞特有 望出任新美联储主席，加深市场对 未来降息的押注。5 年期美债拍卖 相对稳健。亚洲债市相对平稳，资 金流清淡。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 11 月 26 日 ▪ 近期美国与东盟外交活动频繁，亚太新兴经济体面临的关税格局基本明确，风险偏好有所回暖，特别是外需驱 动型经济体的短期经济表现好于此前预期，后续需关注美国最高法院对 ...

Core Viewpoint - The company, Geekplus, is preparing for its IPO on the Hong Kong Stock Exchange, aiming to become the first global AMR (Autonomous Mobile Robot) warehouse robotics stock, with an expected market capitalization exceeding HKD 21.8 billion [1][30]. Group 1: Company Overview - Founded in 2015 by Tsinghua University graduate Zheng Yong, Geekplus aims to lead the Chinese warehouse logistics robot industry [2][5]. - The company has raised nearly CNY 4 billion from notable investors including Yili, Haier, Intel, Ant Group, and Morgan Stanley [2]. - Geekplus focuses on two core business areas: AMR solutions and RaaS (Robots as a Service), primarily serving e-commerce, fast-moving consumer goods, manufacturing, and third-party logistics [5]. Group 2: Financial Performance - During the reporting period (2022-2024), Geekplus reported cumulative losses exceeding CNY 3.5 billion, with cash and cash equivalents at CNY 636 million, insufficient for one year of operational expenses [2][9]. - Revenue figures for the reporting period were CNY 1.452 billion, CNY 2.143 billion, and CNY 2.409 billion, with AMR solutions contributing over 99% of total revenue [7][8]. - RaaS revenue was minimal, contributing CNY 205 million, CNY 1.888 million, and CNY 669,700, representing 14.1%, 0.9%, and 0.3% of total revenue respectively [8]. Group 3: Market Position and Competition - Geekplus's market share declined from 9% to 6.2% in 2024, losing its position as the leading global AMR solutions provider [2][30]. - The company faces intense competition from established players like Hikvision and cross-industry giants such as JD, Amazon, and SF Express [25][26]. - Despite a strong initial market presence, Geekplus's competitive edge is threatened by the rapid evolution of technology and increasing market competition [26]. Group 4: IPO and Future Prospects - Geekplus's IPO is seen as a critical step for survival, with a redemption liability of CNY 7.041 billion if it fails to list within 18 months of submitting its prospectus [28][29]. - The funds raised from the IPO will be allocated to R&D, expanding sales and service networks, and developing advanced digital management platforms [24]. - The global AMR market is projected to grow from CNY 38.7 billion in 2024 to CNY 162.1 billion by 2029, with a compound annual growth rate of 33% [30].

Core Viewpoint - The A-share market is experiencing fluctuations, with cyclical sectors like steel, coal, and banking rising, while the robotics sector is declining, as evidenced by the performance of the robotics ETF fund [1]. Group 1: Market Performance - As of 10:10 AM on July 4, the robotics ETF fund (159213) is down over 1% [1]. - The majority of the index components of the robotics ETF fund are experiencing a pullback, with notable declines in companies like 汇川技术 (down 1.37%) and 大族激光 (down 1.22%) [4]. Group 2: Industry Developments - Amazon has deployed over 1 million robots in its facilities, nearing the number of human employees, with approximately 75% of its global delivery operations utilizing some form of robotic assistance [2]. - Major companies are increasing investments in the unmanned logistics sector, with collaborations such as KION Group partnering with NVIDIA and Accenture to enhance warehouse management through robotics [3]. - The robotics sector is seeing a significant focus on the practical application of robots in logistics, with companies like 智元机器人 entering strategic partnerships to develop humanoid robots for data-driven operational scenarios [3]. Group 3: Future Outlook - The year 2025 is anticipated to be a breakthrough year for humanoid robots, with expected mass production leading to significant growth in the downstream supply chain [6]. - The humanoid robot industry is projected to transition from formation to expansion, with an estimated demand of approximately 2.03 million units in the U.S. and China by 2030, representing a market space of about 318.5 billion RMB [6]. - The industry is expected to benefit from advancements in AGI technology, improved supply chain dynamics, and increasing downstream application demands, positioning humanoid robots as a key growth area in high-end manufacturing [6].