[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 11 月 24 日 [Table_Title] 星动纪元完成近 10 亿元 A+轮融资， Figure 02 已参与 3 万辆汽车生产 ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 11 月 16 日至 11 月 21 日，人形机器人概念指数下跌 5.68%， 相较沪深 300 指数跑输 1.91pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 57.83%，相较沪深 300 指数跑赢 41.26pct。 A 股人形机器人指数（iFinD 概念）相关个股中，伟创电气周涨幅 最大（+18.56%），芳源股份周跌幅最大（-21.32%)。 周度热点回顾 政策端，湖北省委书记王忠林指出要强化场景应用，着力构建"北斗 +低空经济""北斗+人形机器人""北斗+人工智能"等新场景；重庆市 经济和信息化委员会印发《重庆市加快推进人工智能终端产业创新蝶 变行动计划（2026—2030 年）》，推动具身智能机器人在企业智能化 改造、数字化转型项目中率先应用。 产品技术迭代方面，Fi ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The Shanghai Composite Index is likely to continue consolidating around 4000 points, and there is a possibility of retesting the upper edge of the previous trading range by the end of the year [19]. - Amid the unclear outlook for the Fed's interest rates, U.S. stocks are shifting from expensive growth stocks to more defensive sectors, intensifying the market style rotation [19]. - Consumption has become the main driving force for economic growth in the fourth quarter, while exports, manufacturing investment, infrastructure investment, and real estate investment are facing challenges [51][52]. Summary by Related Catalogs Policy and Industry Trends - The Ministry of Industry and Information Technology plans to accelerate the cultivation of application scenarios in five key areas, including "5G+", "Artificial Intelligence+", "Robot+", "Industrial Internet+", and "Beidou+" [6][7]. - XPeng Motors launched a hyper - anthropomorphic robot named IRON on November 5th [16]. Market Conditions - The Shanghai Composite Index reached a new high on Thursday (hourly chart) and fell below 4000 points again on Friday [11]. - Insurance funds are continuously flowing into the market, with an average monthly inflow of 150 billion yuan. The market style has temporarily shifted towards high - dividend and high - yield stocks, and the SSE 50 Index is strong [14]. - The NASDAQ Composite Index tumbled due to mixed signals on interest rate cuts and overvalued technology stocks, and U.S. stocks have turned defensive [8]. Macroeconomic Data - In October, the year - on - year growth rate of core CPI was 1.2%, the real interest rate turned negative, and the month - on - month growth rate of PPI was positive [21]. - In October, the year - on - year growth rate of M1 was 6.2%, and that of M2 was 8.2% [24]. - In October, non - bank financial institutions had an additional RMB deposit of 1.85 trillion yuan, indicating a continued shift of household savings to the stock market [27]. - In October, household loans decreased by 36.04 billion yuan month - on - month, and corporate medium - and long - term loans had almost zero growth [30]. - The balance of margin trading in the two markets remained stable at around 2.5 trillion yuan, and 2.3 million new A - share accounts were opened in October [33]. Economic Indicators - In October, China's export value was 305.3 billion US dollars, with a year - on - year growth rate of - 1.1%, indicating a slowdown in exports [36]. - In October, the export value of mechanical and electrical products was 190.3 billion US dollars, with a year - on - year growth rate of 1.2%, showing a significant slowdown [39]. - In October, the monthly value of fixed - asset investment in the manufacturing industry was 2.78 trillion yuan, with a year - on - year growth rate of - 6.6%, indicating a slowdown in manufacturing investment [42]. - In October, the monthly value of infrastructure investment was 2.08 trillion yuan, with a year - on - year growth rate of - 12.1%, reflecting the financial difficulties of local governments [45]. - In October, the year - on - year growth rate of real estate development investment was - 23.2%, and the monthly value of newly started housing area reached a new low [48]. - In October, the total retail sales of consumer goods reached 4.62 trillion yuan, a record high, with a year - on - year growth rate of 2.9% [51]. - In October, the monthly power generation was 800.2 billion kWh, with a year - on - year growth rate of 9.4%, a two - year high [55]. - In October, the monthly output of industrial robots was 57,858 units, with a year - on - year growth rate of 13.6% [58]. - In October, the monthly output of integrated circuits was 5.94 billion pieces, with a year - on - year growth rate of 16.5% [61]. Trading Strategies - For futures trading, long positions in stock index futures should be mainly allocated to the CSI 300 Index and the SSE 50 Index, with range - bound trading [19][64]. - Since the stock index is in a large - scale trading range, investors should take a cautious approach towards long - dated deep - out - of - the - money call options on the stock index [20][66].

Core Viewpoint - The State Council of China has issued a systematic deployment plan for scene cultivation and openness, aiming to accelerate the large-scale application of new scenarios, thereby enhancing the integration of technology and industry [1][2]. Group 1: Scene Cultivation and Open Policy - The main objective of the new policy is to leverage China's vast market and diverse application scenarios to facilitate the industrialization of new technologies and products, acting as a "testing ground" and "accelerator" for emerging industries [2][3]. - The policy emphasizes the importance of collaboration among various stakeholders and the establishment of a comprehensive application scenario list to enhance production, work, and life scenarios [2][4]. Group 2: Focus Areas for New Scene Applications - Key areas for application scene cultivation include "5G+", "Artificial Intelligence+", "Robotics+", "Industrial Internet+", and "Beidou+" to promote large-scale development in emerging industries [3][4]. - Specific initiatives include the promotion of 5G factory construction, the integration of AI in manufacturing processes, and the application of industrial robots in various operational scenarios [3][4]. Group 3: Role of Central Enterprises - Central enterprises are identified as crucial players in providing key infrastructure and industry data resources, facilitating the innovation of the industrial chain through scene and application empowerment [4][5]. - The State-owned Assets Supervision and Administration Commission (SASAC) has organized numerous activities to promote supply-demand matching in key industry chains, with over 10,000 items listed for collaboration [4]. Group 4: Technological Advancements and Local Adaptation - The development of new application scenarios is driven by breakthroughs in frontier technologies, with a focus on strategic emerging industries such as new energy, aerospace, and quantum technology [6][7]. - The approach emphasizes localized strategies that consider regional resources and reform foundations to optimize the layout of scene openness [6][7].

Core Points - The Chinese government is accelerating the cultivation and large-scale application of new scenarios through a series of implementation opinions and projects [1][2] - The National Development and Reform Commission (NDRC) will collaborate with relevant departments to organize and implement major projects and track the effectiveness of scenario cultivation [1][2] - Emphasis will be placed on enhancing collaboration among various sectors to ensure effective implementation of the new policies [2][3] Group 1: Implementation Strategies - The NDRC plans to release a list of application scenarios in batches, focusing on comprehensive major scenarios and high-value niche scenarios [2] - Mechanisms will be improved to ensure the sustainable development of scenario cultivation, including leveraging government procurement policies to support new technologies and products [2][3] - The integration of "hard infrastructure" and "soft innovation" is essential for the success of scenario cultivation and opening [3] Group 2: Technological Focus - The Ministry of Science and Technology will prioritize key core technology breakthroughs to drive the cultivation and opening of major scenarios [4] - A rapid iterative innovation mechanism will be established, linking demand-driven technology breakthroughs with scenario validation and industrial application [4] - Central enterprises will play a crucial role in providing high-value scenarios and enhancing the integration of technological and industrial innovation [4] Group 3: Key Application Areas - The Ministry of Industry and Information Technology will accelerate the cultivation of application scenarios in key areas such as "5G+", "Artificial Intelligence+", "Robotics+", "Industrial Internet+", and "Beidou+" [5][6] - Specific actions will be taken to implement large-scale applications of 5G in various industries, including the development of integrated solutions for factories [6] - The integration of AI into manufacturing processes will be promoted to enhance productivity and innovation [6][7]

Core Viewpoint - The implementation of the "Implementation Opinions" aims to accelerate the cultivation and opening of application scenarios in key areas such as 5G, artificial intelligence, robotics, industrial internet, and Beidou, creating significant business opportunities through deep integration of technology and industry, precise matching of supply and demand, and collaborative innovation of systems and elements [1][2][3] Group 1: Key Areas of Focus - The "Implementation Opinions" will focus on five main areas: creating new application scenarios in emerging fields, building new business models for industrial transformation, launching application scenarios in various industries, innovating comprehensive application scenarios for social governance, and enriching application scenarios in the livelihood sector [2][3] - The emphasis on "5G+", "AI+", "robotics+", "industrial internet+", and "Beidou+" indicates a shift in policy direction from "technological breakthroughs" to "application deepening," aiming to optimize the development environment for new industries and facilitate the integration of small and medium enterprises into the innovation chain [4][5] Group 2: Opportunities for Private Enterprises - The "Implementation Opinions" encourage the participation of private enterprises in scenario construction, marking a significant policy shift that recognizes their role as core participants rather than passive recipients of technology [5][6] - Measures to promote scenario openness include enhancing the demonstration role of state-owned enterprises and providing opportunities for social capital and private enterprises to engage in public scenario projects, thereby lowering policy barriers and expanding funding channels [5][6] Group 3: Government and Central Enterprises' Role - The State-owned Assets Supervision and Administration Commission (SASAC) will guide central enterprises to leverage their scenario advantages and collaborate with various ownership enterprises, universities, and research institutions to build industrial ecosystems [6][7] - Central enterprises have already conducted 45 specialized activities and published over 10,000 supply-demand matching lists, engaging nearly 15,000 entities in the industrial chain, which enhances cooperation space for various market entities in technology application and industrial integration [6][7]

Core Viewpoint - The State Council has issued an implementation opinion to accelerate the cultivation and large-scale application of new economic and social scenarios, emphasizing the integration of new information technologies and intelligent devices [2] Group 1: 5G Applications - The "5G+" application scenario will implement the "Sail" action for large-scale 5G applications, focusing on the construction of 5G factories for small, medium, and large enterprises [2] - Key applications include machine vision quality inspection, remote equipment control, and flexible manufacturing [2] Group 2: Artificial Intelligence Applications - The "Artificial Intelligence+" application scenario will promote AI integration across manufacturing processes, including R&D, production, management, and maintenance [2] - A special action plan for "AI+Manufacturing" will be developed to enhance AI technology innovation and application [2] Group 3: Robotics Applications - The "Robotics+" application scenario aims to deepen and broaden the application of robots in factories, particularly in welding, assembly, spraying, and handling [3] - Focus will be on promoting robotic products in complex and harsh environments such as mining and emergency response [3] Group 4: Industrial Internet Applications - The "Industrial Internet+" application scenario will create an upgraded version of "5G+Industrial Internet" and implement collaborative projects across key industries [3] - Applications will be promoted in design, production scheduling, and warehousing within industries like steel, electricity, shipbuilding, and aviation [3] Group 5: Beidou Applications - The "Beidou+" application scenario will promote the development of the space-time information industry and deepen the application of Beidou in smart cities, intelligent transportation, and precision agriculture [4] - Policies will be researched to accelerate the integration of Beidou with mobile communication and high-precision technologies [4]

Core Viewpoint - The article discusses the implementation of the "Implementation Opinions" by the State Council, marking the first systematic deployment of scene cultivation and openness in China, aimed at promoting innovation and activating market vitality through practical applications of new technologies and products [1][5]. Group 1: Definition and Importance of "Scenes" - "Scenes" are defined as specific contexts for the innovative application of new technologies, products, and business models, originating from the film industry and now applied across various sectors [4]. - The absence of practical scenes can hinder the transition of innovative results from theory to market, emphasizing the need for scene cultivation to bridge the gap between technology and industry [5]. Group 2: Key Areas for Scene Cultivation - The "Implementation Opinions" outline five main areas for scene cultivation and openness: 1. Digital economy and artificial intelligence applications 2. Manufacturing and transportation industry upgrades 3. Mining and emergency industry applications 4. Comprehensive applications in social governance services 5. Enrichment of applications in the livelihood sector [7]. Group 3: Focused Application Scenarios - The Ministry of Industry and Information Technology has identified five key application scenarios: 1. "5G+" applications focusing on factory construction and integrated solutions [7]. 2. "Artificial Intelligence+" applications extending AI into various manufacturing processes [7]. 3. "Robot+" applications promoting the use of robots in complex environments [8]. 4. "Industrial Internet+" applications enhancing collaboration across industrial chains [8]. 5. "Beidou+" applications integrating navigation technologies into smart city initiatives [8]. Group 4: Role of Technology Enterprises - The Ministry of Science and Technology aims to strengthen the role of enterprises in technological innovation, promoting a rapid iteration mechanism from demand to application [10]. - The government encourages state-owned enterprises to open their scenes and collaborate with private and small enterprises to enhance innovation and application [10][11]. Group 5: Local Practices - Guangdong and Anhui provinces are leading in scene innovation, with Guangdong establishing a unified work system for scene innovation and Anhui launching a "thousand scenes" plan for quantum information [12][13]. - Both provinces are focusing on major application scenarios to drive the development of new productive forces and enhance regional collaboration [13].

Core Viewpoint - The Chinese government is accelerating the cultivation and large-scale application of new scenarios in key industries, leveraging the country's vast market and complete industrial system to promote the development of emerging industries [1][2]. Group 1: 5G Applications - The Ministry of Industry and Information Technology (MIIT) is implementing the "Sail" action for the large-scale application of 5G, focusing on the construction of 5G factories for small, medium, and large enterprises [1]. - Key application scenarios include machine vision quality inspection, remote equipment control, and flexible manufacturing [1]. Group 2: Artificial Intelligence Applications - MIIT is developing a special action plan for "Artificial Intelligence + Manufacturing," aiming to extend AI applications across various manufacturing processes, including R&D, production, management, and maintenance [1]. - The initiative seeks to enhance technological innovation and integration of AI, maximizing its multiplicative effects [1]. Group 3: Robotics Applications - The "Robotics +" action plan aims to deepen and broaden the application of robots in industries, particularly in welding, assembly, spraying, and handling [2]. - The focus is on deploying industrial and humanoid robots in complex and harsh environments, such as mining and emergency response [2]. Group 4: Industrial Internet Applications - MIIT is formulating a plan to integrate industrial internet with AI, creating an upgraded version of "5G + Industrial Internet" [2]. - The initiative will promote collaboration between industrial internet and key industry chains, targeting sectors like steel, electricity, shipbuilding, and aviation [2]. Group 5: Beidou Applications - Policies are being developed to promote the development of the space-time information industry, with a focus on expanding the application of Beidou technology in smart cities, intelligent transportation, and precision agriculture [2]. - The integration of Beidou with mobile communications, inertial navigation, and high-precision vision technologies is emphasized [2].

Group 1 - The Ministry of Industry and Information Technology (MIIT) is accelerating the cultivation of application scenarios in five key areas [1][2] - The first area is 5G applications, focusing on large, medium, and small enterprises to deepen 5G factory construction and promote integrated solutions [1] - The second area is artificial intelligence applications, aiming to extend AI into various manufacturing processes and enhance innovation and integration [1] - The third area involves robotics, promoting the use of industrial and humanoid robots in factories, particularly in welding, assembly, and hazardous environments [1] Group 2 - The fourth area is industrial internet applications, which will integrate AI and industrial internet to enhance collaboration in key industries like steel and power [2] - The fifth area focuses on Beidou applications, promoting the development of spatial information industries and integrating Beidou with various technologies for smart city and agriculture applications [2]

Core Viewpoint - The company experienced a significant decline in revenue and profit due to delayed procurement cycles and slower contract signings from industry clients, alongside high R&D expenses [2][4]. Financial Performance - In Q1-Q3 2025, the company achieved revenue of 3.158 billion yuan, a year-on-year decrease of 16.17%, and a net profit attributable to shareholders of -175 million yuan, a year-on-year decline of 194.73% [1]. - In Q3 2025, the company reported revenue of 928 million yuan, down 21.02% year-on-year, with a net profit of -178 million yuan, reflecting a staggering year-on-year decline of 1529.15% [1]. R&D and Investment - R&D expenses for the first three quarters were 690 million yuan, a slight decrease of 1.7% year-on-year, indicating sustained investment despite negative net profits [2]. - The company has ongoing construction projects valued at 1.276 billion yuan, a year-on-year increase of 54.7%, reflecting continued investment in cutting-edge fields such as Beidou, 6G, and low-altitude economy [2]. Strategic Initiatives - The company is actively involved in satellite internet initiatives, with core products and terminals entering multiple in-orbit testing projects, and has begun formal development of RF and baseband chips [2]. - In the low-altitude economy sector, the company is leveraging its expertise in civil aviation communication and navigation to develop integrated communication networks and management platforms for low-altitude unmanned systems [3]. - The company has expanded its unmanned communication systems to various platforms, achieving breakthroughs in unmanned cluster communication [3]. Future Outlook - Despite the current downturn in revenue and profit, the company anticipates a recovery in downstream customer demand in 2026 and beyond, with new investments in emerging fields expected to gradually reflect in performance [4]. - The collaboration between China Mobile and the company is expected to strengthen, particularly in the "Beidou + 5G" sectors, potentially enhancing technical capabilities and market resources [4]. Profit Forecast - The company forecasts net profits attributable to shareholders of 9 million yuan, 380 million yuan, and 614 million yuan for 2025-2027, with year-on-year growth rates of -83%, 3988%, and 62% respectively [4].