机器人ETF鹏华紧密跟踪国证机器人产业指数，国证机器人产业指数反映沪深北交易所机器人产业相关 上市公司的证券价格变化情况。 数据显示，截至2025年10月31日，国证机器人产业指数(980022)前十大权重股分别为双环传动 (002472)、科沃斯(603486)、绿的谐波(688017)、机器人(300024)、石头科技(688169)、拓普集团 (601689)、埃斯顿(002747)、中信重工(601608)、鸣志电器(603728)、汇川技术(300124)，前十大权重股 合计占比41.25%。 机器人ETF鹏华(159278)，场外联接(：025698；C：025699；I：025700)。 消息面上，早盘机器人板块出现异动，尤其是T链核心标的，涨幅均在7%-8%或以上。 机构指出，有超跌修复的因素，因为机器人属于长久期资产（利润兑现比较远），对流动性和情绪会更 加敏感。也有基本面的边际变化，T人形手部微型丝杠及模组定点临近，可以得到产业链验证。市场泥 沙聚下，是甄选错杀方向的好机会。 截至2025年11月21日 13:01，国证机器人产业指数(980022)成分股方面涨跌互现，中大力德(00289 ...

截至9月30日，弘讯科技股东户数3.43万，较上期减少22.16%；人均流通股11778股，较上期增加 28.47%。2025年1月-9月，弘讯科技实现营业收入6.09亿元，同比减少5.65%；归母净利润3204.91万元， 同比减少35.18%。 11月20日，弘讯科技跌4.86%，成交额1.55亿元。两融数据显示，当日弘讯科技获融资买入额1119.16万 元，融资偿还1287.84万元，融资净买入-168.68万元。截至11月20日，弘讯科技融资融券余额合计1.49 亿元。 融资方面，弘讯科技当日融资买入1119.16万元。当前融资余额1.49亿元，占流通市值的3.13%，融资余 额低于近一年30%分位水平，处于低位。 融券方面，弘讯科技11月20日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，宁波弘讯科技股份有限公司位于浙江省宁波市北仑区大港五路88号，成立日期2001年9月5 日，上市日期2015年3月3日，公司主营业务涉及塑料机械自动化产品的研发、生产和销售。主营业务收 入构成为 ...

Core Insights - The recent IPO guidance of Yuzhu Technology has reignited the capital frenzy in the robotics industry, reflecting the sector's robust growth driven by multiple strategic opportunities from the market and policies [1] - Companies that embrace the capital market early can gain advantages in technology research and development, capacity expansion, and market exploration [1] - The robotics industry must focus on clear strategic thinking and unwavering execution to stand out amid opportunities and challenges [1] Group 1 - Companies should deepen their technological "moat" to avoid "hollowing out," focusing on key technologies such as high-precision reducers and intelligent control systems through collaboration between industry, academia, and research [1] - Accelerating commercialization is essential, with a focus on integrating robotics into the real economy, addressing needs in industrial, medical, and elderly care sectors to create comprehensive "technology + service" solutions [1] Group 2 - Building an "ecological" collaborative network is crucial to avoid isolation, as the robotics industry spans hardware, software, and algorithms [2] - Companies should form innovation alliances with upstream and downstream partners to share technological resources and actively participate in industry standard-setting to promote collaborative development [2] - By creating open platforms to attract developers, companies can build a robotics application ecosystem that reduces R&D costs and accelerates market penetration [2]

其二，加快实现商业化。机器人产业不能仅停留在实验室，而是必须与实体经济深度融合。企业可聚焦 工业、医疗、养老等场景需求，打造"技术+服务"整体解决方案。例如，针对制造业痛点，开发机器人 柔性生产线；针对老龄化社会，研发陪护型服务机器人，以真实需求驱动产品迭代，实现从"样 品"到"商品"的跨越。 其三，构建"生态化"协作网络，避免单打独斗。机器人产业涉及硬件、软件、算法等多领域，企业需摒 弃"闭门造车"思维。一方面，可联合上下游企业组建创新联合体，共享技术资源；另一方面，主动参与 行业标准制定，推动产业链协同发展。例如，通过开放平台吸引开发者，构建机器人应用生态，以开放 共赢降低研发成本、加速市场渗透。 ■贾丽 近日，宇树科技完成IPO辅导，再次点燃机器人产业资本热潮。今年以来，具身智能企业密集冲刺资本 市场，折射出行业蓬勃发展的态势。这一热潮的形成，得益于市场、政策等多重战略机遇的叠加。而谁 能率先拥抱资本市场，就能赢得技术研发、产能扩张和市场开拓的先发优势。 然而，热潮之下更需冷静思考：拥抱资本市场，部分企业抢得先机，产业洗牌却也已悄悄酝酿。在笔者 看来，面对机遇与挑战，机器人企业必须要具有清晰的战略思路， ...

Core Viewpoint - The company plans to acquire a 24.3% stake in Ningbo Yinqiu Technology Co., Ltd. for 390 million yuan, enhancing its precision bearing production capacity and promoting the development of its robotics business [1] Group 1: Acquisition and Business Expansion - The acquisition aims to strengthen the company's precision bearing business, leveraging synergies to enhance collaboration in key areas such as automotive components and humanoid robot precision bearings [1] - Yinqiu Technology specializes in micro, small, and integrated precision bearings, serving major clients like Dyson, Nidec, Midea, Wolong Electric, and Gree, and holds a leading position in the precision bearing industry [1] - In the first half of 2025, Yinqiu Technology is projected to generate revenue of 560 million yuan and a net profit of 70 million yuan [1] Group 2: Globalization and Production Capacity - The company is accelerating its global layout, with production bases in Xinchang and Thailand, supporting future performance growth [1] - The Xinchang base is expected to gradually release production capacity in the second half of 2025, with an annual output of 6.29 million sets of high-end automotive bearings [1] - The Thailand base completed its second phase of investment in 2024, enhancing equipment utilization and progressing smoothly with the third phase of investment [1] Group 3: Robotics Sector Development - The company has established a robotics division to capitalize on the upcoming mass production in the robotics industry, which is expected to resonate with the automotive supply chain [2] - The company is expanding its product offerings to include harmonic reducers, actuator modules, and lead screws, leveraging its precision manufacturing capabilities [2] - The first production line for harmonic reducers has been launched, and the company is developing actuator modules in parallel [2] Group 4: Profit Forecast - The company is expected to see further growth in performance due to its global expansion and proactive positioning in the robotics sector [2] - Projected net profits for 2025, 2026, and 2027 are 220 million yuan, 260 million yuan, and 350 million yuan, respectively, with corresponding price-to-earnings ratios of 90, 76, and 57 times [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company plans to acquire a 24.3% stake in Ningbo Yinqiu Technology Co., Ltd. for 390 million yuan to enhance its precision bearing production capacity and promote synergy in its robotics business [1] - The acquisition is expected to expand the company's precision bearing business and improve its overall competitiveness and profitability through collaboration in key areas such as automotive components and humanoid robot precision bearings [1] - The company is accelerating its global expansion, with production bases in Xinchang and Thailand, and is establishing localized service capabilities in North America to support future growth [2] - The company has established a robotics division to capitalize on the upcoming mass production in the robotics industry, focusing on harmonic reducers and other related products [2] Financial Summary - The company's projected revenue for 2025 is 952 million yuan, with a year-on-year growth rate of 23% [4] - The net profit forecast for 2025 is 218 million yuan, with a year-on-year growth rate of 14.5% [4] - The earnings per share (EPS) for 2025 is estimated to be 0.94 yuan, with a price-to-earnings (P/E) ratio of 90.3 times [4] - The return on equity (ROE) is expected to increase to 11.3% by 2025 [4]

Investment Rating - The report rates the company as Outperform, with a target price of 2.94 HKD based on a 2026 PE of 25x and projected EPS of 0.09/0.12/0.15 HKD for 2025-2027 [4][13]. Core Insights - The company has shown notable growth with stable performance, achieving a revenue of 1.22 billion HKD in Q1-3 2025, a 30% year-over-year increase. Asset operation revenue rose by 16% to 783 million HKD, while asset financing revenue surged by 66% to 432 million HKD. Gross profit increased by 28% to 551 million HKD, and net profit attributable to shareholders grew by 22% to 488 million HKD. By Q3 2025, cash and financial assets totaled 8.5 billion HKD, maintaining a low asset/liability ratio of 31.5% [4][14]. Financial Summary - **Revenue Forecast (Million HKD)**: - 2023A: 883 - 2024A: 1,215 - 2025E: 1,782 - 2026E: 2,301 - 2027E: 2,835 - Year-over-year growth rates: -44.8%, 37.5%, 46.7%, 29.1%, 23.2% [3]. - **Net Profit Forecast (Million HKD)**: - 2023A: 404 - 2024A: 410 - 2025E: 713 - 2026E: 984 - 2027E: 1,274 - Year-over-year growth rates: -56.2%, 1.6%, 73.8%, 38.0%, 29.5% [3]. - **Key Financial Ratios**: - PE: 28.19 (2023A), 18.75 (2024A), 24.87 (2025E), 18.02 (2026E), 13.92 (2027E) - PB: 1.17 (2023A), 0.84 (2024A), 1.90 (2025E), 1.84 (2026E), 1.78 (2027E) [3]. Business Development - The company is rapidly advancing its robotics full-chain layout, focusing on three main areas: 1. **Investment**: Continued investment in core robotics, including companies like Yushu Technology and the establishment of an advanced materials company [15]. 2. **TO C Retail**: Launching robotics tech stores and online channels to expand market reach [15]. 3. **TO B Development**: Collaborating with IAT Automobile Technology to integrate robotics into smart manufacturing and new energy vehicle production [15]. - A significant buyback plan of 1 billion HKD is set to be executed from November 17, 2025, to December 31, 2028, reflecting the company's confidence in its value and the robotics industry [15].

Market Overview - The Huaxia AI ETF (589010) experienced a strong surge, rising over 1.1% on November 18, with its net value stabilizing above 1.34 yuan. The sector showed bullish sentiment, led by Jingchen Co., which increased by over 11%, while other key components like Foxit Software and Haitai Ruisheng rose by more than 3% [1] - The liquidity in the ETF market was robust, with trading volume exceeding 110 million yuan, indicating active market participation. The Robot ETF (562500) showed a slight decline of 0.31%, demonstrating some resilience despite overall cautious sentiment in the sector [1] - Individual stocks like Hongying Intelligent and Yijiahe saw gains of over 3% and 2%, respectively, providing support to the sector. The ETF trading volume surpassed 900 million yuan, reflecting ongoing active trading and a positive signal of capital accumulation during market fluctuations [1] Key News - UBTECH responded to claims regarding the production video of its humanoid robot Walker S2, asserting that the video was a genuine representation of the delivery of hundreds of full-size industrial humanoid robots, countering allegations of it being CGI [2] - Ningbo Fangzheng signed a strategic cooperation agreement with Ningbo Huaxiang Qiyuan Technology Co., focusing on the development and mass production of precision structural components and joint modules for Huaxiang Qiyuan's robot products [2] Industry Insights - The Ministry of Industry and Information Technology issued guidelines for high-standard digital park construction, emphasizing the importance of digital transformation in enterprises. The guidelines aim to enhance productivity through the integration of new-generation information technology and promote the deployment of industrial robots and smart manufacturing equipment [3] - CITIC Securities highlighted that the humanoid robot industry is entering a mass production phase, with expected annual shipments reaching tens of thousands. Domestic manufacturers are advancing faster in production and application across various sectors, including commercial guidance and industrial handling [4]

（原标题：佳时特数控刘华：创投资金为企业研发按下"加速键"） | 科创50ETF | 云计算 | | --- | --- | | (产品代码:588000) | (产品代 | | ★ 跟踪：上证科创板50成份指数 | ★ 跟踪:中证云计算与大数 | | 近五日涨跌：-2.05% | 近五日涨跌:0.45% | | 市盈率:151.88倍 | 市盈率: 91.12倍 | | 资金流向: 最新份额为508.2亿份, 增 | 资金流向:最新份 | | 加了8550.0万份,主力资金 | T 0.0 G | | 净流出3.3亿元。 | 69.0 万元 | | 估值分位: 95.58% | 估值分位: 77.92% | 目前，佳时特机床已成功进入航空航天、新能源汽车等战略领域，并获得美的、格力、海立等世界级巨头的认可与合作。随着机器人产业快速发 展，其对高精密关节的需求将为工业母机带来更广阔的市场空间。 人民财讯11月18日电，11月18日，第二十届中国经济论坛平行论坛--2025大湾区科技与金融创新发展大会在广州南沙隆重举行。佳时特数控董事 长刘华在会上表示，公司成功研制出全程精度达0.4微米的高精密数控机床，解决了 ...

Core Viewpoint - The company is closely monitoring the development trends in the robotics industry and is currently not producing battery products for robots [1] Group 1: Company Developments - The company has portable energy storage products that can be paired with solar photovoltaic panels to provide continuous power for smart robots [1] - The company plans to actively explore and develop comprehensive solutions for related application scenarios in the future [1] - The goal is to provide higher quality and more comprehensive services to the market [1]