记者今天（11月3日）从中国机械工业联合会了解到，今年前三季度，我国机器人产量实现快速增长。 今年前三季度，机器人行业营收同比增长29.5%。不仅如此，工业机器人产量达59.5万台，服务机器人 产量达1350万套，均已超过2024年全年产量。（央视新闻） ...

智通财经APP获悉，万联证券发布研报称，9月我国机器人产量维持稳健增长，在国内外需求回暖、政 策持续发力及产品性能不断提升的催化下，中国机器人行业仍将继续处在发展的历史机遇期中，国产品 牌的份额有望进一步提升，我国机器人长期向好趋势不改。建议关注具备市场优势、业绩确定性较强的 整机龙头及零部件龙头公司。 万联证券主要观点如下： 工业机器人：9月我国工业机器人产量同比增速有所提升 服务机器人：9月我国服务机器人产量同比增速回正 2025年9月，我国服务机器人产量为171.27万台，同比增长4.7%;2025年1-9月，我国服务机器人产量为 1350.1万台，同比增长16.3%。整体来看，前三季度累计产量保持着双位数的良好增长，服务机器人在 各行各业的应用渗透仍在持续深化，市场需求基本盘稳固。目前，我国服务机器人市场持续扩张，应用 场景加速渗透，产业规模效应进一步显现。未来，服务机器人应用场景将从医疗、物流等领域向农业、 情感陪护等碎片化需求持续渗透，推动"硬件+软件+服务"的生态融合。 风险提示：下游需求不及预期风险、政策波动风险、市场竞争加剧风险。 2025年9月，我国规模以上工业增加值同比实际增长6.5%， ...

Group 1: Robot ETF Performance - The Robot ETF (159770) saw a significant increase, rising over 1% during intraday trading on September 3, 2025, with a transaction volume of 206 million yuan by 10:00 [3] - The ETF's latest scale reached 8.249 billion yuan, with a total of 7.776 billion shares, both hitting record highs since its inception [3] - The ETF experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 229 million yuan, totaling 324 million yuan [3] Group 2: Leverage and Fund Inflows - The Robot ETF has seen sustained interest from leveraged funds, with net purchases over three consecutive days, peaking at 35.9627 million yuan in a single day, bringing the latest financing balance to 247 million yuan [3] - The ETF closely tracks the CSI Robot Index, with significant holdings in companies such as Huichuan Technology, iFlytek, and Stone Technology [3] Group 3: Yushu Technology's Listing Progress - Yushu Technology announced plans to submit its listing application to the stock exchange between October and December 2025, with relevant operational data to be disclosed at that time [4] - In 2024, sales of quadruped robots, humanoid robots, and component products are expected to account for approximately 65%, 30%, and 5% of total sales, respectively [4] - Approximately 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 [4] Group 4: Industry Trends and Developments - The humanoid robot industry is experiencing accelerated capitalization, with companies like Zhiyuan Robotics completing strategic financing rounds [4] - Recent events, such as Nvidia's new model launch and major orders signed by Tian Tai Robotics, have catalyzed market activity in the robotics sector [4] - The combination of 3D printing technology and new materials is expected to drive the miniaturization of core components to meet the lightweight demands of robots [4]

Group 1 - Company is actively preparing for its initial public offering (IPO) and plans to submit listing application documents between October and December [1] - Revenue structure for 2024 is projected with quadruped robots accounting for approximately 65%, humanoid robots for 30%, and components for 5% of total sales [1] - Approximately 80% of quadruped robots are used in research, education, and consumer sectors, while the remaining 20% are utilized in industrial applications such as inspection and firefighting [1] Group 2 - Company has completed 10 rounds of financing, with the latest being a C round in June 2023, involving major investors like China Mobile, Tencent, Alibaba, and others [2] - Company has received 85 bidding notifications this year, primarily from industrial sectors and universities [2] Group 3 - Company reported annual revenue exceeding 1 billion yuan and a workforce of around 1,000 employees [3] - The humanoid robot industry is expected to experience significant growth, with an average increase of 50%-100% for manufacturers due to policy support [3] - Company anticipates that the global humanoid robot industry could double in annual shipment volume over the next few years, with potential breakthroughs leading to shipments of hundreds of thousands to millions of units within 2-3 years [3]

9月2日，在社交媒体平台认证的宇树科技账号"Unitree"发布声明称，"公司正积极推进首次公开募股 （IPO）的筹备工作"，并表示"预计将于10月至12月间向证券交易所提交上市申请文件，届时相关运营 数据将正式披露。"中国证券报记者致电宇树科技，确认该消息为官方发布内容。 声明披露了宇树科技营收结构。公司表示，以2024年为例（具体数据以后续IPO备案文件披露的信息为 准）：四足机器人、人形机器人和零部件产品的销售额分别约占总销售额的65%、30%和5%。其中，约 80%的四足机器人应用于科研、教育和消费领域，其余20%应用于巡检、消防等工业领域；人形机器人 全部应用于科研、教育和消费领域。 今年5月，宇树科技公司名称由杭州宇树科技有限公司变更为杭州宇树科技股份有限公司。7月18日，中 国证监会网站信息显示，宇树科技已开启上市辅导，中信证券为辅导机构。按照辅导工作安排，中信证 券将在今年10月至12月对公司是否达到发行上市条件进行综合评估，协助公司按相关规定准备首次公开 发行股票并上市申请文件。 辅导备案报告显示，宇树科技控股股东、实际控制人为王兴兴，合计控制公司34.7630%股权。 天眼查数据显示，宇树 ...

Group 1 - The company signed a strategic cooperation agreement with Yushu Technology in July 2025 [1] - The collaboration aims to integrate the company's full-channel sales advantages with Yushu Technology's advanced robotics technology [1] - The partnership will focus on exploring new opportunities in the robotics industry, particularly in North America and C-end scenarios [1]

Core Views - The report indicates that the A-share market is experiencing fluctuations, with the Shanghai Composite Index reaching a ten-year high before a slight pullback, suggesting a self-regulating behavior within the market [2][9] - There is a need to monitor market trading volume closely; maintaining above 2 trillion yuan indicates a strong market, while a drop below this threshold could signal a potential adjustment [3][4] - The overall medium-term trend remains positive, supported by macroeconomic recovery and favorable policies, although short-term volatility may increase [10] Market Overview - On the observed day, the A-share market showed mixed performance, with the Shanghai Composite Index closing at 3727.29 points, down 0.02%, and total trading volume reaching 25,884 billion yuan [5][11] - Key sectors that performed well included alcoholic beverages, pharmaceuticals, and real estate services, while sectors like insurance and electronic chemicals faced declines [5][6] Sector Analysis - The report highlights the growth in consumer stocks, particularly in the alcohol and healthcare sectors, driven by domestic consumption recovery and supportive policies [6][7] - The robotics sector, particularly actuator and humanoid robot concepts, has seen significant gains since early January, with a noted increase of over 60% in related stocks [7][8] Investment Strategy - Investors are advised to adopt varied strategies based on stock performance; those with strong fundamentals should be held, while those with excessive recent gains should have positions controlled to mitigate risk [10][4] - The report emphasizes the importance of rational investment behavior, especially in a "slow bull" market where volatility is expected [3][10]

Core Insights - The robotics industry experienced significant growth in the first half of the year, driven by market demand and supportive policies [1] - Average growth for both complete machine manufacturers and component suppliers ranged from nearly 50% to 100% for each company [1] - This level of growth is considered rare for the industry, indicating strong demand-driven development [1]

Group 1: Company Overview - In July 2025, Zhongqing Robotics announced the completion of two rounds of financing, with a total amount of nearly 1 billion yuan [1] - The Pre-A++ round was initiated by Xiaopeng Motors through its investment arm, Xinghang Capital, while the A1 round was led by JD.com with participation from various investors including CATL's Puxian Capital and Yintai Group [1][2] - The company was founded in 2023 and has since launched several humanoid robots, including the SA01 and SE01, and has gained attention for its innovative capabilities [2] Group 2: Industry Insights - The demand for industrial robots is driven by the automation transformation in manufacturing, particularly in emerging sectors like new energy vehicles and photovoltaic lithium batteries [3][4] - The supply side shows that domestic manufacturers are making technological breakthroughs, changing the global competitive landscape, with a notable increase in export volumes, especially in the Asian market [4] - There is a clear trend towards value creation in the industry, with deep integration of production, education, and research accelerating innovation, alongside a focus on green transformation and circular economy models [4]

Core Viewpoint - The Chinese robotics industry is experiencing significant growth, driven by increased demand, supportive policies, and improved product performance, indicating a favorable long-term trend for domestic brands [6]. Group 1: Market Performance - As of July 16, 2025, the CSI Robotics Index rose by 1.00%, with notable increases in constituent stocks such as Weichuang Electric (+17.05%) and Xiasha Precision (+6.40%) [1]. - The Robotics ETF by Harvest (159526) increased by 0.96%, marking its fourth consecutive rise [1]. - The average daily trading volume of the Robotics ETF over the past year was 28.92 million yuan, with a turnover rate of 5.26% on July 15 [3]. Group 2: Fund Performance - The Robotics ETF has seen a significant scale increase of 43.39 million yuan over the past month, with a total inflow of 23.42 million yuan over the last 22 trading days [3]. - The net value of the Robotics ETF increased by 43.00% over the past year, ranking it in the top 15.68% among 2,909 index equity funds [3]. - Since its inception, the ETF achieved a maximum monthly return of 25.78% and an average monthly return of 9.72% during rising months [3]. Group 3: Key Stocks and Weightings - As of June 30, 2025, the top ten weighted stocks in the CSI Robotics Index accounted for 49.58% of the index, with Huichuan Technology (10.08%) and Keda Xunfei (8.35%) being the most significant contributors [3][5]. - The performance of key stocks varied, with Huichuan Technology increasing by 0.92% and Keda Xunfei decreasing by 0.21% [5]. Group 4: Industry Insights - At a press conference on July 15, 2025, industry representatives highlighted a noticeable increase in robot shipments compared to the previous year, indicating rapid growth in the robotics sector during the first half of the year [5]. - Wanlian Securities emphasized that the Chinese robotics industry is in a historical opportunity period, with expectations for domestic brands to gain market share [6].