作为国内RV减速器市场份额排名第二的龙头企业，浙江环动机器人关节科技股份有限公司(以下简 称"环动科技")的科创板IPO进程持续受到资本市场高度关注。近期，环动科技科创板进程取得新进展。 据上海证券交易所官网5月6日披露信息显示，该公司已正式提交第二轮审核问询回复文件，标志着其 IPO已经进入关键阶段。 RV减速器是工业机器人的关键功能部件，占机器人BOM成本最高可达三成以上，而工业机器人的下游 主要为汽车、光伏、锂电、3C电子等，其中工业机器人在汽车行业的价值量最大、技术难度最高，相 关市场主要被国际机器人四大家族占据(库卡、ABB、安川、发那科)，而国产工业机器人主要服务技术 难度相对较低、增长相对较快的光伏、锂电等行业。 最新招股说明书(申报稿)显示，环动科技业绩增长快速，近三年营收复合增长率高达42%，展现出强劲 的发展势头。2024年，其市占率攀升至24.98%，仅次于日本巨头纳博特斯克。然而，伴随上市进程的 推进，环动科技在招股书及监管问询回复中暴露的潜在风险亦引发市场关注。 一、过度依赖大客户，环动的"寄生式增长"隐忧 环动科技最新披露的招股说明书(申报稿)显示，2021年至2024年期间，公司 ...

Company Overview - Wuhan Huazhong Numerical Control Co., Ltd. was established on October 18, 1994, with a registered capital of 198,696,906 yuan [12] - The company is listed on the Shenzhen Stock Exchange under the stock code 300161 [12] - The main business includes numerical control systems, robots, and intelligent production lines, classified under the general equipment manufacturing industry [14][19] Fundraising and Investment Projects - The company plans to raise a total of 104,180.91 million yuan, with 70,000 million yuan allocated for key technology research and industrialization projects related to five-axis numerical control systems and servo motors [3][4] - The fundraising will also support the construction of an industrial robot technology upgrade and industrialization base, which is expected to significantly increase production capacity [6][19] Financial Performance and Risks - The company has faced challenges with non-recurring gains and losses, which accounted for a high percentage of net profit in recent years, indicating potential volatility in financial performance [7][8] - The company anticipates that the new investment projects will lead to increased depreciation and amortization costs, which could impact short-term profitability if the projects do not meet expected revenue levels [7][8] Industry Context - The numerical control system is a critical component of machine tools, representing about 20% of the cost of a numerical control machine [20] - The industry is characterized by rapid growth, with the Chinese industrial robot market expected to grow at a compound annual growth rate of approximately 18.77% from 2022 to 2026 [6][19] - The company operates in a competitive landscape, facing challenges from both domestic and international players in the high-end machine tool market [14][19]

证券代码：871478 证券简称：巨能股份 公告编号：2025-039 宁夏巨能机器人股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 28 日 活动地点：通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 用网络远程的方式举行。 上市公司接待人员：总经理李志博先生、财务负责人孙士家先生、董事会秘 书麻辉先生 三、 投资者关系活动主要内容 公司就投资者关心的问题进行了回复，主要问题及回复如下： 问题 1、库存周转效率是否因市场需求变化受到影响？如何动态调整生产计 划？ 回答：尊敬的投资者，您好！因为市场需求变化，为快速响应客户需求库存 周转效率会产生一定的波动。公司建立了完善的生产管理系统，监控项目执行状 况，实时根据情况调整项目进度，能确保每个项目按照约定时间交 ...

格林大华期货股指月报 F0247894 Z0000112 于军礼 联系邮箱：yujunli@greendh.com 2 人民币升值利好A股 2025年5月29日 股指月报 3 A股回升到前期大型整理平台后，进入横向整理期 4 美国大幅反弹，散户买入成为主要推动力 5 本期分析 6 市场观点：对等关税叫停提升A股风险偏好 5月12日中美达成对等关税大幅削减协议，利多国内出口。中基协最新发布的数据显示，截至2025 年4月底，公募基金资产净值合计为33.12万亿元，相比3月底增加8985亿元。今年以来亚洲货币和 欧元多数对美元升值5%~10%，而人民币从年初到5月初的涨幅不到2%。人民币升值吸引大量外资流 入。2025年以来，北向资金累计净流入已超过1500亿元，较去年同期大幅增长。这些外资偏好业绩 稳定、股息率高的蓝筹股，强化了价值投资风格。亚洲寿险巨亏暴露出美元资产期限错配的系统性 风险，延续数十年的资本逻辑正迎来根本性逆转：从疯狂押注美国资产，到开始寻找替代品，一场 高达7.5万亿美元的"大撤退"才刚刚拉开序幕。高盛策略师表示，中国股市料得益于企业获利前景改 善和外资流入增加。5月28日，美国贸易法院叫停对 ...

工业机器人系统操作、增材制造、3D数字游戏艺术……每个赛场上，都活跃着来自全省各地的高 精尖技术人才。"此次大赛在赛项设置上紧密对接先进制造业，充分衔接新基建新职业，所有项目均服 务于实体经济。在竞赛规则上，将行业与生产实践中的操作标准充分融入比赛规则、比赛技术，引领技 能人才培养方向，做到以赛促学、以赛促教、以赛促训。"省人力资源社会保障厅相关负责人说。 在信息网络布线赛场外，4名来自滨州市鲁北技师学院的学生全神贯注地观察着赛场上选手们的操 作手法。"我们学的是信息技术专业，通过观看不同选手的操作流程，能够给我的专业学习带来很多正 向参考。"鲁北技师学院学生赵晓鸣告诉记者，为有机会亲眼看见技能高手现场比拼，他们几个同学由 老师带队专程赴济南观赛。 第二届山东省职业技能大赛开赛 工厂搬进赛场，千余技术能手同台炫技 一人手持示教器，与机器臂人机交互，指挥其进行零件安装；一人坐在电脑前，通过数据实时传 输，让生产线其他自动化设备与机器臂实现协同操作……5月27日，在第二届山东省职业技能大赛工业 机器人系统操作比赛场地，以双人协作模式参赛的选手们聚精会神地进行着技能比拼。"这个作业模式 完全模拟在智能工厂生产时的场 ...

2024年，机器人半导体装备业务板块营收约为5.74亿元，同比增长99.41%；占公司总体营业收入的比重 为13.88%，同比提升5.62%；公司在下游半导体行业的毛利率约为26.93%，同比增长8.32%。"未来，在 外部环境及下游需求持续的大背景下，公司此业务板块的规模化效应将进一步显现，营收及毛利率预计 将继续保持增长趋势。"机器人表示，公司在半导体装备业务领域除实现"国产替代"外，同样注重产品 技术的迭代，在原有真空/大气机械手产品的基础上，面向半导体工艺制程和客户端的实际需求，开展 新产品的研发与成熟产品的技术迭代优化工作，如对大气机械手进行全新结构设计，旨在提升大气环境 下特殊工艺的晶圆传输精度；如驱控一体化设计优化，旨在提升工艺设备的产能和空间利用率；如优化 软件控制代码，旨在提高机械手整体运动控制的稳定性等。 机器人认为，从全球市场角度，中国工业机器人市场已然成为全球最大的工业机器人消费市场，长期来 看，受国际市场对自动化解决方案的需求推动影响，尽管外部环境存在不确定性，预计全球工业机器人 的长期增长趋势仍将持续，国内工业机器人市场如汽车整车、新能源等部分终端去年需求增速放缓，部 分下游产业如 ...

Group 1: Core Perspectives - The seventh China Western International Investment and Trade Fair (Western Fair) held a multinational company dialogue in Chongqing, focusing on enhancing new productivity and building a modern manufacturing cluster system [1][2] - Companies like Qiteng Robotics, Changan Automobile, and Seres shared their experiences and strategies for industrial upgrades and high-quality development in Chongqing [1][2] Group 2: New Productivity Empowering Industrial Upgrades - Qiteng Robotics, a national-level specialized "little giant" enterprise, has been exploring the field of industrial robots for 15 years, holding over 300 patents and participating in the formulation of more than 40 national and industry standards [1] - The company showcased its explosion-proof quadruped and wheeled robots at the fair, emphasizing the importance of technological innovation for creating internationally competitive smart manufacturing products [1] Group 3: Building a Modern Manufacturing Cluster System - Changan Automobile, a leading enterprise in promoting "Chongqing vehicles going global," has launched the "Haina Baichuan" action plan to deepen its overseas business layout, with products sold in over 70 countries and regions [2] - The company recently inaugurated its first overseas new energy vehicle manufacturing base in Chongqing, aiming for extensive cooperation with upstream and downstream enterprises and multinational companies [2] - Seres Group shared insights on the new energy vehicle sector, emphasizing the need for high-quality enterprises to gather in Chongqing to seize strategic opportunities and promote the industry's advancement towards high-end, intelligent, and green development [2] Group 4: Government Support and Investment Environment - The Chongqing Municipal Development and Reform Commission and the Economic Information Commission responded to companies' needs, committing to optimizing the business environment and supporting innovation [3] - The Liangjiang New Area highlighted its role as a key platform for Chongqing's opening-up and industrial development, inviting multinational and domestic companies to invest in the region with favorable business conditions [3]

Group 1 - The modernization of the industrial system is a significant indicator of achieving economic modernization, with Shandong province having great potential in integrating technological and industrial innovation [1] - The province is focusing on developing new productive forces and implementing major industrial projects to transform expectations into concrete actions [1][2] - Notable technological innovations include the world's first carbon fiber subway train and the largest diameter intelligent shield machine, indicating a surge in industrial advancements [1] Group 2 - In the first quarter of this year, the production of industrial robots and optoelectronic devices increased by 76.2% and 25.4% respectively, while the industrial added value above designated size grew by 8.2%, surpassing the national average by 1.7 percentage points [1] - New application scenarios, such as intelligent equipment in oil fields and autonomous harvesting machines, showcase the diverse advancements in the technology industry [2] - The focus on improving the modern industrial system is guided by strategic directives from leadership, emphasizing the integration of technological and industrial innovation, regional coordination, and green transformation [2][3] Group 3 - The development of a robust industrial ecosystem is essential for continuous innovation and attracting significant projects, with a focus on enhancing product competitiveness and overcoming key technological challenges [3] - The commitment to practical and sustained efforts in building a modern industrial system is crucial, especially in the face of complex external environments and rapid technological changes [3] - The province aims to elevate standards and tackle challenges head-on to achieve greater accomplishments in modern industrial system construction [3]

Core Insights - The meeting focused on enhancing the internationalization of Shenzhen's financial market and facilitating cross-border financing for local enterprises through listings on the Singapore Exchange [1][3] Group 1: Singapore Exchange's Role - The Singapore Exchange (SGX) is recognized as a vital financial infrastructure for Chinese companies seeking international capital, offering a comprehensive listing framework that includes various structures such as red-chip and VIE [2] - SGX aims to attract more high-quality Chinese enterprises for listings, providing extensive support and enhancing its secondary listing mechanisms for companies already listed in Hong Kong, mainland China, and the U.S. [2] Group 2: Shenzhen's Financial Landscape - Shenzhen is positioned as a significant global financial center, with a robust industrial base and a strong emphasis on financial reform and technological innovation [3] - As of April 2025, Shenzhen has a total of 583 listed companies, ranking second in total market capitalization nationwide, with 423 on the A-share market and 160 listed abroad [3] Group 3: Local Government Initiatives - The Shenzhen Municipal Financial Committee is actively supporting high-quality enterprise development through initiatives like venture capital and private equity, aiming to enhance the listing success of local companies [3] - The Futian District, as a financial hub, houses nearly 60% of Shenzhen's licensed financial institutions and has a significant share of the city's venture capital management [4] Group 4: Collaborative Opportunities - Representatives from financial institutions and enterprises discussed practical issues such as ETF connectivity, bond market collaboration, and cross-border fundraising, aiming to strengthen capital flow and mutual benefits between Shenzhen and SGX [4]

当前，智能工厂梯度培育取得初步成效。全国已建成3万余家基础级智能工厂、1200余家先进级智能工 厂、230余家卓越级智能工厂。 这是中国工厂的新变化：机械臂能够根据环境变化自动调整工作参数；将大量传感器置于生产线，每道 工序可由"数字大脑"精准控制；依托工业大模型，一个生产环节可以联动整条供应链…… 业内人士认为，人工智能与机器人技术正以前所未有的速度重塑生产逻辑。伴随着更高效、更智能 的"超级工厂"涌现，制造业加速步入"智造时代"。 机器人"操作员"持续进化 更智慧、更灵活——这是当下工厂里工业机器人应用的写照。 记者近日在汽车、电子、纺织等行业调研发现，通过AI赋能，工业机器人增加了感知、理解任务等功 能，提高了动作灵活性，正从传统的自动化机械装置向具身智能加速进阶。 实现"手眼协同"。在山东邹城珞石智能制造产业园，一台搭载力觉与视觉传感器的协作机器人正精准演 示电脑USB接口装配。机械臂如同被赋予人类触觉与视觉，在插接过程中实时感知接触力，动态调整角 度与力度。珞石机器人首席执行官庹华说，通过人工智能技术增强机器人的感知决策能力，这款机器人 可胜任微米级精密装配。 国投招商先进制造产业研究院资深研究员宋 ...