回撤方面，截至2025年5月16日，机器人ETF今年以来相对基准回撤0.35%，在可比基金中回撤风险较低。 费率方面，机器人ETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 跟踪精度方面，截至2025年5月16日，机器人ETF近半年跟踪误差为0.017%，在可比基金中跟踪精度最高。 截至2025年5月19日 11:18，机器人ETF(562500)下跌1.03%，成分股方面涨跌互现，*ST新元领涨6.27%，国茂股份上涨4.12%，亚威股份上涨3.07%；信捷电 气领跌6.91%，天准科技下跌4.82%，禾川科技下跌4.29%。拉长时间看，截至2025年5月16日，机器人ETF近2周累计上涨1.63%。 流动性方面，机器人ETF盘中换手3.03%，成交3.97亿元。拉长时间看，截至5月16日，机器人ETF近1周日均成交9.04亿元，排名可比基金第一。 资金流入方面，机器人ETF最新资金净流出1.76亿元。拉长时间看，近17个交易日内，合计"吸金"4.17亿元。规模方面，机器人ETF近3月规模增长56.22亿 元，实现显著增长，新增规模位居可比基金1/7。份额方面，机器人ETF近1月份额 ...

（本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 消息面上，近期人形机器人板块又有一些新的催化。 据智通财经，5月12日，华为与优必选科技正式签署全面合作协议。据介绍，双方将围绕具身智能和人 形机器人领域，在产品技术研发、场景应用及产业体系等开展创新合作。 此外，特斯拉在2025年第一季度更新报告中首次公开了Optimus人形机器人的试生产线，预计到今年年 底将有数千台Optimus在特斯拉工厂工作，到2030年，每年将生产百万台Optimus机器人。 5月13日晚间，特斯拉官方微博发布人形机器人擎天柱（Optimus）"跳舞"视频，并表示其人形机器人优 化"仿真到现实"（Sim-to-Real）的训练代码，通过强化学习完成训练。 中信建投证券研报称，华为、腾讯等巨头积极推进与机器人厂商的合作，依托其在应用场景、AI基础 设施等多维度的能力赋能机器人厂商，助力模型训练、提高研发效率、开拓应用场景等，有望进一步加 速人形机器人的商业化落地，看好大厂合作赋能后机器人厂商的发展。 5月19日，A股三大指数早盘震荡调整 ，截至发稿，中证机器人指数跌1.40%，成分股中 ...

机器人板块早盘震荡调整，截至9:58，国证机器人产业指数成份股中，江苏北人涨超2%，全志科 技、拓斯达涨超1%，机器人ETF易方达（159530）盘中成交额突破7000万元。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 国证机器人产业指数聚焦AI硬件终端，覆盖机器人产业链上下游各环节核心标的，成份股中人形 机器人占比超50%，"人形含量"在所有ETF跟踪的指数中排名第一。投资者可借道机器人ETF易方达 （159530，联接基金A/C：020972/020973）等产品布局产业发展机遇。 每日经济新闻 （责任编辑：张晓波 ） 近日，国家数据局综合司印发《数字中国建设2025年行动方案》。其中提出，深度挖掘人工智能应 用场景，积极开展人工智能高质量数据集建设；着力发展智能网联新能源汽车、人工智能手机和电脑、 智能机器人等新一代智能终端及智能制造装备。 中信证券研报认为，2025年将成为具身智能机器人产业的 ...

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集 13年项目编制服务经验为各类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战 略规划、风险评估等提供项目可行性报告&商业计划书编制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升 项目单位申报项目的通过效率。 割草机器人是一种智能型园林机械设备，它利用先进的传感器技术、导航系统和切割装置，能够自动在草坪上进行割草作业。 相比传统的人工割草方式，割草机器人不仅节省了人力成本，还提高了工作效率，并且修剪效果整齐美观，安全性高，操作简 便，噪音污染低。尽管国内的草坪文化不如欧美地区普及，但随着国民生活水平的提高和居住环境的改善，越来越多的家庭拥 有庭院草坪，对草坪维护的需求也随之增加。此外，商业场所、公园、市政绿地等对草坪管理的要求也日益提高，这为割草机 器人创造了广阔的市场空间。根据中金企信数据显示，2024年我国割草机器人市场规模达到了18.59亿元，同比增长18.06%。 数据整理：中金企信国际咨询 1、产业链分析 割草机 ...

【市场复盘】 【热点要闻】 1.5月16日上午，上海智元机器人发布了一段5分钟左右、联合创始人"稚晖君"彭志辉与灵犀X2对话互动 的短视频，其机器人不仅拥有了"内心戏"，还学会了点功夫，能将木板一掌击为两段。在视频中可以看 到，灵犀X2升级了主动交互能力。 2.5月16日，国家数据局综合司印发了《数字中国建设2025年行动方案》。其中提出，深度挖掘人工智 能应用场景，积极开展人工智能高质量数据集建设。着力发展智能网联新能源汽车、人工智能手机和电 脑、智能机器人等新一代智能终端及智能制造装备。 3.OpenAI计划在阿联酋建设一个大型新数据中心，该中心最终可能成为全球最大的数据中心之一。这不 仅是该公司在中东地区的重大投资，也是其全球AI基础设施扩张计划的重要扩展。 【机构观点】 民生证券指出，人形机器人技术加速演进，已成为科技竞争的新高地、未来产业的新赛道、经济发展的 新引擎，产业奇点已至，应用端、成本端、软件端迎来三重突破，产业化关键瓶颈正在打开。 【热门ETF】 上周五（5月16日），截至收盘，科创人工智能ETF华夏（589010）下跌0.19%，持仓股中麒麟信安下跌 2.43%领跌，威胜信息、寒武纪等个 ...

Core Viewpoint - Major companies like Huawei and Tencent are actively collaborating with robotics firms to enhance the commercialization of humanoid robots through their capabilities in application scenarios and AI infrastructure [1] Group 1: Industry Collaboration - The collaboration between large tech firms and robotics manufacturers is expected to improve model training, increase R&D efficiency, and expand application scenarios [1] - The partnership is anticipated to accelerate the commercialization of humanoid robots, benefiting the development of robotics companies [1] Group 2: Market Trends - The China Securities Index Company has launched the Innovation and Entrepreneurship Robotics Index, which includes 34 companies in its initial sample list [1] - There is an expectation of increased capital inflow into the robotics sector, particularly in passive management products, which will support the market performance of this sector [1] Group 3: Investment Opportunities - The focus is not limited to humanoid robots; there are significant investment opportunities in the "AI + Robotics" space, including exoskeleton robots, dexterous hands, sensors, and robotic dogs [1] - Continuous data validation is emphasized, indicating that growth in these areas does not necessarily depend on the volume of humanoid robots [1]

Economic Overview - The domestic economy showed a good start in the first half of 2025, with GDP reaching 318,758 billion yuan in Q1, a year-on-year growth of 5.4% and a quarter-on-quarter increase of 1.2% [1] - The per capita disposable income for residents in Q1 2025 was 12,179 yuan, reflecting a nominal growth of 5.5% year-on-year and a real growth of 5.6% after adjusting for price factors [1] Consumer Demand and Banking Trends - National consumer demand has declined, with an increase in bank deposits and a sluggish real estate market, indicating that the recovery of the real economy will take time [3] - Bank deposit rates have been on a rapid decline since 2024, with the one-year rate dropping from 2.25% to 1.55%, resulting in a decrease of 700 yuan in interest income for a 100,000 yuan deposit [6] - The decline in deposit rates is driven by an increase in deposit amounts, banks' desire to encourage investment and consumption, and the aim to lower financing costs for enterprises and homebuyers [6] Real Estate Market Trends - The national housing market is in a long-term downward trend, with new residential prices in 300 cities dropping by 3.2% and second-hand residential prices by 5.1% year-on-year in 2024, marking the third consecutive year of decline [8] - The decline in housing prices is attributed to reduced income and employment among residents, leading to a return to housing's fundamental value linked to local income levels [8] - The sales data from the first half of the year indicates a significant shrinkage in homebuying demand [8] Shift in Housing Sales - There is a trend towards the gradual replacement of pre-sale homes with existing homes, as major developers face issues like project delays and debt defaults, which have eroded buyer confidence [11] - The government plans to increase the proportion of existing home sales, allowing buyers to inspect properties before making a purchase decision [11] Technological Advancements - The era of intelligent robotics is emerging, with robots increasingly integrated into daily life, such as in restaurants and banks, and the introduction of autonomous delivery vehicles [14] - More companies are replacing customer service roles with intelligent robots, and manufacturing firms are adopting industrial robots to enhance efficiency [14] Consumer Behavior Changes - Post-pandemic, there has been a rebound in consumer demand, particularly in low-end sectors like tourism and dining, while prices for mid to high-end goods are expected to decline [15] - In the automotive sector, mid-range cars have seen price reductions of 15,000 to 20,000 yuan, with some high-end imported vehicles dropping by up to 100,000 yuan [15]

Core Viewpoint - The humanoid robot industry in Shanghai is rapidly evolving, driven by advancements in technology, data accumulation, and supportive government initiatives aimed at fostering innovation and collaboration among various stakeholders [10][14][15]. Group 1: Industry Development - The humanoid robot industry is leveraging Shanghai's high-end manufacturing base and the comprehensive supply chain in the Yangtze River Delta to accelerate its growth [9]. - A new 5,000 square meter heterogeneous humanoid robot training facility has been established in Shanghai, which is expected to generate a leading dataset of 10 million data points for the industry [10][11]. - The establishment of the OpenLoong community aims to lower research and development barriers by allowing global developers to share data, similar to the impact of the Android system on the smartphone industry [11][12]. Group 2: Investment and Funding - The Shanghai government is promoting "patient capital" to support long-term projects in the humanoid robot sector, with a focus on original and disruptive innovations [12][13]. - A 10 billion yuan fund has been set up to attract social capital for the humanoid robot industry, with various district-level funds also being established to support key areas such as embodied intelligence and large models [13][14]. - Notable companies like Fourier and Zhiyuan have secured significant funding, with Fourier raising nearly 800 million yuan in its E round and Zhiyuan's valuation soaring to 15 billion yuan after a B round led by Tencent [14]. Group 3: Application and Market Penetration - Humanoid robots are increasingly being integrated into various applications, serving as caregivers in hospitals, household assistants, and new employees in automotive factories, thereby enhancing efficiency and service quality [15][16]. - The industry is witnessing a surge in the development of humanoid robots, with companies like Zhiyuan and Fourier leading the charge in innovation and commercialization [14][15].

蒙洋介绍，过去相对传统的机器人智能化程度有限，需要提前写好复杂的程序，甚至配备一位工程 师"跟班"，机器人才能完成既定的工作，这种应用场景不但无法为企业减负增效，甚至还需要投入额外 的人力成本。而接入大模型技术后，机器人开始具备真正的智能，从过去"死读书"变得能够"学以致 用"，具备推理、判断和决策等能力。 值得注意的是，如今走进新疆油田的机器人并不是一家企业单打独斗的成果。"底盘是中关村机器人产 业创新中心子公司研制，机械臂是遨博智能的，算法来自北京化工大学。"蒙洋介绍，依托中关村机器 人产业创新中心，多家北京科技企业、院所联合进行了机器人共性技术的攻关。 当日，中关村机器人产业创新中心运营方中关村机器人产业创新发展有限公司，与中石油旗下昆仑数智 公司签署合作协议，双方将重点攻关石油化工等高风险行业的特种机器人技术，实现高危环境下的无人 化作业与实时安全监测，进一步降低能源生产风险。 本报讯（记者 孙奇茹）日前，记者从"'机器人+能源'协同创新守护安全 多方联动推动首都高质量发 展"主题活动上获悉，由中关村机器人产业创新中心与昆仑数智联合推出的新型防爆巡检机器人已于近 日在新疆油田"上岗"，今年预计将有近百 ...

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0512-0518） 中证科创创业机器人指数发布， 华为、腾讯、美团持续布局机器人 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 37,431.78 | | 流通市值（亿元） | 36,453.02 | | 行业市盈率 TTM | 31.9 | | 沪深 300 市盈率 TTM | 12.6 | 相关研究 [Table_QuotePic] 行业相对指 ...