Core Insights - The chairman of Qikai Asset, Zhong Weiwei, expresses a strong optimism for the technology industry revolution, particularly in artificial intelligence, humanoid robots, and consumption in the two-dimensional and IP sectors [1][4] Investment Philosophy - Zhong Weiwei emphasizes a grounded investment approach, focusing on fundamental research and ensuring that his investments allow for peace of mind [3] - His investment philosophy was reshaped by recognizing the information advantages held by top-tier capital, leading him to refine his focus on companies within his capability circle [3] Market Analysis - The global economic landscape is undergoing significant changes, with a trend of "East rising, West falling," indicating unprecedented opportunities for the Chinese capital market [4][5] - Western economies are facing challenges such as high inflation, heavy debt burdens, and structural imbalances, which are impacting corporate profitability and consumer purchasing power [4][5] Chinese Market Strengths - China's economy demonstrates resilience and vitality, with R&D spending exceeding 3.5 trillion yuan in 2024, accounting for 2.65% of GDP, and leading in several technological fields [5][6] - The influx of global capital into China is accelerating, with significant increases in northbound capital transactions and the scale of social security funds [5][6] Sector Opportunities - The artificial intelligence and humanoid robot sectors are experiencing rapid advancements, with numerous companies launching innovative products and attracting substantial capital [7][8] - The new consumption wave, particularly in two-dimensional and IP consumption, is gaining momentum, evidenced by successful marketing campaigns and strong sales figures [7][8] Future Outlook - Zhong Weiwei anticipates that the investment landscape will continue to evolve, with a focus on high-end manufacturing sectors such as semiconductors, artificial intelligence, and new energy [9][10] - He advises investors to maintain a rational perspective, conduct thorough research on business models, and be prepared to capitalize on opportunities when market sentiments diverge from intrinsic value [9][10]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The oil service equipment sector is experiencing rapid growth in exports to the Middle East, driven by China's increasing foreign investments in energy projects, with a cumulative investment of $50.28 billion from 2020 to 2024 in six countries [2] - The lithium battery equipment sector is benefiting from the release of impairment risks and accelerated production expansion, particularly with major players like CATL increasing their production capacity [3] - The humanoid robot sector is seeing advancements with the launch of second-generation electronic skin and accelerated mass production of Tesla's Optimus robot [4] - The engineering machinery sector is witnessing a decline in domestic excavator sales but a recovery in non-excavator machinery, indicating potential investment opportunities due to low valuations [5] - The forklift industry is undergoing a transformation towards automation and intelligence, driven by AI advancements [6] Summary by Sections Oil Service Equipment - China's foreign investment in the energy sector is projected to drive significant growth in oil service equipment exports, particularly to the Middle East, with leading companies like Jereh and Neway experiencing explosive order growth [2] Lithium Battery Equipment - The sector has accounted for a total impairment provision of 5.7 billion yuan, with major expansions planned by CATL, including a new factory in Hungary with a total capacity of 72GWh [3] - Solid-state battery technology is emerging as a key growth area, with companies like Xian Dao Intelligent expected to benefit significantly [3] Humanoid Robots - The introduction of advanced electronic skin technology enhances the capabilities of humanoid robots, while Tesla's Optimus robot is moving towards mass production [4] Engineering Machinery - Despite a decrease in excavator sales, there is a notable recovery in other machinery segments, with exports showing a 9% increase in the first four months of 2025 [5] Forklift Industry - The integration of AI in logistics is accelerating the shift towards automated and intelligent forklifts, with significant opportunities for leading companies in the sector [6]

Core Insights - The article discusses the significance of touch in enhancing the perception and interaction capabilities of robots, highlighting the development of the Touch100k dataset and the TLV-Link pre-training method [1][11]. Group 1: Touch100k Dataset - Touch100k is the first large-scale dataset that integrates tactile, multi-granular language, and visual modalities, aiming to expand tactile perception from "seeing" and "touching" to "expressing" through language [2][11]. - The dataset consists of tactile images, visual images, and multi-granular language descriptions, with tactile and visual images sourced from publicly available datasets and language descriptions generated through human-machine collaboration [2][11]. Group 2: TLV-Link Method - TLV-Link is a multi-modal pre-training method designed for tactile representation using the Touch100k dataset, consisting of two phases: course representation and modality alignment [6][11]. - The course representation phase employs a "teacher-student" paradigm where a well-trained visual encoder transfers knowledge to a tactile encoder, gradually reducing the teacher model's influence as the student model improves [6][11]. Group 3: Experiments and Analysis - Experiments evaluate TLV-Link from the perspectives of tactile representation and zero-shot tactile understanding, demonstrating its effectiveness in material property recognition and robot grasping prediction tasks [8][11]. - Results indicate that the Touch100k dataset is practical, and TLV-Link shows significant advantages over other models in both linear probing and zero-shot evaluations [9][11]. Group 4: Summary - The research establishes a foundational dataset and method for tactile representation learning, enhancing the modeling capabilities of tactile information and paving the way for applications in robotic perception and human-robot interaction [11].

电新周报：广东省人工智能与机器人产业联盟成立 [Table_Industry] 电力设备与新能源 [Table_ReportDate] 2025 年 6 月 8 日 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 电力设备与新能源 孙然 电新行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 [Table_Title] 广东省人工智能与机器人产业联盟成立 [Table_ReportDate] 2025 年 6 月 8 日 本期核心观点 [Tale_S 行业展望及配置建议： um ➢ 新能源汽车： 动力电池格局有望优化，板块盈利有望回暖：1）锂电池板块经历长期大幅 回调。2）锂电池供给阶段性过剩问题有望迎来拐点。3）碳酸锂价格下降， 有望带动电池成本及终端售价下降，有望刺激下游需求。同时 5C 快充加速 推进，新能源车里程 ...

Group 1 - The report highlights two significant market rallies since the beginning of 2025, characterized by distinct trading themes: the first being the "East Rising, West Falling" trade and the second being a rebound following tariff shocks [1][2] - The first rally was driven by a weak dollar, which benefitted emerging markets and led to a notable performance in China's technology growth sector, particularly in humanoid robots and computing power [1][2] - The second rally, which began after a sharp market drop on April 7, 2025, was marked by a lack of a clear trading theme, instead exhibiting a "fan-like" rotation among various sectors, including anti-tariff, domestic consumption, and new energy [2][3] Group 2 - The report notes a difference in the characteristics of sector rotation between the two rallies, with the first rally showing a smaller rotation area (45.2%) and a higher average excess return (7.8%) compared to the second rally, which had a larger rotation area (over 60%) but a lower average excess return (6.5%) [3][4] - In the first rally, the TMT (Technology, Media, Telecommunications) sector saw a significant increase in trading volume, peaking at 45% by the end of February, while the second rally indicated a shift towards other sectors like defense and new consumption [4][6] - The report anticipates that the next market rally may replicate the "East Rising, West Falling" trade, driven by a continued weak dollar and increased liquidity, with a projected total market volume rising above 1.5 trillion [5][6] Group 3 - The report suggests that in the current market environment, characterized by stock rotation, sectors such as new consumption, innovative pharmaceuticals, and defense industries should be closely monitored for potential investment opportunities [7] - It emphasizes that the upcoming market rally will likely benefit from a weak dollar, which is expected to enhance the performance of growth stocks, particularly in technology sectors like computing power and humanoid robots [7][6] - The report indicates that while some sectors may appear overvalued, the AI sector, particularly those involved in algorithm iterations and infrastructure upgrades, is expected to be a key driver of the next upward trend [6][7]

证券研究报告 | 2025年06月05日 人形机器人行业周报（第十七期） 优于大市 宇树拟发布新版本机器人，RoboX 产业进展提速 市场表现：本周（5.26-5.30）我们构建的国信人形机器人指数下跌 3.88%，弱于沪深 300 指数 2.79pct，弱于上证综合指数 3.85pct，年初 至今上涨 8.4%。拓普集团下跌 3.95%，三花智控下跌 4.58%，中鼎股份 下跌 5.6%，银轮股份下跌 5.07%，北特科技上涨 2.99%，双林股份下跌 8.67%，贝斯特下跌 5.62%，浙江荣泰下跌 7.73%，祥鑫科技下跌 6.27%， 双环传动下跌 3.78%，斯菱股份上涨 9.42%，豪能股份下跌 7.01%，精锻 科技下跌 6.45%，蓝黛科技下跌 7.41%，凌云股份下跌 3.64%，旭升集团 下跌 4.16%，肇民科技下跌 4.55%，爱柯迪下跌 4.39%。均胜电子下跌 6.28%。征和工业下跌 7.29%，美力科技下跌 5.14%。 行业动态：1）马斯克称 Optimus 人形机器人 2027 年将在火星行走；2） 宇树科技公司名称变更，即将推出新款机器人；3）特斯拉、小马智行、 文远知行 ...

人形机器人行业周报（第十七期） 优于大市 宇树拟发布新版本机器人，RoboX 产业进展提速 市场表现：本周（5.26-5.30）我们构建的国信人形机器人指数下跌 3.88%，弱于沪深 300 指数 2.79pct，弱于上证综合指数 3.85pct，年初 至今上涨 8.4%。拓普集团下跌 3.95%，三花智控下跌 4.58%，中鼎股份 下跌 5.6%，银轮股份下跌 5.07%，北特科技上涨 2.99%，双林股份下跌 8.67%，贝斯特下跌 5.62%，浙江荣泰下跌 7.73%，祥鑫科技下跌 6.27%， 双环传动下跌 3.78%，斯菱股份上涨 9.42%，豪能股份下跌 7.01%，精锻 科技下跌 6.45%，蓝黛科技下跌 7.41%，凌云股份下跌 3.64%，旭升集团 下跌 4.16%，肇民科技下跌 4.55%，爱柯迪下跌 4.39%。均胜电子下跌 6.28%。征和工业下跌 7.29%，美力科技下跌 5.14%。 行业动态：1）马斯克称 Optimus 人形机器人 2027 年将在火星行走；2） 宇树科技公司名称变更，即将推出新款机器人；3）特斯拉、小马智行、 文远知行等多家国内外公司纷纷发布有关 Robota ...

Group 1: ETF Performance - The Double Innovation 50 Enhanced ETF (588320) has increased by over 1% as of June 5, 2025, with a cumulative increase of 15.08% over the past year, ranking first among comparable funds [1] - The Science and Technology Innovation 100 Enhanced ETF (588680) also rose by over 1%, with a cumulative increase of 8.21% over the past six months, ranking first among comparable funds [1] - The Double Innovation 50 Enhanced ETF has outperformed its benchmark with an annualized return of 3.95% over the past six months, ranking first among comparable funds [1] Group 2: Policy and Industry Development - The Ministry of Industry and Information Technology is promoting the development of the artificial intelligence industry, emphasizing systematic planning and collaborative advancement to create a favorable ecosystem for innovation [2] - The focus is on strengthening the industrial foundation, enhancing computing power supply, and promoting the deployment of large models in key manufacturing sectors [2] - The global humanoid robot market is projected to reach approximately 1.1665 trillion yuan in 2024, with China's market expected to reach about 2.76 billion yuan, accounting for approximately 2.36% of the global market [2] Group 3: Corporate Developments - On May 25, 2025, Haiguang Information, a component of the Double Innovation 50 ETF, announced a suspension of trading as it plans to merge with Zhongke Shuguang through a share exchange, optimizing the industrial layout from chips to software and systems [3] - The integration of Zhongke Shuguang and Haiguang Information aims to enhance the information industry chain by consolidating high-quality resources [3] Group 4: AI Industry Trends - The AI industry is experiencing upward trends, with significant improvements in reasoning capabilities and the introduction of advanced models such as Claude4 and DeepSeekR1 [4] - The computing power industry is identified as a high-growth sector benefiting from policy and industrial changes, with domestic leaders like Haiguang and Shuguang expected to enhance competition [4] - The focus on core computing power leaders and their ecosystems is recommended for future investment opportunities [4] Group 5: Investment Opportunities - The Double Innovation 50 ETF and Science and Technology Innovation 100 ETF are positioned as a "Science and Technology Asset Upgrade Package," allowing investors to capture excess returns in the technology sector [5]

Investment Rating - Industry Rating: Overweight [1] Core Insights - The demand for green electricity is expected to increase due to direct connections, and offshore wind projects are progressing steadily [1][18] - The report highlights the importance of various segments within the power equipment industry, including photovoltaic, wind energy, energy storage, hydrogen energy, and grid equipment [3][4] Summary by Sections Photovoltaic - June production is expected to decline, with price trends remaining sticky; the impact of rush installations on prices is weakening [3][11] - The main industry chain prices are anticipated to remain stable but under downward pressure due to weak domestic demand [13][14] - Investment recommendation focuses on companies with high certainty in the BC technology trend, including Longi Green Energy and Aiko Solar [17] Wind Energy - Offshore wind projects are entering a positive phase, with significant projects in Guangdong and Shandong progressing [18][19] Energy Storage - The release of the 136 document in Inner Mongolia aims to promote green electricity connections, with a mechanism price set at 0.3035 yuan/kWh [20][22] - Bulgaria has launched the largest battery storage system in the EU, with a capacity of 496.2MWh [23] Hydrogen Energy - The hydrogen drone industrial park is set to be established in Jiangxi, with a total investment of approximately 480 million yuan [29] - The hydrogen energy sector is accelerating, with a focus on hydrogen production and storage [28][30] Grid Equipment - The State Grid has announced a new batch of candidates for ultra-high voltage equipment, with a total bid amount of 519 million yuan [32] - The integration of source-network-load-storage is being accelerated in Henan province, promoting local consumption of renewable energy [32][33] Humanoid Robots - Companies like Honor and UBTECH are advancing in the humanoid robot sector, with significant developments in technology and applications [34][36] - The humanoid robot industry is expected to enter a mass production phase by 2025, with a focus on key components [38] Electric Vehicles - CATL's solid-state batteries are expected to achieve small-scale production by 2027, with a focus on high-profit companies [39][41] - The report emphasizes the importance of lithium battery technology and the shift towards lower-cost lithium iron phosphate batteries [42]

Investment Rating - Industry Investment Rating: Overweight [1] Core Insights - Green electricity direct connection is expected to boost demand, and offshore wind projects are progressing steadily [1] - The report highlights the stable development of offshore wind projects, with significant tenders and construction activities in various regions [18][19] - The energy storage sector is seeing policy support, with the introduction of market-driven pricing for renewable energy [20][22] - Hydrogen energy applications are accelerating, with new projects and government support for hydrogen production and storage [28][30] - The power grid equipment sector is advancing with new high-voltage equipment tenders and integrated energy solutions [32][33] Summary by Sections 1.1 Photovoltaics - June production is declining, and the price trend remains sticky, with a slight decrease in silicon material and N-type battery prices [11][12] - The report suggests a cautious outlook for the second quarter of 2025, with potential downward pressure on prices due to weak domestic demand [13][14] - Investment focus on companies with stable earnings and high certainty in the BC technology trend, including Longi Green Energy and Aiko Solar [17] 1.2 Wind Power - Offshore wind projects are entering a positive phase, with significant tenders announced for various projects [18][19] - The report emphasizes the importance of monitoring the progress of these projects and their impact on the industry [18] 1.3 Energy Storage - The introduction of a market-driven pricing mechanism for renewable energy in Inner Mongolia is a significant development [20][22] - The report notes the completion of a large-scale battery storage system in Bulgaria, marking a milestone in the EU [23] 1.4 Hydrogen Energy - The establishment of a hydrogen drone industrial park in Jiangxi is highlighted, with a total investment of approximately 480 million yuan [29] - The report discusses the international collaboration on hydrogen pipelines between the UK and Germany, enhancing energy security [28] 1.5 Power Grid Equipment - The State Grid has announced a new batch of high-voltage equipment candidates, with a total bid amount of 519 million yuan [32] - The report discusses the integration of source-network-load-storage systems in Henan province, promoting local consumption of renewable energy [32] 1.6 Humanoid Robots - The entry of major companies like Honor into the humanoid robotics sector is noted, indicating a growing market potential [34][35] - The report suggests that the humanoid robot industry is expected to enter a production phase in 2025, with significant investment opportunities [38] 1.7 Lithium Batteries - CATL's solid-state battery technology is projected to achieve small-scale production by 2027, representing a significant advancement in battery technology [39] - The report highlights the ongoing developments in lithium battery materials and the shift towards more cost-effective solutions [40][41]