型及花 机械设备 2025 年 11 月 06 日 研究 行业 证券分析师 胡书捷 A0230524070007 husj@swsresearch.com 王珂 A0230521120002 wangke@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 邵翼 A0230524120001 shaoyi@swsresearch.com 联系人 胡书捷 A0230524070007 husj@swsresearch.com 申万宏源研究微信服务号 表 1: 重点公司估值表 | 公司代码 | 公司简称 | 2025/11/5 | | EPS (元/股) | | | | PE | | | PB (LF) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 收盘价（元/股） | 24A | 25E | 26E | 27E | 24A | 25E | 26E | 27E | | | 09868 | 小鹏汽车-W | 87.70 | -3.03 | ...

本报讯 （记者金婉霞）11月5日，第八届中国国际进口博览会在国家会展中心（上海）隆重开幕。作为 具身智能领域的领先企业，智元创新（上海）科技有限公司（以下简称"智元机器人"）携全系列产品矩 阵深度参与本届盛会，以"两大主题展区+多点位服务"的整体布局，在开幕首日便凭借灵犀X2现场"献 舞"非遗"手狮舞"等亮点表演，展现出技术与文化融合的创新实力，成为此次进博会的关注焦点。 在中国馆，智元机器人远征A2成为"文化传播使者"：在国家馆入口大屏前，它通过语音讲解与大屏内 容联动，为中外宾客详解展馆设计理念与展品背后的文化故事；出口处，它挥毫书写"福"字并现场裱框 赠送，传统书法与现代科技的碰撞，让中华文化以更鲜活的方式走向全球观众。 走进上海馆，智元机器人远征A2与灵犀X2化身为导览讲解员与互动表演者。远征A2通过自主导航的方 式，为观众详细介绍上海馆的特色展品与文化内涵。灵犀X2则进行拍照互动与精彩表演，让观众在感 受海派文化魅力的同时，也体验到了科技带来的无限乐趣。 在新闻中心，智元机器人打造"全流程服务矩阵"：远征A2凭借海量知识库，快速响应媒体关于参展公 司介绍、展区分布的咨询；灵犀X2在媒体外宣品展区详解 ...

Core Insights - The 14th China International Patent Technology and Products Trade Fair was held in Dalian from October 13 to 15, showcasing innovation and the transition of China's patent industry from quantity accumulation to quality enhancement [1][2] Group 1: Event Overview - The event featured 317 exhibitors from 14 countries and regions, highlighting China's innovation vitality and industrial transformation [1] - The National Intellectual Property Administration emphasized the importance of patent commercialization and its role in high-quality development, with significant policy measures implemented since the launch of a special action plan in 2023 [1] Group 2: Patent Commercialization Achievements - As of August 2023, there were 1.154 million patent transfer and licensing registrations nationwide, with 142,000 from universities and research institutions, and a 53.3% industrialization rate for enterprise invention patents [1] - The special action plan has successfully transformed dormant patents into marketable products, reflecting a significant shift in innovation outcomes [2] Group 3: Innovations on Display - The event showcased cutting-edge technologies, including an intelligent chemical model from the Dalian Institute of Chemical Physics, which aims to revolutionize traditional chemical development processes [3] - Notable innovations included humanoid robots and surgical robots, demonstrating the integration of AI and advanced manufacturing technologies [3] Group 4: Local and International Impact - Liaoning Province has been actively promoting patent innovation, with an annual growth rate of over 35% in patent transfers and a total output value of patent-intensive products exceeding 17 billion yuan [5] - China has become the fourth largest source of patent applications to the European Patent Office, with a significant increase in applications since 2018, particularly in battery technology and digital communications [5][6] Group 5: Historical Context and Future Outlook - Since its inception in 2002, the trade fair has seen over 10,000 participating units and more than 1 million attendees, facilitating significant economic and trade cooperation in innovation [6] - The event serves as a crucial platform for the exchange of innovative achievements and economic collaboration, driving China's high-quality development through continuous innovation [6]

南山智尚（300918）财报点评 业绩符合预期，机器人新品+合作落地 2025 年 11 月 06 日 【投资要点】 挖掘价值 投资成长 买入（维持） 东方财富证券研究所 证券分析师：周旭辉 《新材料有序放量，机器人进展顺利》 2025.09.02 《新材料平台，机器人应用大有可为》 2025.04.28 《新材料加速发展，关注 UHMWPE 腱绳 进展》 2025.03.17 《推进 UHMWPE 腱绳应用，新材料大有 可为》 证书编号：S1160521050001 证券分析师：唐硕 证书编号：S1160524090002 相对指数表现 -20% 10% 40% 70% 100% 130% 2024/11 2025/5 2025/11 南山智尚 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 9,783.58 | | 流通市值（百万元） | 8,402.86 | | 52 周最高/最低（元） | 26.20/9.50 | | 52 周最高/最低（PE） | 48.52/17.59 | | 52 周最高/最低（PB） | 4.62/1.67 | | 52 周涨幅（%） ...

Core Viewpoint - The market has seen a strong performance in various sectors, particularly in industrial metals, with significant gains in stocks like China Aluminum and Chongqing Construction, leading to an overall increase in major indices and trading volume [2][3]. Industrial Metals Sector - The industrial metals sector showed robust performance, with stocks such as China Aluminum, Minfa Aluminum, and Haomei New Materials reaching their daily limit up [3][4]. - The market anticipates a 2.5% growth in domestic electrolytic aluminum consumption by 2025, driven by strong performance in the new energy vehicle and photovoltaic industries, leading to an expansion of the supply-demand gap [4]. - Global copper production from major mining companies is expected to decline by nearly 5% year-on-year in Q3, with a continued contraction anticipated in Q4, potentially leading to a significant supply gap in the global refined copper market [5]. Robotics Sector - The robotics sector is experiencing multiple catalysts, including the unveiling of Xiaopeng's new humanoid robot, IRON, which is set for mass production by the end of 2026 [7]. - Analysts are optimistic about the humanoid robotics industry, noting significant advancements and commercialization efforts, with expectations for humanoid robots to understand and execute tasks in 80% of unfamiliar scenarios within the next two years [7]. Chongqing Sector - The Chongqing sector saw a notable rise, with stocks like Chongqing Construction and Yudefang reaching their daily limit up, following news of administrative district adjustments in the city [8][9].

Market Overview - The Hong Kong stock market indices all rose today, with the Hang Seng Index increasing by 2.12% or 550.49 points, closing at 26,485.90 points, and a total trading volume of HKD 2,436.53 million [1] - The Hang Seng Technology Index saw a rise of 2.74%, indicating a potential shift in market style towards lower-priced growth sectors in the fourth quarter [1] Blue-Chip Stocks Performance - China Hongqiao (01378) reached a new high, closing up 9.9% at HKD 32.42, contributing 12.84 points to the Hang Seng Index [2] - Citigroup maintained a "Buy" rating for China Hongqiao, raising the target price from HKD 25.2 to HKD 36, citing attractive dividend yield and continued benefits from high aluminum margins [2] - Other notable blue-chip performances included SMIC (00981) up 7.32% and China Life (02628) up 4.86% [2] Sector Highlights - Large technology stocks performed well, with Alibaba rising over 4% and Tencent, Kuaishou, and Meituan all increasing by over 2% [3] - Aluminum stocks led the gains, with China Aluminum (02600) up 11.19% and China Hongqiao (01378) up 9.9%, driven by tightening global supply concerns [3][4] - Chip stocks rebounded, with Huahong Semiconductor (01347) up 9.05% and SMIC (00981) up 7.32%, influenced by pricing negotiations for high-bandwidth memory with NVIDIA [4] Robotics Sector - The robotics sector saw significant gains, with companies like Siasun Robot (002050) and Denso (00179) rising by 7.35% and 6.68% respectively, driven by recent advancements and announcements in humanoid robotics [6] - Xpeng Motors showcased its new humanoid robot, IRON, which generated considerable social media buzz [7] Notable Stock Movements - Wangshan Wangshui-B (02630) surged 145.73% on its debut, closing at HKD 82, following an IPO pricing of HKD 33.37 [8] - Weichai Power (02338) rose 20.52% after announcing a manufacturing license agreement with Ceres Power for solid oxide fuel cells [9] - Lansi Technology (06613) increased by 4.99%, with plans for significant production in humanoid and quadruped robots [10] MSCI Index Changes - Several stocks were added to the MSCI China Index, including Zijin Mining (02259) and Ganfeng Lithium (01772), which saw respective increases of 8.67% and 6.1% [7]

天眼查工商信息显示，11月6日，上海德马具身智能机器人有限公司成立，法定代表人为卓序，注册资 本1亿人民币，经营范围包括智能机器人销售、工业机器人制造、特殊作业机器人制造等。股东信息显 示，该公司由德马科技（688360）全资持股。 天眼查工商信息显示，11月6日，上海德马具身智能机器人有限公司成立，法定代表人为卓序，注册资 本1亿人民币，经营范围包括智能机器人销售、工业机器人制造、特殊作业机器人制造等。 ...

11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 11月6日，在第八届进博会宇树科技展台，裁判宣布人形机器人格斗开始。 11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 11月6日，在第八届进博会宇树科技展台，一名媒体记者与人形机器人互动体验格斗。 11月6日，在第八届进博会宇树科技展台，人形机器人进行格斗表演。 ...

智通财经APP获悉，港股三大指数今日全线上攻，恒科指数表现最佳，尾盘涨幅扩大近3%。截止收 盘，恒生指数涨2.12%或550.49点，报26485.90点，全日成交额为2436.53亿港元；恒生国企指数涨 2.1%，报9355.97点；恒生科技指数涨2.74%，报5944.22点。 国投证券表示，港股四季度可能发生重大风格切换，恒生科技等低位成长板块或成为相对占优方向。当 前创业板指相对恒生科技的超额收益已见顶回落，而恒生科技互联网有望成为补涨方向。方正证券指 出，外部扰动难改慢牛行情。南下资金仍在持续加速流入港股市场，叠加美联储降息周期开启，港股流 动性环境也有望进一步受益。 蓝筹股表现 中国宏桥(01378)续创新高。截至收盘，涨9.9%，报32.42港元，成交额15.09亿港元，贡献恒指12.84点。 花旗指出，维持中国宏桥"买入"评级，并将目标价从25.2港元上调至36港元，并维持宏桥为其首选股。 该行认为，尽管年初至今股价表现强劲，但截至11月4日收盘，宏桥2026年预测股息率仍具有吸引力， 为6.7%。花旗预计宏桥将继续受益于铝业毛利长期维持高位，且该股将继续获得估值重估。 其他蓝筹股方面，中芯国 ...

Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with expectations to maintain its leading position in the global new stock financing market due to attractive listing systems, broad industry coverage, and ample liquidity [1][7]. Summary by Sections IPO Market Performance - In the first ten months of this year, the total IPO fundraising in Hong Kong reached HKD 215.46 billion (approximately USD 27.72 billion), significantly exceeding the initial annual fundraising expectation of USD 17-20 billion [2]. - The improvement in liquidity and the rapid decline in Hong Kong dollar interest rates have lowered borrowing costs, enhancing investor enthusiasm for new listings [2]. Characteristics of the Current IPO Wave - A+H listing model has become mainstream, with over 50% of new companies having overseas operations, accounting for 80% of the fundraising amount [3]. - The "technology + consumption" dual-drive model is evident, with the consumer sector dominating IPOs, particularly in emerging consumption and service-oriented segments [3]. - New IPOs have shown significantly better performance compared to the average of the past five years, with an average return of approximately 38% on the first trading day and 60% after three months [3]. Investor Sentiment and Market Dynamics - The new stock breaking rate has dropped to a new low, with many newly listed companies experiencing minimal price discounts, which may encourage more companies to consider listing [4]. - Investors are increasingly focusing on future growth potential and cornerstone shareholder ratios rather than just company size when considering new listings [4]. Foreign Investment Trends - Global investors have actively participated in the Hong Kong IPO market, with cornerstone investments and institutional placements seeing significant involvement from international institutions [6]. - Passive foreign capital has maintained a net inflow trend, while active foreign capital is expected to increase due to the attractive performance of new stocks [6]. Regulatory and Market Environment - The Hong Kong Stock Exchange has implemented several reforms since 2018 to optimize the listing process, significantly improving listing efficiency [7]. - The number of companies preparing for IPOs has increased to nearly 300, surpassing the previous peak of about 200 in August 2021, indicating a robust pipeline for future listings [7]. Return of Chinese Companies - The return of Chinese companies listed in the U.S. to Hong Kong is anticipated to provide new growth in the IPO market, driven by ongoing U.S.-China trade tensions [8][9].