消息面上，据证券时报，9月2日，宇树科技宣布，预计将在2025年10月至12月期间向证券交易所提交上 市申请文件，届时公司的相关运营数据将正式披露。宇树科技表示，以2024年为例，四足机器人、人形 机器人和组件产品的销售额分别占约65%、30%和5%。 中国银河证券认为，我国人形机器人正处于加速发展阶段：政策端，过去十年间，国家在机器人领域的 规划、扶持与鼓励措施持续细化并落地；技术端，人形机器人需打通感知—决策—执行闭环；产业端， 传统制造企业延伸布局，初创公司积极涌入，科技巨头依托技术与硬件优势快速卡位，多家车企亦通过 自研、合作或投资等方式切入。行业高速扩张，势必带来竞争格局的急剧重塑。 热门ETF方面，机器人ETF基金（562360）截至发稿涨0.72%，换手率超1.6%。成分股中，东杰智能涨 超10%，秦川机床、博杰股份、海目星等跟涨。 据Wind数据，截至9月2日，该ETF最新流通份额为4.11亿份，最新流通规模为4.56亿元。 机器人ETF基金（562360）跟踪中证机器人指数，该指数选取系统方案商、数字化车间与生产线系统集 成商、自动化设备制造商、自动化零部件商以及其他相关公司股票作为样本股， ...

截至2025年9月3日 09:36，国证机器人产业指数(980022)上涨0.21%，成分股凌云光(688400)上涨 3.89%，利元亨(688499)上涨3.60%，国茂股份(603915)上涨2.74%，双环传动(002472)上涨2.65%，盈峰 环境(000967)上涨2.59%。机器人ETF鹏华(159278)上涨0.09%，最新价报1.11元，盘中净申购100万份。 机器人ETF鹏华紧密跟踪国证机器人产业指数，国证机器人产业指数反映沪深北交易所机器人产业相关 上市公司的证券价格变化情况。 消息面上，某Tier1指引特斯拉Optimus2026年产量有望实现单周1-10k台，即年产5-50万台。机构指出， 指引范围偏大，指导意义不强，复盘过往特斯拉的指引常常miss，因此更应该关注的不是可行性，而是 市场资金动向和产业催化剂。昨日下午机器人扛起大盘反攻号角，充分说明资金切换机器人的动力十 足；机器人资金展现了强大的团结。 此外，11月6日特斯拉股东大会。Q4特斯拉第三代Optimus定型。10-12月宇树提交IPO申请，宇树科技 称，四足机器人和人形机器人分别占2024年销售额的65%和30%。更 ...

首届人形机器人马拉松比赛亚军、首届世界人形机器人运动会体操项目与跳远项目金牌，个人舞蹈项目 银牌——这就是创办不足两年的北京机器人企业松延动力和旗下人形机器人产品，被观众亲切称为"小 孩哥"的N2目前取得的成绩。 松延动力创始人姜哲源1998年出生，在清华园一路成长。松延动力的办公地点"始发"于人才聚集的海 淀，今年端午时分则带着扩招后的团队搬到了昌平，单位面积比原来大了一倍。目前，松延动力研发的 产品也从可以跑步的机器人N2扩展到了拥有7自由度手臂的机器人E1，以及能够做出细微表情的机器人 仿生人"小诺"。 松延动力的故事，不仅是一个年轻创业团队的蜕变史，更是北京机器人产业从实验室走向全球的缩影。 这座城市，正以人才、政策和创新生态为基石，打造中国机器人产业的"硅谷"。姜哲源和N2这两个"北 京孩子"，也正在用另一种方式丈量北京机器人产业的加速度。 清华园走出的机器人造梦者 姜哲源的创业起点，藏在北京海淀的清华园里。从幼儿园到大学，他从未离开过这片学术沃土——高考 以北京市第28名的成绩考入清华大学电子工程系，博士期间专攻强化学习，而机器人则是强化学习最好 的应用领域。 2021年年底，姜哲源刚进清华博士课 ...

松延动力产品展示区。新京报贝壳财经记者吉喆 摄 松延动力创始人姜哲源1998年出生，在清华园一路成长。松延动力的办公地点"始发"于人才聚集的海淀，今年端午时分则带着扩招后的团队搬到了昌平，单 位面积比原来大了一倍。目前，松延动力研发的产品也从可以跑步的机器人N2扩展到了拥有7自由度手臂的机器人E1，以及能够做出细微表情的机器人仿生 人"小诺"。 松延动力的故事，不仅是一个年轻创业团队的蜕变史，更是北京机器人产业从实验室走向全球的缩影。这座城市，正以人才、政策和创新生态为基石，打造 中国机器人产业的"硅谷"。姜哲源和N2这两个"北京孩子"，也正在用另一种方式丈量北京机器人产业的加速度。 首届人形机器人马拉松比赛亚军、首届世界人形机器人运动会体操项目与跳远项目金牌，个人舞蹈项目银牌——这就是创办不足两年的北京机器人企业松延 动力和旗下人形机器人产品，被观众亲切称为"小孩哥"的N2目前取得的成绩。 清华园走出的机器人造梦者 姜哲源的创业起点，藏在北京海淀的清华园里。从幼儿园到大学，他从未离开过这片学术沃土——高考以北京市第28名的成绩考入清华大学电子工程系，博 士期间专攻强化学习，而机器人则是强化学习最好的应用领域 ...

Core Viewpoint - The company Accelerated Evolution aims to transition humanoid robots from sports fields to household applications following the 2025 World Humanoid Robot Soccer Cup, focusing on education and family scenarios as key markets [1][4]. Group 1: Company Background and Development - Accelerated Evolution has approximately 20 years of research experience in robotics, particularly in soccer, with founder Cheng Hao previously leading the Tsinghua Fire God team in RoboCup competitions [2]. - The company achieved mass production in October 2024, delivering hundreds of units in the first half of the year, with 50% of sales directed overseas [4]. - The team comprises experts from Tsinghua University and professionals from major tech companies, combining deep robotics knowledge with strong software and hardware capabilities [5]. Group 2: Product Offerings and Market Strategy - The T1 robot, standing about 1.2 meters tall and weighing around 30 kilograms, is primarily targeted at research institutions and is priced at approximately 200,000 yuan [8]. - The upcoming K1 robot, designed for family education scenarios, is expected to be delivered by the end of the year, standing about 0.95 meters tall [9][11]. - The company emphasizes the importance of emotional interaction and all-terrain mobility for robots to effectively integrate into households, with a focus on safety and usability [10][12]. Group 3: Educational and Competitive Integration - Accelerated Evolution has established partnerships with over 100 educational institutions globally, aiming to integrate robotics education with competitive events [8]. - The company sees a strong synergy between education and robotics competitions, which can enhance learning and provide measurable outcomes for students and educators [17]. - The participation of younger students in robotics competitions indicates a lowering of entry barriers, expanding the potential talent pool for future robotics development [14].

Report Industry Investment Ratings No investment ratings for the industries are provided in the report. Core Views of the Report - The overall market shows a complex trend with different performances in various sectors. Some sectors are influenced by macro - policies, economic data, and supply - demand fundamentals. For example, the capital market is supported by policies, but short - term fluctuations may occur. In the bond market, interest rates are expected to decline in the long - term, but short - term oscillations are likely. In the commodity market, different metals, energy, and agricultural products have their own supply - demand situations and price trends [3][5]. Summary by Related Catalogs Macro - Financial Index Futures - **Message**: Two departments clarify tax policies for state - owned equity and cash income transferred to enrich social security funds; Musk says Optimus robots may be widely used in the next few years; Yushu Technology plans to submit an IPO application in Q4; US and UK bond yields rise [2]. - **Basis Ratio**: Different basis ratios are presented for IF, IC, IM, and IH contracts [3]. - **Trading Logic**: The policy is supportive of the capital market. After recent continuous rises, short - term market fluctuations may intensify, but the general strategy is to go long on dips [3]. Treasury Bonds - **Market**: On Tuesday, TL, T, TF, and TS main contracts declined. There are news about visa - free policies for Russia and high UK bond yields. The central bank conducted 2557 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1501 billion yuan [4]. - **Strategy**: Although the manufacturing PMI improved in August but remained below the boom - bust line, and exports may face pressure. With loose funds and weak domestic demand recovery, interest rates are expected to decline, but the bond market may oscillate in the short - term [4][5]. Precious Metals - **Market**: Shanghai gold and silver, and COMEX gold and silver prices rose. The weak US economic data and potential Fed policy changes supported precious metal prices. - **Outlook**: The Fed may enter an unexpected interest - rate cut cycle, which will be beneficial to precious metals. Silver may outperform gold, and the strategy is to go long on silver on dips [6][7]. Non - ferrous Metals Copper - **Market**: Copper prices rose. LME copper inventory decreased, and domestic copper supply pressure was relieved by factors such as tight scrap supply and smelting maintenance. - **Outlook**: With a high probability of Fed rate cuts and strong price support, copper prices are expected to be oscillating and strengthening in the short - term [9]. Aluminum - **Market**: Aluminum prices rose. Domestic electrolytic aluminum inventory was relatively low, and demand was marginally improving. - **Outlook**: With a dovish Fed signal, aluminum prices are supported. Attention should be paid to inventory changes, and prices may rise if the inventory turns [11]. Zinc - **Market**: Zinc prices showed a low - level oscillation. Zinc concentrate inventory increased seasonally, and social inventory of zinc ingots continued to rise. - **Outlook**: Despite high Fed rate - cut expectations, the industry is in an oversupply situation, and zinc prices are expected to oscillate at a low level [12]. Lead - **Market**: Lead prices were expected to strengthen. Lead concentrate inventory decreased, and supply was marginally reduced. - **Outlook**: With high Fed rate - cut expectations, lead prices are expected to run strongly [13][14]. Nickel - **Market**: Nickel prices were weakly oscillating. Nickel iron prices were expected to be stable and strong, and the supply of intermediate products was tight. - **Outlook**: With positive macro - atmosphere and potential policy support, nickel prices have limited downside space. The strategy is to go long on dips [15]. Tin - **Market**: Tin prices oscillated. Supply decreased significantly due to slow mine复产 and planned smelter maintenance, while demand was in the off - season. - **Outlook**: Tin prices are expected to oscillate in the short - term [16]. Lithium Carbonate - **Market**: Lithium carbonate prices continued to decline. There was a lack of positive drivers, and the market was in a weak adjustment. - **Outlook**: Pay attention to overseas supply and industrial news. The price reference range for the 2511 contract is 70,000 - 74,500 yuan/ton [17]. Alumina - **Market**: Alumina prices rose slightly. Ore supply was disturbed, and futures inventory increased. - **Outlook**: After a sharp decline, the downside space is limited. The strategy is to wait and see. The reference range for the AO2601 contract is 2900 - 3300 yuan/ton [18][19]. Stainless Steel - **Market**: Stainless steel prices were strong. Concerns about nickel supply and approaching traditional consumption seasons supported prices. - **Outlook**: With the approaching of the consumption season, demand is expected to increase, and prices may rise [20]. Cast Aluminum Alloy - **Market**: Cast aluminum alloy prices rose slightly. The market was transitioning from the off - season to the peak season, and costs were supportive. - **Outlook**: Prices are expected to run at a high level in the short - term [21]. Black Building Materials Steel - **Market**: Rebar prices rose slightly, and hot - rolled coil prices declined slightly. Production was high, demand was weak, and inventory was accumulating. - **Outlook**: If demand does not improve, prices may continue to decline. Attention should be paid to raw material prices and production restrictions [23][24]. Iron Ore - **Market**: Iron ore prices rose slightly. Overseas shipments increased, and steel production decreased. - **Outlook**: Iron ore prices are expected to oscillate weakly in the short - term. Attention should be paid to the impact of steel mill restrictions [25][26]. Glass and Soda Ash - **Glass**: Prices were stable. Production was high, inventory decreased, and demand was weak. Prices are expected to oscillate weakly in the short - term, and may rise if policies are favorable [27][28]. - **Soda Ash**: Prices were stable. Production increased, inventory decreased, and demand was average. Prices are expected to oscillate in the short - term and may rise in the long - term [28]. Manganese Silicon and Ferrosilicon - **Market**: Manganese silicon prices were weakly oscillating, and ferrosilicon prices declined slightly. - **Outlook**: With the weakening of "anti - involution" sentiment, prices are expected to move towards fundamentals. Manganese silicon may remain weak before mid - October, and the strategy is to wait and see [29][30][31]. Industrial Silicon and Polysilicon - **Industrial Silicon**: Prices declined slightly. Supply was increasing, demand was weak, and prices are expected to oscillate weakly in the short - term [32][33]. - **Polysilicon**: Prices declined slightly. Supply was increasing, and the market was in a "weak reality, strong expectation" situation. Prices are expected to fluctuate highly, and may rise if positive news emerges [34][35]. Energy and Chemicals Rubber - **Market**: NR and RU oscillated. Weather in Thailand may push prices up, and there are different views on supply and demand. - **Strategy**: A long - term bullish view. In the short - term, a bullish approach is recommended, and partial closing of the long - RU2601 and short - RU2509 position is suggested [37][40]. Crude Oil - **Market**: Crude oil and related product prices rose. Geo - political premiums disappeared, but prices were undervalued. - **Strategy**: Maintain a long - position view, but avoid chasing high prices [41]. Methanol - **Market**: Methanol prices declined. Supply was increasing, demand was weak, and the market was in a weak state. - **Strategy**: Wait and see [42][43]. Urea - **Market**: Urea prices rose. Supply decreased, demand was mainly from exports, and inventory was high. - **Strategy**: A long - position at low prices is recommended [44]. Styrene - **Market**: Styrene prices declined, and the basis strengthened. Supply was increasing, demand was improving seasonally, and inventory was high. - **Outlook**: Prices may rebound after inventory decreases [45]. PVC - **Market**: PVC prices declined. Supply was strong, demand was weak, and exports were expected to decline. - **Strategy**: A short - position is recommended [47]. Ethylene Glycol - **Market**: EG prices declined. Supply was increasing, demand was recovering from the off - season, and inventory was expected to increase in the medium - term. - **Outlook**: Prices may decline in the medium - term [48][49]. PTA - **Market**: PTA prices declined. Supply was undergoing de - stocking, demand was improving, and processing fees were affected. - **Outlook**: A long - position at low prices following PX is recommended [50]. Para - Xylene - **Market**: PX prices declined. Supply was high, downstream PTA had many unexpected maintenance, and inventory was expected to be low. - **Outlook**: A long - position at low prices following crude oil is recommended [51]. Polyethylene (PE) - **Market**: PE prices declined. Cost support exists, supply is limited, and demand is expected to increase seasonally. - **Outlook**: Prices may oscillate upwards [52]. Polypropylene (PP) - **Market**: PP prices declined. Supply pressure is high, demand is rebounding seasonally, and inventory pressure is high. - **Strategy**: A long - position on the LL - PP2601 contract at low prices is recommended [53]. Agricultural Products Live Pigs - **Market**: Pig prices showed mixed trends. Supply may be weak in September, but demand and other factors may support prices. - **Strategy**: Wait and see, pay attention to low - level rebounds, and consider a far - month reverse spread [55]. Eggs - **Market**: Egg prices were mostly stable. Supply was high, demand was average, and market sentiment was pessimistic. - **Strategy**: A short - position on the near - month contract on rebounds and a reverse spread are recommended [56]. Soybean and Rapeseed Meal - **Market**: US soybeans declined, and domestic soybean meal rebounded slightly. Inventory is high, and de - stocking depends on the inflection point of processing volume and arrivals. - **Strategy**: A long - position at low prices within the cost range is recommended [57][58]. Oils and Fats - **Market**: Three major domestic oils rebounded. Indian palm oil imports were large, and there are multiple factors supporting prices. - **Strategy**: Palm oil may rise in Q4 due to the B50 policy. An oscillating and strengthening view is taken before inventory accumulates and demand feedback is negative [59][60]. Sugar - **Market**: Sugar prices oscillated. The global sugar gap is expected to narrow, and domestic supply may increase. - **Strategy**: A bearish view is maintained. The downward space depends on the performance of the external market [61][62]. Cotton - **Market**: Cotton prices oscillated. Global cotton production and inventory are expected to decline, and domestic inventory is low. - **Outlook**: Prices may oscillate at a high level in the short - term [63].

消息面上，首程控股旗下北京机器人产业发展投资基金宣布对人形机器人企业"松延动力"完成数千万元 人民币追加投资，这是继2024年3月首轮投资后的再次加码。此次投资将用于支持松延动力在机器人本 体优化、仿生人脸迭代及规模化应用推进。据悉，松延动力作为聚焦人形机器人本体与仿生人脸研发的 人工智能企业，已在科研、教育、服务等领域形成显著竞争优势，其仿生人脸产品在博物馆、商超等场 景落地，逼真度和交互性能全球领先。在2025世界人形机器人运动会中，松延自主研发的机器人"小顽 童"荣获自由体操、跳远金牌及舞蹈银牌等多项奖项，体现其高动态控制与AI动作生成的技术实力。 另外，首程控股近日还发布了亮眼的中报业绩，2025年上半年总营收达7.31亿港元，同比增长36%；归 母净利润3.39亿港元，同比增长30%。资产运营业务收入5.11亿港元，同比增长26%，资产融通业务收 入2.2亿港元，同比大增69%。公司延续高分红传统，全年累计派息11.59亿港元，股息率近8%，并回购 超4000万股，兼具"现金牛+成长股"属性。 港股市场机器人概念股集体走强，其中，首程控股(0697.HK)盘初拉升大涨超15%，领涨机器人板块， 股价 ...

今年6月，宇树科技创始人王兴兴在夏季达沃斯论坛上表示，宇树科技年度营收已超10亿元人民币，公 司规模达到约1000人。 在今年8月举办的2025世界机器人大会上，王兴兴提到，2025年上半年人形机器人行业非常火爆，加上 政策的支持，行业整机厂商及零部件厂商每家平均有50%至100%的增长，这意味着需求端拉动了整个 行业的发展。 王兴兴在接受中国证券报记者采访时进一步介绍："从出货量的角度，未来几年，全球人形机器人行业 每年翻一番应该是可以保证的，如果有更大的技术突破，未来2到3年，一年出货几十万台甚至上百万台 也有可能。" 人形机器人企业密集融资。7月，星动纪元、云深处相继宣布完成近5亿元融资，星海图、千寻智能、众 擎机器人、逐际动力也官宣融资；6月中下旬，银河通用宣布完成由宁德时代及溥泉资本领投的11亿元 人民币新一轮融资；5月，魔法原子宣布完成数亿元的新一轮战略融资，是半年时间内该公司完成的第 二轮超亿元融资。 ● 本报记者 郑萃颖 宇树科技公布最新上市进展。9月2日，经中国证券报记者求证，宇树科技在社交媒体平台发布声明称， 公司正积极推进首次公开募股（IPO）的筹备工作，并预计将于10月至12月间向证券 ...

Market Overview - The A-share market showed fluctuations in early trading on September 3, with the Shanghai Composite Index up by 0.03%, the Shenzhen Component Index up by 0.26%, and the ChiNext Index up by 0.35% [1] - Despite recent adjustments, the overall upward trend of the market remains intact, with expectations for continued oscillation and upward movement after profit-taking [1][9] Key Sectors Gold Sector - The gold concept stocks continued their upward trend, with silver and non-ferrous metals stocks achieving three consecutive trading limit increases [1] - International gold prices reached new historical highs, with New York futures crossing $3600 per ounce and spot gold surpassing $3530 per ounce [2] - Major stocks in the gold sector include: - Silver Nonferrous Metals (SH 601212): +10.09% - Western Gold (SH 601069): +9.75% - Jiangxi Copper (SH 600362): +5.62% [3] Robotics Sector - The robotics concept stocks maintained strong performance, with companies like Zhejiang Rongtai, Spring Engineering, and Qin Chuan Machine Tool achieving two consecutive trading limit increases [1] - The announcement from Yushu Technology regarding its upcoming IPO and sales projections for various robotic products contributed to the sector's strength [4] - Key stocks in the robotics sector include: - EVE Energy (300014): +12.61% - Dongjie Intelligent (9880003 B): +10.51% - Spring Engineering (002547): +10.10% [5] Institutional Insights - Industrial analysts emphasize the importance of structural rotation over rhythm in the current market environment, suggesting that a "healthy bull" market requires alternating upward movements across sectors [6] - The outlook remains positive for a "systematic slow bull" market, although short-term volatility is expected [7] - Analysts recommend maintaining long-term positions while being cautious with short-term trades, particularly in sectors like large finance and technology [8]

集团未来将坚定不移地持续加大在机器人产业的投资布局，尤其是与产品成熟和商业化进展顺利的企业 进行持续合作，推动被投企业产业加速商业闭环和开拓更多落地场景，推动中国智能机器人产业蓬勃发 展。 松延动力是一家聚焦于人形机器人本体和仿生人脸研发、制造和销售的人工智慧公司，致力于通用人工 智慧本体、机器人仿生以及具身操作系统等多个方向的研发。此次投资将有助于松延动力加速仿生人脸 的迭代升级和人形机器人本体的产品优化，进一步加速人形机器人产业的商业闭环，成为全球领先的智 能机器人企业。 首程控股(00697)高开逾5%，截至发稿，涨5.53%，报2.29港元，成交额3239.43万港元。 消息面上，首程控股发布公告，近日，集团所属首程资本旗下公司(公司的全资附属公司)所管理的北京 机器人产业发展投资基金(有限合伙)(北京机器人基金)投资松延动力(北京)科技有限公司(松延动力)，本 次投资是继2024年3月投资之后的追加投资，将进一步促进被投企业加大研发投入和产品迭代升级，巩 固并提升其在人形机器人赛道的领先地位。 ...