宇树科技公布最新上市进展。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%。其中，约80%的四足机器人被应用于研究、教 育和消费领域，而剩余的20%则被用于工业领域，如检查与消防。人形机器人完全用于研究、教育和消费领域。 据报道，人形机器人行业企业资本化进程加速。今年8月，智元机器人宣布已完成新一轮战略融资，由LG集团旗下的LG电子以及未来资产集团联合投资。 此前，智元机器人宣布获得正大机器人战略投资。截至目前，智元机器人已完成10轮融资，公司的上市进程也引发市场关注。 东莞证券指出，机器人行业近期受英伟达推出新模型、智元机器人发布多款新产品、天太机器人签署全球最大订单等事件持续催化板块行情。目前人形机器 人设计方案和技术仍相对发散，随着行业加速发展及应用场景落地，技术路径将逐渐收敛。3D打印技术与新材料的结合将推动核心零部件向微小型化发 展，以满足机器人轻量化需求。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自 ...

热门ETF方面，截至发稿，机器人ETF（159770）涨0.85%，成交额超1.7亿元，居深市同标的第一。成 分股方面，东杰智能涨超9%，博杰股份涨超8%，秦川机床、奥比中光-UW、巨轮智能等股涨幅居前。 华泰证券分析认为，机器人赛道投资火热的底层逻辑在于机器人产业进程的不断加快，机器人产业开始 迈入实际的小批量生产阶段，也彰显了市场对人形机器人的远期市场空间的信心和认可度。 资金流向来看，Wind数据显示，机器人ETF（159770）昨日获资金净流入近2.3亿元。此外，Wind数据 显示，截至9月2日，机器人ETF（159770）基金份额、规模均在深市同标的产品中位居第一。 9月3日，A股三大指数走势分化，机器人概念延续强势。 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。 机器人ETF（159770）紧密跟踪中 ...

Core Viewpoint - The humanoid robot sector is experiencing a rise, with the robot industry ETF (159551) increasing by 0.45% on September 2. Tesla's plans for humanoid robots and the upcoming IPO of Yushu Technology are significant developments in this space [1][2]. Group 1: Tesla Developments - Tesla's production in 2026 is expected to exceed previous forecasts, although the authenticity of this claim is yet to be confirmed [1]. - The release of Tesla's "Master Plan" Part 4 aims to integrate AI into physical products and services, with Elon Musk stating that approximately 80% of Tesla's future value will come from the Optimus robot [1]. - The third generation of Tesla's humanoid robots is anticipated to be finalized soon, signaling a potential resurgence in the robot market [1][2]. Group 2: Domestic Market Movements - Yushu Technology plans to submit its IPO application in the fourth quarter, with operational data to be disclosed at that time. The company is currently undergoing listing guidance with CITIC Securities [1]. - The domestic humanoid robot sector is seeing continuous catalytic developments, particularly with the upcoming IPO of a leading domestic robotics company [1]. Group 3: Industrial Robot Market Trends - After a two-year inventory digestion period, the industrial robot market is showing signs of recovery, with a production of 64,000 units in July 2025, representing a 24% year-on-year increase [1]. - From January to July 2025, the cumulative production of industrial robots in China reached 447,000 units, marking a 33% year-on-year growth [1]. - The long-term focus of the industrial robot market is shifting towards intelligent robots, which will enhance penetration in complex application scenarios as algorithms improve and data accumulates [1].

Group 1 - The China-Shanghai Cooperation Organization (SCO) has officially launched three cooperation platforms focusing on energy, green industries, and digital economy to enhance collaboration and promote sustainable development among member states [2] - In August, the number of new A-share accounts reached 2.65 million, a year-on-year increase of 165%, significantly surpassing the same period last year [2] - The software and information technology service industry in China reported a revenue of 83,246 billion yuan in the first seven months of 2025, with a year-on-year growth of 12.3% [2] - The Beijing Stock Exchange reported that all 274 listed companies completed their semi-annual reports, with total operating income of 92.064 billion yuan, reflecting a year-on-year growth of 6.01% [2] - Major food delivery platforms in China, including Meituan, Alibaba, and JD, reported significant declines in net profits due to increased marketing expenses during a competitive period, with Meituan's net profit dropping nearly 90% [2] Group 2 - The Ministry of Finance and the State Taxation Administration of China issued new tax policies to support the management of state-owned equity and cash income for social security fund transfers [2] - The net inflow of southbound funds in Hong Kong reached 9.281 billion HKD, marking a record high since the launch of the mutual market access mechanism [2] - The People's Bank of China reported a net liquidity injection of 300 billion yuan through medium-term lending facilities in August [2] - The IPO application for Yuzhu Technology is expected to be submitted to the stock exchange between October and December, with quadruped and humanoid robots projected to account for 65% and 30% of sales in 2024, respectively [2]

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].