（编辑 袁冠琳） 证券日报网讯 汇川技术10月27日发布公告，在公司回答调研者提问时表示，软银收购ABB机器人业 务，从侧面反映中国企业在六关节机器人等领域的竞争力正不断增强，国际巨头面临着中国机器人企业 崛起的压力。虽然汽车等高端市场目前仍由外资主导，但这也是未来最大的替代市场。随着中国企业在 机器人本体性能和工艺技术方案上的不断成熟，正逐步向汽车等高端应用领域渗透。公司将重点发 展"AI+视觉"技术，并将其深度融合到工业机器人中，提升智能化水平，把握机器人的重要发展机遇。 ...

Core Viewpoint - The A-share market is experiencing a bullish trend, with the Shanghai Composite Index approaching 4000 points, marking a nearly 10-year high, and the Robot ETF Fund (159213) seeing significant inflows and performance gains [1][5]. Group 1: Market Performance - On October 27, the Shanghai Composite Index rose by 1.18%, reaching a new high in nearly a decade [1]. - The Robot ETF Fund (159213) increased by 1.21%, with a latest price of 1.25 yuan [1]. - Over the past 10 trading days, there have been net inflows on 7 days, totaling over 40 million yuan [1]. Group 2: Component Stocks Performance - Major component stocks of the Robot ETF Fund saw varied performance, with Dahua Technology rising over 7% and Dazong Laser increasing over 2% [3]. - The top ten component stocks include: - Huichuan Technology: 10.59% (-0.14%) - Keda Xunfei: 9.09% (+0.51%) - Dahua Technology: 5.07% (+7.72%) - Stone Technology: 5.04% (-0.75%) - Dazong Laser: 4.45% (+2.89%) [3]. Group 3: Industry Catalysts - Recent developments in the robotics sector include the unveiling of a humanoid robot pilot base in Hangzhou and ongoing support from the Ministry of Science and Technology for AI initiatives [4]. - JD Logistics plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years, enhancing its position in smart logistics [4]. - Significant advancements in robot path planning have been reported by a research team at Harbin Institute of Technology, contributing to safer and more efficient navigation for ground robots [4]. Group 4: Company Financials - Dahua Technology reported a revenue of 7.731 billion yuan for 2025, a slight increase of 1.95% year-on-year, and a net profit of 1.060 billion yuan, reflecting a substantial year-on-year increase of 44.12% [5]. - The robotics sector is expected to see continued interest from institutions in the fourth quarter, with a focus on core T-chain stocks and opportunities in the domestic supply chain [5][6]. Group 5: Future Outlook - The T-chain is anticipated to have further catalysts, including Tesla's operational goals related to humanoid robots and upcoming product showcases [6]. - Domestic companies are accelerating their capital processes and order acquisitions, with notable developments from XPeng and Nvidia [6]. - The industry is entering a pivotal phase for humanoid robot mass production, indicating a significant market opportunity [6].

Core Viewpoint - Humanoid Global Holdings Corp. has appointed Saman Farid to its Investment Advisory Board, aiming to enhance its investment strategies in the humanoid robotics and embodied AI sector [1][4]. Group 1: Appointment of Saman Farid - Saman Farid is the founder and CEO of Formic Technologies Inc., which focuses on providing robotics-as-a-service to help U.S. manufacturing businesses improve labor and productivity through automation [2]. - Farid has extensive experience in global investments in artificial intelligence and robotics, having previously led Baidu Ventures' global investment fund and founded Comet Labs [3]. - His role at Humanoid Global will involve advising on investment and capital allocation, including deal origination, investment analysis, due diligence, and portfolio monitoring [4]. Group 2: Advisory Agreement Details - The advisory agreement with Saman Farid is set for a term of twenty-four months starting from October 27, 2025, with the option for either party to terminate at any time [5]. - The company has granted Farid 25,000 incentive stock options at an exercise price of $1.31, vesting over a year, and 25,000 restricted share units that will vest immediately [6]. Group 3: Company Overview - Humanoid Global Holdings Corp. is a publicly traded investment issuer focused on building a portfolio of pioneering companies in the humanoid robotics and embodied AI sector, providing liquidity and access to an actively managed portfolio [7]. - The company aims to support transformative technologies through capital and strategic consultation, including go-to-market strategies and regulatory pathways [7].

Core Insights - The Robot ETF (159770) has shown a significant increase of 1.03% as of October 27, 2025, with a trading volume of 3.55 billion yuan and a turnover rate of 3.84% [3] - Notable individual stocks within the ETF include Xibang Intelligent (301112) up by 13.05%, CITIC Heavy Industries (601608) up by 10.03%, and Dahua Technology (002236) up by 8.52% [3] - The ETF has seen substantial inflows, with a total subscription of 1.08 billion shares, indicating strong investor interest [3] Fund Performance - As of October 24, 2025, the Robot ETF (159770) has increased by 4.94% over the past week, ranking first among comparable funds [4] - The fund's scale has grown by 6.02 billion yuan, reaching a new high of 85.96 billion shares since its inception [4] - The ETF recorded a net inflow of 2.09 billion yuan on a single day, leading its category, with a total of 4.77 billion yuan in net inflows over the past week [4] - Over the past year, the net value of the Robot ETF has risen by 45.02%, also ranking first among comparable funds [4] Industry Trends - In September, sales of domestic smart wearable devices and robotic vacuum cleaners increased by over 15% year-on-year, reflecting a significant growth in new consumption [6] - The sales of robotic vacuum cleaners reached 10.6 billion yuan from January to July 2025, with a year-on-year growth rate of 40% [6] - The growth is attributed to policy support and an upgrade in consumer demand, with young consumers increasingly viewing robotic products as necessities rather than optional purchases [6] Technological Advancements - A research team from Harbin Institute of Technology (Shenzhen) has developed a real-time multi-level terrain perception path planning framework, enhancing the efficiency and stability of robotic navigation in complex terrains [7] - This technology significantly reduces risks of tipping and bottoming out, improving success rates in traversing challenging environments [7] Market Outlook - Open Source Securities highlights that the humanoid robot industry is entering a critical transition phase, shifting from scenario exploration to large-scale production [8] - The industry is driven by policy guidance and collaboration with the new energy vehicle supply chain, accelerating order fulfillment and capacity preparation [8] - Humanoid robots are projected to be one of the largest technology industry tracks over the next twenty years, with current growth rates at their peak [8]

传动系统 微链优势 导 语 类人机器人技术的兴起代表着自动化领域最有前景的前沿之一，其应用涵盖制造业、医疗保 健、服务业和人类辅助。 随着企业和行业寻求整合更先进的机器人解决方案，驱动机器人肢体的传动系统已成为关键 的差异化因素。 在各种可用的驱动技术中，微链系统正在成为一种重要解决方案，解决了现代灵巧机器人 手、臂、腿所面临的根本挑战。 装配微链驱动系统的类人机器人 展示精密的机械结构（机器人结构构想图） 01 REPORT 多元矛盾集成与市场痛点 传统驱动系统的不足之处 当今企业既要求能执行灵巧操作，又希望保持高可靠性、成本效益和运营效率，即"可靠性-性能- 成本"不可能三角。传统灵巧手驱动系统面临几个关键限制，影响了其实际性能和商业可行性。 可靠性——"停机一小时，损失十万元"： 制造业产线上，灵巧手故障会令整条产线停摆。某汽车零部件工厂主管指出："产线每小时产值 12万元，灵巧手停机两小时，直接损失就是24万元，还不算后续的延期赔偿。"企业真正需要的 是百万次以上的循环寿命。 一致性——批量生产和AI训练的前提 ： 灵巧手商业价值在于泛化性，但现实中同批次产品性能差异较大，导致大规模部署、AI模型训练 ...

灵巧手赛道卷来卷去，终于有防水的了！ 在 灵巧手 技术 性 能不断逼近人手的今天， 一个长期制约灵巧手普及的重要瓶颈仍未被突破—— 防 水 。 这一问题不仅 限制了 各类型机器人 在厨房洗菜、洗碗等涉水场景的落地，也阻碍了 灵巧操控技术 向水下精 细作业等更复杂环境 的延伸。 近日，这一困境被彻底打破。中国初创公司黑漫科技推出 全球首 款 防水灵巧手 WA 系列 ，不仅填补了全球 市场空白， 更有望 解锁从日常生活到极端环境的全场景作业能力，重新定义机器人的作业边界。 ▍ 破局：从 IP68到万米深海的技术突破 公开资料显示，黑漫科技 WA系列灵巧手包括两个版本： 标准版 和 工程版 。 IP68标准版旨在应对日常生活场景， 例如 洗碗、洗菜、洗衣服、做咖啡等 ；而深海工程版是为 水下作业 提供定制化解决方案， 例如 海洋牧场养殖、深海科考、水下工程作业、水下考古、水下救援等。 深海工程版 可承受 3 00m、 10 00m、 30 00m、10000m不同等级的深海压力 ，最深 可在 全球最深点 马里亚纳海沟 作业 。这个深度下，指甲盖大的面积要承 1吨重量（约1辆家用轿车），普通设备会瞬间失 效。 从概念 ...

企查查APP显示，近日，杭州天则科技有限公司发生工商变更，原股东张阳光退出，王兴兴持股比例由99%变更为100%。企查查信息显示，该公司成立于 2020年，法定代表人为王兴兴，注册资本5万人民币，经营范围包括技术服务、技术开发、技术咨询、技术推广等。 pp www L 据证券时报10月21日消息，宇树科技IPO辅导机构中信证券近日提交了"辅导工作进展情况报告（第一期）"。 报告透露，宇树科技2025年第五次临时股东会审议通过了《关于公司更名的议案》，决定公司更名为"宇树科技股份有限公司"（此前为"杭州宇树科技股份 有限公司"），目前正在办理相关工商登记变更程序。 今年6月，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，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，整个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 家企业平均有50%—100%的增长，这意味着需求端拉动了整个行业的发展。 （齐鲁晚报·齐鲁壹点客户端编辑 韩爽综合企查查、证券时报、长安街知事微信公众号） ...

截至2025年10月27日 10:09，机器人ETF(562500)上涨0.78%，成分股信邦智能上涨9.61%，大华股份上涨7.87%，江苏北人上涨4.50%，南网科技上涨4.17%， 大族激光上涨4.10%。拉长时间看，截至2025年10月24日，机器人ETF近1周累计上涨4.81%。 流动性方面，机器人ETF盘中换手2.47%，成交5.83亿元。拉长时间看，截至10月24日，机器人ETF近1月日均成交15.39亿元，居可比基金第一。 回撤方面，截至2025年10月24日，机器人ETF近半年相对基准回撤0.20%，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10月24日，机器人ETF近1年跟踪误差为0.019%，在可比基金中跟踪精度最高。 机器人ETF(562500)紧密跟踪中证机器人指数，中证机器人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 及其它机器人相关上市公司证券作为指数样本，以反映上市公司中机器人相关证券的整体表现。 | 股票代码 | 股票简称 | 涨跌幅 ...

Summary of Tesla, Inc. (TSLA) Conference Call Company Overview - **Company**: Tesla, Inc. (TSLA) - **Industry**: Automobile Manufacturers Key Financial Highlights - **3Q25 Results**: - Revenue: $28.1 billion, up 11.6% year-over-year (y/y) and 24.9% quarter-over-quarter (q/q) [9] - Automotive Revenue: $21.2 billion, 3% above consensus, and up 5.9% y/y [9] - Energy Revenue: $3.4 billion, up 43.7% y/y but missed consensus by 3% [9] - Gross Profit: $5.1 billion with a margin of 18% [10] - Free Cash Flow (FCF): $4 billion, significantly above consensus estimate of $1.5 billion [12] Earnings Performance - **Earnings Per Share (EPS)**: - Adjusted EPS: $0.50, missing consensus of $0.59 [12] - Tax impact accounted for approximately $0.05 of the miss [12] - **Operating Profit**: $1.6 billion with a margin of 5.8%, below UBS estimate of $1.9 billion [11] Production and Capacity Expansion - **Production Capacity**: Current capacity is approximately 2.4 million units, with plans to expand to 3 million units within 24 months [6] - **2025 Production Forecast**: Expected to be around 1.7 million units, with a consensus of 1.9 million units [6] - **Cybercab Production**: Expected to start in Q2 2026 [6] Strategic Initiatives - **Transition to AI**: Tesla is navigating a shift from being primarily an EV maker to focusing on AI technologies [1] - **Optimus Project**: - Targeting to unveil Optimus V3 in Q1 2026, with production expected to start at the end of 2026 [6] - Higher capital expenditure anticipated for 2026, significantly above $9 billion [26] - **Robotaxi Service**: - Completed 250,000 miles in Austin and over 1 million miles in San Francisco [7] - Plans to operate in 8-10 metro areas by year-end [7] Market Dynamics and Challenges - **Tariff Impact**: Total tariff impact in Q3 was over $400 million, affecting both automotive and energy segments [14] - **Market Cap Valuation**: Current market cap reflects approximately $900 billion in value attributed to AI ventures [1] Valuation Metrics - **Price Target**: $247 based on a multiple of 127x the 2027 EPS forecast [8] - **Market Capitalization**: Approximately $1,548 billion [4] - **P/E Ratio**: 64.4 for 2022, projected to be 92.4 by 2029 [4] Conclusion - Tesla's recent performance indicates strong revenue growth, but challenges remain in terms of production capacity and market dynamics. The company's strategic focus on AI and robotics, particularly through the Optimus project and robotaxi services, suggests a long-term vision that may take time to materialize. The current market valuation appears to heavily factor in future AI potential, which could lead to volatility in stock performance as these initiatives progress.

人形机器人产业观察："十五五" 规划中的机遇 20251026 摘要 政策支持对人形机器人产业发展的影响是什么？ 政策支持将显著推动人形机器人的发展。在十五期间，政策内核将从宏观鼓励 转向精确、有利的系统性构建，不再仅视人形机器人为单一产品，而是作为制 造业核心竞争力及应对人口老龄化的战略基础设施。这意味着资源投入更加聚 焦，例如类似于集成电路大基金的人形机器人的专项工程可能会出现。此外， 支持手段将超越资金补贴，转向系统性赋能，如建立国家级开源数据平台和仿 真训练场，大幅度降低企业数据采集成本。同时，一些地方政府可能牵头组织 央国企开放应用场景，为人形机器人提供真实应用图章及迭代反馈。监控框架 也可能前置构建，包括安全、伦理等方面，为未来大规模商用扫清障碍。 人形机器人的市场潜力如何？ 人形机器人的市场潜力巨大，其发展潜力被认为可以与电动汽车相媲美甚至超 过新能源汽车。在 2030 年或更远时间点，人形机器人的市场规模预计会达到 甚至超越电动汽车，并成为一个重要的发展赛道。这不仅是因为其能够推动经 济增长，还因为它能够在工业、服务及特种领域等多个应用场景中实现广泛应 用，从而促进整个社会从劳动密集型向技术密 ...