证券研究报告 | 2025年07月04日 | 晨会纪要 | | --- | | 数据日期:2025-07-03 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3461.15 | 10534.58 | 3968.06 | 11978.99 | 3031.14 | 984.94 | | 涨跌幅度（%） | 0.18 | 1.17 | 0.61 | 1.00 | 1.33 | 0.23 | | 成交金额（亿元） | 5002.11 | 8095.21 | 2696.09 | 3031.02 | 3820.01 | 197.04 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【常规内容】 宏观与策略 固定收益周报:政府债务周度观察-三季度地方债计划发行 2.7 万亿 策略专题:震荡前行，飘红收官-A 股市场 2025 上半年极简复盘 行业与公司 ...

证券研究报告 | 2025年07月03日 九号公司-WD（689009.SH） 优于大市 智能短交通及服务类机器人领军企业，多元新业务持续成长 智能短交通及服务类机器人领军企业，具备创新及智能化基因。九号公司早 期以平衡车及滑板车起步，依托小米销售渠道实现扩张，上市后发力自主品 牌，布局产品线广泛，2024 年电动平衡车及滑板车/电动两轮车/机器人/全 地形车收入占比分别为 23.8%/50.8%/6.3%/6.9%，电动两轮车收入占比最高。 公司智能化技术壁垒深厚，管理团队拥有较强智能化背景、技术中台能够实 现底层技术复用、积累智能化核心技术，获得市场认可。 智能化为矛，打开高端电动两轮车市场空间。2025 年以旧换新政策提升行业 景气度；新国标有望促进头部企业份额提升，长期看电动两轮车行业进入门 槛有望提高，头部品牌持续加强高端产品布局，引导消费者付出更高溢价， 高端电动两轮车市场空间有望扩容。高端市场主要以九号、小牛、极核等品 牌为主，九号在电动两轮车领域侧重软件及智能化布局，真智能系统从 1.0 到 3.0 持续迭代升级，构建完善智能化功能矩阵，带来较强感知。公司已经 在消费者心中树立智能化、高端品牌 ...

Group 1: Financing and Investment - ShunJing Pharmaceutical has completed a 300 million RMB Series A financing round, led by multiple investment firms including Songhe Fund and Dacheng Fund [1] - The funds will primarily be used to accelerate the Phase II clinical trials of SGC001, a novel antibody drug for acute myocardial infarction, and other core pipeline IND applications and clinical research [1] - Horizon Robotics has announced a successful 100 million USD Series A financing round, attracting numerous domestic and international investors [2] Group 2: Product Development and Innovation - ShunJing Pharmaceutical focuses on developing first-in-class (FIC) and best-in-class (BIC) drugs, with SGC001 being the fastest in development, having received IND approval from both the FDA and the National Medical Products Administration [1] - The company aims to enhance its strategic layout in the biopharmaceutical industry, aligning with China's 14th Five-Year Plan for biopharmaceutical development [1] - Horizon Robotics has built a complete product system covering chips, algorithms, and software to meet the diverse needs of intelligent robots across various sectors [3] Group 3: Market Expansion and Ecosystem - ShunJing Pharmaceutical's funding is expected to deepen its strategic layout and enhance its long-term operational development [1] - Horizon Robotics is expanding its developer ecosystem, empowering over 200 small and medium-sized creators and incubating nearly 100 new types of intelligent robots [5] - The company has established partnerships with over 200 universities to cultivate talent in the field of intelligent robotics [6] Group 4: Industry Trends and Future Outlook - The financing activities reflect a growing interest in the biopharmaceutical and intelligent robotics sectors, indicating a robust investment climate [2][4] - Companies are increasingly focusing on integrating innovative technologies and expanding their product offerings to capture larger market shares [2][5] - The advancements in intelligent robotics and biopharmaceuticals are expected to contribute significantly to the overall growth of the respective industries in the coming years [1][3]

Group 1: Market Outlook - CITIC Securities predicts that Chinese equity assets are entering an annual-level bull market starting from Q4 2025, with a simultaneous expansion of fiscal and monetary policies across major global economies [2] - The market is expected to shift from a focus on small-cap stocks to a trend-driven rally in core assets, marking a significant change since 2021 [2] Group 2: Industry Trends - Key long-term trends identified include the enhancement of China's independent technological capabilities, Europe's focus on energy, infrastructure, and resource reserves, and China's acceleration in improving social security and stimulating domestic demand [2] - The 2025 economic and social development plan is anticipated to guide China's industries towards higher quality development, with a focus on future industries such as 6G, embodied intelligence, and artificial intelligence [1] Group 3: Private Fund Performance - In 2024, 23.36% of the 3938 private fund products reported dividends, with Junfu Investment leading with 17 dividend-paying products [3] - Among the 429 billion-yuan private fund products, 13.75% had dividends, with the top managers being Ruanfu Investment and Tianyan Capital [3] Group 4: Financing Activities - Manbi Intelligent, an AI company, completed a new round of financing worth several hundred million yuan, with notable investors including Moutai Fund and Hongtai Fund [4] - Tantu Technology announced the completion of a several hundred million yuan Series B financing, aiming to enhance core component R&D and expand market presence [5] Group 5: Corporate Developments - Taikang Asset's private fund management company has completed registration with an initial investment scale of 12 billion yuan, focusing on private securities investment funds [6] - Zhongtai Securities has received approval for a public offering of up to 6 billion yuan, with plans for investments in technology, alternative investments, and wealth management [7][10]

5月29日，据坦途智能科技微信公众号消息，近日，全球智能短交通公司坦途科技完成数亿元B轮融 资，投资方为追创创投。坦途科技表示，本轮融资完成后，公司将加强核心零部件的研发和突破，实现 全领域自主开发，加速新品类的布局，在酷玩车、高尔夫球包车等品类上重点发力，公司还将持续开拓 全球化市场，挖掘更大的市场空间。 ...

新消费导读 消费塑造中国经济。 编辑：竺天 审核： Single 5月22 日 -23 日，由北京市商务局指导，通州区商务局支持、国际品牌研究和赋能平台 iBrandi品创主办的第三届品创·品牌节将以「全球 新流行」为活动主线开展为期两天的大会议程。 以下文章来源于iBrandi品创 ，作者赋能全球品牌 iBrandi品创 . 以"赋能全球品牌"为使命，探索品牌发展的无限可能，并通过无限种可能，赋能品牌成长。 这是新消费智库第 2 6 4 2 期文章 在消费市场的迷雾中，一群「非典型」品牌正以破竹之势改写游戏规则。当传统行业还在困守品类边界时，它们早已跳出「卖产品」的窠臼， 化身为「新生活方式的翻译官」。 这些难以被标签化的「商业怪兽」，正以颠覆式姿态，在新周期下开辟出属于 Z世代的「流行新大陆」。它们是诞生即自带全球化基因的玩 家。 基于以上，第三届品创 ·品牌节以「全球新流行」为活动主线，以"论坛+奖项赛事+新生活方式展+私享会+线上线下视频播客栏目"多位一体 的形式展开。在长达100余天的精心筹备后，活动以为期2天的线下盛大落地为开端。深度挖掘 "全球新年轻人的新生活方式"，探寻并捕捉 "全球新流行" ...

中新网江苏新闻5月21日电(记者 唐娟)中国智能短交通企业九号公司第700万台智能两轮电动车近日在常 州下线。这一里程碑背后，是其海外市场收入占比超五成、技术驱动业绩增长的成绩。数据显示，九号 公司2024年营收达141.96亿元，净利润同比激增81%，研发投入累计达30亿元。这一发展轨迹与中国制 造业转型趋势形成呼应，近年来，技术密集型产品正逐步替代传统劳动密集型出口模式。 企业负责人接受媒体采 访。唐娟 摄 全球制造业竞争格局加速重构的背景下，中国企业的突围路径愈发清晰。以九号公司为例，其智能两轮 电动车业务年销量从2021年的不足45万台跃升至2024年的近260万台，核心产品均价较行业平均水平高 出20%以上。这种"技术溢价"能力的形成，源于持续的研发投入：2020年至2024年，该公司累计投入费 用超30亿元，建成国内短交通领域唯一双CNAS认证实验室，检测数据获全球100余国互认。公司计划 下半年推出技术品牌"凌波OS"，整合十年技术积累，试图定义短交通智能化标准。 全球化布局的复杂性考验着中国企业的应变能力。九号公司采取"场景适配"策略：在法国，其电动滑板 车占据31%市场份额；针对欧美庭院场景 ...