据了解，"灵掘"作为全球首个"端到端"工程机械具身模型，依托多模态数据驱动的自主学习技术，彻底 颠覆传统开发模式。三大突破包括技术路径革新：摒弃传统分模块开发与场景定制模式，首创端到端一 体化模型，实现泛化性能质的飞跃；数据"飞轮"驱动：训练数据直接来自真实矿山作业场景，精准攻克 仿真数据无法解决的场景难题；全面国产化：基于自研国产框架打造，核心算法与硬件芯片完全自主可 控，保障技术安全与供应链稳定。 新浪科技讯 7月26日下午消息，今日，世界人工智能大会（WAIC）现场，网易旗下工程机械智能化品 牌网易灵动召开露天矿山具身智能技术发布会，正式推出全球首个专为露天矿山挖掘机装车场景打造的 具身智能模型——"灵掘"。此次发布深度响应国家能源局"2025年大型露天煤矿实现智能连续作业和无 人化运输"的战略目标，为《智能化煤矿建设指南》提供了可规模化落地的技术范本。 责任编辑：凌辰 在内蒙古霍林河北露天煤矿的严苛环境中，"灵掘"单机装车效率已达人工80%，近70%作业时间无需人 为干预，成功适配极寒、高粉尘等严苛环境与多型号矿卡。 面对人力短缺与安全风险双重挑战，网易灵动此前已与徐工、山河智能、中铁系央企等30余家 ...

Group 1 - The core viewpoint of the article highlights the contrasting IPO trends between A-shares and Hong Kong stocks, with the latter experiencing a surge in IPO activities due to the introduction of the "Specialized Technology Company Line" [2][4][10] - The "Specialized Technology Company Line" policy aims to facilitate the listing process for specialized technology and biotechnology companies, allowing them to submit applications confidentially, which is expected to alleviate the exit difficulties faced by investors in the primary market [3][6][8] - The Hong Kong Stock Exchange has seen a significant increase in IPO activities, with 17 companies listed in the first quarter of 2025, raising a total of HKD 18.7 billion, nearly four times the amount raised in the first quarter of 2024 [11][12] Group 2 - The introduction of the "Specialized Technology Company Line" is viewed as a major benefit for early-stage companies, as it reduces the risk of sensitive information leakage and enhances the autonomy of companies preparing for listing [8][14] - The new policy is expected to attract more high-quality companies to list in Hong Kong, reshaping the capital market landscape, particularly for innovative sectors like biotechnology [14]

Core Viewpoint - The report from CICC suggests that A-shares are likely to experience a "good start" after the holiday due to marginal improvement in the performance of listed companies in the first quarter and positive external factors during the A-share market closure [1] Group 1: Market Performance - A-share companies showed marginal performance improvement in Q1 [1] - Positive external market conditions, including better performance of Hong Kong and US stocks during the A-share market closure, are expected to influence A-shares positively [1] Group 2: Investment Recommendations - Focus on sectors with recovering demand and low tariff impact, such as AI development, cloud computing, and robotics [1] - Consider export sectors with low exposure to the US, including engineering machinery, power grid equipment, and commercial vehicles [1] - Highlight high cash flow and low external demand correlation sectors, such as hydropower, telecommunications, and leading companies in the food and beverage industry [1]

Investment Rating - The report assigns an "Overweight" rating to the company with a target price of RMB 22.68, compared to the current price of RMB 19.40 [3]. Core Insights - The company is at an inflection point of cyclicality improvement in the domestic engineering machinery sector, with expectations of structural improvement in overseas markets. The company is anticipated to see valuation improvement due to its strong product capabilities and global competitiveness [5][12]. - The company's revenue for 2024 is reported at RMB 78.383 billion, reflecting a year-on-year increase of 5.90%, with a net profit attributable to shareholders (NPAtS) of RMB 5.975 billion, up 31.98% year-on-year [5][6]. - The operating cash flows reached a record high of RMB 14.814 billion, marking a significant increase of 159.53% year-on-year [5][6]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025 and 2026 have been raised to RMB 0.99 and RMB 1.21, respectively, with a projected EPS of RMB 1.38 for 2027. The price-to-earnings (PE) ratio for 2025 is set at 23x, which is above the industry average of 16.83x [5][12]. - The company’s gross profit margin (GPM) for 2024 is reported at 26.43%, with a net profit margin (NPM) of 7.83%, an increase of 1.54 percentage points year-on-year [5][6]. Operational Performance - The company has maintained high-quality development with improved risk control and operational quality. It ranks first in domestic market share for key products such as excavating machinery and concrete machinery [7]. - The international market has shown strong growth, with overseas revenue reaching RMB 48.513 billion, a year-on-year increase of 12.15% [7]. Financial Summary - The balance sheet shows total assets of RMB 152.145 billion for 2024, with owners' equity at RMB 71.953 billion and a net debt ratio of -13.67% [4][8]. - The company’s revenue is projected to grow to RMB 101.877 billion by 2027, with NPAtS expected to reach RMB 11.671 billion [6][8].

一、今日盘面及消息催化：机构主导行情落地起飞，机器人打完太极又要长跑停不下来 今天上午大洋两岸开会都备受市场瞩目，我们的大A因为资金成分复杂走得震荡些，不过最终有惊无险，三大股指都收红；港股则气势如虹，科 技和消费双齐飞，恒指收涨2.84%，恒生科技指数涨4.02%。 结合资金结构和上涨个股来看，今天港A股的上涨行情都是机构在主导，其中A股主力净流入预计超380亿，港股南向净买入83.69亿，一改前两 天颓势。 板块表现方面， 人形机器人继续强势 ，工程机械、算力租赁、商业航天等板块涨幅居前，前期高低轮的光伏设备、房地产、医药商业、化肥等 板块跌幅居前。 今天我们这边整体都符合市场预期甚至有部分超预期，对岸则继续各种表演但还算不越规（其中特朗普称应废止520亿美元的芯片法案则显得突 然），而市场经过前面不到一周的休整，在两边大事件平稳落地后，整个市场风偏和中国资产行情也大概率续飞，后面产业政策和行业事件驱动 的科技创新为引领的新质力行情仍将继续。 正如我们在上周三文章 《券商合并小作文带飞大盘，两会行情正在展开？》 所提到的两会中新质力板块会有表现，而主线科技牛引领的中国资 产重估行情则仍将继续。 那么，最强 ...