在汽车企业掌门人们还在为确保现金流充足，不断降本增效的同时，另一群从汽车产业出走的前"汽车 人"们却在资本市场拿钱拿到手软。这些汽车人，原先都是在汽车产业从事智能辅助驾系统研发工作， 如今都成了人形机器人赛道的行业新秀。 融资规模和频率令人艳羡 谈及换赛道创业，余轶南表示："智能辅助驾驶是把AI技术嫁接在一个现有的产品形态——汽车上，而 汽车形态在过去一百多年里已经固化了，这个物理躯壳太受限。AI本身的能力越来越大，所以我决定 不再继续做汽车，而是要完全创造一个新的本体，把AI的价值更充分地发挥出来。" "随着全新的AI时代的到来，汽车产业将面临两大变革。一方面，AI会推动自动驾驶甚至无人驾驶的加 速到来；另一方面，汽车产业正在和机器人进行融合。"小鹏汽车董事长何小鹏早就意识到汽车和机器 人技术融合的趋势。在这样的技术背景下，汽车企业纷纷开始启动人形机器人项目，汽车企业智能辅助 驾驶团队创办、加入人形机器人企业的成员也越来越多。 技术同源 "汽车人"造"人"难度更低 7月21日，具身智能机器人公司逐际动力LimX Dynamics新一轮融资获京东战略领投。这一轮融资已经 是逐际动力今年公布的第二轮融资了。虽然 ...

Core Insights - The third China International Supply Chain Promotion Expo showcased over 650 domestic and foreign enterprises, with more than 65% being Fortune 500 and industry-leading companies, and 35% of exhibitors from abroad [1] - Tesla presented its Model 3/Y, V4 Supercharger, second-generation humanoid robot, and battery systems, highlighting its commitment to local production with a 95% localization rate and over 400 signed Chinese suppliers [1] - Tesla's Shanghai Gigafactory has significantly contributed to its global electric vehicle deliveries, with nearly half of the 8 million vehicles delivered coming from this facility [1] Group 1 - Tesla's Shanghai Gigafactory employs a "just-in-time" supply chain model, eliminating traditional fixed parts warehouses and utilizing automated systems for efficient production [2] - The factory's design includes "docks" for direct delivery of components to the production line, allowing for an average of one vehicle to be produced every 30 seconds [2] - This "zero inventory" approach enhances space utilization and production efficiency, demonstrating Tesla's deep integration with local supply chains [2] Group 2 - Tesla's localization efforts have created significant opportunities for Chinese suppliers, fostering the application of advanced manufacturing technologies and leading to a technology spillover effect [3] - China's standards in the electric vehicle manufacturing sector are increasingly becoming international benchmarks, influencing global automotive industry practices [3] - Future competition in the electric vehicle market will focus on system intelligence, ecosystem completeness, and data richness rather than just cost and range [3]

Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) highlighted the rapid transformation of the smart automotive supply chain, with a focus on collaboration and innovation among various stakeholders in the industry [1][6][12] Group 1: Smart Automotive Supply Chain - NVIDIA CEO Jensen Huang's presence at the Chain Expo emphasized the importance of smart automotive technology and the growing interest in Chinese automotive brands like BYD and "Wei Xiaoli" [1] - The Chain Expo showcased a comprehensive view of the smart automotive supply chain, presenting key technologies and products from chips to electric drive systems [1][3] - The collaboration among various companies in the supply chain is crucial, as each component plays a significant role in the overall manufacturing process of smart vehicles [3] Group 2: Tesla's Innovations - Tesla's booth featured the Model "3Y" combination, which attracted significant attention, showcasing its advanced charging solutions and manufacturing capabilities [4] - As of June this year, Tesla has produced over 8 million vehicles globally, with half of that production coming from its Shanghai Gigafactory, which has an annual capacity exceeding 950,000 vehicles and a localization rate of over 95% for components [4][6] - Tesla aims to deepen its relationship with Chinese suppliers to establish global green supply chain standards and explore AI applications in various sectors [6] Group 3: Domestic Innovations - Dongfeng Motor is actively involving suppliers in its research and development efforts, particularly in the area of domestic chip development, showcasing self-developed chips at the Chain Expo [6] - The establishment of a technology innovation consortium for automotive-grade chips in Hubei province aims to streamline the process from demand definition to mass production [6] Group 4: Material Innovations - Battery materials are a focal point, with companies like BetterRay introducing innovative solutions to enhance the lifespan and performance of electric vehicle batteries [7] - CATL showcased its sodium-ion batteries, which promise to reduce reliance on lithium resources and lower costs significantly compared to traditional lead-acid batteries [8] Group 5: AI Integration - The integration of AI technologies in the automotive supply chain is transforming manufacturing processes, with companies like BMW implementing AI applications to enhance quality control and efficiency [11] - The emergence of new players in the automotive supply chain, driven by advancements in AI and technology, is reshaping traditional supplier dynamics [12]

Core Viewpoint - Nanjing is accelerating the construction of a modern industrial system, focusing on the "1+4+6" strategy to enhance industrial strength and achieve breakthroughs in key sectors [4][10]. Group 1: Industrial Strategy and Initiatives - The "1+4+6" framework includes the implementation of the three-year action plan for industrial strength, the establishment of four industry promotion offices, and the formation of six specialized industry teams [4][5]. - The city has introduced a series of industrial action plans and support policies targeting 12 industrial directions and 27 sub-fields, clarifying the focus for attracting investment and developing key industries [5][10]. Group 2: Performance and Growth Metrics - In the first half of the year, the core robotics industry in Nanjing achieved revenue of 19.4 billion, reflecting a year-on-year growth of approximately 20% [6]. - The software and information services sector generated 520 billion in revenue, with a growth rate of 16.5%, while the artificial intelligence core industry reached 26 billion, growing by 26% [6][7]. - The biopharmaceutical industry reported revenues of 118.5 billion, marking an 11.5% increase, and the new generation information communication sector achieved 74.2 billion, with a growth of 12.1% [7]. Group 3: Investment and Project Development - Nanjing successfully attracted 105 projects, with a planned investment of approximately 13 billion, including 41 projects with investments exceeding 100 million [7][9]. - Baiyun Electric plans to invest nearly 10 billion in a smart electrical technology park, aiming to create a significant energy industry cluster with projected revenues of 50 billion upon full operation [9]. Group 4: Future Directions and Goals - The city aims to enhance collaboration between government and enterprises, focusing on improving mechanisms, attracting key enterprises, and providing comprehensive project support [10][11]. - The emphasis will be on nurturing a favorable industrial innovation ecosystem, addressing pain points in technology transfer, and fostering long-term capital investment to support industrial breakthroughs [10][11].

Wind资讯数据显示，截至7月16日收盘，A股市场人形机器人板块共有28家上市公司披露了2025年半年 度业绩预告。其中，有22家公司预喜（预计净利润同比增长、扭亏或减亏）。 具体来看，新能源汽车加速渗透、消费电子市场回暖、智能制造设备升级等因素推高主营业务收入，是 上述22家上市公司中大多数业绩预喜的主要原因。 据了解，今年6月份，埃斯顿参股的南京埃斯顿酷卓科技有限公司发布了第二代人形机器人Codroid 02。公司方面表示，这款人形机器人从自主核心部件、智能架构创新、全场景工业落地三个维度全面展 现了其在具身智能领域的最新成果。 稀土永磁企业江西金力永磁科技股份有限公司7月15日披露的2025年半年度业绩预告显示，预计报告期 内实现归属于上市公司股东的净利润3亿元至3.35亿元，同比增长151%至180%。公司表示，报告期内持 续聚焦新能源和节能环保领域，专注于新能源汽车及汽车零部件、机器人及工业伺服电机等核心应用领 域，并积极配合国际知名科技公司进行具身机器人电机转子研发。 "随着未来机器人自主学习能力与多场景适应性持续提升，叠加其技术不断迭代并重塑制造业、服务业 的人机协作模式，机器人行业的市场空间还 ...

Core Viewpoint - The Hong Kong stock market is experiencing a surge in IPOs from robotics companies, driven by a combination of low entry barriers and a growing demand for humanoid robots, with significant capital inflow observed in the first half of 2025 [1][4][8] Group 1: Market Trends - In the first half of 2025, 12 robotics companies have submitted IPO applications to the Hong Kong Stock Exchange, including both emerging firms and established players [1] - The robotics sector has seen a financing amount of 23.2 billion yuan in the first five months of 2025, surpassing the total of 20.9 billion yuan for the entire year of 2024 [1] - The Hong Kong market has completed 42 IPOs in the first half of 2025, raising over 107 billion HKD, a 22% increase compared to the previous year [4] Group 2: Company Performance - Companies like Ubiquity Robotics and Yujian Technology, which went public in Hong Kong, reported significant losses, with Ubiquity's net loss reaching 1.265 billion yuan in 2023 [3][4] - Among the 12 robotics companies applying for IPOs, 10 are currently unprofitable, indicating a trend of losses within the industry [3] - Established companies like Zhaowei Electromechanical and Estun have also faced challenges, with Estun reporting a net loss of 810 million yuan in 2024 [6][7] Group 3: Investment Opportunities - The Hong Kong Stock Exchange has introduced new regulations allowing unprofitable companies to list, which has attracted many robotics firms seeking funding [4][8] - The "A+H" listing strategy allows profitable A-share companies to access international capital markets, facilitating their expansion into the humanoid robotics sector [5][8] - The humanoid robotics market is projected to reach a demand of approximately 2 million units by 2030, with a market size of around 570 billion yuan, indicating significant growth potential [4]

据中国人民银行征信中心消息，根据《国家发展改革委关于进一步降低征信服务收费标准的通知》，中国人民 银行征信中心自2025年7月1日起全面执行征信服务新收费标准。个人柜台查询自身信用报告，每年前2次免 费，自第3次起的收费标准为每次5元。个人通过互联网查询自身信用报告免费。 国家发改委：国内汽、柴油价格每吨分别上涨235元和225元 国家发改委消息，根据近期国际市场油价变化情况，按照现行成品油价格形成机制，自2025年7月1日24时起， 国内汽、柴油价格每吨分别上涨235元和225元。 ★ 宏观动态 ★ 央行征信中心：征信服务新收费标准7月1日正式实施 关税。对此，日本内阁官房长官林芳正今天（7月1日）表示，他不会对美国总统或美国官员的每一项声明进行 评论，但日本不会在与美国的贸易谈判中牺牲农业部门的利益。不过林芳正拒绝透露目前日美贸易谈判的具体 细节。 ★ 金融机构 ★ 国融基金：副总经理兼财务负责人陈祎杰离任 7月1日国融基金公告称，副总经理兼财务负责人陈祎杰离任，该事项经国融基金第三届董事会第十八次会议审 议通过，并按有关规定进行报备。 充电宝上高铁要符合哪些条件？国铁集团回应 据央视新闻，民航局禁止携带 ...

2025 年 06 月 25 日 赵旭东 H70556@capital.com.tw 目标价(元) 24 | 工业机器人及成套设备 | 75.7% | | --- | --- | | 自动化核心部件及运动控制系统 | 24.3% | 机构投资者占流通 A 股比例 | 基金 | 8.9% | | --- | --- | | 一般法人 | 47.8% | 股价相对大盘走势 C o m p a n y U p d a t e 公司基本资讯 | 产业别 | 机械设备 | | --- | --- | | A 股价(2025/6/24) | 19.99 | | 深证成指(2025/6/24) | 10217.63 | | 股价 12 个月高/低 | 28/11.42 | | 总发行股数(百万) | 867.02 | | A 股数(百万) | 782.41 | | A 市值(亿元) | 156.40 | | 主要股东 | 南京派雷斯特 | | | 科技有限公司 | | | (29.40%) | | 每股净值(元) | 2.11 | | 股价/账面净值 | 9.46 | | | 一个月 三个月 一年 | | 股价涨跌(%) ...

Group 1 - The report highlights the accelerating resonance of the domestic and international robotics industry, maintaining a positive outlook on investment opportunities in related sectors [1][28][51] - The report emphasizes the advancements in wheeled and humanoid robots, showcasing the release of the Helios dual-arm wheeled robot and the Codroid 02 humanoid robot, which demonstrate significant capabilities in complex operations and dynamic scene adaptability [1][19][36] - The report suggests focusing on two directions for investment: industrial robots suitable for warehouse and workshop operations, and companion robots targeting family service scenarios, which can enhance model capabilities in real environments [20][49] Group 2 - The MWC2025 event showcased innovations in AI and 5G-A technologies, with ZTE demonstrating comprehensive solutions for AI applications, AI terminals, and network upgrades [21][52][55] - The report notes that operators are expected to increase computational power investments and optimize their layouts, further coordinating key links in the industry chain such as base stations, terminals, and chips [23][55] - The report highlights the launch of various AI-driven products by major telecom operators, including China Mobile's AI+ intelligent computing center and China Telecom's quantum communication solutions, which enhance user experience and security [22][23][56] Group 3 - The Huawei Developer Conference 2025 introduced HarmonyOS 6 and the upgraded Pangu model 5.5, which enhances capabilities in natural language processing and multi-modal applications [24][25][36] - The report indicates that the Pangu model can generate training data for intelligent driving and embodied intelligent robots, facilitating continuous optimization and iteration [25][36] - The report emphasizes the ongoing upgrades in operating systems and various large models by leading manufacturers, which are expected to improve coding and reasoning capabilities while optimizing user experience [25][36]

Investment Rating - The report maintains a "Buy" rating for the mechanical industry, indicating a projected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [1]. Core Insights - The 2025 Smart Robot Development Conference was held in Nanjing, showcasing over 40 robots from 29 companies, including the second-generation humanoid robot Codroid 02, which features advanced capabilities for both heavy lifting and precision tasks [2]. - Pudu Robotics achieved a significant milestone with the production of its 100,000th robot, the AI-powered PUDU CC1 Pro, marking a new phase in the commercialization of service robots [3]. - The humanoid robot sector is expected to experience a breakthrough in 2025, with mass production driving the downstream supply chain and addressing data scarcity issues, leading to more practical applications [7]. - The report highlights the importance of various components in the humanoid robot industry, including advanced dexterous hands and cost reduction in production processes [7]. Summary by Sections Humanoid Robots - The humanoid robot industry is poised for significant growth, with advancements in technology and increased production capacity expected to enhance practical applications [7]. - Companies such as Estun and others are leading in the development of complex robotic components [7]. Machine Tools & Cutters - Japan's machine tool orders in April 2025 reached 130.206 billion yen, showing a year-on-year increase of 7.7% [8]. - China's metal cutting machine tool production from January to April 2025 was 264,000 units, reflecting a year-on-year growth of 16.8% [8]. Agricultural Machinery - The agricultural machinery market in China showed a slight decline in the AMI index to 43.5% in May 2025, with various indices indicating mixed trends [9][10]. - The report suggests a long-term increase in demand for agricultural machinery, particularly in the context of the Belt and Road Initiative [10]. Engineering Machinery - The engineering machinery sector is recovering, with excavator sales in May 2025 reaching 18,202 units, a year-on-year increase of 2.1% [14]. - The report anticipates continued demand recovery driven by infrastructure investments [14]. Semiconductor Equipment - The report notes that the implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment [17]. - The emphasis on domestic production capabilities is expected to grow, particularly in light of recent trade policies [18]. New Energy Equipment - Significant technological breakthroughs in solar energy were reported, with new efficiency records set for solar cells [19][20]. - The report indicates a healthy competitive environment returning to the solar market, driven by policy support and technological advancements [20]. Low-altitude Economy and EVTOL - The low-altitude economy is identified as a strategic emerging industry, with expected acceleration in development and investment [21]. - The report highlights initiatives in various regions to support the growth of low-altitude economic activities [21].