2026 年大客户新品、服务器零部件、机器人进展、汽车电子皆是潜在增量（1）消费电子：大客户组装 收入受益份额增长，结构件2025 年内收入或下滑，重点在工厂提效；2026 年大客户重磅新品贡献增 量，成都工厂持续经营优化。（2）汽车业务：2025 全年收入增速预期下修至35%-40%（vs 此前指引 50%以上），毛利率仍维持双位数（零部件占比提升，但低端组装业务利润承压）；2026 年受益渗透 率及份额提升同步驱动，毛利率端或受益mix 改善、主动降本能力；2027年或向海外出货。（3）服务 器：2025H1 组装收入超10 亿元，目标2027-2028 年实现百亿以上收入体量；（i）液冷、电源产品已通 过验证，2025 年内有望量产出货（其中液冷已有高确定性客户）、2026 年进一步放量；（ii）光模块 ＆CPO：800G具备量产能力、年内产能5 万片/月，1.6T EVT 样品已出、有望2026 量产，CPO有望 2026H2-2027 量产；（iii）HVDC：有望2026H2-2027 年开始量产。（4）机器人：AMR 部署近2000 台，2025 年内计划部分制造场景试用AI 机器人；二代人型机 ...

转自：智通财经 【上海电气2025年上半年经营业绩全面提升，新增订单超千亿，机器人产业链初步构建完成】智通财经 8月29日电，上海电气发布2025年中期业绩报告，2025年上半年呈现稳健向上发展态势。报告期内，公 司营业收入达 543.03 亿元，同比增长 8.99%，市场份额持续扩大；归属于上市公司股东的净利润 8.21 亿元，增幅 7.32%，扣除非经常性损益后的净利润大幅增长 122.89% 至 5.46 亿元。新增订单表现突 出，上半年实现新增订单人民币1,098.1亿元，同比增长31%。上海电气推动战略性新兴产业和未来产业 发展，初步构建起涵盖工业机器人、特种机器人、智能机器人、人型机器人等细分领域的产业链，已开 展商业化应用测试。2025年上半年上海电气经营业绩全面提升，新增订单居于高位，科技发展动能强 劲，增长引擎全面起势。 ...

2025 年 8 月 27 日 星期三 昨日新能源及公用事业港股普遍下跌。不过受到良好中期业绩支持，个别表现突出。例如威胜控股(3393 HK)上涨 11.4%。公司上半年股东净利润同比增长 32.8%，主因(一)收入同比增长 17.3%，其中海外收入上升 19.2%；(二)有效成本 控制，财务支出同比下跌 5.4%。展望下半年，料公司持续受惠于电网客户及非电网客户需求，其中包括数据中心需求。 1 截至 8 月 26 日，51%的恒生综指成份股已公布业绩，其中 56%公司盈利超预期，总体来看，成份股中期业绩的超预期幅度 约为 5.6%。按板块分类，医疗保健公司业绩超预期幅度最大，科技、能源、必选消费则紧随其后，而金融、地产及公用 事业盈利逊预期比率及幅度较大。盈利增长角度，信息科技、医疗保健行业分类指数的综合盈利增长分别达到 158.6%及 124.9%，整体恒生综指的盈利增长则为 12.6%。 行业动态： 汽车板块，周二大部分汽车股延续向上趋势。比亚迪（1211 HK）在泰国的工厂首次出口电动车至欧洲，第一批共约 900 辆，目的地包括英国、德国和比利时等。小鹏汽车（9868 HK）CEO 表示小鹏机器人的 ...

Market Overview - On July 22, the Hang Seng Index rose by 136 points or 0.5%, closing at 25,130 points, stabilizing above the 25,000 mark[1] - The Hang Seng Tech Index increased by 0.4%, closing at 5,606 points, indicating a healthy bullish trend with orderly upward movement and increased trading volume[1] - The total market turnover reached HKD 266.1 billion, maintaining an active level, with a net inflow of HKD 2.72 billion through the Hong Kong Stock Connect[1] Sector Performance - Cyclical high beta sectors performed notably, with sub-sectors such as non-ferrous metals, materials, engineering machinery, electricity, food and beverage, and shipping showing strong upward momentum[1] - The prices of major commodities rose significantly, with coking coal and polysilicon futures increasing by 5.9% to 9.0%, directly boosting related stocks[1] - Key stocks like China Shenhua (1088 HK), Ganfeng Lithium (1772 HK), and Tianqi Lithium (9696 HK) surged between 4.8% and 8.9%[1] Economic Indicators - The yield on China's 10-year government bonds rose to 1.68%, showing signs of stabilization, which is favorable for stock market performance[1] - The risk premium for the Hang Seng Index has approached a seven-year historical low, with a forecasted PE ratio of 10.8 times, indicating potential support for the overall market performance[2] Industry Developments - AI sector: UBTECH (9880 HK) announced a placement of 30.15 million new shares, expanding its share capital by 6.4%, raising HKD 2.41 billion for business operations and loan repayment[3] - The electronic sector is set to benefit from the launch of the Yarlung Tsangpo River downstream hydropower project, with expected installed capacity of 60GW-70GW, equivalent to three Three Gorges dams[3] Real Estate Insights - New home transaction volume in 30 major cities reached 1.23 million square meters, down 21.7% year-on-year, but better than the previous week's decline of 24.9%[6] - The inventory-to-sales ratio for major cities increased to 105.7, up from 102.2 year-on-year, indicating a growing supply relative to sales[8] - The land transaction volume in 100 major cities fell by 62.9% year-on-year, reflecting a significant slowdown in real estate activity[9]

Market Performance - On July 21, the Hang Seng Index rose by 168 points or 0.7%, closing at 24,944 points, reaching a year-to-date high of 25,010 points[1] - The Hang Seng Tech Index increased by 0.8%, closing at 5,585 points, confirming an upward breakout from the range since May[1] - Market turnover increased to over HKD 263 billion, with net inflow from the Hong Kong Stock Connect at HKD 7.05 billion[1] Sector Highlights - The insurance, brokerage, oil, coal, non-ferrous metals, food and beverage, and power sectors performed strongly[1] - The launch of the Yarlung Tsangpo River hydropower project, with a total investment of approximately RMB 1.2 trillion, boosted investor sentiment in related sectors[2] - Shares of Huaxin Cement surged by 85.6%, while leading companies like Conch Cement and China National Building Material rose by 9.0% and 12.6%, respectively[1] Economic Outlook - The hydropower project is expected to directly boost fixed asset investment growth through the cement, engineering machinery, and power equipment sectors, potentially offsetting weaknesses in real estate[2] - The project is anticipated to benefit related stocks over the next decade, as current valuations are considered low[2] Real Estate Market - New home transaction volume in 30 major cities fell by 21.7% year-on-year, with a total of 1.23 million square meters sold[3] - The decline is an improvement from the previous week's 24.9% drop, with a week-on-week decrease of 5.3%[3] AI Sector Developments - UBTECH Robotics won a procurement project in Shanghai worth approximately RMB 90 million, marking the largest disclosed order in the industry[3] - The stock price of UBTECH rose by 5.2% to a one-month high following the announcement[3] Healthcare Sector Insights - The Hang Seng Healthcare Index fell by 1.2%, seen as a normal correction after recent gains[4] - The National Healthcare Security Administration is promoting a comprehensive value assessment for innovative drugs and devices, which is expected to benefit high-value clinical innovations[4]

"现在众多创投资本都扎堆投向人型机器人核心零部件领域， 导致我们长期跟踪的一个项目估值今年以来迅速翻倍，吓得我 们不敢投资。"作为国内一家聚焦机器人赛道股权投资的创投 机构合伙人，张刚向记者无奈表示。 作者：陈植 封图：图虫创意 "有好的人型机器人项目，一定要介绍给我！" "我们在人型机器人方面的投资额度很充足，有产业链上下游任何优质项目多多分享！" "如果你认识人型机器人方面的好企业，有机会带他来我们办公室坐坐！"…… 面对创投机构向记者抛来的"项目推介邀约"橄榄枝，记者有点不知所措。 在近日由东莞滨海湾新区管委会与浙江浙银汇金资产管理有限公司联合主办的具身智能产业与资本 对接会上，多位创投机构人士除了向记者询问"有没有好项目推介"，还争相与人型机器人企业家建 立联系，为了尽可能多地锁定投资项目。 这背后，是以人形机器人为代表的具身智能赛道股权投资日益火热。 去年4月首届中国人型机器人产业大会发布的《人型机器人产业研究报告》预测， 2026年国内人 型机器人市场规模将达到104.71亿元，2029年达到750亿元，到2035年有望达到3000亿元，这 意味着中国人型机器人市场规模的年复合增长率达到62.6% ...

人型机器人股权投资"卷疯了" 场景化落地与商业化周期挑战待解 经济观察报记者 陈植 上海报道 "有好的人型机器人项目，一定要介绍给我！" "我们在人型机器人方面的投资额度很充足，有产业链上下游任何优质项目多多分享！" "如果你认识人型机器人方面的好企业，有机会带他来我们办公室坐坐！"…… 面对创投机构向记者抛来的"项目推介邀约"橄榄枝，记者有点不知所措。 在近日由东莞滨海湾新区管委会与浙江浙银汇金资产管理有限公司联合主办的具身智能产业与资本对接 会上，多位创投机构人士除了向记者询问"有没有好项目推介"，还争相与人型机器人企业家建立联系， 为了尽可能多地锁定投资项目。 这背后，是以人形机器人为代表的具身智能赛道股权投资日益火热。 去年4月首届中国人型机器人产业大会发布的《人型机器人产业研究报告》预测，2026年国内人型机器 人市场规模将达到104.71亿元，2029年达到750亿元，到2035年有望达到3000亿元，这意味着中国人型 机器人市场规模的年复合增长率达到62.6%。 一位杭州地区创投机构负责人在对接会现场向记者透露，为了抢占人型机器人赛道的投资机会，他们年 初设立专门投向人型机器人的子基金，没想到这 ...