Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The humanoid robot concept index experienced a decline of 0.94% from June 29 to July 4, 2025, underperforming the CSI 300 index by 2.48 percentage points. However, year-to-date, the humanoid robot index has risen by 35.59%, outperforming the CSI 300 index by 31.36 percentage points [2][12]. - Key developments include the establishment of a 10 billion yuan investment fund in Hubei province for the humanoid robot industry, and significant advancements in product technology, such as Tesla's suspension of humanoid robot production for design adjustments and the launch of remote control technology by Yujian Technology [3][21]. Summary by Sections Weekly Market Review - From June 29 to July 4, 2025, the humanoid robot concept index fell by 0.94%, while the year-to-date performance shows a 35.59% increase compared to the CSI 300 index [2][12]. - Among A-share humanoid robot stocks, Taotao Automotive had the highest weekly gain at +29.82%, while Changhong Energy saw the largest decline at -10.13% [14][16]. Weekly Hotspots Policy Developments - Hubei province successfully established a 10 billion yuan humanoid robot industry investment fund, focusing on core areas of humanoid robots and artificial intelligence [18]. - Zhejiang province released implementation opinions to promote high-quality development of government investment funds, targeting future industries including humanoid robots [18]. - Shanghai announced key application scenarios for AI, embodied intelligence, and autonomous driving, prioritizing major projects [20]. Product Technology Iteration - Tesla has paused humanoid robot production to adjust design details, with expectations of a significant performance upgrade for the next version of Optimus [21]. - Yujian Technology introduced remote control technology for humanoid robots, demonstrating precise control from 1800 kilometers away [21]. Investment and Financing - Sainade completed a B++ round of financing exceeding 100 million yuan, aimed at accelerating the application of embodied intelligence [22]. - Zhejiang Yifei Intelligent Technology submitted a prospectus for an IPO on the Hong Kong Stock Exchange, with plans to invest in robot technology development [22]. Key Company Announcements - Prilite plans to invest 1 billion yuan in a new headquarters and R&D base in Guangzhou, focusing on modified plastics for humanoid robots [23]. - Xinbo Co. established a joint venture to expand into humanoid robot joint modules [23]. - Junpu Intelligent announced the start of mass production for humanoid robots in collaboration with Zhiyuan [24].

[Table_Title] 人形机器人系列深度（十三）区域篇：重庆抢滩 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 人形机器人市场前景广阔，2025 年量产元年开启。随着老龄化加剧、人力成本上升，人形机器 人在多场景的应用需求将持续增长。国内外企业软硬件技术迭代加速，应用场景持续扩大，规 模化商业应用有望加速落地。国内产业链稳步推进应用进展，人形机器人本体厂商参与者持续 增加，持续发布人形机器人新产品，积极探索下游应用场景落地。国内软硬件供应链成长迅速， 建议关注技术领先的主机厂，以及具备核心零部件技术、与头部企业深度合作的零部件企业。 行业研究丨深度报告丨汽车与汽车零部件 立潮头，具身智能大跨步 分析师及联系人 [Table_Author] 高伊楠 邬博华 赵智勇 SAC：S0490517060001 SAC：S0490514040001 SAC：S0490517110001 SFC：BUW101 SFC：BQK482 SFC：BRP550 张永乾 SAC：S0490524030002 请阅读最后评级说明和重要声明 2 / 3 ...

• 美国对华关税调整，虽名义降幅较大，但实际降幅仅 34%，且部分有三个 月豁免期，短期内出口企业可承受价格影响，继续出货。机电产品出口或 将采取豁免，利好机械汽车制造行业。 • 浙江鼎力受益于关税调整，其产品溢价能力强，易于消化新增关税，且前 期受海外建厂计划不明影响，股价被抑制，当前估值修复空间大，有望实 现 30%涨幅。 • 市场普遍预期三个月后 24%关税取消，机电产品出口或将豁免，利好机械 汽车制造行业。浙江鼎力预计未来三个月可恢复对美出货，实现收入增长 30%，利润增加 3 亿人民币。 • 人形机器人是 2025 年机器人技术赛道主线，市场预期逐渐形成共识，板 块处于扩容阶段，吸引更多资金流入，建议继续做多机器人板块，关注新 技术方向。 • 推荐机器人新龙头包括雷迪克、精准科技、正强股份等，其中精准科技与 头部大厂合作，未来有较大补涨空间，正强股份因特斯拉 Optimus 项目 备受瞩目。 阶段性关税达成，重点进攻出口链和机器人两个大方向 20250512 摘要 Q&A 本次关税变化对制造业板块有哪些影响？ 对于未来三个月后的市场预期是什么？ 未来三个月后市场普遍预期 24%的关税取消是大概率事件 ...

财报发布后，特斯拉股价跌超 8%。 文丨李梓楠 编辑丨程曼祺 7 月 23 日的财报电话会后，特斯拉 CEO 埃隆·马斯克（Elon Musk）临时起意，在得州工厂召开了 30 分钟 的全员会。一位在场的工程师告诉我们，全员会和电话会一样，马斯克讲了三十分钟好消息：营收增长、 电池技术突破、Cybertruck 产能翻倍、Dojo 超算中心建设顺利。 马斯克没有提到特斯拉一系列的坏消息：全员会前，特斯拉交出了近 6 年来最差季度业绩，整个二季度， 特斯拉卖出 44.4 万辆车，比市场预期多 2 万辆，带动营收同比增长 2% 至 255 亿美元。代价是，特斯拉只 能靠降价维持销量——汽车销售毛利率下降 1.8 个百分点至 14.6%，为 18 个季度以来最低；净利润同比暴 跌 45% ，来到 14.78 亿美元，远低于市场预期。 特斯拉昨天在美国推送了 12.5 版本的 FSD ，其参数是 v 12.4 的 5 倍。马斯克还说，特斯拉今年底之前， 就能在中国和欧洲获得推出 FSD 的许可。 但 FSD 仍需不断迭代，才能让特斯拉颠覆汽车业卖车赚钱的竞争逻辑，转为售卖软件盈利。特斯拉汽车当 前搭载的算力无法支撑完 ...