稀土，这个听起来有点"土"的名字，却在全球科技产业中扮演着"黄金"般的角色。中国掌握着全球80% 以上的稀土供应，这看似是一张王牌，但为什么专家们都说"稀土牌"只能打一次？让我们揭开这背后的 国际博弈密码。 稀土到底有多重要？ 从智能手机到电动汽车，从战斗机到风力发电机，稀土元素无处不在。钕铁硼永磁体让手机振动马达能 如此小巧，镧系元素让LED屏幕色彩如此鲜艳。没有稀土，现代科技将倒退20年。这就是为什么各国对 稀土资源如此紧张，中国在稀土领域的优势地位让西方国家寝食难安。 但问题来了——为什么我们不多用几次这张王牌？答案藏在全球供应链的复杂棋局中。过度使用稀土武 器会引发连锁反应，刺激其他国家加速开发替代资源和技术。就像打扑克时亮出底牌后，对手就会找到 破解之道。 国际博弈如同下棋，最厉害的玩家不是靠一两个杀招取胜，而是通过全盘布局建立持久优势。稀土这张 牌，要用在刀刃上，用在最能改变游戏规则的时刻。毕竟，真正的强者不是拥有最多牌的人，而是最会 打牌的人。 稀土禁运的历史教训 稀土的真正价值在哪里？ 2010年，中国对日本实施稀土出口限制，引发全球震动。这一举措确实让日本企业措手不及，但也催生 了全球稀土供 ...

10月10日，微光股份盘中下跌2.02%，截至14:28，报35.39元/股，成交1.04亿元，换手率2.49%，总市值 81.27亿元。 资金流向方面，主力资金净流出761.77万元，特大单买入0.00元，占比0.00%，卖出103.72万元，占比 1.00%；大单买入742.94万元，占比7.15%，卖出1400.99万元，占比13.48%。 微光股份今年以来股价涨47.68%，近5个交易日跌4.64%，近20日涨3.60%，近60日涨7.40%。 分红方面，微光股份A股上市后累计派现6.63亿元。近三年，累计派现2.97亿元。 机构持仓方面，截止2025年6月30日，微光股份十大流通股东中，前海开源公用事业股票（005669）位 居第六大流通股东，持股174.40万股，相比上期减少57.58万股。前海开源新经济混合A（000689）位居 第七大流通股东，持股165.35万股，相比上期减少188.37万股。国寿安保智慧生活股票A（001672）位 居第八大流通股东，持股156.88万股，持股数量较上期不变。香港中央结算有限公司位居第九大流通股 东，持股84.24万股，相比上期减少155.86万股。 责任编 ...

经过我们团队的深度复盘，最终挖掘出了几家非常有潜力的公司！ 1、江苏雷利（智能关节龙头） 2025年，人形机器人产业迎来爆发式增长，全球市场规模预计突破1.2万亿元，年复合增长率高达 35%。特斯拉Optimus、波士顿动力Atlas等产品的商业化落地，标志着人形机器人从实验室走向规模化 生产。中国凭借完整的供应链和AI技术积累，正成为全球人形机器人制造的核心战场。政策层面，"十 四五"智能制造规划明确将人形机器人列为重点发展方向，北京、上海等地已出台专项补贴政策，单台 最高补贴达50万元。 核心竞争力：人形机器人的技术壁垒集中在"运动控制+AI交互"两大领域。运动控制依赖高精度伺服电 机和仿生关节设计，而AI交互则需突破多模态感知与决策算法。目前，中国企业在伺服电机和轻量化 材料上已实现国产替代，但在核心算法上仍依赖海外开源框架。 未来3年，随着华为、百度等科技巨头入场，国产人形机器人有望在物流、医疗、家庭服务等场景实现 规模化应用。 标签：伺服电机隐形冠军 江苏雷利是国内少数能量产高精度伺服电机的企业，其产品已供货特斯拉Optimus二代原型机。2025 年，公司新增3条自动化产线，产能提升至50万台/年 ...

本周（9月22日—9月26日），A股市场暂有1只新股申购，为北交所的奥美森，公司发行价为8.25 元/股，单一账户申购上限为95万股，该股将于本周一开启申购。 招股书显示，奥美森是专业的智能装备制造生产商，主要从事智能生产设备及生产线的研发、设计、生产、销 售，公司产品可广泛应用于电器、环保、风电和锂电新能源及其他行业等领域，是实现生产自动化、智能化和 高效化的关键装备。公司主要产品包括换热器生产智能设备、管路加工智能设备和其他定制智能设备（环保设 备、锂电池热压整形设备和风电叶片根部数控铣削机等）。 公司自2003年成立以来，深耕热交换和管路加工技术，专注研发保持技术优势，通过多年非标自动化生产线 的经验累积，形成了领先的技术优势和良好的市场口碑，与国内外主要电器生产企业如格力电器、美的集团、 奥克斯、海信家电、TCL家电、四川长虹、大金空调、松下电器、江森自控、特灵、开利、富士通将军、三菱 重工海尔等保持长期稳定合作关系。同时，公司产品已销售至伊朗、印度、土耳其、俄罗斯、泰国、印度尼西 亚、越南等24个"一带一路"国家，客户分布全球40多个国家或地区。 2022年度—2024年度，公司实现营业收入分别为2 ...

Core Insights - The recent listing of Shichang Co. on the Beijing Stock Exchange (BSE) saw a remarkable first-day increase of 271.6%, continuing the trend of strong performance for new stocks this year [1][2] - The average first-day return for new stocks on the BSE has reached 349.98%, with 14 new listings in 2025 [1][3] - Investor enthusiasm is at an all-time high, as evidenced by the record-breaking participation in the IPO of Jinhua New Materials, which attracted 524,900 investors and froze funds totaling 851.87 billion yuan [4][5] Company Performance - Shichang Co. specializes in the research, production, and sales of automotive fuel systems, primarily selling to major vehicle manufacturers such as Geely, Chery, and FAW [2][3] - In 2024, Shichang Co. is projected to achieve a revenue of 515 million yuan and a net profit of approximately 69.95 million yuan [2] - Another newly listed company, Sanxie Electric, experienced an extraordinary first-day surge of 785.62%, marking it as one of the top performers on the BSE [2][3] Market Trends - The BSE has seen a significant increase in the number of new listings and investor participation, with the average first-day gain for new stocks exceeding 150% this year [3][4] - The competition for new stock subscriptions has intensified, leading to lower winning rates for investors, with some recent IPOs recording rates as low as 0.0179% [4][5] - Institutional investors are increasingly participating in the BSE, seeking strategic allocations in new stocks, which has heightened competition in this space [5][6] Future Outlook - The BSE is maintaining a rapid pace of new stock approvals, with three new IPO applications received recently, indicating a robust pipeline of potential listings [7][8] - The number of companies in the New Third Board that meet the financial criteria for BSE listings has exceeded 800, suggesting a strong supply of future IPO candidates [7][8] - Analysts predict that the combination of policy support and an efficient review process will continue to drive the growth of the BSE in the coming months [8]

Core Viewpoint - The year 2025 is seen as a critical year for the industrialization explosion of humanoid robots in China, driven by the deep integration of advanced technologies such as artificial intelligence, multimodal perception, and intelligent control [2] Group 1: Industry Development - Humanoid robots are evolving from initial applications in single scenarios to capabilities for multi-task execution, environmental adaptation, and collaborative operations, marking a new stage of mass production [2] - China has become a core dominant force in the humanoid robot supply chain, leveraging its strengths in hardware manufacturing, algorithm iteration, and market application [2] - Key domestic components such as reducers, servo motors, and dexterous hands are continuously breaking through technical barriers, leading to a rapidly forming industrial ecosystem [2] Group 2: Regional Innovation - Wuhan, as a technological and industrial innovation hub in Central China, showcases unique systemic competitiveness, supported by high-level research institutions like Wuhan University and Huazhong University of Science and Technology [2] - The local accumulation in foundational technology fields such as machine vision, motion control, bionic structures, and embodied intelligence enables rapid construction of a closely linked "industry-university-research-application" innovation ecosystem [2] Group 3: Upcoming Conference - The "2025 Hubei Humanoid Robot Industry Ecosystem Conference" will be held on September 26-27, 2025, in Wuhan, aiming to enhance Hubei's influence and attractiveness in the humanoid robot and embodied intelligence fields [4][5] - The conference will adopt a "forum + product exhibition" model, focusing on cutting-edge technologies, industrial applications, and ecosystem construction [5] Group 4: Conference Highlights - The conference will gather over 100 leading enterprises and 500 experts, establishing a national-level expert committee for humanoid robots in Hubei [6] - Key projects will be signed and capital closed-loop systems formed, with a focus on manufacturing, medical, and emergency sectors [6] - A high-end talent ecosystem called "Chutai Homecoming" will be initiated, along with the release of an industry white paper and disruptive technology report [6] Group 5: Conference Structure - The main forum will focus on comprehensive ecosystem integration, addressing technology open-source, capital closure, policy empowerment, and talent delivery [7] - A product exhibition will showcase the latest products and technologies from over 60 leading enterprises in the humanoid robot sector [7] Group 6: Conclusion - The 2025 Hubei Humanoid Robot Industry Ecosystem Conference represents a pivotal moment for the humanoid robot industry, emphasizing innovation, collaboration, and ecosystem building [8]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250914 本周北证 50 创新高后震荡回落，建议关注科 技成长个股 [Table_Tag] [Table_Summary] 北交所市场表现 行业重要新闻 观点 ◼ 本周北交所市场活跃度有所回落，建议关注产业景气度高的科技成长性 企业。本周北证 50 指数在周一创出新高后开始震荡回落，全周累计下 跌 1.07%，北交所内部行情呈现高度分化，资金较为关注科技题材相关 个股，如曙光数创（数据中心）、戈碧迦（半导体）、舜宇精工（AGV）、 华密新材（PEEK）等。建议关注产业景气度高，重点布局人工智能、机 器人、商业航天、低空经济等方向、估值相对低位的成长型个股。 新股上市 ◼ 三协电机（ 920100.BJ）：成立于 2002 年，专注于研发、制造并销售控 制类电机，主要产品包括步进电机、伺服电机和无刷电机及与其配套产 品，以其体积小、功率密度大、绿色节能的显著特点，在精密控制电机 领域树立了良好口碑及自主品牌。其产品已广泛用于安防、纺织、光伏、 半导体、3C 电子、汽车制造、机器人、医疗设备和智能物流等领域。 投资建议 2025 年 09 月 14 ...

Core Viewpoint - The robot industry is experiencing robust growth, and the Beijing Stock Exchange (BSE) robot concept sector is expanding, with a total market capitalization approaching 100 billion yuan [1][2][3]. Market Overview - As of September 12, 2025, the total market capitalization of 25 companies in the BSE robot concept sector reached 97.943 billion yuan, with products spanning servo motors, hollow cup motors, small polymer lithium batteries, rotary bearings, and six-dimensional force sensors [4]. - The 25 companies collectively generated revenue of 13.679 billion yuan last year, with several companies like Changhong Energy, Kaiter Co., Fuheng New Materials, and others reporting revenues exceeding 600 million yuan [4]. - The net profit attributable to shareholders for these companies was 1.262 billion yuan, with only a few companies exceeding 100 million yuan in net profit [4]. Company Characteristics - BSE robot concept companies are primarily small and specialized "little giants" in niche areas, focusing on core components, sensors, controllers, system integration, and application scenarios, which provide them with certain technical barriers [4]. - Notable companies include Dingzhi Technology, which offers competitive motion control solutions, and Fengguang Precision, which has set a production target of 100,000 harmonic reducers by 2025 [5]. Stock Performance - The stock performance of BSE robot concept companies has been impressive this year, with several companies like Wanda Bearings and Kaiter Co. seeing their stock prices double [7]. - Sanxie Electric, which debuted on the BSE on September 8, saw its stock price surge by 785% on its first day of trading, marking it as the best-performing new stock this year [7]. Valuation Insights - Despite showing strength in niche areas, BSE robot concept companies have lower market recognition and overall valuation compared to their counterparts in the Shanghai and Shenzhen markets [9]. - Factors contributing to the lower valuation include a limited number of market participants, stringent investor thresholds, and a cautious investment approach among existing investors [9]. - There is significant valuation differentiation within the sector, with companies like Juneng Co. having a TTM price-to-earnings ratio of 300, while others benefit from valuation premiums due to domestic substitution opportunities [9]. Future Potential - As the robot industry develops and market awareness of the BSE increases, the valuation potential and investment value of the robot sector are being recognized [11]. - The emergence of the robot concept label for BSE companies often comes from market discovery, transformation and upgrading of existing companies, or through acquisitions [11]. - Analysts suggest focusing on companies related to motion modules and those in the sensor, controller, and electronic connection fields for potential investment opportunities [13].

Core Viewpoint - The robot industry is experiencing robust growth, and the Beijing Stock Exchange (BSE) robot concept sector is expanding, with a total market capitalization nearing 100 billion yuan [1][2]. Market Overview - The total market capitalization of the BSE robot concept companies reached 97.943 billion yuan as of September 12, 2025, with 25 companies involved in various fields such as servo motors, hollow cup motors, small polymer lithium batteries, rotary bearings, and six-dimensional force sensors [3]. - These companies reported a total revenue of 13.679 billion yuan last year, with several companies like Changhong Energy, Kaiter, and others exceeding 600 million yuan in revenue [3]. - The net profit attributable to shareholders for these companies was 1.262 billion yuan, with only a few companies surpassing 100 million yuan in net profit [3]. Company Characteristics - BSE robot concept companies are primarily small and specialized "little giants" focusing on core components, sensors, controllers, system integration, and application scenarios, possessing certain technological barriers in their respective niches [3]. - Notable companies include Dingzhi Technology, which offers competitive motion control solutions, and Fengguang Precision, which has set a production target of 100,000 harmonic reducers by 2025 [4]. Valuation and Performance - The stock performance of BSE robot concept companies has been impressive, with several companies experiencing stock price doubling this year, and Sanxie Electric achieving a 7.85-fold increase on its first trading day [5]. - Despite their strengths, BSE robot companies have lower market recognition and valuation compared to their counterparts in the Shanghai and Shenzhen markets, attributed to limited market participants and cautious investor behavior [6]. Investment Potential - Industry experts believe that as the robot industry develops and market awareness of the BSE increases, the valuation potential and investment value of the robot sector are being recognized [8]. - The growth of BSE robot companies is often driven by market discovery, transformation from existing companies, or acquisitions to enter the robot sector [8]. - Institutions have begun to take notice of this sector's potential, with some companies receiving frequent institutional research attention [9].

Core Viewpoint - The robot industry is experiencing robust growth, with the Beijing Stock Exchange (BSE) robot concept sector expanding, showcasing a total market capitalization nearing 100 billion yuan, distinct from companies listed on the Shanghai and Shenzhen exchanges [1][4]. Market Overview - As of September 12, 2025, the total market capitalization of 25 companies in the BSE robot concept sector reached 97.943 billion yuan, with products spanning servo motors, hollow cup motors, small polymer lithium batteries, rotary bearings, and six-dimensional force sensors [1]. - The 25 companies reported a total revenue of 13.679 billion yuan last year, with several companies like Changhong Energy, Kaitai Co., Fuheng New Materials, and others exceeding 600 million yuan in revenue [1]. - The net profit attributable to shareholders for these companies was 1.262 billion yuan, with only a few companies surpassing 100 million yuan in net profit [1]. Company Characteristics - BSE robot concept companies are primarily small and specialized "little giants" in niche areas, focusing on core components, sensors, controllers, system integration, and application scenarios, possessing certain technological barriers [1][6]. - Companies like Dingzhi Technology and Fengguang Precision are noted for their competitive motion control solutions and self-developed products, respectively [2]. Valuation Insights - The stock performance of BSE robot concept companies has been impressive, with several companies experiencing stock price doubling this year, and Sanxie Electric achieving a 7.85-fold increase on its first trading day [3]. - Despite their strengths in niche markets, BSE robot concept companies have lower market recognition and overall valuation compared to their counterparts on the Shanghai and Shenzhen exchanges [3][4]. - Factors contributing to the lower valuation include a limited number of market participants, investor entry barriers, and a cautious investor base [3]. Investment Potential - Experts believe that as the robot industry develops and market awareness of the BSE increases, the valuation potential and investment value of the robot sector are being uncovered [6]. - The emergence of the robot concept label for BSE companies is attributed to market discovery, transformation and upgrading of existing companies, and acquisitions to enter the robot sector [6]. - There is a focus on core components and ongoing research and development, with many BSE companies yet to penetrate major supply chains like Tesla's humanoid robot segment [6][7].