Core Insights - The release of the six-legged bionic robot dog by Yujian Robotics signifies the completion of its product layout encompassing "robotic arms + humanoid + six-legged" designs [2] - Yujian has shipped over 80,000 collaborative robotic arms, serving more than 80 Fortune 500 companies, and plans to launch the humanoid robot Dobot Atom by March 2025 [2] - The six-legged robot dog integrates three core capabilities: cognition, movement, and mobility, thereby completing the intelligent robotics closed loop [2] Technological Developments - The six-legged robot dog features several breakthrough innovations, including high stability due to its six-legged structure, a load capacity nearly five times its body weight, and multi-joint coordinated responses for maintaining speed on steep slopes [2][3] - It occupies a unique strategic position in the evolution of robotics, bridging the gap between specialized robots and humanoid robots, offering both practicality and cutting-edge technology [3] Market Positioning - The six-legged robot dog is not a simplified version of humanoid robots but a precise solution for specific scenarios, such as explosion-proof inspections on oil platforms and intelligent operations in photovoltaic power plants [3] - Yujian's strategy of "technology adapting to scenarios" rather than "technology seeking scenarios" significantly enhances the likelihood of commercial success [3] Product Definition and Application - Yujian has leveraged its experience from deploying 80,000 collaborative robots to create a rich knowledge graph, allowing for precise definition of the robot dog's functional boundaries [4] - The robot dog is designed with specific capabilities for various applications, such as explosion-proof features for oil platform inspections and enhanced abilities for walking on sandy terrain and detecting thermal anomalies in photovoltaic plants [4]

上 市 公 司 机械设备 2025 年 07 月 09 日 越疆 (02432) ——协作机器人+具身智能，双轮驱动！ 报告原因：首次覆盖 买入（首次评级） 2025 年 07 月 08 日 | 收盘价（港币） | 55.85 | | --- | --- | | 恒生中国企业指数 | 8708.66 | | 52 周最高/最低（港币） | 83.80/18.42 | | H 股市值（亿港币） | 225.74 | | 流通 H 股（百万股） | 358.04 | | 汇率（人民币/港币） | 1.0974 | 一年内股价与基准指数对比走势： -5% 495% HSCEI 越疆 资料来源：Bloomberg 相关研究 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 胡书捷 (8621)23297818× husj@sws ...

Core Viewpoint - Shenzhen is accelerating the construction of a global robotics industry hub, with Shenzhen Yujiang Technology Co., Ltd. launching the world's first bionic six-legged robotic dog, marking a significant advancement in embodied intelligence and robotics platforms [1][3]. Group 1: Product Launch and Innovation - Yujiang has officially launched the six-legged robotic dog, becoming the first company to introduce a platform integrating "robotic arm + humanoid + six-legged" embodied robots [1][3]. - The company has shipped over 80,000 collaborative robotic arms globally and serves more than 80 Fortune 500 companies [3]. - The six-legged robot features breakthroughs in stability, load capacity, noise reduction, and mobility, addressing traditional mobile robots' pain points and opening new possibilities for embodied intelligence applications [3][5]. Group 2: Market Expansion and Application - The application boundaries of the six-legged robotic dog are expected to expand, with potential uses in industrial inspections, disaster rescue, household services, medical assistance, and even space exploration [5]. - Yujiang is collaborating with industry leaders to co-create next-generation application scenarios, such as developing explosion-proof robotic dogs with energy giants and surgical supply transport robots with medical institutions [5]. - The company's strategy focuses on "technology adapting to scenarios" rather than "technology searching for scenarios," significantly increasing the commercialization success rate in trillion-dollar markets like energy and security [5].

Core Insights - The emergence of embodied intelligence is driving industrial transformation, with Yujian Robotics launching the world's first "mechanical arm + humanoid + six-legged" embodied robot platform [1][6] - Yujian has shipped over 80,000 collaborative robotic arms and serves more than 80 Fortune 500 companies, showcasing its strong market presence [1] Technological Innovations - The six-legged robot features breakthroughs in stability, load capacity, noise reduction, and mobility, addressing traditional mobile robot challenges [2] - Its unique six-legged structure provides high stability and adaptability to various terrains, making it suitable for complex environments [2] Strategic Positioning - The six-legged robot occupies a strategic position between humanoid and specialized robots, balancing practicality and cutting-edge technology [3] - Yujian's product ecosystem includes collaborative robots for structured environments, six-legged robots for unstructured scenarios, and humanoid robots for long-term development [3] Market Applications - The six-legged robot is designed for specific applications such as oil platform inspections, photovoltaic power station operations, and earthquake debris rescue, demonstrating its unique value in vertical markets [4] - Yujian's extensive industry channel allows for rapid deployment of the six-legged robot in multi-billion dollar markets like energy and security [4] Competitive Differentiation - Yujian's "mobility + operation" platform design creates a differentiated competitive edge, avoiding direct competition with traditional giants [5] - The company leverages its experience from deploying 80,000 collaborative robots to define the functional boundaries of the six-legged robot based on real-world applications [5] Ecosystem Development - Yujian is the first company to establish a closed-loop ecosystem for embodied intelligence, integrating hardware, algorithms, scenarios, and ecology [7] - The modular technology stack allows for rapid adaptation to various scenarios, enhancing innovation cycles and creating significant technological barriers [7] Future Prospects - The application boundaries of the six-legged robot are expected to expand into areas like home services, medical assistance, and even space exploration [7] - Yujian is collaborating with industry leaders to co-create next-generation applications, ensuring it remains at the forefront of innovation [7] Philosophical Approach - The launch of the six-legged robot signifies a paradigm shift in the robotics industry, emphasizing the importance of practical capabilities over mere form [8] - Yujian's focus on the essence of embodied intelligence positions it to lead the global robotics industry towards a more innovative and pragmatic future [8]

Core Insights - Shenzhen's intelligent robotics industry leads the nation in both the number of patent-holding companies and the volume of patents disclosed, establishing itself as a key player in global technological competition [1] - The industry benefits from a robust ecosystem of innovation, talent, and capital, with 289 companies having patent assets valued over 1 billion [2] - Recent government policies have significantly bolstered the development of the robotics sector, aiming to cultivate numerous high-value enterprises by 2027 [3] Group 1: Industry Overview - The intelligent robotics industry in Shenzhen is characterized by a strong focus on core components such as sensors and robotic arms, as well as applications in service and specialized robots [1][2] - The industry is supported by a high density of talent and active capital, with 184 companies in Series A funding and 84 in angel funding, indicating a vibrant investment landscape [2] Group 2: Government Support - Recent policies from the Guangdong province and Shenzhen city aim to enhance investment, create high-end communication platforms, and establish standard systems for the robotics industry [3] - The Shenzhen government plans to nurture over 10 companies with valuations exceeding 10 billion and over 20 companies with revenues exceeding 1 billion by 2027 [3] Group 3: Cross-Industry Collaboration - Shenzhen's robotics sector includes both emerging companies and established industry leaders from other sectors, contributing to the industry's growth [4] - Companies like Zhaowei Electromechanical and DJI leverage their existing technological expertise to innovate within the robotics space [5] Group 4: Market Trends and Challenges - The global demand for robots is expected to grow, with an estimated shipment of 47 million units in 2024 and a compound annual growth rate of over 20% in the next five years [5] - Despite the growth potential, the industry faces challenges, particularly in the clarity of technological paths for components like tactile sensors [5]

Group 1: Key Recommendations - Key recommended companies include Beite Technology, Zhaowei Electromechanical, Hengli Hydraulic, Nuwei Co., Sanhua Intelligent Control, Mingzhi Electric, Lais Information, Narui Radar, Wanma Technology, and Ruantong Power [1] - Core stock combination features Beite Technology, Zhaowei Electromechanical, Hengli Hydraulic, Nuwei Co., Sanhua Intelligent Control, Shuanglin Co., Mingzhi Electric, Wuzhou Xinchun, Lais Information, Narui Radar, CITIC Haizhi, Ruantong Power, Hangjin Technology, Hwa Wo Co., Hualiang Group, Wanma Technology, Green Harmonics, and Estun [1] Group 2: Industry Trends - The humanoid robot industry is entering a critical breakthrough phase, with global cumulative demand expected to reach approximately 2 million units by 2030, focusing on Tier 1 and core component suppliers [2] - In the photovoltaic equipment sector, the penetration rate of N-type technology is accelerating, enhancing the competitiveness of leading companies under the Matthew effect, with a focus on platform-based battery and module leaders [2] - Energy storage is essential for building a new type of grid, with favorable policies boosting industry prosperity, highlighting leading companies in batteries, inverters, and integration [2] - The semiconductor equipment market is projected to reach $140 billion by 2030, with an increasing share from mainland China, although the domestic production rate remains low, favoring platform companies and those poised for rapid breakthroughs in domestic substitution [2] - The automation sector, with a broad application in industrial consumables, has a market size of approximately 40 billion, expected to reach 55.7 billion by 2026, benefiting from increased concentration and import substitution among industry leaders [2] - Hydrogen energy, particularly green hydrogen, aligns with carbon neutrality goals, with rapid development in photovoltaic and wind energy laying the foundation for hydrogen production, favoring leading companies with integrated green hydrogen supply chains [2] - In the construction machinery sector, strong players are expected to maintain their advantages, with a focus on companies that excel in product offerings, scale, and cost efficiency [2]

Core Viewpoint - The Hong Kong stock market showed strong performance, with the Hang Seng Index rising 2.46% to a three-year high, driven by robust earnings in technology stocks, signs of economic stabilization, and positive policy expectations [1] Group 1: Market Performance - The Hang Seng Index closed at 24,740.57 points, up 595 points, with a total trading volume of 285.935 billion HKD [1] - The Hang Seng Tech Index increased by 3.96%, closing at 6,105.5 points, while the Hang Seng China Enterprises Index rose by 2.79% to 9,177.8 points [1] Group 2: Blue-Chip Stocks - Baidu Group-SW led blue-chip stocks with a 12.22% increase, closing at 103.3 HKD, contributing 15.93 points to the Hang Seng Index [2] - WuXi AppTec (药明康德) rose by 10.54% to 72.35 HKD, contributing 4.07 points to the index [2] - Other notable performers included Li Auto-W, which increased by 6.76%, and China Longjian Infrastructure, which fell by 2.93% [2] Group 3: Sector Highlights - Large technology stocks performed well, with Baidu up 12%, Alibaba and JD both rising over 5% [3] - AI concept stocks saw strong gains, with Baidu Group-SW up 12.22%, Kingsoft Cloud up 10.86%, and Alibaba-W up 5.83% [3] - The CRO sector also performed well, with WuXi AppTec up 10.54% and other CRO stocks showing significant increases [5] Group 4: Gold Stocks - Gold stocks collectively rose as international gold prices reached new highs, with Lingbao Gold up 7.3% and Shandong Gold up 6.99% [7] - UBS forecasts gold prices could reach 3,200 USD per ounce in the next four quarters, with Macquarie analysts predicting a potential peak of 3,500 USD per ounce by Q3 [7] Group 5: Robotics Sector - The robotics sector saw significant gains, with Yujian Technology up 27.88% after launching a humanoid robot [8] - Midea Group also reported advancements in humanoid robot development, indicating a push towards commercialization [8] Group 6: Notable Stock Movements - CanSino Biologics surged 25.26% after receiving breakthrough therapy designation for a new drug [9] - Hillstone Networks reported a 28.89% increase in revenue, with a 240.67% rise in net profit [10] - NIO-SW rose 8.95% following a strategic partnership with CATL to enhance battery swap services [11]

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - The humanoid robot industry is expected to see significant breakthroughs in 2025, with mass production reaching the scale of thousands, which will drive the downstream supply chain into a phase of certainty and expansion [8] - The introduction of advanced AI models, such as Google's Gemini Robotics, enhances the capabilities of robots in understanding new situations and performing precise physical tasks [3] - The launch of new humanoid robots, such as Muks Robotics' Spaceo series and Dobot Atom, indicates a technological advancement in the humanoid robotics sector, focusing on industrial operations and service applications [4][7] Summary by Sections Humanoid Robots - Google's DeepMind has released new AI models aimed at improving robot capabilities in real-world tasks, focusing on generality, interactivity, and flexibility [3] - Muks Robotics has introduced the Spaceo series, which includes models designed for industrial, social, and space tasks, showcasing advancements in AI systems [4] - The Genie Operator-1 model from Zhiyuan Robotics demonstrates strong generalization capabilities, reducing the data requirements for training robots [5] - The humanoid robot Tian Gong Xing Zhe, priced at 299,000 yuan, aims to reshape the research and education ecosystem for humanoid robots [7] Engineering Machinery - The engineering machinery sector maintains a stable outlook, with excavator sales in February 2025 showing a 52.8% year-on-year increase [13] - The demand for engineering machinery is expected to recover gradually due to the anticipated increase in infrastructure investment [13] - Key companies to watch include Zoomlion Heavy Industry, XCMG, and SANY Heavy Industry [13] Agricultural Machinery - The agricultural machinery market in China shows a significant increase in the market sentiment index, indicating a positive outlook for demand [10] - The export of tractors has seen substantial growth, with a 49.6% increase in quantity year-on-year [10] Semiconductor Equipment - The domestic replacement of semiconductor equipment is becoming essential, with a projected revenue growth of 29% for semiconductor equipment companies in 2024 [16] - The emphasis on domestic production capabilities is expected to benefit leading equipment manufacturers [16] New Energy Equipment - The solar energy sector is experiencing a price adjustment and technological breakthroughs, which are expected to foster a healthier competitive environment [18] - Companies like Maiwei Co., Ltd. and Weidong Nano are recommended for investment in this sector [18] Low-altitude Economy - The low-altitude economy is anticipated to accelerate in 2025, with developments in drone logistics and regulations supporting its growth [20] - Companies such as EHang Intelligent and Yingli Technology are highlighted as potential investment opportunities [21]

Core Viewpoint - The robotics sector is experiencing significant growth, highlighted by the surge in stock prices of companies like 越疆 and 禾赛科技, driven by innovative product launches and strategic partnerships [1][4]. Group 1: 越疆's Innovations - 越疆 launched the world's first "dexterous operation + bipedal walking" embodied intelligent humanoid robot, achieving a precision of ±0.05mm in its dual-arm operations [1]. - The new robot, named Dobot Atom, is designed for industrial applications, addressing limitations in current robots regarding operational precision and adaptability in various scenarios [3]. - Dobot Atom can perform high-precision tasks in industrial settings and is also suitable for service and educational purposes, enhancing human-robot interaction [3]. Group 2: 禾赛科技's Growth - 禾赛科技's stock rose over 50% after announcing a landmark multi-year exclusive partnership with a top European OEM to supply high-performance long-range LiDAR for next-generation automotive platforms [4]. - The company projects a strong revenue growth, estimating net revenue between 3 billion to 3.5 billion yuan and Non-GAAP profit soaring to 350 million to 500 million yuan by 2025, which is 25 to 35 times the Non-GAAP profit of 2024 [4]. - The expected delivery of LiDAR units is projected to increase significantly, with estimates of 1.2 million to 1.5 million units by 2025, including nearly 200,000 units for the robotics sector [4][5]. Group 3: Market Trends - The robotics sector is witnessing a wave of stock surges, with companies like 美力科技, 天源迪科, and 东土科技 experiencing significant gains [6]. - Analysts predict that 2024 will be a pivotal year for humanoid robot commercialization, with many leading products entering trial production stages [6].