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]

"深圳市智能机器人产业有专利的企业数量、专利公开量均位居全国首位！"在3月26日深圳上市公司协 会主办的"星耀鹏城"20+8产业沙龙之AI+机器人主题专场活动中，六棱镜创始人兼董事长耿德强表示。 目前，机器人产业成为全球科技竞争的重要战场，深圳则成为中国机器人产业发展的"主力军团"之一。 证券时报记者了解到，在上述专场活动中，六棱镜基于深圳市场监督管理局（知识产权）指导的产业知 识产权大数据监测与创新公共服务项目成果，梳理了深圳机器人产业发展图谱，而优必选、越疆科技、 汇川技术等深圳机器人产业链核心企业共同探讨了机器人产业发展趋势。 在资本方面，深圳农商行和交通银行、江苏银行及北京银行的深圳分行等银行均长期通过知识产权质押 融资等方式支持深圳机器人企业创新发展，深圳市吉影科技、泰达机器人、追一科技等企业均从中获 益。从融资情况来看，处于A轮融资的企业数量高达184家，天使轮融资企业数量为84家，投资活跃度 较高。 据六棱镜梳理，深圳智能机器人集群的优势主要集中在上游核心零部件及下游机器人运用领域，而技术 创新热点集中在中游机器人本体的极坐标型机器人，下游机器人应用的服务机器人、工业机器人以及上 游核心零部件的 ...

重点推荐：北特科技、兆威机电、恒立液压、纽威股份、三花智控、鸣志电器、莱斯信息、纳睿雷达、 万马科技、软通动力核心个股组合：北特科技、兆威机电、恒立液压、纽威股份、三花智控、双林股 份、鸣志电器、五洲新春、莱斯信息、纳睿雷达、中信海直、软通动力、航锦科技、华伍股份、华阳集 团、万马科技、绿的谐波、埃斯顿本周专题研究：近期人形机器人产业链催化频出：1）越疆科技：正 式发布并预售具身智能人形机器人Dobot Atom，售价19.9万元起，主要面向数以千计用工的车厂组装备 料环节、咖啡店制饮多台设备的流程操作、连锁药店夜间取药等场景。2）智元机器人：提出全新的 ADC对抗数据采集范式，实验结果表明，仅使用20%的ADC采集数据，模型性能就达到全量传统数据 的2.7倍，GO-1大模型与 ADC数采新范式组合，大幅降低了具身智能落地门槛，行业应用有望加速。产 业大趋势启动时刻，我们建议关注国内外头部人形机器人产业链：1）T链：三花智控、拓普集团、北 特科技、鸣志电器、兆威机电等；2）华为链：埃夫特、亿嘉和、柯力传感、兆威机电等。3）宇树链： 长盛轴承、奥比中光等；4）Figure链：鸣志电器、兆威机电、绿的谐波、领益智 ...

热门板块方面 盘面上，大型科技股全线飘红，百度劲升12%，阿里巴巴、京东均涨超5%；机器人概念股午后拉 升，越疆大涨超27%，其具身智能人形机器人正式预售；CRO概念股走势强劲，药明康德绩后涨超 10%；国际金价再创历史新高，黄金股集体上涨；汽车股普遍走强，蔚来最高涨超17%，宁德时代 （300750）正推进对蔚来能源不超过25亿元的战略投资；AI概念股、芯片股、苹果概念股等悉数走 高。另一边，此前表现亮眼的乳业股多数走低。 1. AI概念股走势强劲。截至收盘，百度集团-SW(09888)涨12.22%，报103.3港元；金山云(03896)涨 10.86%，报9.7港元；阿里巴巴-W(09988)涨5.83%，报143.4港元；万国数据-SW(09698)涨5.56%，报35.1 港元。 港股收盘 | 恒指收涨2.46% 机器人、AI概念股走强 百度集团-SW劲升逾12% 港股三大指数全天走强，恒指收涨595点刷新三年新高，恒科指数则大涨近4%。截止收盘，恒生指 数涨2.46%或595点，报24740.57点，全日成交额2859.35亿港元；恒生国企指数涨2.79%，报9177.8点； 恒生科技指数涨3.9 ...

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]

机器人板块再度传来大消息！ 今日，"中国协作机器人第一股"越疆高开5.9%，报42.95港元/股，早段曾飙升41.1%，高见57.2港元/股，股价创历史新高。3月11日，越疆发布了全球 首款"灵巧操作+直膝行走"具身智能人形机器人。越疆称，这是中国能力最接近人的具身智能人形机器人，精度达±0.05mm的双臂灵巧操作，高还原 度仿人直膝行走。 机器人领域牛股迭出。昨晚，禾赛科技涨超50%。 禾赛科技在其官方微信公众号发文称，公司与一家欧洲顶级主机厂达成了具有里程碑意义的多年独 家定点合作，为其下一代汽车平台提供高性能超远距激光雷达。禾赛还预计，今年机器人领域激光雷达交付量预计将达近20万台。分析人士认为，科 技股主导的资产重估将持续走强。 暴涨40% 今天早盘，港股市场机器人概念股越疆一度大涨超40%。 | 5日 ▼ 更多周期 ▼ | 克价 ▼ | 營加 ▼ 间线 | 简约 | 潟廊 ▶▶ | 2 | | 02432 成疆 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 越疆_分时_成交量_所属行业: 软件服务 | | 港股通(沪) 港 ...