全球科技界的目光再次聚焦拉斯维加斯。当地时间1月6日至9日，2026年国际消费电子展(CES 2026)在美国拉斯维加斯举行。这场被誉为"科技春晚"的年度 盛会，正成为观察全球科技产业走向的重要窗口。 与往年相比，CES 2026的主题更加鲜明——AI与机器人全面走向舞台中央。本届展会首次设立"AI与量子创新融合专区"，新一代AI芯片、具身智能机器 人、AI PC、智能驾驶等前沿技术与应用密集亮相，折射出人工智能从技术突破向规模化商业落地加速演进的趋势。 官方数据显示，本届CES参展企业总数超过4000家。尽管全球科技产业仍面临地缘政治和供应链不确定性，中国企业参展数量依然达到942家，占比约 22%，稳居全球第二大参展国。业内普遍认为，CES 2026有望成为研判2026年科技产业趋势和投资方向的关键节点，尤其是AI技术商业化进程或将明显提 速，相关产业链机会值得重点关注。 在家电与智能终端领域，中国企业的存在感尤为突出。TCL通过TCL实业与TCL科技两大产业集团，联动智能终端、半导体显示和新能源光伏三大核心业务 参展，展位面积达2453平方米，连续多年成为CES上规模最大的中国品牌。展会上，TCL带来了 ...

来源：@华夏时报微博 华夏时报记者 石飞月 北京报道 A股市场再现"热门股"。1月5日，锋龙股份连续第七个交易日封死涨停，其背后逻辑不难追溯——上个月，优必 选宣布以"协议转让+要约收购"的组合方式入主该公司，交易若顺利落地，优必选将以另一种形式完成"A+H"双平 台资本布局。这一幕似曾相识，去年智元机器人拟收购上纬新材的消息宣布后，上纬新材股价一路攀升，最终成 为2025年A股涨幅冠军。如今相似剧情再度上演，锋龙股份能否成为下一个上纬新材呢？ "A+H"双平台资本布局 锋龙股份这波行情走得较早，去年12月17日便收获一个涨停，也就是筹划控制权变更事项停牌前的最后一个交易 日，去年12月25日复牌后，又是连续6个涨停，截至1月5日收盘，锋龙股份股价为34.87元/股，市值为76.19亿元。 但智元机器人之后否认了借壳上市的说法，而且该公司在去年11月完成了股改，其联合创始人兼CTO、上纬新材 董事长彭志辉还被上海证券交易所聘为其第三届科技创新咨询委员会委员之一。 正因为两起并购案的相似性，股民们开始讨论锋龙股份股价涨势是否有可能复制上纬新材。 股价上涨能否持续，王超指出，并不取决于市场概念本身，而主要取决于两 ...

Group 1 - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from various sectors including regulatory bodies, industry associations, financial institutions, and listed companies [1] - The "Golden Wisdom Award" was announced, with Stone Technology winning the "Outstanding Growth Enterprise" award, which aims to set benchmarks for high-quality development and guide listed companies to focus on their main business, continuous innovation, and social responsibility [3] Group 2 - The award evaluation considered six dimensions of high-quality development: social responsibility, industrial contribution, investment return, growth prospects, innovation efficiency, and outstanding brand, covering over 8,000 companies in A-shares, Hong Kong stocks, and Chinese concept stocks [3] - Stone Technology specializes in the research and production of smart cleaning robots and has achieved a global cumulative shipment of 3.788 million units by the third quarter of 2025, holding a 21.7% market share in the global smart vacuum cleaner market [3][4] - The company has expanded its product line from vacuum cleaners to include floor washers, washing machines, and lawn mowers, maintaining its leading position in the global cleaning appliance sector [4] Group 3 - Stone Technology's R&D investment increased from 3.82% to 8.52% of revenue from 2018 to the third quarter of 2025, surpassing the industry average, and the company holds 4,694 intellectual property rights as of June 2025 [4] - The company launched flagship products like the G30 Space Exploration Edition and P20 Ultra Plus in 2025, incorporating advanced technologies such as a five-axis folding bionic mechanical arm and a full-link antibacterial system [4] - Stone Technology aims to lead industry transformation through innovation and provide comprehensive intelligent solutions to empower global consumer upgrades, contributing to the high-end, intelligent, and green development of China's manufacturing industry [5]

Core Viewpoint - The acquisition of controlling stake in Fenglong by UBTECH raises questions about whether it is a trend-following arbitrage or a necessity for new financing platforms due to cash shortages. UBTECH is currently in a state of continuous losses and relies heavily on external financing channels for growth [1][12]. Acquisition Details - UBTECH acquired a 29.99% stake in Fenglong through a "share transfer agreement + partial tender offer" for a total cost of approximately RMB 1.161 billion [3][4]. - The partial tender offer involves acquiring an additional 13.02% of shares at the same price of RMB 17.72 per share, bringing UBTECH's total stake to 43% after the completion of the acquisition [4][5]. Regulatory Context - The acquisition structure was designed to avoid triggering a mandatory tender offer, which would require more stringent regulatory compliance and could increase costs [6]. - According to the revised regulations, acquiring more than 30% of a listed company requires a tender offer for the excess shares, which UBTECH strategically avoided by structuring the deal in two steps [6]. Financial Condition of UBTECH - UBTECH has reported continuous losses from 2022 to 2024, with net profits of approximately -RMB 9.87 billion, -RMB 12.65 billion, and -RMB 11.6 billion respectively, indicating a significant cash flow issue [13][15]. - The company has a limited cash reserve of RMB 1.181 billion, which raises concerns about how it will finance the acquisition, given the total cost exceeds RMB 1.612 billion [15]. Strategic Rationale - UBTECH's acquisition of Fenglong is seen as a strategic move to enhance its supply chain capabilities and manufacturing strengths, particularly in the field of humanoid robots [16]. - The partnership aims to leverage UBTECH's technological advantages in humanoid robotics alongside Fenglong's established manufacturing and supply chain expertise, facilitating further industrial integration [16].

Core Viewpoint - The acquisition of Fenglong shares by UBTECH raises questions about whether it is a trend-following arbitrage or a necessity for new financing platforms due to cash shortages. UBTECH is currently in a continuous loss state and relies heavily on external financing channels for growth [1][18]. Group 1: Acquisition Details - UBTECH acquired control of Fenglong through a combination of "agreement transfer + partial tender offer" [1][20]. - The first step involved UBTECH acquiring 29.99% of Fenglong's shares at a price of RMB 17.72 per share, totaling approximately RMB 1.161 billion [3][21]. - The second step included a partial tender offer for an additional 13.02% of shares at the same price, bringing UBTECH's total stake to 43% [4][22]. Group 2: Financial Context - UBTECH's financial performance shows a trend of increasing revenue but persistent losses, with projected revenues of approximately RMB 10.08 billion, RMB 10.56 billion, and RMB 13.05 billion from 2022 to 2024, respectively, and net losses of RMB -9.87 billion, RMB -12.65 billion, and RMB -11.6 billion during the same period [14][36]. - The company reported cash on hand of only RMB 1.181 billion, indicating a significant funding gap for the acquisition, which cost over RMB 1.612 billion [16][38]. Group 3: Strategic Considerations - UBTECH's acquisition aims to enhance its industrial chain layout and strengthen its core competitiveness by leveraging Fenglong's manufacturing and supply chain capabilities [35][40]. - The acquisition is seen as a strategic move to complement UBTECH's focus on humanoid robots with Fenglong's expertise in precision manufacturing and established customer base [35][40]. Group 4: Market Implications - The transaction has sparked discussions about the potential for UBTECH to pursue a backdoor listing in the A-share market, although its current financial losses may complicate this path [7][25]. - The recent trend of robotics companies acquiring control of listed firms has created notable arbitrage opportunities in the market, as seen in other similar transactions [10][32].

12月26日，中坚科技盘中下跌2.02%，截至09:53，报112.25元/股，成交1.12亿元，换手率0.60%，总市 值207.44亿元。 机构持仓方面，截止2025年9月30日，中坚科技十大流通股东中，鹏华碳中和主题混合A（016530）位 居第四大流通股东，持股478.37万股，相比上期减少132.89万股。摩根新兴动力混合A类（377240）位 居第八大流通股东，持股199.66万股，相比上期增加24.99万股。香港中央结算有限公司位居第九大流通 股东，持股195.62万股，为新进股东。 资金流向方面，主力资金净流出454.95万元，特大单买入270.07万元，占比2.40%，卖出863.80万元，占 比7.68%；大单买入2412.33万元，占比21.46%，卖出2273.56万元，占比20.22%。 责任编辑：小浪快报 中坚科技今年以来股价涨131.48%，近5个交易日涨1.13%，近20日跌1.08%，近60日跌11.21%。 中坚科技所属申万行业为：机械设备-专用设备-其他专用设备。所属概念板块包括：发电机概念、百元 股、机械、机器人概念、年度强势等。 截至9月30日，中坚科技股东户数1.8 ...

Core Viewpoint - A significant acquisition wave led by technology companies in the A-share market has commenced, highlighted by the acquisition of approximately 43% of shares in Fenglong Co., Ltd. by UBTECH Robotics through a combination of agreement transfer and tender offer [1][2]. Summary by Sections Acquisition Details - UBTECH plans to acquire 43% of Fenglong's shares at a price of 17.72 CNY per share, which represents a 10% discount from the pre-suspension price of 19.68 CNY, totaling approximately 1.665 billion CNY [2][8]. - Following the announcement, Fenglong's shares hit the daily limit up, closing at 21.65 CNY, with a total market capitalization of 4.731 billion CNY [2][4]. Control and Strategy - The acquisition strategy involves a two-step process, where UBTECH first acquires 29.99% of shares through an agreement transfer, avoiding the obligation for a full tender offer [7][8]. - The second step includes a partial tender offer for an additional 13.02% of shares, maintaining the same price of 17.72 CNY per share [7][8]. Future Listing Considerations - There are speculations about UBTECH potentially using Fenglong as a vehicle to return to the A-share market; however, current regulations and the company's financial status make this unlikely in the short term [10][12]. - UBTECH has not achieved profitability, which is a requirement for a reverse merger to qualify for A-share listing [12]. Industry Context - The acquisition reflects a trend where technology companies seek control of stable A-share companies to leverage their manufacturing capabilities and market presence [16][17]. - Fenglong's established manufacturing capabilities in garden machinery and automotive components may provide synergies with UBTECH's focus on humanoid robotics, enhancing the potential for industry integration [16][17]. Financial Strategy - The acquisition will be funded through UBTECH's own capital, including cash reserves and proceeds from a recent placement of 3.056 billion HKD, with plans to allocate a significant portion for mergers and investments in the robotics sector [17].

Core Viewpoint - The acquisition of approximately 43% of shares in Fenglong Co., Ltd. by UBTECH Robotics, known as the "first humanoid robot stock," marks a significant transaction in the A-share control acquisition wave led by technology companies. The total consideration for this acquisition amounts to 1.665 billion yuan, with a share price of 17.72 yuan, reflecting a 10% discount from the pre-suspension price of 19.68 yuan [1][5][6]. Group 1 - The acquisition strategy involves a combination of "agreement transfer + partial tender offer," which cleverly avoids the requirement for a full tender offer, making it a less costly and more feasible approach for gaining control [3][5]. - The first step of the acquisition includes an agreement to transfer 65.53 million shares (29.99% of total shares) from the controlling shareholder to UBTECH at a price of 17.72 yuan per share, totaling 1.161 billion yuan [5][6]. - Following the agreement transfer, UBTECH will issue a partial tender offer for an additional 28.45 million shares (13.02% of total shares) at the same price, further solidifying its control over Fenglong [5][6]. Group 2 - There is speculation about whether UBTECH could leverage this acquisition to return to the A-share market; however, current regulatory policies suggest that this is unlikely due to the company's financial status and the requirements for a successful backdoor listing [3][8][9]. - UBTECH's financial situation shows that it has not yet turned a profit, which complicates the possibility of a backdoor listing through Fenglong, making an independent IPO on the Shenzhen Stock Exchange a more viable option [8][9]. - The acquisition is not merely a shell transaction; it aims to create synergy between UBTECH's humanoid robotics business and Fenglong's established manufacturing capabilities, potentially enhancing operational efficiency and market competitiveness [13][14]. Group 3 - The acquisition is funded entirely by UBTECH's own capital, including cash reserves and proceeds from a recent placement of 3.056 billion HKD, with plans to use a significant portion for mergers and acquisitions in the robotics industry [15]. - The strategic rationale behind this acquisition is to utilize Fenglong as a financing platform and to facilitate the integration of UBTECH's technology with Fenglong's manufacturing capabilities, thereby enhancing both companies' growth prospects [12][14].

Core Insights - The article discusses the rapid expansion of Chasing Technology, led by founder Yu Hao, as it diversifies from its initial focus on cleaning appliances into various high-tech sectors, including drones, automotive, and smartphones [1][3][4] Group 1: Business Strategy - Chasing Technology plans to pursue a multi-business line strategy, opting for independent IPOs for its various segments, which contrasts with the traditional model of unicorns growing through a single main business [3][5] - This strategy aims to escape the low price-to-earnings (PE) ratios typically associated with the home appliance industry, allowing each business to shine under its own valuation spotlight [3][5][7] - The company is leveraging its existing technology and market presence to create a comprehensive "robotics ecosystem," which includes products like lawn mowers that serve as data collection platforms for future robotics applications [8][9] Group 2: Market Positioning - Chasing Technology's entry into the automotive sector is seen as a move to elevate its brand and market perception, aiming for a sales target of 200 billion yuan by 2030, despite the challenges in the current cleaning appliance market [13][14] - The company is positioning itself as a "broad robotics company," with a focus on high-performance products that can redefine market standards, similar to how Xiaomi approached its product lines [11][12] - The strategy includes creating high-end products that can enhance the brand's prestige and drive sales across its entire product range, including cleaning robots and other smart devices [13][14] Group 3: Leadership and Vision - Yu Hao's vision reflects a desire to create a larger platform that transcends traditional company structures, indicating a personal ambition that drives the company's expansive strategy [4][5] - The approach taken by Chasing Technology is characterized as a "dynamic split," maintaining the independence of various business units while fostering innovation and agility [16][17] - The founder's understanding of technology and market dynamics is crucial for navigating the complexities of this multi-faceted business model, which aims to break away from conventional industry norms [16][20]

Core Viewpoint - A significant acquisition wave led by technology companies in the A-share market has commenced, highlighted by UBTECH's announcement to acquire approximately 43% of the shares of Fenglong Co., Ltd. through a combination of agreement transfer and partial tender offer, with a total consideration of 1.665 billion yuan [1][7]. Group 1: Acquisition Details - UBTECH plans to acquire 65.53 million shares of Fenglong, representing 29.99% of the total share capital, at a price of 17.72 yuan per share, totaling 1.161 billion yuan [4][5]. - Following the agreement transfer, UBTECH will issue a partial tender offer for an additional 28.45 million shares, representing 13.02% of the total share capital, at the same price of 17.72 yuan per share [4][5]. - The total expenditure for the acquisition is expected to be 1.665 billion yuan, enhancing UBTECH's control over Fenglong [7]. Group 2: Market Implications - The acquisition has sparked speculation about UBTECH's potential return to the A-share market, although regulatory policies suggest that this may not be feasible [1][10]. - UBTECH's strategy mirrors previous acquisitions in the sector, utilizing agreement transfers and partial tender offers to secure control at a lower cost [2][4]. - The transaction is not merely a shell acquisition; it aims to create synergy between UBTECH's robotics focus and Fenglong's manufacturing capabilities, which include precision manufacturing and a mature supply chain [11][12]. Group 3: Future Prospects - UBTECH's current financial status does not meet the requirements for a backdoor listing through Fenglong, as it has not achieved profitability [10]. - An independent IPO on the Shenzhen Stock Exchange may be a more viable option for UBTECH, given its market capitalization and revenue projections [10][12]. - The acquisition is funded through UBTECH's own capital, including proceeds from a recent placement aimed at supporting mergers and investments in the robotics industry [13].