Core Viewpoint - The report from CITIC Securities indicates that Yushu Technology is progressing well in its IPO guidance, focusing on compliance, governance, and strategic funding allocation [1][4]. Group 1: IPO Guidance Progress - CITIC Securities has submitted the first phase of the "Guidance Work Progress Report" for Yushu Technology's IPO [1]. - The guidance includes on-site due diligence, promoting standardized operations, and conveying regulatory updates [4]. - The report highlights improvements in corporate governance and institutional development during the guidance period [4]. Group 2: Corporate Name Change - Yushu Technology's fifth extraordinary general meeting approved a name change to "Yushu Technology Co., Ltd." from "Hangzhou Yushu Technology Co., Ltd." [4]. - This name change reflects a common strategy among companies to demonstrate a national or global business presence [5]. Group 3: Technological Developments - Yushu Technology launched the new bionic robot Unitree H2, which features 31 joints and enhanced flexibility, allowing for human-like movements [5]. - The company also introduced a quadruped robot training platform aimed at enhancing engineering practice capabilities for students [7]. - A newly authorized patent for a robot joint control method utilizes motion capture technology to improve human-robot interaction and operational flexibility [7]. Group 4: Company Scale and Financials - As of June, Yushu Technology reported annual revenue exceeding 1 billion yuan and a workforce of approximately 1,000 employees [8].

Group 1 - The robotics sector showed a strong performance with the Robotics ETF (159770) rising by 0.76% and achieving a trading volume exceeding 1 billion yuan, indicating active trading [1] - The Robotics ETF has seen a net subscription of 56 million units recently, accumulating over 220 million yuan in net inflows over the past four trading days [1] - The ETF closely tracks the CSI Robotics Index, with significant holdings in companies such as Huichuan Technology, iFlytek, and Stone Technology [1] Group 2 - The Electronics ETF (159997) experienced a decrease of 0.79% but narrowed its losses, with a trading volume exceeding 25 million yuan [1] - The Electronics ETF is the only ETF in the market that tracks the CSI Electronics Index, which includes companies involved in semiconductor production, electronic manufacturing services, and consumer electronics [2] - The global smart glasses market is projected to exceed 40 million units by 2029, with China expected to see a compound annual growth rate of 55.6% from 2024 to 2029, leading the global growth [2]

Market Review - The Huaxia Sci-Tech AI ETF (589010) showed strong performance on October 21, closing at 1.419 yuan, up 3.13%, outperforming the Shanghai Sci-Tech AI Index (+2.99%) and the Shanghai Index (+1.36%) [1] - The ETF opened at 1.392 yuan and maintained an upward trend throughout the day, with 28 constituent stocks rising and only one declining, led by Cambricon with a 6.86% increase [1] - The trading volume was active, with a total turnover of 138 million yuan and a volume of 98.41 million shares [1] - The Robot ETF (562500) also performed well, closing up 1.82%, slightly outperforming the CSI Robot Index (+1.77%) and significantly better than the Shanghai Index (+1.36%) [1] - Among the holdings, 69 stocks rose, with four declining, and notable gains were seen in CITIC Heavy Industries and Koyuan Wisdom, both hitting the daily limit [1] - The total trading volume for the Robot ETF reached 1.3275 billion yuan [1] Hot News - Yushu launched a quadruped robot training platform aimed at education, focusing on a comprehensive talent cultivation and certification system for embodied intelligent robot technology [2] - OpenAI is set to release a new AI-integrated web browser, ChatGPT Atlas, initially for Mac users, which may disrupt the competition with Chrome and Safari [2] - The Zhejiang Province's action plan aims to cultivate 10 leading intelligent agent development platforms and achieve over 70% application penetration by 2027, with a target of over 90% by 2030 [3] Institutional Views - Huatai Securities recommends focusing on investment opportunities in the quadruped robot body and payload supply chain, highlighting the military quadruped robot industry [4] - The industry is divided into the body (similar to limbs and cerebellum) and payload (akin to the brain and tools), with military state-owned enterprises primarily involved in overall design and assembly [4] - Companies like Jingye Intelligent are expected to benefit from the growth of military quadruped robots through secondary development to meet specialized application needs [4] Popular ETFs - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 20 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robot industry chain [5] - The Huaxia Sci-Tech AI ETF (589010) is described as the "brain" of robotics, capturing the "singularity moment" in the AI industry with a 20% price fluctuation and small-cap elasticity [5]

Market Review - The Huaxia Sci-Tech AI ETF (589010) showed strong performance on October 21, closing at 1.419 yuan, up 3.13%, outperforming the Shanghai Sci-Tech AI Index which rose 2.99% and the Shanghai Index which increased by 1.36% [1] - The ETF opened at 1.392 yuan and maintained an upward trend throughout the day, with 28 constituent stocks rising and only one declining. Cambricon led the gains with a 6.86% increase [1] - The Robot ETF (562500) also performed well, closing up 1.82%, slightly outperforming the CSI Robot Index (+1.77%) and significantly better than the Shanghai Index (+1.36%) [1] - The trading volume was active, with a total turnover of 1.38 billion yuan for the Huaxia Sci-Tech AI ETF and 13.275 billion yuan for the Robot ETF [1] Hot News - Yushu launched a quadruped robot training platform aimed at education, focusing on a comprehensive talent cultivation and certification system for embodied intelligent robot technology [2] - OpenAI is set to release a new AI-integrated web browser, ChatGPT Atlas, initially for Mac users, which may disrupt the competition with Chrome and Safari [2] Institutional Views - Huatai Securities recommends focusing on investment opportunities in the quadruped robot industry chain, which includes both the body and payload segments, with military applications expected to drive growth [4] Popular ETFs - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 20 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robot industry [5] - The Huaxia Sci-Tech AI ETF (589010) is positioned as the "brain" of robotics, capturing the "singularity moment" in the AI industry with a 20% price fluctuation range [5]

Group 1 - Wang Ziru officially joined Thunderbird Innovation, with his specific role to be announced at the upcoming release event for the Thunder Air 4 on October 23 [1] - Wang Ziru's involvement is significant as he has already participated in testing the latest products from Thunderbird, indicating his expertise is a core reason for his recruitment [1] - Wang Ziru is known for founding and leading the video review organization Zealer and has previously worked at Gree, gaining considerable attention and controversy [4][5] Group 2 - Apple's large foldable iPad project faces technical challenges, potentially delaying its launch from 2028 to 2029 or later, with an expected price of around $3000 [5] - The foldable iPad is part of Apple's strategy to innovate its product lineup, with ongoing collaboration with Samsung Display to develop an 18-inch display that minimizes folding marks [5] Group 3 - The U.S. stock market showed mixed results, with the Dow Jones increasing by 0.47%, the S&P 500 remaining flat, and the Nasdaq decreasing by 0.16% [5] - Major tech stocks mostly rose, with Amazon up over 2%, while some Chinese concept stocks saw declines, including Alibaba and NIO, which dropped over 3% [5] Group 4 - Yushu launched a quadruped robot training platform aimed at providing talent cultivation and certification services in robotics, enhancing students' practical engineering skills [6] - The platform integrates simulation, hands-on training, and competition projects, focusing on cost and safety [6] Group 5 - Anthropic introduced a web-based version of Claude Code, allowing users to delegate programming tasks directly from their browsers, with features for real-time progress tracking and secure environments [6] - The iOS app also supports this functionality, catering to developers needing flexibility in managing programming tasks [6] Group 6 - Elon Musk announced that the X platform will eliminate heuristic recommendation algorithms in favor of Grok, which will automatically match user interests based on content consumption [6] - This shift aims to enhance content exposure for new accounts and allow users to dynamically adjust their content recommendations [6] Group 7 - The Guangdong provincial government released an action plan to support the application of industrial intelligent computing and to cultivate industrial software and smart equipment from 2025 to 2027 [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The global economic situation is complex, with the US economy affected by wrong policies and the global economy entering the top - region [2]. - AI - related fields are rapidly developing, with multiple technological breakthroughs and new product launches, and AI toys are reshaping the consumer market [1]. - The US banking industry has increased concerns about credit losses, leading to increased merger expectations [1]. - The Japanese stock market has reached new highs, but the market is now focusing on the political stability of the new government [1]. 3. Summary by Related Catalogs 3.1 Important Information - OpenAI is facing absolute computing power scarcity, and it has a resource - allocation mechanism for research and application [1]. - DeepSeek has launched a revolutionary OCR model that solves the computing power problem of AI in processing long documents and has high - efficiency data generation capabilities [1][2]. - Yushu (Unitree) has released a four - legged robot training platform and a 180 - cm humanoid robot Unitree H2 with good balance and control capabilities [1][2]. - AI toys are becoming a new consumer hotspot across all age groups and are in a "golden age" of development, breaking the scene boundaries of traditional toys [1]. - The nuclear fusion technology competition is intensifying in the US, covering two key tracks: small modular reactors for AI power and future - oriented fusion technology [1]. - US banks' concerns about credit losses are promoting merger expectations, and regulatory and political factors support merger discussions [1]. - Kōichi Hamada has been elected as the new Prime Minister of Japan, and the Japanese stock market has reached new highs, but market attention has shifted to the political stability of the new government [1]. 3.2 Global Economic Logic - China's industrial added value in September 2025 increased by 6.5% year - on - year and 0.64% month - on - month, and the central parity rate of the RMB against the US dollar has been raised to 7.0995 [1]. - Traders are betting that the Fed will cut interest rates by at least 50 basis points in the upcoming meetings [1]. - China is the preferred stock investment market for emerging markets, and 100 surveyed institutions manage $423 billion in emerging - market assets [2]. - Huawei has announced the evolution and goals of Ascend chips, with its computing power "super - node + cluster" leading NVIDIA by more than a year [2]. - Although AI infrastructure investment has reached a new high in nominal terms, the proportion of US AI investment in GDP is still less than 1% [2]. - TSMC's CEO said that AI demand is stronger than expected [2].

Group 1 - Yushu Technology launched a quadruped robot training platform [1] - Guangdong issued an action plan to support the establishment of innovation centers in the field of intelligent agents in cities like Guangzhou and Shenzhen [1] - Nvidia discussed providing loan guarantees for OpenAI [1] - The UK government announced the establishment of an artificial intelligence growth laboratory [1]

Core Insights - The company has launched a quadruped robot training platform aimed at education, focusing on a comprehensive talent cultivation and certification system for "embodied intelligent robot technology" [1] - The platform integrates a pathway that connects simulation, hands-on practice, competitions, and training projects, enhancing students' engineering practical skills while ensuring cost and safety control [1] Summary by Categories Product Offering - The training platform is centered around the UnitreeGo2 ecosystem and includes standardized training stations, multi-modal sensing kits, and a remote debugging environment [1] - It provides a comprehensive training course package along with a library of motion control and algorithm case studies [1] Educational Focus - The platform aims to improve students' engineering practice capabilities through a structured approach that includes basic maintenance, motion control, autonomous navigation, and secondary development courses [1]

Core Insights - Yushu has launched a quadruped robot training platform aimed at education, focusing on the full chain of talent cultivation and certification in "embodied intelligent robot technology" [1] - The platform is centered around the Unitree Go2 ecosystem, integrating simulation, hands-on training, competitions, and practical projects to enhance students' engineering practice skills while ensuring cost and safety control [1] Summary by Categories - **Product Offering** - The training platform includes standardized training stations, multi-modal sensor kits, ROS2/Unitree SDK, remote debugging environments, and accompanying training course packages [1] - It also features a library of operational control and algorithm case studies [1] - **Educational Focus** - The platform provides tiered courses covering basic maintenance, motion control, autonomous navigation, and secondary development [1]