贰||有了"靠谱"的技术基础，不同背景的玩家们，便带着各自不同的"小算盘"，从四面八方 涌入了这条赛道。 叁||造出一台能动的机器人，和造出一台能在真实世界里、遵守人类社会规则、解决实际问 题的机器人，是两回事。 机器人行业"乱花渐欲迷人眼"。 2025年8月12日，北京世界机器人大会，视源股份（002841.SZ）首次展出了其工业级四足机器人MAX －HUBX7。这家公司的传统主业是给电视和会议平板做显示主控板卡，是一个比较典型的机器人产 业"圈外"玩家。 但视源股份并不孤单，在同一个展馆，还能看到另一家名为中坚科技（002779.SZ）的公司，这家来自 浙江永康的企业，过去近三十年的主营业务是油锯和割草机等园林机械。这次，他们也带来了自己全新 升级的四足机器狗和一款正在研发的轮式机器人。 壹||热潮背后，是"造机器人"这件事的性质正在起变化。"攒一台机器人"的说法，从一句玩 笑开始走向现实。 如果说，制造业公司凭借自身在供应链和生产工艺上的积累，跨界造机器人还算有迹可循，那么，另一 些入局者的身份则更让人意想不到。比如，同样在8月，私募股权投资领域的上市公司九鼎投资 （600053.SH）亦公告称，将斥资 ...

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7][29]. Core Insights - The humanoid robot industry is currently transitioning from design convergence to commercial validation, with a focus on applications that enhance efficiency in existing tasks and those that are unsuitable for human completion. Short-term focus is on the former, while the latter is seen as a mid-term necessity [5]. - The humanoid robot concept index experienced a decline of 2.21% from May 25 to May 30, 2025, but has increased by 31.07% year-to-date, outperforming the CSI 300 index by 30.56% [12][18]. - Significant advancements in product technology include the launch of the Zhenyuan Expedition A2, which is the first humanoid robot to receive certifications from China, the EU, and the US [21][22]. Weekly Market Review - From May 25 to May 30, 2025, the humanoid robot concept index fell by 2.21%, underperforming the CSI 300 index by 1.12 percentage points. Year-to-date, the humanoid robot index has risen by 31.07%, outperforming the CSI 300 index by 30.56% [12][18]. - Among A-share humanoid robot stocks, Digital Zhengtong had the highest weekly increase at +18.05%, while Lingyun Light experienced the largest decline at -12.96% [18][19]. Weekly Hotspots Review Policy Developments - The Beijing Humanoid Robot Innovation Center is soliciting opinions on the "Integrated Joint Interface Requirements for Electric Drive Humanoid Robots" standard, which aims to standardize technical requirements for humanoid robot interfaces [21]. - Shanghai's Pudong New Area has introduced 16 support policies for the embodied intelligence industry, with project support reaching up to 20 million yuan [21]. - Guangdong Province has initiated the "Robot+" action to promote AI model research and application [21]. Product Technology Iteration - The Zhenyuan Expedition A2 humanoid robot has become the first globally to receive certifications from China, the EU, and the US [22]. - The National and Local Joint Innovation Center for Humanoid Robots aims to achieve an operational accuracy of 90% for its embodied intelligence model by the end of the year [23]. - The release of the Zerith-H1 humanoid robot by Zero Degree, designed for family service scenarios, marks a significant product development [24]. Investment and Financing Dynamics - Runyang Technology plans to invest up to 300 million yuan in Fourier Intelligent Technology [4]. - Sichuan Embodied Humanoid Robot Technology Co., Ltd. has completed several million yuan in angel round financing, with a valuation of several hundred million yuan [4]. - Horizon Robotics' Diguo Robot has secured 100 million USD in Series A financing [4]. Key Company Announcements - Huguang Co. has successfully launched the first sample line for its humanoid robot project [4]. - Oke Yi's core components for humanoid robot transmission systems have entered the small batch supply stage [4]. - Zhongding Co. has developed 33 rubber core components for the Mocha robot, including 22 for humanoid robots [4].

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【策略 】 全球外资流出美股，流入中国资产 市场定价状态：市场整体交易热度 略有下降，行业轮动强度下降。 1 ）市场情绪（下降）：本期国泰海 通资金流入强度指数整体有所抬升， 市场交易热度略有下降， 全 A 日均成交额从 1.17 万亿降至 1.09 万亿，上证指数换手率分位数回落至 58% ，创业板换手率分位数回落至 39% 。 日均涨停家数抬升至 80 家，最大连板数为 5 个，封板率升至 74% ，龙虎榜上榜家数降至 67 家。 2 ）赚钱效应（下降）： 本期个股收涨比例回落至 60% ，全 A 个股周度收益中位数回落至 0.75% ； 3 ）交易集中度（上 升）：国泰海通行业轮动指数转为下降，一级行业前五成交额占比底部有所回升，本期行业换手率历史分 位数处于 90% 以上的行业有 2 个，环比出现下降，其中换手率分位数超 90% 的行业为综合金融和食品 饮料。 A 股资金流动：本期多种资金流入 A 股市场， ETF 资金流入超百亿。 1 ）公募：本期偏股基金新发规 模边际降至 92.3 亿，存量公募基金仓位下降 0.5% ； 2 ）私募：近期私募仓 ...

Core Insights - The launch of the first household desktop AI robot by UBTECH, in collaboration with China Telecom Shaanxi and Digital Life, marks a significant advancement in the application of humanoid robots for family companionship, filling a gap in the market [1][3] Company Developments - UBTECH has established a joint R&D team with China Telecom Shaanxi and Digital Life since July 2024, focusing on digital life intelligent agents technology, leveraging advanced large model technology to enhance emotional computing, environmental perception, task planning, visual semantic understanding, and memory capabilities [3][4] - The new household desktop AI robot offers a variety of services including personalized companionship, entertainment, interactive storytelling, English practice, video calls, and smart home control, aiming to create a "proactive" and "growth-oriented" smart living experience [3][4] Industry Trends - UBTECH has successfully implemented humanoid robots in three main scenarios: industrial manufacturing, commercial services, and family companionship, with the Walker S series being the most widely adopted industrial humanoid robot globally [4] - The release of the household desktop AI robot is a significant achievement in UBTECH's exploration of humanoid robot applications, with plans to deepen strategic collaborations with ecosystem partners to build a humanoid robot industry ecosystem [4]

Group 1 - Figure's new generation humanoid robot F.03 has achieved bipedal walking, integrating advanced hardware systems, with its predecessor Figure 02 currently being tested at BMW's factory [1] - The F.03 is designed with cost control and mass production capabilities in mind, utilizing injection molding and die-casting processes [1] - The first family desktop AI robot developed by UBTECH, in collaboration with China Telecom, offers various services such as companionship, entertainment, and home control [4] Group 2 - Junpu Intelligent has launched a flexible dual-arm robot that combines soft and bionic technologies, aimed at industrial and service applications [7] - The 2025 European Humanoid Robot Summit is scheduled for November 17-18, 2025, in Düsseldorf, Germany, focusing on technological advancements and the future ecosystem of the humanoid robot industry [10] - Sichuan Embodied Humanoid Robot Technology Co., Ltd. has completed tens of millions in angel round financing and plans to release an emotional robot product by the end of 2025 [11]

第 637 期 "A+H"潮起，超40家A股上市公司冲刺港股IPO 大河财立方记者注意到，今年以来，已有宁德时代、恒瑞医药等3家A股上市公司赴港上市。另有安井 食品、海天味业、南华期货等超40家A股企业宣布赴港计划或已递交申请。而在河南，亦有牧原股份、 真实生物等企业宣布冲刺港股IPO 。 港股不仅成为企业引入国际资本的关键通道，更为其跨境并购和海外扩张提供跳板，在政策红利和市场 机遇的双重驱动下，A股上市公司正加速迈向全球资本市场。 2025-05-26 焦点事件 首批新型浮动费率基金将发行 5月24日，16家基金公司集体公告，旗下浮动费率基金产品发行定档，均将于5月27日开启发行，多数产 品将于6月中下旬结束认购。从基金合同中可以看到浮动费率基金具体的收费形式，当投资者持有基金 份额达到一年后赎回，若期间年化收益率跑输业绩比较基准3个点及以上，仅收取0.60%年费率；若跑 赢业绩比较基准6个点及以上且收益为正，则适用1.50%年费率；其他情形则适用1.20%年费率。 宏观要闻 《网络交易平台收费行为合规指南》征求意见 为规范网络交易平台向平台内经营者收取佣金、抽成、会员费、技术服务费、信息服务费、营销推广 ...

Macro Highlights - The People's Bank of China and the State Administration of Foreign Exchange issued a notice on May 23 to optimize the management of funds for domestic companies listed overseas, proposing a unified foreign currency management policy [1] - The notice allows for the repatriation of funds raised from overseas listings and the proceeds from share reductions or transfers in either foreign currency or RMB, enhancing cross-border financing convenience for domestic enterprises [1] Hong Kong Development - Hong Kong's Chief Executive, John Lee, announced plans to establish Hong Kong as a cross-border e-commerce logistics hub, leveraging its geographical advantages and logistics infrastructure [2] - The initiative includes expanding the funding scope of the "BUD Special Fund" to support e-commerce and enhancing the visibility of Hong Kong brands in overseas markets [2] Regulatory Updates - The State Administration for Market Regulation is seeking public feedback on the "Guidelines for Compliance of Charging Behavior on Online Trading Platforms" to standardize commission and fee structures on these platforms [3] - The guidelines aim to protect the rights of platform operators and promote healthy development within the platform economy [3] Energy Sector - China's first large-scale lithium-sodium hybrid energy storage station, the Baocai Energy Storage Station, was launched in Yunnan on May 25, with a capacity of 400 MWh and a green energy ratio of 98% [4] - The station can adjust an annual electricity volume equivalent to the consumption of 270,000 households [4] Technology and AI - NVIDIA is reportedly set to launch a new AI chip for the Chinese market based on the Blackwell architecture, with a significantly lower price than the previous H20 chip, expected to begin mass production in June [5] - A new family desktop AI robot was launched in China, marking a significant advancement in the application of humanoid robots in home companionship [6] Corporate News - Haiguang Information and Zhongke Shuguang announced a merger through a share swap, marking the first absorption merger transaction following the new regulations on mergers and acquisitions [8] - Hainan Da announced breakthroughs in the specialized network chip sector, showcasing initial chip samples at a recent exhibition [9] - Runcheng Co. was selected as a candidate for a 374 million yuan project with China Mobile for home access construction services [10] - Ming Tai Aluminum signed a strategic cooperation framework agreement with Guangzhou Penghui Energy to collaborate on new battery technologies and aluminum recycling [11] - Zhongsheng Pharmaceutical received ethical approval for two Phase III clinical trials of its innovative drug RAY1225 for type 2 diabetes [12] - Xianggang Technology's controlling shareholder plans to reduce their stake by up to 3% due to personal financial needs [13] - Youyan Powder Materials' major shareholder intends to reduce their stake by up to 1% [14] - Nongxin Technology's shareholder plans to reduce their stake by up to 1.35% [15] - Weiguang Co. announced plans for a stake reduction of up to 300,000 shares [16][17]