注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 中信建投指出，人形机器人领域海外龙头厂商调整技术细节，产品优化将为规模化量产奠定更好基础， 后续V3发布预计带来显著催化。国内厂商量产计划持续推进，并向产业链释放订单，带来增量业绩贡 献。行业正积极探索软硬件迭代升级，挖掘"具身智能"应用空间，建议关注传感器、灵巧手、垂类应用 端等结构性机会。锂电设备正逐渐走出行业底部，固态电池有望于2027年商业化，近期国轩高科、清陶 等企业装车路测及产能布局加速，产业催化剂密集。工程机械方面，零部件与叉车呈现边际改善，零部 件排产饱满受益外资需求恢复，叉车内销增速显著提升，挖机内销预计持平。 工业母机ETF跟踪的是中证机床指数，该指数由中证指数有限公司编制，从沪深市场中选取业务涉及机 床整机及其关键零部件（如数控系统、主轴、导轨等）的上 ...

Group 1 - The U.S. President Trump announced tariffs ranging from 25% to 40% on imports from 14 countries, including Japan, South Korea, and Malaysia, effective August 1 [1] - The global trade friction index rose to 131 in April, indicating a significant increase in global trade tensions, with trade measures involving a year-on-year increase of 37.6% and a month-on-month increase of 16% [1] - The necessity for self-sufficiency in high-end industrial machinery and scientific instruments is increasing due to heightened trade tensions and the trend of de-globalization [1] Group 2 - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index, including 50 component stocks from key sectors such as machinery manufacturing, electronic, and new energy [2] - The ETF's component stocks benefit from the development of the robotics industry, showcasing strong profitability and growth potential [2] - The average market capitalization of the index's component stocks is large, reflecting a preference for industry leaders and technologically advanced companies [2]

Group 1 - The core viewpoint highlights significant advancements in the humanoid robotics industry, with companies accelerating collaboration to enhance application scenarios [1] - Zengguang Intelligent announced nearly 100 million yuan in new financing for its "maglev magic carpet" technology, achieving a positioning accuracy of 5 micrometers and introducing a "transmission is processing" model [1] - The humanoid robot industry is entering a new phase of vigorous development, with strategic partnerships being formed among key players like Yubiquitous and Kepler in sectors such as automotive and electronics [1] Group 2 - Jianghai Securities notes that the mass production expectations for humanoid robots face significant uncertainty due to the need for further accumulation of general scenario training data and the iteration of core component technologies [1] - The collaboration between Nvidia and Foxconn aims for humanoid robot production in Q1 2026, indicating strong confidence from major companies in the industry's future [1] - The launch of Yubiquitous's industrial humanoid robot Walker S1 marks a critical step towards commercialization, which is expected to drive the domestic industry forward [1]

每经记者｜曾子建 每经编辑｜肖芮冬 随着2025年上半年行情即将告一段落，在A股市场近期的强势表现下，沪指逐渐站稳3400点整数关，且创出年内新高，越来越多的热点涌现。 那么，即将到来的下半年，基金该怎么投，也成为投资者最关注的话题之一。 一个误区：上半年强势品种一牛到底？ 如果站在当下这个时间节点，想要了解下半年基金产品怎么投，很多投资者都喜欢从上半年强势品种中去挖掘机会。换句话说就是，从上半年的强势品种 中，去找一些"牛基"，似乎买了之后，就能一直牛到年末。然而，这却是基金投资最大的误区。而这个误区，其实在基金产品销售中，早已明确提示"过往 业绩不代表未来表现"。 同样，从权益产品来看，上半年涨幅最大的也都是布局港股创新药板块，或者是A股创新药板块。比如，股票型基金中的华安医药生物、嘉实互融精选股 票，两只产品上半年涨幅超过60%，都布局A股和H股的创新药。而混合型基金同样如此，比如中银港股通医药、永赢医药创新、平安核心优势等，都重点 布局医药股，上半年业绩涨幅均超过60%。 但从过去几年的经验看，上半年的强势基金，往往很难将好业绩一直维持到年末。 比如2023年上半年，权益产品表现最好的是重仓押注AI赛 ...

东吴证券指出，2025年长沙国际工程机械展览会签订年度采购协议超130亿元，国内主机厂新品聚焦大 型化、电动化、智能化，依托锂电及智驾产业链优势，中国品牌在电动化和智能化布局大幅领先，有望 实现弯道超车。4月挖机出口同比增长19.3%，海外需求边际改善，长期看好工程机械出海逻辑。通用 自动化板块2024年呈现量增价减竞争加剧状态，除注塑机行业受益3C&家电资本开支上行与出口加速 外，利润端表现弱于营收端。 工业母机ETF（代码：159667）跟踪的是中证机床指数（代码：931866），该指数由中证指数有限公司 编制，从沪深市场中选取主营业务涉及机床整机及其关键零部件制造的上市公司证券作为指数样本，以 反映机床行业相关上市公司证券的整体表现。成分股覆盖了机床制造及相关产业链的核心企业，具有显 著的行业集中度和技术代表性。 没有股票账户的投资者可关注国泰中证机床ETF发起联接A（017471），国泰中证机床ETF发起联接C （017472）。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成 ...

Market Overview - The market experienced a slight decline with the Shanghai Composite Index down by 0.4%, the Shenzhen Component down by 0.07%, and the ChiNext Index down by 0.19% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.09 trillion yuan, a decrease of 62.9 billion yuan compared to the previous trading day [1] - Over 3,000 stocks rose in the market, indicating a mixed performance among individual stocks [1] Automotive Industry - The automotive supply chain saw significant gains, with the automotive parts sector recording a five-week consecutive increase, nearing historical highs from late March [2][4] - The sales data for the automotive market showed a cumulative sales figure of 6.872 million units from January to April, representing a year-on-year growth of 7.9% [6] - The new energy vehicle market also performed well, with sales reaching 3.324 million units in the same period, marking a year-on-year increase of 35.7% [6] Investment Trends - Institutional investors are increasingly allocating funds to the automotive sector, with public fund holdings reaching a historical high and showing a continuous increase over five quarters [6] - High-quality companies in the automotive sector, such as BYD, Li Auto, and Leap Motor, are attracting significant investment [6] - ETFs related to automotive parts and vehicles have shown strong performance, with several leading in gains today [4][5] Regulatory Developments - The Ministry of Industry and Information Technology has completed the drafting of technical requirements for automatic emergency braking systems, which is expected to transition from a recommended standard to a mandatory requirement [6] - This regulatory change is anticipated to lead to a significant increase in the adoption of such systems in the automotive market [6] Market Sentiment and Future Outlook - Analysts suggest that the market is currently in a phase of uncertainty, with funds seeking new directions and themes for investment [9] - High expectations for sectors such as AI, robotics, and autonomous control remain, indicating potential for future rebounds [9] - Goldman Sachs has raised its 12-month targets for the MSCI China Index and the CSI 300 Index, suggesting an 11% and 17% potential upside, respectively [9]

Group 1 - The core viewpoint of the news highlights a significant rise in the machine tool and automotive parts industries, with both the Machine Tool ETF (159663) and Industrial Mother Machine ETF (159667) experiencing over 2% gains in half a day [1][3]. - The Machine Tool ETF (159663) increased by 2.05% to a price of 1.146, while the Industrial Mother Machine ETF (159667) rose by 2.03% to a price of 1.155, with the latter having a larger scale of 4.63 billion shares and a trading volume of 42.4355 million yuan [2][3]. - The machine tool industry in China is showing signs of moderate recovery, with high participation in exhibitions and frequent new product launches, indicating confidence in the long-term market rebound [3]. Group 2 - The CIMT International Machine Tool Exhibition in 2025 will showcase a significant increase in domestic five-axis processing equipment, from 50 units in the previous exhibition to 400 units, reflecting the industry's structural upgrade [3]. - Key companies such as Haitan Precision, Kede CNC, Tuosida, and Qinchuan Machine Tool are launching a series of new products across various high-demand sectors, including aerospace and new energy [3]. - The CSI Machine Tool Index includes 50 listed companies involved in the manufacturing and service of machine tools and key components, serving as a benchmark for the overall performance of the machine tool industry [3][4].

江海证券表示，大规模设备更新、设备以旧换新等政策利好推动工业母机需求复苏，叠加航空航天、人 形机器人等新兴产业带动中高端数控机床需求增长，2025年行业景气度有望持续提升。 注：市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任 何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的 产品。基金有风险，投资需谨慎。 另外，人形机器人的发展也利好工业母机基本面复苏。东兴证券表示，工业母机是核心零部件批量化生 产降本的核心。抛开人工智能来看，机器人本体环节主要目标是降低成本大批量生产，工业母机作为制 造机器的机器，人形机器人放量依赖于工业母机的工艺迭代升级，工业母机是人形机器人核心零部件批 量化生产降本的核心。 从人形机器人整机成本来看，核心零部件分别是传感器、电机、丝杠和减速器，与工业母机核心零部件 高度重叠。随着人形机器人市场不断扩张，其核心零部件产业链配套亦将持续迭代升级，推动工业母机 向高端迈进的同时，共享规模效应带来的成本摊薄，进而提升工业母机公司的盈利能力。 没有股票账户的投资者可以通过工业母机ETF的联接基金（017472）把握 ...

今日A股总体震荡走强。宽基层面，上证指数收涨0.86%，报3403.95点，深证成指上涨0.64%，创业板 指上涨1.01%，科创综指下跌0.15%。量能方面，沪深两市全天成交额1.32万亿，较上个交易日放量252 亿。行业层面，证券、金融等板块涨幅居前；光伏、军工、黄金等板块领跌。 由今日市场结构可见，短期情绪较为均衡。个股层面，超2300股上涨，逾2800股下跌；风格层面，小盘 弱于大盘，成长、价值区分不明显，双创则出现内部分化。整体而言，市场今日风险偏好中性运行。 关税谈判显著超预期，却并未引发A股显著上涨，或与修复空间与宏观状态有关。北京时间5月12日下 午3点，中美双方发布《中美日内瓦经贸会谈联合声明》，关税下调幅度大超预期。据中金公司统计， 在此之前美国对华关税为145%：包括针对芬太尼的20%，对等关税的34%，以及反制带来的91%。会谈 之前，特朗普曾表示关税可能降至80%，市场乐观预期也仅为"降至反制前水平"，即54%。然而，此次 会谈不仅取消了反制的91%，还在90天内暂时豁免对等关税中的24%。而我国对关税的回应也是充分对 等的。 今日证券板块带领A股冲上了3400点，相关行业ETF 证 ...

Group 1 - The core viewpoint of the article highlights the recovery of the industrial mother machine sector, driven by policy support for domestic demand and export optimization, with the Industrial Mother Machine ETF (159667) rising over 2% [1] - The 19th China International Machine Tool Exhibition will open on April 25, 2025, in Beijing, focusing on the application of digital twin and artificial intelligence technologies in the machine tool industry, with companies like Renishaw showcasing high-precision measurement and automation solutions [1] - According to招商证券, the mechanical equipment industry (automation and general equipment) is experiencing a sustained recovery in domestic demand and an optimized export structure, with new market shares increasing [1] Group 2 - Investment in equipment tools has seen a cumulative year-on-year increase of 19% as of March, with the rolling year-on-year growth rates for metal forming, cutting machine tools, and packaging equipment production expanding [1] - The export share of general equipment to emerging markets like ASEAN has generally increased, following a period of market decline due to tariff impacts, with future growth expected alongside the implementation of stable growth policies [1] - The Industrial Mother Machine ETF (159667) tracks the CSI Machine Tool Index (931866), which selects listed companies involved in the manufacturing of machine tools and key components, reflecting the overall performance of the machine tool industry [1]