以下文章来源于并购最前线 ，作者杨继云 并购最前线 . 投资界（PEdaily.cn）旗下，专注并购动态 欢迎加入投资界读者群 新革命。 作者 I 杨继云 报道 I 投资界-并购最前线 一笔超级并购诞生。 事 情 想 必 大 家 已 看 到 —— 瑞 士 ABB 集 团 日 前 宣 布 以 5 3. 75 亿 美 元 （ 约 383 亿 人 民 币 ） 估 值，将其机器人业务单元整体剥离给软银集团，该交易预计在2 02 6年中后期完成。 这被看作全球工业自动化领域的"地震级"交易。ABB机器人业务是全球工业机器人"四大 家族"之一，底蕴深厚，今年上半年曾谋求独立IPO，不料如今高价卖给了孙正义。 至此，全球机器人产业格局被重塑。硝烟再起，大家都在争夺短暂的窗口期。 全球机器人霸主，被卖了 根 据 相 关 协 议 ， ABB 将 先 把 机 器 人 事 业 部 注 入 一 家 新 设 控 股 公 司 ， 接 着 再 由 软 银 集 团 以"全现金"方式收购该公司100%股权。 交割后，软银集团一举接手ABB机器人业务的700 0人工程师团队、5 0万台存量装机与全 球服务网络和全部知识产权。2 0 24年，AB ...

美国总统特朗普的言论，叠加美国政府停摆导致关键经济数据缺失，令市场情绪恶化，引发周五欧美股市集体暴跌，美油跌超5%跌破60美元关口。 截至收盘，美国三大股指全线收跌，道琼斯工业指数跌1.9%报45479.6点，下跌近900点，标普500指数跌2.71%报6552.51点，纳斯达克指数跌3.56%报 22204.43点。本周，道琼斯工业指数跌2.73%，标普500指数跌2.43%，纳斯达克指数跌2.53%。 公开资料显示，Autotalks成立于2008年，是一家无晶圆厂半导体公司，其产品支持所有主要的全球通信标准，包括DSRC和C-V2X（涵盖LTE-V2X和5G- V2X）。据悉，V2X技术可以使车辆之间以及与周围环境直接通信，从而提升道路安全和运输效率。 2023年5月，高通宣布，其子公司高通技术公司已达成收购Autotalks的最终协议。不过，因涉及车载通信核心技术，该交易曾在欧美多地受到反垄断调 查。2025年6月，高通宣布收购完成，高通表示，Autotalks的产品已成为骁龙数字底盘产品组合的一部分。 此次立案是高通第二次在中国受到反垄断调查。2015年，国家发展改革委曾对高通公司滥用市场支配地位实 ...

| TSLA 特斯拉 | | | | --- | --- | --- | | 438.690 ↑ +5.600 +1.29% | | 收盘价 10/08 16:00 美东 | | 433.600 ↓ -5.090 -1.16% | | 盘前价 10/09 04:45 美东 | | 三 7 24 华 S 9 月 ♥ 曲 一 曲 | | ● 快捷交易 | | 最高价 441.330 开盘价 437.570 | 成交量 7119.21万 | | | 最低价 425.230 昨收价 433.090 | 成交额 309.5亿 | | | 平均价 434.732 | 市盈率TTM 261.13 总市值 1.46万亿 (m) | | | 振 幅 3.72% | 市盈率(静) 215.04 总股本 33.25亿 | | | 换手率 2.56% 市净率 18.867 | 流通值 1.22万亿 | | | 52周最高 488.540 委 比 90.48% | 流通股 27.78亿 | | | 52周最低 212.110 量 比 0.63 | 包 主 1股 | | | 历史最高 488.540 股息TTM -- | | | | 股 ...

北交所策略专题报告 2025 年 10 月 08 日 "920"代码切换迎新机，历史规律与海外科技映射下的节后小盘股机遇 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所"920"时代国庆后开启，历史数据显示节后小盘风格胜率显著提升 "920"代码切换催化在即，历史数据显示节后小盘风格胜率显著提升。北交所 将于 10 月 9 日为存量股启用新证券代码，这标志着北交所全面进入独立代码时 代，此举旨在强化其作为服务创新型中小企业主阵地的市场定位，并脱离过往与 新三板混同的代码体系，市场生态与板块认同感预计将得到显著提升。此外，统 一 920 代码还有助于强化北交所"专精特新"特色与着重培育创新型中小企业等 特点，吸引相应特点优质企业加入板块。以北交所当前小盘风格为主的特性，回 溯中证 2000 历史表现可见，国庆节后是小盘股的传统优势窗口。具体来看，节 后前三个交易日（T+1 至 T+3）上涨胜率高达 70%-80% 。核心逻辑在于，节前 漫长的假期兑现了市场的观望与避险情绪，节后资金回流、风险偏好修复，流动 性更敏感的 ...

Group 1 - The core viewpoint is that humanoid robots are being promoted for accelerated application in automotive manufacturing and logistics, laying a solid foundation for the future trillion-level industry development [2][4] - The integration of humanoid robots into automotive manufacturing is seen as a crucial support for the transition from "Made in China" to "Intelligent Manufacturing in China" [3][4] - The automotive manufacturing industry is facing urgent demands for production mode transformation due to market challenges, and humanoid robots are positioned as a key solution to enhance efficiency and flexibility [4][5] Group 2 - Humanoid robots demonstrate significant advantages in precision tasks such as electrical circuit connections in automotive seats, improving assembly accuracy and efficiency by 40% [5][6] - The emergence of humanoid robots offers hope for flexible production in the electric vehicle sector, allowing for rapid adjustments to production processes based on vehicle information [5][6] - Collaboration between robot manufacturers and automotive companies is creating an integrated ecosystem that supports technological innovation and industry implementation [6][8] Group 3 - Despite the initial success of humanoid robots in automotive manufacturing, challenges remain in terms of technology and cost, with industrial humanoid robots costing between 500,000 to 800,000 yuan, which is 3-5 times that of traditional robotic arms [7][8] - The consensus among industry stakeholders is that humanoid robots have broad application prospects in automotive manufacturing and logistics [8][9] - The anticipated decrease in the cost of key components for humanoid robots is expected to facilitate their large-scale commercial use, potentially lowering the price of basic models to around 50,000 yuan in the next two to three years [8][9] Group 4 - The integration of humanoid robots into the automotive industry is expected to lead to a significant transformation, enabling companies to respond quickly to market changes and produce more personalized vehicles [9] - Humanoid robots are projected to be the core driving force behind the intelligent upgrade of the automotive industry, redefining production models and supply chain systems [9]

马斯克对人形机器人未来的发展是非常看好的，这也被认为是在其特斯拉汽车之外的另一个非常具有大众前景的基础项目，如果100万台的目标在限定期限 内能够实现，那么对于整个AGI市场的应用和发展都是一种非常有益的尝试。在这方面，我们的国内市场对于这个需求也是非常旺盛的，而且参与的企业和 搭建的产业链也逐渐体系化。未来的发展机遇也被寄予厚望。 近日，从特斯拉提交至美国证券交易委员会的文件显示，马斯克已经买入超250万股特斯拉股票，总价值约10亿美元。此前特斯拉给马斯克"授权"了1万亿美 金的薪酬，而解锁万亿美元薪酬的运营目标之一是要求累计交付100万台人形机器人。如果要完成这个目标，那么比较加快人形机器人的量产能力，这也是 为何马斯克越来越重视人形机器人的生产能力和进度了。 不久前，特斯拉正式开通"TeslaAI"官方微博账号，并发布首条博文。该账号在简介中称，主要用于介绍"特斯拉人形机器人、智能辅助驾驶、Robotaxi无人 驾驶网约车、Coetex计算集群"等AI产品。此举也被解读为马斯克加快对人形机器人布局和造势的一种手段，毕竟未来真正量产之后的销售，潜在的市场之 一也会是中国市场，因此提前进行市场培育被认为也是 ...

以下文章来源于科创板日报 ，作者张真 科创板日报 . 科创圈都在关注的新型主流媒体，上海报业集团主管主办，界面财联社出品。 种种迹象显示，作为特斯拉的灵魂人物，马斯克未来的工作重心将放在以机器人为代表的人工智能落地上。 据特斯拉官网的"FORM 4"文件显示，马斯克于上周五（9月12日）一天内共计买入257万股特斯拉股票，买入价格在每股371.9美元至 396.359美元之间。 对于本次增持，美国投行Wedbush全球科技研究主管丹尼尔·艾夫斯表示，"这是一次巨大的信任票。"他表示，这体现了马斯克正加倍押注 特斯拉的人工智能计划。 马斯克豪掷近10亿美元增持的消息，不仅驱动特斯拉股价大涨，也催化了大洋彼岸A股市场的产业链公司。昨日，机器人概念股集体大涨。 截至收盘，三花智控、双环传动、汉威科技等十余股涨停。 | 初始 代码 | | 名称 | ● | | 最新 | 涨幅％ ↓ | 涨跌 | 成交量 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 300007 | 汉威科技 | 1 | U | 64.92 | ...

Core Viewpoint - The automotive industry shows positive sales growth, particularly in the passenger and new energy vehicle segments, with a notable increase in new model orders and market performance [1][2][4]. Weekly Data - Passenger car sales reached 523,000 units, up 4.2% year-on-year and 9.5% month-on-month [1][2]. - New energy vehicle sales totaled 290,000 units, reflecting a year-on-year increase of 13.9% and a month-on-month increase of 8.1% [1][2]. - New energy penetration rate stands at 55.3%, down 0.7 percentage points from the previous month [1][2]. Market Performance - The A-share automotive sector rose by 1.0%, ranking 9th among Shenwan sub-industries, outperforming the CSI 300 index, which increased by 0.6% [1][2]. - Sub-sectors such as commercial passenger vehicles, passenger vehicles, commercial freight vehicles, motorcycles, and auto parts saw increases of 6.2%, 1.7%, 1.0%, 0.9%, and 0.4% respectively, while automotive services declined by 1.9% [1][2]. Investment Recommendations - The report suggests focusing on key companies including Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Bertley, Top Group, Xinquan, Huguang, and Chuncheng Power [2][5]. - For the parts sector, recommendations include intelligent driving companies like Bertley and Horizon Robotics, and intelligent cockpit companies like Jifeng [5]. - In the motorcycle segment, the report recommends leading companies in the large-displacement category such as Chuncheng Power and Longxin General [6]. New Model Highlights - New model orders are performing well, with significant upcoming launches including the new Aion M7, which has already received over 150,000 pre-orders [4][5]. - The report anticipates that the launch of new models will accelerate the growth of high-end domestic vehicles [5].

Core Viewpoint - The automotive sector is experiencing growth driven by new policies and increasing demand for electric vehicles, with a focus on intelligent and globalized development of domestic brands [4][12][15]. Group 1: Weekly Data - In the week of August 25-31, 2025, passenger car sales reached 523,000 units, up 4.2% year-on-year and 9.5% month-on-month; new energy vehicle sales were 290,000 units, up 13.9% year-on-year and 8.1% month-on-month; new energy penetration rate was 55.3%, down 0.7 percentage points month-on-month [2][47]. - The automotive sector in A-shares rose by 1.0% from September 1 to September 5, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.6% [3][30]. Group 2: Investment Recommendations - Recommended companies include Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Berteli, Top Group, Xinquan Co., Hu Guang Co., and Chuncheng Power [4][7][15]. - In the parts sector, focus on intelligent driving companies such as Berteli, Horizon Robotics, and Kobot; for new forces in the industry chain, recommend H-chain companies like Xingyu Co. and Hu Guang Co. [7][17]. Group 3: New Models and Orders - New model orders are performing well, with weekly sales for August showing a positive trend; Geely's merger with Zeekr received strong shareholder approval, marking a significant step in the "One Geely" strategy [6][13]. - The new Aion M7 model has started pre-orders, with over 150,000 orders in 24 hours, indicating strong market interest [6][13]. Group 4: Policy Impact - The continuation of the vehicle replacement policy is expected to stimulate demand; the new policy includes subsidies for scrapping older vehicles, which is anticipated to stabilize demand for 2025 [14][39]. - The expansion of the subsidy range to include vehicles meeting the National IV emission standards is expected to further boost the market [39][41]. Group 5: Motorcycle and Heavy Truck Market - The motorcycle market is expanding rapidly, with significant growth in large-displacement motorcycles; sales in July 2025 for motorcycles over 250cc reached 88,000 units, up 21.7% year-on-year [21][23]. - Heavy truck sales in July 2025 were 85,000 units, up 45.6% year-on-year, supported by policies encouraging the replacement of older vehicles [24][26].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance and growth potential in various segments [5]. Core Insights - The automotive sector is experiencing a robust recovery, with significant growth in passenger vehicle sales and a notable increase in new energy vehicle penetration [1][3]. - The report emphasizes the importance of intelligent and electric vehicles, predicting accelerated growth in these areas, particularly for quality domestic brands [12][13]. - The robotics sector is highlighted as a new catalyst for growth, with major players like Tesla advancing in humanoid robot production, which is expected to impact the automotive supply chain positively [2][15]. Summary by Sections Weekly Overview - The automotive sector outperformed the market, with the A-share automotive sector rising by 1.0% from September 1 to September 5, 2025, compared to a 0.6% increase in the CSI 300 index [1][25]. - Key companies recommended for investment include Geely, Xpeng, Li Auto, BYD, and Xiaomi, among others [10]. Weekly Data - In the fifth week of August 2025, passenger car sales reached 523,000 units, a year-on-year increase of 4.2% and a month-on-month increase of 9.5% [1][34]. - New energy vehicle sales for the same period were 290,000 units, with a penetration rate of 55.3% [1][34]. Key Developments - Geely's merger with Zeekr received shareholder approval, marking a significant step in its "One Geely" strategy [3][11]. - The introduction of new models, such as the Aion M7, is expected to drive sales further, with pre-orders exceeding 150,000 units within 24 hours [3][11]. Investment Recommendations - The report recommends focusing on quality domestic brands that are accelerating in intelligence and globalization, specifically naming Geely, Xpeng, Li Auto, BYD, and others [4][12]. - In the parts sector, companies involved in intelligent driving and new energy vehicle supply chains are highlighted, including Berteli, Horizon Robotics, and Top Group [4][13]. Robotics Sector Insights - The report notes the increasing pace of domestic humanoid robot manufacturers entering the market, with significant production goals set by Tesla for its Optimus robot [2][15]. - The potential for robotics to integrate with the automotive supply chain is emphasized, suggesting a strong overlap between automotive parts and robotics manufacturing [17]. Motorcycle and Heavy Truck Markets - The motorcycle market is seeing growth in the mid to high displacement segments, with sales of 250cc and above motorcycles increasing significantly [18][19]. - The heavy truck market is expected to benefit from expanded subsidy policies aimed at replacing older vehicles, with sales showing a year-on-year increase of 45.6% in July 2025 [20][21].