Market Review - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) increased by 2.07% on November 25, with a strong early performance followed by a slight afternoon pullback, maintaining high-level fluctuations overall [1] - Notable stocks included Lingyun Optics, which surged by 10.18%, and Haitai Ruisheng, which rose by 9.29%, with several other stocks like Hengxuan Technology and Sikan Technology also showing gains exceeding 6%, indicating significant profitability in the sector [1] - The total trading volume exceeded 73 million yuan, reflecting active trading conditions. Despite a slight outflow of funds on that day, the trend of net inflows over the past five days and a peak single-day capital absorption of over 170 million yuan suggest ongoing investment in core assets of the AI industry chain [1] - The Robot ETF (562500) rose by 0.32%, demonstrating resilience with a "high-low pullback" pattern. Key stocks like Bojie Co. hit the daily limit, while Ruisheng Technology increased by over 4% [1] - The Robot ETF has seen net inflows for five consecutive trading days, accumulating over 1.3 billion yuan, indicating strong market interest and active reallocation of funds within the sector [1] Hot News - A announcement from Aowei New Materials stated that the first meeting of the fourth board of directors will be held on November 25, 2025, where Peng Zhihui was elected as chairman, and Tian Hua was appointed as CEO, with terms aligned with the board's duration [2] - Efort responded to investor inquiries about its super factory, confirming that the first phase of the global headquarters project commenced construction in September 2023 and is progressing as planned [2] - Obit Zhongguang highlighted the advantages of its Gemini series binocular structured light cameras and Femto series iToF cameras, which meet the perception and interaction needs of humanoid robots in complex environments, with successful adaptations to major manufacturers [2] Institutional Views - Open Source Securities predicts that by 2025, China's humanoid robot industry will thrive due to top-level design and collaborative innovation across the entire industry chain, with companies like Tesla and Xiaopeng setting clear mass production timelines and initiating robot factory construction [3] - The domestic production of core components is advancing rapidly, with significant breakthroughs in key technologies such as reducers and dexterous hands, enhancing the industry's self-control capabilities [3] 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 China's robot industry chain, facilitating investors' access to the sector [4] - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) is described as the "brain" of robotics, with a 20% fluctuation limit and small-cap elasticity, aimed at capturing pivotal moments in the AI industry [4]

Market Overview - The Huaxia AI ETF (589010) experienced a strong surge, rising over 1.1% on November 18, with its net value stabilizing above 1.34 yuan. The sector showed bullish sentiment, led by Jingchen Co., which increased by over 11%, while other key components like Foxit Software and Haitai Ruisheng rose by more than 3% [1] - The liquidity in the ETF market was robust, with trading volume exceeding 110 million yuan, indicating active market participation. The Robot ETF (562500) showed a slight decline of 0.31%, demonstrating some resilience despite overall cautious sentiment in the sector [1] - Individual stocks like Hongying Intelligent and Yijiahe saw gains of over 3% and 2%, respectively, providing support to the sector. The ETF trading volume surpassed 900 million yuan, reflecting ongoing active trading and a positive signal of capital accumulation during market fluctuations [1] Key News - UBTECH responded to claims regarding the production video of its humanoid robot Walker S2, asserting that the video was a genuine representation of the delivery of hundreds of full-size industrial humanoid robots, countering allegations of it being CGI [2] - Ningbo Fangzheng signed a strategic cooperation agreement with Ningbo Huaxiang Qiyuan Technology Co., focusing on the development and mass production of precision structural components and joint modules for Huaxiang Qiyuan's robot products [2] Industry Insights - The Ministry of Industry and Information Technology issued guidelines for high-standard digital park construction, emphasizing the importance of digital transformation in enterprises. The guidelines aim to enhance productivity through the integration of new-generation information technology and promote the deployment of industrial robots and smart manufacturing equipment [3] - CITIC Securities highlighted that the humanoid robot industry is entering a mass production phase, with expected annual shipments reaching tens of thousands. Domestic manufacturers are advancing faster in production and application across various sectors, including commercial guidance and industrial handling [4]

【市场复盘】 2. AI+消费机器人公司灵宇宙今日宣布，已于近期完成2亿元PreA轮系列融资。本轮融资由上海国际集 团旗下国方创新、国泰海通、广发信德、滴滴出行、拉卡拉旗下考拉基金、润建股份等一众头部金融机 构和上市公司参投，老股东超额追投。 本周一 ，科创人工智能ETF华夏开于1.317元，最新报1.325元，小幅上涨0.53%，维持红盘表现。持仓 股表现分化：18只上涨、12只下跌，结构性机会突出。涨幅端以星环科技、芯原股份、福昕软件等为代 表的AI算力与软件方向领涨，其中星环科技涨幅超11%；下跌端最大跌幅约4.6%，波动可控。流动性方 面，成交活跃度较高，成交量达到1611万份、成交额约2129万元，延续此前高换手特征，交投保持平 稳。机器人ETF小幅高开于0.961元，最新报0.966元，微涨0.21%。从分时结构看，昨日尾盘呈现"震荡 下探—回稳反弹"形态，价格多次沿分时均线附近震荡，短线呈现弱修复格局，整体仍处于区间整理区 间。持仓股方面，45只上涨、28只下跌，涨多跌少结构明显，板块内部强弱分化存在但整体偏暖。领涨 方向集中在机器人自动化设备与核心零部件，伟创电气、海目星等上涨超5%；跌幅端宏 ...

【市场复盘】 上周五(11月14日)，科创人工智能ETF华夏(589010)全天呈现震荡下行格局，分时价格自开盘后持续弱 于分时均线，尾盘跌幅收于-2.59%，走势整体偏弱。持仓股结构方面，成分股明显跌多涨少，仅有少数 个股微幅上涨，超过八成持仓承压，下跌梯队中多只出现4%–6%的中度调整，显示AI产业链内部普遍 承压。盘中交投维持正常活跃度，买卖双方换手充分，但并无明显主动性放大迹象。机器人 ETF(562500)收跌1.33%至0.964元，日内整体呈现弱势震荡下行格局，分时价格持续运行在分时均线下 方，午后出现加速回落，技术面表现偏弱。持仓股结构上，涨少跌多，16只上涨、57只下跌，板块内部 呈现明显分化，海目星、宏英智能（001266）等少数个股录得显著上行，但多数持仓股维持回调态势。 流动性方面，交投仍保持较高活跃度，整体换手较为平稳。 【热点要闻】 1.一位网友在X上分享马斯克最近接受罗恩.巴伦采访的视频片段。马斯克在采访中表示，未来擎天柱机 器人将能够为所有人提供最优质的医疗服务。 2.2025人工智能+大会上，宇树科技创始人兼首席执行官王兴兴分享中指出，"如果说过去十年是'萌芽 与探索'，那么 ...

Core Insights - The Sci-Tech Innovation Artificial Intelligence ETF (589010) experienced a slight increase followed by a pullback, currently priced at 1.343 yuan, up 0.67% from the previous close [1] - The ETF's performance shows a strong structure with 19 stocks rising and 11 falling, particularly in AI chip and hardware sectors, with some stocks gaining over 2% [1] - Active trading indicates high market participation, with significant turnover during the session [1] Company Developments - At the Baidu World Conference, Baidu's Executive Vice President Shen Dou announced advancements in their self-developed Kunlun chips, with the M100 chip optimized for large-scale inference set to launch in early 2026, and the M300 chip for ultra-large multimodal model training and inference expected in early 2027 [1] - Citic Securities predicts a trend towards domestic chips in the medium term, anticipating a significant increase in market concentration as domestic chips enter mass production [1] Industry Trends - The ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [1] - The ETF's design allows for capturing the "singularity moment" in the AI industry, supported by a 20% price fluctuation range and the elasticity of small and mid-cap stocks [1]

Market Review - The Huaxia AI ETF (589010) opened lower on November 12 and showed slight fluctuations, indicating a cautious short-term sentiment. Among the holdings, 7 stocks rose while 23 fell, with notable gains in stocks like Zhongke Xingtou and Cambrian, which recorded over 2% increases, while Hongsoft Technology faced significant declines [1] - The Robot ETF (562500) also exhibited a weak structure after a low opening, with prices remaining below the moving average. It briefly dipped to a daily low of 0.963 yuan before stabilizing, showing slight recovery near the close but failing to regain key moving averages. Out of 73 component stocks, only 8 rose while 65 fell, highlighting significant structural differentiation [1] - The trading volume for the Robot ETF remained active, exceeding 1.3 billion yuan for the day, indicating sufficient turnover and clear buy-sell dynamics at lower levels [1] Hot News - UBTECH has officially commenced mass production and delivery of the first batch of hundreds of full-size industrial humanoid robots, Walker S2, which will be gradually deployed in frontline applications. Since early 2025, the cumulative order value for the Walker series has surpassed 800 million yuan [2] - The world's first cyber staff officially began work at the JD Home store in Shenzhen on November 11, featuring robots that can autonomously perceive their environment and provide guided tours. The store is equipped with 5 robot staff members, with their dialogue continuously upgraded [2] - OpenAI announced the rollout of the GPT-5.1 series model, which will start being pushed to users this week [2] Institutional Viewpoints - CITIC Securities believes that industrial scenarios are more feasible for implementation compared to home settings due to the structured environment of factories and standardized tasks. B-end clients are motivated to apply humanoid robots as long as they can achieve cost reduction and efficiency improvement. Simple industrial processes, such as loading and tightening, are seen as breakthrough points for large-scale application [2]

【市场复盘】 【热点要闻】 本周二（11月11日），科创人工智能ETF华夏（589010）随AI板块走弱，收报1.342元，跌1.61%。分时 图显示，全天呈单边震荡下行格局，分时均线压制明显，午后虽有反弹尝试但力度有限，尾盘收于日内 低位区间。成交活跃，全日成交额约4878万元，显示多空双方仍在博弈。持仓股中仅8只上涨、21只下 跌，威胜信息、思看科技等小幅走强，而寒武纪、奥普特等龙头回调超3%，板块整体承压。机器人 ETF（562500）下跌0.91%，报0.981元，全天维持弱势震荡格局。盘面上，早盘高开后持续回落，午后 在分时均线下方运行，技术面承压明显。持仓股中下跌个股数量多于上涨个股，东杰智能、华昌达、凯 尔达等表现相对坚挺，而亿嘉和、华东数控等跌幅居前，结构性分化明显。成交活跃，全天成交额约 9.5亿元，换手率维持中高水平，市场博弈较为充分。近五日ETF呈现资金净流入态势，显示投资者在 板块回调中仍保持一定关注。 1、永贵电器公告称，公司与智元创新（上海）科技股份有限公司达成了战略合作意向，并签订了框架 合作协议，双方将在资源共享、优势互补、强强联合的模式下，共同探索连接器及线束在人形机器人上 ...

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index has decreased by 1.73% as of 13:55, with mixed performance among constituent stocks [1] - The Huaxia Sci-Tech Artificial Intelligence ETF (589010) has seen a decline of 1.67%, currently priced at 1.36 yuan, but has accumulated a 24.37% increase over the past three months [1] - The ETF has experienced a net inflow of 29.47 million yuan over the last five trading days, with an average daily net inflow of 5.89 million yuan [1] - The ETF's net asset value has increased by 29.86% over the past six months, with a historical monthly return of up to 35.32% since its inception [1][2] Fund Performance - The Huaxia Sci-Tech Artificial Intelligence ETF has a management fee of 0.50% and a custody fee of 0.10% [3] - The tracking error over the past two months is 0.026%, indicating the highest tracking precision among comparable funds [3] - The ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which includes 30 large-cap companies providing foundational resources, technology, and application support for the AI sector [3]

Market Review - The Huaxia Sci-Tech AI ETF (589010) increased by 2.62%, closing at 1.410 yuan, indicating strong upward momentum with 22 constituent stocks rising and 8 falling, particularly in AI and optical perception sectors [1] - The Robot ETF (562500) rose by 1.91%, closing at 1.015 yuan, with 63 out of 73 constituent stocks gaining, showing significant structural rebound in small and mid-cap intelligent manufacturing and core components [1] - The trading volume exceeded 1.1 billion yuan, reflecting active trading, with a continued net inflow trend over the past three trading days [1] Hot News - Yushu Technology launched a full-body remote operation platform, showcasing its G1 robot performing household tasks under human control [2] - Microsoft is pursuing a more powerful form of AI called "superintelligence," aiming for breakthroughs in healthcare and clean energy, led by Mustafa Suleyman [2] - NVIDIA's CEO Jensen Huang stated that China is likely to win the AI race due to favorable regulatory environments and lower energy costs, criticizing Western approaches as hindering progress [2] Institutional View - CITIC Securities highlighted the rapid establishment of data collection factories across the country, emphasizing the unique advantages of China's embodied intelligence industry chain in utilizing real data for model training [3] - The report suggests that the circulation of data elements will benefit both downstream model developers and upstream manufacturers, positioning data accumulation as a valuable asset for the domestic embodied intelligence industry [3] - The focus on data collection is expected to elevate its importance in industry development, with recommendations to pay attention to companies with potential in data elements, model training, and ontology configuration [3] Popular ETFs - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 20 billion, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Huaxia Sci-Tech AI ETF (589010) captures the "singularity moment" of the AI industry with a 20% price fluctuation limit and flexibility in small-cap stocks [4]

Market Review - The Huaxia Sci-Tech AI ETF (89010) closed at 1.374 CNY, down 0.94%, following a decline in the Sci-Tech AI Index (-1.01%) [1] - The ETF showed a recovery after a low opening, indicating short-term support [1] - Among the constituent stocks, 5 increased while 25 decreased, with Weisheng Information and Tianzhun Technology leading the gains, while Fuxin Software and Fudan Microelectronics saw significant declines, reflecting pressure on AI applications and computing power [1] - The Robot ETF (562500) closed at 0.996 CNY, down 0.50%, fluctuating between 0.984 and 0.999 CNY throughout the day [1] - The trading volume exceeded 900 million CNY, maintaining stable trading activity [1] Hot News - Xiaopeng aims to achieve large-scale production of advanced humanoid robots by the end of 2026 [2] - At the 8th China International Import Expo, Wang Xingxing, founder of Yushu Technology, commented on the development speed of embodied intelligent models, noting that while there has been significant progress in some areas this year, the pace of advancement in large models is slightly slower than expected [2] - Jindi Co. announced innovations in the development of robot harmonic reducer flexible wheel products, successfully achieving import substitution through precision stamping [2] Institutional Views - Guojin Securities emphasizes the importance of new technology iterations and component ticket pricing, highlighting the competitive advantages of automotive manufacturers and brands that understand demand scenarios and hardware supply chains [3] - The report suggests focusing on the "ticket pricing" and technological iterations, particularly in the supply chain related to Tesla and its components [3] - Key recommendations include the full-size humanoid robot UM Ningbo Huaxiang and attention to the development of dexterous hands and motors [3] Popular ETFs - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 20 billion CNY, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Huaxia Sci-Tech AI ETF (589010) is positioned as the "brain" of robotics, with a 20% fluctuation limit and flexibility in small and mid-cap stocks, aiming to capture the "singularity moment" in the AI industry [4]