华鑫证券有限责任公司张伟保,任春阳,傅鸿浩,张涵,覃前近期对道通科技进行研究并发布了研究报告《公司 事件点评报告：AI数智能源业务已于Q2实现盈利，华为稀缺合作打开增长空间》，首次覆盖道通科技给予 买入评级。 AI软件收入单列并呈加速发展趋势，持续优化收入结构 公司自2025Q1起将"软件升级服务"及其他AI与软件相关收入合并列示，更好反应"智能终端为入口，AI软 件持续收费"的业务实质。目前AI及软件业务以数字维修的"软件升级服务"占比为主，同时充电云业务表现 亮眼，其智能运营、运维及支付平台2025Q1订单增长80%。充电云在海外市场的收费模式基于云平台所管 理的充电枪口数量，每年收取软件服务费。随智能诊断终端和智能充电终端销售增长，AI软件服务费收入 有望加速增长。 公司成为华为具身体系能力型伙伴，有望打开全新增长空间 道通科技(688208) 事件 道通科技发布2025年半年度业绩预告：实现扣非归母净利润4.55-4.85亿元，同比+57.32-67.69%；实现归母 净利润4.6-4.9亿元，同比+19-26.76%。 投资要点 AI助力数智维修、数智能源业务持续高增 公司推出搭载"维修大模型"和A ...

Group 1 - The company forecasts a net profit from non-recurring gains between 455 million to 485 million yuan, representing an increase of 26.76% compared to the same period last year [1] - The net profit from regular operations is expected to be between 470 million to 508 million yuan, showing a year-on-year growth of 62.51% to 75.65%, with an increase of 180.78 million to 218.78 million yuan [1] - The previous year's net profit attributable to the parent company was 386.56 million yuan, with a net profit excluding non-recurring gains of 289.22 million yuan [1] Group 2 - The company is advancing its "fully embrace AI" strategy, integrating AI technology deeply into business scenarios, which has enhanced product competitiveness and profitability [2] - The Ultra S2 and ADAS calibration systems are utilizing "repair large models" and AI agents, leading to increased sales and customer recognition [2] - The AI digital repair application business has experienced rapid growth, enhancing market influence and profitability [2] Group 3 - The company has made significant breakthroughs in major global markets such as Europe and the United States, achieving top-tier clients in various industries including energy, transportation, and hospitality [2] - The AI digital source business achieved profitability in the second quarter [2] - The company is focusing on management innovation and operational efficiency optimization, leading to continuous improvements in quality and cost reduction [2]

Group 1 - Huawei collaborates with Softcom Power and Daohe Tongtai to explore embodied intelligence in manufacturing, focusing on humanoid robots for general and 3C manufacturing scenarios [1] - Ant Group has invested in Titanium Tiger Robotics, increasing its registered capital from approximately 3.8 million RMB to about 4.11 million RMB, indicating growth and interest in the robotics sector [2] - The first robot-assisted biological knee joint replacement revision surgery has been successfully completed at Peking University Third Hospital, showcasing advancements in surgical robotics [3] Group 2 - The iPhone 17 Pro's heat dissipation system has been revealed, featuring a copper heat plate that significantly improves cooling efficiency compared to previous models, although its effectiveness remains to be validated [4]

Market Overview - On June 23, 2025, the Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) closed down 0.72%, with leading declines from Hengxuan Technology down 5.46%, Lanke Technology down 4.36%, and Stone Technology down 3.62% [1] - The Robotics ETF (562500) closed up 0.50%, with East杰智能 leading gains at 10.47%, Tianzhihang up 7.27%, and Kuaike Intelligent up 3.04% [1] - The trading volume for the day was 359 million yuan, making it the most active ETF in its category, indicating good liquidity [1] Key Developments - Huawei and Softcom Power are collaborating to develop humanoid robots for manufacturing scenarios, focusing on general humanoid applications and 3C manufacturing [2] - KPMG's 2025 China Banking Industry Survey Report indicates that the banking sector is leading in the application of large models, with significant efficiency improvements and innovations across various banking operations [2] - Galaxy General announced the completion of a new financing round of 1.1 billion yuan, marking the largest single financing in the field of embodied large model robots, with total financing exceeding 2.4 billion yuan over two years [2] Institutional Insights - China Galaxy Securities states that A-shares are currently at a historical average valuation, relatively low compared to mature overseas markets, suggesting high investment value [3] - The report anticipates a stable upward trend for A-shares in the second half of 2025, driven by policy support and capital inflows, while cautioning about external uncertainties and domestic economic recovery [3] - The focus on technology innovation is highlighted as a core driver for A-share supply-side reform, with recommendations to pay attention to AI computing, AI applications, embodied intelligence, and innovative pharmaceuticals [3] ETF Highlights - The Robotics ETF (562500) is noted as the only ETF in the market with over 10 billion yuan in scale, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) is described as the "brain" of robotics, capturing the "singularity moment" in the AI industry with a 20% fluctuation range and small to mid-cap elasticity [4]

Group 1 - The Ministry of National Security emphasizes that technological self-reliance is crucial for national security, highlighting the need for coordinated development and security to address risks in the tech sector [1] - The Summer Davos Forum is expected to enhance global economic stability and cooperation, with record attendance indicating a strong commitment to economic globalization and trade [2] - The total market size of bond ETFs has surpassed 352.41 billion, with two ETFs crossing the 50 billion mark, indicating a growing interest in bond investments [3] Group 2 - Huawei collaborates with Softcom and other partners to develop intelligent robots for manufacturing, focusing on humanoid robots for various applications [4] - A breakthrough in bidirectional high thermal conductivity graphite film has been achieved, which could provide critical materials for high-power device thermal management [5] - Guangzhou aims for over 90% of new cars to be L2 or higher level intelligent connected vehicles by 2027, indicating a strong push towards smart and connected automotive technology [6] Group 3 - Concerns about a potential recession in the U.S. have been raised, with predictions of a 25% drop in the S&P 500 index, reflecting investor anxiety [7] - The Chinese government is initiating a special rectification campaign in the government procurement sector to address various illegal activities, which may impact procurement practices [8] - China is actively participating in international scientific programs, including ITER and other major initiatives, showcasing its commitment to global scientific collaboration [9][10]