南山智尚通过"材料创新+应用场景"双轮驱动，不断巩固在高端新材料领域的领先地位。其中，超高分 子量聚乙烯纤维的突破成为公司最亮眼的业绩增长点。据悉，2025年前三季度，公司超高分子量聚乙烯 纤维产品同比毛利润增长175.24%，毛利率增长15.54%，净利增长达212%，正逐渐成为南山智尚高质量 发展的核心引擎。 腱绳作为机器人灵巧手关键传动方案，其核心原理是利用高强度纤维绳(如超高分子量聚乙烯纤维)的拉 伸与回弹，将电机产生的动力传递至手指关节，实现精准的抓取动作。目前，南山智尚已具有100D- 2400D、26cN/dtex-43cN/dtex等多种规格产品，广泛应用于防弹、海洋绳网、防护用品、家用纺织品、 功能性纺织品、鱼线、机器人传动腱绳等领域。其中，其腱绳产品适用于人形机器人灵巧手和关节、医 疗器械，能满足小尺寸、高可靠性的连接与牵引需求，并已在国外、国内分别实现了小批量订单，后续 有望在人形机器人腱传动系统中占据一席之地。 9月12日，南山智尚发布了基于电子皮肤与织物传感技术的织物触觉智能手套。据了解，这款手套通过 将先进的电子皮肤技术与柔性织物传感器无缝结合，为人形机器人赋予了接近人类的触觉感知 ...

证券日报网讯南山智尚（300918）9月19日在互动平台回答投资者提问时表示，公司新发布的织物触觉 智能手套采用创新材料和仿人手的设计，南山智尚提供超薄、高弹性、耐磨的织物，制作出仿人手的触 觉手套。通过后期的与柔性传感器相结合，实现感驱一体的数据传输手套。其次该手套配合强大的核心 算法，将多源传感器数据融合，精准复现手部动作和力反馈，并且保持较低的延迟和较高的同步性，可 佩戴于机器人灵巧手上做工。 ...

Market Overview - A-shares saw a slight increase with the Shanghai Composite Index up 0.04% to 3861.87 points, Shenzhen Component Index up 0.45% to 13063.97 points, and the ChiNext Index up 0.68% to 3087.04 points, while the STAR 50 Index rose 1.32% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 236.73 billion yuan, an increase of 63.9 billion yuan from the previous day [1] Sector Performance - The logistics sector experienced significant gains, with stocks like New Ning Logistics, Jushen Co., and Yiyaton hitting the daily limit [1] - The automotive supply chain stocks were active, with Hengshuai Co. and Junsheng Electronics also reaching the daily limit, and Haoen Automotive Electric surpassing 200 yuan per share [1] - The robotics sector saw a notable surge, with stocks like Anpeilong and Hanwei Technology hitting the daily limit and achieving new highs [1] Robotics Sector Insights - The robotics concept sector collectively rose by 2.2%, with humanoid robots increasing by 3.58%, ranking second among industry concepts [2] - Key stocks in the humanoid robotics sector, such as Hengshuai Co., Hanwei Technology, and Meilixin, achieved a 20% limit increase, while over ten other stocks recorded a 10% limit increase [2] - Yushu Technology announced the open-source UnifoLM-WMA-0 architecture, aimed at advancing the global embodied intelligence industry [2] Tesla's Developments - Elon Musk mentioned at the All-In Summit that Tesla is finalizing the design of Optimus Gen3, which will feature human-like dexterity and advanced AI capabilities [3] - The supply chain for the new generation of humanoid robots is expected to be a focus, with partnerships forming for the procurement of 2000 humanoid robots over the next three years [3] OpenAI's Robotics Strategy - OpenAI is accelerating its investment in robotics, focusing on humanoid robots as a key area for achieving general artificial intelligence (AGI) [4] - The company is actively recruiting experts in humanoid robot control algorithms, indicating a strategic push in this domain [4] - The robotics sector is poised for significant growth, particularly in industrial applications, with a focus on cost reduction and lightweight technologies [5] Brokerage Sector Activity - The brokerage sector saw a rise, with the overall sector increasing by 0.57%, led by stocks like Shichuang Securities hitting the daily limit [6] - The performance of 42 A-share listed brokerages in the first half of 2025 showed a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6] - The brokerage industry is expected to continue its upward trend, with a focus on firms with high capital efficiency and strong institutional client bases [6]

Market Overview - A-shares experienced a rebound in the afternoon, with the Sci-Tech 50 index showing strong performance, rising over 2% during the session [1] - The Shanghai Composite Index closed slightly up by 0.04% at 3861.87 points, while the Shenzhen Component rose by 0.45% to 13063.97 points, and the ChiNext Index increased by 0.68% to 3087.04 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 23.673 billion yuan, an increase of 639 million yuan compared to the previous day [1] Sector Performance - The logistics sector saw significant gains, with companies like New Ning Logistics, Jushen Co., and Yiatong hitting the daily limit [1] - The automotive supply chain stocks were active, with Hengshuai Co. and Junsheng Electronics also reaching the daily limit [1] - The robotics concept stocks surged, with Anpeilong and Hanwei Technology hitting the daily limit and achieving new highs [1][3] Robotics Sector Developments - The robotics concept saw renewed activity, with several companies including Hengshuai Co., Anpeilong, Hongchang Technology, and Hanwei Technology all hitting the 20% limit up [3] - Yushu Technology announced the open-source UnifoLM-WMA-0 architecture, aimed at advancing the global embodied intelligence industry [4] - Elon Musk mentioned the progress of Tesla's Optimus Gen3 at the All-In Summit, highlighting its human-like dexterity and plans for mass production [5] Company-Specific News - The stock of Yaojie Ankang experienced a dramatic drop, closing down 53.7% after previously surging over 60% during the day [6][7] - Yaojie Ankang's board confirmed that they were unaware of the reasons behind the stock price fluctuations, stating that the company's operations and financial status remain stable [9] - The company recently received clinical approval for its core product, Tinengotinib, for treating specific types of breast cancer [9]

Market Overview - A-shares saw a rebound in the afternoon with the Sci-Tech 50 index performing strongly, rising over 2% during the session [1] - The Shanghai Composite Index closed slightly up by 0.04% at 3861.87 points, while the Shenzhen Component rose by 0.45% to 13063.97 points, and the ChiNext Index increased by 0.68% to 3087.04 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 236.73 billion yuan, an increase of 63.9 billion yuan from the previous day [1] Sector Performance - The logistics sector saw significant gains, with stocks like New Ning Logistics, Jushen Co., and Yiatong hitting the daily limit [1] - The automotive supply chain stocks were active, with Hengshuai Co. and Junsheng Electronics also reaching the daily limit [1] - The robotics sector experienced a resurgence, with stocks such as Anpeilong and Hanwei Technology hitting new highs [1][2] Robotics Sector Developments - The robotics concept stocks were notably active, with several companies including Hengshuai Co., Anpeilong, Hongchang Technology, and Hanwei Technology all hitting the daily limit of 20% [2] - Yushu Technology announced the open-source UnifoLM-WMA-0 architecture, aimed at advancing the global embodied intelligence industry [2] Tesla's Robotics Progress - Elon Musk mentioned at the All-In Summit that Tesla is completing the design of the Optimus Gen3, which will feature human-like dexterity and AI capabilities [4] - The supply chain related to the dexterous hand of the Optimus Gen3 is expected to be a key focus area, with potential collaborations in the pipeline [4] Pharmaceutical Sector Update - The stock of Yaojie Ankang experienced extreme volatility, initially surging over 60% before closing down 53.7%, with a trading range exceeding 120% [5][7] - The company announced that its core product, Tinengotinib, received clinical approval for a trial in treating specific types of breast cancer [7]

Core Insights - The humanoid robot concept has seen renewed activity in the market, with Hanwei Technology hitting a 20% limit up and reaching a new high, while Hengshuai shares rose over 14% [1] - Elon Musk recently discussed the latest developments of Optimus at the All-In Summit, indicating that Tesla is finalizing the design of Optimus Gen3, which will feature human-like manual dexterity and advanced AI capabilities for navigation and understanding reality, with plans for mass production [1] Market Reactions - The stock prices of several companies in the humanoid robot sector have surged, including Haichang New Materials and Henghui Security, both rising over 10%, and Shiyun Circuit hitting the limit up [1] - Citic Securities highlighted Musk's emphasis on the complexity and importance of dexterous hands, predicting that this will be a key focus for the V3 version, warranting ongoing attention to the related supply chain [1] Future Outlook - Tesla's upcoming third-generation product release, after two years of production challenges, is expected to clarify the outlook for next year, positively impacting the sector's performance [1] - Domestic supply chain developments include a framework procurement cooperation agreement between Leju and Duolun Technology for at least 2,000 humanoid robots over the next three years for key application scenarios [1] - Nanshan Zhishang held a product launch for tactile smart gloves and established strategic partnerships with companies like Yunjing Electronics and Changsheng Bearings, indicating continuous catalysts for application scenarios and new product releases [1] - The overall market outlook for the sector remains positive, with recommendations for segments showing better industry trends and faster volume growth, such as sensors, dexterous hands, vertical applications, and domestic supply chains [1]

Core Viewpoint - The article highlights the launch of the "Fabric Tactile Smart Gloves" by Nanshan Zhishang, showcasing its innovative features and potential applications in various fields such as humanoid robotics and virtual reality [2]. Group 1: Product Launch and Features - Nanshan Zhishang introduced the "Fabric Tactile Smart Gloves" on September 12, emphasizing its integration of flexible sensing and drive technologies, enabling a high level of interaction and data collection [2]. - The gloves represent a significant advancement in tactile digitalization, moving from concept to reality, particularly in remote operation and data acquisition scenarios [2]. Group 2: Strategic Partnerships - Nanshan Zhishang has established strategic cooperation with Junsheng Electronics, Longsheng Bearings, and Yihaiyuan, focusing on production collaboration in the supply chain for humanoid robots [2][3]. - The collaboration aims to develop new materials for key components of humanoid robots, enhancing durability and reliability in various parts such as the head and chest [2]. Group 3: Production Capabilities - Nanshan Zhishang has built a production line capable of producing 3,600 tons of ultra-high molecular weight polyethylene fibers and 80,000 tons of differentiated nylon filaments, which will support the mass supply of materials for humanoid robots [2]. - The company is prepared to meet future production demands for millions of humanoid robots, ensuring high durability and reliability in their components [2].

Investment Rating - The report maintains a rating of "Overweight" for the light industry manufacturing sector [1]. Core Insights - The report highlights the listing of Daxing Technology, the leading company in the folding bicycle market, which holds a market share of 36.5% in sales. The company is expected to achieve a revenue of 450 million yuan in 2024, with a compound annual growth rate (CAGR) of 33.1% from 2022 to 2024. The sales volume is projected to reach 229,500 units in 2024, with a CAGR of 24.1% during the same period. The folding bicycle segment is characterized as a low penetration, high growth niche market, suitable for urban applications and with a low barrier to entry for new riders [5][6]. Summary by Sections Market Overview - The light industry manufacturing index increased by 1.88% from September 8 to September 12, 2025, ranking 13th among 28 Shenwan industries. The textile and apparel index rose by 0.67%, ranking 20th [10]. Key Company Performance - Daxing Technology has established a comprehensive sales network covering offline, online, and overseas markets, with 680 domestic dealerships as of April 2025. The company has significant potential for market expansion, particularly in overseas channels, where it generated approximately 30 million yuan in revenue in 2024 [5][6]. Investment Opportunities - The report suggests actively monitoring the folding bicycle sector due to its high growth potential and the competitive advantages of leading companies like Daxing Technology. Additionally, it emphasizes investment opportunities in the consumer supply chain as companies expand overseas, particularly in packaging and hygiene products [5][6]. Sector Recommendations - The report recommends focusing on companies with strong growth potential in the new consumer market, particularly in the trendy toy segment, and highlights the performance of companies like Pop Mart and Morning Glory, which are expected to benefit from expanding demand and market presence [6][67].

Core Viewpoint - Nanshan Zhishang (300918.SZ) has launched a new fabric tactile smart glove that integrates flexible sensing and actuating fiber technologies, enabling remote control and data collection functionalities, which can be applied in humanoid robot dexterous hand systems [1] Company Summary - The newly released smart glove features innovative technologies such as flexible sensing and actuating fibers [1] - The glove is designed for applications in humanoid robotics, particularly in dexterous hand systems [1]

Core Viewpoint - The company Nanshan Zhishang has developed fabric tactile smart gloves that can be utilized in humanoid robot dexterous hand systems, featuring innovative technologies such as flexible sensing and integrated fiber for remote operation control and data collection [1] Group 1 - The company responded to an investor inquiry regarding the application of its fabric tactile smart gloves in robotics [1] - The newly released smart gloves are equipped with advanced technologies that enable remote operation and data collection capabilities [1] - The gloves are specifically designed for use in humanoid robot dexterous hand systems, indicating potential applications in robotics [1]