工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取涉及机床整机及 其关键零部件制造和服务的上市公司证券作为指数样本，以反映中国机床产业相关上市公司证券的整体 表现。该指数成分股覆盖机械设备、电子、新能源与机器人等行业，以工业为主导，同时包含信息技术 和原材料行业配置。 （文章来源：每日经济新闻） 西南证券指出，机械设备与自动化设备行业呈现加速发展态势。曹操出行与越疆科技合作推动Robotaxi 运维体系向自动化、智能化升级，越疆人形机器人Atom完成多场景应用验证，为具身智能机器人开辟 出行领域规模化路径。特斯拉Optimus人形机器人展示2-2.5m/s跑步能力，体现技术突破。商汤科技即将 发布开源具身智能机器人"大晓"，推动技术商业化。特朗普政府拟推出机器人支持政策，行业政策环境 有望优化。清华大学成立具身智能与机器人研究院，聚焦"强健本体+智慧大脑"技术原始创新。戴盟机 器人获中国移动链长基金投资，强化触觉感知领域优势。 ...

Core Insights - The performance of Shenzhen Yujiang Technology Co., Ltd. (referred to as "Yujiang") at the 15th National Games showcased a collaboration between humanoid robots and a dancer, marking a significant milestone in domestic stage performances [1][3] - Yujiang's humanoid robots faced multiple challenges during the performance, including structural stability under frequent disassembly, high synchronization demands among 30 devices, and operational stability in a high-humidity marine environment [1] - The company implemented a multi-faceted approach to address these challenges, enhancing hardware and software capabilities to ensure precise operation and reliability [1][2] Hardware Innovations - Yujiang reinforced the structural integrity of its robots and adopted a modular design for "plug-and-play" functionality, allowing for automatic recovery of trajectory precision even under adverse conditions [1] - Core components were treated for corrosion resistance and moisture protection, ensuring stable operation in high-humidity environments [1] - The company maintained tight control over the consistency of parameters across 30 robots, achieving high reliability in performance [1] Software Developments - Utilizing EtherCAT bus technology and self-developed high-torque motors with dual encoder systems, Yujiang established a full-link synchronization mechanism, enabling millisecond-level synchronization among the robots [2] - The robots demonstrated advanced capabilities, including servo-level jitter suppression and high-frequency control, responding to dancer movements within 0.2 seconds [2] Industry Positioning - Yujiang is recognized as the only embodied intelligence enterprise that has emerged from real manufacturing environments, with extensive experience in industrial manufacturing [2] - The performance not only highlighted the "industrial-grade reliability" of Yujiang's robots but also showcased their potential applications in various fields such as port logistics, marine engineering, and emergency rescue [2] Recognition and Future Outlook - The official recognition from the National Games for the performance indicates a positive reception of Yujiang's technological advancements [3] - The CEO of Yujiang expressed a vision for robots to extend beyond factory settings, aiming to create broader social value through diverse applications [3]

Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The humanoid robot industry is experiencing accelerated technological iteration and initial commercialization, with domestic manufacturers like ZhiYuan, YueJiang, and ByteDance starting mass production of humanoid robots, indicating a speeding up of the commercialization process [8][21] - Key components such as screws and reducers have seen a greater-than-expected decrease in costs, and the technological solutions are becoming increasingly diverse [8] - Investment focus is shifting towards AI-enabled valuation recovery, with breakthroughs in AI technology expanding application scenarios for humanoid robots and enhancing corporate valuation expectations [8] Summary by Sections Recent Market Review - The humanoid robot index fell by 1.81% during the week of June 30 to July 4, 2025, underperforming compared to the STAR 50 and the CSI 300 indices, but has risen 21.18% year-to-date [15][16] Important Industry Dynamics 1. **Industry Development**: - Madi Technology and Shanghai Robot Industry Technology Research Institute have formed a strategic partnership to enhance the application of intelligent robots in medical, rehabilitation, and elderly care sectors [21] - ZhiYuan Robotics has initiated mass production of its core products G1 and A2 [22] - YueJiang's humanoid robot Atom has begun global delivery, and its CR30H high-speed collaborative robot was showcased in Japan [23][24] - ByteDance's logistics robot production has exceeded 1,000 units, significantly surpassing its initial target [25] 2. **Policy News**: - Shanghai has issued measures to enhance the investment environment, particularly supporting the humanoid robot and intelligent sectors [33] - The establishment of a 10 billion yuan humanoid robot industry investment fund in Hubei Province aims to foster innovation and development in the sector [39] 3. **Supply Chain Dynamics & Company Announcements**: - Jinyang Co. has established a joint venture to focus on the development of joint module products [40] Industry Perspectives - The report emphasizes the importance of focusing on core supply chain companies with technological advantages and mass production capabilities, particularly in key areas such as screws, reducers, motors, and sensors [8][9]