方正证券发布研报称，首程控股(00697)依靠"资产运营+融通"模式多点发力。该行预测2025-2027年营收 分别达港元16.64亿元/20.69亿元/26.36亿元，归母净利润分别为港元5.29亿元/7.05亿元/10.17亿元，对应 PE倍数为31.25X/23.43X/16.24X。该行选择地方国企转型为"投资+资产运营"的衢州发展（600208） (600208.SH)、张江高科（600895）(600895.SH)和上海临港（600848）(600848.SH)为可比公司。首程控 股2025-2027年PE估值低于可比公司均值，具备估值优势。首次覆盖，给予"推荐"评级。 2025年12月24日，公司重点投资的云深处科技股份有限公司向浙江证监局提交IPO辅导备案，此前已经 完成9轮融资，总金额超15亿元，公司深耕四足机器人，逐步拓展至人形机器人、轮足机器人等，产品 覆盖电力巡检、应急救援、工业运维、安防巡逻等场景。2025年7月18日，浙江证监局披露杭州宇树科 技股份有限公司已进入上市辅导阶段，辅导周期安排在2025年7月至12月。此外公司还投资了星海图、 加速进化、松延动力、微分智飞、泉智博等核心 ...

智通财经APP获悉，方正证券发布研报称，首程控股(00697)依靠"资产运营+融通"模式多点发力。该行 预测2025-2027年营收分别达港元16.64亿元/20.69亿元/26.36亿元，归母净利润分别为港元5.29亿元/7.05 亿元/10.17亿元，对应PE倍数为31.25X/23.43X/16.24X。该行选择地方国企转型为"投资+资产运营"的衢 州发展(600208.SH)、张江高科(600895.SH)和上海临港(600848.SH)为可比公司。首程控股2025-2027年 PE估值低于可比公司均值，具备估值优势。首次覆盖，给予"推荐"评级。 方正证券主要观点如下： 机器人领域运营加速推进，线下机器人门店快速布局 2025年10月，首程控股正式推出全国首个常态化运营的机器人消费场景门店"陶朱新造局"机器人科技体 验店，汇聚旗下多家明星企业的机器人产品，集中展示具身智能、工业制造、科研教育等应用场景下的 技术最新进展。未来一年，首程控股计划在全国逐步开设20家"陶朱新造局"门店。线下门店的布局，为 公司开辟了全新的业务贡献渠道，也能通过销售数据反馈消费偏好以提供产品改进方案。 REITs全周期管理能 ...

Group 1: Market Overview - US stock market has seen four consecutive days of gains, with the Dow Jones up 0.16%, Nasdaq up 0.57%, and S&P 500 up 0.46% [1] - Nvidia shares rose by 3.01%, while Amazon, Google A, Meta, Apple, and Microsoft saw increases of up to 1.62%, with Tesla down by 0.65% [1] - US GDP for Q3 exceeded expectations, growing by 4.3%, marking the fastest growth in two years [1] Group 2: Semiconductor Industry - Semiconductor company SMIC has implemented a price increase of approximately 10% on some of its production capacity, driven by rising demand from mobile applications and AI [9] - TSMC confirmed the consolidation of its 8-inch capacity and plans to shut down some production lines by the end of 2027, reinforcing industry price increase expectations [9] - Analysts believe that the sustained growth in demand will provide long-term growth momentum for domestic semiconductor companies [9] Group 3: Robotics Sector - Hangzhou Yundongchu Technology Co., a national high-tech enterprise, is set to launch its IPO in December 2025, focusing on embodied intelligent robotics [8] - The company aims to establish a full-chain technology system for robotics, with applications in various sectors including industrial and logistics [8] - Analysts predict that the humanoid robot market in China will see a compound annual growth rate of over 61% from 2024 to 2030, reaching nearly 38 billion yuan by 2030 [8] Group 4: Uranium Market - Goldman Sachs predicts that the supply shortage of uranium will expand to 32%, with at least a 20% price increase expected by the end of next year [4] Group 5: Chemical Industry - The price of chlorosulfonic acid has surged, with the latest market average reaching 3,500 yuan per ton, a daily increase of 222 yuan, marking a 6.77% rise [10][11] - The demand for high-purity battery-grade chlorosulfonic acid is expected to grow due to the increasing performance requirements in the electric vehicle and energy storage markets [11] Group 6: Corporate Announcements - ServiceNow is acquiring cybersecurity startup Armis for $7.75 billion in cash to expand its network security capabilities [3] - Zhenyu Technology plans to raise no more than 1.88 billion yuan for lithium battery precision structural components expansion projects [14]

据证监会官网显示，杭州云深处科技股份有限公司于2025年12月23日正式启动上市辅导，中信建投证券 担任辅导机构。 云深处科技是"杭州六小龙"之一、国家级高新技术企业，主营业务聚焦具身智能机器人研发，构建 了"感知-决策-执行"全链路技术体系，核心产品涵盖轮足机器人、人形机器人等，可应用于工业、物 流、民用等多场景。 南都物业：公司通过赛智助龙基金间接持股云深处，公司持有赛智助龙基金33%股权，该基金持有云深 处1.0638%股权。 浙数文化：公司于2019年出资5000万元参投杭州云栖创投股权投资合伙企业，占比5.7471%，云栖基金 持有杭州云深处科技有限公司6.3073%股权 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 华福证券表示，机器人时代已经来临，具身智能是人工智能的下一波浪潮，未来人形机器人将像汽车般 普及。作为行业标杆企业，云深处科技的技术产品突破与资本化进程，将为行业树立发展典范，加速全 产业链成熟。 华福证券认为，人形机器人可接管人类社会重复性体力劳动，是造福全人类的科技大方向。随着技术持 续迭代，产品逐步打破受控环境限制，民用场景拓展将打开行业成长空 ...

Core Viewpoint - The 11th China International Aging Industry Expo (referred to as the Aging Expo) opened in Guangzhou, showcasing around 10,000 age-friendly products that highlight the interconnectedness of technology, health, and care in the silver economy [1][2]. Group 1: Event Overview - The Aging Expo emphasizes "technology empowerment and ecological integration," featuring a wide range of innovative products designed for the elderly [1]. - The event includes specialized rehabilitation support from care robots, smart wheelchairs, and safety features like fall detection and emergency alerts [2][3]. Group 2: Government Initiatives - Guangdong Province is focusing on developing the silver economy as a key measure for improving livelihoods and fostering new economic growth, with 20 policy measures introduced to enhance the sector [2]. - A government subsidy of 30% is available for elderly home renovation projects, with a maximum individual subsidy of 10,000 yuan, attracting many citizens to participate in the "renewal" activities [2]. Group 3: Product Highlights - The expo features 68 companies, with a core area dedicated to home renovation for the elderly, showcasing over a thousand age-friendly products across five major fields [3]. - Innovative products such as AI glasses, all-terrain climbing wheelchairs, and smart health monitoring clothing have gained significant attention, demonstrating the integration of technology in daily care and emotional interaction [3].

Core Insights - The 11th China International Aging Industry Expo has commenced, focusing on "Leading Smart Elderly Care Technology for a New Future," showcasing innovations in smart elderly care, health monitoring, rehabilitation assistance, and home safety [1] Group 1: Event Overview - The expo is organized by the China Aging Industry Association and China Poly Group, with support from various governmental and local organizations, making it a significant annual event in the silver economy sector [1] - This year's expo has reached a new scale, featuring over 600 brands from countries including Australia, Israel, Canada, and Germany, displaying thousands of new elderly care products and technologies [1] Group 2: Technological Innovations - The expo prominently features technology as a key theme, with numerous innovative products from companies like Huawei, Yulong, and others, aimed at enhancing the quality of life for the elderly [2] - Various robots designed for elderly care, including rehabilitation robots, smart wheelchairs, and companionship robots, are showcased to improve safety and independence for seniors [2][3] Group 3: Ecosystem Development - The expo introduces a "Silver Economy New Business Model Zone," presenting a comprehensive ecosystem that integrates home life, technology monitoring, and diverse consumption, promoting the "Elderly + Integration" development model [4] - Cross-industry brands are participating, showcasing products for home modifications that enhance safety and accessibility for the elderly, moving beyond traditional solutions [4] Group 4: New Business Models - The expo highlights new business models in the silver economy, including elderly supermarkets, travel services, and community-based educational programs, demonstrating how these services can enhance the elderly's daily lives [5] - A series of high-level forums are held to discuss the challenges and opportunities in the aging industry, focusing on policy barriers and market integration [6] Group 5: Consumer Engagement - The "2025 Happy Aging Market" event is launched alongside the expo, featuring well-known companies and providing subsidies for elderly care products, addressing the challenges of awareness and purchasing concerns among seniors [7] - The expo will continue until November 29, with additional activities planned, including competitions and discussions on various topics related to elderly care [7]

Core Insights - The article highlights a new patent announcement by Zhiyuan Innovation (Shanghai) Technology Co., Ltd. for a "Leg Structure of Wheel-legged Robot and Wheel-legged Robot" [1] - The patent is secured by Ningbo Bank Co., Ltd. Shanghai Branch, indicating a financial backing for the innovation [1] Summary by Categories - **Patent Details** - The newly announced patent utilizes a motor-driven mechanism, which eliminates the need for lubrication or closed protection compared to existing gear structures [1] - This innovation addresses the wear issues associated with gears, thereby enhancing the reliability of wheel-legged robots [1] - **Financial Implications** - The involvement of Ningbo Bank as the pledgee suggests potential financial support and investment interest in the technology [1]

Core Insights - The article discusses a recent patent announcement by Zhiyuan Innovation (Shanghai) Technology Co., Ltd. regarding a "leg structure of a wheeled-foot robot" [1] - The patent is secured by Ningbo Bank Co., Ltd. Shanghai Branch, indicating a financial backing for the innovation [1] Summary by Categories Patent Details - The newly announced patent focuses on a wheeled-foot robot, specifically its leg structure [1] - The technology utilizes motor-driven mechanisms, eliminating the need for lubrication or protective sealing, which is a common requirement in existing gear structures [1] Technical Advantages - The absence of gears in the design reduces wear and tear, thereby enhancing the reliability of the wheeled-foot robot [1] - This innovation represents a significant improvement over traditional technologies, potentially leading to broader applications in robotics [1]

Core Viewpoint - Recently, Zhiyuan Innovation (Shanghai) Technology Co., Ltd. has announced a new patent related to "leg structure of wheeled robots," which is secured by Ningbo Bank Co., Ltd. Shanghai Branch [1] Summary by Categories Patent Announcement - The newly added patent focuses on a leg structure for wheeled robots, which utilizes motor-driven technology [1] - This technology eliminates the need for lubrication or closed protection, addressing issues related to gear wear found in existing technologies [1] - The innovation is expected to enhance the reliability of wheeled robots [1]

Core Insights - The "2025 Baoshan Intelligent Robot Industry Conference and Carnival" will take place on November 21-22, 2025, featuring industry forums, startup roadshows, exhibitions, and interactive experiences [2][9] - The event will unveil Baoshan District's three-year action plan for robotics and a series of industrial service platforms [2] - Four major forums will cover the entire industry chain, focusing on macro trends, technological breakthroughs, core components, and innovation ecosystems [2] Industry Forums - The main forum will gather top experts to discuss the macro blueprint and trends in the industry [2] - The embodied intelligence and robotics forum will focus on humanoid robots, service robots, and the practical applications of embodied data systems [2] - The core technology and components forum will address breakthroughs in domestic core components such as joint modules, sensors, and servo drives [2] - The innovation and talent forum will facilitate cross-industry dialogues to activate talent and innovation synergies [2] Startup Roadshow - The afternoon of the second day will feature a roadshow showcasing cutting-edge robotics startups, including projects in core areas like body, simulation technology, and machine vision [4] - Leading investment institutions will be present to support quality startup projects, fostering partnerships for industrial implementation [4] Exhibition Highlights - The exhibition will showcase nearly 30 leading companies in the robotics and components sector, featuring humanoid robots, industrial robots, sensors, and servo drives [6] - Attendees will experience the latest achievements and strengths of China's intelligent robotics technology [6] Interactive Experiences - The event will offer various interactive experiences, including performances by robots, martial arts competitions, and AI interactions [8] - Attendees can enjoy unique experiences such as AI calligraphy and personalized coffee brewing, highlighting the potential of technology in daily life [8]