晨 会 纪 要 [2025]第 154 号 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 孙菲 马丽明 贺钰偲 汪炜 聂孟依 顾华昊 整理记录：汪炜 研究所今日晨会要点如下: 一、行业公司 1、公用事业行业（孙菲） 行情回顾：本周公用事业(申万)下跌 0.55%，跑输沪深 300 指数 2.92pct 根据 wind，截至 8 月 15 日，本周沪深 300 上涨 2.37%，公用事业(申万)下跌 0.55%，跑 输沪深 300 指数 2.92pct，在申万一级行业中排名第 27 位。子板块中，燃气上涨 0.47%，热力 服务上涨 0.32%，光伏发电下跌 0.09%，风电下跌 0.92%，水电下跌 1.02%，电能综合服务下 跌 1.14%，火电下跌 2.66%。 重点数据跟踪 本周现货煤价周环比小幅上升，库存回升： 国内现货：根据 wind，截至 8 月 14 日，秦皇岛动力煤(Q5500,山西产)平仓价 695 元/吨， 周环比+17 元/吨，增幅 2.51%；截至 8 月 15 日，秦皇岛煤炭库存量 567 万吨，周环比+20 万 吨，增幅 3.66%。 进口端：根据 wind，截至 ...

Investment Rating - The report maintains an "Overweight" rating for the robotics industry [1][8]. Core Insights - The first World Humanoid Robot Games held in Beijing marked a significant milestone in technology breakthroughs and global collaboration, with the establishment of the "World Humanoid Robot Sports Federation" [3][5][6]. - The event showcased the highest level of humanoid robot technology through various competitive events, highlighting advancements in motion control, environmental perception, real-time decision-making, and action execution [4][6]. - The establishment of the federation is expected to unify technical standards and promote international cooperation, laying a foundation for the healthy and orderly development of the humanoid robotics industry [5][6]. Summary by Sections Industry Performance - Over the past twelve months, the robotics sector has shown a relative return of 75.8% compared to the CSI 300 index, with an absolute return of 101.4% [2]. Investment Recommendations - Investment in the humanoid robotics sector should focus on three main areas: 1. Technological breakthroughs, particularly in core component localization and AI integration [7][19]. 2. Application scenarios expanding from industrial manufacturing to diverse fields [7][19]. 3. Global layout leveraging local supply chain advantages and international cooperation [7][19]. - Companies such as Greentec Harmonics and Guomao Co. are highlighted for their contributions to the sector [7][19].

Group 1 - JD.com has made significant investments in three leading companies in the embodied intelligence sector, namely Qianxun Intelligent, Zhujidongli, and Zhongqing Robotics, indicating its strong commitment to building an integrated ecosystem in this industry [2][3][4] - The investments cover the entire chain of embodied intelligence, with Qianxun focusing on AI brain development, Zhongqing enhancing the physical aspect of robotics, and Zhujidongli facilitating real-world applications [3][5] - This strategic move is expected to accelerate competition within the industry, prompting other companies to enhance their technology development and market positioning [5][6] Group 2 - JD.com's unique advantages in the embodied intelligence field stem from its extensive logistics and retail scenarios, providing ample application space for these technologies [6][7] - The full-sized humanoid robot from Zhujidongli is set to be publicly sold in the second half of 2025, which will deepen JD.com's collaboration in retail, logistics, and service sectors [6][7] - Investors are encouraged to focus on JD.com's ongoing investments in technology and the potential efficiency improvements in its core business, while also monitoring the technological advancements and commercialization milestones of the invested companies [7]

Group 1 - The core viewpoint of the article is that Hongchang Technology is accelerating its expansion into the humanoid robot industry chain through increased investment in Guangdong Liangzhi Joint Technology Co., Ltd. [1] - Hongchang Technology plans to invest an additional 15 million yuan in Liangzhi Joint, raising its stake from 15% to 30% [1][2] - Liangzhi Joint, established in September 2024, specializes in the research and production of high-precision harmonic reducers and planetary joints, with applications in humanoid robots and collaborative robots [1][2] Group 2 - In the first four months of 2025, Liangzhi Joint reported revenue of 875,400 yuan and a net loss of 255,500 yuan, with total assets of 18.31 million yuan and net assets of 17.67 million yuan as of April 30, 2025 [2] - Hongchang Technology aims to leverage its existing home appliance and automotive parts businesses to seek external development opportunities and accelerate the expansion of the humanoid robot industry chain [2] - A joint venture named Hangzhou Hongzhi Motor Technology Co., Ltd. is planned, with Hongchang Technology investing 7 million yuan for a 70% stake and Liangzhi Joint investing 3 million yuan for a 30% stake [2] Group 3 - Hongchang Technology, established in 1996, is a high-tech enterprise engaged in R&D, production, and sales, primarily in the fields of home appliances and automotive components [3] - In the first quarter of 2025, Hongchang Technology achieved revenue of 270 million yuan, a year-on-year increase of 23.22%, but its net profit decreased by 26.07% to 11.93 million yuan [3] - The company's gross margin fell to 14.66%, marking the lowest level for the same period in the past six years [3]

"人形机器人能以每小时7.2公里的速度奔跑，达到国内领先水平。"优宝特工作人员向记者介绍，作为 本土企业，2024年初，他们研发出山东省第一台人形机器人"行者泰山"，创造出业界人形机器人开发速 度之最。 该工作人员称，2025年是人形机器人的量产元年，由人形机器人"带领"的技术革命成为"核爆点"，济南 人形机器人从无到有，也将借此契机实现从"走起来"到"用起来"。 齐鲁晚报·齐鲁壹点 于泊升 当机器人能陪聊、搬卸快递，还能进行手术、做康复训练时，社会生产生活会变成什么样？ 4月22日至24日，济南举行机器人产业创新成果展暨供需对接活动。能搬卸、植保、除草，还能陪伴孩 子、应急巡检的机器人集中亮相。当科幻电影里的场景逐步走进现实，济南如何在机器人技术爆发期， 完善自己的产业链？ "走起来"到"用起来" 全市机器人企业已达近百家 4月24日，在济南高新区齐鲁软件园内，山东首台人形机器人"行者泰山"吸引了不少观展人的注意。直 立行走、握手、打招呼等拟人动作让人眼前一亮，和它一道而来的机器狗则进行了"载人"表演，驼着销 售人员行走以展示负重能力。 记者在现场发现，除了先进的人形机器人，服务机器人、工业机器人、特种机器 ...