Core Viewpoint - Dongtu Technology's Hongdao operating system is versatile, applicable to both industrial and humanoid robots, showcasing the company's strategic focus on humanoid robotics through advanced technologies [1] Group 1: Technology and Applications - The Hongdao operating system is designed to support humanoid robots, leveraging virtualization and elastic microkernel features to create a foundational operating system [1] - The AUTBUS bus technology provides high real-time performance and security, ensuring reliable internal communication and control for robots [1] - The company aims to establish a domestically produced electronic architecture tailored for humanoid robots [1]

Core Viewpoint - Dongtu Technology (300353.SZ) currently has no direct business cooperation with Leju Robotics, but the company maintains an open attitude and closely monitors the application opportunities of the Hongdao operating system in the robotics field, actively exploring potential collaboration with outstanding enterprises in the industry [1] Group 1 - Dongtu Technology is open to exploring potential collaborations in the robotics sector [1] - The company is closely watching the application of the Hongdao operating system in the robotics industry [1]

Group 1 - The company, Dongtu Technology, currently has no direct business cooperation with Leju Robotics [1] - The company maintains an open attitude and closely monitors the application opportunities of the Hongdao operating system in the robotics field [1] - The company is actively exploring potential cooperation possibilities with outstanding enterprises in the industry [1]

Core Viewpoint - The company, Dongtu Technology, currently has no direct business cooperation with Leju Robotics but is open to exploring potential collaborations in the robotics field, particularly with the Hongdao operating system [1] Group 1 - As of now, there is no direct business partnership between Dongtu Technology and Leju Robotics [1] - The company maintains an open attitude towards potential applications of the Hongdao operating system in the robotics sector [1] - Dongtu Technology is actively monitoring opportunities for collaboration with outstanding enterprises in the industry [1]

Core Viewpoint - Dongtu Technology is actively investing in the field of embodied robotics, aiming to build an ecosystem through strategic partnerships with various companies [2] Investment Activities - The company has signed agreements to take stakes in Shenzhen Zhujidong Technology Co., Ltd. and Chengdu Annu Intelligent Technology Co., Ltd. [2] - Dongtu Technology plans to lead an investment in Beijing Humanoid Robot Innovation Center Co., Ltd. (referred to as "Tiangong Robot") [2] Technological Collaboration - The company's core technology, including the "Hongdao" operating system, is being adapted and integrated with the aforementioned companies in areas such as motion control, scene implementation, and ecosystem development [2] - The application of related technologies will gradually materialize as the cooperation deepens [2]

Core Viewpoint - Dongtu Technology (300353.SZ) is actively investing in the embodied robotics sector by forming strategic partnerships with companies such as Shenzhen Zhujidong Technology Co., Ltd. and Chengdu Annu Intelligent Technology Co., Ltd., and plans to lead an investment in Beijing Humanoid Robot Innovation Center Co., Ltd. [1] Investment and Partnerships - The company has signed agreements to acquire stakes in Shenzhen Zhujidong Technology Co., Ltd. and Chengdu Annu Intelligent Technology Co., Ltd. [1] - Dongtu Technology intends to lead an investment in Beijing Humanoid Robot Innovation Center Co., Ltd. [1] Technology Integration - The collaboration with these companies is aimed at integrating core technologies such as the "Hongdao" operating system with a focus on motion control, scenario implementation, and ecosystem development [1] - The application of related technologies will gradually materialize as the cooperation deepens [1] Strategic Focus - Humanoid robots are identified as a significant direction within the embodied robotics field, and the company has included this focus in its core strategic layout [1]

Core Viewpoint - Dongtu Technology (300353) does not directly produce humanoid robots but focuses on providing foundational technology support in the field of embodied robots [1] Group 1: Company Overview - The company's Hongdao operating system is involved in national major projects and possesses fully autonomous and controllable attributes [1] - Dongtu Technology's AUTBUS bus network is the only domestic bus technology that has received international standards certification [1] Group 2: Technological Capabilities - The combination of the Hongdao operating system and AUTBUS bus network can create a robotic electronic architecture with time-deterministic networks and deterministic computing capabilities [1] - This architecture supports the high safety, high performance, and high-quality development of embodied robots, providing autonomous and controllable foundational technology assurance [1]

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7][29]. Core Insights - The humanoid robot industry is currently transitioning from design convergence to commercial validation, with a focus on applications that enhance efficiency in existing tasks and those that are unsuitable for human completion. Short-term focus is on the former, while the latter is seen as a mid-term necessity [5]. - The humanoid robot concept index experienced a decline of 2.21% from May 25 to May 30, 2025, but has increased by 31.07% year-to-date, outperforming the CSI 300 index by 30.56% [12][18]. - Significant advancements in product technology include the launch of the Zhenyuan Expedition A2, which is the first humanoid robot to receive certifications from China, the EU, and the US [21][22]. Weekly Market Review - From May 25 to May 30, 2025, the humanoid robot concept index fell by 2.21%, underperforming the CSI 300 index by 1.12 percentage points. Year-to-date, the humanoid robot index has risen by 31.07%, outperforming the CSI 300 index by 30.56% [12][18]. - Among A-share humanoid robot stocks, Digital Zhengtong had the highest weekly increase at +18.05%, while Lingyun Light experienced the largest decline at -12.96% [18][19]. Weekly Hotspots Review Policy Developments - The Beijing Humanoid Robot Innovation Center is soliciting opinions on the "Integrated Joint Interface Requirements for Electric Drive Humanoid Robots" standard, which aims to standardize technical requirements for humanoid robot interfaces [21]. - Shanghai's Pudong New Area has introduced 16 support policies for the embodied intelligence industry, with project support reaching up to 20 million yuan [21]. - Guangdong Province has initiated the "Robot+" action to promote AI model research and application [21]. Product Technology Iteration - The Zhenyuan Expedition A2 humanoid robot has become the first globally to receive certifications from China, the EU, and the US [22]. - The National and Local Joint Innovation Center for Humanoid Robots aims to achieve an operational accuracy of 90% for its embodied intelligence model by the end of the year [23]. - The release of the Zerith-H1 humanoid robot by Zero Degree, designed for family service scenarios, marks a significant product development [24]. Investment and Financing Dynamics - Runyang Technology plans to invest up to 300 million yuan in Fourier Intelligent Technology [4]. - Sichuan Embodied Humanoid Robot Technology Co., Ltd. has completed several million yuan in angel round financing, with a valuation of several hundred million yuan [4]. - Horizon Robotics' Diguo Robot has secured 100 million USD in Series A financing [4]. Key Company Announcements - Huguang Co. has successfully launched the first sample line for its humanoid robot project [4]. - Oke Yi's core components for humanoid robot transmission systems have entered the small batch supply stage [4]. - Zhongding Co. has developed 33 rubber core components for the Mocha robot, including 22 for humanoid robots [4].

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7][29]. Core Insights - The humanoid robot industry is transitioning from design convergence to commercial validation, with a focus on applications that enhance efficiency in existing tasks and those that are unsuitable for human completion. Short-term focus is on the former, while the latter is seen as a mid-term necessity [5]. - The humanoid robot concept index decreased by 2.21% from May 25 to May 30, 2025, underperforming the CSI 300 index by 1.12 percentage points. Year-to-date, the humanoid robot index has increased by 31.07%, outperforming the CSI 300 index by 30.56 percentage points [12][18]. Weekly Market Review - From May 25 to May 30, 2025, the humanoid robot concept index fell by 2.21%, while the year-to-date performance shows a rise of 31.07% compared to the CSI 300 index [12][18]. - Among A-share humanoid robot stocks, Digital政通 had the highest weekly increase at +18.05%, while Lingyun光 experienced the largest decline at -12.96% [18][19]. Weekly Hotspots Review Policy Developments - The Beijing Humanoid Robot Innovation Center is soliciting opinions on the "Humanoid Robot Electric Drive Integrated Joint Interface Requirements" standard [21]. - Shanghai's Pudong New Area has released 16 support policies for the embodied intelligence industry, with project support reaching up to 20 million yuan [21]. - Guangdong Province has initiated the "Robot+" action to promote AI large model research and application [21]. Product and Technology Iterations - The ZhiYuan Expedition A2 humanoid robot has become the first globally to receive certifications from China, the EU, and the US [22]. - The National and Local Joint Innovation Center aims to achieve operational precision comparable to ChatGPT 3 by the end of the year [23]. - The release of the Zerith-H1 humanoid robot by Zero Degree, designed for family service scenarios, marks a significant product development [24]. Investment and Financing Dynamics - Runyang Technology plans to invest up to 300 million yuan in Fourier, a humanoid robot company [26]. - Sichuan Embodied Humanoid Robot Technology Co., Ltd. has completed several million yuan in angel round financing, with a valuation of several hundred million yuan [26]. - Horizon Robotics' Diguo Robot has completed a $100 million Series A financing round, attracting interest from various investment institutions [27]. Key Company Announcements - Hu Guang Co. has successfully launched the first sample line for its humanoid robot project [28]. - Oke Yi's core components for humanoid robot transmission systems have entered the small batch supply stage [28]. - Zhongding Co. has developed 33 rubber core components for the Mocha robot, including 22 for humanoid robots [28].

Key Points - The platform economy is emphasized for its role in promoting innovation and domestic circulation, with a focus on mutual benefits among platform enterprises, merchants, laborers, and consumers [1] - The release of the "Opinions on Improving the Modern Enterprise System with Chinese Characteristics" outlines 19 specific measures aimed at institutional innovation and enhancing corporate governance through capital market mechanisms [2] - The government aims to establish a comprehensive trading system for carbon emissions and water rights by 2027, alongside a robust pollution rights trading system [2] - The Ministry of Human Resources and Social Security has issued a notice to enhance the salary distribution incentives for skilled workers in state-owned enterprises, promoting a system where pay is linked to skill levels and job value [4] - The sales revenue from the consumption of old goods has surpassed 1 trillion yuan this year, indicating strong consumer engagement in the market [7] Industry Developments - The Ministry of Commerce has called for the construction of intelligent supply chains, leveraging digital economy and AI advancements to enhance governance and standardization [3] - The State Administration for Market Regulation has released a draft guideline on compliance for online platform charging behaviors, aiming to reduce burdens on platform operators and promote fair competition [3] - The manufacturing sector shows signs of recovery, with the PMI rising to 49.5% in May, indicating improved business conditions [7] - The automotive industry has seen significant engagement in the old-for-new consumption policy, with substantial subsidies and participation in various categories [7] - The OPEC and non-OPEC oil-producing countries have agreed to increase production by 411,000 barrels per day starting in July, reflecting ongoing adjustments in the global oil market [10]