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]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Due to US tariffs and the Fed's stance, the probability of a divergence between the US dollar and US Treasury yields is high, which will trigger asset fluctuations. The domestic A-share market is expected to rebound after the Dragon Boat Festival or after filling the gap. The market may experience short - term fluctuations, and the real market trend will be observed after the festival [2][8] Summary by Directory 1. Market Views 1.1 Overseas Overnight - The revised annualized quarterly rate of real GDP in the US in Q1 was - 0.2%, higher than the expected and previous value of - 0.3%. The monthly rate of the existing home sales contract index in April was - 6.3%, lower than the expected - 1% and the previous value of 5.5%, indicating an economic slowdown in Q1 and a cooling real - estate market. Fed's Goolsbee said that if tariffs are avoided, the Fed may return to a rate - cut scenario. The probability of a rate cut in September is 52.4%. US tariffs are volatile, causing overnight market fluctuations. The US dollar index fell, US Treasury yields rose, gold rose, US stocks rose, the Nasdaq Golden Dragon China Index rose, and the offshore RMB exchange rate first depreciated and then appreciated. A divergence between the US dollar index and US Treasury yields is expected, and capital market volatility will increase [1][4] 1.2 Domestic Market Review - On Thursday, the market rebounded with the Shanghai Composite Index up 0.7%, the Shenzhen Component Index up 1.24%, and the ChiNext Index up 1.37%. Stocks generally rose, and trading volume increased. Brokerage and technology sectors were active. Computer, medicine, electronics, and military industries led the gains, while beauty care, banking, food and beverage, and petrochemical sectors declined. There were 4468 rising stocks and 831 falling stocks [2][5] 1.3 Important Information - The US Court of Appeals allowed Trump's tariff policy to continue temporarily. Trump's officials were confident of victory in the lawsuit and believed alternative ways to impose tariffs could be found. Three agreements are expected in the next few weeks. The US Treasury Secretary said trade partners' attitudes remained unchanged in the past 48 hours. Trump met Powell and asked for a rate cut, but Powell insisted on monetary policy independence. There is no plan for Putin to talk with Trump. The CPC Central Committee General Office and the State Council General Office issued an opinion on improving the market - based allocation system for resource and environmental elements. China's Ministry of Commerce responded to US semiconductor export controls and urged the US to cancel tariffs. The US decided to revoke Chinese student visas, and China's Ministry of Foreign Affairs criticized it. The Hongdao operating system was launched. Yushu's name change sparked listing speculation, and the company said it was a routine change [6][7] 1.4 Today's Strategy - Thursday's A - share and overseas market movements reflected news. Given US tariffs and the Fed's attitude, a divergence between the US dollar and US Treasury yields is likely, causing asset fluctuations. The domestic A - share market is expected to rebound after the Dragon Boat Festival or after filling the gap. The Thursday's rebound was unexpected, and the market may fluctuate in the short - term. The real market trend will be observed after the festival [8] 2. Futures Market Tracking Futures Market Performance - Data on the closing prices, settlement prices, price changes, price change rates, basis, and other indicators of various stock index futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 are provided [10] Futures Trading Volume and Open Interest - Data on trading volume, trading volume changes, trading value, trading value changes, open interest, open interest changes, and other indicators of various stock index futures contracts are provided, as well as the positions of the top 20 members [11] 3. Spot Market Tracking Spot Market Performance - Information on the current points, daily, weekly, monthly, and annual price changes, trading value, and other indicators of major domestic stock indexes such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index is provided. It also includes data on different sectors such as upstream, mid - stream, consumer, TMT, and financial sectors [33] Impact of Market Styles on Index Fluctuations - Analyzes the impact of market styles (cycle, consumption, growth, finance, stability) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes in terms of the number of stocks, weights, and daily, weekly, monthly, and annual contributions [34][36] Index Valuation - Presents the current valuations and historical percentile rankings of important indexes and Shenwan sectors [37][40] Other Market Indicators - Includes data on the Sunday average trading volume, Sunday average turnover rate, number of rising and falling stocks, north - bound funds, Hong Kong Stock Connect, margin trading balance, and margin trading net purchase amount and its proportion in A - share trading volume [42][50] 4. Liquidity Tracking - Information on central bank open - market operations and Shibor interest rate levels is provided, presented in graphical form [52]

Group 1: Nvidia Developments - CEO Jensen Huang plans to sell up to 6 million shares of Nvidia stock, while CFO Colette Kress intends to sell up to 500,000 shares [1] - Nvidia expects an $8 billion revenue loss in Q2 due to U.S. government export restrictions affecting H20 GPU sales to China, with Q1 revenue confirmed at $4.6 billion before the ban [1] Group 2: AI and Robotics Investments - Zhiyuan Robotics has secured a new round of investment led by Shanghai State-owned Capital Fund, setting a record for cumulative financing in China's embodied intelligence sector [3] - The launch of Kuaishou's new AI model 2.1 series demonstrates high cost-effectiveness and industry-leading generation speed, with 5-second video generation in high-quality mode taking less than 1 minute [2][3] Group 3: Corporate Changes and Developments - Yushu Technology has changed its name to Yushu Technology Co., Ltd., continuing all existing operations and contracts under the new name [5] - Boston Scientific has announced its exit from the global heart valve business due to stricter regulatory requirements for clinical trial data [6] Group 4: Automotive Industry Updates - Nezha Auto's logo was removed from its Shanghai headquarters amid reports of wage disputes and financial difficulties [7] - Nezha Auto's debt-to-equity swap plan has failed, with total debts to suppliers around 6 billion yuan, and investors requiring a significant debt reduction before providing new funding [8] Group 5: Dell Technologies Performance - Dell Technologies reported Q1 net revenue of $23.38 billion, exceeding analyst expectations, and projected Q2 revenue between $28.5 billion and $29.5 billion [8]

Group 1 - The Central Committee and the State Council issued a document aiming to improve the carbon emission rights and water rights trading systems by 2027, and to establish a sound pollution discharge rights trading system [1] - The Ministry of Commerce expressed concern over the EU's anti-dumping investigation into Chinese passenger car and light truck tire products, emphasizing that trade protectionism increases consumer burdens and disrupts supply chains [1] - The Ministry of Commerce held a national meeting on smart supply chain construction, focusing on leveraging opportunities in the digital economy and artificial intelligence [1] Group 2 - The national new industrialization operating system, Hongdao, was officially released, marking significant progress in the foundational software for embodied intelligent robots, supporting various GPU and NPU architectures [1] - Shanghai Customs reported that the city's foreign trade import and export value reached 1.4 trillion yuan in the first four months of the year, a 1% increase year-on-year, with exports showing a notable growth of 13.8% [1] - ST Ruike announced that its stock will be delisted from risk warnings and its name will change to Guorui Technology, with trading resuming on June 3, 2025 [1] Group 3 - The U.S. Federal Circuit Court temporarily suspended a previous ruling that prohibited the enforcement of tariffs imposed by the Trump administration, indicating ongoing trade policy uncertainties [3] - The U.S. Commerce Department reported a 0.2% annualized contraction in GDP for the first quarter of 2025, highlighting the impact of tariff policies on business and consumer confidence [3] - The U.S. Labor Department indicated that initial jobless claims rose to 240,000, exceeding market expectations, reflecting potential labor market weaknesses [3] Group 4 - Shandong High-Speed plans to issue bonds not exceeding 8 billion yuan and aims to raise no more than 1.5 billion yuan through a private placement [6] - Double Lin Co. intends to invest no more than 1.5 billion yuan in a new auto parts production base in Jiaxing [6] - Huaci Co. plans to raise no more than 700 million yuan for the ASEAN Ceramic Valley project through a private placement [6]

Domestic News - The Central Committee and the State Council issued opinions on improving the market-oriented allocation system for resource and environmental factors, aiming to deepen the reform of market-oriented allocation of resources and environment [1] International News - The U.S. Court of Appeals allowed Trump's tariff policy to temporarily remain in effect, following a previous halt by the U.S. International Trade Court on the "Liberation Day" tariff policy [2] - Trump administration officials expressed confidence in their legal victory regarding tariffs, suggesting that even if they lose, alternative methods to impose tariffs could be sought, with ongoing tariff negotiations expected to yield three agreements in the coming weeks [2] - Japanese Prime Minister had a 25-minute phone call with Trump, indicating a potential visit to the U.S. before the G7 summit if necessary [2] - Indian officials announced that a U.S. trade team will visit India from June 5 to June 6 [2] - U.S. Treasury Secretary stated that there has been no change in the attitude of trade partners over the past 48 hours [2]

Domestic News - The Central Committee and the State Council issued opinions on improving the market-oriented allocation system for resource and environmental factors, aiming to deepen the reform of market-oriented allocation of resources and environment [1] - Li Auto reported a net profit of 647 million yuan in the first quarter, an increase of 9.4% year-on-year [1] International News - The U.S. International Trade Court halted Trump's "Liberation Day" trade policy, with the Trump administration submitting an appeal notice [3] - The U.S. Trade Advisor stated that the court ruling does not change the current development of trade agreements, asserting a strong chance of success for the U.S. [3] - Japan's Prime Minister Shigeru Ishiba had a 25-minute phone call with Trump, indicating a possible visit to the U.S. before the G7 summit if necessary [3] - Indian officials announced that a U.S. trade team will visit India from June 5 to 6 to continue trade negotiations, assessing the impact of the U.S. court ruling on tariff decisions [3]

Core Insights - The Hongdao operating system, launched as a national new industrial operating system, marks a significant advancement in the field of embodied intelligent robotics in China, featuring a unique brain and cerebellum integrated electronic architecture [1] - The system is designed to enhance the application level of domestic industrial software, focusing on humanoid and industrial embodied robots, and aims to accelerate domestic substitution in various industrial applications [1] - The operating system has achieved multiple functional safety certifications, ensuring a comprehensive security protection system from chip to application layer, making it a reliable partner in sensitive scenarios such as elderly care and child supervision [2] Group 1 - The Hongdao operating system utilizes a brain-cerebellum collaborative architecture with a flexible microkernel to ensure safety isolation and strong real-time characteristics, enhancing the flexibility and safety of robots [1][2] - The system has successfully integrated deterministic computing with TSN communication, enabling a transition from individual intelligence to collective intelligence through distributed computing [1] - The launch event included a demonstration of the humanoid robot "Xiao Dong," which showcased the system's capabilities and its potential applications in various fields such as industrial manufacturing, healthcare, and disaster rescue [2] Group 2 - The launch of the Hongdao ecosystem cooperation involved ten companies across chip, hardware, software, and application layers, indicating a significant leap in technology, safety, and ecosystem for the Chinese robotics industry [3] - The collaboration between Huagong Information Technology Co., Ltd. and Guangya Hongdao aims to promote a fully autonomous and controllable technology chain from the chip layer to the system layer, filling a gap in domestic robotics technology [3] - The Hongdao operating system's heterogeneous computing architecture reduces hardware costs and power consumption while maintaining performance, distinguishing it from traditional humanoid robots [3]

Core Viewpoint - The launch of the Hongdao operating system marks a significant advancement in the field of embodied intelligent robotics in China, showcasing a unique brain-small brain architecture that enhances safety and performance in robotic applications [1][3]. Group 1: Technological Advancements - The Hongdao operating system features a microkernel architecture, high real-time determinism, distributed collaborative computing, and robust security, which collectively represent a breakthrough in foundational software for intelligent robots [1][3]. - The system employs a "brain-small brain collaboration" design, ensuring safety isolation and strong real-time characteristics validated in key industry tasks, making robots more flexible and secure [3][4]. - The operating system has achieved multiple functional safety certifications across automotive, industrial control, medical devices, and rail transportation, establishing a comprehensive security protection system from chip to application layer [4]. Group 2: Industry Applications - Future applications of the Hongdao operating system will empower various sectors, including industrial manufacturing, healthcare, elderly care, and disaster rescue, particularly in areas requiring high precision in control [4]. - The system's safety features effectively prevent data breaches and malicious control, ensuring safe physical interactions in sensitive scenarios such as elderly and child care [4]. Group 3: Ecosystem Development - The launch event included a collaboration ceremony with ten companies across chip, hardware, software, and application layers, indicating a significant leap in technology, safety, and ecosystem for the Chinese robotics industry [4]. - The partnership between Haiguang Information and Guangya Hongdao aims to promote a fully autonomous technology chain in robotics, filling a gap in domestic capabilities and providing a new paradigm for autonomous control from foundational architecture to application [5].