Investment Rating - The investment rating for the defense and military industry is "Positive" [2] Core Viewpoints - The industry is experiencing continuous improvement, with a focus on military trade and robotics. The year 2025 is anticipated to be a significant turning point for military investment, driven by a combination of economic recovery, value reassessment, and event catalysts [5][48] - The military trade market is expected to see substantial growth, particularly with Indonesia's potential procurement of Chinese J-10 fighter jets, which could serve as a breakthrough for domestic military trade [5][25] - The robotics sector is rapidly evolving, with significant advancements in both consumer and business applications, including the launch of the ZhiYuan G2 robot and the Figure 03 humanoid robot [4][11][12] Summary by Sections 1. Robotics Industry Tracking - The ZhiYuan G2 robot has received over 100 million yuan in orders and is now in commercial delivery, showcasing its capabilities in various industrial applications [11] - The Figure 03 humanoid robot has made significant advancements, enabling it to perform household tasks and serve in hospitality roles [12][15] - Police robots have been officially deployed in Zhejiang for patrol duties, indicating a new application area for robotic technology [17][20] 2. Military Trade Prospects - Indonesia is expected to procure Chinese J-10 fighter jets, marking a significant milestone in China's military trade exports [5][23] - The domestic military trade market has substantial growth potential, with China ranking sixth globally in military exports, accounting for only 3.9% of the market [25] 3. Market Performance Review - The defense and military index underperformed the broader market, with a decline of 5.12% during the week of October 13-17, 2025 [3][26] - Year-to-date, the defense and military index has increased by 15.0%, slightly outperforming the broader market [29][30] 4. Investment Focus and Beneficiary Stocks - Key investment themes include "new quality combat capabilities" and "value reassessment in a recovering market," with recommended stocks in various segments such as next-generation combat systems, unmanned equipment, and satellite internet [6][48] - Specific beneficiary stocks include AVIC Shenyang Aircraft, Huayin Technology, and various companies involved in unmanned systems and missile production [6][48]

装备制造 [Table_ReportDate] 2025 年 10 月 13 日 [T分析师： able_Author 赵晓闯] 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn [Table_ReportType]装备制造行业周报（10 月第 2 周） [Table_S 市场行情回顾 ummary] ： 上周 4 个交易日（2025.09.29-2025.10.10）机械设备、电力 设备及汽车行业指数涨跌幅分别为+1.43%、+2.19%及+0.43%， 在 31 个申万一级行业中排名分别为第 15、11、22 位；同期沪 深 300 涨跌幅为+1.47%。 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title ...

策略定期研究 2025 年 10 月 12 日 策 略 研 究 无需悲观，以我为主——对特朗普关税风波再起 的思考 投资要点： 特朗普关税风波再起，无需悲观、以我为主。 策 略 定 在 4 月"对等关税"冲击后，特朗普于 10 月 10 日再次在社交媒体上 释放出关税威胁。在此消息发布后海外市场反应迅速，美国股市、欧洲股 市、美元指数、原油、铜均走低，仅黄金和白银上涨、美债收益率下跌。 这不由得让市场联想到 4 月"对等关税"引发的"巨震"，有必要思考后 续的应对策略。 期 报 告 （1）近期中美之间发生了什么？近期（10 月以来）美国"小动作" 不断：包括对中国船舶征收"港口费"、将多家中国实体列入出口管制"实 体清单"、威胁要禁止中国航司在执飞往返美国的航班时飞越俄罗斯领空。 我国迅速采取反制措施：10 月 9 日商务部连续发布公告，对稀土、锂电池、 超硬材料等多项物项实施出口管制，将 14 家外国实体列入不可靠实体清 单。10 月 10 日我方发布对高通进行反垄断调查、对涉美船舶收取船舶特 别港务费的公告。最终在美东时间 10 月 10 日，特朗普在社交媒体上发布 长文释放关税威胁，再度引起全球资产动荡 ...

机器之心报道 机器之心编辑部 Figure 03 为走入家庭和规模化量产而来。 一间屋子里，一个机器人忙个不停。 给人端茶倒水、俯身收拾垃圾，转身清洗餐具，又熟练地将衣物洗净、折叠、归类，可以说是包揽一切家务活。 Figure 03 在清洗餐具 Figure 03 为客人送茶水 Figure 03 将衣服放入洗衣机 Figure 03 叠衣服 除了做家务，它还能胜任酒店前台、完成快递投递等服务类工作。 Figure 03 在送快递 手部动作也非常灵敏，指尖可以感知 3 克的力 —— 足以握住一枚回形针。 Figure 03 在和客户交流入住信息 值得一提的是，上面展示的所有机器人动作都不是遥控完成的，而是由机器人自主完成的。它的名字叫 Figure 03 ，是人形机器人初创公司 Figure 发布的 第三代人 形机器人 。 其具有以下特点： AI 优先：硬件完全为 AI 服务 若没有人工智能，人形机器人便无法规模化。因此，Figure 03 的核心目标只有一个：通过 Helix 实现机器人对真实世界的推理能力。为此，Figure 03 引入了 全新 设计的传感器套件 和 手部系统 ，专为激活 Helix 而生 ...