本周三（12月24日），科创人工智能ETF华夏（589010）收涨1.43%，午后强势修复并收于日内高点， 彰显板块韧性。持仓股方面攻势凌厉，恒玄科技、星环科技-U双双涨超6%，芯原股份大涨超5%，多头 氛围浓厚。流动性方面，全天成交额超6100万元，资金在午后反弹中积极参与，交投活跃度维持高位， 显示出市场对AI赛道修复行情的认可。机器人ETF（562500）全天震荡走高，最终稳健收涨1.06%，展 现出良好的向上市值弹性。持仓股方面，板块内部多点开花，超九成成分股飘红，大族激光一马当先领 涨超8%，凯尔达大涨超7%，快克智能、均普智能等个股纷纷跟涨，板块做多情绪高涨。流动性方面， 全天成交额突破8.63亿元，交投维持在活跃区间。 【热点要闻】 1、"人形机器人第一股"优必选今日发布公告，以"协议转让+要约收购"的组合方式共收购深交所上市公 司锋龙股份93957518股（占锋龙股份公司股份总数43%）。根据公告，本次控制权变更方案中的股份转 让价格、要约收购价格均为17.72元/股（相比12月17日锋龙股份停牌前19.68元/股折让10%），以此计 算，合计总对价达16.65亿元。优必选聚焦于智能机器人，特 ...

证券研究报告·行业点评报告·机械设备 机械设备行业点评报告 银河通用完成新一轮 3 亿美元融资，重视模 型端推动机器人产业化加速 2025 年 12 月 19 日，银河通用完成新一轮 3 亿美元融资，最新估值已 达 30 亿美元（超 200 亿元），位列中国人形机器人行业第一。本轮融资由 中国移动链长基金领投，中金资本、中科院基金、苏创投、央视融媒体基 金、天奇股份等投资平台及产业巨头联合注资，并同步获得来自新加坡、 中东的国际投资机构及老股东的加注。 ◼ 银河通用专注机器人模型端开发，为机器人商业化落地核心一环 现阶段人形机器人尚未实现大规模产业化落地，核心为模型端智能性 与泛化性能力不足。银河通用专注机器人"大脑"开发，是具身大模型公 司。公司专注于机器人软件层面上的开发，从最基础的移动、抓取、放置 技能入手，开发了 GraspVLA 模型，致力于提高机器人的任务执行层面能 力。面对现阶段机器人高质量数据集不足，Scaling Law 难以兑现的背景下， 公司押注仿真数据路线，取得了模型端可观的进展。 在工业制造领域，公司已与天奇股份、宁德时代、博世集团、丰田汽 车、韩国现代、北汽集团、上汽集团、极氪汽车 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The humanoid robot company Galaxy General has completed a new round of financing of $300 million, achieving a valuation of $3 billion, making it the highest-valued company in China's humanoid robot sector [2] - The semiconductor equipment sector is seeing consolidation, with companies like Zhongwei planning acquisitions to enhance their product offerings [3] - The liquid cooling industry is experiencing growth, with major players like Vertiv expanding their manufacturing capabilities, indicating strong confidence in the sector's long-term potential [4] - PCB equipment and consumables are set for expansion, with companies like Pengding Holdings planning significant investments to meet the rising demand driven by AI applications [5] Summary by Sections Humanoid Robots - Galaxy General's recent financing round has positioned it as a leader in the humanoid robot market, with significant partnerships in industrial manufacturing and retail sectors [2] Semiconductor Equipment - Zhongwei's acquisition of Hangzhou Zhonggui aims to enhance its CMP equipment offerings, complementing its existing dry process equipment [3] - Other leading companies are also pursuing acquisitions to strengthen their platforms, indicating a trend towards consolidation in the semiconductor equipment market [3] Liquid Cooling - Vertiv's new R&D and manufacturing base in Suzhou reflects the industry's confidence in liquid cooling technology, which is becoming essential for data centers due to increasing power densities [4] - The report highlights the potential for significant market growth, estimating the global server liquid cooling market could reach $80 billion by 2026 [19] PCB Equipment & Consumables - Pengding Holdings is set to invest 4.3 billion yuan in Thailand to expand its production capabilities for AI-related PCB products, with expected order growth in 2026 [5] - The report emphasizes the increasing demand for high-end PCB drilling tools, driven by the rise of AI servers and advanced PCB designs [32]

Core Insights - The event "Empowering New Energy, Driving the Future" held in Shanghai gathered over 100 global young scientists and more than 130 listed company entrepreneurs, highlighting the growing interest in embodied intelligence and its commercial applications [1][3]. Company Overview - Galaxy General Robotics, founded in May 2023, quickly secured seed funding and attracted top-tier investment institutions, positioning itself prominently in the field of embodied intelligence [3]. - The company focuses on developing embodied intelligence, which enables robots to understand and interact with the physical world, leveraging advancements in multimodal large models [3][4]. Technology and Innovation - The company emphasizes the importance of "end-to-end" technology routes in embodied intelligence, akin to the advancements seen in autonomous driving, but acknowledges the greater complexity and data requirements in this field [3][4]. - The current largest dataset for embodied intelligence is only at the level of millions of data points, significantly lower than the daily data volume in autonomous driving, which can reach up to 100 million segments [4]. - Galaxy General Robotics has developed a core technology based on synthetic large data pre-training for embodied large models, addressing the challenge of the "simulation-real" gap [5][7]. Product Development - The "GraspVLA" model, trained entirely on synthetic data (1 billion frames), demonstrates the capability to perform precise actions in real-world environments based solely on language instructions [7][9]. - The company has created a retail end-to-end model, "GroceryVLA," which can effectively navigate complex real-world shelf environments, showcasing its strong interference resistance [10][12]. Market Applications - Galaxy General Robotics has successfully implemented its humanoid robot solutions in various sectors, including retail and industrial applications, with plans for rapid deployment in major cities [14][15]. - The company has received orders from 100 pharmacies and operates in beverage and coffee shops, achieving a low failure rate in daily operations [15]. Future Outlook - The company is integrating its capabilities into a unified base model to accelerate deployment across diverse scenarios, indicating a significant transformation in retail, manufacturing, and service industries driven by embodied intelligence [15][16].

Core Viewpoint - The investment by Shicheng Holdings in Galaxy General Robotics marks a significant milestone in the field of embodied intelligence, reflecting a strong endorsement of the latter's technological depth and product maturity [1][2]. Group 1: Investment Details - Shicheng Holdings completed a new round of investment in Galaxy General Robotics, attracting top-tier capital including CATL and GGV Capital, creating an unprecedented investment lineup in the industry [1]. - The investment amount of 1.1 billion yuan sets a new record for a single financing round in the industry [1]. - This investment follows Shicheng's previous investment in September of the previous year, indicating a deep trust in Galaxy General's capabilities [1][2]. Group 2: Strategic Implications - Shicheng Holdings' investment strategy emphasizes a "capital + scenario + industry chain" model, aiming to upgrade hard technology investment logic into an ecosystem-level value co-creation [1][2]. - The investment highlights Shicheng's preference for high-barrier technology companies, as Galaxy General has accumulated significant scene data and action data within just two years of establishment [2]. - Galaxy General's latest models, such as TrackVLA and GraspVLA, demonstrate breakthroughs in visual perception and interaction, aligning well with Shicheng's "scenario-driven" investment logic [2]. Group 3: Ecosystem Development - Shicheng Holdings has established a complete chain in the embodied intelligence field, covering components, manufacturing, and application scenarios, thereby creating a closed-loop ecosystem [2]. - The collaboration between Shicheng and Galaxy General allows for real-world application testing, accelerating technology maturity and creating revenue channels for invested companies [3]. - Shicheng's extensive scene resources will serve as a testing ground for Galaxy General's technology iterations, enhancing the overall value capture within the industry chain [3]. Group 4: Market Outlook - The Chinese robotics market is projected to grow at an annual rate of 23%, potentially doubling in size within four years and capturing over 40% of the global market share [4]. - The humanoid robot sector is expected to experience even more rapid growth, with projections indicating a market size of $3.4 billion by 2030, reflecting a compound annual growth rate of 63% [4]. - The combination of technological breakthroughs and cost reductions is expected to further accelerate industry growth, positioning companies like Galaxy General as prime candidates for investment [5]. Group 5: Future Prospects - Shicheng Holdings is transitioning from a traditional infrastructure operator to a technology ecosystem builder, integrating investment, scenario implementation, and operational services [5]. - The company's valuation logic is shifting towards that of a platform technology enterprise, with a significantly lower price-to-earnings ratio compared to related concept stocks [5]. - As invested companies enter their production cycles, the hidden asset value of Shicheng Holdings is anticipated to be gradually released [5]. Conclusion - The investment in Galaxy General Robotics represents a strategic move in the competition for industry discourse power, emphasizing the importance of ecosystem integration capabilities in the field of embodied intelligence [6]. - Shicheng's model of "investment empowering scenarios, scenarios feeding back technology" addresses core pain points in the commercialization of robotics while building a defensible competitive moat [6].