Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector continues to rebound, entering an upward channel, with the core company index rising by 5.54%, outperforming the broader market [12][11] - Multiple factors contributed to the unexpected strength of the rebound, including prior adjustments in the sector, advancements in Tesla's Optimus robot, and anticipated supportive policies from the U.S. government [4][12] - The year 2026 is projected to be a milestone for humanoid robot mass production, with significant catalysts expected [4][40] Summary by Sections Humanoid Robot Sector Performance - The humanoid robot sector index and leading stocks have shown a continued rebound, with the core company index increasing by 5.54% during the week of December 1 to December 5, 2025 [12][11] - The top five performers included Hengli Hydraulic (+11.53%), Siling Co. (+10.07%), and Wuzhou Xinchun (+9.24%) [12][14] Optimus Robot Development - Tesla's Optimus robot is progressing towards mass production, with recent demonstrations showcasing its running capabilities, achieving speeds of 2.5-3 m/s [5][16] - The U.S. government is expected to introduce supportive policies for the robot industry, which may accelerate development and enhance market confidence [31][33] - The domestic industrialization process is also speeding up, with leading companies preparing for capital market entry [34][38] Investment Opportunities - Key investment opportunities are identified in the supply chain, including components such as head assemblies, bearings, and structural parts [27][30] - Specific companies recommended for investment include Lens Technology, Minth Group, and Wuzhou Xinchun, among others [6][30] - The report emphasizes the importance of technological upgrades and supply chain integration to support mass production [27][30]

Market Overview - The Shanghai Composite Index rose by 0.7% to 3902.81, while the Shenzhen Component Index increased by 1.08% to 13147.68, and the ChiNext Index gained 1.36% to 3109.30 [1][2] - A total of 4427 stocks closed higher, while 914 stocks closed lower, indicating a positive market sentiment [1][3] - The trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion, an increase of 176.8 billion compared to the previous trading day [1] Performance Metrics - The 20-day performance for the Shanghai Composite Index showed a decline of 2.37%, while the Shenzhen Component Index experienced a decrease of 1.91% [2] - The annual performance for the Shanghai Composite Index is up by 16.44%, and the Shenzhen Component Index has increased by 26.24% [2] - The ChiNext Index has seen a significant annual increase of 45.19% [2] Sector Performance - Sectors such as insurance, precious metals, and commercial aerospace showed strong gains, while traditional sectors like Chinese medicine and film exhibition faced declines [2] - The electric aluminum concept stocks experienced volatility, with companies like Hongchuang Holdings and Yun Aluminum reaching historical highs [2] - The robotics sector saw a rebound, with companies like Boke Technology rising over 10% [2] Notable Stock Movements - The stock of Moer Thread opened high with a 468% increase, leading to significant profits for investors [2] - Companies in the Fujian sector, such as Sanmu Group and Haixin Food, reached their daily limit [2] - The AI glasses concept saw a surge, with Doctor's Glasses rising over 10% [2] Market Sentiment - The overall market sentiment is improving, with a board sealing rate close to 80% [2] - The National Development and Reform Commission has allocated 35.5 billion for investment projects, indicating government support for economic growth [2]

Core Viewpoint - The company has made significant advancements in the robotics industry, covering industrial robots, collaborative robots, and humanoid robots, with strategic upgrades and market penetration planned for 2024 [1] Group 1: Industrial Robots - The company has successfully entered the industrial 4/6 axis robot market, achieving a strategic upgrade from serving small and medium-sized clients to industry leaders [1] Group 2: Collaborative Robots - The company has established itself as a leading supplier in the global collaborative robot market [1] Group 3: Humanoid Robots - The company is focusing on systematic research and development in humanoid robots, particularly on core components such as joint modules [1] Group 4: Technology Development - The company has developed low-voltage servo drivers using Gallium Nitride (GaN) technology, which aids in achieving lightweight and precise designs for robots [1]

Group 1 - The Robot ETF (562500) experienced a decline of 0.42% as of 9:52 AM, showing a "bottom-rebound" trend with a quick recovery from the intraday low, indicating strong support below [1] - In terms of holdings, Boke Technology led the gains with an increase of over 9%, while Hechuan Technology and Julun Intelligent rose by more than 2%, and stocks like Dazhu Laser also followed suit; however, companies like Gogo Technology and Yuntian Lefeiy experienced pullbacks [1] - The trading volume was high, with a transaction amount reaching 236 million yuan within the first 20 minutes of the market opening, reflecting sustained trading enthusiasm [1] Group 2 - CITIC Construction Investment Securities indicated that industrial scenarios are more feasible for implementation compared to household scenarios due to structured environments and standardized tasks, with a focus on cost reduction and efficiency improvement for B-end clients [2] - Simple industrial processes, such as loading and unloading, tightening, and other labor-intensive tasks, are expected to be the breakthrough points for the large-scale application of humanoid robots [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion, covering various segments including humanoid robots, industrial robots, and service robots, providing investors with a one-click investment opportunity in the robot industry chain [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the robot ETF (562500), which is showing a "V" shaped recovery despite a slight decline of 0.21%, indicating strong bullish resistance [1] - Notable stocks within the ETF include Boke Co., which surged over 8%, and Hechuan Technology, which rose over 4%, while stocks like Gogo Technology and Haimeixing faced short-term pressure [1] - The liquidity in the market is impressive, with a trading volume exceeding 3.32 billion yuan within the first half hour of trading, indicating robust market activity [1] Group 2 - The robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots, facilitating investors' access to the entire robot industry chain [2] - According to CITIC Securities, the performance of the humanoid robot index is primarily influenced by the progress of the T-chain, including performance iteration, hardware finalization, and mass production guidance [1] - Although the Gen3 hardware finalization and large-scale production have been postponed to 2026, the sector still exhibits resilience [1]

（文章来源：每日经济新闻） 每经AI快讯，12月5日，减速器板块短线拉升，步科股份涨超15%，斯菱股份、力星股份、丰立智能、 五洲新春、精研科技等跟涨。 ...

Group 1 - The reducer sector experienced a short-term surge, with Boke Co., Ltd. rising over 15% [1] - Other companies such as Slin Co., Lixing Co., Fengli Intelligent, Wuzhou Xinchun, and Jingyan Technology also saw increases [1]

Core Points - The Shanghai Composite Index closed at 3875.79 points, slightly down by 0.06%, with a total trading volume of 1561.665 billion yuan [1] - A total of 56 A-shares have surpassed the half-year line, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is above the half-year line, indicating a stable market performance [1] - The total trading volume for A-shares today reached 1561.665 billion yuan [1] Notable Stocks - Stocks with the highest deviation rates from the half-year line include: - Huawu Co., Ltd. (300095) with a deviation rate of 12.77% and a price increase of 19.96% [1] - Hengerd (300946) with a deviation rate of 11.14% and a price increase of 20.01% [1] - Yingqu Technology (002925) with a deviation rate of 8.13% and a price increase of 10.02% [1] - Other stocks that have just crossed the half-year line include Ruifeng Bank, Baosheng Co., and Guosheng Zhike, which have smaller deviation rates [1] Detailed Stock Data - A detailed table lists various stocks, their trading performance, turnover rates, half-year line prices, latest prices, and deviation rates, highlighting the performance of each stock [1][2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 活动时间：2025 年 12 月 12 日（星期五）14:00-16:00 活动地点：深圳市南山区高新园北区朗山一路 6 号意中利科技园 1 号楼 3 楼 证券代码：688160 证券简称：步科股份 公告编号：2025-071 上海步科自动化股份有限公司 关于举办投资者接待日活动的公告 召开方式：现场召开 为便于广大投资者全面、深入地了解上海步科自动化股份有限公司（以下简 称"公司"）的经营情况和发展战略，公司计划于 2025 年 12 月 12 日（星期五） 14:00-16:00 举办投资者接待日活动。通过此项活动，公司将进一步加强与投资 者的沟通交流，认真倾听投资者的意见和建议。现将有关事项公告如下： 一、活动召开的时间及地点 活动时间：2025 年 12 月 12 日（星期五）14:00-16:00 活动地点：深圳市南山区高新园北区朗山一路 6 号意中利科技园 1 号楼 3 楼 二、活动方式：现场召开 三、公司出席人员 公司管理层，具体人员以实际出席为 ...

Group 1 - The Robot ETF (562500) is showing resilience and upward momentum, increasing by 1.81% with a trading volume approaching 1.3 billion yuan, indicating high market activity [1] - Key holdings within the ETF are experiencing significant gains, with companies like Gokey Technology rising over 18%, and others such as Jiu Lun Intelligent and Jiangsu Leili seeing increases exceeding 8% [1] Group 2 - China Mobile has launched its first consumer-grade quadruped robot, "Lingxi," designed for family services, focusing on human-like interaction and scenario-based services for children, elderly care, and home security [2] - The "Lingxi" robot integrates AI large model technology, enabling it to understand user intentions and adapt to unique household routines, including monitoring for safety hazards and providing companionship [2] Group 3 - According to招商证券, downstream manufacturers play a central role in the industry chain, focusing on hardware and software integration and algorithm adaptation, particularly in industrial manufacturing and logistics [3] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots, facilitating investor access to the entire robot industry chain [3]