1. Overview of the Market
Summarizing the news from the weekend: ① The United States has imposed a 30% tariff on the EU and Mexico, first discussing the impact on us (mainly automotive parts). Exports of U.S. parts from Canada and Mexico that comply with USMCA standards will have zero tariffs, while those that do not will face a 25% tariff. Even if Mexico is subjected to a 30% tariff on August 1, it will not affect the current tariff standards for Mexican automotive parts. ② The long-term assessment mechanism for insurance funds has been implemented, with estimates indicating an influx of 750 to 950 billion yuan into the market. This year, high-dividend assets like banks have shown good performance, which has already been reflected. On Friday, banks experienced their second bearish candle recently; if they do not recover on Monday (despite favorable conditions, if they are not strong), there will be short-term adjustment pressure. Overall, the outlook is bullish, focusing more on individual stocks than on indices.
In the market, PCB has adjusted for three consecutive days; as the saying goes, things do not happen in threes. If there is continued adjustment on Monday, the overseas computing power chain may shift from an upward trend to a fluctuating trend, and those high-position stocks should be cautious about taking profits. Rare earth permanent magnets are strengthening, catalyzed by news: first, Northern Rare Earth reported a significant increase in performance, followed by a price increase in rare earths. During the China-U.S. negotiations, this sector has certain sustainability.
Forecast: The market outlook is bullish.
2. Institutional Viewpoint: Yushu and Zhiyuan Win 124 Million Yuan Order for Humanoid Robot OEM Services
Although this order is the largest publicly disclosed single order for domestic humanoid robot companies to date, we believe it does not signify the large-scale application of humanoid robots. We expect that the products from this project will still be used in commercial scenarios, such as guiding and explaining tasks in shopping malls. Currently, the core of the sector remains the industrial application scenarios that have not yet been fully realized; in the context of increasing uncertainty in the sector, successful implementation is the hard truth and a certain direction.
On June 25, according to the China Mobile Procurement and Bidding Network, Zhiyuan Robotics and Yushu Technology won the bid for a 124 million yuan budget humanoid biped robot OEM service procurement project from China Mobile (Hangzhou) Information Technology Co., Ltd. The bidding entity is a wholly-owned subsidiary of China Mobile, and this project is the largest publicly disclosed single order for domestic humanoid robot companies to date.
The project is divided into two procurement packages, with Package 1 being a full-size humanoid biped robot, budgeted at 78 million yuan, which Zhiyuan won.
Assuming the unit price of Zhiyuan’s winning product is around 300,000 yuan, the expected shipment volume of humanoid robots is approximately 250 units.
Package 2 includes a small-sized humanoid biped robot, computing power backpack, and dexterous five-finger hand, with a budget of 46.05 million yuan, which Yushu won.
Assuming the unit price of Yushu’s winning product is around 100,000 to 150,000 yuan, the expected shipment volume of humanoid robots is approximately 300+ units.
Related entities:
① Suppliers of landing scene solutions that sound the horn for implementation: Ju Yi Technology, Haosen Intelligent, Jack Co., Demar Technology.
② In the second half of the year, Zhiyuan X2 will scale up production, Zhiyuan chain:
1) OEM manufacturers: Fulian Precision, Junpu Intelligent, Ningbo Huaxiang, Lens Technology, Lingyi Intelligent Manufacturing.
2) Cooperative landing scene suppliers: Haosen Intelligent, Demar Technology.
3) Core component suppliers: Minshi Group, Aobo Zhongguang, Green Harmonics, Zhongdali De, Zhenyu Technology, etc.
Additionally, more institutional research information can be found in the community:
