Source: Picture Worm Creative

In the first quarter of 2025, the three major stock indexes in the A-share market performed differently and were mixed.

According to Wind, in the first quarter of 2025, most of the major A-share stock indexes are on the rise, with the Beijing Stock Exchange 50 Index performing the strongest, and the CSI 1000, Kechuang 50, Wind All A, and Shenzhen Stock Exchange Component Index all recording gains; The Shanghai Composite Index, the SSE 50, the CSI 300, and the ChiNext Index all fell to varying degrees.

Despite the divergence of the overall market, some sectors bucked the trend and saw their stock prices climb sharply. Among them, artificial intelligence, robotics and other technology sectors are particularly prominent, becoming the focus of capital influx, and the performance of related concept stocks is particularly eye-catching, becoming an important force to promote market activity.

According to Wind, in the first quarter of 2025, concepts such as artificial intelligence, robots, and new energy vehicles performed strongly. Among them, the DeepSeek concept rose first, with a cumulative increase of 46.19%, and the Unitree robot and reducer concept rose by 31.04% and 30.77% respectively.

Zhang Xiaorong, president of the Deep Science and Technology Research Institute, told Times Finance that this reflects the capital market's enthusiasm for AI and robots. The essence is the market's optimistic expectation of technology iteration. Industrial AI has been put on the agenda, and the breakthrough of domestic large models has allowed the market to see the dawn of commercialization, and funds are chasing the technological outlet with strong certainty. However, it is necessary to be wary of the valuation bubble of some concept enterprises.

Yang Delong, chief economist and fund manager of Qianhai Open Source Fund, told Times Finance that the market in the first quarter has ended, and the most prominent sector is undoubtedly the humanoid robot sector, which is expected to lead the two cities again in the second quarter. Humanoid robots are the best landing scenarios for the combination of artificial intelligence and consumption, which fully reflects China's industrial advantages.

From the perspective of rising stocks, according to Times Finance, in the first quarter of 2025, a total of 36 companies in the A-share market have doubled their share prices. Among them, in the first quarter of 2025, *ST Information and Communication (600289.SH) has the highest cumulative increase, reaching 328.49%, and has won a total of 37 "5cm" daily limits; Hongjing Technology(301396. SZ), Meili Technology (300611. SZ) followed closely behind, with cumulative gains of 237.64% and 221.67% respectively, and a total of 5 and 2 "20cm" daily limits respectively.

The concept of robotics is strongly empowered, and 14 companies have taken advantage of the wind

According to the first-level industry of Shenwan, among the 36 companies whose stock prices doubled in the first quarter, most of them were from the machinery and equipment and computer industries, all of which reached 8, tied for the first place; 5 companies from the automotive industry ranked third; In addition, there are 3, 2 and 2 companies from the basic chemical, power equipment and environmental protection industries respectively, ranking in the top six.

Among them, companies in the machinery and equipment industry include Zhongda (002896. SZ), Changsheng Bearing (300718. SZ), Henggong Precision (301261. SZ), Hangzhou Tooth Forward (601177. SH), Clayter (831689. BJ), Haomiao Technology (831856. BJ), Tonghui Electronics (833509. BJ), Wanda Bearing (920002. BJ）。

Zhongda is mainly engaged in key components in the field of mechanical transmission and control applications; Changsheng Bearing is mainly engaged in self-lubricating bearings; Henggong Precision is mainly engaged in continuous cast iron products and processing; Hangzhou Tooth Advance is mainly engaged in gear transmission devices and powder metallurgy products; Cletech is mainly engaged in ventilation and air handling system equipment and accessories; Haomiao Technology is mainly engaged in fire emergency rescue equipment; Tonghui Electronics is mainly engaged in various types of electronic measuring instruments; Wanda Bearing is mainly engaged in forklift bearings and slewing rings.

According to Wind, among them, Zhongda De, Changsheng Bearing, Henggong Precision, Hangzhou Tooth Advance, Haomiao Technology, and Wanda Bearing are classified as humanoid robots or robot concepts; Clete belongs to the concept of deep-sea economy, and Tonghui Electronics is due to the concept of Huawei HiSilicon.

Changsheng Bearing announced on February 25 that the company's current cooperation with the relevant parties of the robot industry chain is advancing in an orderly manner, and some products have achieved small batch production and sales, and the revenue of such products accounts for less than 1% of the company's main business income, and some products are still in the sample delivery and test stage.

Haomiao Technology announced on March 7 that the company has begun to develop, produce and sell unmanned fire trucks many years ago, and at present, unmanned fire trucks need to continue to be iteratively upgraded at the technical level to meet the development needs of unmanned and intelligent emergency rescue equipment. There are uncertainties about the relevant business conditions and the impact on future results of operations.

Henggong Precision announced on March 12 that the company's main products in the field of robot reducers and humanoid robots are RV reducers, harmonic reducer parts, upper and lower limb connectors, brackets, fixing parts and other structural parts, and the related business revenue accounts for a relatively low percentage. At present, there is still uncertainty about the downstream application market space of humanoid robots and the future proportion of the company's related businesses.

Zhongda has repeatedly announced that the company has not found that the recent public media reported undisclosed material information that may or has had a greater impact on the company's stock trading price.

As of now, the company's main business is the design, manufacture and sales of various gear transmission devices and powder metallurgy products, accounting for 98.18% of revenue in the first three quarters of 2024; For the Zhejiang Provincial Department of Science and Technology's "Notice on Issuing the First Batch of Projects of the 2025 "Pioneer Lingyan + X" Science and Technology Plan and the projects undertaken by the company in the project list, they are still in the initial stage of research, and there are no related products at present, and no sales revenue has been formed.

Wanda Bearing also issued an announcement on March 3, stating that after verification by the company, as of the date of disclosure of this announcement, the company has not established cooperative relations with downstream humanoid robot-related enterprises and has no relevant operating income.

In addition, Meili Technology from the automotive industry, Snow Dragon Group (603949. SH), Shuanglin Co., Ltd. (300100. SZ), Junchuang Technology (833533. BJ), Fuda shares (603166. SH) 5 companies, whose share price doubling is related to the robot concept; The three major industries of power equipment, basic chemicals, and textiles and apparel also have one company whose stock price has doubled and is related to the concept of robots, namely Zhenyu Technology (300953. SZ), Fulai New Materials (605488. SH), Jujie Microfiber (300819. SZ）。

Meili Technology is mainly engaged in high-end spring products; Shuanglin Co., Ltd. is mainly engaged in automotive interior and exterior decoration and precision parts, intelligent control system components, new energy power systems, wheel bearings, ball screws, etc.; Junchuang Technology is mainly engaged in automotive plastic parts and supporting molds; Fuda Co., Ltd. is mainly engaged in power machinery engine crankshafts, precision forgings, new energy electric drive gears, automobile clutches, spiral bevel gears, and high-strength bolts; Fulai New Materials is mainly engaged in advertising inkjet printing materials, label printing materials, electronic grade functional materials, functional base film materials, adhesive materials, etc.

Among them, Shuanglin shares and Fuda shares both announced that they did not find undisclosed material information that may have a greater impact on the company's stock trading price; Shuanglin also revealed that the company's roller screw products have only completed the research and development of relevant samples, and have not yet obtained designated points or achieved operating income.

Fulai New Materials announced on March 6 that it had noticed that the market had paid more attention to the company's flexible sensors recently. The company is currently building a pilot line for flexible sensors, and there are certain changes and uncertainties in follow-up R&D and orders. Up to now, the company's flexible sensor project has not generated any revenue and profit, and will not have an impact on the company's performance.

Meili Technology announced on March 13 that the company's springs applied to humanoid robots are in the stage of small batch delivery and have not yet been mass-produced, and the business in this field accounts for a very low proportion of the company's main business income and will not have a significant impact on the company's performance.

In addition, Xuelong Group, which is mainly engaged in internal combustion engine cooling system products and automotive lightweight plastic products, has been speculated by the market because of its indirect shareholding in Unitree Technology. On March 31, Xuelong Group explained its indirect shareholding in Unitree Technology, saying that the company subscribed to the share of Shenzhen Capital SME Development Fund was very low (0.7239%) and had no investment and operation decision-making power, and the Shenzhen Capital SME Development Fund held a very low proportion of shares in Unitree Technology (1.3546%), and the company had no form of business cooperation with Unitree Technology.

Zhenyu Technology disclosed on April 2 that the company's main precision progressive stamping dies and downstream precision structural parts, the company's robot precision components and parts products are in the investment period, although the recent small batch delivery but the revenue scale is relatively small, is expected to contribute little to the company's performance.

Jujie Microfiber publicly stated on April 2 that the company mainly develops, produces and sells microfiber fabrics and products. Recently, it has been noticed that many investors associate the company's established Suzhou Muscle Technology Company with whether it has a layout in robots. The actual situation is that this subsidiary has established a joint laboratory with the Suzhou Institute of Nanotechnology and Nano Bionics of the Chinese Academy of Sciences to jointly study the application of drive fibers as artificial muscle fibers in bionic robots, etc., which is still in the research and development stage, and has no production or sales.

Zhongyuan Securities recently analyzed that the robot industry chain will enter the adjustment stage from 2021 for three years, and it is close to the end of the cycle in terms of cycle and amplitude. Humanoid robots are an important landing gripper for artificial intelligence. In 2025, a large number of domestic humanoid robot companies will release new humanoid robot products, which will continue to promote the market heat of the industry. With the recovery of the industrial robot industry cycle and the theme resonance of humanoid robots, the robot industry chain still has strong investment value.

The concept of artificial intelligence detonated six major industries and 13 companies

Among the companies whose stock prices doubled in the first quarter, companies from the computer industry included Hongjing Technology, Daily Interactive (300766. SZ), Lifang Holdings (833030. BJ), Xingtu TT&C (920116. BJ), Parallel Technology (839493. BJ), Cubic Digital Science (300344. SZ), Hongquan IOT (688288. SH), Qingyun Technology-U (688316.SH) 8, the skyrocketing prices are all related to artificial intelligence concepts such as DeepSeek, Manus, computing power (leasing), Agent, and intelligent driving.

To this end, companies such as Hongjing Technology, Daily Interactive, and Qingyun Technology have also clarified their relationship with DeepSeek or Manus.

Parallel Technology said on February 5 that as of the date of disclosure of this announcement, the company has not yet established a business partnership between Computing Power Service and DeepSeek, and the company's intelligent computing cloud platform has deployed mainstream models such as Zhipu Qingyan and DeepSeek-R1.

Qingyun Technology said on February 12 that the company does not directly or indirectly hold the equity of Hangzhou Deep Quest Artificial Intelligence Basic Technology Research Co., Ltd. Some of the company's products have been connected to DeepSeek, but the company has not signed a service cooperation agreement with DeepSeek and has no business cooperation with it, which has no substantial impact on the current main business.

Daily Interactive announced on February 19 that it does not hold the equity of DeepSeek and its affiliate Hangzhou High-Flyer, nor does it provide corpus data to DeepSeek, nor does it sign any business cooperation agreement with DeepSeek.

Lifang Holdings said on March 7 that it was concerned that some information appeared on media platforms such as Stock Bar Xueqiu to associate the company with the concept of Manus and Agent. As verified by the company, as of the date of disclosure of this announcement, the company has not cooperated with Monica.im company.

Both Cube Digital and Hongjing Technology emphasized that the company did not involve and did not form operating income within the hot spot of the "DeepSeek" concept.

Xingtu Measurement and Control and Hongquan IOT said that they had not found any media reports or market rumors that may or have had a greater impact on the company's stock trading price, or there were no major events that affected the abnormal fluctuations of the company's stock trading.

In addition, the five major industries of steel, power equipment, environmental protection, medicine and biology, and electronics also have one company whose stock price has doubled and is related to the concept of artificial intelligence, which is Hangzhou Iron and Steel Co., Ltd. (600126. SH), Cooltech Power (300153. SZ), Jingyuan Environmental Protection (688096. SH), An Biping (688393. SH), VeriSilicon (688521. SH）。

Among them, Hangzhou Iron and Steel Co., Ltd. announced on March 13 that the company's main business is the production and sales of steel and its rolled products, and the company's main business will not change in the short term; The business model of the company's computing power business is mainly the procurement of hardware equipment and related software, and the leasing services provided to customers after integration, which does not involve the research and development of core computing power technologies, etc., and is expected to account for 0.06% of the company's total operating income in 2024. The company has nothing to do with the development and application of core technologies such as the DeepSeek system, and has no business dealings with Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd.

Cooltech Power announced on February 25 that the company's generator set products are only used as a backup power supply in the data center, temporarily replacing the mains power supply to power loads when the mains power is overhauled or suddenly interrupted, and is not the core equipment directly related to computing power in the data center; Jingyuan Environmental Protection revealed on March 10 that the company's core business is still focused on the field of industrial water treatment, and cloud computing-related businesses account for a relatively small proportion of the company's overall business structure, which has no impact on the company's overall development.

An Biping clarified on February 19 that the company did not participate in the research and development of Ruijin's pathology model, and only signed a cooperation intention with Huawei Technologies Co., Ltd., including exploring pathological image native trusted AI and interpretable AI technology. As of the disclosure date of this announcement, the cooperation between the two parties has not formed specific products, nor has it made substantial progress, and the cooperation content does not involve the Ruijin pathology model, and there are major uncertainties in the future cooperation.

VeriSilicon said that the company has not found any media reports and market rumors that may have a significant impact on the company's stock trading price.

Founder Securities said in a recent research report that the domestic AI model DeepSeek was released during the Spring Festival, and its performance surpassed that of international giants such as OpenAI, significantly boosting the market's confidence in China's independent and controllable technology. The breakthrough of AI technology has improved the long-term competitiveness of global investors in China's technological innovation, driving capital into related sectors.

Yang Delong believes that many enterprises are looking for the second growth curve, and China's economy is also expected to generate a new round of growth opportunities in the process of a large number of commercial applications of AI and other technologies, that is, the second curve of economic growth, which will undoubtedly bring many investment opportunities to the capital market.

"From the perspective of application prospects, AI will penetrate into physical fields such as intelligent manufacturing and precision medicine, while robots will accelerate the implementation of scenarios such as logistics and warehousing and home services." Zhang Xiaorong analyzed Times Finance, "Enterprises that can really solve the pain points of the industry will gradually transform from concept stocks to value stocks, and this wave of market is just a prelude to the technological revolution." ”

"This round of technology market has intensified from the beginning of the year to the present, and the recent pullback is mainly due to short-term disturbance factors and profit taking brought about by excessive gains in the early stage. However, in the long run, there are still large investment opportunities. Yang Delong added.