Island Master: How should we plan for the second quarter of 2026?

China Post Securities released the disassembly report of the Yushu G1 humanoid robot, revealing the true costs and technological landscape of the current embodied intelligence industry. The report shows that the BOM cost of the G1 basic version is about 41.6k yuan, with a gross profit margin exceeding 40%. Most hardware components are mature market devices, and the core barrier is not in hardware integration but in self-developed control algorithms.

Its high-dynamic movement and stability performance rely on algorithms, which also confirms that the humanoid robot industry is shifting from conceptual hype to a pragmatic stage driven by “algorithm + supply chain.” Shipments are rapidly increasing, but industry competition has shifted focus to technological implementation and cost control capabilities.

The suspension of Changxin Technology’s IPO is a routine technical adjustment, triggered by the expiration of financial data, and does not constitute a substantive termination. Similar situations have occurred with over 20 companies in the same batch; once updated financial reports are submitted, the process can resume.

As a leading domestic DRAM manufacturer, its listing process remains unaffected. The incident more reflects the standardized review process of the semiconductor industry’s IPOs, which does not change the long-term trend of domestic storage replacement. After short-term market sentiment fluctuations, the industry will ultimately return to fundamentals and the company’s own progress.

In the first quarter of 2026, the total transaction volume of innovative drug BD approached half of last year’s total, showing simultaneous growth in both volume and price. The average upfront payment per deal has significantly increased, with a notable rise in global market share, reflecting international capital recognition of China’s innovative drug R&D strength.

The shift from a follower to a core contributor in the global arena is clearly visible. Multinational pharmaceutical companies are intensifying cooperation, and the industry is moving from mere spending to possessing global pricing power and commercialization capabilities. However, under high growth, potential issues such as pipeline homogenization and unmet milestone expectations should be monitored, and industry segmentation will further intensify.

In the second quarter, the market is at a critical window for policy implementation and performance verification. Macroeconomic liquidity remains reasonably ample, and the industry focus revolves around technological independence and supply-demand optimization.

Embodied intelligence, domestic substitution of semiconductors, and overseas expansion of innovative drugs are driven by both policies and industry. Traditional cyclical sectors benefit from supply clearing and profit recovery expectations. Capital styles are becoming more balanced, shifting from theme speculation to performance certainty and valuation matching. Structural opportunities remain the main theme of the market.

As technological breakthroughs, industry cycles, and policy rhythms jointly influence the second-quarter market, how should investors balance allocation between high-growth tracks and value recovery sectors, avoid short-term volatility, and grasp medium- and long-term main lines?

On the evening of April 2nd at 7 PM, in the Bozhu live broadcast room, we specially invited the familiar host to bring you:

Theme: How to layout in the second quarter of 2026?

1. How to view China Post Securities’ disassembly report of the Yushu G1 humanoid robot?

2. How to interpret Changxin Technology’s IPO suspension?

3. How to see the first quarter of innovative drug BD approaching half of last year?

4. How to layout in the second quarter of 2026?

Note: The content of this article is compiled by the editor based on the speaker’s provided outline and does not represent the speaker’s personal views, nor does it constitute any form of investment advice.