极智嘉仓储机器人产品 ◎记者 操子怡 "美洲是我们海外销售额最高的地方，也是今年增长最快的市场。今年，我们在美洲地区的收入比去年 增长预计超10倍。"近日，杭州机器人企业云深处科技美洲区销售总监王世兴对上海证券报记者透露。 普渡在柏林国际清洁管理展览会上展出自清洁工作站解决方案 作为"杭州六小龙"之一，这家2017年成立、核心团队来自浙江大学的企业，已将机器狗产品销往44个国 家和地区，海外服务网络覆盖北美、欧洲、亚太、中东等区域。 从服务配送、仓储物流到工厂巡检，近年来中国机器人企业在全球的应用场景加速拓展。上海证券报记 者调研获悉，与传统制造业"出口"思维不同，这些新兴机器人企业更愿以"全球化公司"自我定位，践 行"在本地，为本地（local for local）"的深耕策略，同时在出海"打法"上也更加系统化，更具针对性。 响应需求 抢抓机遇 "业内普遍认为出海是未来的趋势，只是对于在什么时间、投入多少等问题存在不同看法。"今年1月， 仙工智能创始人兼CEO赵越在接受上海证券报记者采访时道出了机器人企业对出海的看法。 尤其是在具身智能点燃了资本市场热情后，大批机器人企业递表港交所，据不完全统计，截至目前， ...

Core Insights - The laser radar industry is transitioning from technological breakthroughs to competition for application scenarios, with companies racing to establish their presence in the market before it solidifies [2][3]. Group 1: Market Dynamics - Major laser radar manufacturers are announcing significant orders and partnerships to capture the autonomous driving market, particularly in the Robotaxi sector [3][4]. - Hesai Technology has secured a $40 million overseas order and strategic partnerships for its laser radar products, indicating a clear production timeline with expected mass production by 2026 [3][4]. - The market share of leading companies in the vehicle-mounted auxiliary driving sector is closely contested, with Hesai, Huawei, and Suteng JuChuang holding 33.0%, 30.2%, and 27.4% respectively, showing a competitive landscape [5]. Group 2: Technological Advancements - The industry consensus is shifting towards equipping L3 and L4 autonomous driving solutions with multiple laser radars, enhancing the perception capabilities of autonomous vehicles [3]. - Suteng JuChuang is focusing on digital high-line laser radar and has integrated its products with NVIDIA's DRIVE platform, aiming for mass production by the end of the year [4]. Group 3: Strategic Collaborations - Companies are forming strategic partnerships to enhance their market positions, with Hesai collaborating with Motional and others to supply laser radars for Robotaxi models [3][4]. - Suteng JuChuang has established collaborations with multiple Robotaxi companies, including a significant partnership with Didi Autonomous Driving, targeting mass production by 2025 [4]. Group 4: Expansion into New Markets - The competition is expanding beyond passenger vehicles into commercial vehicles, with companies like Tudatong targeting the autonomous truck market and forming partnerships for mass production [5][6]. - The growth in the robotic sector is notable, with Hesai and Suteng JuChuang launching products specifically for applications like lawn mowing, indicating a diversification of their product offerings [6].

Core Viewpoint - The company aims to become a century-old enterprise by navigating through the challenges of the real estate and home furnishing industry, focusing on seizing market opportunities during the ecological transition while adhering to the "big home + information technology" strategy to withstand economic cycles [2] Company Development - Since its inception in 1994, the company has expanded its product offerings from kitchen cabinets to a comprehensive home furnishing system, including overall kitchens, wardrobes, bathrooms, and furniture [3] - In 2024, the company is projected to experience its first negative growth in revenue and net profit [3] Strategic Response - The company is proactively transforming in response to challenges such as the adjustment in the real estate sector and declining consumer confidence [4] - Key transformation initiatives include enhancing e-commerce channels, launching live streaming for sales, and collaborating with integrated decoration companies to avoid internal competition [4][5] Market Adaptation - The company has observed a revival in confidence among its distributors, with many reporting a 15% increase in performance post-transformation [5] - The younger generation, particularly the "90s" and "Z generation," is becoming a significant consumer force, driving changes in the supply side of the home furnishing industry [5] Product and Service Innovation - The company has upgraded its strategy to "full case customization," integrating renovation design into its product system to achieve a seamless "renovation + home furnishing" experience [6] - A case study showed that a distributor's customer transaction cycle decreased from 45 days to 30 days, with a 25% increase in repurchase rates after adopting the full case customization model [6] Technological Advancements - The company has restructured its design software to the "Smart Home Cloud" system, which integrates AI technology to streamline the design and production process [7] - The new system can generate renovation effect diagrams in one minute and automate the entire production process upon design confirmation [7] Smart Manufacturing - The company has established five smart production bases, achieving varying degrees of automation, with the Wuhan base fully automating the production process from raw materials to finished products [8] - The implementation of AI algorithms in production scheduling has reduced order delivery cycles by 20% [8] Future Outlook - The company is focusing on internal capabilities rather than engaging in price wars, preparing for future growth in the home furnishing industry [9] - Future plans include further integration of AI design capabilities and upgrading to a fully data-driven management approach across the entire supply chain [9]

Core Viewpoint - The article highlights the significant progress made by Sanli Pu in the polarized film industry, showcasing its transformation from a market reliant on imports to a leading domestic player with a substantial global market share. Group 1: Company Development - Sanli Pu has achieved a breakthrough in polarized film production, moving from a state of having no technology or resources to establishing itself as a key player in the industry [3][4]. - The company was founded in 2007 and faced initial challenges, including a lack of technology, equipment, and talent, but successfully built its first full-process production line in Fujian after three years [4][5]. - By 2010, Sanli Pu constructed the first wide-format TFT polarized film production line in China at a cost of approximately 100 million yuan, significantly lower than the 700-800 million yuan required for imported equipment [5]. Group 2: Market Position and Innovation - Sanli Pu, along with two other domestic companies, now holds an 80% share of the global polarized film market, a significant shift from the previous reliance on Japanese and Korean imports [3][6]. - The company has increased its domestic raw material sourcing, achieving over 50% localization of key materials, with plans to reach 80% by next year, which could reduce costs by 15% to 20% [6][8]. - Sanli Pu has developed ultra-thin polarized films, reducing thickness from 200 microns to 35 microns, enabling applications in emerging fields such as foldable screens and VR devices [7][9]. Group 3: Technological Advancements - The company has made strides in the automotive display sector, developing high-durability polarized films that have passed multiple automotive-grade certifications, breaking the long-standing dominance of Japanese firms [9][10]. - Sanli Pu's Pancake optical film technology addresses critical challenges in folded optical path design for next-generation near-eye display devices, marking a significant technological advancement [10]. - In the first half of 2025, Sanli Pu reported a revenue of 1.68 billion yuan, a year-on-year increase of 41.97%, indicating strong growth momentum [10].

◎刘禹希 记者 徐蔚 两融余额连创历史新高之际，券商争相提额抢占市场份额。9月24日，A股两融余额单日大增超140亿 元，达2.43万亿元，再创历史新高。同日，浙商证券发布公告表示，为促进信用业务发展及做好融资类 业务规模管控，董事会同意调增融资类业务规模，由400亿元提高至500亿元。 就在9月初，华林证券将信用业务总规模上限提升至80亿元。券商接连为两融业务提额，既传递出对后 市景气度的信心，也意味着行业新一轮围绕资本实力与风控能力的竞争拉开帷幕。 多家券商上调两融规模限额 今年以来，已有多家券商宣布上调信用业务总规模。其中，华林证券已两次上调信用业务总规模上限： 在3月末提升至62亿元，9月初再次提升至80亿元。兴业证券董事会也在4月末审议通过了《关于调整公 司信用业务总规模上限的议案》，虽未披露具体数字，但业务扩张动向明确。 在业务拓展策略上，各家券商也有布局。国元证券在2025年半年报中介绍，公司融资融券业务锚定"交 易型+事件型"营销策略，依托综合金融服务、差异化定价、动态风险量化与"业技融合"，为高净值与战 略客户提供精准服务方案。国信证券表示，上半年公司多措并举深化专业赋能，持续丰富两融智能交 ...

Core Insights - The launch of interest rate swap contracts linked to the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" has been well-received, indicating strong market demand for these new products [1] - The introduction of these contracts is expected to enhance risk management tools for domestic and foreign investors, improve market liquidity, and facilitate price discovery [1] - The "Swap Connect" functionality has been continuously optimized since its inception in 2023, with plans to introduce new contracts and features in 2024 [1] Group 1 - The new interest rate swap contracts have seen active participation from multiple institutions, including Dongfang Securities, SPDB, and Standard Chartered Bank, with successful trades on the first day of launch [1] - The LPR serves as a core pricing benchmark for commercial bank loan rates in China, and there is a rapidly growing demand for hedging instruments linked to it [1] - The "Swap Connect" product system has become more comprehensive with the introduction of LPR interest rate swap contracts, addressing the diverse risk management needs of foreign institutions [1] Group 2 - Standard Chartered Bank noted that the "Swap Connect" has undergone multiple optimizations, enhancing product functionality and attracting more market participants [2] - The bank aims to leverage the synergy between the mainland and Hong Kong to support global clients in participating in "Swap Connect" transactions [2] - The ongoing development of the "Swap Connect" is seen as a contribution to the continuous opening and high-quality development of China's financial market [2]

出海，成为TCL不得不走的一步棋。TCL全球化策略包括三大方面：一是走高端化路线；二是践行本土 化；三是赋能当地产业链，实现共赢与可持续发展 ◎记者 黎灵希 刘逸鹏 近日，德国柏林国际消费电子展（IFA 2025）隆重举办。在这场全球消费电子与家电领域的顶级盛会 上，TCL推出了第四代液晶电视Q10L Pro等一系列新品，吸引了大量观众驻足体验，成为展会的一个焦 点。 从单一市场突破到全球布局深耕，从中国制造到世界制造，从产品出海到能力出海，TCL的出海之路不 仅是企业自身的成长篇章，也是中国企业"走出去"的一个缩影。 "TCL已建立起相对完善的全球产业链、供应链体系，海外产品营收占总营收的近一半。"TCL创始人、 董事长李东生今年初在美国拉斯维加斯消费电子展（CES 2025）上表示，经过40余年的砥砺前行，全 球化已成为TCL最亮眼的标签。 危机倒逼：品牌出海成为必走之棋 在此之前，TCL于2004年完成对汤姆逊彩电业务的并购，却因押错了技术路线，一度面临失去竞争优势 的危机。 1997年1月，李东生首次在TCL工作会议上提出，着手开拓国际市场，实施国际化经营战略。当时， TCL已是国内彩电销量冠军，但在 ...

盘面上，固态电池、AI应用、AI算力硬件、消费电子等科技成长方向集体爆发，多只个股股价盘中创 下历史新高。 固态电池概念再度走强 昨日，固态电池概念股再度走强，亿纬锂能盘中一度涨超9%，截至收盘上涨6.47%。宁德时代A股涨逾 3%，H股涨超5%，二者股价盘中均创历史新高。 创业板指日K线图 张大伟 制图 ◎记者 汪友若 9月25日，A股市场震荡上行，创业板指领涨，续创逾3年新高，盘中一度涨超2%。自4月8日以来，创 业板指累计涨幅近80%。截至收盘，创业板指涨1.58%，报3235.76点；上证指数微跌0.01%，报3853.30 点；深证成指涨0.67%，报13445.90点。沪深北三市合计成交额达2.39万亿元。 消息面上，9月24日，在一年一度的云栖大会上，阿里巴巴集团宣布，目前正推进3800亿元的AI基础设 施建设，并计划追加更大的投入。对比2022年，2032年阿里云全球数据中心的能耗规模将提升10倍，这 意味着阿里云算力投入将是指数级提升。 招银国际研报分析称，本次云栖大会进一步印证了中国AI及云行业相关需求持续起量的趋势，行业发 展呈现模型能力持续提升、基础设施能力持续优化、应用生态逐步繁荣的 ...

◎记者 时娜 "中国在AI、机器人等领域实现技术突破，将在未来科技竞争中占据领先地位。"一位来自韩国新韩证券 的参会人士表示，本次活动帮助韩国投资者更直观地了解中国优质企业的发展战略和前景，也让他们深 刻感受到在数字经济驱动下中国企业的创新活力和市场潜力，进一步增强了他们对中国市场长期投资价 值的信心。 上述来自招商证券韩国子公司的工作人员表示，随着A股和港股市场的逐步回暖，韩国投资者对中国企 业的关注和投资热情明显提升。特别是年初DeepSeek的发布、中国产的人形机器人亮相以来，韩国投 资者对相关板块关注大增。本次参会的企业既涉及机器人零部件以及AI软硬件领域，同时也涵盖韩国 投资者持续关注的新能源和消费电子板块。 中国具备全球独一无二的供应链体系、广阔市场和科研能力，能以相对较低的成本发展和应用新质生产 力前沿技术，推动其快速大规模商业运用，这成为境外投资者投资中国的关注焦点。在此次路演中，格 林美、科大讯飞等企业分别介绍了企业通过高研发投入提升核心竞争力取得的最新技术突破成果。 有韩国投资者在听完企业介绍后表示，韩国在半导体等行业具备较长的发展历程，从相关产业发展周期 来看，中国企业通过高强度研发构建 ...

在促进二级市场流动性方面，香港将落实推行场外固定收益及货币衍生工具制度，促进在香港发展回购 交易中央对手方，为发行人和投资者提供必要工具，管理其融资、流动性及风险。 在拓展离岸人民币业务方面，香港将扩大离岸人民币的应用，完善互联互通机制，以提升离岸人民币流 动性及增加人民币相关产品供应，不断应对全球市场变化，满足多元化趋势。 在新一代基建方面，香港将为固定收益及货币基建做好准备，支持新一代电子交易平台发展，促进市场 创新及落实代币化固定收益及货币产品的应用案例，确保香港的固定收益及货币基建保持高度适应能 力、韧性和竞争力，达到国际金融中心的要求。 ◎记者 何漪 在全球投资者多元化配置资产的背景下，全球资金再度汇聚香港。如何接住这"泼天的流量"，让资金留 得住、发展得好，香港正式出招。 9月25日，香港证监会与香港金管局联合发布《固定收益及货币市场发展路线图》（简称"路线图"）， 围绕一级市场发行、二级市场流动性、离岸人民币业务及新一代基建四个方面提出十大措施，推动固定 收益与货币市场生态升级，将香港发展成为全球固定收益及货币市场枢纽。 近年来，香港固定收益及货币市场实现了跨越式发展：2024年亚洲国际债券发行 ...