Core Insights - The opening of the Wuxi Artificial Intelligence Industrial Park marks a significant milestone for Wuxi's AI development and aims to integrate AI with the real economy [1] - Wuxi High-tech Zone has a solid foundation for AI industry development, with a sensor industry scale exceeding 60 billion and a complete industrial chain [1] - The AI core industry in Wuxi has reached a scale of 19 billion, with key enterprises like Hikvision and others being cultivated [1][2] Group 1 - The newly opened AI industrial park is the first of its kind in Wuxi, focusing on multimodal large models, generative AI, and humanoid robots [2] - The park will leverage three key platforms: Wuxi AI Industry Service Platform, Wuxi AI Industry Association, and Wuxi AI Scene Innovation Promotion Center to create an AI ecosystem [2] - Wuxi has over 80,000 industrial enterprises, providing vast potential for AI applications in various sectors such as machinery, electronics, and automotive [2] Group 2 - iFlytek is a key partner for Wuxi High-tech Zone in building an influential AI industry cluster, focusing on digital transformation and ecosystem development [3] - The iFlytek Wuxi Industrial Acceleration Center will act as a large incubator, aiming to gather a number of AI ecosystem enterprises within five years [3] - iFlytek plans to enhance local AI enterprises through technology, investment, market, management, brand, and policy support [3]

2025 年 11 月 21 日 AI+教育：To C 赛道领跑，突破"不 可能三角" ——AI+组合系列报告之四 相关研究 《"人工智能+"应用爆发的奇点即 将到来——AI+组合系列报告之 三》 2025/11/10 《 AI 赋能，垂直应用势不可挡 — —AI+组合系列报告之二》 2025/02/12 《 云厂商：AI 浪潮下的确定受益 者——AI+组合系列报告之一》 2025/02/11 证券分析师 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 王雪蓉 A0230523070003 请务必仔细阅读正文之后的各项信息披露与声明 略 研 究 证 券 研 究 报 告 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 A 股 策 略 ⚫ "AI+教育"高速增长的核心驱动力来自政策、技术与市场三方面的共振。（1）政策层 ...

Group 1 - The A-share market experienced a decline, with the Shanghai Composite Index down by 2.05%, the Shenzhen Component Index down by 2.80%, and the ChiNext Index down by 3.31% as of 14:13 on November 21 [1] - Lenovo Group announced plans to launch a personal super intelligent agent at the Lenovo Innovation Technology Conference next year, which will learn user habits and predict intentions to enhance user experience [1] - Lenovo's CEO Yang Yuanqing expressed confidence that the market will not experience an AI bubble, predicting a shift towards the popularization of AI technology, making it accessible to a broader audience [1] Group 2 - Huatai Securities noted that generative AI is entering a new development stage dominated by AI agents, with a trajectory of "first B2B, then B2C, and finally terminal" [2] - The AI ETF (515070) tracks the CS AI Theme Index (930713), focusing on companies providing technology, foundational resources, and applications in the AI sector, often referred to as the "robot brain" creators [2] - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Zhongji Xuchuang, Xinyisheng, and Hikvision, indicating a strong presence in the AI industry [2]

（文章来源：每日经济新闻） 科大讯飞（002230.SZ）11月21日在投资者互动平台表示，截至目前，公司持有国仪量子的股份比例为 1.40%，量子计算相关的研究如果出现重大突破，有可能会给人工智能的发展带来颠覆式变革，科大讯 飞对相关领域一直保持关注和前瞻预研。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司是否直接或间接参股国仪量子？另外贵公 司有没有涉及量子科技的研究或业务？ ...

过去，它们多被视为「工具」。但当硬件在家庭、学校、社区三端同时深化，所撬动的已不只是学习动 作，而是整条教育链条的运行逻辑。 这股加速度在中国尤为明显：家庭关注效率，学校推进数字化治理，社区探索普惠服务。三端落位不 同，却汇聚成同一方向——教育正在被重新组织，硬件成为关键入口。放到全球来看，国内的功能拓展 与海外强调场景深度和生态稳定的路径形成对照，也为判断未来教育提供了更清晰的参照。 01 家庭端： 学习方式在被硬件重新组织 在所有使用场景中，家庭端的变化最早显现，也最为集中。 在传统型硬件时代，词典、点读机、普通平板承担的是最基础的「补课工具」这一角色。然而随着家庭 教育需求的碎片化与长期化，硬件逐渐开始承担多重功能：从单点学习工具扩展为「课后学习系统」， 从知识训练延展到情感陪伴、启蒙认知。 AI 学习机和学习平板的出现，是传统学习工具向智能系统迈进的典型路径。松鼠、学而思、科大讯 飞、步步高等产品，将教材同步、诊断练习与智能讲解整合在一起，为家庭端提供了一条相对完整的学 习路径。另一类以墨水屏为核心的学练设备，如作业帮、小猿及科大讯飞等，则以低刺激的呈现方式切 入，主要回应家长的护眼诉求，形成更偏专项 ...

Core Insights - The report highlights that the fiscal data for October shows a slight narrowing in the year-on-year growth rate of tax revenue, with consumption-related tax categories maintaining a positive contribution [2][6][7] - It is anticipated that incremental policies will be expected towards the end of this year and the beginning of next year to support economic growth [6][9] Macroeconomic Overview - In October, total public fiscal revenue reached 22,614 billion yuan, representing a year-on-year increase of 3.2%, with tax revenue at 20,700 billion yuan, up 8.6% year-on-year [6][7] - Non-tax revenue fell to 1,914 billion yuan, down 33.0% year-on-year, indicating a significant decline [6][7] - The domestic value-added tax contributed positively to the tax revenue growth, increasing by 7.2% year-on-year, which boosted the overall tax revenue growth by 3.0 percentage points [7] - Public fiscal expenditure in October was 17,761 billion yuan, down 9.8% year-on-year, indicating a slowdown in spending [7][8] Government Fund Revenue and Expenditure - Central government fund revenue was 342 billion yuan, up 10.0% year-on-year, while local government fund revenue was 3,414 billion yuan, down 20.4% year-on-year [8] - The income from state-owned land use rights fell by 27.3% year-on-year, significantly impacting local government fund revenue [8] - Government fund expenditure totaled 5,968 billion yuan, down 38.2% year-on-year, with local government fund expenditure declining by 40.4% [8] Economic Growth Support - The report notes that the fiscal expenditure and financing pace have been front-loaded this year, supporting economic performance, with GDP growth of 5.2% year-on-year in the first three quarters of 2025 [9] - The upcoming central economic work conference and the "Two Sessions" in the new year are expected to provide important guidance on fiscal and policy financial tools [9]

Core Viewpoint - The 2025 LeadeRobot China Robot Industry Awards aims to identify and honor leaders in the robotics industry, particularly in humanoid robots and embodied intelligence, as the industry transitions from technology demonstration to commercial application [1][3]. Group 1: Industry Overview - 2025 is seen as the year of mass production for humanoid robots, with the industry moving towards commercial viability [3]. - China is the largest market for industrial robots, with a production of 595,000 units in the first three quarters of 2025, surpassing the total production for 2024 [3]. - Industrial robots are widely applied across 52 major industries and 143 sub-industries in China, enhancing productivity and efficiency in various sectors [3]. Group 2: Award Categories - The awards will recognize companies in various categories, including humanoid robots, industrial robots, service robots, and core components, focusing on innovation and market impact [5][6]. - The awards aim to highlight companies that have made significant contributions to the development of robotics technology and its applications in real-world scenarios [5][6]. Group 3: Specific Awards - The "Commercial Landing Pioneer Award" and "Order Explosion Award" will showcase companies that have successfully demonstrated commercial viability in humanoid robots [8]. - The "Performance Excellence Award" will honor teams that achieve breakthroughs in stability, adaptability, and precision in humanoid robots [9]. - The "Data and Scene Contribution Award" will recognize those who build essential datasets and algorithms for training smarter robots [10]. Group 4: Industrial Robot Awards - The "High-end Application Award" will celebrate successful applications in critical fields like semiconductors and aerospace, encouraging innovation in high-end manufacturing [12][13]. - The "Collaborative Robot Innovation Award" will focus on the evolution of robots into collaborative entities that can safely interact with humans [14]. - The "Flexible Manufacturing System Integration Innovation Award" will acknowledge companies that excel in integrating logistics robots into responsive manufacturing systems [15]. Group 5: Service and Special Robots - The "Medical Robot Market Leader Award" will recognize companies that address clinical pain points and achieve successful commercialization in medical robotics [17]. - The "Commercial Robot Global Expansion Award" will honor companies that successfully establish a presence in international markets [19]. - The "Special Robot Application Award" will focus on robots that perform reliably in extreme conditions, showcasing their capabilities beyond traditional environments [20]. Group 6: Core Components Awards - The "Leading Market Share Award for Robot Reducers" will recognize companies with leading market shares in critical components like harmonic reducers [22]. - The "Integrated Joint Performance Breakthrough Award" will honor innovations in integrated joints that enhance robot efficiency and performance [23]. - The "Sensor Fusion Innovation Award" will celebrate advancements in multi-sensor integration that improve robots' decision-making capabilities [26]. Group 7: Industry Service Awards - The "Robot Research Contribution Award" will honor institutions and teams that achieve breakthroughs in foundational technologies for robotics [29]. - The "Outstanding Contribution Award for Industry Service" will recognize organizations that enhance industry efficiency through various professional services [30]. Group 8: Leadership Awards - The "Leading Entrepreneur Award in China's Robot Industry" will celebrate individuals who have significantly contributed to the growth and global competitiveness of the robotics sector [31]. - The "Outstanding Young Entrepreneur Award in Embodied Intelligence" will focus on emerging leaders who drive innovation in the field [33]. Group 9: Rankings - The "Top 50 Leading Enterprises in China's Robot Industry" will provide a comprehensive overview of the industry's key players based on commercial success and technological depth [34]. - The "Top 50 New Stars in the Era of Embodied Intelligence" will identify high-growth potential companies in the emerging field of embodied intelligence [35].

Core Insights - The majority of companies are directing their AI budgets towards sales and marketing departments, where results are easier to quantify, while less investment is seen in back-end departments like finance and procurement, despite the potential for cost reduction through AI [1][4][5] - There is a consensus across industries that generative AI serves as a decision-making tool that requires computational power and technological iteration, ultimately leading to cost reduction and efficiency improvement [2] Group 1: AI Investment Trends - Companies are hesitant to invest in AI for finance and procurement due to the difficulty in quantifying the results, even though these areas can benefit from cost reductions [1][4] - The founder of a SaaS company noted that many enterprises are caught in a cost dilemma: they fear falling behind if they do not invest, yet worry about not seeing tangible results from their investments [3][4] Group 2: AI Implementation Challenges - The finance department is often the most cautious in adopting AI due to high compliance, accuracy, and data security requirements, leading to a slower pace of AI integration compared to marketing and sales [5][6] - Many companies are still uncertain about which data can be accessed by AI, contributing to a lag in AI transformation within finance [5][6] Group 3: Case Study - Cloudy Yao - Cloudy Yao, a restaurant chain, has a significant portion of its finance team dedicated to expense approvals, with each employee reviewing over 500 invoices monthly, highlighting the cumbersome nature of the process [6] - After implementing AI for expense approvals, Cloudy Yao reported an average time savings of 4345 minutes per invoice, equating to three days, and an 80% reduction in approval error rates [6][7] Group 4: Future of AI in Business - The market expert emphasized that while CFOs are eager to embrace new technologies, quantifying the financial impact of AI investments remains challenging due to the lack of standardized pricing and the shift towards results-based payment models [7][8] - A report from MIT indicated that 95% of global AI investments have not generated economic benefits, trapping companies in a cycle of high investment with zero returns [8]

Core Viewpoint - The 2025 Second Zhongguancun Embodied Intelligence Robot Application Competition successfully showcased cutting-edge embodied intelligent robot technologies and their application potential, contributing to the cultivation of new productive forces and the construction of future industrial ecosystems [1][16]. Group 1: Event Overview - The competition took place on November 17-18 in Beijing, focusing on the theme "Embodied Intelligence, Application Future" [1]. - Organized by the Zhongguancun Science City Management Committee, the event attracted top research teams, innovative enterprises, and industry experts from both domestic and international backgrounds [1][5]. Group 2: Competition Structure - The competition emphasized practical applications in various scenarios, including home services, commercial services, industrial manufacturing, and emergency response [5]. - It featured three core tracks: Embodied Intelligence Model Capability Challenge, Embodied Intelligence Scene Application Competition, and Academic Frontiers & Industrial Ecosystem, with nearly twenty independent tasks [5][7]. Group 3: Technical Highlights - The first track focused on breakthroughs in "embodied brain" and "embodied small brain" capabilities, utilizing the RoboBrain2.0 model for optimization in spatial understanding and task planning [7][9]. - The second track assessed robots' integrated capabilities in perception, decision-making, and action within physical environments, with tasks designed to replicate real-world working conditions [9][11]. - The third track showcased innovations in multi-legged robots, wheeled robots, and soft robots, highlighting the complete innovation chain from basic research to industrial application [13]. Group 4: Event Impact - The competition served as a platform for showcasing technological advancements and fostering collaboration between academia and industry, enhancing the vitality of the embodied intelligence ecosystem [16]. - The event concluded with an AfterParty that facilitated discussions on industry trends and technological innovations, promoting cross-disciplinary interactions [15].

计算机行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600410 | 华胜天成 | 9.99 | 19.76 | 60820.55 | | 301638 | C南网数 | 224.78 | 75.35 | 48287.44 | | 002153 | 石基信息 | 9.97 | 4.30 | 34738.25 | | 688111 | 金山办公 | 1.68 | 1.84 | 29333.40 | | 002230 | 科大讯飞 | 1.96 | 2.09 | 23355.31 | | 300803 | 指南针 | 1.13 | 4.23 | 21864.61 | | 300078 | 思创医惠 | 20.00 | 18.39 | 21606.50 | | 002474 | 榕基软件 | 10.00 | 22.35 | 17606.32 | | 688095 | 福昕软件 | 3.92 | 11.28 | 16614.03 | | 300682 | 朗新集团 | 4.91 | 5. ...