行 2025 年 11 月 29 日 AI Infra：重点关注数据层软件及 MaaS 看好 —— 计算机行业周报 20251124-20251128 相关研究 《谷歌大模型超预期了吗？国内 AI 2026 年策略！华为容器热点！——计算机行业 周报 20251117-20251121》 2025/11/22 《AI Infra 梳理！物理 AI—数字孪生、具 身智能实现基石！——计算机行业周报 20251110-20251114》 2025/11/15 本期投资提示： 业 及 产 业 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230525080002 xupp@swsresearch.com 曹峥 A023052504 ...

◎记者 仲茜 谭镕 11月26日至29日，第十届世界智能制造大会在江苏南京举行。会上，全国首批15家"领航级智能工厂"名 单公布，15位智能工厂负责人联合发出倡议，以开放共享、协同创新、探索未来的行动和决心，加速构 建具有全球影响力的智能制造新模式。 大会吸引国内外智能制造工厂实践者、供应商与专家学者汇聚一堂，共话智能制造的发展与未来。"每 一次工业革命总有一种共性的赋能技术，它能够赋能先进制造，引领和推动工业产业整体实现革命性的 转型升级。"国际智能制造联盟荣誉主席、中国工程院院士周济在主旨演讲中表示，今后十年，我国的 智能制造发展可分为两个阶段，第一个阶段是规上企业基本实现数字化转型，第二个阶段是智能制造 2.0基本在规上企业中普及。 全国首批15家"领航级智能工厂"名单公布 活动现场，宝钢股份、上海航天设备、徐工集团、南钢股份等首批15家领航级智能工厂主要负责人集体 亮相，并共同发起领航行动计划联合倡议，倡导以领航工厂为纽带，汇聚创新力量，共谱制造强国新篇 章。 在他看来，智能制造2.0将重塑制造业的技术体系、生产模式、产业形态，并将引领真正意义上的工业 4.0，实现第四次工业革命。 "以开放共享的态度 ...

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2212.99 points, up 0.51% with a trading volume of 16.404 billion yuan and a turnover rate of 0.67% [1] - Among the index constituents, 36 stocks rose while 12 fell, with China Steel International leading the gainers at 2.67% and China Merchants Shekou leading the decliners at 2.63% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 3.86, market cap 144.418 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 30.02, market cap 275.129 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 117.85, market cap 457.448 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 135.88, market cap 200.007 billion yuan) in the food and beverage sector - XCMG Machinery (5.75% weight, latest price 10.32, market cap 121.291 billion yuan) in the machinery sector - Changan Automobile (3.88% weight, latest price 11.94, market cap 118.374 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.15, market cap 128.956 billion yuan) in the non-banking financial sector - Yunnan Aluminum (3.81% weight, latest price 24.70, market cap 85.659 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 66.20, market cap 99.727 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.10, market cap 68.388 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 56.5973 million yuan, while speculative funds saw a net outflow of 69.8164 million yuan, and retail investors had a net inflow of 13.2191 million yuan [3] - Notable capital flows include: - Changan Automobile experienced a main fund net outflow of 54.1716 million yuan - China Steel International had a main fund net inflow of 31.1027 million yuan - Hikvision saw a main fund net inflow of 27.5848 million yuan [3]

Market Overview - The computer equipment sector increased by 0.67% on November 28, with Zhongrun Optics leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Top Gainers in Computer Equipment Sector - Zhongrun Optics (688307) closed at 42.48, up 6.84% with a trading volume of 61,200 shares and a transaction value of 254 million [1] - Meian Technology (300275) closed at 13.36, up 5.86% with a trading volume of 188,300 shares and a transaction value of 247 million [1] - Tangyuan Electric (300789) closed at 25.21, up 5.75% with a trading volume of 21,600 shares and a transaction value of 53 million [1] - Jiayuan Technology (301117) closed at 51.06, up 5.39% with a trading volume of 307,100 shares and a transaction value of 1.543 billion [1] Top Losers in Computer Equipment Sector - Shengshi Technology (002990) closed at 30.03, down 1.96% with a trading volume of 62,800 shares and a transaction value of 188 million [2] - Anjubao (300155) closed at 5.80, down 1.69% with a trading volume of 139,400 shares and a transaction value of 80.9 million [2] - Hengwei Technology (603496) closed at 28.93, down 1.57% with a trading volume of 116,400 shares and a transaction value of 33.9 million [2] Capital Flow Analysis - The computer equipment sector experienced a net outflow of 595 million from institutional investors, while retail investors saw a net inflow of 384 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Electric Science Network Security (002268) had a net inflow of 48.44 million from institutional investors, but a net outflow of 42.10 million from retail investors [3] - Meian Technology (300275) saw a net inflow of 36.00 million from institutional investors, with retail investors experiencing a net outflow of 36.01 million [3] - Jiayuan Technology (301117) had a net inflow of 24.72 million from institutional investors, while retail investors faced a net outflow of 29.80 million [3]

每经记者｜刘艳美 每经编辑｜杨欢 浙江日报消息，高水平建设"航运浙江"推进会11月27日在杭州召开，以促进有效降低全社会物流成本、推动内 河航运高质量发展。一批成效突出的交通运输结构调整"公转水"项目同时签约。 报道指出，2025年是"航运浙江"建设开局之年，浙江省已编制浙江省内河干线航道网规划，构建"五纵八横十 干"布局，规划二级航道1400公里，为项目落地和资金争取提供了关键依据。同时，发布内河高等级航道技术指 引2.0版，通过技术创新实现"不征地、少占地"。海河联运通道扩能升级取得新突破，四大海河联运通道协同推 进，瓯江航道加速贯通，温丽集装箱海河联运常态化运行，衢州港吞吐量有望突破1000万吨。 解读：浙江是海运大省，也是水运大省，坐拥世界第一大港和京杭运河等水运体系，兼具江河湖海禀赋优势。 去年，宁波舟山港货物吞吐量连续16年居全球第一，集装箱吞吐量连续7年居全球第三，仅次于上海和新加坡。 不仅如此，浙江全省内陆地市全部通江达海，内河航道近9800公里，国家高等级航道里程约1600公里，排名全 国第四。 既然如此，浙江为何还要进一步强调内河航运？ 从全国视野来看，内河航运是横贯东西、连接南北的重要通 ...

Core Insights - The AI industry is undergoing a significant revolution, comparable to the Industrial Revolution, requiring a long-term perspective for observation [2] - The China Securities Artificial Intelligence Theme Index (930713) has shown positive performance, with notable increases in constituent stocks [1][3] Group 1: Market Performance - As of November 28, 2025, the China Securities Artificial Intelligence Theme Index (930713) rose by 0.65%, with key stocks like Xinyi Technology (300502) increasing by 4.17% and Hengxuan Technology (688608) by 4.13% [1] - The AI Artificial Intelligence ETF (512930) also saw a rise of 0.64%, with the latest price at 2.06 yuan [1] Group 2: Industry Development - The National Energy Administration has initiated a "Artificial Intelligence + Energy" pilot program, focusing on eight major scenarios and 37 key tasks to enhance the integration of AI in the energy sector [1] - CITIC Construction Investment Securities expresses optimism regarding the demand for AI computing power and applications, highlighting the need for significant investment in AI models for commercial realization [2] Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the China Securities Artificial Intelligence Theme Index (930713) accounted for 63.29% of the index, including companies like Zhongji Xuchuang (300308) and Cambricon Technologies (688256) [3] - The AI Artificial Intelligence ETF closely tracks the China Securities Artificial Intelligence Theme Index, which includes 50 companies involved in providing resources, technology, and application support for AI [2]

中国发展网讯 11月27日，2025世界智能制造大会在南京开幕。 2025世界智能制造大会以"数智驱动 新质领航"为主题，举办1场主题大会、1场市场化展览、12场专题活动、16场同期产业生态活动，持续构建国际化、高 端化、专业化的全球智能制造交流合作平台，通过全面展示智能制造领域的最新成果，深度探讨技术突破与产业变革的融合路径，为全球制造业高质量发展 注入源源不断的动能与活力。 大会现场 领航级智能工厂是当前工业和信息化部等六部门正在实施的"智能工厂梯度培育行动"中探索培育的最高层级，主要聚焦数字化转型、网络化协同和智能化变 革开展建设，旨在探索未来制造模式，打造全球领先的发展标杆。主题大会现场，宝钢股份、上海航天设备、徐工、南钢、镇海炼化、海康威视、潍柴动 力、青岛海尔、长飞光纤、武汉京东方、中联重科、格力电器、上海通用五菱、中海油海南分公司、成飞集团等首批15家领航级智能工厂主要负责人首次集 体亮相，并共同发起领航行动计划联合倡议，倡导以领航工厂为纽带，汇聚创新力量，共谱制造强国新篇章。 主题大会上，还举行了新一届国家智能制造专委会聘任仪式，重磅发布2025智能制造系列蓝皮书、2025年度世界及中国智能制 ...

Group 1 - The "2025 World Intelligent Manufacturing Conference" was held in Nanjing, where Hikvision's "mass personalized customization intelligent factory" was recognized as one of the first "leading intelligent factories" [1] - The initiative aims to explore new manufacturing forms and establish globally leading benchmarks in intelligent manufacturing, supported by six government departments [1] - Hikvision's intelligent factory is set to produce 256 million smart IoT products in 2024, with over 30,000 hardware product models and an average of 10,000 orders processed daily, reflecting a production model of "multiple varieties, small batches, and large-scale customization" [1][2] Group 2 - Hikvision aims to address production challenges with a focus on "flexibility, efficiency, and agility," utilizing self-developed IoT sensing, AI, and big data technologies to create a comprehensive intelligent factory technology system [2] - The intelligent factory features a fully automated production line for smart cameras, achieving a 243% efficiency increase compared to traditional lines through highly coordinated operations [2] - The recognition of Hikvision as a benchmark in intelligent manufacturing highlights its role in leading the digital transformation of various industries, providing replicable and scalable solutions for high-quality manufacturing upgrades [3]

中证报中证网讯（王珞）11月27日，"2025世界智能制造大会"在南京举行。大会现场，全国首 批"领航级智能工厂"培育名单揭晓，杭州海康威视数字技术股份有限公司（以下简称"海康威视"）"物 联感知产品大规模个性化定制智能工厂"成功入选。大会上，包括海康威视在内的15家首批入选企业共 同发起了领航行动计划联合倡议。 作为智能工厂梯度培育行动的最高级别，领航级智能工厂培育工作于2025年首次启动，由工业和信 息化部、国家发展改革委、财政部、国务院国资委、市场监管总局、国家数据局六部门联合开展培育和 认定，旨在探索未来制造新形态，打造具有全球领先水平的智能制造标杆。 公司表示，从安防到智能物联，海康威视所服务的市场始终高度碎片化，公司的产品与服务覆盖90 多个子行业，再细分下来有数百个具体场景，每一个细分领域的需求各不相同，即便同一行业，客户需 求也各有差异。千行百业的差异化市场需求反映到生产端，形成了"多品种、小批量、大规模定制"的生 产特点。2024年海康威视智能工厂年产2.56亿台智能物联产品，硬件产品型号达3万余种，工厂日均需 处理订单1万个，每个订单平均只有约40台。 面对这种生产特点带来的巨大挑战，海康 ...

Core Points - The first batch of leading intelligent factories in China has been officially announced, marking a significant leap towards intelligent manufacturing [1] - A total of 15 leading intelligent factories have been recognized, covering key industries such as equipment manufacturing, raw materials, electronic information, and consumer goods [1] - The Ministry of Industry and Information Technology stated that these factories integrate new-generation information technology, advanced manufacturing technology, and lean management concepts, representing the highest standards of intelligent manufacturing in China [1] Group 1 - The list of intelligent factories includes notable companies such as China Petroleum & Chemical Corporation and CNOOC (China National Offshore Oil Corporation) [1] - The 2025 cultivation list for leading intelligent factories features projects from various companies, including Baoshan Iron & Steel Co., Ltd. and Shanghai Aerospace Equipment Manufacturing Co., Ltd. [2] - The projects focus on advanced manufacturing techniques, such as high-end green silicon steel production and agile delivery of mobile cranes [2] Group 2 - Recent data indicates that over 7,000 advanced intelligent factories have been established in China [3] - Upgrades to hundreds of intelligent factories have resulted in an average reduction of product development cycles by 29%, an increase in production efficiency by nearly 22%, and a decrease in carbon emissions by approximately 20% [3]