本报讯 （记者邬霁霞）11月24日，杭州海康威视数字技术股份有限公司（以下简称"海康威视"）公众 号发布消息称，峨眉山景区与海康威视携手，应用物联感知、AI大模型等技术，升级智慧景区建设。 从智能安全监测到雨情预警联动，从美景视频直播到精准服务响应，科技正悄然融入登山步道、古寺檐 角与山水之间。 遇上汛期，海康威视在峨眉山景区布置的水位智能监测系统通过上下游雨情预警联动，让安全提醒更 快、更及时。其中，水尺观测球机能精准监测水位变化，一旦上游水位超标，系统将立即弹出预警，并 将信息传递到下游各个点位，实现跨区域、秒级协同响应，让应急措施"跑"在险情前面。 此外，随着温湿度传感器、海康威视野保相机等科技"巡护员"的加入，峨眉山文物保护和自然资源管理 正在走向精细化、智能化。为了让更多游客欣赏到自然奇观，峨眉山景区还推出了视频直播服务。 未来，海康威视将持续助力峨眉山景区深入探索科技与文旅的融合之路，营造更加智慧、安全、畅通、 有序、舒心的旅游环境，让游客更好地领略和体验峨眉风光，收获与自然、人文互动的美好记忆，也为 智慧文旅建设提供"峨眉山样板"。 （文章来源：证券日报） "海康威视大模型技术的引入，使游客误入 ...

AI 点亮灯塔工厂，引领智能制造新范式 [Table_Industry] 计算机 [Table_Invest] 本报告导读： 在 AI 与"十五五"规划双重牵引下，灯塔工厂已演进为承载新质生产力与新型工业化 的关键载体，本土工业软件与自动化厂商正在成为这一体系的核心驱动力。 投资要点： 研 究 报 告 证 券 股 票 研 究 请务必阅读正文之后的免责条款部分 行 业 专 题 研 究 股票研究 / [Table_Date] 2025.11.23 [Table_Report] [table_Authors] 2025-11-24 [Table_Summary] 投资建议：我们认为，在 AI 对灯塔工厂影响力持续增加的趋势及十 五五规划的影响下，AI+制造成为灯塔工厂发展的顶层牵引，看好以 人工智能技术赋能制造业进行数智化转型的工业软件与自动化厂 商。重点标的：海康威视、大华股份、中控技术、宝信软件、汉得 信息、赛意信息、能科科技、鼎捷数智。 灯塔工厂由技术样板走向全球智能制造枢纽。灯塔工厂源于工业 4.0 战略，是第四次工业革命技术应用的最佳实践工厂，代表全球智能 制造最高水平，依托物联网、人工智能、云计算、机器 ...

中国全屋智能行业营收变动呈增长态势 从中国全屋智能行业代表性企业的营收情况均值变动情况来看，2020-2024年，中国全屋智能行业代表 性上市企业营收整体呈增长态势，2024年营收显著增长至2118.53亿元，增长率回升至10.6%;2025年上 半年营收为1166.91亿元。整体来看，行业营收规模持续扩大，不过增长率在2021年高增长后有所波 动，反映出行业在发展过程中既具备市场扩张的动力，也面临着增长节奏调整的情况，头部企业如海尔 智家、美的集团等的经营表现共同推动了行业营收的变化，同时也体现出全屋智能行业在技术迭代、市 场竞争等因素影响下的发展态势。 转自：前瞻产业研究院 行业主要上市公司：海尔智家(600690)、美的集团(000333)、格力电器(000651)、小米集团(01810)、石 头科技(688169)。 本文核心内容：中国全屋智能行业营收变动;中国全屋智能行业销售毛利率; 本文章选取全屋智能行业代表性上市企业包括海尔智家(600690)、美的集团(000333)、格力电器 (000651)、小米集团(01810.HK)、阿里巴巴(09988)、石头科技(688169)、海康威视(0024 ...

股票研究 / [Table_Date] 2025.11.25 2025-11-24 计算机周观点第 25 期：算力、模型、应 用协同深化，AI 叙事迈向奇点关键期 本报告导读： 谷歌实现多模态技术突破，腾讯与杭州生态共推 AI 应用普惠，摩尔线程与宇树科技 引领硬科技资产资本化，算力、模型、应用协同演进。 投资要点： [Table_Industry] 计算机 行 业 跟 踪 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 [table_Authors] [Table_Summary] 投资建议：谷歌连发 Gemini 3 与 Nano Banana Pro 确立多模态领先优势， 腾讯开源视频模型与阿里"千问"App 和 AI 助手"灵光"共推应用普惠，摩尔 线程 IPO 与宇树科技冲刺上市标志硬科技资本化加速，算力、模型、应用 协同演进。我们维持计算机板块"优于大市"评级，推荐标的：日联科技、金 山办公、合合信息、海康威视、新大陆、道通科技、汉得信息、海光信息， 相关标的：中科曙光。 谷歌连续发布两大核心产品，断层式领先引领大模型新叙事。11 月 18 日， 谷歌 Gemin ...

Core Insights - The annual list of top 100 enterprises in Zhejiang serves as an important indicator of the development of local companies, with total revenue exceeding 10 trillion yuan for three consecutive years, and 33 companies reporting revenues over 100 billion yuan, an increase of 2 from the previous year [1] - The growth of Zhejiang enterprises is driven by continuous investment in technological innovation, with 89 companies holding a total of 178,180 patents, marking an increase of 17,811 patents (11.11%) from the previous year [1] Group 1: Revenue and Rankings - Alibaba Group leads the list with a revenue of 996.35 billion yuan, followed by Rongsheng Holding Group at 658.60 billion yuan and Geely Holding Group at 574.83 billion yuan [12] - The top 10 companies by revenue include notable names such as Hikvision, NetEase, and Ant Group, with revenues ranging from approximately 924.96 million yuan to 996.35 billion yuan [12][13] Group 2: R&D Investment - Geely Holding Group ranks first in R&D investment with 266.65 billion yuan, a 16.3% increase from the previous year, and has committed over 100 billion yuan for R&D from 2021 to 2025 [9][10] - Ant Group follows with an R&D investment of 234.59 billion yuan, a 10.7% increase, and leads in patent holdings with 23,550 patents [7][10] - NetEase ranks third with an R&D investment of 175.25 billion yuan, reflecting a 6.3% year-on-year growth, and has focused on AI technology to enhance user experience in various sectors [5][10] - Hikvision, the largest security company globally, invested 118.64 billion yuan in R&D, maintaining a research expense ratio exceeding 10% for five consecutive years [3][10] Group 3: Technological Innovation - The manufacturing sector dominates patent holdings, with 65 companies owning 137,551 patents, while the service sector holds 37,859 patents [1] - Companies like Ant Group and NetEase are heavily investing in AI technologies, with Ant Group launching three AI assistants that have served over 130 million users [7] - Geely has been recognized for its innovation in hybrid power control technology, leading the industry in several patent metrics [9]

每经编辑｜张喜威 胡玲 11月18日至20日，中美两军在美国夏威夷举行2025年度中美海上军事安全磋商机制第二次工作小组会议和年度会晤。双方一致认为，中美海上军事安全磋商 机制会议有助于中美两军海空一线部队更加专业、安全地开展互动，有利于双方避免误解误判、管控风险危机。同时，中方坚决反对任何以航行和飞越自由 1 李强出席二十国集团领导人第二十次峰会第一阶段会议并发表讲话 当地时间11月22日，国务院总理李强在约翰内斯堡出席二十国集团领导人第二十次峰会第一阶段会议，就"包容和可持续经济增长"议题发表讲话。李强指 出，面对世界经济复苏乏力，我们要坚持和衷共济，坚定维护自由贸易，建设开放型世界经济。面对分歧矛盾，我们要坚持求同存异，积极寻找利益最大公 约数，通过平等协商妥处纷争摩擦，推动解决各自合理关切。面对治理困局，我们要坚持与时偕行，带头坚持多边主义，加快推动世界银行、国际货币基金 组织、世贸组织等机构改革，提升发展中国家话语权，构建更加公平开放的国际经贸秩序。（新华社） 2 中美海上军事安全磋商：中方坚决反对任何侵权挑衅和抵近侦察滋扰 为名危害中国主权和安全的行为，坚决反对任何针对中方的侵权挑衅和抵近侦察滋扰 ...

型及花 计算刷 2025 年 11 月 22 日 破壞 行业 相关研究 《Al Infra 梳理! 物理 Al—数字李生、具 身智能实现基石！ -- 计算机行业周报 20251110-20251114》 2025/11/15 《超节点趋势再确认！ 小鹏重要模型更 新！ ——计算机行业周报 20251103- 20251107》 2025/11/08 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 cuihanq@swsresearch.com 徐平平 A0230525080002 xupp@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 联系人 罗宇琦 (8621)23297818× luoyq@ ...

Group 1 - Google's release of Gemini 3 Pro and Nano Banana Pro significantly enhances multi-modal understanding and production capabilities, moving beyond simple image generation to more complex outputs [5][7][20] - The Chinese AI industry is expected to evolve from a competitive landscape to a more structured development path by 2026, with opportunities in computing power, models, and applications [5][6][20] - Huawei's Flex:ai technology represents a breakthrough in AI infrastructure, improving computing resource utilization by 30% through advanced scheduling and management of heterogeneous computing resources [5][6][76] Group 2 - The performance gap between Chinese and American large models is narrowing, with domestic models like DeepSeek and Qwen3 showing competitive capabilities in language and reasoning tasks [35][38][42] - The trend of "super nodes" in computing power is becoming clearer, with significant advancements in domestic AI chip performance and architecture, enhancing the overall competitiveness of Chinese solutions [20][25][33] - The software industry in China is entering a prime period for AI application, leveraging industry-specific know-how that large models cannot fully replace, thus creating a unique competitive advantage [63][66][70] Group 3 - The introduction of mid-training in model development signifies a shift towards a more refined and systematic approach, enhancing the capabilities of large models through targeted training [56][60] - The emergence of physical AI, which combines physical laws with data-driven decision-making, is expected to revolutionize various industries, particularly in areas like autonomous driving and digital twins [51][52] - Huawei's Flex:ai is positioned to compete with NVIDIA's Run:ai, offering a more versatile solution for managing diverse AI workloads across different hardware platforms [79][81]

Core Insights - Hikvision has established itself as a leader in smart manufacturing, showcasing its advanced technologies such as IoT perception and AI models at its Tonglu manufacturing base, which has received multiple honors including being a national intelligent manufacturing demonstration factory [1][4] Group 1: AI Model Implementation - Since the second half of 2024, Hikvision has been adjusting its strategy to leverage AI model opportunities while maintaining its leading position in the security industry, focusing on digital transformation and operational efficiency [2] - The Hikvision Guanlan model has been successfully implemented in production lines, enhancing industrial production efficiency and accuracy by acting as a "quality inspector" [3][5] - The model has achieved over 99% accuracy in detecting assembly errors across various production lines, significantly improving quality control processes [3] Group 2: Production Efficiency and Automation - The Tonglu manufacturing base has seen a transformation in production capabilities, handling nearly 10,000 daily orders with approximately 75% being customized configurations [6] - The implementation of digital systems like APS and MES, along with self-developed intelligent algorithms, has led to a 31% reduction in average line changeover time [6] - The facility features the first fully automated production line in the industry, capable of producing one unit every 15 seconds without human intervention, ensuring traceability and quality [6] Group 3: Robotics and Quality Control - Hikvision's self-developed mobile robot clusters interact in real-time with the warehouse management system to optimize delivery paths, enhancing operational efficiency [7] - The introduction of X-Ray defect detection equipment has improved inspection efficiency by 80% for electronic components, showcasing the integration of AI in quality assurance [7] Group 4: Industry Impact and R&D Investment - Hikvision's technology is being applied across various sectors, including electronics and coal, demonstrating its potential for digital and intelligent upgrades in multiple industries [8] - The company has consistently invested over 10% of its revenue in R&D over the past five years, with a total investment of 47.702 billion yuan, indicating a strong commitment to innovation [8]

Group 1 - The report highlights the ongoing transformation in the artificial intelligence (AI) industry, with significant advancements in AI models and increasing capital expenditures from cloud service providers, driving demand for AI computing hardware infrastructure [8][20][39] - The semiconductor industry is expected to continue its upward trend, with AI driving a potential super cycle in the memory sector, as domestic manufacturers enhance their competitive advantages in technology and supply chains [11][18][19] - The electronic industry has significantly outperformed the CSI 300 index, with a year-to-date increase of 38.35% compared to the CSI 300's 16.85% [18][19] Group 2 - Major cloud companies are increasing their capital expenditures, with North American cloud providers collectively spending $96.4 billion in Q3 2025, a 67% year-on-year increase, to support AI infrastructure [39][40] - The report emphasizes the rapid growth of AI server demand, with the global AI server market projected to reach $158.7 billion in 2025, reflecting a compound annual growth rate of 15.5% from 2024 to 2028 [51][53] - The report identifies key investment opportunities in sectors such as AI computing chips, AI PCBs, and memory modules, recommending specific companies for investment based on their market positions and growth potential [11][12][52]