编辑｜微胖 我看到的不是一个个单品，而是一条完整的轨道，让AI列车加速驶入真实世界的每一座工厂、每一台设备、每一条产线。 物理 AI 的「中国时刻」 那些在春晚舞台上展示「快速走位」的宇树机器人，并不只是节庆里的技术奇观。它们已开始走进西门子在德国的工厂，学习最常见的搬运。从 CES 2026 到 GTC 大会，「物理 AI 」被黄仁勋反复推向舞台中心。就连 Jeff Bezos 也在洽谈筹集千亿美金，加码制造转型。 人工智能技术如何进入现实世界，并在那里停留下来，成为变革的基石，而不是快闪的奇观。 一套技术栈，消融虚实边界 在西门子首席执行官博乐仁的主旨演讲中，一个被反复强调的判断再次被置于中心 —— 人工智能并非又一轮技术迭代，而是一种通用型技术（ general-purpose technology ）。其意义，可与电力之于工业时代相提并论，甚至更为深远。 当人工智能进入物理系统时，它就不再只是一个功能，而是影响现实的力量。它将改变人们的工作与生活方式，重塑生产与消费，并让整个系统更加高效、 自主且具适应性。 西门子首席执行官博乐仁表示，该公司正在人形机器人上测试 SIMOVE ANS+ 导航软件。图片 ...

The Zacks Industrial Services industry’s near-term outlook has been clouded by a weak manufacturing sector as customers remain wary of the effects of tariffs. Increased input costs and the implementation of tariffs are expected to erode industry margins.Despite the current setback, the rise in e-commerce activities will be a key catalyst for the industry. Companies like Siemens (SIEGY) , Fastenal (FAST) and Global Industrial Company GIC are positioned for growth by leveraging strategies to capitalize on thi ...

Goldman Sachs expects ECB rate hikes in April and June as inflation concerns mount | Reuters Skip to main content Reporting by Kanchana Chakravarty in Bengaluru; Editing by Rashmi Aich Our Standards: The Thomson Reuters Trust Principles., opens new tab Purchase Licensing Rights Business Siemens CEO says customers holding back on investments due to Iran war Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv EU flags flutter in front of European Central Bank (ECB) h ...

行 业 及 产 业 行 业 研 究 / 行 业 深 相关研究 《国资再入股概伦电子——EDA 行业月报 202602 期》 2026/02/03 《 IPO 活跃，行业进入加速发展阶段—— EDA 行业月报 202601 期》 2026/01/05 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 研究支持 王开元 A0230125030001 wangky@swsresearch.com 联系人 王开元 A0230125030001 wangky@swsresearch.com 2026 年 03 月 20 日 系统级时代来临，芯和领衔国产多 物理场仿真 看好 ——EDA 行业系列报告 202603 期 本期投资提示： 度 证 请务必仔细阅读正文之后的各项信息披露与声明 券 研 究 报 告 计算机 ⚫ 本期 EDA 报告重点介绍 EDA 行业中多物理场仿真这一细分领域，核心说明这一能力在 EDA 工具中的重要性快速提升，EDA+CAE 的融合为行业趋势。 ⚫ 半导体行业进入系统级时代，多物理场仿真成为 EDA 重要需求。芯片层级：底层驱动是 后摩尔时代，芯片需 ...

点击小程序查看报告原文 Abstract 摘要 通过"跨国公司成长启示录"，我们希望总结跨国龙头的成功经验，为中国企业的全球化发展提供参考。第一篇主要探讨跨国公司的发展历程及其在全球经 济中的重要性， 本篇报告重点 关注 美国、欧洲、日本三个区域跨国公司的发展情况， 将从企业为何出海、数说跨国公司、典型行业（选取美国科技、欧 洲医药、日本汽车）分别展开。 基于对美欧日跨国公司的比较，我们发现虽然三大经济体企业出海的时代背景各异，但是 底层逻辑上呈现高度一致性，即突破增长天花板、规避贸易壁 垒、全球范围成本套利。 与此同时，不同经济体依托各自资源禀赋、产业根基、制度框架，全球化历程走出不同的发展路径。我们总结如下： 美国：聚焦高附加值，技术引领全球。 1）从出海必要性而言，美国反垄断监管限制大企业的国内发展空间，是企业海外扩张的重要原因。另外，追求生 产要素最优配置是跨国公司构筑全球竞争力的基础逻辑，近年来提高供应链安全成为海外投资布局的重要考量。2）美国凭借全球领先的研发创新体系、 完善的知识产权保护制度、成熟的科技成果转化机制，在高附加值领域构筑技术护城河，科技行业最为典型。我们认为 ①建立领先优势并掌控全 ...

Investment Rating - The report maintains a "Buy" rating for companies within the domestic two-machine industry chain, highlighting opportunities for capacity reassessment [4]. Core Insights - The global supply chain is entering a dual phase of replenishment and capacity reassessment, driven by strong demand in civil aviation, high defense needs, and AI data center power shortages [4]. - The civil aviation sector is transitioning from supply chain adjustments to comprehensive replenishment, with Boeing's aircraft deliveries expected to reach 600 units in 2025, a 72% year-on-year increase [4]. - The gas turbine market is anticipated to experience a super cycle driven by AI and power grid upgrades, with global orders expected to reach a record 92GW in 2026 [4]. - Supply-side bottlenecks are evident, with key material shortages leading to extended delivery times and increased pricing power for upstream suppliers [4]. - Investment suggestions focus on domestic companies related to the two-machine industry chain, emphasizing the potential for capacity reassessment [4]. Summary by Sections Observation One: Acceleration of Overseas Aircraft Engine Replenishment - Boeing's aircraft deliveries are projected to exceed expectations, with a total of 600 aircraft delivered in 2025, recovering to 74% of 2018 levels [14]. - Airbus is expected to deliver 870 aircraft in 2026, reflecting a nearly 10% year-on-year growth [16]. - The recovery in civil aviation engine supply chains is expected to restart replenishment, with Rolls-Royce and Safran being key players [27]. Observation Two: Acceleration of Gas Turbine Capacity - Global orders for gas turbines are expected to reach a historical high of 92GW in 2026, surpassing the previous peak in 2001 [65]. - The demand for both AI-driven and traditional sectors is robust, indicating a strong market outlook for gas turbines [65]. Supply-Side Analysis - Current supply-demand imbalances are significant, with ongoing material shortages affecting production timelines and pricing strategies [4]. - The report highlights the increasing pricing power of upstream suppliers due to material shortages and the prioritization of maintenance, repair, and overhaul (MRO) operations [4]. Investment Recommendations - The report suggests focusing on domestic companies involved in the two-machine industry chain, as they are likely to benefit from capacity reassessment opportunities [4].

Core Insights - HERE Technologies and Siemens Digital Logistics have announced a partnership to integrate HERE Tracking into Siemens' AX4 transportation management platform, enhancing visibility and operational efficiency for logistics providers [1][4]. Group 1: Partnership Overview - The collaboration aims to provide AI-based predictive ETAs and improve operational efficiency across supply chains for shippers, carriers, and logistics service providers [1]. - The integration of HERE's location technology into AX4 allows users to transform data into actionable logistics insights, enhancing transportation orchestration capabilities [2]. Group 2: AX4 Platform Capabilities - AX4 connects various stakeholders in the supply chain, including manufacturers, suppliers, and logistics partners, through a single cloud-based platform [2]. - The integration of HERE's location intelligence strengthens AX4 as a central command center, linking planning and execution with real-time transport data [3]. Group 3: Benefits of Integration - The partnership enables logistics teams to detect delays earlier, consolidate shipments more effectively, and reduce costs through increased automation [7]. - Customers benefit from enhanced shipment visibility, more accurate ETAs, and streamlined transport execution, leading to improved performance and reduced risk [5][6]. Group 4: Company Background - HERE Technologies is a leader in mapping and location technology, providing real-time tracking and location intelligence for over 40 years [5]. - Siemens Digital Logistics offers end-to-end software and consulting solutions for global supply chain management, with AX4 being a key component of its cloud-based portfolio [9].

Core Viewpoint - The strategic partnership between UBTECH and Siemens aims to accelerate the production capacity of industrial humanoid robots, targeting a goal of 10,000 units by 2026, leveraging both companies' technological strengths and resources [2][4]. Group 1: Partnership Details - UBTECH and Siemens have signed a strategic cooperation framework agreement focusing on deep collaboration across the entire value chain in the humanoid robot sector [2]. - The collaboration will involve planning, technology integration, talent development, and ecosystem building, with Siemens providing a comprehensive digital transformation plan for UBTECH [3]. - UBTECH will prioritize Siemens' digital industrial software solutions in product development, simulation testing, process planning, and lifecycle management, ensuring a fully digitalized workflow [3]. Group 2: Goals and Impact - The partnership is seen as a critical move for UBTECH to achieve its goal of scaling up production to 10,000 industrial humanoid robots, enhancing production efficiency and product quality [4]. - By leveraging Siemens' digital technology and smart manufacturing experience, UBTECH aims to establish a robust digital system from core component development to complete manufacturing [4]. - This collaboration is positioned to accelerate the mass production of humanoid robots, marking a new phase in the global humanoid robot industry's development [4].

Core Viewpoint - NVIDIA is collaborating with leading industrial software companies to integrate its GPU-accelerated tools and platforms into various industries, aiming to revolutionize design, engineering, and manufacturing processes through AI and digital twins [2][4][19]. Group 1: Partnerships and Collaborations - NVIDIA is partnering with Cadence, Dassault Systèmes, PTC, Siemens, and Synopsys to deliver NVIDIA CUDA-X and Omniverse technologies to major companies like FANUC, Honda, and TSMC, enhancing their design and manufacturing capabilities [2][19]. - The collaboration aims to prepare customers for the next phase of the AI era by introducing NVIDIA-powered agentic solutions [2][4]. Group 2: AI and Accelerated Computing - The integration of agentic AI into industrial workflows is expected to streamline complex design and manufacturing processes, marking a significant shift in industrial engineering [5][6]. - NVIDIA's NeMo platform and CUDA-X libraries are being utilized to develop autonomous design agents that enhance efficiency in chip and system workflows [6][21]. Group 3: Industry Applications - In the automotive sector, NVIDIA is working with Siemens and Synopsys to provide GPU-accelerated tools that significantly reduce simulation times, enabling faster vehicle design iterations [6][7]. - Aerospace engineering is benefiting from NVIDIA-accelerated solvers, allowing for high-fidelity simulations that were previously impractical, thus unlocking new design possibilities [9][10]. Group 4: Energy and Semiconductor Innovations - Energy companies are adopting NVIDIA's GPU-accelerated workflows to enhance simulation turnaround times, contributing to cleaner energy solutions [11][12]. - In semiconductor design, industry leaders like Samsung and SK hynix are leveraging NVIDIA tools to streamline production processes, achieving significant improvements in efficiency [13][14][22]. Group 5: Digital Twins and Manufacturing - NVIDIA and its partners are advancing the digitalization of manufacturing through high-fidelity digital twins, which connect virtual planning with real-world execution [23][24]. - Companies like Krones and KION are utilizing NVIDIA technologies to create AI-driven digital twins that enhance operational efficiency in manufacturing and logistics [25][27].

Industry Overview: Data Center Infrastructure Transition to Direct Current Industry Overview - The industry is transitioning from alternating current (AC) to direct current (DC) power due to increasing rack power density in data centers. Nvidia's Rubin Ultra Kyber rack is expected to draw over 1,000 kilowatts (kW) [1] - The Open Compute Project's Mount Diablo rack supports up to 1,100 kW per rack, necessitating significant changes to electrical equipment [1] Key Product Launches and Order Trends - Order trends for vendors will diverge in 2H26, with shipments expected to start in 1H27. Nvidia plans to ship Vera Rubin Ultra (VR300) chips for the Kyber rack architecture in 2H27 [2] - Vertiv and Eaton have announced 800 VDC products available in 2H26. The VR300 NVL576 rack will have 14 times the performance of the current Blackwell Ultra (GB300) NVL72 rack [2] Equipment and Content Changes - Although DC simplifies electrical distribution, new DC equipment will be required, likely at premium pricing. Most low voltage (LV) equipment will be eliminated, but solid-state transformers (SSTs) will represent a significant new content area [3] - The power sidecar will include new battery backup units (BBUs) and supercapacitor units, while IT racks will require liquid-cooled busbars [3] Stock Recommendations - Companies recommended for investment include Eaton (ETN), GE Vernova (GEV), Schneider Electric (SU FP/SBGSY), Siemens (SIE GR/SIEGY), and Vertiv (VRT) as beneficiaries of the transition to DC architectures [4] - These companies have been recognized by Nvidia as power system providers and have developed reference designs for DC architectures [4] Electronic Components and Systems - New DC products will primarily consist of power electronics using solid-state semiconductors, which will be integrated into larger electrical systems. Successful vendors will need systems-level engineering expertise and the ability to provide ongoing maintenance [5][25] Timeline and Future Expectations - The transition to a fully realized 800 VDC architecture will occur in phases, allowing the industry to adapt and the component ecosystem to mature [9] - Data center developers are expected to invest in infrastructure to deploy VR300 racks, despite the challenges of implementation [21] Company Announcements and Innovations - ABB has introduced innovations like the HiPerGuard solid-state MV UPS and SACE Infinitus solid-state circuit breaker, aimed at enhancing power density and energy efficiency in AI data centers [27] - GE Vernova is collaborating with Nvidia to develop flexible solutions for existing data center requirements and future AI gigafactory deployments [33] Risks and Challenges - The report highlights potential risks, including the lack of standards and the existence of two competing DC architectures (Nvidia's Kyber and OCP's Mount Diablo), which could lead to less power-dense deployments [45] - Supply chain challenges for solid-state transformers and other niche components may hinder the transition [47][48] Conclusion - The shift to direct current in data centers represents a significant evolution in electrical architecture, with substantial implications for equipment, investment opportunities, and industry dynamics. Companies positioned to adapt to these changes are likely to benefit from increased demand and market growth.