Guoyuan Securities·2025-03-17 07:20Investment Rating - The report does not explicitly state an investment rating for the high-end manufacturing industry Core Insights - The report emphasizes the transition towards high-end manufacturing driven by new productive forces and policy support, focusing on traditional industry upgrades, strategic emerging industries, and future industry layouts [5][14][22] Summary by Sections Overall High-End Manufacturing - The report highlights the importance of new productive forces in leading intelligent manufacturing upgrades and constructing a new ecosystem through policy empowerment [5][7] - It outlines the government's strategic focus on high-end manufacturing, including the promotion of intelligent, green, and high-end transformation of the manufacturing sector [6][9] Intelligent New Energy Vehicles and Autonomous Driving - The report identifies intelligent new energy vehicles and autonomous driving as key areas for achieving high-end manufacturing and advancing the "Artificial Intelligence +" initiative [20][22] - It notes that the government plans to allocate 300 billion yuan in special bonds to support the replacement of old consumer goods, emphasizing the importance of intelligent connected new energy vehicles as a new generation of smart terminals [14][22] - The report indicates that the penetration rate of new energy vehicles is expected to exceed 47.6% in 2024, with domestic brands capturing over 60% of retail market share [14][22] Humanoid Robots - Humanoid robots are recognized as a core direction for future industries, with policy support and technological breakthroughs accelerating commercialization [14][15] - The report mentions that the government has positioned embodied intelligence and intelligent robots alongside strategic emerging industries like biomanufacturing and quantum technology [14][15] Low Altitude Economy - The low altitude economy is highlighted as a promising sector for large-scale application demonstrations of new technologies and products [14][15] - The report states that the government aims to promote the safe and healthy development of the low altitude economy, with market size expected to exceed 1.5 trillion yuan by 2025 [14][15] Other High-End Manufacturing - The report discusses the deep transformation and upgrading of the high-end manufacturing industry, with a focus on industrial mother machines and high-end equipment [14][15] - It emphasizes the need for optimizing the financing environment for manufacturing and promoting the green transformation of engineering machinery and shipbuilding [14][15]