Haitong Securities International·2025-11-24 11:42Investment Rating - The report recommends a positive investment outlook on the AI-enabled manufacturing sector, particularly focusing on industrial software and automation companies that facilitate the digital transformation of lighthouse factories [3]. Core Insights - The report emphasizes that lighthouse factories are evolving into key carriers of new productivity and industrialization, driven by AI and the "14th Five-Year Plan" [1]. - It highlights the significant role of domestic industrial software and automation vendors in this ecosystem, which are becoming the core driving force behind the development of lighthouse factories [1]. Summary by Sections 1. From Technical Benchmark to Ecological Leadership - Lighthouse factories are recognized as the most advanced factories globally, representing the highest level of smart manufacturing [7]. - The focus of lighthouse factories has shifted from single-point applications of Industry 4.0 to comprehensive operational upgrades, emphasizing customer-centricity, production efficiency, supply chain resilience, sustainability, and talent development [10][12]. - The application of AI technologies is increasingly significant, with generative AI and predictive maintenance technologies notably reducing defect rates, energy consumption, and production cycles [16]. 2. Policy and AI Dual Empowerment - National policies are driving the rapid development of lighthouse factories, with a focus on digitalization, networking, intelligence, and green development [35]. - As of September 2025, China has 85 lighthouse factories, accounting for 42.29% of the global total, showcasing its leadership in this sector [20][22]. - The distribution of lighthouse factories in China shows a trend of coastal concentration with inland regions catching up, supported by local government initiatives [39][42]. 3. Domestic Industrial Software and Automation Vendors as Key Drivers - Hikvision is highlighted for its "Hikvision Guanlan" model, which empowers smart IoT scenarios and supports the transformation of leading factories into lighthouse factories [54]. - The report discusses the significant advancements made by various companies, including Dahua Technology, Zhongkong Technology, and others, in enhancing supply chain collaboration and digital transformation [54][56].