Investment Rating - The industry is rated as "Buy" with expectations of an increase exceeding 15% in the next 3-6 months [32] Core Insights - The robotics industry is experiencing accelerated growth, with key players entering mass production and order release phases [1][8] - The market for embodied intelligence, particularly humanoid robots, is identified as a significant direction for AI applications, reshaping the automotive supply chain [3][29] - Recent policy initiatives and commercial applications are enhancing the industry's long-term development prospects [9][10] Summary by Sections 1. Robotics - The industry is witnessing a rise in activity, with policies shifting from guidance to commercial implementation, enhancing the certainty of the embodied intelligence sector [8][9] - Major milestones include the production of the 5000th humanoid robot by Zhiyuan and the delivery of the 1000th "robot dog" by Chery Moja, indicating a shift towards large-scale delivery [1][17] - Companies like Zhejiang Rongtai are expanding their production capabilities overseas, which is becoming a critical differentiator for component suppliers [21][25] 2. Investment Recommendations - The report emphasizes the importance of humanoid robots as a key area within embodied intelligence, suggesting a focus on technological iterations and supply chain dynamics in the second half of 2025 [3][29] - Key players to watch include Tesla, Huawei, ByteDance, Xiaomi, and Zhiyuan, which are expected to leverage their competitive advantages in demand scenarios and hardware supply chains [3][30] 3. Key Components - Zhejiang Rongtai plans to invest approximately 545 million yuan in Thailand to establish production for mica paper and robot components, aiming for operational status by the end of 2026 [21][25] - Lixun Precision anticipates shipping 3000 humanoid robots this year, marking a significant transition from component supplier to intelligent body manufacturer [27][29] - The report highlights ongoing investments in core components, with companies like Wuzhou Xinchun and Beite Technology also expanding their production capabilities [26][28]

"十四五"即将圆满收官、"十五五"正待开启序幕之际，中央经济工作会议于12月10日至11日在 北京举行。会议明确了2026年经济工作中的八大重点任务，包括坚持内需主导，建设强大国内 市场；坚持创新驱动，加紧培育壮大新动能等。 近日，中部地区湖北、河南、湖南、江西、山西等地均召开相关会议，深入学习贯彻中央经济 工作会议精神。梳理来看， 激发内需潜力、推动科技创新和产业创新深度融合、促进城乡融 合和区域协调发展等方面成为重点，中部省份将力争结合因地制宜的谋划布局，形成更多新增 长点。 围绕贯彻落实中央经济工作会议精神，各地的部署中释放出哪些重要信号？ 持续激发内需潜力 记者丨 吴文汐 编辑丨李果 其中，培育服务消费新增长点将成为"十五五"时期的重点，这也与国家层面的导向相契合。 据东方金诚宏观首席分析师王青预计，明年财政促消费资金规模会从今年3000亿上调至5000 亿，支持范围有望从耐用消费品扩大到一般消费品及服务消费，其中服务消费将成为大力提振 消费的重点。 湖北在其"十五五"规划的建议中提出了，扩大服务消费，推动基础型生活服务品质提升，促进 大健康、新文旅、泛娱乐、智能化等改善型生活服务扩量提效；河南提出， ...

事件：12 月12 日，中坚科技与华为终端有限公司在深圳正式签署合作协议，双方将围绕车载智能精品 附件产品开展合作，共同打造鸿蒙智行高端生态产品。 公司此前已战略入股海外机器人领先企业1X，作为1X 链国内供应商有望显著受益。2024 年公司投资机 器人领先企业1X，实现商务协同、供应链等领域的双向赋能，与1X 共同成长。而1X 于25 年10 月29 日 发布了全新家用人形机器人NEO，售价为20000 美元，月度订阅则每月499 美元，具备倒垃圾、整理衣 物等家务能力，预计2026 年开始交付，公司作为1X链国内供应商有望显著受益。此外，公司与华为盘 古大模型合作，开发人形机器人整机本体；跟英伟达合作，通过IsaacLab 平台训练四足机器人。 投资建议：我们预计公司25-27 年分别实现营收10.76/16.8/21.7 亿元，归母净利润0.59/1.57/2.14 亿元。 公司与英伟达、华为、1X 等产业巨头合作紧密，或充分受益机器人产业趋势提速。维持"推荐"评级。 风险提示：研发进展不及预期，下游需求不及预期，市场竞争加剧。 车载智能产品市场尚处待开发阶段，车+具身智能有望构建新的产品生态。目前车载 ...

Core Viewpoint - The article emphasizes the importance of enhancing consumption through coordinated efforts between financial institutions and government departments, as outlined in the recent notification from the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau [1][2]. Group 1: Policy Measures - The notification proposes three main areas of focus: deepening systematic collaboration, increasing financial support, and expanding cooperative efforts [1]. - Systematic collaboration involves establishing a coordination mechanism among local departments to enhance communication and refine support measures [1]. - Financial support aims to diversify financial products and services, improve alignment with consumption sectors, and foster new consumption patterns [1]. - Expanding cooperation encourages joint promotional activities and information sharing to enhance consumer engagement and policy effectiveness [1][2]. Group 2: Implementation and Follow-up - The notification stresses the need for strong inter-departmental coordination and effective implementation of policies to stimulate consumption potential [2]. - Local departments and financial institutions are encouraged to tailor financial support measures to local conditions to maximize impact [2]. - The Ministry of Commerce will collaborate with the People's Bank of China and the Financial Regulatory Bureau to promote policy understanding and ensure the effective execution of support measures [2].

Core Viewpoint - The Chinese semiconductor industry is experiencing a significant wave of domestic substitution driven by the AI boom and a focus on self-sufficiency, with strong revenue and profit growth expected through 2025 [1][2]. Industry Overview - The semiconductor sector in China showed robust recovery in the first three quarters of 2025, with revenue reaching 479.38 billion yuan, a year-on-year increase of 11.49%, and net profit of 41.35 billion yuan, up 52.98% [8]. - The chip design segment remains highly prosperous, while the storage sector benefits from strong demand for high-end products like HBM and DDR5 due to AI computing needs [1]. Company Performance - Cambrian Technology, a leading AI chip company, saw its stock price surge, reaching 1,525 yuan per share, with a market cap exceeding 643 billion yuan, reflecting a 121.42% increase from late July to late August [6]. - Cambrian's revenue for the first nine months of 2025 reached 4.607 billion yuan, a staggering increase of 2,386.38% year-on-year, and it turned a net loss of 724 million yuan into a profit of 1.605 billion yuan [7]. Technological Advancements - Domestic companies are making significant technological breakthroughs, with SMIC achieving mass production of 14nm FinFET technology, reducing reliance on foreign foundries [9]. - The collaboration between domestic chip design and equipment companies is enhancing the entire semiconductor supply chain, leading to a positive cycle of process breakthroughs and capacity expansion [10]. Capital Market Dynamics - The implementation of the "1+6" policy on the Sci-Tech Innovation Board has opened smoother financing channels for hard tech companies, with semiconductor firms being major beneficiaries [12]. - Recent IPOs and fundraising efforts in the semiconductor sector, such as those by Moer Technology and Muxi Co., indicate a strong market interest and a shift towards valuing domestic technology [12][14]. Product Launches and Market Impact - Huawei's launch of the Mate XTs smartphone featuring the Kirin 9020 chip marks a significant return to high-end chip production, showcasing the company's resilience and technological advancements [16]. - The introduction of the Kirin 9030 Pro chip in various Huawei products demonstrates substantial performance improvements, enhancing the competitiveness of domestic high-end chips in the market [18]. Future Outlook - The ongoing technological advancements and capital influx are expected to reshape the global semiconductor market, positioning Chinese companies favorably in the international landscape [19].

证券研究报告·策略报告·策略周评 （2）算力硬件领域，国内厂商聚焦全栈体系突破。算力硬件领域本周以国 内厂商的技术突破为核心，竞争焦点从单一算力供给升级为"芯片-服务器 -平台"的全栈体系构建。国内端，联想 12 月 10 日正式推出"AI 工厂" 解决方案，同步发布万全异构智算平台 4.0 与问天 WA8080aG5 算力服务 器——前者通过异构算力调度技术实现大模型预训练时间缩短 35%，后者 支持单 GPU 超 1000 瓦功耗，为未来更高性能模型训练预留升级空间，成 功破解国内算力异构化整合难题。同日，华为云发布"盘古算力调度系统"， 可实现跨区域算力资源的智能分配，使算力利用率提升至 85%以上。这些 布局不仅直接拉动通信设备、高规格数据中心的需求，更推动算力基础设 施从"资源型"向"生产型"转型。 （3）应用端多场景突破，AI 升级为产业核心引擎。应用端本周呈现多场 景突破态势，AI 技术从工具属性向产业核心引擎升级。内容创作领域，快 手可灵在 12 月 9 日-12 日期间保持日更节奏，先后上线数字人 2.0、图片 O1 与视频 O1 模型，通过标准化 API 接口构建起从脚本生成到视频输出的 ...

2025年接近尾声，过去这一年，在新的市场格局和竞争环境下，什么行业最赚钱，什么行业最受"打工人"青睐，公司最喜欢什么类型的员工？ 12月12日，职场社交平台脉脉高聘发布《2025年度人才迁徙报告》（以下简称"报告"）。《每日经济新闻》记者注意到，2025年1—10月，高薪岗位 TOP20的平均月薪均超过6万元，AI（人工智能）研发岗占据大半。 值得一提的是，2025年1—10月，高薪岗位TOP20中，AI岗位占据主导地位，AI研发岗占据大半。同时，AI带来的薪资溢价十分显著：AIGC算法工程师平 均薪资较普通算法工程师高出近18%，AI产品经理比普通产品经理高出20%。 高薪岗位TOP20中，平均月薪均超过6万元，AI科学家/负责人岗位以127225元的平均月薪居首，大模型算法岗位（平均月薪71060元）、数字前端工程师 岗位（平均月薪69197元）位列二、三。算法类岗位占比近半，包括广告算法（平均月薪65790元）、深度学习（平均月薪65625元）、语音算法（平均月 薪64282元）等岗位，展现算法技术的广泛应用。 2025年1—10月新经济行业新发岗位平均月薪TOP20 图片来源：报告截图 架构设计和数 ...

Core Viewpoint - The Guangdong Seed Industry Expo showcased over a hundred agricultural technology innovations, highlighting the province's commitment to driving industrial upgrades through technological advancements in agriculture [2][3][4]. Group 1: Agricultural Technology Innovations - The "Guangdong Agricultural Technology Innovation Achievements Exhibition" featured more than a hundred significant results, including advanced equipment and innovative technologies that demonstrate the deep integration of technological innovation and industrial development [3][4][5]. - Key innovations included a lychee-picking robot developed by South China Agricultural University, which can operate in all weather conditions, significantly reducing labor intensity and improving operational efficiency during the high-temperature harvesting season [10][11]. - The Guangdong Academy of Agricultural Sciences introduced a low-temperature dormancy preservation technology for lychees, achieving over 80% nutrient retention after one year of freezing [14][15]. Group 2: Focus Areas and Breakthroughs - Guangdong is focusing on nine key areas to tackle critical agricultural technology bottlenecks, including seed industry revitalization, disease prevention, smart equipment, value-added processing, land protection, and green low-carbon initiatives [19][20]. - Significant breakthroughs have been made in breeding new varieties of shrimp, rice, and peanuts, as well as establishing technical systems for preserving Lingnan fruits and preventing citrus greening disease [21][22]. Group 3: Smart Agriculture Trends - The trend towards smart and precise agriculture is evident, with the introduction of intelligent sensing and environmental control technologies for pig farming, optimizing feeding and environmental conditions through AI [30][31]. - In crop cultivation, mechanization and smart technologies are addressing traditional challenges, with the development of a series of agricultural machines covering the entire process from management to harvesting, applied over 111.2 million mu in the past three years [34][35]. Group 4: Industry Collaboration and Future Prospects - The exhibition showcased the collaborative efforts of 28 modern agricultural technology innovation teams and 20 award-winning agricultural technology promotion projects, reflecting Guangdong's vibrant practice of driving high-quality agricultural development through technology [27][28]. - Leading companies and research institutions, including Huawei and DJI, presented their advancements in smart agriculture, indicating a shift towards data-driven and intelligent agricultural practices that enhance productivity and sustainability [57][60].

【数智周报将整合本周最重要的AI、企业级服务领域的前沿趋势、重磅政策及行研报告。】 唐·塔斯考特：Identic AI时代到来 "Identic AI代表的不仅仅是一项技术进步，它是人类与智能本身之间的一种新型关系，它赋予每个人以更强的预见力、理解力和同理心行事的能力。"全球顶 尖技术思想家唐·塔斯考特（Don Tapscott）近日文章中如此写道，这也是他对AI时代的又一震撼预言：Identic AI将成为人类与AI共同进化的一种新型伙伴关 系。 杰弗里·辛顿：AI发展之快，没时间弄清楚如何与它共存，我有点后悔 "AI教父"的杰弗里·辛顿（Geoffrey Hinton）在钛媒体2025T-EDGE年度大会暨AI全球对话中表示，超级AI掌控世界的风险不容忽视。当AI变得比我们更聪明 时，它可能根本不需要我们，可能会直接接管一切。他表示，AI已经发展出自我保护意识。如果AI察觉会被工程师关闭，它知道工程师有婚外情邮件，它 会勒索工程师并威胁说，如果你试图关掉我，就把你的婚外情告诉所有人。 他也称，如果AI带来大规模失业，会导致西方法西斯主义兴起。"非常遗憾，AI 发展速度比我们预期的要快得多，我们没有足够的时 ...

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