登录新浪财经APP 搜索【信披】查看更多考评等级 来源：华泰睿思 核心观点 内需修复仍在进行中，科技进展和情绪消费是结构亮点 我们统计截至2月6日前披露财报的全球30家大型跨国企业的中国区业绩，汇总发现以下共性结论：1） 总量维度看，45%的企业认为4Q25业绩有所改善，33%企业预期未来进一步改善。拖累本季度增长的共 性因素依然是房地产及因此带来的需求偏弱。2）但结构上不乏亮点。如科技进展依然明显，部分传统 企业受到科技需求上升反而焕发新机；也有诸多海外科技公司提及出口限制和国产替代对其业绩的影 响。服务消费和悦己消费逆势增长。 总览：4Q25中国区业绩多数改善，但前瞻指引谨慎 2025财年上述样本中国区收入总占比为8.4%，信息技术、可选消费两大行业的中国区收入占比超过 20%。样本内45.2%的跨国企业中国区收入4Q25有所改善，29%持平；但有43.3%的企业管理层认为未 来中国区收入可能下滑，而33.3%的企业预期改善。分行业看，金融、互联网、材料和日常消费对未来 展望改善的预期比例相对更高，可选消费、信息技术展望略显平淡。 结构：内需、贸易摩擦和科技为三大关键词 内需整体偏弱但有结构性亮点。1）原 ...

DG Matrix Closes $60 Million Series A Back to Home Tweet MORRISVILLE, NC, DG Matrix, a global leader in solid-state transformer solutions, announced the close of its $60 million Series A funding. DG Matrix, a global leader in solid-state transformer solutions, announced the close of its $60 million Series A funding. Engine Ventures led the oversubscribed round, with participation from Helios Climate Ventures, Mitsubishi Heavy Industries, Ltd., Fine Structure Ventures, MCJ and Sabanci Climate Ventures. ...

Vertiv (NYSE:VRT) 2026 Conference Summary Company Overview - **Company**: Vertiv - **Industry**: Data Center Infrastructure Solutions Key Points and Arguments Technology and Market Positioning - Vertiv emphasizes its commitment to staying ahead in technology by maintaining close relationships with customers and technology partners, particularly with NVIDIA and hyperscalers [2][3] - The company is transitioning from point products to system-level solutions, focusing on interoperability and comprehensive infrastructure offerings [2][3] - Vertiv's infrastructure solutions, such as the Vertiv OneCore product, are designed to optimize data center performance and address customer needs for densification and capacity [2][3] Order Growth and Market Opportunities - Vertiv's order book is expected to grow, with projections indicating orders could exceed $18 billion in 2026, driven by a robust pipeline and increasing demand for high-density compute solutions [4][13] - The company is experiencing a shift towards more complex system-level orders, which enhances its share of wallet and total content per customer [6][9] - Q4 orders were significantly higher than previous quarters, indicating strong market demand and a potential continuation of this trend into 2026 [13][14] Regional Demand Insights - The Americas region showed strong order growth, particularly driven by AI deployments, while EMEA is experiencing a rebound in demand after a period of low orders [21][24] - APAC, particularly India, is also showing strong pipeline growth, although China is lagging in execution [24][25] Regulatory and Infrastructure Challenges - There is increasing scrutiny on data center power consumption and grid interoperability, leading to a focus on new power architectures and on-site power generation solutions [27][28] - Vertiv is developing products that enable customers to navigate regulatory challenges and optimize power usage, including battery energy storage systems [29][30] Product Development and Innovations - Vertiv is preparing to launch an 800-volt DC architecture portfolio in late 2026, addressing the industry's need for higher efficiency and capacity as data center demands increase [33][34] - The company is also innovating in thermal management, with products like the Vertiv Trim Cooler designed to handle varying cooling needs effectively [50][51] Competitive Landscape - The liquid cooling market is expected to grow significantly, with Vertiv continuing to invest in capacity and differentiation through system-level design and integration [67][69] - Vertiv's experience and scale in the market provide a competitive advantage over new entrants, particularly in large-scale liquid cooling deployments [72][73] Financial Outlook - Vertiv aims for a 30% incremental margin in 2026, supported by fixed cost leverage and a strong order pipeline [78][80] - The company is focused on growing its services market, which is expected to become a significant revenue driver as original equipment sales stabilize [55][56] Future Trends and Innovations - The rapid pace of technological change in the data center industry is a primary focus for Vertiv, as it seeks to keep infrastructure ahead of GPU advancements [87][88] - The potential for service revenue growth from the installed base is seen as a key differentiator for Vertiv's long-term strategy [88][89] Additional Important Insights - The shift towards 800-volt DC architecture is not just about efficiency but also about overcoming physical limitations of traditional power distribution systems [34][35] - The role of UPS systems is evolving, with a greater emphasis on energy storage and power management capabilities to support dynamic loads in AI data centers [40][42] - Vertiv's strategy includes addressing regulatory challenges through innovative solutions that enhance grid compatibility and operational efficiency [30][31]

Core Viewpoint - The water quality testing instrument industry is experiencing steady growth driven by increasing public concern for water safety and stricter environmental regulations, with the market size projected to grow from 1.83 billion yuan in 2017 to 5.22 billion yuan by 2025, representing a compound annual growth rate (CAGR) of 14.03% [1][9]. Industry Overview - Water quality testing refers to the process of determining the types and concentrations of pollutants in water, evaluating water quality status [3]. - Key water quality indicators include comprehensive indicators (temperature, color, turbidity, pH, conductivity, suspended solids, dissolved oxygen, chemical oxygen demand, and biochemical oxygen demand) and toxic substances (phenols, cyanides, arsenic, lead, chromium, cadmium, mercury, and organic pesticides) [3]. - Water quality testing instruments can be categorized by function (single-parameter and multi-parameter testers), testing items (pH meters, total phosphorus testers, etc.), and usage environment (laboratory, portable, simple, and online testers) [4][3]. Market Demand and Growth - The market demand for water quality testing instruments is steadily increasing due to heightened public awareness and regulatory pressures [1][9]. - The industry is expected to play a crucial role in dynamic water quality monitoring, pollution warning, and comprehensive management, driven by advancements in smart, portable, and multi-parameter integrated technologies [1][9]. Industry Development Background - Water quality safety is a significant concern, with ongoing improvements in surface and groundwater quality in China [4][5]. - In 2024, 90.4% of monitored surface water quality sections were rated as good (Class I-III), indicating progress in water environment governance [5]. - Continuous, precise, and efficient monitoring of water quality is essential for ensuring environmental safety and supporting scientific decision-making [5]. Industry Chain - The upstream of the water quality testing instrument industry includes raw materials and components such as sensors, probes, circuit boards, optical components, and consumables [5]. - The midstream involves the production and manufacturing of water quality testing instruments, while the downstream encompasses sales channels and application fields, including environmental water, wastewater, and water conservancy sectors [5][6]. Competitive Landscape - The industry features a diverse competitive landscape with international leaders (e.g., Thermo Fisher, Hach, Siemens, ABB) dominating the high-end market, while domestic companies (e.g., Xuedilong, Xianhe Environmental Protection, and others) focus on mid-range markets and specialized applications [9][10]. - Domestic firms leverage their understanding of local markets and flexible service models to establish competitive advantages in mid-tier markets [10]. Key Companies - Xianhe Environmental Protection Technology Co., Ltd. has developed a comprehensive service provider model in environmental monitoring, with a reported revenue of 138 million yuan in the first half of 2025, reflecting a 0.73% year-on-year growth [10]. - Lihua Technology Co., Ltd. specializes in environmental monitoring systems, reporting a revenue of 558 million yuan in the first three quarters of 2025, marking a 5.15% increase [12]. Industry Trends - The industry is moving towards multi-parameter integration, real-time monitoring, and intelligent analysis, with future instruments expected to combine various detection technologies [13]. - There is a focus on miniaturization and rapid on-site detection capabilities, enabling water quality testing to expand into distributed scenarios such as river inspections and household water safety [14]. - Companies are transitioning from equipment suppliers to comprehensive solution providers, offering monitoring systems and data services, enhancing the value derived from long-term monitoring data [14].

Group 1 - The core focus of the article is on the rapid development and commercialization of humanoid robots, with a specific emphasis on the IPO journey of Tianjin Atongmu Robot Co., Ltd. [2][3][33] - The company has established itself as a leader in the domestic parallel robot market, holding the top market share for five consecutive years [3][10][29]. - The article highlights the challenges faced by the company, including profitability stability, cash flow pressures, and competition in new business areas [3][33][29]. Group 2 - The founder, Liu Songtao, has successfully led the company through seven rounds of financing over ten years, with significant backing from notable investors [6][36][37]. - The company’s valuation has increased dramatically, from approximately 12 million RMB in 2015 to 2.5 billion RMB by 2025, reflecting over 208 times growth [7][36]. - Liu Songtao and co-founder Song Tao hold significant shares, controlling a combined voting power of 33.99% [9][38]. Group 3 - The core business of Atongmu Robot is parallel robots, which are widely used in various production lines, and the company has become the top domestic brand in this segment [10][41]. - The revenue from parallel robots accounted for 64.2%, 52.1%, and 52% of total revenue in 2023, 2024, and the first nine months of 2025, respectively [12][41]. - The company is expanding its product line, introducing heavy-duty collaborative robots in 2023, high-speed SCARA robots in 2024, and plans to enter the embodied intelligent robot market in 2025 [10][39][43]. Group 4 - The company has faced challenges with new product lines, such as heavy-duty and high-speed SCARA robots, which have shown negative gross margins [17][23]. - The overall gross margin has improved, reaching 28.9% in 2025, but new product lines are struggling to contribute positively to profitability [16][19]. - The company has been operating with negative cash flow from operations, indicating challenges in self-sustaining financial health [20][21]. Group 5 - The company is pursuing a strategy that includes the development of space robots and smart cleaning robots, although these markets are highly competitive and uncertain [24][26][27]. - The company plans to allocate part of its IPO proceeds to support the research and early commercialization of space robots, but the potential returns remain uncertain [27][29]. - The article emphasizes the need for the company to validate its self-sustaining capabilities in the market amidst ongoing cash flow issues and competitive pressures [29].

图. 全球工业能源管理系统市场前10强生产商排名及市场占有率（基于2024年调研数据；目前最新数据 以本公司最新调研数据为准） 根据环洋市场咨询（Global Info Research）头部企业研究中心调研，全球范围内工业能源管理系统生产 商主要包括Schneider Electric、ABB、General Electric、Rockwell、Cisco等。2024年，全球前五大厂商 占有大约27.0%的市场份额。 据环洋市场咨询（Global Info Research）调研团队最新报告《 2025年全球市场工业能源管理系统总体规 模、主要企业、主要地区、产品和应用细分研究报告--环洋市场咨询(Global Info Research) 》显示， 2024年全球工业能源管理系统收入大约27090百万美元，预计2031年达到34240百万美元，2025至2031期 间，年复合增长率CAGR为3.4%。 图. 工业能源管理系统，全球市场总体规模 工业能源管理系统 (IEMS) 市场竞争激烈，涵盖自动化巨头、电力设备原始设备制造商 (OEM)、软件优 先平台和专业集成商。全球现有企业将 IEMS 与 SCAD ...

Core Insights - ABB has announced an agreement to acquire Premium Power, an electrical engineering consultancy based in Ireland, enhancing its capabilities in electrical resilience and compliance for critical sectors [1][4]. Group 1: Acquisition Details - The acquisition is expected to close in the first quarter of 2026, with financial terms not disclosed [1]. - Premium Power has over 20 years of experience and is recognized for its advisory services in data centers and pharmaceutical manufacturing [1][4]. Group 2: Strategic Importance - This acquisition aligns with ABB's M&A strategy as a bolt-on investment that strengthens its Electrification Service advisory offering, ABB Navigate [2][3]. - By integrating Premium Power's expertise, ABB aims to enhance its support for customers in power system studies, grid connection, compliance modeling, and electrical safety [2][3]. Group 3: Industry Context - The demand for electrification is increasing, necessitating specialized advisory support for complex electrical systems due to digitalization and renewable energy integration [2]. - Premium Power's services include power system studies, grid compliance, electrical safety assessments, and risk management training, catering to high-availability electrical networks [4][6]. Group 4: Leadership Perspectives - ABB's Electrification Service division president emphasized the importance of this acquisition for advising on complex power systems, particularly for critical industries [4]. - Premium Power's managing director highlighted the potential for scaling their impact across Europe while maintaining their engineering depth and customer focus [5].

作者 | 乔钰杰 编辑 | 袁斯来 硬氪获悉，女娲农业科技（深圳）有限公司（以下简称"女娲农业科技"）近日完成数千万元融资，投资 方为厦门国升基金。本轮融资将主要用于核心技术研发、产品工程化升级及规模化落地。 畜牧场景对机器人提出多重复杂要求：设备需长期耐受高湿、高腐蚀条件；地面常覆盖粪污与饲料残渣 混合物；场地内存在积水、斜坡、隔栅、缝隙等多种复杂结构；加之动物活动带来的空间动态变化，进 一步增加作业难度。此外，养殖清洁的目标不仅是表面洁净，更强调降低微生物与病原负荷。因此，在 清洁路径规划、消杀覆盖率以及作业可追溯性等方面，对机器人系统提出了更高标准。 围绕以上难点，女娲农业科技将AI能力深度嵌入产品体系。公司创始人罗浩在接受硬氪采访时介绍 称，AI能力在产品中主要承担两项功能：一是基于多模态感知，识别动物异常行为与健康状态，形成 风险预警与分级工单；二是对清洁与消杀任务进行智能调度与优化，使机器人在不同场景下持续迭代作 业模型。数据来源包括机器人传感系统与养殖端业务数据，并与养殖场SOP结合，在实际运行中不断优 化模型参数。 硬件层面，产品采用高转速无刷电机与定制结构设计，以适配高负载清洁与消杀工况。目 ...

Group 1 - The core viewpoint of the article highlights that Chongde Technology (301548.SZ) has established long-term partnerships with several leading international companies, including Siemens, GE, ABB, Ingersoll Rand, and Atlas [1] - The revenue from international business is continuously increasing, indicating a growing influence of the brand in the international sliding bearing sector [1]

专题：聚焦美股2025年第四季度财报 日本科技与电信巨头软银集团周四表示，得益于对 OpenAI 等企业的投资开始兑现收益，公司在 2025 年第四季度重新实现盈利。 软银集团公布，2025 年 10—12 月当季实现利润2486 亿日元（约合 16.2 亿美元），扭转了去年同期亏 损 3690 亿日元的局面。 当季销售额增长 8%，至1.98 万亿日元（约 129 亿美元）。 总部位于东京的软银集团于 10 月以58 亿美元出售了所持英伟达股份，这与其聚焦人工智能的战略方向 一致。 软银表示，已向 ChatGPT 开发者 OpenAI 累计投资近350 亿美元，持股比例约 11%，这笔投资带来了可 观的投资收益。 在其他投资方面，软银集团去年以65 亿美元收购了美国半导体设计公司 Ampere，使其成为旗下全资美 国子公司。 软银另一大布局领域是机器人。公司去年与 ABB 达成协议，以53.75 亿美元收购其机器人业务，该交 易仍需获得欧洲、中国、美国等监管机构批准。 截至 12 月的前 9 个月，软银集团实现利润3.17 万亿日元（约 207 亿美元），约为上年同期的 5 倍；前 9 个月销售额小幅增长近 ...