统计数字显示，2000年至2020年，我国工程师总量从约520万人增长至约1770万人。庞大的"工程师红 利"是如何形成的？可以从两个字说起。 一个是链条的"链"。成立32所国家卓越工程师学院、设立前沿交叉学科、推进"新工科"建设，这是教育 链与人才链的贯通；校企协同订单式培养，注重产学研用结合，这是产业链与创新链的贯通。链条的贯 通，支撑起人才培养的融通。 往更深一层看，"链"与"炼"，还折射出统筹推进教育科技人才体制机制一体改革的坚实步伐。长远来 看，我国高层次工程师缺口仍然不小。厚植工程师成长成才的沃土，加快建设规模宏大的卓越工程师队 伍，必将为培育发展新质生产力、推动高质量发展提供更加坚实的支撑。 （文章来源：人民日报） 一个是磨炼的"炼"。在"江海号"等重大工程项目一线，"真刀真枪"锤炼本领；在未来产业和新兴战略产 业中，攻克一个个技术难题……火热而丰富的实践场景，不正是工程师成长的课堂、发光的舞台吗？ ...

2025 年 08 月 21 日 线传寸/分别 相关研究 《"反内卷" 下的投资逻辑更新 -- -- 图- 刻钟，大事快评 (W115)》 2025/07/15 《关税影响推演;冷静看待需求 -- 一周 一刻钟，大事快评（W101)》 2025/04/08 证券分析师 載文杰 A0230522100006 daiwj@swsresearch.com 联系人 載文杰 (8621)23297818× daiwj@swsresearch.com 本期投资后示 2020 年后中国汽车出口量快速增长，2024 年达 641 万辆，成为全球第一，同比+ 22.7%; 2025H1 出口 308 万辆, 同比增 10.4%。分地区看, 2024 年俄罗斯 (115.8 万辆,占比近 1/5）、墨西哥(44.5 万辆) 是主要市场;阿联酋 (+106.6%)、巴西(+106.1%)等新兴市场增速显著。分品牌, 2025 年上半年比亚 迪 (47.2 万辆, +128%)、上汽 (43.8 万辆) 居前三。同时,为规避关税、降低成 本,中国车企加速海外本地化生产。比亚迪、长安、吉利等作为自主汽车品牌的代表之 一，正通过海外建厂 ...

Investment Rating - The report maintains a positive outlook on Chinese automotive companies with global capabilities, including BYD, Geely, Great Wall, SAIC, and Changan, as well as companies like Li Auto, Xpeng, and NIO that have strong product definition capabilities in smart electric vehicles [4][3]. Core Insights - Since 2020, China's automotive export volume has rapidly increased, reaching 6.41 million units in 2024, making it the world's largest exporter, with a year-on-year growth of 22.7%. In the first half of 2025, exports continued to grow by 10.4%, totaling 3.08 million units [3][5]. - Chinese automotive companies are accelerating overseas localization to avoid tariffs and reduce costs, with brands like BYD, Changan, and Geely establishing factories abroad [3][20]. - Chinese companies benefit from high research and investment efficiency, leading to significant cost advantages. In 2024, the average R&D amortization per vehicle for Chinese companies was 7,660 yuan, significantly lower than foreign companies [3][39]. - The report predicts that from 2021 to 2030, the export market will evolve in three phases, with southern markets (Middle East, ASEAN) becoming the core growth area, expected to account for 65.7% by 2027 [3][4]. Summary by Sections 1. Domestic Exports & Overseas Factories - The automotive export volume has seen a significant increase, with monthly exports reaching 550,000 units by May 2025, a nearly sevenfold increase since early 2020 [14]. - In 2024, Russia was the largest market for Chinese automotive exports, with 1.158 million units, followed by Mexico with 445,000 units [17][3]. - Chinese brands are rapidly increasing their global presence, with BYD leading the growth in the first half of 2025, exporting 472,000 units, a 128% increase [17][3]. 2. Profitability Analysis of Overseas Expansion - The report highlights that the profitability of Chinese automotive companies is driven by localization, which allows them to avoid high import tariffs and reduce logistics costs [30][33]. - Local production in Europe can increase profit margins significantly compared to exporting, with examples showing profit margins improving by over 7 percentage points [33][30]. 3. Excess Returns Analysis for Chinese Automotive Companies - Chinese automotive companies are achieving excess returns due to their R&D and investment efficiencies, with net profits per vehicle significantly higher than foreign competitors [3][39]. - The report suggests that if overseas operations replicate domestic management models, excess returns could reach 26,000 yuan per vehicle under optimistic assumptions [3][39]. 4. Key Conclusions and Investment Recommendations - The report recommends investing in companies with strong global capabilities and those excelling in smart electric vehicle product definitions, such as BYD, Geely, Great Wall, SAIC, Changan, Li Auto, Xpeng, and NIO [4][3].

Core Viewpoint - The Hong Kong stock market has shown strong performance this year, driven by multiple core competitive advantages of Chinese assets, which are expected to enhance their attractiveness to international capital [1][2]. Group 1: Factors Driving Hong Kong Stock Market Strength - Three main factors are identified as driving the strength of the Hong Kong stock market: the "hard technology" wave, the rise of the "new economy," and the weakening of the US dollar [2]. - The "hard technology" revolution is expected to bring profound changes to production and lifestyle, with leading Chinese internet companies poised to capitalize on AI applications [2]. - The "new economy" has become a pillar of the Hong Kong stock market, with its market capitalization share increasing from 27% at the end of 2015 to an expected 51% by the end of 2024 [2]. - The weakening US dollar has led to a reallocation of funds, with a slowdown in foreign capital outflow from the Hong Kong market, making it an attractive option for global capital seeking undervalued assets [2]. Group 2: Core Competitive Advantages of Chinese Assets - Chinese assets possess three core competitive advantages: a complete modern industrial system, increased R&D investment leading to brand premium, and significant long-term investments in core technology fields [3]. - The manufacturing sector in China has achieved low-cost, high-efficiency capabilities through vertical integration and scale advantages [3]. - Chinese companies are increasingly recognized for their global competitiveness in areas such as AI, semiconductors, new energy, and aerospace [3]. Group 3: Investment Opportunities in A-Share Market - The A-share market presents four key investment opportunities: stable cash returns in sectors like telecommunications, finance, and utilities; potential in the internet sector and consumer sub-industries due to policy support and AI commercialization; growth in the biopharmaceutical industry driven by improved policies and global competitiveness; and a stabilization in the real estate sector along with improved prospects for chemicals and raw materials [3].

Group 1 - Small-cap stocks have shown significant performance since the second quarter, with indices like the CSI 1000 and CSI 2000 outperforming larger indices such as the CSI 300 [1][2] - From June 20 to August 7, the CSI 1000 index increased by 14.38%, while the CSI 2000 index rose by 15.70%, indicating a strong rebound in small-cap stocks [1] - Equity funds have increased their allocation to small-cap stocks by 1.5% by the end of the second quarter, with small-cap funds seeing a net value increase of 4.19% [1] Group 2 - Small-cap equity assets remain attractive due to declining risk-free rates and a favorable valuation premium compared to the CSI 300 index [2] - There is a significant cognitive bias between the growth potential of many small-cap companies and their current market pricing, suggesting room for value appreciation [2] - The current market liquidity environment supports valuation recovery for small-cap equities, with expectations for further upward adjustments as risk-free rates decline [2] Group 3 - The "specialized, refined, distinctive, and innovative" direction is highlighted as a key area for investment, focusing on sectors like automotive, home appliances, mining, innovative pharmaceuticals, electronics, and AI [3][4] - The emergence of a "engineer dividend" is expected to enhance the global competitiveness of Chinese companies, with a focus on those that can benefit from this trend [3] - The fund managers emphasize the importance of identifying companies with long-term competitive advantages in high-end manufacturing and core components, aligning with China's economic transformation [4]

Core Viewpoint - The core viewpoint emphasizes that technological breakthroughs, commercial logic, and resource integration are essential for Chinese optical chip companies to thrive in international competition [1][12]. Company Overview - Shijia Photonics is a high-tech enterprise focused on the research and production of passive and active optical chips, optical fiber connectors, and related products [3]. - The company achieved a significant milestone in 2012 by developing PLC chips, breaking foreign monopolies, and capturing over 50% of the global market share by 2015 [3]. Market Position and Achievements - In the gigabit network era, Shijia Photonics has become a key supplier of DFB chips, holding a substantial market share [3]. - The company has also emerged as the largest supplier in the AWG wavelength division multiplexing chip segment, contributing to advancements in high-speed optical modules [4]. Domestic Industry Landscape - The "bottleneck" issues in the domestic optical chip industry have largely been resolved, with most vacuum and testing equipment now domestically produced [5]. - The focus has shifted from merely breaking technological barriers to building ecological advantages within the optical electronics sector [5]. Global Competitive Strategy - Chinese optical chip manufacturers are increasingly gaining market share globally, with seven Chinese companies listed in the top 10 global optical module rankings [6]. - The advantages of Chinese firms include a strong engineering workforce, rapid response to customer needs, and a complete supply chain [6][7]. Future Directions - The future development focus includes silicon photonics and integrated optical chips, with significant investments planned in these areas [11][12]. - Shijia Photonics is also exploring applications in emerging fields such as lidar, gas sensing, quantum networks, and vehicle communication [12].

龙磁科技是全球唯一能量产高性能 15 材无稀土永磁材料的企业，已应 用于驱动电机，有效替代稀土永磁材料，降低成本，提升全球市场份额。 高性能钕铁硼永磁材料供不应求，净利润率超 40%，价格持续上涨， 15 材无稀土永磁材料实现替代，为公司业务增长提供坚实基础，受益于 机器人、新能源汽车等行业发展。 AI 芯片电感市场快速增长，龙磁科技已获主流终端客户认证并小批量供 货，车载电感已进入供应商名录并开始大规模放量生产，市场前景广阔。 当前经济环境下，应关注以工程师红利为基础的新兴产业投资机会，如 粉末冶金、机器人降本、高性能新型金属等领域，中国企业正逐渐成为 全球领头羊。 龙磁科技 2025 年盈利预测乐观，基于越南基地产能扩张（从 6,000 吨 到 1 万吨以上），软磁和电感业务减亏甚至盈利，预计二季度业绩大幅 增长。 全球电感市场规模预计 2025 年达 66 亿美元，2030 年增至 85 亿美元， 年均复合增长率约 5%，受益于家电、手机、PC、服务器等下游需求。 龙磁科技 20250807 摘要 芯片电感市场空间广阔，预计 2027 年单片芯片电感数量达 80 颗，总 需求接近 15 亿颗，市场规模达 ...

Group 1 - Employment is a fundamental aspect of people's livelihoods and is crucial for economic and social development, as well as national stability [1] - High-quality employment is positioned as a strategic goal in economic development, emphasizing the need for a mechanism that promotes quality employment alongside economic growth [2][4] - The interdependence between high-quality economic development and high-quality employment is highlighted, with economic growth creating job opportunities and quality employment enhancing economic sustainability [2][5] Group 2 - The role of employment in economic growth varies across different time periods, necessitating distinct policy focuses for short-term and long-term strategies [3] - As China's economy matures, the importance of addressing short-term demand fluctuations to maintain employment balance has increased [3][6] - Long-term economic growth relies on the effective reallocation of labor and the improvement of labor productivity, which has been historically significant in China's development [4][5] Group 3 - The transition to a higher economic development stage requires new methods to enhance productivity, moving beyond traditional labor reallocation to focus on new productive forces [5][6] - The potential for expanding employment remains significant, with a focus on optimizing labor resource allocation and enhancing non-agricultural employment rates [6][12] - The relationship between new productive forces and employment must be carefully managed to ensure that technological advancements do not hinder job creation [10][11] Group 4 - The development of new productive forces is essential for high-quality employment, with a focus on leveraging existing human resources and enhancing labor quality [9][12] - The integration of technology and labor is crucial, as advancements can lead to both job creation and the need for higher-skilled labor [10][15] - A robust employment policy framework is necessary to adapt to changing economic conditions and ensure effective labor market management [14][15]

Group 1 - Employment is a fundamental aspect of people's livelihoods and is crucial for economic and social development, as well as national stability [1] - High-quality employment is positioned as a strategic goal in economic development, emphasizing the need for a mechanism that promotes quality employment alongside economic growth [1][2] - The interdependence between high-quality economic development and high-quality employment is highlighted, with economic growth creating job opportunities and quality employment enhancing long-term economic sustainability [2][4] Group 2 - The role of employment in economic growth varies across different time cycles, necessitating distinct policy focuses for short-term and long-term strategies [3] - As China's economy matures, the impact of short-term demand fluctuations on employment becomes more pronounced, requiring timely interventions to maintain employment balance [3][4] - The transition from a dual economy to a more integrated labor market has changed the dynamics of labor supply and demand, emphasizing the need for adaptive employment policies [3][5] Group 3 - Long-term economic growth relies on the effective allocation and efficiency improvement of labor resources, with historical evidence supporting the role of labor mobility in driving economic expansion [4][5] - The contribution of employment to economic growth is evolving, with a shift towards enhancing productivity through new forms of production rather than merely reallocating labor [5][6] - The potential for expanding employment remains significant, with a focus on non-agricultural employment rates as a measure of resource utilization [6][12] Group 4 - The relationship between new productive forces and employment must be understood, with technological advancements playing a key role in enhancing productivity and employment quality [7][8] - The core indicator of new productive forces is the significant improvement in total factor productivity, which is closely linked to high-quality employment [8][9] - Utilizing existing human resources effectively, particularly skilled labor, is essential for fostering new productive forces and addressing current employment challenges [9][10] Group 5 - The impact of technological progress on employment must be viewed dynamically, recognizing that while labor-saving technologies may reduce jobs in the short term, they can also lead to overall economic growth and job creation [10][11] - A comprehensive approach is needed to align technological advancements with employment goals, ensuring that high-quality development and employment growth are mutually reinforcing [11][15] Group 6 - The practice of promoting high-quality employment involves a people-centered development approach, emphasizing market-driven employment and government support [12][13] - Strengthening the employment-first policy framework is crucial, particularly in response to complex external environments and labor market fluctuations [14] - Coordinating various policies to enhance employment outcomes is essential, with a focus on macroeconomic management and addressing cyclical unemployment [14][15]

Group 1 - The core viewpoint is that China is increasingly becoming a global hub for research and development, attracting top talent from around the world [3][4][5] - The number of top scientists in China is projected to increase from over 18,000 in 2020 to 32,000 by 2024, indicating a significant growth in research capabilities [4] - China's R&D spending has reached over $780 billion in 2023, accounting for 96% of the U.S. level, up from 72% a decade ago, showcasing a substantial investment in innovation [5][6] Group 2 - Policies aimed at attracting overseas talent are being implemented, including financial incentives and improved living conditions for foreign researchers [6][7] - The influx of talent is contributing to a positive feedback loop between talent cultivation and technological innovation, enhancing China's global competitiveness [7][8] - Chinese universities are improving their global rankings, with Tsinghua University nearing the top ten, reflecting the country's investment in education and research [7][8] Group 3 - China is recognized for its strategic investments in various high-tech fields, including artificial intelligence, electric vehicles, and quantum computing, establishing itself as a leader in these areas [9] - The continuous supply of over one million engineering graduates annually supports local tech companies like Huawei and BYD, fueling innovation [8][9]