2025年12月， 艾瑞咨询发布最新研究成果，基于全球专利分析、技术对比及市场数据，正式确认 恒洁卫浴在智能马桶（及其相关）领域的三大全球市场地位：全球智能马桶技术领先品牌、全球首 创"恒洁3D舒适洗"技术 、全球首创 "创新无水箱超薄壁挂"技术。这一地位声明，充分证明了恒洁 以创新驱动行业升级的技术实践，彰显了中国智造在全球高端卫浴领域的核心竞争力与领导力。 创新技术重塑用户体验 恒洁能够持续推出并量产引领行业的技术成果，其背后是系统化创新能力的强大支撑。这套覆盖研 发、制造到市场应用的完整体系，是其构建长期竞争优势的基石。 根据艾瑞咨询研究，评估企业的技术领先性，可从三个关键维度建立参照：技术储备的广度与深 度、创新动能的持续强度，以及创新成果的应用转化效率。恒洁在这三方面均展现出行业标杆级的 实力，稳居行业第一梯队，正式获授 "全球智能马桶技术领先品牌"市场地位确认。 在技术储备层面：恒洁已构建覆盖智能马桶核心环节的全链条专利布局，累计专利数量居于行业前 列，范围涵盖从马桶腔体设计、喷枪机械结构、电控开关到冲洗性能 AI算法优化等关键技术节 点。 在创新动能层面：恒洁近三年新增专利数量持续领先，创新活力 ...

近期，A股上市公司斩获大单的消息频传，宝胜科技创新股份有限公司(以下简称"宝胜股份 （600973）")、南京万德斯环保科技股份有限公司(以下简称"万德斯")等一批企业纷纷披露了自身在海 内外市场的大额订单或重大合同签订公告，涉及电力电缆、能源工程、船舶制造、建筑、环保、储能等 多个领域。 深度科技研究院院长张孝荣在接受《证券日报》记者采访时表示，A股公司在多个领域频揽大额订单， 且海外市场突破显著，这种多行业、海内外协同发力的态势，标志着我国企业从"商品输出"向"技术、 标准输出"的关键跃升，不仅折射出相关产业在绿色基建、高端制造等领域已形成系统竞争力，也反映 出海外客户对"中国方案"的认可度提升。 例如，12月25日，万德斯发布公告称，公司确认中标芜湖市天门山污水处理厂三期扩建工程特许经营项 目，该项目投资金额约3.8亿元，将对公司业务拓展、营收增长及经营业绩提升产生积极且深远的影 响。 "多家A股公司在不同领域获得大额订单，意味着其在技术研发、产品质量、服务水平等方面具备了较 强的实力。"中关村物联网产业联盟副秘书长袁帅在接受《证券日报》记者采访时表示。 "中国基建的领先竞争力，使其在承接海外项目时具备 ...

证券研究报告·行业研究·汽车与零部件 客车12月月报： 11月内外需同环比修复，期待年底翘尾行情 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年12月23日 请务必阅读正文之后的免责声明部分 推荐客车板块，优选【宇通+金龙】 2 ◼ 客车这轮大周期驱动因素是什么？一句话总结：客车代表中国汽车制造业将成为【技术 输出】的世界龙头。这不是梦想而是会真真切切反应到报表层面。海外市场业绩贡献对 客车行业在3-5年会至少再造一个中国市场。背后支撑因素： （ ➢ 1）天时：符合国家【中特估】大方向，客车是【一带一路】的有力践行者，已有10余 年的出海经验，在新的国际形势变化下，将进一步跟紧国家战略，让中国优势制造业 【走出去】。 ➢ 2）地利：客车的技术与产品已经具备世界一流水平。新能源客车产品维度，中国客车 已领先海外竞争对手。传统客车维度，技术已不亚于海外且具备更好性价比及服务。 ➢ 3）人和：国内市场价格战结束不会成为拖累反而会共振。过去6-7年国内客车"高铁冲 击+新能源公交透支+三年疫情"三重因素 ...

Core Insights - Chengdu aims for high-level opening-up during the "14th Five-Year Plan" period, leveraging "Rongpin Going Global" as a key strategy to enhance its international trade and brand recognition [1][2] Policy, Channels, and Industry - Chengdu has established a comprehensive support system for enterprises to go global, focusing on policy empowerment, logistics channels, and industrial capabilities [2] - The city has implemented a three-dimensional policy system to facilitate international market access, including subsidies for international exhibitions and funding for key export brands, resulting in over 200 billion yuan in intended orders from various international trade events [2] - Chengdu's logistics network has expanded significantly, with 82 international flight routes and over 36,000 China-Europe freight trains, reducing shipping times and costs for local businesses [3] - Key industries such as electronics, pharmaceuticals, and renewable energy have seen substantial growth, with exports increasing by 34.6% year-on-year in the first three quarters [3][4] Technology, Brand, and Model - Chengdu enterprises are shifting from low-cost exports to value-driven approaches, achieving significant contracts in high-end markets, such as a 2.1 billion yuan deal for smart heavy trucks in Saudi Arabia [5] - Technological innovation is a priority, with companies integrating AI and smart technologies to enhance product competitiveness, leading to increased sales and international recognition [6] - Brand development is emphasized, with local firms moving from OEM to brand exports, significantly enhancing the global presence of "Chengdu-made" products [6] - Innovative business models, including the establishment of a free trade zone, are facilitating trade and attracting foreign investment, with over 5,000 foreign enterprises now based in Chengdu [9] Scale, Market, and Impact - Chengdu's foreign trade has seen remarkable growth, with a projected 2024 export value of 839 billion yuan, marking a 12.1% increase [8] - The city's market reach has expanded globally, with products being exported to 230 countries and regions, contributing to its status as the leading foreign trade city in Western China [8][9] - Chengdu's open practices are benefiting the broader Western region, creating a ripple effect that enhances logistics and trade opportunities for neighboring cities [9]

今年以来，龙蟠科技磷酸铁锂正极材料业务频揽大单。今年1月份，龙蟠科技对外宣布，锂源亚太与 BlueOval成功签订供应协议，约定由锂源亚太自2026年至2030年期间提供磷酸铁锂正极材料，具体单价 由双方根据本协议条款逐月确定；今年5月份，龙蟠科技旗下公司与楚能新能源股份有限公司旗下公司 签署了生产材料采购战略合作协议及补充协议，合同总销售金额超50亿元；6月初，锂源亚太与 EveEnergyMalaysiaSdn.Bhd.签署生产定价协议，合同总销售金额超50亿元。 9月16日，龙蟠科技对外宣布，锂源亚太与宁德时代新能源科技股份有限公司（以下简称"宁德时代"） 于9月15日签署了磷酸铁锂正极材料采购合作协议，双方约定将由锂源亚太及其子公司自2026年第二季 度至2031年间向宁德时代海外工厂合计供应15.75万吨磷酸铁锂正极材料。该合同总销售金额预计超过 60亿元。 江苏龙蟠科技集团股份有限公司（以下简称"龙蟠科技"）磷酸铁锂正极材料业务再获新订单。 12月3日，龙蟠科技发布公告称，公司控股孙公司LBMNewEnergy（AP）Pte.Ltd.（以下简称"锂源亚 太"）与SunwodaAutomotiveE ...

污水厂新生产线在建设中。人民网记者 管克江摄 人民网苏斯12月3日电 （记者管克江）突尼斯东部海滨旅游城市苏斯郊区，一处厂区内，曝气池的曝气机隆 隆运转，黑色污水不断翻腾。另一侧，新的曝气池主体结构已经完成，工人正借助机械进一步施工——这里是苏 斯穆萨肯污水处理厂（穆萨肯污水厂），日处理污水能力6000吨。中国电建下属水电十五局目前负责其扩建工 程，建成后处理能力可提升到1.7万吨/天。 "穆萨肯当地急需扩建污水厂。现有污水厂早已满足不了城市发展需求。周边生活着约20万人，每天产生1.3 万吨生活污水。处理不了的污水只能直接排放，对河流和当地环境造成严重影响。"项目经理姬杰表示，项目正有 序推进，确保明年3月份扩建主体工程完工。 中国电建在突尼斯有多年成功"治水"经验。2022年5月，由中方承建的苏斯污水处理厂正式投入使用，每天可 净化5.3万方污水，其中年输出2035万方达标水用于农田灌溉，使当地农作物灌溉成本降低了40%。曾经臭味弥漫 的苏斯河清水复流、水草重生，游客数量稳步增长，就业机会持续增加。依托苏斯项目的成功经验，2023年中国 电建中标穆萨肯污水厂扩建、凯鲁万及福瑞纳污水厂修复项目，持续为突尼斯 ...

Core Insights - Over 70 A-share listed companies in China have disclosed significant contracts or strategic cooperation agreements since October, indicating a broad industry impact, particularly in machinery and power equipment sectors [1][2] - The recent surge in orders is attributed to a combination of policy windows, global inventory adjustments, and technological iterations, rather than mere seasonal fluctuations [1][2] - New orders are increasingly focused on technology cooperation and supply chain collaboration, enhancing profitability and customer loyalty for related companies [1] Industry Developments - Major contracts include a 34.15 billion yuan offshore wind power project led by China Huadian Corporation, and significant contracts in energy storage and high-end equipment manufacturing, aligning with national investment plans [2] - The high-end manufacturing sector is witnessing a rise in orders related to AI computing power, energy storage, and advanced photovoltaic technologies, reflecting growing enthusiasm from downstream customers for new technologies [3] Global Expansion - Chinese companies are shifting from "product export" to "technology export," with notable contracts signed in Saudi Arabia and Peru, totaling approximately 195.54 billion yuan and 117.19 billion yuan respectively [4] - This transition signifies an upgrade in the role of Chinese enterprises within the global supply chain, with some companies achieving a leap in capabilities abroad [5]

Core Viewpoint - Xiaopeng Motors has experienced significant stock price increases, suggesting potential profitability and interest from large capital investors, rather than retail investors alone [2] Sales Growth - Xiaopeng Motors, along with NIO and Li Auto, is part of the first wave of new energy vehicle manufacturers, previously struggling with sales but showing improvement [3] - Despite sales growth, Xiaopeng's performance remains below the industry average, indicating reliance on overall market trends rather than internal mechanisms [5] - The company aims for a sales growth rate in 2024 that is double that of 2023, with projections of over 400,000 units sold by 2025, approaching profitability [5] Financial Performance - Xiaopeng's Q2 2025 financial report shows revenue of 18.27 billion yuan, a 125.3% year-on-year increase, with a gross margin of 17.3% and a reduced net loss of 480 million yuan [7] - Cumulative revenue for the first half of 2025 reached 34.09 billion yuan, with deliveries exceeding 197,200 units, a 279% increase year-on-year [7] Technological Advancements - Xiaopeng is transitioning from a traditional car manufacturer to a technology company, with significant revenue from technology services, including a partnership with Volkswagen [8] - The introduction of AI technologies and new products, such as the AI-driven Robotaxi and humanoid robots, marks a shift in the company's focus [8][9] Market Expansion - Xiaopeng's export volume to Europe increased by 320% in the first half of 2025, with a growing presence in 28 countries through partnerships [10] - The company plans to expand its global footprint to over 60 countries by the end of 2025, with a strong focus on the European market [11] Revaluation - Given the significant changes and growth potential, Xiaopeng Motors is due for a revaluation, with its stock price reflecting optimistic market expectations [11]

Core Insights - BYD's globalization process is advancing at an unprecedented speed [1] - BYD has surpassed traditional British automotive brands in sales within just two years, indicating a significant market penetration [2][3] - The company has established itself as the largest single overseas market in the UK, with a total sales volume of 35,604 vehicles in the first nine months of 2025, reflecting a year-on-year increase of 576.9% [3] Global Market Expansion - BYD's overseas factories are beginning production, leading to breakthrough sales in various markets including Italy, Spain, Brazil, and Thailand [4] - The company is overcoming user perception barriers and building trust in its brand and products, which is essential for its strategy of "recreating BYD" [5] Strategic Differentiation - Historically, Chinese automotive brands faced challenges in overseas markets due to consumer trust in local brands and established supply chains [6] - BYD is implementing a differentiated strategy based on local market conditions, adapting to various regional policies and competitive landscapes [8] Product and Market Adaptation - Market data shows a preference for plug-in hybrid models in Mexico, Brazil, and Turkey, while pure electric vehicles dominate in countries like Indonesia [9] - BYD's factories in Thailand and Brazil are producing both pure electric and plug-in hybrid models to cater to local preferences [11][12] Local Integration and Innovation - BYD is transitioning from merely exporting products to establishing a local presence and integrating into local markets [13] - The company plans to collaborate with local universities and suppliers in Hungary to enhance the local automotive ecosystem [18] Research and Development Investment - BYD has invested a total of 220 billion yuan in R&D, with 43.75 billion yuan spent in the first three quarters of 2025 [19] - The company’s overseas sales reached 700,000 units in the first nine months of 2025, marking a 132% year-on-year increase and accounting for 22% of total sales [19] Quality and Brand Enhancement - BYD is moving from quantity growth to quality improvement, focusing on product structure upgrades and brand value enhancement [20] - In the EU market, BYD's sales increased by 560% in the first three quarters of 2025, with significant growth in Brazil and Thailand [21] Market-Specific Strategies - At the Tokyo Motor Show, BYD launched the K-EV BYD RACCO, tailored for the Japanese market, and introduced a dual strategy of pure electric and hybrid models [22][24] - BYD is building a complete ecosystem in overseas markets, transitioning from product export to technology output and talent development [25] Conclusion - As more Chinese brands like BYD gain trust and create value, they are poised to transition from emerging players to world-class brands, marking a significant chapter in the globalization of Chinese automotive brands [26]

这份文件，看似是枯燥的技术规范，却标志着我国在"5G+工业"融合应用领域取得里程碑意义的国际成 果，为全球制造业的数字化转型贡献了中国智慧与中国方案。 更值得关注的是标准扉页的署名：中国与德国联合提出，美国、法国、日本等12国专家联合研制。当西 方媒体还在炒作"技术脱钩" 时，这份跨越意识形态的标准文件，已然给出了最有力的回应。 正式发布！我国牵头制定标准 据国家市场监督管理总局网站消息，国际电工委员会（IEC）正式发布全球首个工业5G国际标准IEC PAS 63595：2025《工业网络 5G通信技术 通用要求》。该标准由中国与德国联合提出，由美国、法 国、日本等多国专家协同攻关、共同研制完成，填补了工业5G领域国际标准的空白。 IEC 63595的发布，标志着中国5G实现了从技术、产业到话语权的三重突破。 在技术层面，实现了从"单点突破"到"体系引领"的跨越。如果说2016年拿下短码标准是"一剑封喉"，如 今的工业5G标准则是"全面布局"。 在产业层面，破解了"标准与产业脱节"的世界难题。中国采取"标准制定与应用试点同步推进"的策略， 在标准研制期间，同步开展了15个行业的试点项目。采取"实践 - 标准 ...