三是，随着市场对美元资产"一枝独秀论"祛魅，全球资金对中国资产配置兴趣回升。同时，国内资金开 始从定期存款向多元理财配置转变，保险和银行资管等机构开始"真金白银"入市。 在邢自强看来，全球流动性环境趋于宽松将支持风险资产表现，预计2026年上半年美联储将会有三次降 息，分别在1月、4月和6月进行，这为全球风险资产创造了有利环境。 12月2日，摩根士丹利举办线下媒体圆桌分享会，摩根士丹利中国首席经济学家邢自强和摩根士丹利中 国首席股票策略师王滢讨论了2026年中国经济和股市策略。 中国股市进入"估值结构性修复"过程 王滢认为，中国股市已经进入了"估值结构性修复"的过程。"今年A股、港股，包括全球机构投资人追 踪最为紧密的明晟中国指数，在估值上取得了非常大程度的修复。尤其港股恒生指数和明晟中国指数， 市盈率修复超30%。"她说。 摩根士丹利表示，随着市场对美元资产"一枝独秀论"祛魅，全球资金对中国资产配置兴趣回升，中国股 市重新被定义为"有成长性的市场"。该机构小幅上调了中国股票指数目标，将2026年12月沪深300指数 的目标点位定为4840点，并表示"明晟中国指数12个月前瞻市盈率在12至13倍之间是合理的" ...

Core Viewpoint - The market currently holds a pessimistic outlook on the automotive industry's cycle for next year due to expectations of subsidy policy withdrawal, but sales performance may exceed market expectations, presenting investment opportunities focused on expectation recovery, individual stock alpha, and trends in the intelligent driving/robotics/liquid cooling sectors [3][18]. Sales Outlook - Retail sales are expected to grow by 1.0% and wholesale by 4.6% in 2026, with electric vehicle (EV) wholesale increasing by 8% and gasoline vehicle wholesale by 1%. Inventory is projected to slightly increase by 200,000 units by year-end, and exports are anticipated to reach 6.86 million units, a 21% increase. This outlook is more optimistic compared to the market's pessimistic sales forecasts, driven by factors such as lower-than-expected sales in Q4 2025 leading to demand being pushed into the next year, and positive expectations regarding policy support [4][19]. Competitive Outlook - From the perspective of complete vehicles, the market structure for economy and high-end brands is largely established, making it more challenging for second-tier brands to expand. Price pressures are expected to increase due to the industry's shift to "passive inventory accumulation," while policy guidance aimed at reducing internal competition is expected to alleviate some pricing pressures. For components, the slowdown in EV growth will impact revenue and profit margins, alongside fluctuations in raw materials and exchange rates [5][20]. Complete Vehicle Investment - The downward cycle is likely to suppress overall valuations, with three main potential opportunities in 2026: 1) Recovery of pessimistic expectations, driven by catalysts such as better-than-expected sales, policies, and exports post-Chinese New Year, focusing on leading companies like Geely and BYD; 2) JAC Motors, which has less correlation with the downward beta of EVs, showing significant fundamental and valuation elasticity; 3) Scattered opportunities in complete vehicles, such as NIO, which depend on the successful launch of new models and require ongoing monitoring for early identification [6][21]. Component Investment - The growth rate of new energy vehicles is expected to decline from +25% in 2025 to +8% in 2026, indicating that most high-quality components will face revenue and profit margin pressures unless there is an additional order release cycle. Investment opportunities will continue to focus on new industry directions, driven by industry progress and company developments, particularly in intelligent driving, liquid cooling, and robotics. 1) Intelligent Driving: The implementation of L3 standards is expected to catalyze order cycles, with recommendations for Horizon Robotics and attention to Hesai Technology, Supcon, and Black Sesame Intelligence. The rollout of L4 standards is anticipated to create investment opportunities for autonomous driving operators, with recommendations for Pony.ai, WeRide, and Cao Cao Mobility [7][22]. 2) Liquid Cooling: This sector is expected to contribute orders and profits quickly, with automotive component companies accelerating their entry, recommending Minth Group, Yinlun, and Lingyun [8][23]. 3) Robotics: Following recent sector adjustments, the industry is expected to advance next year, creating new investment opportunities, with priority recommendations for adjusted leading companies: Top Group, Minth Group, Yinlun, Double Ring Transmission, and Haoneng [8][23]. 4) Companies with strong performance support due to a relatively large volume of new orders can be considered for low-entry positions, including Minth Group, Haoneng, Aikodi, Jifeng, Xingyu, Yinlun, and Double Ring Transmission [8][23].

Core Viewpoint - The Trump administration is shifting focus towards the robotics sector, following a plan to accelerate artificial intelligence development, with significant government engagement and potential upcoming executive orders [1] Group 1: Government Initiatives - The U.S. Secretary of Commerce has been meeting frequently with CEOs from the robotics industry to promote its development [1] - An executive order regarding the robotics sector is being considered for release next year [1] - The U.S. Department of Transportation plans to establish a robotics task force by the end of the year, although no comments have been made by the department's spokesperson [1] Group 2: Legislative Actions - There is increasing attention from Congress towards the robotics field, highlighted by a proposed amendment to the National Defense Authorization Act for the establishment of a National Robotics Commission, which was ultimately not included in the bill [1] - Legislative actions related to robotics are still in progress [1] Group 3: Industry Importance - The U.S. Department of Commerce emphasizes the importance of robotics technology and advanced manufacturing for the return of critical industries to the U.S. [1]

（编辑 袁冠琳） 证券日报网讯 12月3日，宏微科技在互动平台回答投资者提问时表示，公司GaN技术目前主要聚焦于数 据中心、算力等电源系统以及机器人等新兴领域，关于与其他厂商的技术对比及太空等特殊应用场景， 涉及具体参数和认证要求等较为复杂，公司现阶段暂未开展相关方面的应用验证。 ...

POLITICO：特朗普政府考虑明年对机器人实施行政令。 ...

Core Insights - The event "Exploring Haon Automotive Electronics, Smart Future Path" was organized by Dongfang Caifu Securities to facilitate direct communication between investors and Haon Automotive Electronics [1] - The activity aimed to provide investors with a comprehensive understanding of Haon Automotive's business layout, technological strength, and development strategy through in-depth research [1] Company Overview - Haon Automotive Electronics is an innovative national high-tech enterprise focused on the research, design, manufacturing, and sales of automotive intelligent driving perception systems [4] - The company's "perception system + decision system" one-stop solution is leading in the industry, with the vehicle-mounted visual perception system accounting for approximately 65% of its main business revenue [4] Product and Technology Insights - The exhibition showcased Haon Automotive's technological development in intelligent driving perception, highlighting the transition from basic perception to integrated intelligence [2] - Products displayed included intelligent vision systems, ultrasonic radar systems, millimeter-wave radar systems, and AI algorithm-based integrated technology solutions, demonstrating their practical applications in driving scenarios [2] Strategic Communication - During the Q&A session, investors engaged with management regarding the company's business development and future strategies, particularly the application prospects of products in the robotics field [7] - The management emphasized that perception technology is a core requirement for various types of robots, with existing products covering both perception and decision-making aspects, and deep collaborations established with leading robotics companies [7] Investor Engagement - The event provided a unique immersive experience for investors to understand the company's value through direct interaction with management and exploration of the company's technological and strategic dimensions [7] - Dongfang Caifu Securities is committed to facilitating direct dialogue between investors and quality enterprises, planning to continue organizing similar in-depth research activities in the future [7]

Core Insights - The article highlights the transformative impact of automation and AI in China's manufacturing sector, showcasing how Western executives are both impressed and fearful of China's advancements in smart manufacturing [3][4][5][8]. Group 1: Automation and Smart Manufacturing - China's factories are increasingly automated, utilizing AI, IoT, and robotics to achieve full-process automation with minimal human intervention [4][5]. - Executives from Western companies, such as Ford and Octopus Energy, express astonishment at the high levels of automation and the significant productivity gains achieved in Chinese factories [4][5]. - By 2025, AI algorithms are expected to make 80% of manufacturing decisions in some Chinese factories, optimizing production parameters and resource allocation autonomously [4]. Group 2: Robotics Industry Growth - China has become the world's largest industrial robot market for 12 consecutive years, with over 200,000 industrial robots operating in factories by 2024 [11]. - The density of robots in China has increased nearly 19 times over the past decade, reaching 470 robots per 10,000 manufacturing workers, surpassing the US and Germany [14]. - By 2024, Chinese domestic manufacturers are projected to capture 57% of the domestic market share for robots, a significant increase from 28% a decade ago [15]. Group 3: Global Economic and Geopolitical Implications - The automation revolution in China is reshaping global economic competition and geopolitical dynamics, with implications for manufacturing and supply chain control [16][19]. - The competition in AI and robotics is likened to a new arms race, with significant stakes for national economies, particularly for the US, which views AI and robotics as crucial for revitalizing its manufacturing sector [16][19]. - China's advancements in automation are seen as a means to secure its position in global supply chains, moving beyond reliance on cheap labor to efficient automated systems [19][20]. Group 4: Challenges and Strategic Responses - The US is urged to develop a national robotics strategy and enhance workforce skills to compete effectively with China's automation advancements [24][25]. - Key strategies include fostering technological alliances, focusing on differentiated innovation, and addressing infrastructure challenges related to energy consumption by AI and robotics [24][25]. - China’s advantages lie in its large-scale deployment of robots, comprehensive industrial ecosystem, and strong governmental support for technological advancements [26][27]. Group 5: Future Outlook - The ongoing industrial revolution driven by robotics and AI is expected to have profound and far-reaching effects, presenting both opportunities and responsibilities for all stakeholders involved [28][30]. - The historical context of great powers rising through technological revolutions underscores the importance of seizing the current wave of automation and AI advancements [30].

格隆汇12月3日｜有投资者在互动平台向宏微科技提问：1、公司目前在GaN领域和国内领先的英诺赛科 相比有哪些区别？2、能否介绍一下GaN在太空中相比SiC有哪些优势？太空领域应用的GaN公司目前能 达到技术要求吗？ 宏微科技回复称，公司GaN技术目前主要聚焦于数据中心、算力等电源系统以及机器人等新兴领域，关 于与其他厂商的技术对比及太空等特殊应用场景，涉及具体参数和认证要求等较为复杂，公司现阶段暂 未开展相关方面的应用验证，敬请谅解。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司在量子传感器有什么技术储备吗？参股公司 传感器目前有没有应用在比较有名的机器人公司？具体应用到哪几家？ 苏州固锝（002079.SZ）12月3日在投资者互动平台表示，公司的参股联营公司苏州明皜传感和苏州华锝 所生产的传感器产品不涉及量子传感器类目；公司自身代工的功率器件等产品有应用于包括家电机器 人、工业设备机器人等在内的场景。请投资者注意风险。 （文章来源：每日经济新闻） ...

Group 1 - The core focus of the company’s GaN technology is currently on power systems for data centers and computing, as well as emerging fields such as robotics [1] - The company has not yet conducted application validation for specific parameters and certification requirements related to comparisons with other manufacturers and special applications like space [1]