Company Overview - Shenzhen Modulus Technology Co., Ltd. has completed a multi-million angel round financing led by Denning Capital, with funds primarily allocated for product development, market promotion, and team building [1] - Founded in late 2024, the company focuses on multi-modal multi-dimensional tactile sensing technology and tactile model research and application, with products including robotic touch, industrial pressure distribution detection, flexible fabric sensors, and flexible film sensors [1][3] Technology and Product Development - The company’s self-developed technology is driven by the rapid growth of consumer electronics, healthcare, industrial automation, and emerging humanoid robotics industries, leading to increased demand for tactile and flexible sensors [3] - Modulus Technology addresses core issues in the flexible sensing industry, such as insufficient range and sensitivity, by developing high-sensitivity materials and micro-structural processes, achieving a maximum pressure range of 20 MPa and linearity of 99.9% [4][5] - The company has established a full-stack R&D capability, covering sensor materials, hardware, algorithms, and systems, facilitating sensor data collection, calibration, and software analysis [4] Market Applications - The core products include robotic touch and industrial pressure distribution detection, serving clients in humanoid robotics, dexterous hands, and mechanical arms, as well as providing real-time digital solutions for pressure distribution monitoring in industries like lithium batteries and 3C manufacturing [5][6] - Modulus Technology is also developing flexible fabric sensors for applications in smart cabins, smart mattresses, smart pillows, and smart clothing [5] Team and Expertise - The company has a team of nearly 20 people, with over 80% in R&D, covering key areas such as algorithms, hardware, software, and sensors [6] - The founder has extensive experience in supply chain collaboration and investment in the smart wearable sector, while co-founders possess backgrounds in polymer materials, electronic ink, and flexible sensor research [6] Investment Perspective - Denning Capital views robotic tactile sensors as essential components for robots to perceive their environment, with significant application value in humanoid robots and dexterous hands, as well as potential in 3C and new energy manufacturing [7] - The investment firm believes that the future of the sensor industry lies in multi-modal sensor integration and AI-driven sensor intelligence, aligning with Modulus Technology's business direction [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][23]. Core Views - The company has seen a year-on-year increase in both order volume and processing volume, highlighting investment opportunities in the steel structure sector at a relatively low point [1][2]. - The company is expected to benefit from the supply-side reforms in the steel industry, which may lead to improved profitability as steel prices rise [3]. - The company is focusing on intelligent transformation and has invested in advanced manufacturing technologies, which is expected to enhance operational efficiency and profitability [4]. Summary by Sections Orders and Production - In the first half of 2025, the company signed new orders totaling 14.38 billion, a slight increase of 0.17% year-on-year. In Q2 2025, new orders amounted to 7.328 billion, a decrease of 0.85% year-on-year. The steel structure production for the first half of 2025 reached 2.3625 million tons, up 12.19% year-on-year, with Q2 production at 1.3134 million tons, an increase of 10.56% year-on-year [1][2]. Pricing and Market Trends - The company has seen an increase in the number of large contracts (over 10,000 tons) from 6 in Q2 2021 to 18 in Q2 2025. The average price per ton for new orders in Q2 2025 ranged from 4,535 to 8,494 yuan, indicating a 5.11% increase in average price compared to Q2 2024 [2]. - Steel prices have stabilized between 3,160 and 3,370 yuan per ton, with an average of 3,233 yuan per ton, reflecting a year-on-year decline of 15.2% [2]. Financial Projections - The company is projected to achieve a net profit attributable to the parent company of 868.65 million, 1,015.91 million, and 1,222.03 million for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.14, 12.09, and 10.05 [5][4]. - Revenue is expected to grow from 21,514.36 million in 2024 to 33,629.99 million in 2027, with a compound annual growth rate of approximately 14.66% [5]. Intelligent Transformation - The company has established a dedicated research team for intelligent manufacturing and has invested in various advanced production technologies, including automated cutting and welding equipment, which are expected to enhance production efficiency [4].

Group 1: Industry Overview - The market for domestic televisions and electronic screens is diverse, supported by advanced technology [1] - The display industry in Xi'an High-tech Zone aims to create a trillion-level electronic display industry cluster, having introduced over 40 upstream and downstream supporting enterprises [4] Group 2: Company Innovations - Rainbow Display Device Co., Ltd. has achieved independent innovation in core materials, key equipment, and production processes, breaking foreign technology monopolies, particularly in G8.5+ substrate glass production [1] - The company operates the only national-level innovation platform in this field, with production bases established in Xi'an and Hefei, covering a range of LCD display substrate glass products [1] Group 3: Production Capabilities - AOC Display Technology (Xi'an) Co., Ltd. produces a wide range of display products, with one in three monitors globally coming from its 12 manufacturing bases [3] - Since its establishment in 2018, the company has achieved a cumulative output value of 13 billion yuan, exporting products to over 30 countries [3] Group 4: Efficiency and R&D Investment - The production line at AOC operates efficiently, manufacturing a liquid crystal television every 8 seconds, with a fully integrated production chain that reduces packaging and transportation costs [3] - The company invests 20% of its total expenditure annually in R&D, with rapid product development outpacing competitors [4]

前不久，传来一则振奋人心的消息：工业和信息化部公布了2025年制造业新型技术改造试点城市名单。 其中，无锡市作为江苏省唯一推荐城市成功入选。 从制造业重镇到科创高地，从传统"制造"到高端"智造"……一直以来，无锡大力推进新型工业化，加快 发展新质生产力，制造业发展始终处于全国第一方阵，在新领域和新赛道走在前列。 此次无锡成为江苏唯一入选的城市，其背后蕴藏着什么样的跃升"密钥"？ 密钥①|聚焦智能化 智改数转网联"跑"在前 在世界最大跨度悬索桥——张靖皋长江大桥施工现场，工作人员正在紧张地施工。 在兴澄特钢，一批特钢线材刚刚下线，这些钢丝将被用在张靖皋长江大桥上，而生产出这些"钢铁琴 弦"的"灯塔工厂"可不简单。 "灯塔工厂"400多米长的产线上，布满了智能燃烧、精准冷却等200多种智能应用以及检测机器人、5G 无人车等上百台套智能装备，仅需4人就能完成十几道工序；工厂的数智中心大屏幕上实时显示着整个 工厂的运行数据，"指挥"着钢铁生产的各个环节。 这座工厂是全球特钢行业首家"灯塔工厂"，也是兴澄特钢数字化转型迈入新阶段的"象征"。 在深度融合人工智能、大数据与数字孪生技术，推动全流程智能化升级的过程中，数智中 ...

Core Insights - The Chinese automotive market in the first half of 2025 shows significant growth driven by policy guidance, technological innovation, and strategic adjustments by companies, characterized by "total growth, structural optimization, and energy transition" [1] Sales Performance - Major automakers achieved year-on-year sales growth, with domestic brands and new energy vehicles being the primary growth engines, capturing over 68% of the market share [2] - BYD led the industry with total sales of 2.146 million units, a 33.04% increase year-on-year, achieving 39% of its annual target [2] - SAIC Motor reported sales of 2.053 million units, up 12.4%, with its own brands contributing 1.304 million units, a 21.1% increase [3] - Geely's sales reached 1.409 million units, a 47% increase, with its new energy vehicle sales surging 126% [3] - Changan Automobile's sales hit 1.355 million units, marking an 8-year high, with new energy vehicle sales growing 48.8% [3] - Chery Group sold 1.26 million units, a 14.5% increase, with new energy vehicle sales up 98.6% [4] Technological and Strategic Shifts - The automotive industry is transitioning from price competition to technology competition, focusing on smart and globalized strategies [1][7] - Companies are investing in core areas such as battery life, smart driving, and vehicle systems, entering a new phase of "cost reduction and efficiency enhancement" [7] - The trend of "software-defined vehicles" is emerging, with AI integration in manufacturing and improved user experience becoming key purchase factors [7] Global Expansion - Chinese automakers are shifting from "single export" to "overseas factories and localized supply chains," with BYD and Chery establishing production bases abroad [8] - BYD's overseas sales reached 470,000 units, with other companies also increasing their overseas sales proportions [8] Market Outlook - The market is expected to become more competitive and vibrant in the second half of the year, with new models and enhanced production capacities from overseas factories [8]

中国环保机械行业协会名誉会长、专家委员会主任王亦宁接受中国工业报记者采访时表示，《意见》的 出台不仅是对行业四十年发展成果的系统总结，更是面向"双碳"目标的战略部署，将推动环保装备制造 业向绿色化、数字化、智能化、高端化深度融合的高质量发展方向迈进。 政策赋能：打开行业发展新空间 自2011年以来，工信部先后发布《环保装备"十二五"发展规划》《环保装备制造业高质量发展行动计划 (2022—2025年)》等文件，政策的持续发力为行业注入稳定预期。 历经数十年深耕，我国环保装备制造业实现了从追赶到并跑、从跟跑到部分领跑的跨越，不仅以雄厚产 业规模撑起污染防治攻坚战的"硬核"支撑，更以先进技术装备筑牢生态环保产业发展根基。近日，工业 和信息化部、生态环境部、国家市场监督管理总局联合发布《促进环保装备制造业高质量发展的若干意 见》(以下简称《意见》)，从供需两端精准施策，以政策"组合拳"为行业发展注入强劲动能，推动环保 装备制造业向着万亿级产业目标加速迈进。 构建科学合理的用户评价标准需兼顾普适性与灵活性，《意见》鼓励用户综合性能、效率、能耗、水 耗、寿命、运维等多维度指标，优化评标规则。行业协会等第三方机构将从重点 ...

Core Insights - The article highlights the rapid growth and transformation of the spicy snack industry, particularly focusing on the development of "spicy strips" in Pingjiang County, Hunan Province, which has become a significant player in the market [1][5] Industry Overview - In 2024, Pingjiang County has approximately 120 spicy strip enterprises, generating an annual output value exceeding 20 billion yuan, accounting for one-third of the national spicy strip market [1] - The spicy strip industry has created employment for over 100,000 people in the region, establishing Pingjiang as the "Hometown of Spicy Strips" in China [1] Historical Context - The origin of spicy strips can be traced back to the local production of spicy bean products, with a significant shift occurring after the 1998 floods, which led to the innovation of spicy strips using wheat flour instead of soybeans [1][2] Industry Challenges and Responses - The industry faced challenges related to food safety and the perception of spicy strips as "junk food," prompting local producers to advocate for the establishment of hygiene standards and the development of national standards for spicy strips [2] - Efforts included shutting down low-end workshops and upgrading 176 food enterprises to enhance quality and safety, transitioning the industry towards standardization and health [2][3] Technological Advancements - Automation and smart technology have been integrated into production processes, ensuring cleanliness and hygiene, with companies investing nearly 3% of their revenue in research and development for product improvement [3] Market Expansion and Innovation - The spicy strip market is diversifying with innovative products such as spicy strip dumplings, mooncakes, and even spicy strip sushi, expanding its appeal beyond traditional snacks [3][4] - The first spicy strip museum opened in Changsha, showcasing the history and production of spicy strips, enhancing consumer awareness and appreciation of the industry [3] Future Outlook - According to Frost & Sullivan, the market size of the spicy strip industry is projected to reach 61.51 billion yuan in 2024, with expectations to grow to 73.38 billion yuan by 2029, indicating a robust growth trajectory [5]

证券代码：002405 证券简称：四维图新 公告编号：2025-044 ，公司将为北汽新能源两车型开发泊车软件 产品。 根据《深圳证券交易所股票上市规则》 北京四维图新科技股份有限公司 关于与北京新能源汽车股份有限公司签署开发合同 的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 和最终成果尚存在不确定性，敬请广大投资者谨慎决策，注意投资风 险。 构成重大影响，对公司未来年度经营业绩的影响将视双方后续项目的 实施进展情况确定。 一、概况 近日，北京四维图新科技股份有限公司（以下简称"公司"或"四 维图新"）与北京新能源汽车股份有限公司（以下简称"北汽新能源"） 签署《零部件开发合同》 《公司章程》等相关规定， 本次合同的签署不构成关联交易，亦不构成《上市公司重大资产重组 管理办法》规定的重大资产重组，无需提交股东会和董事会审议。 二、交易对方介绍 公司名称：北京新能源汽车股份有限公司 法定代表人：张国富 注册资本：1506029.573 万元 注册地址：北京市北京经济技术开发区东环中路 5 号 12 幢 1 层 经营范围：生产电 ...

Group 1 - The core viewpoint of the article highlights the initiation of the development of 5 national standards and 4 industry standards in the field of intelligent manufacturing within the steel industry, led by Baogang Group, aimed at addressing common technical challenges and establishing a modern intelligent manufacturing system [1][5]. Group 2 - Baogang Group is leveraging the opportunities presented by the integration of digitalization, networking, and intelligence, positioning intelligent manufacturing as a key driver for transformation and upgrading, with significant achievements in smart mines, intelligent factories, and industrial internet platforms [3]. - The company has established a comprehensive system consisting of a data asset platform, a network deployment, a series of digital projects, and a smart mine, which includes the development of the world's first autonomous mining truck transportation system [3]. Group 3 - The newly established standards reflect Baogang Group's technical strength and service capabilities in the field of intelligent manufacturing, and the company aims to deepen its innovative practices and participate in more standard-setting efforts to support national industrialization strategies [5].

行业研究丨深度报告丨汽车与汽车零部件 [Table_Title] 优质赛道穿越周期，机器人转型星辰大海——汽 车零部件行业 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 国内智能化升级叠加国产替代下优质赛道穿越周期，全球化和机器人转型打开新空间，坚定看 好汽车零部件板块：1）国内：智能化等升级赛道和国产替代；2）海外：全球化布局进入收获 期；3）人形机器人：汽车零部件企业机器人行业转型，有望开辟第二增长曲线。 分析师及联系人 [Table_Author] 高伊楠 张永乾 王子豪 SAC：S0490517060001 SAC：S0490524030002 SAC：S0490524070004 SFC：BUW101 张扬 SAC：S0490524030004 请阅读最后评级说明和重要声明 2 / 35 %% %% %% %% research.95579.com 2 汽车与汽车零部件 cjzqdt11111 [Table_Title 优质赛道穿越周期，机器人转型星辰大海 2] —— 汽车零部件行业 2025 ...