Core Viewpoint - The establishment of innovation consortia is crucial for enhancing the role of enterprises in innovation, promoting collaboration across the supply chain, and accelerating the transformation of scientific achievements into productive forces [1][2]. Group 1: Innovation Consortium Development - The innovation consortium serves as a key vehicle for integrating innovation chains, industrial chains, financial chains, and talent chains, which is essential for achieving technological self-reliance [1]. - Various regions, such as Zhejiang and Shanghai, have initiated innovation consortia involving leading enterprises and numerous universities and research institutions to focus on strategic emerging industries and future industries [1][2]. Group 2: Systematic and Task-oriented Approach - The third batch of central enterprise innovation consortia emphasizes a "systematic and task-oriented" approach, enhancing the functionality of the consortia and improving market mechanisms for shared benefits and risk-sharing [2]. - There is a need for better coordination among large enterprises and active participation from small and medium-sized enterprises to create a new collaborative framework [2]. Group 3: Strategic Planning and Key Areas - Strengthening overall planning and collaboration among provinces is essential, with a focus on creating integrated policies for technology innovation, including financial support and project demonstrations [3]. - Identifying key areas for joint efforts based on regional advantages and industrial foundations is necessary to develop a clear list of collaborative innovation needs [3]. Group 4: Organized Research Activities - Encouraging innovation consortia to explore integrated research organization models can enhance cross-disciplinary collaboration and improve overall innovation capabilities [3]. - The goal is to achieve significant breakthroughs in critical technology, equipment, and products across supply chains [3]. Group 5: Accelerating Element Circulation - Establishing a mechanism for shared investment in project funding, technology transfer, and benefit sharing is vital for effective technology commercialization [4]. - Developing a knowledge-sharing mechanism within innovation consortia and promoting high-value patent strategies can enhance competitive advantages [4]. Group 6: Financial Policy Improvement - Utilizing various innovation funds to attract financial capital for supporting innovation projects within consortia is crucial [4]. - Exploring new financing models for small and medium-sized enterprises within innovation consortia can facilitate project development and innovation growth [4].

投资者关系活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 公司接待人员姓名 黄平 （董事、董事会秘书、财务负责人） 尚丹妮（IR） 参与单位名称及 人员姓名 中金公司 曲昊源 时间 2025 年 05 月 15 日 14:30-15:30 地点 公司会议室 形式 现场会议 交流内容及具体问答 记录 1、公司的主要业绩驱动因素？ 公司始终坚持"创新驱动发展战略"，通过持续的技术突 破推动企业高质量发展。经过多年积累，公司已全面掌握了超 高压绝缘材料开发、电缆附件系统设计及检测、电缆附件制造 以及检测、电级附件的安装等核心技术，构建了完整的电缆附 件技术体系。为保持技术领先优势，公司近年来持续加大研发 投入，特别是在基础材料应用、产品成型工艺、高电压等级产 品研发以及智能电缆附件等前沿领域，通过大幅增加人力成本 投入，不断扩充高端研发团队，持续强化核心竞争力，为企业 的可持续发展提供坚实保障。同时，公司与西安交大成立"长 缆科技-西安交通大学联合研究中心"，并确定了联合研究项 目，组建了矩阵式联合研究团队，共同开展研究工作，为后续 深入开展产学研合作 ...

5月8日至9日，2025中国汽车工业咨询委员会工作会议在位于安徽芜湖的奇瑞汽车召开。借此机会，我们对奇瑞汽车进行了参观调研并召开了奇瑞发展 战略研讨会，奇瑞董事长尹同跃和副总王琅在会上对"奇瑞经验"做了一番介绍，我也在这个过程中产生了一些感悟，不吐不快。 自信执着的起步 改革开放以后，我国从上世纪80年代中期开始决定发展轿车工业，奇瑞就诞生在中外合资生产轿车10年以后的90年代末。 那时，中国轿车刚刚开始私人消费，尚未大规模进入家庭。巨大的市场前景让许多省市都想发展轿车工业并使之成为本地的支柱产业，芜湖也不例外。 彼时，在第一部汽车产业政策的指导下，国家重点支持当时已有的、国有企业为主体的乘用车生产企业（当时称"三大三小两微"），当时严格执行审批制度 的汽车管理体制基本限制了投资建设新的轿车生产企业。要实现这个梦想必须有自主的技术根底和前瞻性的战略思维才能去拼搏争取。此时一个关键人物出 现了！这个人就是具有充实的专业知识、在一汽发动机和轿车生产第一线摸爬滚打多年的技术人才尹同跃。他满怀信心回到家乡芜湖，立志让芜湖的梦想变 为现实，由此带领大家开始了执着的逐梦创业历程。 奇瑞公司取得轿车生产资质的过程，充分体现 ...

齐鲁晚报.齐鲁壹点连宁燕 增强企业科技创新能力。支持企业积极参与省重点实验室重组，推动平台建制化科研与企业市场化创新 深度融合，全市累计建设省级以上创新平台500多个。统筹资源加快解决产业"卡脖子"难题，2024年获 批省级科技项目100多项，争取资金超3亿元。支持企业加大研发投入，近三年为2625家企业争取省级企 业研究开发补助1.54亿元，为218家企业发放市级企业研究开发补助2050万元。 释放人才创新创业活力。加快吸引集聚"高精尖缺"高层次人才，创新活力持续迸发。近三年，累计培育 国家级人才27名、省级108名，为8家创业人才企业争取省级股权投资4960万元。鼓励高校院所科技人才 到企业兼职开展技术创新、成果转化，首批选派科技副总23人、协同创新工程师83人。 强化科技金融创新支撑力。2024年累计发放科技成果转化贷款809笔，贷款总金额31.6亿元，同比增长 23.87%，惠及企业627家，居全省第3。近三年推荐91家企业争取科技成果转化贷款贴息支持881.6万 元，降低企业融资成本40%，为6家企业争取省科技股权项目支持8160万元，有效地缓解了科技型企 业"融资难、融资贵"的问题。 民营企业是推 ...

Core Insights - Nanjing's Gaochun District has rapidly developed its medical device industry, transforming from a planned area to a national-level foreign trade transformation and upgrading base, with nearly 800 medical device companies now clustered in the region [1][2]. Group 1: Industry Development - In 2018, Gaochun District identified the medical device sector as a key area for development, leading to the establishment of the Nanjing Medical Device Industrial Park, which became a specialized park focused on medical devices in 2020 [2]. - The industrial park covers an area of 7.78 square kilometers and has attracted 800 medical device companies, including 193 production enterprises, with projected revenue of 4.1 billion yuan in 2024, representing a 15% year-on-year growth [2]. Group 2: Innovation and Technology - The rise of the Nanjing Medical Device Industrial Park is driven by innovation, focusing on high-value consumables, in vitro diagnostics, and rehabilitation devices, attracting specialized companies with technological barriers [3]. - Notable companies include Nanjing Youdebang Medical Technology, which has over 50 patents in vascular high-value consumables, and Nanjing Dewen Medical Technology, which leads in tumor minimally invasive ablation with over 100 patents [3]. Group 3: Ecosystem and Support Services - Gaochun District has established a comprehensive service platform to support the medical device industry, including a public service platform that accelerates product market entry by over 30% [4]. - The district encourages the establishment of production support service platforms, including sterilization and waste disposal centers, to provide full lifecycle support for enterprises [4]. Group 4: International Expansion - The industrial park has adopted a market-oriented approach to attract social capital, creating a "park within a park" model, with the launch of the Yunxi Medical Device Industrial Park, which aims to become a benchmark for industrial internet smart parks [6]. - Companies in the park, such as Sruqi Medical and Weikejia, have expanded their products to over 50 countries in Europe, America, and Southeast Asia, further solidifying their international presence [8]. Group 5: Future Vision - The Nanjing Medical Device Industrial Park aims to develop into a specialized medical device industry cluster worth 10 billion yuan, integrating healthcare, medical information, and artificial intelligence to foster new smart healthcare business models [9]. - The competitive landscape of the medical device industry is fundamentally about the competition of innovation ecosystems, with Gaochun focusing on a closed-loop ecosystem of innovation, industry, and service chains to attract global resources [9].

壮大产学研协同育人队伍。吸引企业技术骨干、工程师、高级管理人员等加入教师队伍，破除人才引 进、培养、使用、评价、流动、激励等体制机制障碍，建设一支既具备深厚理论基础又具有丰富实践经 验的"双师型"队伍。构建多元师资矩阵。建立"高等院校—科研院所—行业企业"人才双聘机制，鼓励高 校教师到科研院所、行业企业进行挂职，同时聘任科研院所、行业企业的专家技术人员到高等院校兼 职。激活人才流动机制，构建"能进能出、双向赋能、循环增值"的人才生态系统，打破户籍、学历、人 事关系等硬性制约，允许高校教师、企业工程师、科研院所专家通过"保留身份+弹性考核"等方式跨机 构任职，支持科研项目、科研经费、科研团队跟随人才流动。建立"学术论文+技术专利+成果转化"的 多维评价标准，把过程评价和结果评价统一起来，短期评价和长期评价以及定性评价和定量评价结合起 来，重点评价重大成果、研究质量、原创突破和实际贡献。 完善产学研协同育人保障。明确高等院校、行业企业、科研院所的责权范围，多维度构建支撑保障体 系，为拔尖创新人才的培养提供良好条件。建立政府主导的产学研协同育人政策框架，将企业技术攻关 需求纳入高校学科建设规划，以开展合作办学、共建 ...

Core Viewpoint - The meeting between Hubei Provincial Party Secretary Wang Zhonglin and China Securities Regulatory Commission (CSRC) Chairman Wu Qing highlights the commitment to enhance the capital market's inclusiveness and adaptability, supporting technological and industrial innovation in Hubei [1] Group 1 - Hubei has significant geographical advantages and rich scientific and educational resources, which have contributed to its recent achievements in fostering new productive forces and innovation-driven development [1] - The CSRC aims to optimize and improve institutional supply to better leverage the functions of the capital market, particularly in supporting technological innovation and promoting high-quality development of listed companies [1] - Strengthening communication and collaboration with Hubei is a priority for the CSRC to facilitate the integration of technological and industrial innovation, thereby supporting Hubei's strategic development as a key region in central China [1]

证券研究报告 可选消费 创新不止，百年乐高的成长密码 华泰研究 2025 年 5 月 12 日│中国内地 深度研究 乐高：创新不止，成就全球玩具龙头 乐高集团历史可追溯至 1916 年，百年来公司持续以创新驱动，从丹麦的木 工作坊逐步成长为全球玩具龙头，打造了极具特色的乐高积木玩具生态。 2024 年乐高集团营业总收入 743 亿丹麦克朗，据欧睿数据，2023 年乐高在 全球玩具市场中市占率 11.5%，在积木玩具中市占率达 72.7%，均位列市场 第一；同时受益于标准化设计+自有工厂+品牌溢价，乐高建立盈利丰厚的商 业模型，2024 年毛利率 68.3%，净利率 18.6%，盈利能力优秀。本篇报告 对乐高的发展历史进行详细梳理，并挖掘玩具品牌得以经久不衰、实现可持 续增长的成长密码，通过乐高的经验启示为国内玩具企业发展提供借鉴。 发展复盘：从木工作坊到积木帝国，百年玩具龙头的成长密码 行业走势图 (26) (16) (7) 3 13 May-24 Sep-24 Jan-25 May-25 (%) 可选消费 轻工制造 沪深300 1）1916-1950 年：创始人奥莱·柯克从木工作坊起家，后转型木质玩具公 司 ...

Core Viewpoint - The company is actively enhancing its risk management and insurance services across various sectors, including agriculture, technology, and ecological protection, while promoting financial consumer rights education. Group 1: Agricultural Insurance Innovations - The company has introduced innovative insurance products such as meteorological index insurance for wheat, providing essential protection for spring crops [8] - In the Cangxi area, the company has provided over 51 million yuan in insurance coverage for local specialty industries, benefiting 609 farmers with compensation payments totaling 3.5645 million yuan [8] - The company is also developing insurance products for local agricultural equipment and personnel, enhancing overall risk management in the agricultural sector [8][9] Group 2: Support for Infrastructure and Tourism - The company is providing substantial insurance coverage for transportation infrastructure projects in Sichuan, with a total coverage amount exceeding 60 billion yuan [8] - These projects are expected to enhance tourism opportunities by connecting key regions in Sichuan, Gansu, and Qinghai [8] Group 3: Technological and Ecological Risk Management - The company has launched a comprehensive insurance service for technology enterprises, addressing the risks associated with the R&D process [9] - In ecological protection, the company has introduced commercial insurance for ancient trees and wildlife damage insurance, promoting a model of "insurance + ecological compensation" [10] Group 4: Consumer Rights Protection Initiatives - In preparation for the "3·15" International Consumer Rights Day, the company organized various educational activities to promote financial consumer rights and fraud prevention [13] - Activities included distributing financial knowledge pamphlets, creating interactive financial knowledge stores, and conducting workshops in community centers and schools [13]

Economic Performance - Dapeng New District's GDP reached 10.894 billion, growing by 11.7%, ranking second in the city [1] - The total retail sales of social consumer goods amounted to 1.453 billion, with a growth of 20.1%, ranking first in the city [1] - The industrial added value of above-scale enterprises increased by 14.5%, ranking third in the city [1] Industry Breakdown - The primary industry, industrial all-caliber added value, grew by 15.8%, ranking second in the city [1] - The secondary industry, profit-oriented service industry, achieved an unexpected double-digit growth with an added value growth rate of 10.2%, ranking first in the city [1] - The wholesale and retail industry saw an added value growth of 28.4%, ranking second in the city, while the accommodation and catering industry grew by 6.4%, ranking third [1] Service Sector - Above-scale service industry enterprises in Dapeng New District experienced strong growth, with operating income increasing by 12.3% [2] - The profit-oriented service industry showed remarkable performance, with operating income and operating profit growing by 12.4% and 83.2% respectively [2] Tourism Sector - Dapeng New District positioned tourism as a key driver for releasing consumption potential, leading to a 5.1% increase in tourist reception to 4.23 million and a 6.3% increase in tourism revenue to 2.73 billion [2] - The overnight tourist count increased by 5.1%, and inbound tourists grew by 7.3%, contributing to a 9.9% increase in the revenue of accommodation and catering industries [2] - Revenue from 23 high-end homestays surged by 116.2% year-on-year [2] Innovation and Export - Above-scale industrial enterprises' output value grew by 23.2%, with operating income increasing by 17.5% and sales output rising by 17.4%, indicating continuous optimization of production and sales efficiency [1] - R&D expenses saw a significant increase of 42%, highlighting the strengthening of corporate innovation [1] - Exports demonstrated resilience with a delivery value growth of 6.8% despite a complex external environment [1]