Core Insights - The fourth Changsha International Construction Machinery Exhibition showcased 1,806 companies, including 35 of the world's top 50 construction machinery firms, highlighting the industry's focus on technological advancements and green transformation [1][5]. Industry Trends - The exhibition emphasized the shift towards intelligent and green manufacturing, with 75% of heavy machinery showcased being environmentally friendly and 80% of the exhibition space designed sustainably [2][3]. - Major companies like Zoomlion and SANY presented innovative products, including the world's largest 4,000-ton all-terrain crane and hydrogen-powered pump trucks, demonstrating the industry's technological leadership [2][6]. International Participation - The event attracted over 5,000 international buyers from more than 50 countries, indicating a strong global interest in Chinese construction machinery [5][6]. - The exhibition served as a platform for international cooperation, with representatives from countries involved in the Belt and Road Initiative and RCEP seeking procurement opportunities [5][6]. Economic Impact - The construction machinery industry in Hunan province, particularly in Changsha, has maintained its position as a national leader in key performance indicators for 15 consecutive years, with a reported revenue of 34.16 billion yuan in the first quarter of this year [6][7]. - The local industry cluster has surpassed 200 billion yuan in total output value, exporting products to 180 countries and regions [7][8]. Collaborative Development - The exhibition facilitated collaboration among local manufacturers, with agreements totaling over 13 billion yuan focused on key areas like hydraulic systems and intelligent control [7][8]. - New standards for the export of used construction machinery were introduced, enhancing the alignment of local practices with international standards [7][8]. Future Outlook - Experts predict that 2025 will be a pivotal year for the high-quality development of China's construction machinery industry, driven by electrification and intelligent transformation [4][6]. - The industry is expected to maintain an annual export growth rate of over 10%, further globalizing the supply chain [8].

回望来时路，中国航空工业从一穷二白到跻身世界前列，靠的是矢志不渝的自主创新决心和持之以恒的 奋斗。展望未来，世界百年未有之大变局加速演进，中国科技发展必将迎来更广阔的发展空间。中国也 将始终以开放胸怀拥抱世界，为全球科技发展贡献中国智慧，为维护世界和平与发展注入更坚实的科技 支撑。 不仅是航空工业，秉持着自立自强的精神，中国在基础研究与前沿科技领域突破不断："天眸芯"性能超 越传统视觉算法；"神威·太湖之光"超算一度领跑全球；搭载量子计算机操作系统的"本源悟空"开启量 子算力新纪元；太空计算星座021任务12颗卫星发射升空，开启全球"太空计算时代"；"奋斗者"号探万 米深海、天和核心舱筑梦太空、首次实现上万公里星地量子通信；C919大型客机翱翔天际，时速600公 里高速磁浮列车刷新"中国速度"……中国国家整体科技实力与国际竞争力持续提升，世界也见证了"中 国制造"向"中国智造"的转变。 中国将科技发展的主导权牢牢握在自己手里，但也懂得开放合作对自身发展和世界繁荣的重要意义。越 来越多的国家认识到，"选择中国，就是选择未来"。不管是航空航天，还是5G、新能源等领域，中国 与世界尤其是广大全球南方国家的合作项目正 ...

Group 1 - The shipbuilding industry in Guangzhou is expected to achieve an industrial output value exceeding 50 billion RMB in 2024, with a year-on-year growth of over 8% [1] - The "Suhai 1" vessel, the world's first salmon farming ship, is designed to integrate breeding, fishing, and processing functions, with a length of 249.8 meters and a width of 45 meters [1][2] - The "Suhai 1" can produce 8,000 tons of fish annually when fully loaded, significantly reducing the reliance on imported fresh salmon in mainland China [2] Group 2 - Huangpu Wenchong has delivered several advanced vessels, including the world's first intelligent unmanned research mother ship and the largest self-propelled dredging vessel in Asia, with a current order backlog exceeding 58.6 billion RMB [2] - Guangzhou Shipyard International, recognized as a "single champion" in Chinese manufacturing, holds over 90 shipbuilding orders, with more than 80% being high-tech, high-value new green ship types [3] - Guangzhou has become one of China's three major shipbuilding bases, with a shipbuilding capacity exceeding 5.5 million deadweight tons annually and a single shipbuilding capacity surpassing 300,000 tons [3]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 05 月 18 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 北交所修订重组相关规则，关注北证 50 成份调整带来的个股变动 ——北交所周观察第二十六期（20250518） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 北证 50 指数迎来本年内第 2 次调整，关注北证 50 指数成份股预期变动。根据《北证指数计 算与维护细则》，北证 50 指数样本股将进行 2025 年第 2 次调整，实施生效时间将是 2025 年 6 月第二个周五的下一个交易日（即 6 月 16 日）。我们以 2025 年 5 月 16 日作为基准日， 依据上述条件进行筛选，我们在剔除上市时长【6 个月】和日均成交额不达标的公司后，按照 区间成交额和市值计算预计新调入指数的 5 家公司或为利尔达、铜冠矿建、万达 ...

Core Insights - The company has achieved significant milestones, including the production of its 7 millionth smart two-wheeled electric vehicle, showcasing its strong growth as a representative of "Chinese manufacturing" [1] - The company reported impressive financial performance, with a 99.52% year-on-year increase in revenue for Q1 2025 and a 236.22% increase in net profit [3] - The company operates in two main business segments: smart short transportation and service robots, with notable sales growth in electric scooters and balance bikes [6] Financial Performance - In Q1 2025, the company achieved revenue of 5.112 billion yuan, a 99.52% increase year-on-year, and a net profit of 456 million yuan, up 236.22% [3] - For the year 2024, the company reported revenue of 14.196 billion yuan, a growth of approximately 39%, and a net profit of 1.084 billion yuan, an increase of about 81% [3] Business Segments - The smart short transportation segment includes electric scooters and balance bikes, with the company leading global sales in these categories [6] - The sales volume of smart two-wheeled electric vehicles increased from less than 450,000 units in 2021 to nearly 2.6 million units in 2024, with revenue rising from 1.33 billion yuan to 7.21 billion yuan [6] - The service robot segment, particularly the "Segway Navimow" lawn mowing robot, saw revenue grow from 224 million yuan in 2024 to 861 million yuan [6] Innovation and R&D - The company emphasizes user-centric innovation, addressing user needs such as battery life anxiety with its self-developed "Ridey LONG" system, which enhances battery life by 20% [7] - Cumulatively, the company invested approximately 3 billion yuan in R&D from 2020 to 2024, with increasing annual investments [7] - The upcoming launch of the technology brand Lingbo OS aims to leverage over a decade of technological accumulation in the short transportation sector [7] Quality Control and Manufacturing - The company implements intelligent production management technologies throughout the manufacturing process, ensuring traceability of key components and digital management of the product lifecycle [8] Industry Leadership - Since its establishment in 2012, the company has become a model of "Chinese manufacturing," focusing on technological innovation rather than cost advantages [9] - The company aims to achieve high-quality growth through strategic implementation, user alignment, capability enhancement, and ongoing transformation [9] - Future strategies include launching multiple flagship products in the two-wheeled electric vehicle sector and expanding market share in electric scooters and E-bikes in Europe and the U.S. [9]

Group 1 - The 2025 Changsha International Engineering Machinery Global Procurement Signing Conference was held, featuring over 100 companies in the engineering machinery supply chain, with annual procurement agreements exceeding 13 billion yuan signed on-site [2] - Major companies such as SANY Heavy Industry and Zoomlion signed strategic cooperation agreements that extend beyond equipment procurement to include technology research and development collaboration and overseas market expansion [2] - Changsha has become the world's third-largest engineering machinery industry cluster, with a total industrial output value surpassing 200 billion yuan and products exported to 180 countries and regions [2] Group 2 - Technological innovation was a highlight of the conference, with 10 companies showcasing cutting-edge technological achievements, including a new environmentally friendly process that reduces carbon emissions by 30% in the lifecycle of equipment [3] - The conference facilitated deep binding and collaborative development of the engineering machinery supply chain, driving continuous breakthroughs in technological innovation and precise policy empowerment [3] - The event marked a significant step for Changsha towards becoming a world-class industrial cluster, demonstrating the strength of collaboration among leading companies in the sector [3]

Group 1 - The 2025 Changsha International Construction Machinery Main Engine Supporting Global Procurement Signing Conference was held in Changsha, attracting over 100 companies from the construction machinery supply chain, resulting in annual procurement agreements exceeding 13 billion yuan [1] - The conference, themed "Smart Chain Global · Co-creation of New Quality," aims to integrate international resources and promote "Chinese Intelligent Manufacturing" technology standards and service models globally [1] - The Changsha construction machinery cluster is the third largest in the world, with a total industrial output value exceeding 200 billion yuan, and products exported to 180 countries and regions [1] Group 2 - Hunan Province's construction machinery exports are projected to exceed 30 billion yuan for the first time in 2024, reaching 31.63 billion yuan [1] - Hunan's construction machinery products cover 12 major categories and over 100 subcategories, accounting for approximately 70% of the national construction machinery types, forming a significant industrial cluster valued in the hundreds of billions [1] - At the conference, several companies, including Qianjiang Group and Runtian Zhike, showcased advancements in eco-friendly processes and smart construction solutions, highlighting China's leading position in high-end equipment [2]

| Rank | Rank | | Country of | Brand value | Brand value | Brand value | | --- | --- | --- | --- | --- | --- | --- | | 2025 | 2024 | Brand | operation | 2025 | % change | 2024 | | 1 | 1 | Michelin | France | $8.763.3 | 11% | 57.874.2 | | 2 | 2 | Bridgestone | Japan | $8,253.0 | 85% | $7,620.7 | | 3 | 3 | Continental | Germany | $3.904.3 | -165% | $4.660.0 | | 4 | पे | Goodyear ** | U.S. | $2,266.8 | 145% | $1.993.7 | | 5 | 5 | Dunloo *** | U.S. / Japan | 61.956.9 | -15% | $1.984.9 | | B | 6 | Pirelli | Ital ...

而在欧洲智慧能源展上，迦辰新能源同样展现出强劲的国际竞争力。作为全球规模最大的新能源行业盛 会，该展以"创造新的能源世界"为主题，吸引3000余家参展商，覆盖新能源全产业链。迦辰新能源展出 的集成式超充桩凭借120kW—1080kW全功率覆盖、IP65高防护等级，以及对美标(CCS1)、欧标 (CCS2)、日标(CHAdeMO)的兼容设计，成为展会焦点。这款集成式超充桩采用独立风道散热设计与液 冷超充终端，支持单枪最大电流600A，实现"充电5分钟，续航400公里"的高效充电体验。产品通过 CE、CB国际认证，可无缝适配特斯拉、宝马、丰田等全球主流车型。迦辰新能源在国际舞台上的亮眼 表现，进一步提升了迦南智能的国际知名度与品牌影响力，为迦南智能开拓海外新能源市场提供有力支 撑。 从国内上海展会到国际欧洲盛会，迦辰新能源凭借技术创新与标准兼容，不断提升"中国智造"在全球新 能源领域的影响力。作为迦南智能在新能源充电领域的重要布局，迦辰新能源的持续发展，将为迦南智 能注入新的发展动能，助力公司长期高质量发展。(CIS) 在产品性能与品质保障上，迦辰新能源传承了迦南智能对产品质量的严苛要求。其充电设备采用IP65防 ...

印刷业数字化转型升级 中国智造走向全球 在我国，印刷业是一个相对传统的制造业，目前国内有超过10万家印刷工厂，240多万从业人员，创造了约1. 44万亿元的产值。 记者在现场了解到，此次印刷技术展览会最大的特色是印刷行业的数字化转型升级，也展示了中国智造的实力。 0:00 / 1:45 第十一届北京国际印刷技术展览会昨天在北京开幕，以"携手四十载，共筑大未来"为主题，来自中国、德国、俄罗斯、法国等25个国家和地区的1300余 家企业参展，预计专业观众将超20万人次。 本届展会展出面积超过18万平方米，参展产品涉及印刷全产业链的最新设备、技术及解决方案。 此次展会上，磁悬浮技术速度快、精度高、无摩擦等优势也被应用于印刷领域。非接触式印刷传送，无噪音，精准度可以达到目前行业的极致水平。 参展商 庹明珠：在全球来说，印刷生产线应用磁悬浮技术我们是第一家。印刷速度达到500、1000、2000、3000、4000张/每小时的时候，不同速度 下，它精度还是达到微米级。 中国印刷及设备器材工业协会副理事长 杨斌：现在人工智能在印刷色彩的持续保障上做了蛮多的改进，比如说印第一张和第一千张、第一万张颜色是 不是一样的。大家对 ...