近期产业催化主要包括1）领导人视察上海机器人2）奇瑞交付数台人形机器人3）美的宣布下月人形机器人进厂打 工4）五一期间外骨骼机器人热销等。 5月市场关注重心仍主要在T链进展，以及1X和H云相关的进展等。 【ZX】机器人板块更新及推荐0505 #风险偏好大幅提升、继续看多机器人板块。 假期期间，中美经贸关系缓和的趋势逐渐显现，且诸多美股科技股财报超预期，英伟达向中国三家企业通报继续 供货等，均进一步提高科技板块投资的风险偏好。 机器人板块受关税限制影响不大，此前调整主因风险偏好回落，目前将受益于科技股风险偏好提升而继续看多， 且港股机器人标的上周五大涨，A股存在补涨逻辑。 【ZX】机器人板块更新及推荐0505 #风险偏好大幅提升、继续看多机器人板块。 假期期间，中美经贸关系缓和的趋势逐渐显现，且诸多美股科技股财报超预期，英伟达向中国三家企业通报继续 供货等，均进一步提高科技板块投资的风险偏好。 机器人板块受关税限制影响不大，此前调整主因风险偏好回落，目前将受益于科技股风险偏好提升而继续看多， 且港股机器人标的上周五大涨，A股存在补涨逻辑。 #近期产业催化主要集中在国内、下一阶段期待T、1X的相关更新。 市场期待 ...

Core Insights - The article highlights the transformative impact of visa-free policies on China's inbound tourism, with a significant increase in foreign visitors, reaching over 9.215 million in Q1 2025, a 40.2% year-on-year growth [1] - The integration of cultural experiences and innovative tourism strategies is essential for attracting and retaining international tourists, moving beyond mere sightseeing to immersive cultural engagement [3][5] Policy Benefits - China's implementation of visa-free or visa-on-arrival policies for 89 countries has facilitated easier access for tourists, significantly reducing visa processing times from 15 days to 72 hours [3][5] - The easing of visa restrictions has led to a surge in international cruise tourism, with Shanghai's cruise terminal receiving 7 international cruise ships and nearly 7,000 tourists in the first three months of 2025 [3] Cultural Experience Innovation - Cultural experiences have become a key factor in enhancing tourist satisfaction, with 65% of inbound tourists spending on intangible cultural heritage and traditional crafts, surpassing typical shopping expenditures [6] - Innovative cultural offerings, such as immersive experiences in historical settings and local craftsmanship, have resonated with tourists, leading to unique consumption patterns [6][11] Regional Collaboration - The growth of inbound tourism in the Yangtze River Delta is characterized by regional collaboration, with Shanghai serving as a hub connecting various cultural and tourism resources [8][10] - Events like "Foreign Friends' Spring Outing Day" in Jiaxing have significantly increased the proportion of foreign visitors, demonstrating the effectiveness of coordinated regional tourism strategies [10] Consumer Behavior Trends - The rise of mobile payment usage among international tourists has transformed shopping experiences in China, with tourists adeptly using local payment methods [10] - The "long-tail effect" of cultural consumption is evident, as tourists seek unique, participatory experiences rather than traditional souvenirs, indicating a shift in consumer preferences [11] Future Directions - The article identifies three emerging trends in the inbound tourism market: deepening policy facilitation, granular cultural experiences, and thematic regional connections [13] - Future initiatives may include expanded visa options and innovative cultural tourism routes, such as the "Tea Horse Road" and "Yangtze Poetry Road," aimed at enhancing cultural exchange [13]

2025 年 4 月 29 日,上海交通大学人工智能与微结构实验室李金金教授接受第一财经采访,在直播间"财经 夜行线"探讨人工智能如何重构新型工业化。当前工业面临动态数据解析难、数据标注瓶颈、算力成本 高企等难题,李教授提出需加强多学科交叉,建立专业标注体系。其团队研发的 AI 自控系统引入 "时间维 度",采用轻量化设计,推动工业从 "经验驱动" 转向 "智能驱动"。 在科技飞速发展的当下,人工智能与工业化的融合已成为推动产业变革的核心力量。国内积极探索 AI 与 工业化结合路径,从产业基础再造、产品技术攻关到供应链管理优化等多个方向发力,正逐步改写工业生 产的格局。 在这场变革浪潮中,上海交通大学李金金教授团队脱颖而出,其研发成果为行业发展带来全新突破。在发 酵行业,他们研发的 "基于迁移学习和物理可解释的小样本 AI 工业自动控制系统",创新性地将 "时间维 度" 引入工业控制领域。生物发酵过程中,微生物生长阶段差异大、代谢动态变化受时间影响显著,传统 依赖固定参数和人工经验的生产方式难以应对。而该系统成功攻克生物发酵复杂动态过程的实时预测与 调控难题。企业应用后,可根据实际情况动态调控参数,实时生成最 ...

伯特利系列 车中旭霞 公司深度报告： 《伯特利（603596.SH）：电控制动和轻量化业务迎来收获期》-2021-11-22 公司点评报告 ： 《 伯特利系列二十-一季报点评：一季度收入同比增长42%，公司底盘新产品研发加速》 - 20250501 《 伯特利系列十九-三季报点评： 三季度净利润同比增长34%，毛利率环比攀升 》 - 20241104 《伯特利系列十八：二季度净利润同比增长35%，轻量化、线控制动等快速放量》-20240905 《伯特利系列十七：一季度营收同比增长24%，海外定点持续开拓》-20240507 《伯特利系列十六-年报点评：2023年营收同比增长35%，技术推进夯实长期竞争力》-20240402 《伯特利：2023年三季报点评：单三季度归母净利润同比增长21%，新项目、新客户有序拓 展》-20231030 《伯特利（603596.SH）：2023年中报点评：智能电控销量同比增长78%，2023年第二季度毛利率 环比提升》-2023-08-31 《伯特利（603596.SH）：2023年一季报点评：智能电控产品持续增收，一季度营收同比增长 48%》-2023-05-01 《伯特利（6 ...

瑞鹄模具系列 车中旭霞 深度报告 《国信证券-华为行业专题-三种模式赋能车企，打造中国智能汽车品牌》 ——20240314 点评报告 《 国信证券- 瑞鹄模具-002997.SZ- 一季度收入同比增长48%，规模效应有望持续兑现》-20250501 《国信证券- 瑞鹄模具-002997.SZ- 2024年净利润同比增长73%，零部件+机器人加速拓展》 —— 20250329 《国信证券- 瑞鹄模具-002997.SZ- 零部件新业务稳定放量，三季度净利率同环比提升》 —— 20241023 《国信证券-瑞鹄模具-002997.SZ-新业务稳定放量，二季度归母净利润同比增长82%》 —— 20240821 《国信证券- 瑞鹄模具-002997.SZ- 一季度归母净利润同比增长77%，单季度业绩创新高》 —— 20240424 核心观点 瑞鹄模具2025Q1实现营收7.47亿元，同比+48%；实现归母净利润0.97亿元，同比+28%。受益于客户销量高增及新业务量产，公司营收增速超越行业33.5pct。自主品牌 持续发力，以旧换新、车企促销等因素助力，2025Q1中国汽车产量达到756万辆，同比增长14.5%。公司 ...

| 投资要点 | | --- | 事件： 2025Q1公司营收达16.66亿元，同比+1.41%/环比-5.99%，25Q1公司归母净利润达2.57亿元，同 比+10.94%/环比+30.11%；扣非归母净利润达2.36亿元，同比+6.64%/环比+19.01%。2025Q1业 绩略超我们的预期。 25Q1公司业绩略超预期，盈利能力强劲： 从公司上游原材料角度看，2025Q1中国A00铝锭市场均价为2.043万元/吨，同比+7.24%/环 比-0.98%，在铝锭价格同比上升的背景下，公司25Q1毛利率达28.73%，同比-0.94pct/环比 +5.01pct；25Q1净利率达15.45%，同比+1.33pct/环比+4.29pct，盈利能力强劲。费用率方面， 25Q1公司三费费用率达6.28%，同比+0.59pct/环比+0.16pct。其中销售费用/管理费用/财务费用 率分别同比-0.60pct/+0.79pct/-2.14pct，研发费用率同比+0.04pct。 卓尔博收购落地： 1）收购方案为：发行股份及支付现金购买资产并募集配套资金交易价格为11.18亿元，购买 71%的股权（卓尔博总计估值15.7 ...

Core Insights - Huazhong Steel Baoli introduced the Yujian TM multi-part integration solution at the 2025 Shanghai Auto Show, aimed at enhancing production efficiency and reducing manufacturing costs in the automotive industry [1] - CEO Ma Liyu emphasized the significant role of national policies in promoting the development of new energy vehicles (NEVs) and the increasing demands for performance, safety, and quality from suppliers [2] - The company is focused on providing localized supply chains for both international and domestic automotive brands, offering customized products that meet the needs for weight reduction, safety, and cost control [3] Group 1 - The Yujian TM solution utilizes advanced steel technology and integrated design to support automotive manufacturing's shift towards integration and lightweight solutions [1] - The collaboration with ArcelorMittal to transfer 24 advanced steel grades to the joint venture VAMA aims to enhance safety and provide diverse engineering solutions for vehicle development [2] - Huazhong Steel Baoli has delivered over 10 million laser-welded door ring products since 2018, showcasing its capability in the automotive market [3] Group 2 - The company is working with leading battery suppliers to develop steel battery pack solutions that integrate well with vehicle safety components [4] - Huazhong Steel Baoli has established four lightweight technology solution centers across various regions, ensuring coverage of major automotive industry clusters [4] - The company aims to achieve zero-carbon production across its supply chain by 2030, with some factories already utilizing electric trucks and solar panels for energy [4]

Group 1 - The core viewpoint of the articles highlights the financial performance and growth strategies of Baolong Technology in 2024 and its plans for 2025 [1][2] Group 2 - In 2024, Baolong Technology achieved operating revenue of 7.025 billion yuan, a year-on-year increase of 19.12%, and a net profit attributable to shareholders of 303 million yuan [1] - The company's net assets reached 3.197 billion yuan, an increase of 8.25% year-on-year, while total assets grew by 27.53% to 10.808 billion yuan [1] - Revenue from TPMS & accessories and tools was 2.146 billion yuan, up 12.30% year-on-year; automotive metal pipe fittings revenue was 1.448 billion yuan, up 1.89%; smart suspension revenue was 999 million yuan, up 41.80%; valve stems & accessories revenue was 780 million yuan, down 0.55%; and automotive sensors revenue was 665 million yuan, up 23.37% [1] - Research and development expenses for 2024 reached 570 million yuan, a year-on-year increase of 21.47%, accounting for 8.12% of revenue [1] - As of the end of the reporting period, Baolong Technology had 11 R&D centers and 19 factories globally, with 1,333 R&D personnel and 761 valid authorized patents [1] Group 3 - For 2025, the company plans to continue investing in the development of new products focused on intelligence and lightweight design, with smart suspension, sensors, and cameras entering a rapid growth phase [2] - Baolong Technology aims to secure more new project allocations while supplementing key resources, expanding production capacity, and enhancing management of key projects to ensure smooth mass production [2] - The production parks in Hungary and the United States (DILL) will accelerate capacity construction in 2025, further expanding the scale and global layout of TPMS, sensors, and air suspension businesses [2]

"鸟门信徒" 这个春天，北京的公园里，总能看到年轻人或是举着望远镜，冲着树冠寻觅，或是扛着相机，怼着湖面 抓拍，看起来像是一个大型追星现场。 走近一瞧，才得知他们是在抓拍树上的鸟，和湖里的鸭。 肉眼可见的，观鸟这项在过去更偏小众的兴趣爱好，近几年和年轻人产生了更破圈、更紧密的联结。在 小红书上，能看到各种观鸟爱好者的分享，有人用4K镜头记录鸟类捕食的震撼瞬间，有人将鸟类求偶 舞步改成魔性短视频，甚至有人把鸟类动作配成台词，做成爆款meme图……据《小红书观鸟趋势报 告》，目前小红书上"观鸟"相关笔记讨论量已经超过700万，近一年"观鸟"相关的笔记发布数量，也达 到了过去十年总和的1.2倍，而这些笔记的主人中，25岁左右的用户占比最高。 来自广州的May就是其中一位。2023年，刚来广州工作一年的她觉得自己"好不健康"，每天就坐在办公 室，对着电脑一动不动。她决定培养一个健康的兴趣爱好。 广州有很多城市公园，作为自然爱好者，May有空就会去逛公园，也总能在公园里看到大爷大叔们举着 各种"长枪短炮"怼鸟拍。受到感染，May跟着买了个望远镜，开始用最古早的方式观鸟。透过望远镜， 她第一次近距离看到了红耳鹎——一种黑 ...

Market Performance - The equity market continues in a low volatility state, with major indices such as the Shanghai Composite Index and CSI 300 experiencing slight declines of 0.05% and 0.17% respectively [2][6] - The bond market shows relative strength, with yields on 10-year and 30-year government bonds decreasing by 2.4 and 7.8 basis points, reaching 1.62% and 1.82% respectively [2][4] Monetary Policy and Liquidity - The central bank maintains a balanced and slightly loose monetary policy, with a net injection of 120 billion yuan through reverse repos [3][4] - The overall liquidity in the market is relatively comfortable, with overnight rates dropping to 1.59%, the lowest since January 9 [3] Banking Sector Insights - In Q1 2025, state-owned banks reported a decline in net interest margins, with a decrease of 8-10 basis points compared to Q4 2024, indicating significant downward pressure on margins [5] - The potential for a new round of deposit rate cuts by major banks may further lower the overall interest rate environment, including bond yields [5] Sector Trends - The PEEK materials index has surged by 8.31%, driven by demand in the robotics sector, indicating a strong performance in the related supply chain [7] - Consumer discretionary sectors, such as animal health and medical aesthetics, have also shown strength, with respective increases of 5.43% and 2.14% [7] Future Outlook - The market is awaiting key data releases, including the PMI on April 30, which could influence market volatility [8] - Upcoming earnings reports from listed companies may alleviate performance risks and enhance risk appetite among investors [8]