Group 1 - The 27th China International High-tech Achievements Fair (CIHTAF) concluded with 1,023 supply-demand matches and investment projects signed, with intended transaction and investment amounts exceeding 170 billion RMB [1][2] - The theme of this year's fair was "Technology Empowers Industrial Integration to Create a Shared Future," showcasing over 5,000 new products and achievements, attracting more than 450,000 professional visitors from over 120 countries and regions, a 13% increase year-on-year [1] - Over 90% of the physical exhibits featured "high, precision, and cutting-edge" technologies and products, with more than 20% being debut exhibits, including significant innovations like Long March rockets and EH216-S unmanned aerial vehicles [1] Group 2 - The fair included an international friendly city technology exhibition area and a "Belt and Road" international cooperation zone, highlighting excellent achievements in high-quality development through technological innovation [2] - The first day of the fair featured an international procurement event focused on the new energy industry and energy storage technology, attracting over 30 international buyers from countries such as the UK, Russia, and Canada [2]

上证报中国证券网讯（记者 窦世平）中国工程院院士倪光南14日在操作系统大会2025上表示，基础软 件是战略性产业，必须加强自主创新；是生态型产业，必须共创共建共享；是长周期产业，必须长期持 续投入。超节点已经成为算力基础设施建设和部署的主流形态，未来，智能时代的操作系统将衔接智能 时代的硬件和应用，成为释放算力潜能的核心基石，助力千行万业智能化。 来源：上海证券报·中国证券网 ...

Core Viewpoint - The 27th China International High-Tech Achievements Fair (CIHTAF) opened in Shenzhen, showcasing over 5,000 innovative products and technologies from more than 5,000 renowned companies and international organizations across over 100 countries and regions, serving as a key platform for high-level international cooperation and technology exchange in China's high-tech sector [1][2]. Group 1: Event Overview - The CIHTAF covers an area of 400,000 square meters and features 22 major exhibition areas focusing on cutting-edge technologies and innovations, including artificial intelligence, semiconductors, and low-altitude economy [3]. - The event aims to support China's strategic goals for technological self-reliance and innovation, aligning with the objectives set forth in the 20th Central Committee's Fourth Plenary Session [2][4]. Group 2: Regional and International Collaboration - The fair promotes regional collaboration and resource optimization, attracting participation from over 30 provinces and cities, highlighting its role in fostering a unified national market [4][5]. - It features an international cooperation section, showcasing innovations from countries such as Germany, Canada, and Brazil, thereby enhancing global technological exchange [9][10]. Group 3: Innovation and Technology Showcase - The event includes a dedicated area for regional economic and technological innovation achievements, allowing cities like Zhangjiagang and Hangzhou to present their advancements in various high-tech sectors [5]. - Over 200 supporting activities will be held, including product launches and industry forums, with more than 5,000 new products and technologies on display, emphasizing the fair's role in driving technological innovation [11]. Group 4: Investment and Market Opportunities - The fair is expected to attract over 30,000 professional buyers and more than 3,000 investment institutions, facilitating a comprehensive ecosystem for project display, capital connection, and incubation services [10]. - The event aims to match demand with technology efficiently, particularly in the renewable energy sector, by engaging international procurement teams from various countries [10]. Group 5: Historical Significance and Future Impact - The CIHTAF has evolved into a significant platform for innovation, witnessing the emergence of numerous successful tech companies and contributing to China's transition from a follower to a leader in technology [11]. - The fair continues to serve as an accelerator for integrating innovation and industry, propelling cutting-edge technologies from exhibition to application [11].

Core Insights - The company emphasizes "independent innovation" as a fundamental aspect of its development, focusing on high-end precision manufacturing and continuously advancing in the field [2][3] R&D Investment - R&D is identified as the core competitive advantage, with investments of 96.35 million yuan, 108 million yuan, and 121 million yuan for 2022, 2023, and 2024 respectively, representing 9.99%, 10.75%, and 9.29% of revenue [3] - The company has achieved significant breakthroughs in key technologies such as high-precision encoder technology and ultra-precision processing, establishing a systematic and platform-based technical system [3] Business Focus and Growth - The company has become a "hidden champion" in the global electric spindle market, with spindle product sales ranking first worldwide for three consecutive years, contributing over 60% to revenue [5] - The synergy between the two main business directions—CNC machine core components and robotics—has created a virtuous cycle of technology sharing and market collaboration [5] Robotics Development - The company has developed all core components for humanoid robots, including harmonic reducers and low-voltage drives, with production capabilities of 150,000 harmonic reducers and 3,000 collaborative robots annually [6] - The company is positioned to achieve significant breakthroughs in humanoid robot core components by 2025, with small-scale sales already initiated with key clients [6] International Expansion - The acquisition of Swiss Infranor Group in 2020 has expanded the company's business layout in controllers and servo drives, facilitating a global strategy [7] - In the first half of 2025, overseas revenue reached 119 million yuan, accounting for 16.93% of total revenue, with plans to advance an integrated international strategy of "R&D + manufacturing + service" [7]

21世纪经济报道记者 陈思琦 深圳报道 继2001年上海、2014年北京后，深圳成为中国"APEC第三城"，将于2026年11月举办亚太经合组织第三十三次领导人非正式会议。 "举办APEC会议，将是深圳从'产业型城市'向'综合功能型城市'转型的重要节点，这一转型此前在上海已经完成。"上海交通大学安泰经济与管理学院教授陈 宪说。 除了市场驱动的自主创新，深圳不同于其他城市的特点还在于移民文化。虽然深圳现在的移民规模没有二三十年前那么大，但始终是一个人口净流入城市， 移民带来了更多城市活力，也形成了务实的移民文化。 陈宪长期工作、生活于上海，近两年移居深圳。他近期出版著作《创新无限：深圳奇迹启示录》。 在观察深圳城市发展逻辑时，陈宪时常以其熟悉的上海 为参照系。 他在接受21世纪经济报道记者专访时谈到，深圳比上海、北京更早探索市场经济，形成了以企业为创新主体的自主创新模式，截然不同于京沪的"大院大 所"模式，由此催生腾讯、比亚迪、大疆等一批头部科技企业，也构成了深圳如今强劲的城市竞争力。 陈宪观察到，上海从我国的传统工业重镇，到如今着力建设"五个中心"，已成为我国城市功能最齐全、实力最强大的城市之一；深圳借着AP ...

Core Viewpoint - The successful launch of the Shenzhou 21 manned spacecraft highlights the critical role of Sichuan Huafeng Technology Co., Ltd., a subsidiary of Changhong Holding Group, in providing high-speed connectors for data transmission and astronaut monitoring during the mission [1][3]. Group 1: Breakthroughs in Technology - The "No. 7 Project" was initiated to overcome the dependency on foreign technology in high-speed backplane connectors, which were previously monopolized by international giants. The project led to the development and mass production of a 10Gbps connector within a year, achieving what took international competitors a decade [4]. - In 2020, the company further advanced by successfully developing a 56Gbps connector, breaking the foreign monopoly in the 56G and below speed range. Currently, the company has completed testing for 112Gbps products, aligning with international standards [5]. Group 2: Strategic Upgrades - The launch of the "A Plan" in August 2023 marks a strategic shift from merely manufacturing high-speed connectors to providing comprehensive high-speed interconnection system solutions, addressing the evolving market demand driven by 6G and AI technologies [6]. - The "A Plan" aims to create a complete solution encompassing components, modules, and systems, thereby expanding the application boundaries of "Chinese chips" [6]. Group 3: Talent Development - The company emphasizes the importance of talent in driving innovation, establishing a diverse talent cultivation system that includes partnerships with educational institutions and a focus on recruiting core personnel [7]. - The "Wutong Plan" has successfully attracted 141 talents, including 15 with master's or doctoral degrees, increasing the proportion of R&D personnel to 31.68% [8]. Group 4: Future Outlook - The company is committed to investing no less than 10% of its revenue in R&D annually, focusing on technological iterations to enhance product offerings, particularly in complex system interconnections and high-speed data transmission [8]. - With the national push for technological innovation and a self-reliant industrial chain, the company aims to establish itself as a benchmark in high-end manufacturing, contributing to the integration of 6G, AI, and aerospace sectors [9].

Core Viewpoint - Mindray Medical (300760), a leading domestic medical device company, has submitted its application for a Hong Kong IPO, aiming for a dual listing in both A-share and H-share markets, with joint sponsors being Huatai International and JPMorgan [1] Group 1: IPO and Fundraising - The IPO will combine public offerings in Hong Kong with international placements, with the specific issuance scale to be determined based on market conditions [1] - The funds raised will primarily be used to enhance global R&D investment, innovate products and digital solutions, explore potential global mergers and collaborations, and improve global sales networks and supply chain capabilities [1] Group 2: Business Performance and Market Position - Mindray Medical is the only Chinese company among the top 30 global medical device firms, with a comprehensive product line that includes monitoring devices, anesthesia systems, ventilators, defibrillators, blood cell analyzers, and ultrasound equipment, all ranking in the top three globally [1] - The company is projected to achieve a revenue of 36.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of over 18% from 2017 to 2024, and a net profit CAGR exceeding 24% [2] Group 3: Competitive Advantages - In the in-vitro diagnostics sector, Mindray is the largest provider in China and the second largest globally for blood cell diagnostics, as well as the largest domestic provider of chemical luminescence immunoassays [3] - The company holds significant market shares in various categories, including being the largest provider of monitoring devices in China and the second largest globally [3] Group 4: R&D and Innovation - Mindray has invested approximately 12.8 billion yuan in R&D, employing 5,200 specialized R&D personnel across 12 global centers, and has filed over 12,240 patents [4] - The company emphasizes its commitment to independent innovation, continuously increasing R&D investment to meet international standards [4] Group 5: Strategic Directions - Mindray is transitioning towards a sustainable growth model centered on recurring revenue from consumables and digital services, while maintaining its leadership in equipment sales [5] - The company plans to enhance its presence in minimally invasive surgery and intervention fields, aiming to shift from one-time equipment sales to a sustainable, repeat-purchase revenue model [5] Group 6: Future Growth and Market Expansion - By the first half of 2025, recurring revenue from consumables is expected to account for about 40% of total revenue, with significant growth potential in the domestic market [6] - The IPO is seen as a strategic move to bolster investments in digitalization, recurring revenue, and internationalization, which are critical for future growth [6]

Group 1 - The article discusses the importance of domestic innovation in various sectors, including agriculture, semiconductor manufacturing, and biotechnology, to overcome reliance on foreign technology and ensure national food security [1][6][10] - The narrative highlights the achievements of Chinese scientists and engineers who have made significant breakthroughs in their respective fields, such as the development of domestic breeds of chickens and advancements in semiconductor equipment [4][9][10] - The emphasis is placed on the need for youth to engage in these industries, with educational institutions encouraging students to pursue careers in high-demand sectors like chip manufacturing and biotechnology [14] Group 2 - The success story of the domestic breeding of chickens is presented, showcasing how the team led by Wu Guqin developed the first domestic breed, achieving a market share of 60% in China and exporting varieties to Africa [8][9] - The article details the efforts of engineers in the semiconductor industry who have successfully developed key manufacturing equipment, reducing costs and increasing domestic production capabilities [10][11] - The narrative underscores the role of educational institutions in fostering a culture of innovation and patriotism among students, aligning their career aspirations with national needs [12][14]

Core Insights - The article emphasizes the importance of technological innovation in the construction of large domestic cruise ships, highlighting the advancements made in the second ship, "Aida Huacheng," compared to its predecessor, "Aida Modu" [1][2]. Group 1: Ship Construction Progress - The construction of the "Aida Huacheng" has progressed over 86%, with significant enhancements in size and complexity compared to the first ship, including a length increase of 17.4 meters and additional public and outdoor activity areas [1]. - The project faces increased challenges in project management due to more concurrent operations and the need to control weight and costs while expanding facilities [1]. Group 2: Technological Innovations - Key innovations include the application of a shared support system that reduces the number of supporting legs by 30%, and the creation of a full three-dimensional digital model of the ship, which has reduced modification needs by 80% [2]. - Modular production of over 1,100 prefabricated cabin units has cut installation time from 200 hours to 50 hours, and the interior installation period has been shortened by 8 months compared to "Aida Modu" [2]. Group 3: Industry Impact - The cruise shipbuilding industry is described as a "floating golden industry," with a significant 1:14 industrial linkage effect, fostering the growth of local suppliers who meet international standards [3]. - The development of the "Aida Huacheng" project is expected to inject new momentum into high-end manufacturing and cultural tourism services, enhancing the core competitiveness of the shipbuilding industry [3].

Core Insights - The article highlights the achievements of Dongfang Electric Group in the energy equipment manufacturing sector, showcasing its transition from a lagging position to a leading global player in the industry [1][2][5]. Group 1: Company Achievements - Dongfang Electric Group is recognized as one of the largest energy equipment manufacturing enterprises globally, with its power generation equipment output ranking among the top in the world for 20 consecutive years [1]. - The company has developed several significant projects, including the world's largest single-unit capacity hydropower generator at 1000 MW and the 26 MW offshore wind turbine, which is the largest in the world [1][5][6]. - The successful development of the 10 MW direct-drive offshore wind turbine in 2019 marked a significant technological leap, followed by the introduction of the 18 MW and 26 MW models in subsequent years [5][6]. Group 2: Historical Context and Development - The foundation of Dongfang Electric Group dates back to 1958, during China's third-line construction, leading to the establishment of the Deyang Hydropower Equipment Factory [2]. - The company played a crucial role in the construction of the Gezhouba Dam in the 1970s, overcoming significant technical challenges to produce a 170 MW hydropower generator [2][3]. - During the construction of the Three Gorges Project, Dongfang Electric Group independently tackled major technical issues, achieving breakthroughs that significantly improved the performance of hydropower generators [3][4]. Group 3: Technological Innovations - The company has made significant advancements in addressing vibration issues in hydropower generators, leading to a 70% reduction in electromagnetic vibration and a 5 dB decrease in noise levels [3][4]. - Dongfang Electric Group has developed proprietary technologies that have outperformed foreign competitors, demonstrating its capability in the energy equipment sector [4][5]. - The emphasis on innovation and self-reliance has been a driving force behind the company's success, aligning with national strategic needs and contributing to energy security [6].