2025 年 09 月 25 日 技术突破与战略协同并举，智能化浪潮中实现持 续增长 买入(首次) 投资要点 | 分析师：尤少炜 | S1050525030002 | | --- | --- | | yousw@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 9-2 4 | | 当前股价（元） | 48.93 | | 总市值（亿元） | 154 | | 总股本（百万股） | 314 | | 流通股本（百万股） | 221 | | 52 周价格范围（元） | 20.58-53.86 | | 日均成交额（百万元） | 677.8 | 市场表现 资料来源：Wind，华鑫证券研究 0 50 100 150 200 (%) 雷赛智能 沪深300 相关研究 —雷赛智能（002979.SZ）公司动态研究报告 ▌自动化行业迎结构性机遇，智能化与国产替代驱 动增长 自动化行业正面临智能化、高精度、绿色化的转型趋势，工 业自动化生产线及机器人成为核心增长点。据睿工业数据， 2024 年中国自动化市场规模达 3000 亿元，其中 OEM 领域超 1,000 亿元，而人形机器人市场预计从 2024 年的 27. ...

Group 1 - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" and gathering global elites from politics, business, and academia to explore development opportunities [1] Group 2 - Xiaopeng Motors' Chairman and CEO He Xiaopeng emphasized the future of driving, suggesting that in 20 years, the next generation may not need to obtain a driver's license, similar to how horseback riding has become a hobby rather than a necessity [3] - He highlighted the significant growth of electric vehicles in China, noting that in the past 11 years, the market share of electric vehicles in new car sales rose from less than 0.4% to over 60% this year, with a peak of 50% last year [3] - He argued that the belief in the future of smart vehicles, particularly with AI, has evolved over the past decade, indicating that the next industrial revolution will transform daily life through advancements in fully autonomous and robotic vehicles [3]

本报讯(李丹席路)科技型中小企业作为培育新质生产力的重要载体，是科技创新的"生力军"和经济高质 量发展的"活力源"。近日，省科技厅公示2025年第一批入库科技型中小企业名单，连云港市海州区共有 175家企业入选，显示出区域科技创新力量正持续壮大。 企业的跃升离不开政策服务的持续赋能。今年以来，海州区进一步加大对科技型中小企业的扶持力度， 为38家企业争取科技贷款1.3亿元，发放科技奖补资金2700余万元。同时，积极推动企业完善技术创新 体系，目前已组织申报科技型中小企业560余家。此外，海州区还构建了"科技型中小企业—高新技术企 业培育库企业—国家高新技术企业"的梯次培育体系，为企业提供清晰的发展路径。截至目前，已有40 余家科技型中小企业首次申报2025年高新技术企业。 海州区科技局相关负责人表示，下一步将强化企业创新主体地位，完善区域科技创新体系，加强创新服 务供给，不断提升科技型企业创新能力，为海州区高质量发展蓄势赋能。 同样作为今年首批入库的省科技型中小企业，连云港久盛电力辅机有限公司专注于电力环保装备的研发 与制造。企业自主开发了核电专用消音器、自清洁滤水器等20多个系列节能产品，从一家小型加工厂稳 ...

40年深耕：顺着产业浪潮踏浪而行 回溯世运电路的成长脉络，其每一步成长始终与本土PCB产业的发展同频共振。1985年，佘英杰踏入 PCB行业。彼时，中国电子产品领域尚处空白，PCB作为电子产业的基础工业，正迎来发展机遇。 "当时我就判断，随着电子产品不断创新，PCB的需求一定会持续增长，这是一个有未来的行业。"佘英 杰的这一判断，成为世运电路40年坚守的起点。 创业初期，世运电路先在香港扎根，依托香港的区位优势对接海外市场与资源。1991年，佘英杰将工厂 迁至深圳，成立深圳世运电子厂。"深圳的产业配套逐步完善，政策也鼓励制造业发展，我们顺势而 为，在这里开启了规模化发展的新阶段。"他说。 到2000年，世运电路的工厂面积扩展至1.5万平方米，年产值接近3亿元。此后，因深圳产业政策调整以 及企业对发展空间的需求增加，世运电路将目光投向了江门。"一方面是因为广东作为改革开放前沿， 产业配套成熟、客户资源集中，留在广东能更好地服务客户；另一方面，江门的环保条件、土地资源更 契合企业长远布局需求。"佘英杰表示。 此后，世运电路逐步成长为行业领先企业。2017年4月，世运电路成为江门市首家在上交所挂牌的企 业。 40年 ...

Core Viewpoint - Chery Automobile, after 28 years of development, is set to list on the Hong Kong Stock Exchange on September 25, 2025, marking a significant milestone as it evolves from a local car manufacturer to the 11th largest passenger car company globally, with a focus on expanding its electric vehicle (EV) offerings and advanced technologies [1][4]. Group 1: Company Development - Chery has transformed from producing the "national car" QQ to a diversified company with five major brands, covering various segments including new energy vehicles [1][4]. - The company has achieved a 100% automation rate in its manufacturing processes, showcasing advanced technology and flexibility in production lines [2][3]. - Chery's journey began in 1997 with limited resources, but it has since become a leader in the Chinese automotive industry, mastering core technologies such as engines and transmissions [3][4]. Group 2: Market Position and Achievements - According to Frost & Sullivan, Chery is the second largest domestic brand in China and the only company among the top twenty global passenger car manufacturers to see over 25% growth in EV sales, fuel vehicle sales, domestic sales, and overseas sales [4]. - Chery has maintained its position as the top exporter of Chinese passenger vehicles for 22 consecutive years, leading in markets such as Europe, South America, and the Middle East [4]. Group 3: Future Plans and Strategies - The company plans to use funds raised from its IPO to enhance its R&D capabilities, focusing on developing various models and expanding its EV product line, with 20% of the net proceeds specifically allocated for this purpose [7]. - Chery aims to integrate smart technologies into its vehicles, establishing a "Chery Intelligent Center" to drive innovation in areas such as intelligent cockpit and autonomous driving [6][7]. - The "Yaoguang 2025" strategy outlines Chery's commitment to advancing in the new energy sector, achieving significant technological breakthroughs in battery systems and intelligent driving [6][7].

Core Viewpoint - The article highlights the significant presence of LiuGong at the BICES 2025 exhibition, showcasing its commitment to high-quality development and innovation in the construction machinery industry through the launch of its large-scale intelligent green mining solutions [1][3][29]. Group 1: Exhibition Highlights - LiuGong is the largest exhibitor at BICES 2025, occupying nearly 5000 square meters and presenting over 40 machines under the theme "Wisdom · Green · Extending Human Power" [1][29]. - The launch of LiuGong's large-scale intelligent green mining solutions was marked by a ceremony attended by key industry leaders and government officials [4][5][7]. - The solutions focus on large-scale, electrification, and intelligence, addressing the dual carbon goals and providing replicable solutions for global mining [11][29]. Group 2: Technological Innovations - LiuGong's electric excavator, the 9135FE, features industry-first high-speed rail motor control technology and a 640kW permanent magnet synchronous motor [15]. - The DW120AE electric mining truck can achieve rapid recharging in 1.5 hours and has a downhill energy recovery efficiency that leads the industry by 9% [15]. - LiuGong's intelligent mining management system enables unmanned operations, integrating energy management effectively [15][23]. Group 3: Comprehensive Solutions - LiuGong emphasizes a "scene-based demand" approach, showcasing customized solutions across various operational scenarios, including energy storage, port logistics, and municipal maintenance [18][20]. - The company aims to provide full lifecycle services to customers, covering parts sales, technical support, remanufacturing, service training, leasing, and digital solutions [20][29]. Group 4: Industry Recognition - Industry leaders, including Xu Niansha and Su Zimeng, acknowledged LiuGong's achievements in technological innovation, industrial chain upgrades, and global expansion [10][29]. - LiuGong's commitment to high-quality development and its strategic focus on comprehensive solutions were reiterated by the company's leadership during the exhibition [8][29].

奔驰正通过投资中国本土领先科技公司，加速其在智能化领域的战略布局，以期在强化其在竞争白热化的中国市场的软件与技术实力。 此举正值德国汽车制造商普遍调整其中国战略之际。面对比亚迪、小米等中国品牌的快速崛起，以及豪华电动汽车市场需求疲软的现状，深化本 土合作、获取前沿技术已成为德国车企的当务之急。吉利与奔驰联盟深化 据媒体援引知情人士透露，梅赛德斯-奔驰集团股份公司计划收购上海上市的自动驾驶系统开发商——重庆千里科技有限公司的少数股权。该交易 最早可能在本周宣布。 此次投资凸显了奔驰与其股东浙江吉利控股集团之间日益紧密的关系。知情人士称，吉利是千里科技的主要支持者之一，并主导推动了此次奔驰 的入股。消息公布后，千里科技股价上涨5.11%。截至周三，公司市值约为595亿元人民币（约合83.5亿美元）。 这项投资标志着吉利与奔驰的合作关系正在从股权层面延伸至更深入的技术与战略层面。据知情人士称，吉利已将其自动驾驶相关资产整合进千 里科技，将该公司定位为其未来智能驾驶技术的核心平台。此外，吉利与奔驰还在就传统内燃机项目上的潜在合作进行初步商谈，显示出双方的 合作纽带正在持续加强。 德国汽车制造商正面临来自中国品牌的巨大 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) is seeking public opinions on the mandatory national standard for "Safety Technical Requirements for Automotive Door Handles" to address safety concerns arising from the widespread use of hidden door handles in the context of vehicle electrification and intelligence [1] Group 1: Standard Purpose and Context - The revision of the standard aims to tackle safety hazards associated with the aesthetic and technological appeal of hidden door handles, which have revealed issues such as insufficient strength, potential risks in control logic, difficulties in emergency operations, and failure during power outages [1] - The deadline for submitting feedback on the proposed standards is November 22, 2025 [1] Group 2: Safety Requirements - The standard mandates enhancements in the safety logic of door handles, including the addition of mechanical or power failure protection features to ensure effective door operation during emergencies such as power outages or collisions [1] - Specific technical specifications and testing methods are outlined for the visibility of safety markings, structural strength, and pinch prevention requirements for both hidden and interior door handles [1] Group 3: Public Engagement - Various stakeholders are encouraged to provide their opinions and suggestions to the MIIT's Equipment Industry Division through written or electronic means before the feedback deadline [1]

Group 1 - The forum "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" and gathering global elites from politics, business, and academia to explore development opportunities [1] - Xiaopeng Motors aims to become a "global AI automotive company" in the next decade, highlighting the significant growth of electric vehicle sales in China from less than 0.4% to over 60% in recent years [3] - The CEO of Xiaopeng Motors emphasized that the next industrial revolution will be driven by AI and smart technology, predicting a future where cars will be fully autonomous and integrated with robotics [3]

责任编辑：李昂 "像前一阵我再去重庆，就去参观他们最大的汽车研究风洞。跟长安汽车的董事长（朱华荣），他开一 辆跑车，拉着我跑220公里/小时，车子都快要竖起来了，吓得我胆战心惊的。"周鸿祎说。 9月24日下午消息，今日，罗永浩与周鸿祎深度对谈。周鸿祎分享到，曾和俞敏洪一起去山西，俞敏洪 替山西应县古塔做了宣传，山西应县就卖了很多陶瓷出去。 "地方领导见了俞老师，都恨不得俞老师到他们这来做一些宣传。所以当时就给了我一个启发，你有流 量，就可以帮助地方做一些正向的事情。"所以，周鸿祎表示，自己现在到各地去，更愿意多介绍一些 各地的数字化、智能化发展。 ...