策 略 研 究 新股分析 2025 年 09 月 26 日 马可波罗：国内建筑陶瓷头部厂商 ——注册制新股纵览 20250926 本期投资提示： 相关研究 证 券 研 究 报 告 证券分析师 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 - ⚫ AHP 得分：剔除流动性溢价因素后，马可波罗 1.87 分，位于总分的 25.2%分位。马可波 罗于 2025 年 9 月 25 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算马 可波罗 AHP 得分分别为 1.87 分、1.55 分，分别位于非科创体系 AHP 模型总分的 25.2%、 32.3%分位，分别处于中游偏下、下游偏下水平。假设以 95%入围率计，中性预期情形下， 马可波罗网下 A、B 两类配售对象的配售比例分别是：0.0154%、0.0134%。 ⚫ 国内建筑陶瓷头部厂商，品牌与渠道铸就坚实壁垒。马可波罗是中国建筑陶瓷行业头部厂商， 营收近 3 年位居行业第一，旗下品牌价值更是连续 13 年 ...

倒置荧光显微镜的发展趋势聚焦于 超分辨率成像、智能化与自动化、多模态集成、国产化升级 以及 应用场景拓展 五大核心方向。 倒置荧光显微镜 是一种特殊设计的显微成像设备，其光学系统采用 " 倒置 " 结构 —— 光源和物镜位于载物台下方，而目镜或相机位于上方。 而 "荧光"本质是 标记物受激后释放的特定波长可见光 。 这种设计允许直接观察培养皿、培养瓶等容器中的活体样本（如细胞、组织），尤其适合 动态生物学研究。 倒置荧光显微镜行业目前现状分析 当前倒置荧光显微镜行业呈现 技术升级与市场扩张并行的快速发展态势 。 2024 年全球倒置荧光显微镜市场销售额达到了 3.19 亿美元， 预计 2031 年将达到 5.05 亿美元，年复合增长率（ CAGR ）为 6.54% （ 2025-2031 ）。 技术创新 是核心驱动力，其中超分辨率技术突破光学衍射极限， AI 算法实现自动对焦与图像分析，多模态成像（结合荧光、相衬等技 术）提升细胞动态观测能力。 应用领域 以生物医学研究为主导，聚焦活细胞观察、药物筛选及癌症机制研究；材料科学和工业检测需求 分化，后者因高端需求向生物医学倾斜而占比下降。 竞争格局 由国际巨头主 ...

在新一轮科技革命与产业变革交织演进的关键时期，制造业正经历一场深刻的基因重构。9月23日—9月27日，第二十五届中国国际工业博 览会（以下简称"工博会"）在沪举办，来自全球28个国家和地区的约3000家中外展商展出多项创新成果，近300项全球首发、近200项中国 首秀展品亮相。这场工业盛会既是全球制造业创新成果的"秀场"，也是洞察"AI+制造"如何渗透产业链、催生产业变革的"窗口"。 在海智在线展台，一款类似保温杯的胰岛素便携真空泵颇受关注。海智在线合伙人兼副总裁刘海涛接受证券时报记者采访时表示，该款产 品背后是AI赋能中小企业转型的故事。据介绍，海智在线AI工具"以图搜图&以图搜厂"可根据采购商图纸溯源到过去有过类似做法的案 例，以及具备相应生产能力的工厂。浙江宁波的一家生产保温杯内胆的小工厂，被该AI工具找出，接触到了航空航天领域高性能的储水装 备内胆的订单，并借此将自身拉伸工艺从"1:2.5"提升到了理论极限值"1:3.2"，实现行业和技术的双跃迁。之后，再次被该工具推送到医疗 器械行业，生产出了具备真空层的胰岛素注射液存储装置，将拉伸比提升到了"1:3.5"突破性水平，实现了行业与技术的二次突破。 据 ...

Core Viewpoint - The steel industry is accelerating its digital transformation, particularly in the application of artificial intelligence, as it undergoes structural upgrades and seeks to enhance operational efficiency and value creation [2]. Group 1: Major Trends in the Steel Industry - **Trend 1: End-to-End Value Stream Restructuring** The focus is shifting from operational efficiency and cost reduction to co-creating value across the supply chain, with examples like Shougang's digital initiatives enhancing product quality and customer experience [3]. - **Trend 2: Accelerated Value Realization through Scalable Deployment** Lighthouse enterprises are overcoming the "pilot trap" and facing challenges in scaling solutions, leading to productization and customization for various operational units, which reduces costs and development time [4]. - **Trend 3: Rapid Penetration of Cutting-Edge Technologies** Nearly 80% of the top use cases in lighthouse enterprises involve artificial intelligence, with 10% utilizing generative AI, significantly improving operational efficiency across various domains [5]. - **Trend 4: Skill Restructuring and Empowerment through Diverse Means** The introduction of employee empowerment metrics aims to enhance safety and stability, with advanced training systems and smart tools improving organizational efficiency and productivity [6]. - **Trend 5: Digital Technology Driving Sustainable Development** Digital technologies are essential for building green manufacturing systems, helping the steel industry, which accounts for 7% of global industrial carbon emissions, to achieve emission reduction and circular economy goals [7].

（原标题：从单点突破到生态共生：武汉打造制造业绿色转型"标杆样本"） 当前，绿色制造已成为推动工业高质量发展、实现"双碳"目标的核心抓手，发展绿色经济、推动节能减 排已成为国家重要战略。 在绿色转型的时代浪潮中，武汉正以系统化思维打破传统制造业高碳路径依赖，逐步构建起以绿色工厂 为"点"、绿色供应链为"线"、绿色园区为"面"的立体化制造新生态。这一体系不仅推动单一企业节能改 造向跨产业链协同降碳演进，更实现了从厂区到园区的能源循环、资源共享与低碳运营。 从"点"上发力，武汉加快绿色工厂建设，引导企业实施全流程清洁化改造，夯实制造业绿色转型的微观 基础；在"线"上延伸，以龙头企业为牵引，构建覆盖原材料、生产、销售、回收的绿色供应链体系，推 动减碳责任贯穿产业全链条；于"面"上集成，推进园区循环化改造，促进企业间能源梯级利用、废物资 源化协作，形成产业集聚与生态效益深度融合的绿色发展平台。 这一从单点突破到系统共生的演进，不仅为武汉工业树立了高质量、可持续的发展标杆，更标志着其发 展范式正从追求规模扩张，转向质量引领、生态优先的新阶段，为推动高质量发展注入强劲的"绿色动 能"。 位于武汉市汉南经济开发区的路特斯全 ...

（上接A01版）此外，李乐成还提出，要提升产业科技创新体系整体效能。推动科技创新和产业创新深 度融合，强化企业科技创新主体地位，完善国家制造业创新中心建设布局，建立健全中试平台梯次培育 体系，大力发展科技服务业，促进创新链和产业链无缝对接。实施国家高新区新赛道培育行动，打造世 界领先科技产业园区。 9月23日，工业和信息化部部长李乐成在第25届中国国际工业博览会开幕式上表示，"十五五"时期，工 信部将牢牢锚定实现新型工业化这个关键任务，以推动高质量发展为主题，以发展新质生产力为重点， 以推动科技创新和产业创新深度融合为关键路径，以改革创新为根本动力，加快建设以先进制造业为骨 干的现代化产业体系。 其中，在培育壮大新兴和未来产业方面，李乐成强调，要实施培育新兴产业打造新动能行动，统筹技术 创新、规模化发展和应用场景建设，加快打造一批新兴支柱产业；建立未来产业投入增长机制，加强前 沿技术研发和应用推广，开辟人形机器人、脑机接口、元宇宙、量子信息等新赛道，创建一批未来产业 先导区。（下转A02版） ● 本报记者 杨洁 要加力推进传统产业焕新升级。坚持高端化智能化绿色化发展，突出价值创造，深入实施制造业技术改 造升级 ...

内容概况：中国在纳米薄膜技术领域取得了显著进展，特别是在物理气相沉积（PVD）、化学气相沉积 （CVD）和原子层沉积（ALD）等制备工艺方面。这些技术的不断改进，使得纳米薄膜的性能和质量 大幅提升，生产成本降低，为大规模应用奠定了基础。2024年，中国纳米薄膜行业市场规模约为218亿 元，同比增长10.66%。具体来看，物理气相沉积（PVD）和化学气相沉积（CVD）仍是主流制备工 艺，原子层沉积（ALD）技术在极薄膜层与三维结构制备中优势明显。近年来，等离子体增强化学气 相沉积（PECVD）和卷对卷（R2R）镀膜技术在大面积柔性衬底制备中取得突破，显著降低了单位生 产成本。此外，超疏水、防反射、高阻隔、导电与绝缘等功能性薄膜研发活跃，专利申请数量年增长率 超过15%，中国已成为全球纳米薄膜专利最大申请国。 相关上市企业：菲沃泰（688371）、微导纳米（688147）、天奈科技（688116）、富创精密（688409） 相关企业：方大炭素新材料科技股份有限公司、贝特瑞新材料集团股份有限公司、湖北凯龙化工集团股 份有限公司、浙江丰虹新材料股份有限公司、中国铝业集团有限公司、株洲时代华鑫新材料技术股份有 限公司、 ...

Group 1 - The successful completion of the relocation and transformation of hazardous chemical production enterprises in densely populated urban areas in Henan Province marks a significant achievement, reducing safety and environmental risks while promoting high-quality industry development [1][2] - Financial support measures have been implemented, including rewards for early completion of relocation tasks and compensation for vacated industrial land, addressing the funding challenges faced by enterprises [1][2] - The local government has facilitated asset disposal for state-owned enterprises, resolving challenges related to asset management during the relocation process [1][2] Group 2 - Employee placement issues have been addressed through financial assistance from local governments, ensuring that workers' wages and benefits are paid, which stabilizes workforce morale and supports the relocation efforts [2] - The "retreat from the city to the park" initiative has led to the revitalization of land resources and optimization of industrial structure, with several cities in Henan repurposing vacated land for commercial development and urban green spaces [2] - Companies have embraced smart and green manufacturing through upgrades and new constructions, utilizing advanced technologies to enhance production efficiency and product quality, contributing to industry transformation [3] Group 3 - The relocation efforts have resulted in significant improvements in production scale and economic benefits for companies, with some achieving international certifications and expanding their export markets [3] - The commitment to not leaving any enterprise behind in the relocation process emphasizes the focus on quality, safety, and environmental sustainability in the development of the hazardous chemical industry in Henan [3]

Core Insights - The 2025 Chongqing Top 100 Private Enterprises and Top 100 Private Manufacturing Enterprises lists were unveiled, highlighting the performance of companies in the region [1] - Meixin Group has been recognized for nine consecutive years in both lists, showcasing its strength and vitality in the market [1] Group 1: Company Performance - Meixin Group has focused on manufacturing, product innovation, and leveraging core technology to drive diversification, expanding into three major product areas: system doors and windows, whole-house customization, and smart home ecosystems [3] - The new business segments contributed over 35% of Meixin Group's revenue last year, indicating strong growth and serving as a new engine for the company's success [3] Group 2: Market Strategy - Meixin Group operates under a dual circulation strategy, promoting "Meixin Manufacturing" globally, with products exported to over 40 countries and regions [3] - The company has engaged in significant domestic projects, including 72 airports and thousands of large hospitals and educational institutions, collaborating with over 85% of the top 100 real estate companies [3] Group 3: Smart Manufacturing - Meixin Group has implemented an end-to-end intelligent system in manufacturing, achieving a 95% automation rate in core production lines and being selected as a model project for industrial internet in Chongqing [3] - The use of digital technologies has improved production efficiency by nearly 20% and reduced overall costs by approximately 6% [3] Group 4: Green Manufacturing - Meixin Group actively practices green manufacturing, optimizing processes and energy systems to save 1.2 million kWh of electricity and reduce carbon emissions by over 940 tons annually [4]

Core Insights - The report emphasizes that high-end equipment, artificial intelligence, and green manufacturing will be the main lines for medium to long-term allocation, with leading state-owned enterprises and private companies with core technologies likely to benefit first [5][6][8] - The report highlights the performance of specific companies, such as Xin Feng Ming, which reported a revenue of 33.491 billion yuan in the first half of 2025, a year-on-year increase of 7.10%, and a net profit of 709 million yuan, up 17.28% [10][11] - Horizon Robotics is noted for its rapid revenue growth of 68% year-on-year in the first half of 2025, reaching 1.567 billion yuan, despite a strategic loss of 5.233 billion yuan [14][15] Company Performance Xin Feng Ming - The company achieved a total revenue of 33.491 billion yuan in the first half of 2025, with a year-on-year growth of 7.10% and a net profit of 709 million yuan, reflecting a 17.28% increase [10] - In Q2 2025, revenue reached 18.934 billion yuan, marking a 12.57% year-on-year increase and a 30.06% quarter-on-quarter increase [10][11] - The company’s PTA production capacity reached 7.7 million tons, with revenue from PTA at 4.652 billion yuan, significantly up from 1.18 billion yuan in the same period last year [11][12] Horizon Robotics - The company reported a revenue of 1.567 billion yuan in the first half of 2025, a 68% increase year-on-year, with a gross profit of 1.024 billion yuan, up 39% [14][15] - The automotive product solutions segment saw revenue growth of 250% year-on-year, reaching 778 million yuan, with a gross margin of 45.6% [15][16] - Horizon Robotics has established a strong market presence, with a 63% share of the Chinese passenger car market and a 59% penetration rate for assisted driving [14][15] Industry Trends - The report indicates that the "14th Five-Year Plan" policies have been largely absorbed by the market, while the "15th Five-Year Plan" emphasizes "artificial intelligence+" and internationalization, potentially creating new structural opportunities in the capital market [8] - The focus on digitalization, greening, and high-end manufacturing is expected to provide long-term policy support for strategic industries such as equipment manufacturing and industrial software [6][7] - The report suggests that companies with core technologies and international operational advantages will be the primary beneficiaries of upcoming policy dividends [8]