2026 年 02 月 03 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2026/2/3 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 2026/1/27》2026-01-27 2、《ETF 及指数产品网格策略周报— 2026/1/20》2026-01-20 3、《ETF 及指数产品网格策略周报— 2026/1/14》2026-01-14 4、《ETF 及指数产品网格策略周报— 2026/1/6》2026-01-06 5、《ETF 及指数产品网格策略周报— 2025/12/30》2025-12-30 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种 ...

Group 1 - The World Economic Forum recently announced the latest "Lighthouse Factory" list, with two companies from Yancheng, Jiangsu, being recognized: Faurecia (Yancheng) Automotive Components Systems Co., Ltd. and Jiangsu Yueda Textile Group Co., Ltd. This marks the first time Yancheng has achieved "Lighthouse Factory" status [1] - Faurecia's Yancheng factory is the first "Lighthouse Factory" in the global automotive seating sector, while Yueda Textile is the first in the global cotton textile industry [1] - A total of 23 companies worldwide were selected as "Lighthouse Factories," with 16 of them from China, showcasing significant technological and operational innovations that serve as replicable models for global manufacturing [1] Group 2 - Faurecia Yancheng has focused on the automotive seat rail niche market since its establishment in 2011, advancing digital transformation through a comprehensive data collection system, upgraded smart production equipment, and optimized AI applications, achieving an annual production capacity of 30 million sets and sales exceeding 2 billion yuan [2] - Yueda Textile has transitioned from traditional textile methods to a new intelligent manufacturing path, emphasizing high-end, intelligent, and green production, establishing a 100,000-spindle green intelligent factory, and addressing industry challenges such as labor intensity and quality control [2] - Yancheng's industrial foundation has supported the emergence of these "Lighthouse Factories," with the city developing new productive forces and modern industrial systems, achieving an industrial output exceeding 1 trillion yuan, and significantly increasing the number of high-tech enterprises and specialized "little giant" companies [2] Group 3 - "Lighthouse Factories" are seen as benchmarks for smart manufacturing and a concentrated representation of industrial digitalization levels, with Yancheng aiming to leverage this recognition to enhance technological and industrial innovation integration, accelerate AI-driven industrialization, and pursue a green low-carbon transition [3]

转自：中国质量报 这个转变始于一个简单的疑问：人检得再快再准，总有极限，为什么不让机器学会自己检，让数据学会 自己判断？这个看似直白的问题，却引领QC小组走上了一条充满挑战的革新之路。 海信QC小组重筑制造质量防线引领智能检验新浪潮 QC小组并未满足于对现有流程的优化。他们与产品研发端紧密协同，共同研究推出了"主动式质量检 验"新模式。这一模式颠覆了"一刀切"式的检测标准，实现了根据不同类型、不同系列产品的独特技术 特点，自定义专属的检测方案与参数。这意味着，质量检验不再是一个被动验证的终点，而是深度融入 产品设计链条的主动环节，从源头上确保产品性能得到最优展现，实现质量保障能力的又一次维度提 升。 □ 本报记者 朱文达 在制造业的生产流程中，质量检验常常被视为产品流向市场前的最后一道关卡，关乎企业的生命与声 誉。而这一环节依赖人工操作与经验判断，效率受限、数据孤岛成为常态。在海信，有这样一个团队 ——空气产业黄岛工厂质量管理（QC）小组（以下简称"QC小组"），正通过技术创新重新定义这一环 节，将传统依赖人工的检验模式，改造为自动化、智能化的新型检测体系。 "我们不是简单地解决技术问题。"QC小组组长在接受 ...

Group 1: Innovation and Technology in Traditional Chinese Medicine - The Jiangsu Kangyuan Pharmaceutical Co., Ltd. has implemented an intelligent cleaning system in its traditional Chinese medicine extraction workshop, achieving automated and clean production, which reduces costs and energy consumption [2] - The Long Triangle Innovation Consortium, which includes leading technology enterprises and research institutions, is set to establish 24 innovation consortia focusing on key areas such as artificial intelligence and biomedicine starting in 2024 [2][3] - The consortium aims to address high energy consumption issues in traditional Chinese medicine extraction through collaborative efforts among various stakeholders, including universities and technology companies [2][3] Group 2: Logistics and Transportation Development - Wuhan Yangluo Port has become the largest water-rail intermodal hub in central China, with a container throughput capacity of 3.79 million TEUs and 35 international container routes [5][6] - The port's logistics costs are approximately 15% lower than those of single land transport, enhancing its operational efficiency [5] - In 2025, Yangluo Port is expected to handle over 600,000 TEUs, marking a 3.8% year-on-year increase, with total cargo throughput reaching 8.83 million tons, a 4.8% increase [6] Group 3: Agricultural Innovation and Environmental Sustainability - The Ma Tiwan Modern Agricultural Park in Sichuan's Yanjing District has integrated ecological agriculture practices, achieving a balance between water conservation and agricultural productivity [7][8] - The park has received 224 million yuan in funding, improving irrigation infrastructure and promoting ecological farming methods, resulting in significant agricultural output [7][8] - The region's agricultural transformation has led to an annual output value of 287 million yuan from the rice-shrimp industry, contributing to local economic growth and tourism development [9]

央视网消息：记者从中国钢铁工业协会获悉，"十四五"期间，钢铁行业持续加码创新投入，高端材料供给能力持续增强，仅2025年我国钢铁全 球首发产品就新增近20项。 新年伊始，福建漳州核电项目建设现场一派热火朝天，工人们正加紧安装核电专用钢材。核电工程对钢材的质量标准要求很高，这次安装的产 品历经上百次试验，已突破700兆帕特殊工程用钢批量生产，为国家特重大项目工程建设和新质生产力重点领域筑牢关键材料支撑。 中国钢铁工业协会数据显示，"十四五"以来，我国钢铁行业创新投入持续加大，研发费用累计超6000亿元。行业相关标准累计发布1300余项， 有效发明专利数量4.26万件，较2020年增长94.5%。 我国钢铁行业数控化率突破70% 新标准落地、新技术赋能，正推动我国钢铁产业加速向智能化、高端化方向转型。一大批智能化设备已广泛应用于钢铁生产全流程。全国钢铁 行业数控化率已提升至70%以上，多家钢铁企业更是跻身被称为"世界最先进的工厂"的全球"灯塔工厂"行列，成为全球钢铁行业智能制造的标 杆。 在北京丽泽城市航站楼综合交通枢纽一体化工程现场，工人们正加紧安装定制化特殊钢结构。该工程是地下超深、超大综合体标杆项目，对钢 ...

进入2026年，"十五五"正式启程，作为工业体系之基石的工业母机率先迎来全新发展。2月2日，通用技术集团机床产业华东战略布局媒体沟通会在南京 举行，正式发布机床产业华东区域战略，旨在以华东区域为支点，深耕长三角制造业热土的同时，辐射全国市场，持续优化"研发+制造+服务"全链条布 局，为制造业高质量发展提供核心装备支撑。 落子华东 激活高质量发展新动能 作为唯一以高端数控机床为主责主业的中央企业，通用技术集团多年来始终坚持将高端数控机床作为集团第一核心主业。据通用技术集团总工程师，机 床公司董事长、党委书记周舟介绍"十四五"期间，通用技术集团持续加大工业母机产业布局，突破80余项关键技术、制定2项国际标准，组建数控机床产业 技术创新战略联盟，带动1200余家上游企业协同发展，在高端机床装备产品突破、关键核心技术攻关、产业链自主可控、产学研用协同以及经营提质增效等 方面均取得显著突破。 目前，通用技术集团已成为中央企业在机床装备领域当之无愧的领军企业。在通用技术机床公司总经理、党委副书记贺鑫元看来，通用技术机床的行业 竞争力主要体现在全产业链掌控力、技术创新引领力、资源整合协同力、品牌生态影响力四大方面。进入"十 ...

Core Insights - The article highlights that China has made significant strides in the smart transformation of its manufacturing sector, with 16 out of 23 newly recognized "lighthouse factories" by the World Economic Forum being located in China, showcasing a shift from isolated breakthroughs to large-scale leadership in manufacturing [2] - The recognition of Hichain Energy's Chongqing base as the world's first "lighthouse factory" in the energy storage battery sector marks a milestone, emphasizing China's transition from production capacity to intelligent manufacturing capabilities in the global energy storage field [2][4] Group 1: Lighthouse Factory Recognition - The "lighthouse factory" designation represents the highest standard in smart manufacturing, akin to an "Oscar" for the manufacturing industry, and Hichain Energy's rapid ascent in the energy storage battery market is noteworthy [4][8] - Hichain Energy has achieved a top-two position in global energy storage battery shipments within just six years, distinguishing itself as the only brand focused solely on the energy storage sector in the GWh-level lithium-ion battery market [4][8] Group 2: Challenges and Evaluation Criteria - The evaluation criteria for becoming a "lighthouse factory" have evolved, now focusing on intelligent operations and network expansion to address core challenges in manufacturing transformation, such as efficiency, flexibility, and sustainability [8][9] - The energy storage battery industry has faced high entry barriers due to stringent evaluation standards and the unique manufacturing challenges associated with energy storage technologies [9][10] Group 3: Intelligent Manufacturing Capabilities - Hichain Energy's Chongqing base has implemented over 40 digital solutions, resulting in a 97.6% product quality rate, a 37% reduction in manufacturing costs, and a 200% increase in production capacity [18][21] - The company has developed a comprehensive AI-driven manufacturing system that integrates advanced technologies to enhance product design, manufacturing precision, and supply chain resilience [18][21] Group 4: Market Expansion and Strategic Partnerships - Hichain Energy's Chongqing base has a designed annual production capacity of 56 GWh for energy storage batteries and has already begun shipping products to Europe, demonstrating rapid market responsiveness [22][24] - The company has secured significant orders, including a five-year framework agreement with CRRC Zhuzhou for 120 GWh, and has made inroads into international markets with multiple strategic contracts in Europe and Australia [24][26] Group 5: Future of the Energy Storage Industry - The future of the energy storage industry lies in the ability to achieve a systematic approach to manufacturing that emphasizes speed, accuracy, and quality, moving away from a focus solely on production capacity and price [26] - The transformation in the industry is centered around three core dimensions: forward-looking R&D, intelligent manufacturing for cost reduction and efficiency, and a customer-oriented supply chain resilience [26]

Group 1: Government Work Report Insights - The government work report is recognized for its realistic summary of achievements, clear analysis of the situation, and precise work deployment, reflecting a commitment to truth and consensus building [1] - The report emphasizes the development of artificial intelligence and the acceleration of new productive forces, instilling confidence in companies like Guilin Juntai Fu Electric Co., which is transitioning to a digital factory model [1] - The report encourages the establishment of a collaborative empowerment system centered around leading factories and key enterprises, promoting the rapid spread of intelligent manufacturing across various industries [1] Group 2: Modern Industrial System Development - Representatives discussed the need to enhance the agricultural industry chain, aiming to create a core hub for agricultural products in Northeast Guangxi, attracting downstream food processing enterprises [2] - There is a focus on developing a green and low-carbon advanced steel material industry cluster, supporting the construction of a short-process steel industry ecological loop in regions like Hezhou and Wuzhou [2] - The report's emphasis on people-centered development in areas such as employment, education, and healthcare has resonated widely among representatives, highlighting the importance of practical policies [2] Group 3: Agricultural Development Proposals - Suggestions include promoting the planting of Rongan kumquats across the region and incorporating its protection into legislative planning to ensure the industry's healthy development [3] - There is a call for accelerating the research and promotion of agricultural machinery in hilly areas and improving rural infrastructure management [3] - The establishment of a smart agriculture system in Guangxi is proposed, leveraging AI to optimize agricultural logistics and enhance cross-border trade of specialty agricultural products [3]

Group 1 - The core viewpoint of the article is that Zhongchuang Zhiling (601717) has seen a stock price increase of over 4%, currently trading at 22.28 HKD with a transaction volume of 33.3967 million HKD [1] - The company announced its plan to issue A-share convertible bonds to unspecified investors, with a total fundraising amount not exceeding 4.35 billion RMB [1] - The convertible bonds will be issued at face value, with each bond having a face value of 100 RMB [1] Group 2 - The net proceeds from the bond issuance are intended for investment in several projects, including a high-end component manufacturing base for new energy vehicles, an intelligent upgrade project for high-end hydraulic component production systems, a full-scenario R&D center for intelligent manufacturing, a manufacturing base for intelligent mobile robots, and to supplement working capital [1]

Core Insights - The article highlights the increasing importance of industrial robots in manufacturing, driven by the rise of smart manufacturing and structural increases in labor costs, positioning robots as key tools for efficiency and cost reduction [1] Company Overview - Tianjin Atongmu Robot Co., Ltd. (referred to as "Atongmu Robot") has submitted an IPO application to the Hong Kong Stock Exchange, aiming to list under Chapter 18C, with Huatai International as the sole sponsor [1] - The company focuses on the research, production, sales, and service of high-speed and high-reliability industrial robots, with products spanning parallel robots, high-speed SCARA robots, heavy-duty collaborative robots, and embodied intelligent robots [1][4] Financial Performance - Approximately 50% of Atongmu Robot's revenue comes from parallel robots, but the company has reported net losses for two consecutive years [3] - Revenue for the years 2023, 2024, and the first nine months of 2025 is approximately RMB 93.49 million, RMB 135.26 million, and RMB 156.96 million, respectively, with corresponding gross margins of 17%, 22.8%, and 28.9% [8] - The company has incurred net losses of approximately RMB -39.25 million, RMB -47.07 million, and a profit of RMB 0.938 million for the same periods [8] Product and Market Dynamics - Atongmu Robot's product matrix includes parallel robots, high-speed SCARA robots, and heavy-duty collaborative robots, with a significant portion of revenue derived from robot bodies [6][8] - The average selling prices of the company's products have declined during the reporting period, which may impact revenue [8][9] - The global and Chinese industrial robot market is projected to grow, with expected shipment values of approximately RMB 101.3 billion and RMB 46.6 billion in 2024, respectively [15][16] Competitive Landscape - The industrial robot market is characterized by intense competition, with Atongmu Robot needing to compete against multinational corporations and established domestic manufacturers [10][18] - In 2024, Atongmu Robot is expected to rank second among global parallel robot manufacturers with a market share of 4.8% and first in China with a market share of 12.3% [18] Future Outlook - The company plans to use the funds raised from the IPO for ongoing research and development, expanding its multifunctional headquarters, enhancing production capacity, and developing overseas markets [22] - The future growth of the industrial robot market is anticipated due to ongoing automation upgrades across various industries, with a compound annual growth rate of approximately 12.3% for the global market from 2024 to 2029 [16]