区工商联围绕区位优势明显、国际化程度高、历史底蕴深厚等特点推介区营商环境，重点介绍"上海硅巷"科创街区的建设情况以及区域重点产业的发展情 况，全方位展现区域服务软实力，真诚邀请苏州企业家们到长宁来感受"梧桐树下写代码、风貌区内搞科研、咖啡馆里开晨会、烟火气中聊创新"。 为进一步促进区民营企业数字化转型与智能化升级，学习借鉴国际领先的技术与管理模式，搭建技术交流、资源对接、金融赋能的桥梁，11月28日，长宁 区工商联联手宁波银行长宁支行，组织长宁、苏州两地近30家企业走进上海发那科智能制造体验中心，沉浸式了解生产执行管理、数字化智能工厂、设备 智能管理等智能制造解决方案，并围绕金融赋能、智能制造转型等话题深入探讨，激发创新活力，凝聚发展共识。 上海发那科机器人有限公司行业资深专家结合具体行业案例分享智能制造的解决方案和转型思路；宁波银行行业赋能专家重点介绍"设备之家"金融服务平 台；与会企业家结合发展实际，分享经营心得、探讨行业趋势、对接合作资源。 宁波银行长宁支行表示，将继续深耕金融主业，优化产品体系，提升服务效率，推动"银企、企企"之间的深度对接，成为企业家拓展市场、创新发展的金 融后盾。 为进一步促进区民 ...

Core Insights - The Ministry of Industry and Information Technology, along with five other ministries, has announced the first batch of 15 leading smart factories for 2025, showcasing advancements in key industries such as equipment manufacturing, raw materials, electronic information, and consumer goods [1] - The Yangtze River Delta region, particularly Shanghai, Jiangsu, and Zhejiang, has excelled in this initiative, with Shanghai leading the nation in the number of selected factories [1][3] - The establishment of a tiered cultivation system for smart factories began in 2024, categorizing them into four levels: basic, advanced, excellent, and leading, with the leading level representing the pinnacle of smart manufacturing in China [1][4] Industry Developments - Leading smart factories are demonstrating significant innovation value, with Shanghai Aerospace Equipment Manufacturing Factory achieving a reduction in launch costs through an intelligent full-process chain model [2] - In the raw materials sector, Nanjing Steel has achieved a 98.5% on-time delivery rate for customized steel production using digital twin and AI technologies, while Baosteel has gained a competitive edge through data-driven manufacturing [2] - Hikvision in the electronic information sector has reduced production line changeover time by 50% through self-developed IoT, AI, and big data technologies, providing replicable solutions for the electronics manufacturing industry [2] Regional Performance - Shanghai has cultivated 2 national leading smart factories, 28 national excellent smart factories, and over 300 advanced smart factories, maintaining its position as the top city in China for smart manufacturing [3] - The city plans to focus on a three-pronged development strategy that includes tiered cultivation of smart factories, providing smart manufacturing system solutions, and building a standard framework for smart manufacturing [3] - Leading smart factories serve as demonstration models, promoting innovation and transformation across the supply chain, with modular solutions available for small and medium-sized enterprises to facilitate their own smart upgrades [3] Construction Achievements - As of now, China has established over 35,000 basic smart factories, more than 7,000 advanced smart factories, 230 excellent smart factories, and 15 leading smart factories [4] - Smart factory upgrades have led to an average reduction of 29% in product development cycles, a nearly 22% increase in production efficiency, and a 20% decrease in carbon emissions [4] - Leading smart factories are positioned as integrated platforms for technological innovation, standard output, and industry collaboration, aligning with the core demands of high-quality manufacturing development during the 14th Five-Year Plan [4]

中证报中证网讯(记者赵白执南)记者12月3日从中信集团获悉，近日召开的2025世界智能制造大会上公 布了全国首批领航级智能工厂项目培育名单，共15家企业上榜。中信集团旗下南京钢铁股份有限公司凭 借"产业链深度协同的特殊钢个性化定制智能工厂"项目入选，并与其他入选企业共同发起领航行动计划 联合倡议。 据悉，未来中信集团将依托"磐石"行动科技创新集群，加强产学研合作，紧密围绕产业需求开展联合攻 关，推动科技创新与产业创新深度融合。探索开放应用场景，为新技术、新产品试验和迭代提供"首用 舞台"。支持中信泰富特钢和南钢集团更好发挥链主企业作用，加强AI在材料设计、敏捷生产、智慧运 营、绿色低碳等典型场景应用，带动产业链上下游智能升级，加快培育新质生产力。 中信集团副董事长、总经理张文武在会上表示，中信集团持续加大科技创新投入，于2025年启动科技创 新"磐石"行动，全力建设以智能矿山重型装备、数字钢铁2个全国重点实验室为龙头，先进材料等4个集 团级科创中心为中坚，人工智能等N个领域级研发中心为基础的"2+4+N"科技创新集群，以核心技术筑 牢科创根基。 据介绍，工信部等六部门自2024年起联合启动智能工厂梯度培育行动 ...

Core Insights - JD Industrial (07618.HK) has officially launched its global public offering, aiming to list on the Hong Kong Stock Exchange, with the subscription period running from December 3 to December 8, 2025, and expected trading to commence on December 11, 2025 [1] Group 1: Financial Performance - JD Industrial has shown continuous revenue growth since 2020, with total revenues increasing from 6.8 billion RMB in 2020 to an estimated 20.4 billion RMB in 2024 [3] - The company transitioned from a net loss of 1.269 billion RMB in 2022 to a net profit of 4.8 million RMB in 2023, further increasing to 762 million RMB in 2024, and achieving a net profit of 451 million RMB in the first half of 2025, representing a year-on-year growth of 55.2% [3] Group 2: Strategic Positioning - JD Industrial is a key component of JD Group's "Digital and Intelligent Social Supply Chain" strategy, leveraging the group's logistics, technology, and financial resources to build a nationwide fulfillment network and intelligent procurement solutions [4] - The company has served approximately 11,100 key enterprise clients as of the first half of 2025, with many clients being introduced through other JD Group business touchpoints, enhancing customer stickiness [4] Group 3: Market Opportunity - The Chinese MRO (Maintenance, Repair, and Operations) procurement market is substantial, exceeding 1.8 trillion RMB in 2024, yet the online penetration rate remains below 15%, indicating significant growth potential [5] - JD Industrial holds the largest market share in this sector, with its transaction volume in 2024 being approximately three times that of the second-largest competitor [5] - The demand for supply chain resilience and procurement compliance is expected to rise, driven by policies promoting "new industrialization" and "smart manufacturing," which may accelerate the platformization and standardization of MRO procurement [6] Group 4: IPO Details - JD Industrial plans to issue 211 million shares globally, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% over-allotment option [1] - The expected net proceeds from the IPO, based on a midpoint price of 14.10 HKD per share, are approximately 2.827 billion HKD, with funds primarily allocated for enhancing supply chain capabilities (35%), regional business expansion (25%), potential strategic investments or acquisitions (30%), and working capital (10%) [1]

Group 1: Financial Performance - The company's operating cash flow for the first three quarters of 2025 reached 1.93 billion yuan, an increase of 576 million yuan year-on-year, primarily due to improved management of accounts receivable [3] - As of the end of the reporting period, the company's undistributed profits amounted to 862 million yuan, with the parent company's undistributed profits at 94 million yuan, meeting the conditions for profit distribution [6] Group 2: Cost Management and Efficiency - The company maintained a low sales expense ratio, outperforming the industry average, achieved through comprehensive implementation of smart factory projects and cost control measures [2] - The annual production capacity of high-end frost-free refrigerators reached 2.8 million units, with the introduction of 280 advanced automated production lines and smart warehousing systems [2][6] Group 3: Product Innovation - New product launches include the TCL AI Super Drum Washing Machine with a high cleaning ratio of 1.31 and the TCL Ice Kirin refrigerator featuring advanced preservation technology [3] - The company achieved significant breakthroughs in technology with two key innovations recognized as "internationally leading" in preservation and energy-saving technologies [4] Group 4: Global Strategy and Market Expansion - TCL has established a sales network in over 80 countries and regions, with a brand presence in more than 160 countries, enhancing its global market influence [5] - The company plans to strengthen its global strategy by expanding into Asia-Pacific, North America, Latin America, and "Belt and Road" markets, leveraging its partnership with the International Olympic Committee to boost brand recognition [5][6] Group 5: Future Production Capacity - Current production capacity is primarily located in Zhongshan and Hefei, with plans to build a production base in Thailand, adding 1.4 million units of refrigerator capacity and 300,000 units of freezer capacity [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is positioned for growth driven by the expansion of smart low-speed electric vehicles and proactive engagement in the humanoid robot sector [4][5]. - The company is expected to achieve significant revenue growth, with projections of 38.08 billion, 49.38 billion, and 58.5 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 27.94%, 29.66%, and 18.47% [5][6]. Summary by Sections Company Overview - Established in 2015, the company focuses on smart low-speed electric vehicles and special vehicles, suitable for various age groups and scenarios. It plans to gradually enter the robotics field by 2025 [4][19]. - As of Q3 2025, the controlling shareholder holds 67.41% of the company's shares, indicating stable ownership. The management team has a strong engineering background, fostering innovation in product development [4][19]. Short-term Outlook - The company is expected to leverage its overseas production capacity and the anticipated high growth of golf carts. It aims to capture market share in the C-end family market and gradually expand into B-end clients [4][5]. - Compared to traditional competitors in North America, the company benefits from a high-quality supply chain and efficient production processes, which enhance its competitive edge [4]. Mid-term Outlook - The company is focused on product upgrades and market expansion, with optimistic growth expectations for all-terrain vehicles (ATVs). It ranks second in ATV exports in the first half of 2025 [4][5]. - The company is developing larger displacement products and has begun mass production of 350cc ATVs, with 500cc ATVs in small batch trials, targeting the North American market [4][5]. Long-term Outlook - The company is actively exploring opportunities in the robotics sector, aiming to integrate robotics into its manufacturing processes to address high labor costs in the U.S. [4][5]. - Strategic partnerships with leading companies in the robotics industry are being pursued to enhance growth potential in this area [4][5]. Industry Analysis - The global electric low-speed vehicle market is projected to grow significantly, with a compound annual growth rate (CAGR) of 25.3% from 2024 to 2029, driven by increasing demand in North America [11][44]. - The company is well-positioned to capitalize on this growth, particularly in the golf cart segment, which is expected to see substantial demand due to the increasing number of golf courses and the shift towards electric vehicles [11][44]. Financial Projections - Revenue is projected to grow from 29.77 billion yuan in 2024 to 38.08 billion yuan in 2025, with a year-on-year growth rate of 27.94% [5][6]. - The net profit attributable to the parent company is expected to reach 8.08 billion yuan in 2025, reflecting a year-on-year increase of 87.3% [5][6].

以下文章来源于TOP创新区研究院 ，作者新兴产业研究组 TOP创新区研究院 . 创新区研究，就在TOP研究院。TOP研究院专注于全球创新区的一体化研究，从Talent(个人), Organization(组织), Place(区域)三大维度出发，通过"研究/连接/分享"，探索中国创新区的实践路径。 未来百年格局。 作者/TOP创新区研究院，FTA Group 来源/TOP创新区研究院 (ID：TOP_Lab) "这是我见过最令人叹为观止的景象" 福特汽车首席执行官吉姆·法利(Jim F a rl e y )在最近一次中国之行后如此感叹。 近 日 ， 英 国 《 每 日 电 讯 报 》 的 一 篇 深 度 报 道 ， 揭 示 了 众 多 西 方 企 业 高 管 在 参 观 了 中 国 的"黑灯工厂"后，普遍感受到的一种复杂情绪—— 有惊叹，更有深层的恐惧。 在这段"震撼之旅"中，西方高管们看到是智能制造的极致体现—— 通过人工智能、物联网、机器人等前沿技术高度集成，实现从原材料入库到成品下线的 全流程自动化，几乎无需人工干预。 澳大利亚矿业巨头福特斯克金属集团总裁安德鲁·弗里斯特(An d r ew F o r ...

Group 1: Company Overview - The company primarily engages in the development and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloy products, establishing a comprehensive tungsten industry chain [1] - The upstream business focuses on tungsten mining resource exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [1] - The midstream production includes various specifications of powder products, capable of producing ultra-fine, fine, medium, coarse, and ultra-coarse powders to meet diverse customer needs [2] Group 2: Resource Integration and Procurement - The company completed the verification report for tungsten resource reserves in the Taoxikeng mining area and submitted the development plan for review by the Ministry of Natural Resources in the first half of 2025 [3] - The company self-produces all tungsten concentrates for its own use and procures additional tungsten concentrates and APT from qualified suppliers, ensuring stable raw material supply through rigorous supplier evaluation [4] Group 3: Business Operations and Market Position - Ganzhou Aoketai specializes in cutting tools for difficult-to-machine materials, producing various types of cutting tools for industries such as automotive, aerospace, and energy, with steady sales growth expected in 2025 [5][6] - The company aims to enhance its production capacity for competitive, high-value-added products based on market demand [6] Group 4: Future Trends and Strategic Direction - Tungsten is a strategic mineral resource in China, with supply constraints and increasing downstream demand expected to stabilize tungsten concentrate prices [6] - The company focuses on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloys [6] - Plans include strengthening upstream resource exploration, optimizing midstream production processes, and advancing downstream high-end brand strategies in sectors like aerospace and new energy [6]

R&D and Product Development - The company focuses on functional, green, and diversified product development, expanding from traditional fiber masterbatch to film and plastic applications [20] - Continuous R&D investment and collaboration with academic institutions help maintain a leading position in technology [20] Financial Performance - The company has a low debt ratio, indicating manageable liquidity risk, with strong cash reserves covering short-term debts [3] - The accounts receivable management is strict, with a stable collection rate that is better than the industry average [2] Market and Industry Insights - The Chinese color masterbatch market is expected to maintain steady growth due to ongoing industry expansion and increased environmental awareness [6] - The fiber masterbatch industry is characterized by low concentration, with many small-scale enterprises, leading to a competitive landscape driven by technological upgrades and environmental policies [7] Profitability and Growth Strategies - The company has seen stable and slightly increasing gross margins over the past two years, with plans to enhance market share through smart manufacturing and technological upgrades [8] - Strategies to maintain profit margins include leveraging technological barriers, providing integrated solutions, and capitalizing on scale and location advantages [10] New Material Development - The COFs new material is currently in the client verification phase, with plans for a 200-ton production line under development [11][14] - The company is addressing potential commercialization challenges, including pricing and performance consistency, through innovative production methods [19] Future Outlook - The company aims to focus on green technology, functional material innovation, and collaborative industrial ecosystems, reinforcing its position as a leader in the chemical fiber masterbatch industry [21]

代表团实地参观了工业园的安全智慧培训中心，详细了解机械安全、消防实操、VR沉浸式风险体验等六大数字化模拟体验板块。随后，工业园代表详细介 绍了"零事故"核心管理理念及"安全1-3-9目标体系"，IEAT代表团高度肯定其规范管理，计划推荐为园区标杆供其他企业学习管控流程。 11月28日，泰国工业园区管理局(IEAT)主任坤彭纳林先生一行到访海尔泰国春武里工业园。双方就园区公共设施、服务支持及环境管理的使用体验与需求展 开交流，为后续园区配套优化与服务提升奠定基础。 作为中国品牌在东南亚规模最大的空调生产基地，海尔泰国春武里工业园在绿色、智能与本土化方面均取得显著成效。在绿色化运营方面，园区全面部署光 伏发电系统，推进零碳目标，已获得泰国投资委员会(BOI)最高级别A2+认证;在智能制造方面，依托工业互联网打造全链路数字化车间，实现生产效率提升 20%、订单响应速度提升50%;在本土化方面，园区为泰国当地创造数千个就业岗位，有力支持了区域经济与社会发展。 此次访问不仅体现了泰国政府对海尔本土化运营成果的认可，更为双方在更广领域深化合作筑牢信任基础。未来，海尔智家（600690）将继续深化与当地政 府及产业伙伴的协 ...