炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：尺度商业 文 | 董武英 编辑 | 刘振涛 提到富士康员工创业，我们第一时间会想到那个"最强打工妹"——4000多亿市值公司立讯精密创始人王 来春，其人生经历和创业故事极具传奇色彩。但在王来春之外，还有一个同样出身富士康的传奇人物， 堪称"翻版王来春"。 这个人正是协创数据创始人耿康铭。耿康铭早期在富士康工作，历任多个领域的课长职位，随后创业， 早期代工存储设备，并获得了富士康创始人郭台铭弟弟郭台强的投资，经历与王来春极为相似。 今年以来，耿康铭和协创数据在资本市场的关注度不逊色于王来春和立讯精密，截至12月24日收盘，协 创数据年内涨幅超过80%，总市值超过480亿。 协创数据高光的背后，公司已公布的大规模算力投入。今年以来，协创数据已宣布采购最高212亿元的 算力服务器，并在近日宣布投资光芯片、光模块研发及生产建设项目，用于AI算力中心、超算中心等 场景。 AI赛道是今年资本市场最火的赛道之一，总市值400多亿元的协创数据，宣布最高212亿元采购算力服 务器并建设光芯片、光模块项目，堪称一场AI赛道的豪赌，协创数据和耿康铭究竟 ...

东方证券指出，智能手表行业有望打开成长空间，主要驱动力来自AI应用及运动场景等需求。部分投 资者认为受行业创新节奏放缓影响，智能手表未来成长空间有限。随着市场整体复苏和智能化程度的提 升，智能手表市场有望保持成长态势。展望未来，AI手表和运动手表的出货量及渗透率不断提升，有 望成为智能手表行业未来成长的重要驱动因素，助力行业打开成长空间。 头豹研究院认为，中国智能手表行业近年来呈现快速增长态势，市场规模从2017年的136.05亿元增至 2022年的659.5亿元，预计到2027年将达2754.52亿元。行业增长主要依赖于出货量和平均价格的双重驱 动。未来，随着AI、物联网等技术融合加深，智能手表在医疗、运动、支付等场景的应用将进一步拓 展，推动行业持续扩容。 根据Counterpoint Research最新报告，全球智能手表出货量预计将在2025年年底同比增长7%，在2024年 首次出现下滑后重回增长轨道。 ...

Core Insights - The article highlights the transformative role of the Mechanical Industry Ninth Design and Research Institute (Mechanical Ninth Institute) in advancing China's automotive manufacturing through AI and digital technologies [1][3][7] Group 1: AI and Digital Transformation - Mechanical Ninth Institute has developed an industrial data intelligence platform that enhances factory operations by enabling real-time data processing every 200 milliseconds [1] - The use of 3D simulation and digital twin technology in the Hongqi New Energy Vehicle factory project allows for comprehensive digital mapping of the entire production process, significantly reducing construction trial-and-error costs [3] - The AI predictive maintenance system, now in its 3.0 version, can diagnose equipment issues and provide early warnings based on historical data, transforming reactive maintenance into proactive intervention [3] Group 2: Strategic Development and Innovation - The growth of Mechanical Ninth Institute is supported by national strategies promoting high-end, intelligent, and green manufacturing, along with strong backing from local governments [3][4] - The company has secured 313 authorized patents and 69 software copyrights, demonstrating its commitment to innovation and industry standards [3] - Mechanical Ninth Institute has received 335 provincial and national awards, solidifying its position as a leader in technology and standard-setting within the industry [4] Group 3: Global Competitiveness - The company successfully completed a warehouse control system upgrade in just 20 days, significantly faster than the original foreign supplier's timeline, showcasing its technical capabilities and efficiency [4][6] - The team also delivered a near-zero carbon factory project for Audi, which received multiple awards, exemplifying the integration of German quality with Chinese speed [6] Group 4: Future Vision - Mechanical Ninth Institute aims to become a leading provider of comprehensive intelligent manufacturing solutions, focusing on AI and big data integration with IoT and digital twin technologies [7] - The company is committed to advancing green manufacturing, ensuring that every factory operates as an efficient, low-carbon, and sustainable entity [7] - The narrative of Mechanical Ninth Institute reflects China's industrial design strength and its evolution from a follower to a rule-maker in the global high-end manufacturing sector [7]

Group 1 - The core viewpoint of the articles indicates that 有棵树's stock price has experienced fluctuations, with a recent decline of 2.07% to 5.68 CNY per share, and a total market capitalization of 5.275 billion CNY [1] - The company has seen a year-to-date stock price increase of 4.99%, but a recent decline of 1.05% over the last five trading days, and a 3.24% decrease over the last 60 days [2] - 有棵树's main business involves providing IT services and related hardware and software for the automotive internet, with revenue composition showing 86.41% from other businesses and 13.89% from cross-border e-commerce [2] Group 2 - As of October 31, 有棵树 had 25,700 shareholders, a decrease of 3.34% from the previous period, with an average of 19,075 circulating shares per shareholder, an increase of 3.46% [2] - For the first half of 2025, the company reported a revenue of 42.5734 million CNY, a significant year-on-year decrease of 81.33%, while net profit attributable to shareholders increased by 106.08% to 1.877 million CNY [2] - Since its A-share listing, 有棵树 has distributed a total of 61.6364 million CNY in dividends, with no dividends paid in the last three years [2]

Group 1 - The Shanghai Municipal People's Congress Standing Committee decided to hold its 26th meeting on December 29-30, focusing on various regulatory drafts including those for offshore bond business in Pudong and cruise economy development [1] - The committee will review reports on the implementation of the 14th Five-Year Plan and the drafting of the 15th Five-Year Plan, as well as the progress of the "Five Centers" construction in the city [1] - Reports on the 2025 urban and rural planning and the 2025 practical projects for citizens will also be presented for discussion at the upcoming meeting [1] Group 2 - The committee will examine the handling of suggestions, criticisms, and opinions from the representatives of the 16th People's Congress during its third meeting [2] - A report on the judicial authorities' handling of legal and litigation-related petitions transferred by the Standing Committee will be reviewed [2] - Personnel appointment and dismissal cases will be submitted for deliberation and voting at the upcoming meeting [2] Group 3 - A written review of a research report on the integration of artificial intelligence and the Internet of Things industries was conducted [3]

Core Insights - The development of smart agriculture in China is rapidly advancing, leveraging technologies such as AI, IoT, big data, and robotics to enhance productivity and resource utilization in agriculture [1][2] Group 1: Technological Advancements - Smart agriculture utilizes advanced technologies for information perception, intelligent decision-making, and precise operations, significantly improving land output and labor productivity [1] - The integration of sensors, data processing, and remote sensing technologies has enabled the collection of critical data on environmental conditions, pest monitoring, crop growth, and yield [1] - Intelligent decision-making is supported by agricultural knowledge graphs and core algorithms, generating precise prescriptions for environmental control and pest management [1] Group 2: Industry Advantages and Challenges - China possesses unique advantages in smart agriculture, with state-owned enterprises driving innovation and providing significant application scenarios for technology [2] - New infrastructure development in rural areas is reducing the costs associated with deploying smart agriculture solutions, although challenges such as data barriers and limited application scope remain [2] Group 3: Policy and Standardization - Establishing a mechanism for linking technological innovation outcomes with standardization is crucial for addressing issues like data barriers and system integration in smart agriculture [3] - The development and implementation of national and industry standards for smart agriculture are essential to enhance applicability and innovation, fostering a virtuous cycle of technology innovation and industry application [3] Group 4: Implementation Strategies - A comprehensive approach involving pilot demonstrations and application promotion is recommended to enhance the resilience of smart agriculture [3] - Setting up leading areas for smart agriculture in regions with better foundational conditions can facilitate the application of smart planting, livestock, and aquaculture solutions [3]

Core Viewpoint - The article emphasizes the importance of electronic materials in various high-tech industries, highlighting the need for innovation and domestic production capabilities to enhance China's competitiveness in the global market [7][9]. Group 1: Industry Overview - Electronic materials are crucial for manufacturing electronic devices, integrated circuits (ICs), and optoelectronic devices, directly impacting product functionality and efficiency [7]. - The global semiconductor industry is projected to reach a total sales of $526.8 billion in 2023, with IC electronic materials accounting for approximately 12.7% of this market [7]. - The demand for electronic materials is increasing in sectors such as ICs, display technology, photovoltaic energy, and high-end capacitors/resistors, driven by advancements in information technology and communication [7][9]. Group 2: Key Electronic Materials - **Semiconductor Materials**: Silicon (Si) is the primary material used in over 95% of semiconductor devices, with a market dominated by companies like Shin-Etsu Chemical and Sumco, holding over 90% market share in 8-12 inch wafers [11][15]. - **Electronic Specialty Gases**: The market for electronic specialty gases is highly concentrated, with major players like Air Products and Linde holding over 80% market share. The largest category, NF3, has a market size of $8.8 billion [16][18]. - **Photoresists**: The photoresist market is critical for IC manufacturing, with costs accounting for about 35% of total chip manufacturing costs. The development of EUV photoresists is essential for advanced nodes below 7nm [19][21]. - **Wet Electronic Chemicals**: The global market for wet electronic chemicals was valued at 639.1 billion yuan in 2022, with a projected growth rate of 8.9% annually [25]. - **CMP Materials**: Chemical Mechanical Polishing (CMP) materials are vital for achieving high precision in wafer manufacturing, with the global market for CMP pads and slurries growing significantly from 2016 to 2021 [28][29]. - **Third-Generation Semiconductor Materials**: Materials like SiC and GaN are gaining traction due to their superior properties for high-frequency and high-power applications, with China's market for these materials reaching approximately 85.4 billion yuan in 2023 [30][31]. Group 3: Market Dynamics and Trends - The electronic materials industry is characterized by a high degree of international competition, with the U.S., Europe, Japan, South Korea, and China being the main players [8]. - The ongoing technological revolution and industrial transformation present both challenges and opportunities for the electronic materials sector, necessitating advancements in material performance to meet the demands of emerging technologies like 6G and quantum computing [8][9]. - The article highlights the need for China to enhance its domestic production capabilities and innovation in electronic materials to ensure supply chain security and reduce reliance on foreign imports [9].

新浪科技讯 12月23日晚间消息，近日，阿里巴巴旗下源头厂货平台1688举办商业领袖年度峰会，揭晓 平台2025年商业领袖奖获奖名单，覆盖消费品、工业品等多个行业领域。 会上，1688商家发展中心相关人士表示："在AI时代，生意能否成功，不再依赖低价竞争，而在于确定 性——订单稳、交货稳、运营稳。增长不是'卷'出来的，而是'稳'出来的。企业越可靠，客户越敢下 单，平台也越愿意为其匹配更多商机。"另有专家在演讲中指出，中国经济正处于K型分化阶段，只有 主动拥抱数字化、具备经营韧性的企业，才能穿越周期波动。 据悉，目前已有越来越多商家在1688上从规模化流量争夺转向精细化供应链价值深耕。与此同时，1688 也正与核心商家共同构建确定性履约能力与AI化经营体系，推动平台、商家、买家三方共赢，在K型分 化的行业格局中抢占领先地位。 尽管本届获奖企业来自不同行业、各具特色，但均呈现出显著共性：中国制造业的竞争焦点，正从外部 资源比拼转向内部能力锻造。 面对质量稳定性不足、产业结构失衡等多重挑战，制造业正通过构建全链条创新生态、推进智能制造技 术革新、优化要素资源配置等路径寻求突破。在人工智能、大数据、物联网等新技术赋能 ...

Core Insights - Qixin Group has established a new technology company, Shenzhen Yinchuan Technology Co., Ltd., which focuses on artificial intelligence and Internet of Things (IoT) services [1] Company Developments - Shenzhen Yinchuan Technology Co., Ltd. is fully owned by Qixin Group [1] - The business scope of the new company includes AI industry application system integration services, IoT technology services, IoT application services, and computer system services [1]

Core Viewpoint - The thermoplastic polyurethane (TPU) industry for consumer electronics is at a critical turning point, facing short-term price pressures but long-term opportunities driven by trends towards green, high-performance, and intelligent materials [7]. Group 1: Current Industry Status - TPU is a high-performance polymer material used in consumer electronics for protective cases, functional components, and structural parts, with specific mechanical and environmental properties [2][5]. - The global TPU market for consumer electronics is projected to grow from $547.50 million in 2024 to $1,025.35 million by 2031, with a compound annual growth rate (CAGR) of 9.60% [16]. - The Chinese market is rapidly evolving, expected to account for approximately 49.87% of the global market by 2031, growing from $252.96 million in 2024 [16]. Group 2: Market Growth Drivers - The demand for TPU in consumer electronics is driven by the need for lightweight, durable materials in smartphones, wearables, and flexible displays, with increasing penetration in protective cases and smart device applications [20][22]. - Innovations in TPU manufacturing are leading to customized products with unique properties such as flame retardancy, UV resistance, and antibacterial features, expanding applications across various industries [9][10]. Group 3: Technological and Environmental Trends - The industry is witnessing a shift towards bio-based and biodegradable TPU products, with companies like BASF and Wanhua Chemical introducing bio-based TPU with 30%-70% bio-content [11]. - The development of recycling technologies is expected to enhance TPU waste recycling rates, aligning with global carbon neutrality goals [11]. Group 4: Competitive Landscape - The top three global manufacturers, BASF, Covestro, and Huntsman, hold over 41% market share, indicating a highly competitive environment, particularly in China [17][19]. - The market is characterized by a "two super, many strong" structure, with leading companies like Huafeng Group and Wanhua Chemical dominating the high-end market, while smaller firms operate in the low-end market [19]. Group 5: Policy and Regulatory Environment - Government policies such as "Made in China 2025" and the "Internet Plus" initiative are promoting high-end and intelligent development in the TPU sector, encouraging its application in electronic products [24]. - Environmental regulations are driving the development of green TPU materials, reducing reliance on traditional petroleum-based materials [24].