Core Viewpoint - The establishment of the first batch of leading intelligent factories in China marks a significant advancement in the manufacturing sector, showcasing the highest level of development and serving as a benchmark for industry transformation and upgrading [1][3]. Group 1: Intelligent Factory Development - China has built over 7,000 advanced factories and 504 excellent factories, with 15 selected as leading intelligent factories [1]. - Leading intelligent factories demonstrate "full-process intelligent decision-making" capabilities across various sectors, driving collaborative development in the supply chain [5][7]. - Each leading intelligent factory has reportedly replicated and promoted its model to over 100 other factories, becoming a driving force for industry transformation [7]. Group 2: Technological Innovations - The intelligent factories utilize a comprehensive digital twin system that integrates 26 production lines, allowing for detailed tracking of production processes and material relationships [10]. - The digital twin system has significantly reduced inventory days from 15 to 5, alleviating financial burdens associated with excess raw material and finished goods [11]. - Advanced AI models are embedded in production processes, enabling automated control and analysis of material properties, thus enhancing production efficiency [12][16]. Group 3: Quality Control and Efficiency - A multi-modal data perception system has achieved 100% digital control of key processes and equipment, resulting in cost savings exceeding 500 million RMB for companies [16]. - The implementation of 165 different intelligent models across production lines has improved order fulfillment rates to 98.5% and reduced total industry costs by 9% [17].

[Table_Reportdate] 2025年11月28日 超配 行 业 简 评 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn [table_stockTrend] -20% -8% 4% 15% 27% 39% 51% 24-11 25-02 25-05 25-08 申万行业指数:机械设备(0764) 沪深300 [相关研究 table_product] 1.工业机器人产量增速亮眼，产业链 国产替代持续推进——机械设备行 业简评 [Table_NewTitle 期待行业标准化体系进一步完善，促进 ] 具身智能与机器人产业发展 ——机械设备行业简评 [table_main] 投资要点： 业 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 机 械 设 备 [table_invest] ➢ 加速构建行业标准与评价体系，推动训练与中试平台建设，有望引导产业发展更加有序。 以机器人技术和人工智能为代表的智能制造领域正在跨越式发展，但同时，产品同质化、 低水平重复建设、数据难以 ...

Investment Rating - The report gives a "Positive" rating for the high-end equipment manufacturing industry, expecting the industry index to outperform the market index by over 5% in the next six months [12]. Core Insights - The announcement of China's first batch of 15 leading intelligent factories marks a significant leap in intelligent manufacturing, establishing new benchmarks for the industry [3][10]. - The report highlights innovative manufacturing models and technological breakthroughs that address industry pain points and enhance production efficiency [4][5]. - The total scale of intelligent manufacturing equipment, industrial software, and system solutions has surpassed 4.5 trillion yuan [6]. Summary by Sections Event Description - On November 27, 2025, the Ministry of Industry and Information Technology and other departments announced the first batch of 15 leading intelligent factories, covering key sectors such as equipment manufacturing and consumer goods [3]. Core Advantages and Technological Breakthroughs - Innovative models like shared manufacturing and flexible production lines have significantly reduced production times and inventory levels [4]. - AI and digital twin technologies are driving efficiency improvements, with companies achieving high product quality rates and reduced lead times [4]. - The integration of green and lean manufacturing practices has led to increased material utilization and reduced construction costs for smart factories [5]. Impact on the Industry Chain - The technological spillover from leading factories is driving upgrades across the supply chain, with extensive digital collaboration among suppliers and distributors [6]. - The report notes a historical transition in China's intelligent manufacturing from isolated breakthroughs to systemic collaboration [6]. - Policy support is fostering the development of industrial clusters, with leading factories acting as "mother factories" to promote regional upgrades [6]. Market Performance - The high-end equipment manufacturing index is expected to show positive trends compared to the broader market, with specific companies listed as direct beneficiaries of the intelligent manufacturing initiatives [8][10]. Investment Recommendations - The report suggests short-term investments in listed companies directly involved in the leading intelligent factories, such as Zoomlion and Haier, which are at the forefront of industry advancements [10]. - Long-term focus should be on companies that are closely tied to leading firms in technology output and ecosystem development, as well as those involved in AI chip production and computing infrastructure [10].

这是记者27日下午在"长沙'十四五'答卷"系列主题新闻发布会长沙县专场上获悉的消息。据了解，与"十 三五"末对比，长沙县新增39家国家级"小巨人"企业、288家省级专精特新中小企业、437家创新型中小 企业、8家国家级制造业单项冠军企业，规工企业净增33.5%。 中新网长沙11月28日电 (记者 唐小晴)"十四五"期间，湖南长沙县工程机械产业形成世界级集群，数控 磨床入围国家级中小企业特色产业集群，铁建重工位居全球隧道工程装备制造商5强首位，蓝思科技获 评国家智能制造试点示范工厂，国科微电子获批国家级企业技术中心，博世长沙和三一18号工厂荣膺世 界级"灯塔工厂"。 亚洲最大的智能制造车间——三一18号厂房。长沙县委宣传部供图 长沙是仅次于美国伊利诺伊州、日本东京的世界第三大工程机械产业集聚地。长沙工程机械产业集群已 进入工信部世界级先进制造业集群培育池。今年1月1日，全国首部工程机械领域产业立法《长沙市促进 工程机械产业发展条例》正式施行，对工程机械产业转型升级、国际化发展、产业协同等方面明确了支 持与鼓励措施。 长沙县制造业企业加速智能化转型。长沙县委宣传部供图 当前，长沙县正通过智能制造、低空经济、生物医 ...

Group 1 - The core point of the article is that Wushang Group's subsidiary, Wuhan Jiangtun Digital Technology Co., Ltd., has signed a letter of intent to acquire Hangzhou Xiaodian Technology Co., Ltd. to facilitate a strategic transformation from traditional retail to a commercial technology company [1][2] - The acquisition aims to integrate Xiaodian Technology's extensive offline traffic network and digital capabilities, addressing pain points in traffic conversion and intelligent management, while enhancing local market dominance [2] - The target company has strong commercial IoT technology capabilities, providing services such as shared charging, shared lockers, smart travel, and smart energy, creating a digital closed-loop that connects people, goods, and venues [1][2] Group 2 - The transaction is expected to allow the company to obtain key digital assets, extend consumption scenarios, and achieve data-driven operations [2] - Upon successful completion of the acquisition, the target company will be included in the company's consolidated financial statements, contributing to the establishment of a comprehensive smart business infrastructure [2] - The ultimate goal is to build long-term core competitiveness through the integration of online and offline operations [2]

ICT行业首座生态级零碳工厂落地90个减碳场景 本报讯 （记者贾丽）11月28日，在2025世界智能制造大会举办期间，国际智能制造联盟（ICIM）正式 发布了"2025世界智能制造十大科技进展"。联想集团有限公司（以下简称"联想"）创新产业园（天津） （以下简称"联想天津工厂"）成功入选该榜单。 主办方评价认为，联想天津工厂整体设计贯彻绿色零碳、智能制造两大定位，是业内高水准的零碳智造 工厂。其中，工厂自身减排及绿电绿能占工厂运营总碳排放量90%以上，此外深度融合高自动化产线和 全领域智能化场景应用，自动化率达到行业最高的60%。 世界智能制造大会由江苏省人民政府与国际智能制造联盟共同主办，是汇聚全球智能制造领先企业、权 威机构与前沿专家的顶级交流平台。"世界与中国智能制造十大科技进展"作为大会的核心发布内容，聚 焦智能制造技术前沿性与创新性成果，旨在表彰对推动产业升级、提升制造效能、促进绿色发展具有实 际价值，推动全球及中国智能制造发展积极贡献力量的创新成果。 此外，工厂还拥有一座高达24米的零碳黑灯智慧化立体库。该立体库综合应用了无人拣选、视觉识别及 势能回收等43个智能场景，实现了仓储占地节省超过70% ...

Group 1 - The core point of the article is that Wushang Group's subsidiary, Wuhan Jiangtun Digital Technology Co., Ltd., has signed a letter of intent to acquire Hangzhou Xiaodian Technology Co., Ltd. to facilitate a strategic transformation from traditional retail to a commercial technology company [1][2] - The acquisition aims to integrate Xiaodian Technology's extensive offline traffic network and digital capabilities, addressing pain points in traffic conversion and intelligent management, while enhancing local market dominance [2] - The target company has strong commercial IoT technology capabilities, providing services such as shared charging, shared lockers, smart travel, and smart energy, creating a digital closed-loop that connects people, goods, and venues [1][2] Group 2 - The transaction is expected to allow Wushang Group to build a comprehensive smart commercial infrastructure covering all channels, thereby establishing long-term core competitiveness [2] - The shareholding ratio for the acquisition is proposed to be between 70% and 100%, subject to negotiation between the parties after due diligence [1]

除了国资以外，市场另一个重要的力量是AIC（金融资产投资公司）。杨晓磊提及，AIC过去几年对市 场的参与度逐渐提升。 据工银投资党委委员、副总经理陆胜东在大会上披露，全国5家AIC累计投资落地规模已达数万亿元， 成为服务实体经济的重要力量。 这一力量还在不断壮大。在今年5月中旬的国新办发布会上，国家金融监管总局局长李云泽曾表示，为 更好地发挥股权投资对科技创新的支持作用，金融监管总局将发起设立AIC的主体扩展至符合条件的全 国性商业银行。近来，包括兴业银行、中信银行、招商银行等在内的首批3家全国性股份制银行AIC均 获批，且注册资本在百亿级别。 科技正在成为创投关注的焦点。 创投行业正在新一轮周期中积蓄力量。在11月27日举行的第19届中国投资年会·有限合伙人峰会上，投 中信息CEO杨晓磊判断，2025年，创投行业迎来情绪与数据同步改善的阶段性拐点，对于即将到来的 2026年可以乐观一点。 从数据表现上看，今年前三季度，创投市场的各项指标出现回暖。据投中信息统计，2025年前三季度， 新成立创投基金规模达1.78万亿，同比上升10.25%；投资事件规模达9120亿，同比上升19.98%；得益于 二级市场这一年 ...

Core Viewpoint - Dalian Meidele Industrial Automation Co., Ltd. has been approved for IPO on the Beijing Stock Exchange, marking it as the 82nd company to pass the review this year, with a total of 35 companies approved on the Beijing Stock Exchange [1]. Group 1: Company Overview - Dalian Meidele is a leading supplier of intelligent conveyor systems in China, focusing on the research, design, manufacturing, and sales of intelligent manufacturing equipment, with main products including modular conveyor systems and industrial components [2]. - The company plans to publicly issue up to 16 million shares on the Beijing Stock Exchange, with a potential additional 2.4 million shares if the over-allotment option is exercised, bringing the total to a maximum of 18.4 million shares [3]. Group 2: Financial Aspects - Meidele aims to raise 645 million yuan (approximately 64.5 million) through this IPO, which will be allocated to several projects including the fourth phase of Meidele's construction project and the development of high-end intelligent conveyor systems [3]. Group 3: Underwriting and Approval - The underwriting institution for Meidele's IPO is Guotai Junan Securities Co., Ltd., marking the 12th successful IPO project for the firm this year [2]. - The review meeting raised inquiries regarding the compliance of revenue recognition and the sustainability of operating performance, particularly in light of declining performance from major end customers and slowed capacity expansion [4].

Core Viewpoint - Kunshan Intelligent aims to strengthen its technical team and expand market share in the smart logistics and smart manufacturing sectors, focusing on high-quality products and services to enhance brand image and market position [1][3]. Group 1: Company Strategy - The company has over 20 years of expertise in smart logistics and smart manufacturing, providing integrated solutions across the entire industry chain [1]. - Kunshan Intelligent's operational goal is to focus on one-stop solutions for smart logistics and production lines, positioning itself as a leading domestic technology and equipment supplier in the industry [3]. Group 2: Market Positioning - The company plans to enhance existing industry advantages by improving regional marketing and service capabilities, as well as developing rapid response capabilities [1]. - By concentrating on high-quality products and services, Kunshan Intelligent aims to solidify its market position and expand its scale advantages [1].