作者 | 周以 统筹 ｜ 王浩天 视觉 | 顾芗 过去一年，如果我们纵观全球企业的风云动态并重新复盘，不难发现，国际化都是大家坚定不移的锚 点。 在企业走向国际化的过程中，云服务商通过提供在国内反复验证过的、高可用的经验和技术，能够快速 提高企业出海的效率和质量。也因此我们看到，过去这一年多，各大云厂商都在国际化上集体发力，坚 定按下加速键。 腾讯云的动作尤其迅速。这个一贯以"稳"著称的云厂商，如今在海外展现出极强的进攻性和进取心，海 外开区速度全行业最快；大量产品快速推出国际版、适配海外技术生态和全球客户需求。 腾讯云与智慧产业事业群"掌门人"汤道生，在会上略带自豪地说，腾讯云国际化业务，过去三年实现 了"高双位数"的增长，远远超过中国公有云市场的平均增速；服务客户数也比去年再增长一倍，不仅有 国内知名企业，也包括印尼最大的互联网公司Goto、泰国正大、法国电信等海外当地龙头企业；同时， 90%以上的互联网企业和95%以上头部游戏公司，出海都选择了腾讯云。 腾讯集团高级执行副总裁、云与智慧产业事业群CEO汤道生 国际化已然与智能化一起，构成了腾讯To B 业务增长的双引擎。腾讯Q2财报显示，腾讯金融科技与企 ...

Investment Rating - The report suggests a focus on domestic strong alpha manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in intelligent trends like Jianghuai Automobile and Seres, recommending companies like Li Auto, Kobot, Desay SV, and Jingwei Hengrun [2][3] Core Views - The automotive industry shows significant differentiation in mid-term reports, with the complete vehicle sector facing profit pressure due to intensified competition, while the parts sector exhibits positive signals driven by new business initiatives [3][4] - Investment should continue to focus on two main lines: technology (mainly intelligentization and robotics) and overseas expansion [3][4] Summary by Relevant Sections 1. Half-Year Report Summary - The automotive industry is experiencing notable differentiation in performance, with the complete vehicle sector under pressure from competition, while the parts sector shows positive signals due to new business initiatives [3] 2. Company Updates - **Sensata Group**: Actively expanding into robotics, low-altitude economy, and liquid cooling, with a dedicated team of 60-80 people [4] - **Kobot**: Expected to achieve revenue of 11-11.5 billion yuan and net profit of 1.45-1.5 billion yuan in the coming year, with strong growth potential in domain control [6] - **Fuda Co., Ltd.**: Recognized for its mature production processes in robotics, with a dual layout in screw and cycloidal gear reducers [7] - **Longsheng Technology**: Anticipates a turning point in the second half of the year, with significant value per vehicle for the Seres M7 [8] - **Baolong Technology**: Transitioning from automotive sensors to robotics, with a projected turning point in the third quarter [8] - **Jianghuai Automobile**: Transitioning to high-end intelligent vehicles, with projected revenue of 42.2 billion yuan in 2024 and a significant improvement in profitability expected with the launch of the high-end model [9][10] 3. Investment Recommendations - Focus on domestic strong alpha manufacturers and companies with strong performance growth, robotics layout, or overseas expansion capabilities [2][3] - Recommended companies include Fuyou Glass, New Spring Co., Ltd., Fuda Co., Ltd., and others, with a focus on Sensata Group and Top Group [2][3]

Investment Rating - The report rates the automotive industry as "Overweight," indicating that it is expected to outperform the overall market [2][3]. Core Insights - The automotive industry is experiencing significant divergence in performance, with the vehicle manufacturing sector facing profit pressure due to intensified competition. In contrast, the auto parts sector shows positive signals driven by new business initiatives, particularly in smart technology and robotics [3][4]. - The report emphasizes the importance of focusing on technological advancements, particularly in smart technology and international expansion, as key investment themes moving forward [3][4]. Summary by Relevant Sections 1. Half-Year Report Summary - The automotive industry shows a marked divergence in performance, with vehicle manufacturers under pressure from competition, while the auto parts sector benefits from new business initiatives [3]. - Investment focus should remain on technology, particularly in smart technology and robotics, as well as international expansion [3]. 2. Company Updates - **Sensata Technologies**: Actively expanding into robotics, low-altitude economy, and liquid cooling, with a dedicated team of 60-80 people for robotics [4]. - **Koboda**: Expected to report revenues of 11-11.5 billion yuan and net profits of 1.45-1.5 billion yuan in the upcoming year, with strong growth potential in domain control [6]. - **Fuda**: Recognized for its dual layout in screw and cycloidal gear reducers, with mature mass production processes [7]. - **Longsheng Technology**: Anticipates a turning point in the second half of the year, with significant value increase in products for the Seris M7 [9]. - **Baolong Technology**: Transitioning from automotive sensors to robotics, with expected growth in the third quarter [9]. 3. Jianghuai Automobile - Jianghuai Automobile is transitioning from traditional manufacturing to high-end intelligent vehicle production, with projected revenues of 42.2 billion yuan and a net loss of 1.784 billion yuan in 2024 [10]. - The company is collaborating with Huawei to launch the high-end model "Zun Jie S800," targeting luxury markets [11]. - Expected sales for the Zun Jie S800 are projected at 12,099 units in 2025, stabilizing at 20,000 units annually thereafter, indicating significant profit recovery potential [11]. 4. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in smart technology like Jianghuai Automobile and Seris [2][3]. - It also suggests monitoring state-owned enterprise consolidations and parts manufacturers with strong growth prospects, such as Fuyao Glass and New Spring [2][3].

首先，该系列洗地机搭载TMR磁敏传感技术，赋予了机器超乎寻常的"触觉"，它能以微秒级的速度感 知用户心意并及时作出反应，刮水条自适应贴合地面，实现地面0水渍。这种智能化响应和处理能力， 确保了清洁效果和效率的最优化，让用户无需手动干预。 新浪科技讯 9月18日下午消息，近日，添可年度旗舰新品芙万科学家系列智能洗地机发布并面向全球消 费者正式亮相。据悉，通过搭载磁敏动态速干功能，芙万科学家洗地机每次使用后地面即刻干爽，同时 还具有增压喷洗功能，可轻松清除顽固污渍，11厘米超薄机身也可轻松触及低矮区域。 据添可CEO冷泠介绍，作为全球智能家电领域的领军品牌，添可已在全球售出超过1950万件产品。芙万 科学家洗地机的智能化优势主要体现在两个层面："精准感知"和"智能交互"。 据悉，截至2025年8月，添可已累计申请1871项专利，其中发明申请高达767项，PCT及境外专利申请累 计达到197项。累计授权专利数量达到了1116项，其中发明授权232项，境外授权66项，为其在全球市场 竞争提供了坚实的技术保障。（文猛） 责任编辑：何俊熹 此外，在"智能交互"层面，添可创新的360°全向AI助航技术，改变了传统洗地机笨重 ...

Core Viewpoint - The engineering machinery industry in China is at a critical stage of transformation and upgrading, aiming for high-quality development as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" is being formulated [1][11]. Meeting Organization - The meeting is guided by the China Engineering Machinery Industry Association and hosted by its Earthmoving Machinery Branch and Engineering Machinery Components Branch [2][11]. - Scheduled for September 23, 2025, from 13:00 to 16:00, coinciding with the BICES 2025 exhibition [2][12]. - The venue is the China International Exhibition Center (New Hall), located at 88 Yuxiang Road, Shunyi District, Beijing [2][12]. Meeting Agenda - The agenda includes a preparatory meeting for the council elections of both branches from 11:00 to 12:00, followed by registration from 12:00 to 13:00, and the annual meeting from 13:00 to 16:00 [2][12]. - The meeting will feature industry leaders analyzing national policies and future development trends [5][14]. - Experts from well-known enterprises will discuss the current state and future direction of the industry [6][14]. - Elections for the 8th council members of the Earthmoving Machinery Branch and the 6th council members of the Engineering Machinery Components Branch will take place [7][8][14]. Participation - Representatives from manufacturers, suppliers, dealers, users, and media related to the earthmoving machinery and engineering machinery components industries are invited to attend [4][13]. Registration and Contact - The meeting is free to attend, and participants are requested to submit their registration forms via email by September 16, 2025 [9][15]. - Contact information for the secretariats of both branches is provided for further inquiries [10][16].

Core Insights - The "large six-seat" SUV market in China is becoming increasingly competitive, with multiple brands launching new models to capture market share [2][4] - Geely's Galaxy M9 has been launched with a price range of 173,800 to 238,800 yuan, featuring advanced storage capabilities and a new AI hybrid system [2][4] - The market for six-seat SUVs is projected to reach around one million units in sales this year, reflecting a shift in consumer demand towards larger family-oriented vehicles [4] Group 1: Market Dynamics - The launch of Geely's Galaxy M9 coincided with the introduction of the Denza N9, indicating a trend where major domestic brands are targeting the "large six-seat" SUV segment [2][3] - Tesla has also entered this market with the Model Y L, priced from 339,000 yuan, aiming to expand its audience by enhancing the practicality of its vehicles [3] - The demand for large SUVs and MPVs is increasing due to changing family structures, such as the relaxation of the two-child and three-child policies in China [4] Group 2: Product Features and Innovations - The Galaxy M9 offers a spacious interior with a maximum storage capacity of 2,171 liters and a comprehensive range of over 1,500 kilometers on a single charge [2][4] - The vehicle is equipped with advanced technology, including the Galaxy Flyme Auto 2 smart cockpit and a highly capable driver assistance system, showcasing a focus on intelligent and personalized features [5] - The competitive landscape is shifting towards technological advancements, with companies recognizing the need to enhance the value of their electric vehicles through innovation [5]

Core Viewpoint - The Shandong Heavy Industry Group is prioritizing the mining market as a strategic focus, showcasing its full range of mining equipment and integrated solutions at the 2025 Indonesia International Engineering Machinery and Mining Machinery Exhibition, emphasizing its commitment to green, efficient, intelligent, and economical brand values [1] Group 1: Exhibition Highlights - The exhibition area of Shandong Heavy Industry exceeds 4,000 square meters, making it the largest at the event, featuring six collaborative operation product areas [2] - The company utilizes advanced technologies such as digital twins, VR interaction, and real-time working condition simulation to provide an immersive experience of equipment performance under complex conditions [2] - Shandong Heavy Industry integrates its industrial advantages and resource-sharing channels to create a unique "golden power" assembly system, positioning itself as a competitive provider of comprehensive construction solutions [2] Group 2: Product Matrix - Shandong Heavy Industry Group's core components include a unique "golden core" power assembly made up of "Weichai engine + Linde hydraulic" for excavators and "Weichai engine + Fast transmission + Hand truck bridge" for mining trucks, offering fuel efficiency, high performance, and reliability [3] - The company has optimized its core products for the Indonesian and Southeast Asian markets, showcasing advanced products such as power assemblies, excavators, loaders, bulldozers, graders, rollers, dump trucks, and tractors [3] - The Weichai power assembly is highlighted for its faster response and stronger power, becoming the core power source for high-horsepower machinery, with the SE1500LCW and FR2000F excavators being key products in the high-horsepower mining area [3]

9月17日，第22届中国－东盟博览会暨中国－东盟商务与投资峰会在南宁拉开帷幕，东盟汽车市场正在成为全球汽车竞逐的热点。 国际能源署发布的《2025年全球电动汽车展望》显示，2024年亚非拉新兴市场电动汽车销量接近60万辆，同比增长60%，其中东南亚市场电动 汽车销量增长近50%。业内人士分析，东盟地区拥有庞大的人口基数、快速的城市化进程，随着东盟消费者对电动汽车的认知度和接受度不断提 高，该地区正在成为全球汽车特别是新能源汽车产业的重要增长极。 世界热点 持续升温 日前，国际策略咨询公司安永-博智隆发布的报告显示，印尼、马来西亚、泰国、新加坡等东南亚国家的电动汽车市场将迎来显著增长，预计到2035年 其电动汽车销售总额将从2021年的20亿美元增长到800亿至1000亿美元。 近年来，东盟汽车市场正在全球汽车产业的舞台上持续上升，其发展势头之强劲令人瞩目。尽管在2024年这个市场的汽车销量并不均衡，但总体上却已 呈现日益强大的活力。去年，印度尼西亚和泰国市场的汽车销量出现了不同程度的波动，但越南、菲律宾等新兴市场却在这一年的汽车销量逆势上扬。越南 市场的汽车销量同比增长9.2%，菲律宾同比增长7.7%。这些新 ...

编号：10 | 投资者关系活动 | 特定对象调研 | 分析师会议 | | --- | --- | --- | | | □媒体采访 | 业绩说明会 | | 类别 | □新闻发布会 | 路演活动 | | | 现场参观 | 其他 | | 参与单位名称及 | 长江证券-赵超 | | | | 国泰海通证券-李鹏飞 | 王宏玉 | | 人员姓名 | 中信建投证券-汪明宇 | | | | 光大证券-王秋琪 | | | | 中天证券-刘大海 | | | | 国投瑞银基金-周思捷 | 王鹏 | | | 华夏基金-翟宇航 | | | | 恒安人寿基金-傅之浩 | | | | 富国基金-薛阳 | | | | 光大银行-光明明 | 王志昊 | | | 开源证券-孙二春 | | | | 申万宏源证券-陈松涛 | 周豪 | | | 国金证券-王钦扬 | | | | 民生证券-范钧 | | | | 中国银河证券-赵良毕 | 周欣 佟毅 赵中兴 | | | 浙商证券-沈皓俊 | | | | 太平洋证券-安风楼 | | | | 华创证券-马野 | | | | 财通证券-郑惠文 | | | | 广发证券-高金戈 | 林倩 | | | ...

Core Viewpoint - The Hubei Provincial Government has released a work plan to restructure the Wuhan Rural Comprehensive Property Rights Exchange, aiming to promote the scale, standardization, and intelligence of rural property rights transactions, with targets of reaching 10 billion yuan in transaction volume by 2026 and 20 billion yuan by 2027 [1][2][4] Group 1: Unified Trading System - The plan emphasizes the need for a unified trading system to enhance the efficiency of resource allocation, addressing the limitations of the current trading system in terms of functionality, operational efficiency, and service capacity [2][3] - It proposes six measures for unification, including standardizing institutional subjects, trading platforms, rules, processes, trading varieties, and supervision management [4][5] Group 2: Multi-Dimensional Service System - The plan outlines six measures to create a multi-dimensional service system, including improving information dissemination, enhancing transaction matching, optimizing financial services, and expanding service functions [5][6] - It aims to integrate various rural resources and establish a comprehensive online and offline service platform, enhancing the market presence of Hubei agricultural products [5][6] Group 3: Risk Control System - The plan includes three measures to establish a risk control system, focusing on standardizing trading behaviors, improving internal control systems, and strengthening risk prevention [6] - It emphasizes the importance of inter-departmental coordination and policy support to enhance the overall quality and effectiveness of the work [6]