尊敬的米舒斯京总理， 各位同事： 很高兴再次与大家共同出席上合组织政府首脑会议。过去一年，国际形势发生不少新变化，各种单边主 义、保护主义行为，特别是高额关税等经贸壁垒的增多，使国际经贸秩序受到严重冲击，给很多国家发 展带来巨大挑战。 （文章来源：人民日报） 第三，激发创新和转型的强劲活力。数字化、智能化、绿色化是未来发展的重要方向，加强全球治理应 当推动各方在相关领域积极汇聚合力、共享机遇成果。我们要共同培育壮大新兴动能。人工智能等科技 成果是全人类共同财富。人为阻碍科技交流、制造发展分化，只会让世界陷入更多纷争。上合组织应当 加强科技、产业创新合作，中方欢迎各方积极参与上合组织数字经济论坛和中国—上合组织人工智能合 作论坛，共同建好用好中国—上合组织数字经济合作平台、科技创新合作中心，让科技进步更好造福各 国人民。我们要协力推进绿色低碳转型。上合组织一直把能源合作放在优先位置，应当继续推进传统能 源清洁高效利用、可再生能源发电装机等合作，为全球应对气候变化作出贡献。中方愿同上合组织各方 扎实推进未来5年新增"千万千瓦光伏"和"千万千瓦风电"项目，更好促进地区和世界可持续发展。 在上合组织天津峰会上，与会领 ...

Core Viewpoint - China's modernization is characterized by its unprecedented scale, with a population exceeding 1.4 billion, and it has become the only country globally to possess all industrial categories as classified by the United Nations [1] Group 1: Industrial Production - China ranks first in the production of over 220 out of 500 major industrial products globally [3] - The country accounts for over 50% of the global production of crude steel, cement, and electrolytic aluminum [3] - China produces over 80% of the world's photovoltaic components and 70% of wind power equipment [3] - The production of new energy vehicles has been the highest in the world for ten consecutive years [3] Group 2: Manufacturing Sector - By 2024, China's manufacturing value added will account for nearly 30% of the global total, maintaining its position as the world's largest manufacturing country for 15 consecutive years [4] Group 3: Shipbuilding Industry - China leads the world in three key shipbuilding metrics: completed shipbuilding volume, new orders, and hand-held orders, with a global market share exceeding 50% [6] Group 4: Renewable Energy and Communication - China possesses the largest and most complete renewable energy industry chain, with a total installed capacity for renewable energy generation reaching 2.16 billion kilowatts, accounting for over 40% of the global total [8] - The country has the largest information and communication network in the world, leading in the number of 5G base stations, mobile phone users, and fixed broadband network scale [8] Group 5: Smart Manufacturing - China has the highest number of "lighthouse factories," representing the pinnacle of smart manufacturing and digitalization, accounting for over 40% of the global total [10] - The installation of industrial robots in China accounts for over 50% of the global total [10]

Investment Rating - The report indicates a strong growth potential for the AI Agent industry, with a projected market size exceeding 35.7 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 52.4% [8][9]. Core Insights - The AI Agent industry is positioned as a key commercial application of large models, showcasing significant potential for market expansion and value creation [8][9]. - The growth of the large model market is driven by three main factors: optimization of computing power and infrastructure, exponential growth in data resources, and the increasing demand for digital transformation across industries [12][16]. - AI large models are reshaping enterprise value systems through internal process integration and external product innovation, leading to a comprehensive transformation of business operations and models [18]. - The commercialization of AI large models is evolving in three layers: embedded applications, native applications, and hardware applications, with embedded applications being the most mature [22][23]. Summary by Sections AI Large Model Market Size and Growth Forecast - By 2029, the Chinese large model market is expected to exceed 140 billion yuan, driven by overall infrastructure expansion [8][9]. Growth Drivers of the Large Model Market - The expansion of the large model market is propelled by advancements in computing power, improvements in data quality and governance, and a surge in digitalization and intelligent upgrade demands across various sectors [12][16]. AI Large Model Empowering Enterprise Value Reconstruction - AI large models enhance operational efficiency and user experience, leading to significant value creation for enterprises [18][19]. Commercialization Development Status of AI Large Models - The commercialization of AI large models is characterized by a three-tier evolution, with embedded applications being the most developed, while native applications and hardware applications are still in exploratory and early stages, respectively [22][23]. AI Large Model Product Usage Flow Distribution - The flow distribution of AI large model products shows that dialogue assistants dominate both web and mobile platforms, indicating a concentrated user engagement [25][26]. AI Agent Product System - The AI Agent product system consists of three layers: general-purpose, business-specific, and industry-specific, facilitating rapid coverage and validation across various sectors [27][28]. AI Agent Supply Scene Distribution - The supply side of AI Agent products is primarily focused on general scenarios, accounting for nearly 70% of the market, leveraging technological versatility and cost advantages [28][29]. AI Agent Industry Demand Scene Distribution - Demand for AI Agents is concentrated in high-frequency interaction scenarios such as e-commerce, finance, and education, with advanced manufacturing also experiencing growth through digital transformation [32].

Group 1: Public Utilities and Environmental Protection - The profitability of waste incineration power generation companies has significantly increased, with net profits for major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) showing substantial growth in Q3 2025 [7][12] - The improvement in cash flow for waste incineration companies is attributed to capacity expansion, increased utilization rates, and enhanced heating services, with profit increments of approximately 80 yuan per ton of waste [8][12] - The biofuel sector has also seen a substantial increase in profitability, driven by rising prices for used cooking oil (UCO), which increased by 16.7%-22.2% year-on-year [10][12] Group 2: Infrastructure and Construction - In the first ten months of 2025, the broad infrastructure growth rate was slightly positive at 1.51%, while narrow infrastructure (excluding electricity) saw a minor decline of 0.10% [19][20] - Significant projects under the "14th Five-Year Plan" are expected to sustain investment resilience, including major constructions like the Yajiang Hydropower Station and the New Tibet Railway [19][20] - The construction sector is recommended to focus on high-dividend and low-valuation stocks, with companies like Sichuan Road and Bridge and Jianghe Group highlighted for their potential [21][22] Group 3: Media and Internet - Apple has introduced a partnership plan for mini-programs, reducing the revenue share for developers from 30% to 15%, which may enhance the growth of Tencent's mini-program ecosystem [24] - The collaboration is expected to drive traffic growth for WeChat, benefiting Tencent's advertising and gaming business [24] - The media industry is advised to focus on new channels and content directions, with a positive outlook on the ongoing industry recovery [34] Group 4: Specialty Materials - Global Pearl Pigments International has emerged as a leader in the pearl pigment industry, with a CAGR of 36.58% in revenue from 2017 to 2024 [35][36] - The company has strategically acquired international brands to penetrate the high-end market and plans to expand its domestic production capacity to approximately 48,700 tons [37][38] - The pearl pigment industry is characterized by high growth potential and low price sensitivity, making it an attractive investment opportunity [36][37]

Core Viewpoint - Huayang New Materials Technology Group is undergoing a comprehensive strategic transformation driven by technological innovation and green low-carbon initiatives, moving from a traditional coal enterprise to a new materials leader, thereby addressing energy dependency issues [1][7]. Group 1: Digital Transformation - The company has implemented a smart mining initiative, replacing traditional mining operations with automated and digitalized processes, enhancing production efficiency and safety [2][3]. - Huayang Group has established a 5G network underground, facilitating real-time data transmission and improving overall management of mining operations [3]. - The company has built 8 smart coal mines and 2 intelligent coal preparation plants, achieving the provincial goal for coal mine intelligence three years ahead of schedule [3]. Group 2: Ecological Restoration - Huayang Group has successfully rehabilitated 35 waste rock hills, implementing innovative ecological restoration techniques that are more cost-effective and efficient than traditional methods [4][6]. - The company has adopted a green philosophy in its operations, utilizing electric vehicles and achieving over 98% water reuse in its processes [6]. - During the 14th Five-Year Plan period, Huayang Group has implemented numerous energy-saving measures, resulting in significant reductions in electricity consumption and coal usage [6]. Group 3: New Materials Development - The company has transitioned to the new materials sector, officially rebranding as Huayang New Materials Technology Group in October 2020, focusing on a dual-driven strategy [7][12]. - Huayang Group has developed a complete industrial chain for sodium-ion batteries, collaborating with the Chinese Academy of Sciences to lower production costs and enhance product offerings [8][9]. - The company showcased various new energy and material products at the Shanxi Energy Industry Expo, highlighting its innovative capabilities and market competitiveness [11].

Core Points - The European Commission plans to restrict aluminum scrap exports to prevent a shortage of raw materials necessary for decarbonization in the EU aluminum industry [1][3] - The export volume of aluminum scrap from the EU is projected to reach a record 12.6 million tons in 2024, a 50% increase compared to five years ago, with most of it being sent to Asia [1] - The U.S. tariffs on aluminum, particularly the 50% import duty on aluminum products and a 15% duty on scrap, have led to increased imports of scrap into the U.S. and reduced exports, making EU supplies more attractive to Asian buyers [1] Industry Insights - The EU has started monitoring export situations since July and will assess the need for action [2] - The new measures to address aluminum scrap exports are expected to be implemented by spring 2026, aiming for a balanced approach that considers the interests of producers, recyclers, and downstream industries [3] - Aluminum plays a crucial role in decarbonization efforts, as recycling aluminum consumes only 5% of the energy required to produce aluminum from bauxite [3] - The recycling industry argues that the export of scrap is a result of insufficient domestic demand and the EU's limited capacity to process mixed waste [3] - Aluminum is widely used across various sectors, including transportation, construction, and electronics, due to its lightweight, corrosion resistance, excellent conductivity, and 100% recyclability [3] Market Dynamics - Global aluminum supply and demand are tightening due to tariffs and production restrictions in China, leading to fluctuations in aluminum prices [5] - Current LME aluminum prices hover around $2,800 per ton, remaining at the highest levels since 2022, with analysts predicting prices could exceed $3,000 per ton [5]

Core Viewpoint - The main focus of the article is on the development of new quality productivity during the "14th Five-Year Plan" period, emphasizing the importance of green low-carbon and digital transformation, the cluster development of strategic emerging industries, and the enhancement of the productive service sector to establish a modern industrial system centered on manufacturing and productive services [1][3]. Group 1: New Development Characteristics of Chinese Manufacturing - In the new development pattern of "domestic circulation as the main body, with domestic and international dual circulation promoting each other," Chinese manufacturing has seen three new characteristics: self-reliance in research and development, transformation of research results into industrial applications, and innovation in industrial chain clusters [3]. - The industrial chain has shifted from a model focused on processing trade to one where 80% of added value is generated domestically, marking a fundamental change from the previous reliance on processing trade [3]. - Over the past decade, China has averaged an annual foreign investment inflow of $120 billion, contributing to a higher level of openness in trade and investment [3]. Group 2: Achievements and Challenges in Manufacturing - Chinese manufacturing now accounts for over 30% of global manufacturing, leading the world in scale, and has improved in quality and product structure, moving beyond the previous "large but weak" status [4]. - Despite significant achievements, challenges remain, including high consumption of mineral resources, low profit margins, and low total factor productivity in manufacturing [4]. Group 3: Strategies for New Quality Productivity Development - To address existing challenges, the focus should be on developing new quality productivity through three key areas: enhancing strategic emerging industries and future industries, improving traditional industries through digital and green transformations, and strengthening the productive service sector [5]. - An estimated investment of over 100 trillion yuan is projected in the 15 strategic emerging industries from the "14th Five-Year Plan" to 2040 [4]. - The productive service sector is crucial for improving the efficiency and quality of manufacturing, with expectations for its share of GDP to reach over 35% by 2035 and 40% by 2050 [5].

股票代码：002615 股票简称：哈尔斯 编号：2025-004 | 投 资 | 者 | 关系 | 活 动 | 特定对象调研 □分析师会议 | | | --- | --- | --- | --- | --- | --- | | 类别 | | | ☑ | 媒体采访 业绩说明会 | | | | | | | □新闻发布会 路演活动 | | | | | | ☑ | 现场参观 其他 | | | 参与单位名称 | | | | 国金证券、信达证券、广发证券、财经无忌 | | | 时间 | | | 2025 | 年 月 日 17 | 11 | | 地点 | | | | 哈尔斯（泰国） | | | 上 市 | 公 | 司接 | 待 人 | 董事会秘书、投资与证券管理中心总经理：邵巧蓉女士 | | | 员姓名 | | | | 证券事务主管：潘诗然女士 | | | | 1、问题：想要了解一下公司在泰国基地的订单及生 | | --- | --- | | | 产状况如何？ | | | 回复：当前泰国基地订单符合预期，生产节奏稳步提 | | | 升，产能处于爬坡阶段。泰国基地以精益化、标准化、智 | | | 能化、数字化与绿色化 ...

Core Viewpoint - The newly opened Great Wall Digital Experience Halls in Beijing's Miyun District utilize advanced technologies like AIGC and AR to create immersive historical experiences, enhancing cultural heritage education and tourism [1][3][5] Group 1: Technological Integration - The Great Wall Digital Experience Halls feature innovative technologies that transform static historical images into dynamic scenes, providing an engaging visitor experience [1][3] - Key exhibits include a digital sand table, a digital armory, a time portal, and a digital representation of historical figure Qi Jiguang, allowing for real-time interaction with visitors [3] Group 2: Cultural Significance - Miyun District's Ming Great Wall is recognized as one of the most representative and culturally significant sections of the Great Wall, with 182.97 kilometers of existing Ming Dynasty wall and 61 registered castles [5] - The digital experience halls aim to systematically and innovatively express the region's Great Wall resources, establishing a new benchmark for the digital utilization of cultural heritage [5]

Core Insights - The company reported total revenue of $3.2 billion in Q3 2025, a 4% year-over-year increase excluding foreign currency effects, while adjusted net profit was $282 million, reflecting a 5% decline year-over-year due to investment income drag [1] Store Expansion - The company experienced rapid store growth, adding 536 new stores in Q3 2025, with franchises accounting for 32% of the new openings [1] - By brand, KFC added 402 new stores, marking a historical high for Q3, with franchises making up 41% of these additions; Pizza Hut added 158 new stores, with franchises at 28% [1] - As of the end of Q3, the total number of stores reached 17,514, including 12,640 KFC stores, 4,022 Pizza Hut stores, and over 1,800 KPRO coffee shops [1] Sales Performance - System sales increased by 4% year-over-year, driven by a 4% increase in new store openings and a 1% rise in same-store sales [2] - KFC's system sales grew by 5%, with same-store sales up by 2%, primarily due to a 3% increase in same-store transaction volume, despite a 1% decline in average ticket size [2] - Pizza Hut's system sales rose by 4%, with same-store sales increasing by 1%, supported by a 17% rise in same-store transaction volume, while average ticket size fell by 13% due to strategic adjustments for better value [2] - Overall, delivery sales for both KFC and Pizza Hut saw significant growth, increasing by 33% and 27% respectively, with delivery now accounting for 51% of restaurant revenue [2] Profitability - Profit margins for both KFC and Pizza Hut improved in Q3, with KFC's operating profit margin rising to 16% and restaurant profit margin to 18.5% [3] - For Pizza Hut, operating profit margin reached 8.9% and restaurant profit margin 13.4%, benefiting from improved operational efficiency and lower raw material costs, although increased delivery costs and a focus on value products partially offset these gains [3] - The company's overall operating profit margin and restaurant profit margin increased by 0.4 and 0.3 percentage points to 12.5% and 17.3% respectively [3] Future Outlook - The company is expected to maintain a high store opening pace, projecting 1,600 to 1,800 new stores in 2025, which is anticipated to drive continued revenue growth [4] - Forecasted net profits for 2025-2027 are $928 million, $1.012 billion, and $1.088 billion respectively, with corresponding price-to-earnings ratios of 18, 17, and 15 times [4]