Core Viewpoint - The concept of "advanced" in investment transcends mere technology, embodying a depth of understanding and foresight in industry trends, company barriers, and global competitiveness [1][2] Understanding "Advanced" in Four Dimensions - The first dimension is the industry stage, where true advanced manufacturing should be in a growth phase with significant market potential, rather than in a stable or declining phase [2] - The second dimension focuses on the competitive barriers a company has established, which may arise from technological breakthroughs, channel control, or customer relationships [2] - The third dimension is the company's profitability, emphasizing the importance of escaping homogenized competition and price wars to achieve premium pricing through genuine innovation [2] - The fourth dimension assesses global competitiveness, where companies must integrate into global supply chains and compete directly with international giants to be considered truly advanced [2] Three-Layer Screening and Dynamic Validation - The first layer of the investment strategy involves identifying major industry trends that can significantly alter human lifestyles, such as mobile internet, AI, and new energy [3] - The second layer focuses on traditional manufacturing and cyclical growth sectors when no major industry opportunities are present, identifying turning points in supply and demand [3] - The third layer involves investing in high-quality companies with reasonable valuations during stable cycles to benefit from steady earnings growth [3] Investment Philosophy - The investment philosophy emphasizes a balance between offensive and defensive strategies, with a focus on industry concentration when clear trends are identified, and diversification when uncertainties arise [4] - The approach also includes avoiding investments in themes lacking performance support, ensuring that valuations remain within acceptable ranges [4] Long-Term Opportunities in AI Investment - The market has shown a preference for strong industry trends, with innovative pharmaceuticals and AI being recognized as the two most sustainable directions this year [4] - The AI industry is viewed as a potential investment opportunity comparable to the mobile internet wave, currently in its early stages with no breakout applications yet [5] Focus Areas within AI and Semiconductor Sectors - Within the AI industry, the hardware infrastructure, particularly overseas computing chains, is highlighted as having significant growth potential and favorable market conditions [5] - In the semiconductor sector, the current cycle is characterized as relatively weak, driven by AI, with a focus on wafer manufacturing due to its high barriers and ongoing demand [5]

广发基金孙迪：深入理解"先进制造" 扎根AI挖掘长期价值 ...

Group 1 - The core viewpoint of the article highlights the strategic moves of Lei Jun and his investment entities, particularly Xiaomi Group and Shunwei Capital, in the context of capital market dynamics, focusing on both divestments and new investments in emerging sectors [1][3][34] - Shunwei Capital has been actively reducing its stake in various companies, including Longqi Technology, with plans to sell up to 19.19 million shares, representing 4.09% of the total share capital, due to the shareholder's funding needs [1][10] - In the past year, Shunwei Capital has executed multiple rounds of divestments across several companies, including Qusleep Technology, Nanchip Technology, and Stone Technology, indicating a trend of capital withdrawal from certain investments [1][19] Group 2 - Longqi Technology, primarily engaged in smart product development and manufacturing, has seen significant financial support from Shunwei Capital and Tianjin Jinmi, which were crucial during its growth phase [4][8] - The partnership between Longqi Technology and Xiaomi has evolved from independent design to original design manufacturing (ODM), with Xiaomi becoming a major client, contributing significantly to Longqi's revenue [11][13] - Longqi Technology's financial performance has faced challenges, with a reported revenue decline of 10.65% year-on-year and a net profit drop of 34.53% in the first half of 2025, raising concerns about its reliance on smartphone manufacturing [13][34] Group 3 - Shunwei Capital, established in 2015, focuses on early and growth-stage investments in technology sectors, leveraging Xiaomi's ecosystem to provide strategic support to portfolio companies [14][23] - The investment strategy of Shunwei Capital emphasizes a balanced approach, targeting high-potential sectors such as advanced manufacturing and artificial intelligence, with over 60% of its investments directed towards these areas [21][28] - Recent investments by Shunwei Capital include significant funding in emerging fields, particularly in advanced manufacturing and AI, indicating a shift towards sectors with high growth potential [31][32]

Market Performance - The three major stock indices experienced a rebound after hitting lows, but weakened again towards the end of the trading session, with the ChiNext Index falling over 1% while the Sci-Tech 50 Index rose against the trend [1] - As of the market close, the Shanghai Composite Index fell by 0.12% to 3870.6 points, the Shenzhen Component Index decreased by 0.43% to 12924.13 points, and the ChiNext Index dropped by 1.09% to 3020.42 points, while the Sci-Tech 50 Index increased by 0.9% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 25,486 billion yuan [1] Sector Performance - Sectors such as insurance, banking, brokerage, and liquor saw declines, while sectors like non-ferrous metals, real estate, semiconductors, and steel experienced gains [1] - Active sectors included storage chips, gold concepts, and rare earth concepts [1] Market Analysis - According to Everbright Securities, the current bull market is primarily driven by liquidity and may be in its mid-term phase [1] - The performance of the economic fundamentals has not significantly influenced this market trend, indicating that liquidity is the main driving force [1] - Since the market's rise on April 8, the Shanghai Composite Index has shown minimal overall pullback, although recent adjustments have occurred [1] - Historically, bull markets do not develop instantaneously, and the current adjustment has not exceeded past levels [1] - The TMT (Technology, Media, and Telecommunications) sector may become the main focus in the mid-term of the bull market, with financial sectors to be monitored as the market transitions to its later stages [1] - If the bull market shifts towards being driven by fundamentals, advanced manufacturing will be a key area of interest, with real estate also being a focus in the later stages of the market [1]

Group 1 - The third Asia Vision Forum, themed "Opportunities in the Era of Change," opened in Singapore with over 400 participants from 12 countries and regions, including government representatives, UN officials, scholars, and business leaders [1] - The three-day forum features more than 30 activities, including keynote speeches, roundtable discussions, and site visits, focusing on Asia's new positioning in the global economy [1] - Key topics of discussion include geopolitical issues, financial markets, corporate internationalization, and critical growth drivers such as artificial intelligence, biotechnology, energy transition, and advanced manufacturing [1] Group 2 - The Asia Vision Forum, initiated by Caixin International and supported strategically by the Singapore government, has become an influential international exchange platform in the region since its inception in 2023 [1]

2025 Half-Year Results 29 August 2025 ::: Overall Results Rising Operating Profit and Higher Shareholder Returns Unit: RMBbn Profit Attributable to Ordinary Revenue Net Profit Shareholders 368.8 374.9(Note1) 59.8 +5.5% 56.7 -1.6% 2.8% 32.1 31.2 (Note2) 1H24 1H25 1H24 1H25 1H24 1H25 | | Ordinary Shareholders' Fund per Share (RMB) | | | | --- | --- | --- | --- | | 24.17 | 26.04 | | 26.29 | | | | +0.9% | | | End of | End of | | End of | | 2023 | 2024 | | 1H25 | Interim Dividend per Share (RMB) & Interim Divide ...

人民财讯9月11日电，据深圳特区报，9月11日，深圳市市长覃伟中在深圳会见德国弗劳恩霍夫制造工程 和自动化研究所执行所长托马斯.鲍恩汉斯尔一行。覃伟中说，弗劳恩霍夫制造工程和自动化研究所是 全球工业领域的知名研究机构，与深圳发展方向高度契合、合作前景十分广阔，欢迎研究所在深拓展业 务布局、集聚高端创新要素，进一步深化双方在科技创新、先进制造、人工智能、机器人等领域交流合 作，努力实现更多互利共赢成果。深圳将持续营造一流营商环境，为各类企业、机构在深发展创造良好 条件。托马斯.鲍恩汉斯尔说，深圳先进制造业发展举世瞩目，十分看好深圳未来发展空间，希望更好 发挥研究所的桥梁纽带作用和优势专长，深化与深圳在产业、科技等领域务实合作，携手推动科技成果 转化和产业化，更好促进共同发展。 ...

2 0 2 5年，在一级市场整体募资承压的背景下， 架桥资本逆势完成第五期先进制造主题基金的 最终封关 ，落地长三角制造业重镇安徽芜湖。此次募集最引人注目的数据是—— 老LP复购率 高达6 6%，创下近年来垂直领域基金的标杆水平。 这一数字不仅意味着出资人对过往业绩的高度认可，更标志着架桥资本已构建起一支稳定、专 业、具备产业协同能力的 "长期资本同盟"，其"深耕产业、价值共生"的理念正持续赢得市场信 赖。 超三分之二老 LP持续 复购 ！一支高黏性 "LP军团"浮出水面 在 VC/PE行业，LP复购率是衡量GP信任度的核心指标。本期基金高达6 6%的老LP继续出资， 构建起一支稳定、专业、具备产业协同能力的"资本同盟"。 中美联泰大都会人寿保险 更是 为 本期 基金注入稀缺的 " 耐心资本 " 。作为对风控、管理人 稳定性及行业聚焦度要求极高的长期资金，险资的持续支持，是对架桥资本穿越周期能力的有 力背书。 在政策鼓励险资加大权益配置的背景下，这一动作也表明：先进制造已从 "风口赛道"进入"价 值投资"阶段，成为长期资本配置的核心方向。 双轮驱动：锚定高端装备，奔赴 AI新赛道 五期基金延续 "深度聚焦"策 ...

Core Viewpoint - In 2025, China and the world are at a critical juncture of a new "technology and capital-driven industrial revolution," with industry investors playing a pivotal role in advancing "technological innovation and industrial implementation" across future sectors such as embodied intelligence, artificial intelligence, advanced manufacturing, and life sciences [2] Summary by Relevant Sections Embodied Intelligence - The embodied intelligence sector is witnessing unprecedented attention and investment, with companies like Yushu, Zhiyuan, and Galaxy General Robotics leading the charge [3] - Significant investments have come from state-owned enterprises and major tech firms, including Meituan, CATL, BYD, and TCL, indicating a strong interest from both public and private sectors [3] - Market-oriented institutions such as Hillhouse Capital, CDH Investments, and Sequoia China have also been early and consistent investors in this space, showcasing a robust investment ecosystem [3] Financing Trends - In the first half of this year, there were 144 financing events in the domestic embodied intelligence industry, amounting to 19.5 billion yuan, with an average deal size of 135 million yuan [4] - The financing scale and pace in the embodied intelligence sector continue to expand, reflecting a broader trend of rapid change and innovation across technology-driven industries [4] Investment Institutions - A comprehensive list of influential investment institutions in China has been compiled, highlighting key players across various future industries, including embodied intelligence, artificial intelligence, advanced manufacturing, and more [5][6] - The report identifies 230 notable investment institutions in sectors such as new energy, new materials, and life sciences, emphasizing the diverse landscape of investment opportunities [6] Notable Investors - The report features a list of the top ten future industry investment institutions, showcasing active players in sectors like embodied intelligence, artificial intelligence, and advanced manufacturing [17] - A detailed list of active investors in each sector is provided, including prominent names such as Hillhouse Capital, Sequoia China, and IDG Capital, indicating a competitive investment environment [18][19][20][21][22][23][24][25][26][27]

Core Viewpoint - The article highlights the significant investment and interest in the embodied intelligence sector in China, indicating a broader trend of technological and capital-driven industrial revolution globally, with various stakeholders including state funds, industry giants, and market investors actively participating in this new investment cycle [2][3]. Investment Landscape - In the first half of this year, there were 144 financing events in the domestic embodied intelligence industry, with a total financing amount reaching 19.5 billion yuan, averaging 135 million yuan per financing event [3]. - Major players in the embodied intelligence sector include companies like Yushu, Zhiyuan, and Galaxy General, which have attracted unprecedented attention and investment from both state-owned and private investors [2][3]. Key Investors - Notable early-stage investors in Zhiyuan Robotics include Hillhouse Capital, DCM, BlueRun Ventures, and Sequoia China, while Yushu Technology has received backing from Source Code Capital, Sequoia China, and Shunwei Capital [3]. - The article lists influential investment institutions across various future industries, including embodied intelligence, artificial intelligence, advanced manufacturing, and life sciences, showcasing a diverse range of active investors [4][8]. Future Industry Focus - The article emphasizes that the financing scale and pace in the embodied intelligence sector are continuing to expand, reflecting a broader trend of ongoing transformation and innovation in future industries [3].