"创新"是理解当代中国发展活力的一个关键密码。随着新一轮科技革命和产业变革深入发展，特别是数 字化转型加速推进，各地在人工智能、信息通信、新能源汽车、机器人等领域加快创新步伐，不断塑造 发展新动能新优势。从实验室到生产线，再到广袤市场，各类新成果、新业态、新场景不断涌现，活力 中国发展图景正在徐徐铺展。 科技创新是高质量发展的引擎。日前，经济日报记者跟随"活力中国调研行"采访组在北京、广东、安徽 等地调研发现，创新正深度融入现代化产业体系。从北京的科创高地到广东的创新引擎再到安徽的前沿 探索，展现在记者面前的是以科技创新驱动产业变革的蓬勃活力和加快发展新质生产力的生动实践。 AI赋能千行百业 在北京中关村科技园区（房山园），一辆无人驾驶大巴正沿着预定路线平稳行驶，变道、避让、掉 头……一系列动作准确、流畅，伴随360度路况监控，做到"眼观六路、耳听八方"。 "步入智能化时代，AI将助力解决出行问题。凡是需要'移动'的场景，都可以有AI司机的身影。"驭势科 技（北京）有限公司董事长吴甘沙介绍，公司用9年时间让AI司机驶向更广泛场景：在机场转运行李、 在农场搭载生猪、在深井运输货物、在城区环卫巡检……这是人工智能 ...

□四川日报全媒体记者 高杲身高约170厘米，黑色的躯干，银色的四肢，一台人形机器人在产线上 搬箱子……这是由上海智元新创技术有限公司研发的A2-W轮式机器人，现已"入职"位于绵阳市的 富临精工股份有限公司，成为该企业生产车间的一名"实习生"。7月9日，它开启首场"打工"直 播，3个小时自主搬运了800多个重15公斤左右的周转箱。当前，机器人进厂"打工"正在悄然蔓 延。一大批焊接机器人、码垛机器人、搬运机器人等工业机器人走进生产车间。这些机器人干得 怎么样？距离大规模运用还有多远？近日，记者跟随A2-W轮式机器人，探寻机器人进厂"打工"之 路。进厂"打工"3小时零失误搬了800多个箱子走进富临精工装配车间搬运区域，记者看到了忙碌 的A2-W轮式机器人，它身边摆放着几十个料箱，里面装有内齿圈、航星轮等汽车零部件，每个箱 子重15公斤左右。面对料箱，A2-W上半身迅速下移，伸出狭长的双臂，并带动手臂多个关节翻 转，然后缓缓上升，将料箱稳稳搬起，转身向不远处的货架走去，再次下移重心，将料箱放在托 盘上。"A2-W已'入职'1个月，是我们生产车间的'实习生'。"富临精工机器人应用小组项目负责人 潘昊介绍，此前，富临精工 ...

Intuitive Surgical (ISRG) Q2 2025 Earnings Call July 22, 2025 04:30 PM ET Company ParticipantsDan Connally - VP & Head - Investor RelationsDavid Rosa - CEO & DirectorJamie Samath - CFO & Enterprise Technology LeaderTravis Steed - MD - Equity ResearchDavid Roman - Managing DirectorRick Wise - Managing DirectorConference Call ParticipantsRobert Marcus - Senior AnalystLawrence Biegelsen - Senior Medical Device Equity Research AnalystAdam Maeder - MD & Senior Research AnalystOperatorHello, everyone, and welcome ...

Financial Data and Key Metrics Changes - Revenue for the quarter was $2,440 million, representing a 21% growth over the prior year, with systems revenue increasing by 28% [27][36] - Pro forma operating margin was 39%, and pro forma earnings per share increased by 23% to $2.19 [20][36] - Pro forma net income for the second quarter was $798 million compared to $641 million last year [36] Business Line Data and Key Metrics Changes - da Vinci procedures grew by 17%, with a total procedure growth of 18% when including ION procedures [21][10] - SP procedures grew by 88%, driven by 112% growth in Korea [29] - ION procedures increased by 52%, with approximately 35,000 procedures performed in the quarter [30] Market Data and Key Metrics Changes - In the US, da Vinci procedures grew by 14%, with notable growth in benign general surgery [21] - Outside the US, da Vinci procedures grew by 23%, with strong contributions from India, Korea, and distributor markets [22] - Capital placements in the US increased by 45%, while placements in Japan decreased by 26 systems year over year [64] Company Strategy and Development Direction - The company is focused on the full launch of da Vinci V, regional clearances, and follow-on feature releases [18] - There is an emphasis on increasing adoption for focused procedures through training and commercial activities [18] - The company aims to enhance its digital tools and manufacturing optimization to support long-term growth [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macro challenges in certain international markets but expressed confidence in the company's operational and financial positioning [6][19] - The company updated its 2025 da Vinci procedure growth guidance to a range of 15-17% [44] - Management highlighted the potential impacts of fiscal policy on Medicaid recipients and the importance of demonstrating clinical and economic advantages [22] Other Important Information - The company opened a new 187,000 square foot manufacturing facility in Bulgaria to support its portfolio of mature endoscope products [33] - The average selling price for systems was $1,500,000, reflecting an increasing mix of da Vinci V systems [28] Q&A Session Summary Question: Margin performance and sustainability - Management noted strong revenue growth and a favorable purchase mix contributed to the margin upside, but it should not be characterized as the new normal [50][51] Question: Reprocessing and protecting the business - Management emphasized the importance of high-quality instruments and operational support in maintaining customer value amidst competition from remanufactured instruments [54][56] Question: Capital spending and Medicaid impacts - Management acknowledged potential challenges for hospitals due to lower admissions from Medicaid coverage loss but highlighted opportunities for Intuitive to demonstrate value [62][63] Question: System placements outside the US - Management indicated a measured rollout for da Vinci V in Europe and Japan, with expectations for increased trade-ins as customers upgrade [88][89] Question: Future opportunities in robotics - Management expressed interest in expanding robotic utilization in outpatient environments and ASCs, leveraging existing technology [93][94]

张钹 ◎记者 李雁争 近日，中国科学院院士、清华大学人工智能研究院名誉院长张钹在接受上海证券报记者专访时表示，中 国要走出符合自己特色的人工智能发展路径。 张钹是国内人工智能领域的开拓者之一，长期致力于人工智能理论研究与应用开发，在该领域有着深厚 的学术造诣和广泛的影响力。在专访中，张钹解析了人工智能的发展现状、各领域实践难点等，并为行 业发展提供了建议。 通用人工智能： 起步坚实，迈向未来需多方合力 基于这三大标准，张钹判断："AGI还处在初级阶段，未来道路漫长且充满挑战。"不过，他也肯定了大 模型的里程碑意义——在开放领域实现强大的语言生成、与人类自然交互的能力，打破了过去人工智能 系统局限于特定领域的问题，解决了人工智能推广难的问题。但仅靠大模型实现AGI远远不够，必须与 硬件、机器人等技术深度融合，才能让智能体真正落地应用。 "人工智能+"领域： 多点突破，深耕实践孕育新机遇 关于"人工智能+医疗"领域，张钹认为不同应用场景的难度差别很大。导诊、分诊等辅助性工作风险 小，技术门槛较低，现有AI可有效提升效率。但医疗诊断因"直接关乎生命安全"，对模型的可靠性和可 解释性要求极高。"医生必须看懂系统的决策 ...

Core Insights - Feilong Automotive Parts Co., Ltd. reported a revenue of 2.162 billion yuan for the first half of 2025, a year-on-year decrease of 8.67%, while net profit attributable to shareholders increased by 14.49% to 210 million yuan [1] - The company is leveraging its advantages in liquid cooling technology to expand into high-growth markets such as commercial liquid cooling, charging piles, energy storage, power equipment, and humanoid robots [1][2] - Feilong's overseas revenue accounted for over 58% of total revenue, indicating a strong focus on international market expansion [2] Financial Performance - The company achieved a net profit of 210 million yuan, reflecting a 14.49% increase year-on-year [1] - The non-recurring net profit reached 218 million yuan, marking a 24.65% increase compared to the previous year [1] - The revenue decline of 8.67% is attributed to market conditions, while stable raw material prices contributed to profit growth [1] Market Position and Strategy - Feilong holds a leading position in the automotive thermal management sector, with a comprehensive product matrix that includes eight core product categories [2] - The company is expanding its production capacity, with a new overseas production base expected to achieve an annual design capacity of 1.5 million turbocharger housings and 1 million mechanical pumps, among others [2] - The focus on R&D is evident, with an investment of 134 million yuan in the first half of the year, a year-on-year increase of 11.9% [2] Future Development Plans - The company aims to solidify its automotive business while actively expanding into overseas markets to mitigate trade risks [2] - Feilong is also exploring opportunities in the civilian liquid cooling market and is closely following innovations in robotics [2]

同时，面对通用汽车、大众、宝马、比亚迪、小米等推出的新车型，特斯拉沿用多年的产品线正在承受 越来越大的竞争压力。今年4月，比亚迪在欧洲的纯电销量首次超过特斯拉。若算上混动车型，比亚迪 当月同比增速高达359%，大幅领先特斯拉。据英国研究机构Jato Dynamics统计，5月份，比亚迪在欧盟 和英国市场的注册量同比飙升397%。 根据公司披露，美国、中国和德国的超级工厂年产能总共为235万辆，折合每个季度约59万辆，但二季 度的数据显示产能利用率只有七成左右。其中生产电动皮卡Cybertruck、豪华轿车Model S和运动型SUV Model X的生产线，年产能已经达到22.5万辆，但二季度实际产能只有1.34万辆。 更严峻的是，马斯克深度参与政治及争议言论，引发欧美市场的大规模抵制，消费者信任崩塌的影响比 销量下滑更致命。受欧美市场业绩拖累，负责特斯拉北美及欧洲的销售和制造业务的奥米德·阿夫尔沙 于近期离职。此后，欧美市场的销售业务将由马斯克亲自掌管，而制造生产业务则将交由副总裁兼大中 华区负责人朱晓彤负责。 特斯拉首家餐厅的外观设计灵感来自20世纪50年代的汽车影院，呈现出银色曲线造型，宛如一艘停泊的 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6][7] Core Views - The company is experiencing steady growth in its second-quarter performance, with a focus on accelerating its robotics business and expanding its global market share [3][4][6] - The company has stable profitability in its structural components and is actively exploring overseas markets [3][6] - The earnings forecast for the company remains unchanged, with projected net profits of 1.787 billion, 2 billion, and 2.2 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21.4%, 11.9%, and 10% [3][6] Summary by Relevant Sections Earnings Forecast - For the first half of 2025, the company expects a net profit attributable to shareholders of 750-820 million yuan, representing a year-on-year increase of 16%-27% [3][4] - The second quarter net profit is projected to be between 363-433 million yuan, with a year-on-year growth of 7%-28% [3][4] Robotics Business Development - The company is rapidly advancing its robotics business, with multiple product categories in development [4][5] - A joint venture, Kemei Innovation, has launched a lightweight harmonic reducer that reduces weight by 71% and achieves a torque-to-weight ratio of 168%, suitable for humanoid robot arms [4] - The company has established another joint venture, Yizhi Smart, focusing on the development and production of core components for intelligent robots [4][5] Financial Projections - The company’s revenue is projected to grow from 10.511 billion yuan in 2023 to 16.927 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.1% [8] - The earnings per share (EPS) are expected to increase from 4.45 yuan in 2023 to 8.04 yuan in 2027 [8] - The company maintains a stable EBIT margin, projected to be around 15.6% in 2027 [8]

银轮股份 20250722 摘要 人形机器人板块近期出现回升拐点，主要受益于海外第三代产品快速推 进，其性能接近真人水平，且国内厂商积极配合相关进展，市场关注度 提升。 财通证券推荐银轮股份和米诗作为投资标的，这两家公司主业稳健，估 值合理，且在人形机器人领域有积极进展，具备较好的投资潜力。 银轮股份作为汽车热管理厂商，业务涵盖商用车、乘用车、新能源乘用 车等领域，并积极拓展人形机器人关键总成和热管理业务，紧跟行业发 展趋势。 新能源汽车热管理需求的提升，显著增加了单车价值量，从 2000 多元 提升至 6,000 多元，带动银轮股份拓展至海外大客户，提高整体价值量 和盈利能力。 数字与能源市场为银轮股份提供了广阔的发展空间，数据中心液冷服务 器配套需求增长迅速，储能领域及其他相关业务为公司收入端和利润端 提供重要增长动力。 银轮股份在人形机器人领域聚焦关键总成及热管理，与海外 T 客户合作 推进 Optimus 三代产品发布，有望带动整体估值提升。 预计银轮股份 2025-2027 年收入分别为 155 亿、187 亿和 220 亿，归 母净利润分别为 10.7 亿、13.4 亿和 16.5 亿，对应 PE ...

有机硅市场分析及展望 20250722 摘要 有机硅行业一万吨单体产能装置发生火灾，事故原因正在调查中，可能 导致部分或全部 80 万吨产能停产，检修期预计至少一个半月，但初步 判断非人为因素，恶劣影响有限。 陶氏公司因欧洲成本高和工业硅供应不足，计划关停英国 40 万吨产能 （含 20 万吨 DMC），但美国工厂维持生产，未来或以中国和美国为主 要生产基地，中国拥有约 45 万吨单体产能。 东岳停产事件推动 DMC 价格上涨，从 12,200 元/吨涨至 12,500 元/吨， 超出预期，受供应减少、企业抵触情绪和工业硅价格上涨等多重因素影 响，预计 8 月中旬前价格可能继续上涨至 13,500-14,000 元/吨。 目前有机硅行业开工率约为 70%，库存约 5 万吨，单吨利润约 800 元， 下游企业积极采购以应对价格上涨，预计 8 月初集中采购结束，市场将 以刚需为主，但价格支撑性仍然较强。 工业硅价格受多晶硅期货和光伏行业情绪影响大，目前供应过剩，云南 丰水期将提高开工率，基本面不支持价格大幅上涨，但需关注多晶硅市 场利好因素，工业硅企业目前处于亏损状态。 Q&A 东岳公司近期发生的火灾事故对其有机 ...