南方财经11月19日电，安乃达在互动平台表示，公司参与了浙江智鼎机器人有限公司的增资扩股，智鼎 机器人作为智元机器人第一个独立运营的成熟具身智能机器人子公司。 ...

凭借强势发展势头，文化产业正成为科技和资本聚焦的热点赛道。 这一风口下，2025粤港澳大湾区文化产业投资大会（广东·广州）（简称：大湾区文投会）将在11月26 ～28日举办。大湾区文投会立足湾区、面向全国、聚焦文化，将搭建文化企业与投资机构高效对接的投 融资服务平台，推动文化、科技、金融深度融合。 广东省粤港澳大湾区文化创意产业促进会秘书长谢晓平介绍，大湾区文投会将围绕推动政策活动落地实 施，重点关注代表未来生活方式、未来生产方式的文化新业态。 另一个更亮眼的数据是，前两届大湾区文投会，共有58个项目路演，最终28个项目在会上及会后一年内 获得融资，转化率约达50%，一共实际融资超过95亿元。 衔接六大"政策包"促产融合作 2021年，一部《雄狮少年》横空出世，以独特的现实主义观照，结合岭南地域色彩鲜明的文化元素，生 动讲述了小镇少年追逐梦想的故事，获得无数观众共鸣。 但是，观众们或许无法想象，这样一部优质作品有多么"烧钱"，也绝对想不到，如果不是在前2届大湾 区文投会上获得了金融机构投资，《雄狮少年》恐怕要难产。 目前，我国文化产业已从传统文化艺术、新闻传播、影视传媒等领域，扩展为以数字技术为底座、以跨 界 ...

Core Viewpoint - The State Council meeting emphasizes enhancing supply-demand adaptability as an effective measure to unleash consumption potential and facilitate economic circulation [1] Group 1: Flexible Manufacturing - Flexible manufacturing is identified as a future direction for manufacturing enterprises to achieve personalized customization in response to increasingly diverse market demands [1][2] - The construction of flexible manufacturing plants in China has transitioned from conceptual exploration to large-scale practical implementation, driven by national strategy and market demand [1][2] - Flexible manufacturing can effectively address the mismatch between supply and demand in traditional mass production, thereby releasing domestic demand potential and creating new demand through high-quality supply [2] Group 2: Market Potential and Growth - The market size of flexible manufacturing was approximately 62 billion yuan in 2020, with expectations to reach 130 billion yuan by 2025, indicating significant growth potential [2] - The penetration of flexible manufacturing is expanding from the automotive and home appliance sectors to include clothing, food, and other industries, with the automotive sector already accounting for 35% of flexible production lines [2] Group 3: Policy Support and Technological Integration - Policies such as the "Implementation Plan for Digital Transformation in Light Industry" aim to enhance flexible production capabilities by promoting the application of smart technologies in various industries [3] - The integration of new information technologies, such as industrial internet platforms and AI, is deepening, providing strong support for rapid production changes and personalized scheduling in flexible manufacturing [3][5] Group 4: Future Trends and Workforce Development - The demand for flexible manufacturing is increasing due to industrial upgrades, which also provide application scenarios for advanced technologies like embodied intelligent robots [4] - The implementation of technologies like digital twins, AI scheduling, and 5G edge computing is expected to drive the development of upstream and downstream industries, creating new job roles in data analysis and algorithm engineering [5] - Strengthening the "digital foundation" and breaking down data barriers across enterprises and industries are essential for the development of flexible manufacturing plants [5]

证券研究报告：汽车 | 公司点评报告 发布时间：2025-11-18 股票投资评级 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | | --- | --- | | 最新收盘价（元） | 9.71 | | 总股本/流通股本（亿股）9.95 / 9.20 | | | 总市值/流通市值（亿元）97 / 89 | | | 52 周内最高/最低价 | 14.93 / 9.62 | | 资产负债率(%) | 55.1% | | 市盈率 | 416.74 | | 第一大股东 | 孙锋峰 | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 金固股份(002488) 25Q3 盈利能力同比改善，低碳车轮产能布局提速 ⚫ 事件 金固股份发布 2025 年三季报，公司前三季度实现营业收入 30.86 亿元，同比+6.91%。实现归母净利润 0.42 亿元，同比+29.77%，实现 扣非归母净利润 0.35 亿元，同比+39.13%。 ⚫ 点评 增持|首次覆盖 个股表现 -5% 1% 7% 13% 19% 25% 31% 37% 43% 49 ...

Core Viewpoint - The company reported a revenue of 3.086 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.91%, and a net profit attributable to shareholders of 42 million yuan, up 29.77% year-on-year [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 963 million yuan, a year-on-year increase of 0.61% but a quarter-on-quarter decrease of 22.09%. The comprehensive gross margin was 17.38%, up 9.93 percentage points year-on-year and 6.09 percentage points quarter-on-quarter [2] - The net profit attributable to shareholders for Q3 was 12 million yuan, reflecting a year-on-year increase of 1.65%, with a corresponding net profit margin of 2.44%, up 1.22 percentage points year-on-year and 2.24 percentage points quarter-on-quarter [2] Group 2: Product Development and Sales - The sales of the Avatar low-carbon wheels have significantly increased, with a 44% year-on-year growth in product sales during Q3, and a remarkable 93% year-on-year increase in Avatar product sales [3] - To alleviate the production capacity constraints of high-margin Avatar low-carbon wheels, the company is converting some traditional wheel production lines into dedicated lines for Avatar low-carbon wheels [3] Group 3: Strategic Expansion - The company is set to launch its overseas factory, with the Thailand Avatar low-carbon wheel factory expected to commence production in early 2026. This is anticipated to drive international business growth alongside domestic operations [4] - The company is actively pursuing applications for materials like Avatar niobium micro-alloy in emerging fields such as intelligent robots and low-altitude aircraft, with structural components already provided to Zhiyuan Robotics for mass production within the year [4] Group 4: Investment Strategy - The company forecasts revenues of 3.767 billion, 5.697 billion, and 7.284 billion yuan for 2025-2027, with net profits of 63 million, 261 million, and 421 million yuan respectively. The current stock price corresponds to PE ratios of 154.24, 37.0, and 23.0 times [5]

11月18日，宁波方正（300998）发布公告，正式同华翔启源签署战略合作协议，双方将整合研发制造资 源，在人形机器人、商业清洁机器人零件生产制造和整机应用等领域展开合作。宁波方正同华翔启源强 强联手，不但能充分发挥双方在技术积累、市场拓展等方面的优势，更是标志着公司正式进入人形机器 人供应链，为进一步布局具身智能机器人领域提供抓手。 宁波方正是全球知名汽车零部件与设备制造商，具备强大的技术优势与研发实力。公司主营塑料模具、 锂电池精密结构件、锂电池模组导电软连接件、智能装备等多种产品的设计与制造，其下游客户覆盖萨 玛汽车、佛吉亚、宁德时代（300750）、廷锋内饰、宁波华翔（002048）等一众国内外汽车零部件与新 能源企业，拥有充足的客户与市场积累。 华翔启源成立于2025年6月，是宁波华翔旗下专注于智能机器人制造的全资子公司。华翔启源以"推动智 能机器人普惠千行百业"为使命，制定了成为全球领先的硬件制造解决方案服务商的愿景目标，为国内 以及全球领先的智能机器人品牌打造机器人的本体总成和关节总成装配及测试的超级工厂，同时提供技 术先进、成本领先、质量可靠的核心部件。据公开信息，华翔启源与智元机器人合作，已 ...

按照11月3日至11月14日加权均价46.29元/股计算，五洲控股本次减持套现约1.37亿元。 | 投资者名称 | 变动前股数 | 变动前 比例 | 变动后股数 | 变动后 | 权益变 | 权益变动 的时间区 | | --- | --- | --- | --- | --- | --- | --- | | | (万股) | | (万股) | 比例(%) | 动方式 | | | | | (%) | | | | ਸਿ | | 浙江五洲新春 集团控股有限 | 23, 360, 187 | 6.38% | 20, 404, 027 | 5. 57% | 集中 竞 价 1 大 宗 交 | 2025/11/03 | | 公司 | | | | | | 2025/11/14 | | | | | | | 易 | | 五洲新春2025年度向特定对象发行A股股票募集说明书(申报稿)显示，本次向特定对象发行A股股票募集资 金总额不超过100,000.00万元(含本数)，扣除发行费用后，募集资金拟投资于具身智能机器人和汽车智驾核 心零部件研发与产业化项目、补充流动资金。 中国经济网北京11月18日讯五洲新春（603667）(603667 ...

特约评论员熊夏柠 十五运会赛场上，运动健儿奋力拼搏，赛场内外的观众为之振臂加油欢呼。如果说这届全运会有什么特 别之处，无疑是赛场赛事运行展现出来的科创赋能、岭南城市间独特的体育性格、全运会带动的文旅消 费、粤港澳三地之间的凝心聚力以及全国人民的支持鼓舞。 以十五运会为契机，广东力促文旅消费，让人们在观看赛事之余，也能来广东尽情欣赏美景美食。以广 州为例，在办好各项赛事的基础上，也提供了很多全运会概念的文旅消费项目，实实在在惠及从各地来 观赛的游客。在广州塔，用全运会赛事门票可享受6折起的联票，包括星空观光、蜡像馆等，同时餐饮 和购物也可以打折。珠江夜游也推出了优惠，"2025年度国际都市游船嘉年华"活动于11月1日—11月30 日举办，持全运会门票可享受珠江游船票折扣。 数据显示，广东的消费呈现良好态势。2025年前三季度广东社会消费品零售总额为34254.07亿元，同比 增长2.8%。城镇消费品零售额30446.15亿元，增长3.0%。商品零售额 30211.48 亿元，增长 2.9%；餐饮 收入 4042.58 亿元，增长 2.1%。广州地区前三季度的消费势头也持续向好，社会消费品零售总额 8157.59 ...

二十一城独特的体育性格，展现着岭南大地不同的地域脉动、文化赓续以及发展动能。广州以多元开放为体育底色，深圳则以科创实力为赛事 赋能，湛江的跳水、东莞的篮球与举重、梅州的足球、肇庆的柔道、佛山的龙舟、阳江的赛艇、江门的排球、潮州的围棋……不同地区的体育 性格、场场精彩的赛事，展现出了岭南大地蓬勃的活力与生机。办赛是一次很好地展现城市魅力、促进文旅消费的良机，从场场发布会来看， 各地对本地体育性格的介绍，都吸引着来自全国观众的关注与奔赴。 十五运会，不仅仅是一场高规格、高水平的体育赛事，更可激活城市更多发展动能 特约评论员熊夏柠 十五运会赛场上，运动健儿奋力拼搏，赛场内外的观众为之振臂加油欢呼。如果说这届全运会有什么特别之处，无疑是赛场赛事运行展现出来 的科创赋能、岭南城市间独特的体育性格、全运会带动的文旅消费、粤港澳三地之间的凝心聚力以及全国人民的支持鼓舞。 在田径长投赛事中，灵活的机器狗扛起田径长投项目中的搬运任务，相关搬运机器狗来自广州一家科技公司的产品，在铁饼、标枪等搬运工作 中，此次投放使用的机器狗的承重和电池续航都有很大提升。可见，十五运会的确是一场独特的赛事，它不止于体育竞技，也为我国机器人产 业的 ...

Core Viewpoint - The company, Lanjian Intelligent (688557), is actively expanding its overseas market presence and has a strong order backlog across various industries, while also focusing on technological innovation and self-research capabilities in its product offerings [1][3][10]. Group 1: Overseas Market Expansion - The company is expanding its overseas market through three main strategies: participating in international logistics exhibitions, following domestic companies that establish overseas factories, and collaborating with multinational projects [2]. - It has established three overseas subsidiaries in Germany, the United States, and Hungary to better serve global customers [2]. Group 2: Order Situation and Industry Applications - The company has a robust order backlog, with its intelligent logistics systems applied in multiple sectors including semiconductors, new energy, aerospace, petrochemicals, automotive, food and beverage, electronics, tobacco, pharmaceuticals, e-commerce, and engineering machinery [3]. Group 3: Technological Development - The company has partnered with Shandong University to establish a "Logistics Embodied Intelligent Robot Research Institute" to accelerate the development and commercialization of humanoid robots in logistics [4]. - The company closely monitors trends in humanoid robot technology and evaluates the maturity and application scenarios of related technologies [4]. Group 4: Product Development and Manufacturing - All intelligent logistics robots are independently developed and manufactured by the company, with over 80% of the products being self-researched and produced [5]. Group 5: Financial Performance - In Q3 2025, the company's gross margin was 26.80%, a decrease of 1.68 percentage points year-on-year, influenced by varying gross margins across different industries [6]. - The company reported a revenue of 1.131 billion yuan for the first three quarters of 2025, a year-on-year increase of 35.68%, and a net profit of 93.75 million yuan, up 47.54% year-on-year [10]. Group 6: Competitive Advantages - The company's competitive advantages include a fully self-researched and manufactured product line, technological innovation that enhances product performance and quality, and innovative solutions tailored to market needs [8]. Group 7: Client Base - The company provides logistics solutions to over 1,000 clients across various industries, including home appliances, new energy, automotive, and large-scale retail [9].