2025年12月28日，由中国制造强国年会组委会、中制智库主办的第十届中国制造强国年会在北京万达文华酒店成功召开。本届年会以"实体为根 向新而 行"为主题，立足"十四五""十五五"规划承前启后、《中国制造2025》行动纲领十年收官的关键节点，探讨"十五五"时期中国制造业高质量发展之路。 曹健林 科技部原副部长，季华实验室理事长、主任 科技部原副部长，季华实验室理事长、主任曹健林以《中国高端装备制造的创新之路》为主题作主旨演讲，他表示，高端装备是实现工业强基的重要一环， 《中国制造2025》提出的十大领域中前5个领域都和高端装备有关。在当前全球产业布局中，制造业企业可以分为四类：一是生产制成品的企业（面向终端 消费者），二是生产能源、材料及零部件的企业，三是生产装备、工具的企业，四是生产高端装备和特殊材料的企业（集成相关技术的最高水平成果）。当 前，前两类企业已大量分布在包括中国在内的发展中国家，但决定产业链控制力和利润分配的第三、四类企业，尤其是第四类企业，仍主要集中在发达国 家，这正是许多"卡脖子"问题的根源。中国制造业升级的关键在于发展自主可控、有竞争力的高端装备产业。破解这一难题需要有效组织"用装备、造 ...

一、高管致辞锚定核心：共探产业创新，链接资本与实体价值 活动伊始，招商证券财富管理部总经理助理辛欣与金发科技董事会秘书戴耀珊分别发表致辞，从资本赋 能与企业发展双视角，传递活动价值与行业趋势。 辛欣在致辞中表示，此次调研旨在带领投资者近距离触摸中国制造业升级脉搏，深入发掘优质企业的真 实价值与成长潜力。她强调，深度调研是穿透报表数据、把握企业核心竞争力的关键，通过与金发科技 核心团队深度对话，将探寻公司技术研发布局、核心竞争优势与经营发展策略，帮助投资者看清企业基 本面、读懂产业发展趋势，为投资决策筑牢坚实基础。招商证券始终致力于搭建资本与实体产业的"价 值连接器"，推动产业与资本同频共振，践行"相伴成长、共赢未来"的初心，与投资者、实体企业携手 共享产业升级红利。 戴耀珊详细介绍了金发科技的发展历程与核心战略，明确企业作为中国新材料细分赛道龙头，正加速全 球化布局，目标将海外营业收入占比提升至30%，跻身全球顶尖新材料企业行列。此外，他还介绍了公 司近年来经营状况持续向好，市值稳步增长，并重新进入了主流市场指数。戴耀珊强调，金发科技始终 坚持技术驱动的发展战略，将研发创新视为可持续发展的核心动力，公司未来也 ...

Core Insights - KUMPOO has emerged as the "fourth largest badminton brand globally" within five years, challenging the long-standing dominance of Yonex, LI-NING, and VICTOR, marking a new era in the industry [1] Group 1: Full Industry Chain Control - KUMPOO has disrupted the traditional OEM model by establishing a "fully self-researched" approach, creating competitive barriers and earning the title "the BYD of the badminton industry" [2] - The brand has achieved significant product category coverage, independently developing key items like rackets, shoes, and strings, breaking the international brands' monopoly in high-end markets [2] - By building its own factories, KUMPOO can quickly respond to market demands and iterate products without relying on third-party manufacturers, providing a flexibility that many brands cannot match [2] Group 2: Technological Breakthroughs - The establishment of KUMPOO's Japanese string production base in 2025 signifies the first technological counterattack by a Chinese brand in the high-end string market, challenging the stereotype that Chinese brands can only produce low-end products [3] - KUMPOO's proprietary "super fiber composite coating" technology balances durability and elasticity, with its JS-63 string being praised by professional players for its performance [3] - Endorsements from international players like Thailand's Wang Gaolun and Malaysia's Zhan Junwei validate the reliability of KUMPOO's equipment in high-intensity competitions [3] Group 3: Differentiated Competitive Advantages - KUMPOO attracts a large number of Gen Z users by combining "professional performance" with "sports trend upgrades" [4] - The K520 racket has become a "national entry-level artifact," priced at only 100 yuan, achieving over 100,000 sales globally and dominating e-commerce platforms [4] - Collaborations with trendy brands like CRYING CENTER have generated significant buzz on social media, successfully merging professional equipment with contemporary design [4] Group 4: Professionalization Strategy - KUMPOO's brand upgrade strategy includes signing potential international players instead of competing for top stars, enhancing brand exposure through player growth [5] - The company hosts high-profile events like the "KUMPOO Fearless Challenge," attracting over 300 domestic professional players, establishing a "professional event-level brand" image [5] - KUMPOO's success reflects the upgrade of Chinese manufacturing, emphasizing full industry chain control, technological innovation, and a global perspective to reshape brand value [5][6]

Core Viewpoint - The "trade-in" policy has significantly boosted China's retail sector in the first half of the year, with May retail data showing unexpected growth, particularly in home appliances [1][2]. Group 1: Retail Sector Performance - In May, China's total retail sales reached 4.13 trillion yuan, a year-on-year increase of 6.4%, marking the fastest monthly growth rate in 2024 [2]. - Retail sales of home appliances grew by over 50% year-on-year in May, indicating strong consumer demand driven by the trade-in policy [1][2]. - The trade-in policy has been identified as a key driver of consumption growth, with specific categories like home appliances, communication equipment, and furniture showing significant increases of 53.0%, 33.0%, and 25.6% respectively [2]. Group 2: Economic Outlook and Policy Recommendations - The economic outlook for the next few months remains positive, supported by the release of prior export orders and the ongoing impact of the trade-in policy on consumption [6]. - Recommendations for stimulating consumption growth include enhancing wealth and income through policies aimed at stabilizing the real estate and stock markets, as well as reforming social security and welfare systems [2][6]. - The need to create new consumption scenarios is emphasized, with examples like the Jiangsu province's city football league driving local economic activity in tourism, dining, and accommodation [3]. Group 3: Manufacturing and Innovation - China's manufacturing sector has shown significant advantages, with over 30% global market share and rapid advancements in key areas such as shipbuilding and artificial intelligence [4]. - The domestic innovative pharmaceutical industry is experiencing growth due to supportive policies and increased R&D investment, indicating a robust environment for technological advancement [4]. Group 4: International Market Competitiveness - Chinese companies that have survived intense domestic competition are demonstrating strong capabilities in international markets, reflecting their competitive strength [5].

Group 1 - China's consumer market has shown a stable performance in 2023, with retail sales reaching 12.47 trillion yuan, a year-on-year increase of 4.6%, and a growth rate acceleration of 1.1 percentage points compared to the previous year [1] - The robust performance of the consumer market has attracted foreign companies, particularly from Europe, who see significant opportunities driven by China's large market size, strong manufacturing investment appeal, and improving innovation capabilities [1] - The CEO of Philips noted that consumer confidence and spending are rising in China, indicating a positive outlook for economic recovery [3] Group 2 - The agricultural company Louis Dreyfus expressed optimism about the diverse demand factors and growth potential in China's consumer market, which presents numerous opportunities for multinational companies [3] - Despite global economic uncertainties, there is a belief that China's ongoing medical reforms and rapidly developing digital ecosystem will create new opportunities for sustainable business growth [3] - The president of Dassault Systèmes highlighted that the demand driven by digital transformation in China is providing new growth opportunities, with the company establishing innovation centers in multiple cities [3][4] Group 3 - The automotive industry is significantly represented among foreign manufacturing enterprises in China, with 12 out of 30 major foreign companies involved in the sector, particularly in the electric vehicle market [6] - Foreign automotive companies are increasing investments in China's new energy vehicle sector, reflecting the country's position at the forefront of innovation in various fields [6] - Investment sources for China are diversifying, with double-digit growth from countries like the UK, South Korea, the Netherlands, and Japan, alongside increasing investments from Belt and Road Initiative countries [6]