以下文章来源于TOP创新区研究院 ，作者人才研究组 TOP创新区研究院 . 创新区研究，就在TOP研究院。TOP研究院专注于全球创新区的一体化研究，从Talent(个人), Organization(组织), Place(区域)三大维度出发，通过"研究/连接/分享"，探索中国创新区的实践路径。 来源丨TOP创新区研究院（ID：TOP_Lab） 作者丨 FTA Group 图源丨Midjourney 2026年开年， 美国互联网上 影响力最大的左翼政治评论员、中国人民的老朋友 Hasan Piker （哈 桑·派克） 说到一个数据： "中国去年毕业了130万工程师。美国？13万。" 我们doubel check了一下： 根据美国国家教育统计中心（NCES）及美国工程教育学会（ASEE）的近年数据，美国每年颁发的 工科本科学位（Bachelor's degrees in Engineering）数量确实稳定在 13万至14.5万 之间。 当然， 如果算上计算机科学（CS），美国的数据会增加到20万以上，但严格意义上的"工程师"统计 通常不包含纯CS。 按照种族分类的工程师毕业生数量 反观中国，130万的数据甚至偏 ...

本文基于准确的原话原词进行了仔细考究，推荐阅读。 2025年4月张小珺问 你不是技术型的CEO，就是你不像梁文锋那样，你担心手下的AI的高管忽悠你 吗？ 李想的回复是我觉得如果是科学，他可能忽悠我，但如果是工程，他忽悠不了我。对，所以幸好 AI不是科学，AI是工程。 在此次访谈后续与截至2026年2月10日，李想没有在公开场合细化解释为什么认为AI不是科学，而是 工程。据静静关闭弹射起步透露李想持此观点更早之前在内部说过。在同一场对话中李想认为自己很 擅长工程，给的锚点是汽车之家与增程的架构都没变过，是一开始就想好的。认为工程能力很多时候 是问结构性的问题，并提到自己比较喜欢物理。 2026年2月6日马斯克进行了2h49min，马斯克多次表达类似AI的本质不是理论探索而是工程落地和硬 件实现的意思。 马斯克明确认为xAI是几百名工程师而不是研究员，指出大多数时候(most of time)做的就是工程工作 而不是想出一个根本性的新算法。 明确说有点不同意(somewhat)C公司或B公司(原话说的就是C公司B公司)为了尽可能多地增加盈利收 入称自己是实验室，认为它们不是实验室，实验室是一种在大学里类似quas ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3]. Core Views - The company has shown strong growth in revenue and profit in the first half of 2025, with revenue reaching 6.901 billion yuan, a year-on-year increase of 39.21%, and net profit attributable to the parent company at 1.241 billion yuan, up 14.04% year-on-year [1][3]. - The integration of equipment, engineering, and services is driving a strong turning point for the company, with significant growth in both domestic and international markets [2][3]. - The company has successfully entered the Middle East and North Africa oil and gas EPC projects, which opens up growth opportunities for its integrated services [3][2]. Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 6.901 billion yuan, with a net profit of 1.241 billion yuan, and a significant increase in operating cash flow by 196.36% to 3.144 billion yuan [1]. - The company’s new orders and existing orders reached 9.881 billion yuan and 12.386 billion yuan, respectively, reflecting a year-on-year growth of 37.65% and 34.76% [1]. - The revenue from high-end equipment manufacturing and oil and gas engineering services was 4.224 billion yuan and 2.069 billion yuan, showing year-on-year increases of 22.42% and 88.14% respectively [2]. Market Outlook - The domestic market revenue grew by 39.97% to 3.605 billion yuan, while the international market revenue increased by 38.38% to 3.295 billion yuan [2]. - The natural gas business, covering both equipment and engineering, saw a revenue increase of 112.69% year-on-year, with new orders growing by 43.28% [2]. - The company is expected to benefit from the European market's demand for gas supply following the reduction of Russian gas imports and the needs of AI data centers [3]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025 is adjusted to 3.163 billion yuan, with further projections of 3.795 billion yuan in 2026 and 4.445 billion yuan in 2027 [3][5]. - The estimated price-to-earnings ratio (PE) for 2025 is projected at 14, with a reasonable valuation range adjusted to 52.53-61.79 yuan [3][5].

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, driven by its integrated business model in high-end equipment manufacturing, oil and gas engineering, and technical services [1][2][3] Financial Performance - In the first half of 2025, the company reported revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 1.241 billion yuan, up 14.04% [1] - The second quarter alone saw revenue of 4.214 billion yuan, a 49.12% increase year-on-year, with a net profit of 777.5 million yuan, growing 8.78% [1] - Operating cash flow reached 3.144 billion yuan, reflecting a significant increase of 196.36% year-on-year, indicating strong cash discipline [1] Business Segments - Revenue from high-end equipment manufacturing and oil and gas engineering and technical services reached 4.224 billion yuan and 2.069 billion yuan, respectively, representing increases of 22.42% and 88.14% year-on-year [2] - The domestic market generated 3.605 billion yuan in revenue, up 39.97%, while the international market contributed 3.295 billion yuan, a 38.38% increase [2] - The natural gas business, encompassing both equipment and engineering, saw a remarkable revenue growth of 112.69% year-on-year, with new orders increasing by 43.28% [2] Market Expansion - The company successfully entered the Middle East and North Africa oil and gas EPC project market, securing a contract worth approximately 6.126 billion yuan for a gas booster station project in Algeria [3] - This project enhances the company's growth potential in integrated gas equipment, engineering, and services, marking a significant milestone towards becoming a leader in the oil and gas EPC sector [3] Investment Outlook - The company is positioned as a leader in the integrated oil and gas equipment, engineering, and services sector, with a clear growth trajectory and substantial market opportunities [3] - Profit forecasts for 2025-2027 have been revised upwards, with net profits projected at 3.163 billion yuan, 3.795 billion yuan, and 4.445 billion yuan, respectively [3] - The reasonable valuation range for the company has been adjusted to 52.53-61.79 yuan, reflecting a positive outlook for future performance [3]