中国协作机器人行业调研简报 | 2025/08 www.leadleo.com 报告标签：协作机器人、机器人 2025年8月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/07 无人物流行业 Q1：协作机器人分类体系和其应用场景是什么？ ◼ 协作机器人的定义与分类 协作机器人是被设计为可与人类在同一空间直接交互、协同作业的机器人，具备内置安全功能、轻量化设计和易编程性，符 合ISO/TS 15066等国际安全标准。其分类可以分别按照结构形态，关节轴数和负载能力区分。目前业内也有四轴类"协作机器 人"，但其形态设计、硬件构成和应用场景均与主流协作 ...

内容概要：工业清洗机器人是集成精密机械、智能传感等技术的智能设备，配备多种清洗模块与智能系 统，能适应恶劣工业环境，兼具高效、安全与防护优势，是工业生产关键工序的核心装备。在"机器人 +"等政策全链条扶持与技术成熟推动下，行业规模持续扩大，2024年市场规模达113.6亿元，2025年预 计超144.3亿元，且自主知识产权高端装备不断涌现。其产业链上下游协同发展，上游核心零部件国产 化替代稳步推进，中游本土与外资企业共同竞争，下游以汽车制造（占比35%-40%）、电子半导体（占 比约25%）为核心应用领域，新能源汽车产业的爆发式增长进一步拓宽需求空间。未来，行业将沿着技 术智能化、场景多元化、发展绿色化方向前行，核心零部件国产化深化，应用场景向高端特种领域延 伸，在政策与市场双轮驱动下实现高质量扩容。 上市企业：机器人（300024.SZ）、埃斯顿（002747.SZ）、振华重工（600320.SH）、蓝英装备 （300293.SZ）、大鹏工业（920091.BJ）、奥迪威（920491.BJ）、速腾聚创（02498.HK）、锐科激光 （300747.SZ） 中国工业清洗机器人分类维度多元，核心可按清洗方式与 ...

Group 1: Robotics Industry - A surge of robotics companies is seeking to list on the Hong Kong Stock Exchange, with many having submitted multiple applications [1] - Most of these companies show poor performance in their financial results, indicating a challenging market environment [1] - The industry is characterized by intense competition, with a trend of increasing rivalry noted in the listing materials [1] - Successful listings include companies like Sanhua Intelligent Controls and Junsen Electronics, but only those with strong technology patents, profit margins, and cash flow are expected to thrive [1] Group 2: Copper Market - Global concerns over copper supply shortages have led to a rise in international copper prices, reaching historical highs [2] - Despite a recent pullback in prices, the copper industry remains active, with strong demand from sectors like renewable energy and power grid construction [2] - Analysts predict that copper prices will maintain high levels in the medium to long term due to robust downstream demand and supply-side disruptions [2] Group 3: AI Glasses Market - The AI glasses market is rapidly evolving, with significant participation from tech giants, automotive companies, and startups [3] - The AI glasses theme index has increased by 9.81% since November 24, with a majority of trading days showing gains [3] - The market is seeing a shift towards consumer acceptance, driven by technological advancements and increasing demand [3] Group 4: Order Backlogs in Listed Companies - Nearly 200 listed companies have reported strong order backlogs, indicating a positive industry outlook [4] - Key sectors with high demand include machinery, electronics, and power equipment, with some companies' order schedules extending to 2029 [4] Group 5: New Energy Vehicle Tax Policy - The upcoming adjustment in the new energy vehicle purchase tax is expected to drive a surge in market activity as consumers rush to make purchases before the policy change [5] - The maximum tax exemption will be reduced from 30,000 yuan to 15,000 yuan per vehicle starting next year [5] - This shift is anticipated to transition the market focus from policy-driven to value-driven competition, emphasizing technology, cost, and service [5] Group 6: Lithium Battery Industry - The lithium battery supply chain is experiencing a significant increase in long-term contracts, with total order values soaring [6] - This new wave of long-term agreements is characterized by larger scales, deeper commitments, and a focus on supply chain security and compliance [6] Group 7: Institutional Research in the North Exchange - The North Exchange has seen a surge in institutional research interest, with over 272 companies being covered [7] - Key areas of focus include robotics, low-altitude economy, 6G, quantum technology, and AI glasses [7] Group 8: Commercial Real Estate REITs - The imminent launch of commercial real estate REITs is generating significant market interest, with many companies preparing to submit applications [8] - The REITs market is expected to enhance the efficiency of capital allocation in the real estate sector, potentially activating a trillion-yuan market [8] Group 9: AI Intelligent Agents Market - The AI intelligent agents market is witnessing explosive growth, with average stock price increases exceeding 25% this year [9] - Notable stocks have seen significant gains, with some doubling in value, and financing balances for these stocks have increased by nearly 45% compared to the previous year [9] Group 10: Shareholder Buyback Plans - A total of 768 listed companies have announced significant shareholder buyback plans this year, reflecting confidence in their fundamentals [10] Group 11: M&A Fund Establishment - There is a growing trend of listed companies establishing industrial merger and acquisition funds, with 336 funds set up this year [11] - The total expected fundraising for these funds is projected to reach 279 billion yuan, indicating strong interest in identifying and nurturing quality targets [11]

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, and Haidilao, while Budweiser Asia is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the food and beverage sector, including Luckin Coffee's preparation for relisting in the U.S. and the launch of new store formats by Jiumaojiu Group's hot pot brand [5][6]. - The retail sales data for October shows a total retail sales figure of 46,291 billion yuan, with a year-on-year growth of 2.9%, indicating a slight recovery in consumer spending [5]. Summary by Sections Company Ratings - Key companies rated "Outperform" include: - Pop Mart - Anta Sports - Haidilao - China Feihe - New Oriental Online - Others [1]. Weekly Performance - Top performers in the food and beverage sector include: - Auntea Jenny (+31.4%) - Haidilao (+7.0%) - Underperformers include: - Xiabuxiabu (-13.1%) [2][6]. Industry News - Notable industry news includes: - Luckin Coffee's plans for a U.S. relisting - Sony's production of a Labubu-themed movie - Jiumaojiu Group's new hot pot store opening - Xiabuxiabu's marketing activities leading to a 45% increase in repeat visits from existing members in certain cities [5][6].

Report Industry Investment Rating No information provided on the report industry investment rating. Core View of the Report - The Tuesday decline of the major indices in the two markets was a normal technical correction, and after 14:00, the decline stopped and the market consolidated. The subsequent market is expected to oscillate and rise, continuing the slow - bull trend. The main index futures should be long - positioned with the CSI 300 index as the main focus, and conduct range trading. For index options, in the large - scale oscillation range, it is advisable to observe rather than act rashly on the far - month deep - out - of - the - money call options [1][3]. Summary by Relevant Catalogs Market Review - On Tuesday, the major indices in the two markets oscillated and declined, with a trading volume of 1.99 trillion yuan, showing a decline in volume during the correction. The CSI 300 index closed at 4652, down 42 points or - 0.91%; the SSE 50 index closed at 3034, down 19 points or - 0.63%; the CSI 500 index closed at 7291, down 52 points or - 0.71%; the CSI 1000 index closed at 7540, down 22 points or - 0.30%. Among industry and theme ETFs, the top gainers were the Science and Technology Innovation New Energy ETF, etc., and the top losers were the Communication ETF, etc. Among the sector indices in the two markets, the top gainers were the Cultured Diamond index, etc., and the top losers were the Consumer Electronics index, etc. The CSI 500, CSI 300, CSI 1000, and SSE 50 index futures saw net outflows of 35, 25, 7, and 5 billion yuan respectively in the settled funds [1]. Important Information - The State Council Information Office held a regular policy briefing, releasing a strong signal of "promoting innovation through scenarios and stimulating vitality through openness". A special action implementation plan for "AI + manufacturing" will be introduced, and the "Robot +" application action will be deeply implemented. The Ministry of Science and Technology will strengthen the dominant position of enterprises in technological innovation. Overseas asset management institutions are optimistic about China, but large - scale capital inflows still need time. The "Guidance on Promoting New Energy Consumption and Regulation" was released, aiming to basically establish a multi - level new energy consumption and regulation system by 2030. The Chinese Academy of Sciences made important progress in perovskite solar cells. Analysts estimated that there will be a huge capital gap in the construction of AI data centers in the next five years. Goldman Sachs believes that the current corporate leverage ratio is not high, and the credit spread is narrow. The correlation between the S&P 500 index and NVIDIA is higher than that with the equal - weighted index of its 500 constituent companies. The silver reserves in the London vault increased significantly in October, ending the "silver squeeze" stage. BlackRock's private debt investment in a home improvement company was re - valued at zero. Trump's "tariff rebate" plan may cost up to $600 billion, which may lead to inflation [1][2]. Market Logic - The market decline on Tuesday was a normal technical correction. The policy briefing released a positive signal, and companies such as Alibaba are increasing investment in AI infrastructure. The US is planning or building large - scale data centers, and NVIDIA's CEO is optimistic about China's AI development. Goldman Sachs is optimistic about the stock markets in Hong Kong and the Chinese mainland [2][3]. Future Outlook - The major indices in the two markets are expected to oscillate and rise, continuing the slow - bull trend. The 4000 - point level of the Shanghai Composite Index has become an important support, and it is expected to reach new highs in the oscillation. The shift of Chinese capital to stocks may have started, and China has re - entered the vision of overseas investors. Stable stock markets can boost consumption and strengthen the internal economic cycle [3]. Trading Strategy - For index futures directional trading, long - position the index futures mainly with the CSI 300 index and conduct range trading. For index option trading, when the index is in a large - scale oscillation range, observe rather than act rashly on the far - month deep - out - of - the - money call options [3].

Core Viewpoint - The State Council has issued the "Implementation Opinions on Accelerating Scene Cultivation and Open Promotion for Large-Scale Application of New Scenes," marking the first systematic deployment at the national level for scene cultivation and openness [1] Group 1: Scene Cultivation and Open Promotion - The "Implementation Opinions" outlines innovative policy measures focusing on five main areas: digital economy and artificial intelligence applications, manufacturing and transportation industry upgrades, mining and emergency industry applications, comprehensive social governance services, and enriching livelihood application scenarios [3] - There is an emphasis on increasing the openness of various scenes, particularly in major projects like railways, water conservancy, and energy, as well as significant events such as sports meets and expos [5] - Government agencies, public institutions, and state-owned enterprises are encouraged to lead by example, with state-owned enterprises expected to open their main business areas to attract participation from private enterprises, small and medium-sized enterprises, and research institutions [6] Group 2: Policy Support and Infrastructure - The government will enhance policy support for scene cultivation and openness, utilizing government procurement to promote new technologies, products, and scenes, and providing support for infrastructure related to significant scenes through central funding [7] - The National Development and Reform Commission plans to release a project list for application scenes in phases, focusing on implementing major projects and evaluating the effectiveness of scene cultivation and openness [9] Group 3: Industry-Specific Applications - The Ministry of Industry and Information Technology aims to accelerate the cultivation of "5G+" application scenarios, targeting small, medium, and large enterprises, and promoting integrated solutions in key industries [11] - The "Artificial Intelligence+" application scenarios will extend AI into manufacturing processes, enhancing innovation and integration across various stages [13] - The "Industrial Internet+" application scenarios will focus on integrating industrial internet with AI, creating an upgraded version of "5G+ Industrial Internet" [15] - The "Robot+" application scenarios will prioritize the deployment of industrial and humanoid robots in factories, especially in hazardous environments [16] - The "Beidou+" application scenarios will promote the development of time-space information industries and deepen the integration of Beidou technology in smart cities and intelligent transportation [18] Group 4: Technological Innovation and Support - The Ministry of Science and Technology emphasizes the need for breakthroughs in core technologies to drive the large-scale application of new scenes, with a focus on key industries such as steel, electricity, and aviation [20][23] - A rapid iterative innovation mechanism will be established, promoting the gathering of innovation resources around enterprises and supporting them in national technology tasks [25]

Group 1 - The Robot ETF (562500) is down 0.20% at a price of 0.988 yuan, indicating a weak consolidation phase after a brief opening surge [1] - Among the holdings, 50 stocks are up while 23 are down, showing structural differentiation with Huachangda, Hongxun Technology, and Tianzhun Technology leading in gains, while Yijiahe, Huadong CNC, and Xinjie Electric show significant declines [1] - The liquidity remains stable with active trading, and the past five days have seen a continued inflow of funds, reflecting ongoing investment interest in the robotics sector [1] Group 2 - Citic Securities reports that Xpeng has launched the new generation IRON, while Elon Musk's compensation plan has been successfully approved, alleviating previous concerns [2] - Musk's ambitious goal of delivering one million robots is now clearer, and the humanoid robot industry is on the verge of a significant trend realization [2] - The market expectations are supported by key milestones such as the finalization of Tesla's Gen3 and the potential for Optimus to drive hardware technology advancements, indicating a shift towards more reliable companies in the humanoid robot sector [2]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - In the stock index market, after a continuous rise, hot sectors are rotating rapidly, with technology remaining the main market theme. The policy support for the capital market remains unchanged, and the medium - to long - term strategy is to go long on dips [4]. - In the bond market, the central bank's restart of bond trading is short - term positive for bond market sentiment. In the medium term, the bond market in the fourth quarter is mainly affected by fundamentals, the implementation time of fund fee regulations, and institutional allocation power. The overall bond market is expected to oscillate and repair [8]. - For precious metals, the short - term prices of gold and silver are expected to be boosted by the restoration of US dollar liquidity. It is recommended to go long on silver on dips [10][11]. - In the non - ferrous metals market, different metals have different trends. For example, copper prices are expected to be supported by supply tightness and may continue to oscillate strongly; aluminum prices may rise further due to supply concerns and improved export expectations [14][16]. - In the black building materials market, steel demand has entered the off - season, and the inventory risk of hot - rolled coils still exists. Iron ore demand is weakening, and prices are expected to run weakly in the short term [36][38]. - In the energy and chemical market, different products have different supply - demand situations. For example, rubber prices are expected to rebound, and it is recommended to set stop - losses and trade on short - term dips; crude oil prices are not recommended to be overly shorted in the short term [56][58]. - In the agricultural products market, different products also have different trends. For example, the future trend of the pig market is to short on rebounds; the egg market is expected to be sorted strongly in the short term [81][83]. Summaries by Relevant Catalogs Stock Index - **Market Information**: The Ministry of Industry and Information Technology will accelerate the cultivation of application scenarios in key areas; a new public offering regulation is under consultation; southbound funds' net purchases have reached new highs; the State Council has issued measures to promote private investment [2]. - **Base Ratio of Stock Index Futures**: The base ratios of IF, IC, IM, and IH in different periods are provided [3]. - **Strategy View**: After a continuous rise, hot sectors are rotating rapidly, with technology as the main theme. The policy support for the capital market remains unchanged, and the medium - to long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: The prices of TL, T, TF, and TS main contracts have changed. The US Senate has passed a temporary appropriation bill, and the State Council has issued measures to promote private investment [5]. - **Liquidity**: The central bank conducted 1199 billion yuan of 7 - day reverse repurchase operations, with a net investment of 416 billion yuan [6][7]. - **Strategy View**: The central bank's restart of bond trading is short - term positive for bond market sentiment. In the medium term, the bond market in the fourth quarter is affected by multiple factors, and it is expected to oscillate and repair [8]. Precious Metals - **Market Information**: The prices of Shanghai gold and silver have risen, and the prices of COMEX gold and silver are provided. The balance of the US Treasury's TGA account has changed, and the spread between SOFR and the effective federal funds rate has widened [9]. - **Strategy View**: The short - term prices of gold and silver are expected to be boosted by the restoration of US dollar liquidity. It is recommended to go long on silver on dips, with reference price ranges for Shanghai gold and silver main contracts [10][11]. Non - Ferrous Metals Copper - **Market Information**: The US government's potential reopening has led to a rebound in copper prices. LME copper inventory has increased, and domestic electrolytic copper social inventory has decreased [13]. - **Strategy View**: The reopening of the US government and the easing of trade tensions have boosted market sentiment. Refined copper supply is expected to tighten marginally, and copper prices may continue to oscillate strongly in the short term [14]. Aluminum - **Market Information**: Aluminum prices have continued to strengthen. LME aluminum inventory has decreased, and domestic aluminum ingot social inventory has increased [15]. - **Strategy View**: Overseas supply concerns and improved export expectations may push aluminum prices higher. Attention should be paid to domestic inventory changes [16]. Zinc - **Market Information**: The price of Shanghai zinc index has declined slightly. LME zinc inventory and domestic social inventory have changed [17][18]. - **Strategy View**: Zinc smelting profit is under pressure, and domestic social inventory accumulation has slowed down. Shanghai zinc is expected to run strongly in the short term, but the upside space is limited [19]. Lead - **Market Information**: The price of Shanghai lead index has risen. LME lead inventory has decreased, and domestic social inventory has increased slightly [20]. - **Strategy View**: Lead prices are expected to run strongly in the short term due to the shortage of delivery products at home and abroad [21]. Nickel - **Market Information**: Nickel prices have oscillated at a low level. The prices of nickel ore and nickel iron have changed [22]. - **Strategy View**: Refined nickel inventory pressure is significant, and nickel iron prices are weak, dragging down nickel prices. It is recommended to wait and see in the short term, and consider building long positions if the price drops enough [23]. Tin - **Market Information**: The price of Shanghai tin main contract has risen. The supply of tin ore is still tight, and the demand in emerging fields provides support [25]. - **Strategy View**: Tin supply and demand are in a tight balance, and prices are expected to oscillate at a high level. It is recommended to go long on dips [26]. Lithium Carbonate - **Market Information**: The price of lithium carbonate has risen. The demand for power and energy - storage batteries is high, and inventory is decreasing [27]. - **Strategy View**: Lithium carbonate is in short supply, and inventory is decreasing rapidly. However, attention should be paid to the peak - season end and potential high - level selling pressure [27]. Alumina - **Market Information**: The price of alumina index has risen. The base difference and overseas price information are provided [28]. - **Strategy View**: Overseas ore supply is expected to increase, and alumina production capacity is in surplus. It is recommended to wait and see in the short term [29]. Stainless Steel - **Market Information**: The price of stainless steel main contract has risen slightly. The prices of raw materials and inventory information are provided [30]. - **Strategy View**: The stainless steel market is in a weak oscillation due to over - supply and weak demand [31]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy has risen. The inventory of recycled aluminum alloy ingots has decreased [32]. - **Strategy View**: The cost of cast aluminum alloy provides support, and the price is expected to follow the trend of aluminum prices [33]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil main contracts have risen slightly. The inventory and spot price information are provided [35]. - **Strategy View**: The steel market is in a weak oscillation. Rebar supply and demand have both declined, and hot - rolled coil inventory is accumulating. Future demand may recover [36]. Iron Ore - **Market Information**: The price of iron ore main contract has risen slightly. The inventory and basis information are provided [37]. - **Strategy View**: Iron ore supply has decreased, and demand has weakened due to environmental protection restrictions and low steel mill profits. Prices are expected to run weakly in the short term [38]. Glass and Soda Ash - **Glass** - **Market Information**: The price of glass main contract has declined. The inventory and position information are provided [39]. - **Strategy View**: The glass market lacks fundamental support, and prices are expected to run weakly in the short term [40]. - **Soda Ash** - **Market Information**: The price of soda ash main contract has risen. The inventory and position information are provided [41]. - **Strategy View**: Soda ash supply is shrinking, and demand is stable. Prices are expected to oscillate in the short term [42]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon main contracts have risen. The spot price and technical analysis information are provided [43]. - **Strategy View**: The black market is affected by macro and fundamental factors. It is recommended to look for opportunities to go long on rebounds. Manganese silicon and ferrosilicon may follow the market trend [45][46]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Information**: The price of industrial silicon main contract has risen. The spot price and inventory information are provided [47]. - **Strategy View**: Industrial silicon supply and demand are weak, and prices are expected to consolidate. It is recommended to wait for new drivers [48]. - **Polysilicon** - **Market Information**: The price of polysilicon main contract has risen. The spot price and inventory information are provided [49]. - **Strategy View**: Polysilicon supply is expected to decrease, and the supply - demand pattern may improve marginally. Attention should be paid to the progress of the platform company [50]. Energy and Chemicals Rubber - **Market Information**: Rubber prices have rebounded. The market risk preference is expected to improve, and the supply - demand situation is provided [52][53][54]. - **Strategy View**: Rubber prices have rebounded as expected. It is recommended to set stop - losses and trade on short - term dips, and partially build hedging positions [56]. Crude Oil - **Market Information**: The prices of INE main crude oil futures and related refined oil futures have risen. The inventory information of European ARA is provided [57]. - **Strategy View**: Oil prices are not recommended to be overly shorted in the short term. It is recommended to wait and see and test OPEC's export price - support willingness [58]. Methanol - **Market Information**: The price of methanol main contract has decreased. The supply - demand and inventory information are provided [59]. - **Strategy View**: Methanol supply is increasing, and demand is weakening. It is recommended to wait and see [59]. Urea - **Market Information**: The price of urea main contract has decreased. The supply - demand and inventory information are provided [60][61]. - **Strategy View**: Urea supply and demand are in a loose pattern, and prices are expected to be stable. It is recommended to wait and see [61]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene have changed. The supply - demand and inventory information are provided [62]. - **Strategy View**: The price of styrene may stop falling temporarily. Attention should be paid to the repair of the BZN spread [63]. PVC - **Market Information**: The price of PVC main contract has risen slightly. The supply - demand and inventory information are provided [64]. - **Strategy View**: PVC supply is strong, and demand is weak. It is recommended to short on rallies in the medium term [65][66]. Ethylene Glycol - **Market Information**: The price of ethylene glycol main contract has risen. The supply - demand and inventory information are provided [67]. - **Strategy View**: Ethylene glycol supply is expected to increase, and inventory is expected to accumulate. It is recommended to short on rallies [68]. PTA - **Market Information**: The price of PTA main contract has risen. The supply - demand and inventory information are provided [69]. - **Strategy View**: PTA supply is expected to increase, and demand is stable. Attention should be paid to the increase in PXN [70]. Para - Xylene - **Market Information**: The price of PX main contract has risen. The supply - demand and inventory information are provided [72]. - **Strategy View**: PX load is high, and demand is weak. It is expected to follow the trend of crude oil in the short term, and attention should be paid to the increase in valuation in the medium term [73]. Polyethylene (PE) - **Market Information**: The price of PE main contract is unchanged. The supply - demand and inventory information are provided [74]. - **Strategy View**: PE prices are expected to oscillate at a low level. Attention should be paid to the change in the cost - supply pattern [75]. Polypropylene (PP) - **Market Information**: The price of PP main contract has risen. The supply - demand and inventory information are provided [76]. - **Strategy View**: PP supply and demand are weak, and inventory pressure is high. Attention should be paid to the change in the cost - supply pattern in the first quarter of next year [77][78]. Agricultural Products Pig - **Market Information**: The domestic pig price has changed. The demand for pig prices is limited [80]. - **Strategy View**: The pig market is in a bearish pattern, and the strategy is to short on rebounds and consider reverse spreads [81]. Eggs - **Market Information**: The domestic egg price has changed. The supply and demand situation is stable [82]. - **Strategy View**: The egg market is expected to be sorted strongly in the short term. It is recommended to wait and see or trade short - term, and short on rallies in the medium term [83]. Soybean and Rapeseed Meal - **Market Information**: The price of CBOT soybeans has risen slightly. The domestic soybean inventory and crushing volume information are provided [84]. - **Strategy View**: The import cost of soybeans is expected to oscillate. Domestic soybean meal inventory is large, and it is recommended to short on rallies in the medium term [87]. Oils and Fats - **Market Information**: The export volume of Malaysian palm oil has decreased, and the inventory of domestic oils and fats has decreased. The prices of domestic oils and fats have rebounded slightly [88]. - **Strategy View**: The production of palm oil in Malaysia and Indonesia is high, suppressing prices. It is recommended to view palm oil as oscillating weakly before exports improve [89]. Sugar - **Market Information**: The price of Zhengzhou sugar futures has risen slightly. The export policy of India and the opening time of sugar mills in China are provided [90]. - **Strategy View**: The import control of syrup and premix has boosted sugar prices, but the external market is weak. It is recommended to short on rallies [91]. Cotton - **Market Information**: The price of Zhengzhou cotton futures is unchanged. The downstream demand and acquisition price information are provided [92]. - **Strategy View**: The cotton market has weak demand and high supply. Prices are expected to oscillate in the short term [93].

Group 1 - The Chinese government is accelerating the cultivation of "5G+" application scenarios across various key sectors, targeting small, medium, and large enterprises to enhance 5G factory construction and promote integrated solutions [1] - The Ministry of Industry and Information Technology plans to implement a special action plan for "Artificial Intelligence+" in manufacturing, extending AI applications across R&D, production, management, and operational services [3] - The promotion of "Robotics+" application scenarios will focus on deploying industrial and humanoid robots in factories, particularly in welding, assembly, spraying, and handling tasks [4] Group 2 - The initiative for "Industrial Internet+" aims to develop an action plan for the integration of industrial internet and artificial intelligence, creating an upgraded version of "5G+ Industrial Internet" [6] - The government will promote the development of the Beidou satellite system, enhancing its integration with mobile communication technologies and its application in smart cities and intelligent transportation [7] - The Ministry of Industry and Information Technology is implementing a "chain-network collaboration" project for industrial internet, focusing on key industries such as steel, electricity, shipbuilding, and aviation to promote applications in design, production scheduling, and warehousing [8]

Core Viewpoint - The State Council has issued a systematic deployment plan for scene cultivation and openness, aiming to accelerate the large-scale application of new scenes in various industries, thereby enhancing innovation vitality and economic development [1][2]. Group 1: Scene Cultivation and Open Policy - The main goal of the new policy is to leverage China's vast market and diverse application scenarios to facilitate the transformation of technological innovations into productive forces [2][3]. - The policy emphasizes the importance of creating specific application scenarios for new technologies and products to overcome market entry barriers and enhance their industrialization process [2][3]. Group 2: Focus Areas for New Scene Applications - Key areas for application scene cultivation include "5G+", "Artificial Intelligence+", "Robotics+", "Industrial Internet+", and "Beidou+" to promote large-scale development of emerging industries [4]. - Specific initiatives include promoting 5G factory construction, integrating AI into manufacturing processes, and enhancing the application of industrial robots in various production scenarios [4]. Group 3: Role of Central Enterprises - Central enterprises are identified as crucial players in providing key infrastructure and industry data resources, facilitating scene supply and innovation in the industrial chain [5]. - The State-owned Assets Supervision and Administration Commission has organized enterprises to empower key industry segments through scene and application development [5]. Group 4: Technological Advancements and Local Adaptation - The application of new scenes is driven by breakthroughs in frontier technologies, which require dual empowerment from both technology and scene cultivation [7]. - The policy advocates for a localized approach to scene cultivation, taking into account regional resources and reform foundations to ensure effective implementation [7][8]. Group 5: Collaborative Efforts and Regional Initiatives - Collaborative efforts among regions, such as the Yangtze River Delta, are encouraged to share opportunities and co-build significant application scenarios [8]. - Guangdong province is highlighted for its proactive approach in establishing application scenarios in areas like intelligent manufacturing and deep-sea resource development [8].