中金主要观点如下： 仓储环节具备领先AI落地优势 据灼识咨询，全球仓储AMR(自主移动机器人系统)解决方案市场空间2029年或超千亿元，中企优势明 显。结合AI，该行认为仓储AMR具有高度标准化、数据积累清晰、自动化基础完善等特征，是AI+工业 落地重要市场。亚马逊已结合生成式大模型推出AI基础模型DeepFleet，为行业引航。 （原标题：中金：首予极智嘉-W(02590)跑赢行业评级 目标价32.8港元） 智通财经APP获悉，中金发布研报称，预计极智嘉-W(02590)2025-2026年EPS分别为0.06/0.17元。该行 认为极智嘉布局AI智慧仓储行业具有场景领先落地、格局清晰特征，公司PS估值介于工业与人形机器 人之间，给予公司2026年10x的P/S，对应目标价格32.8港元，涨幅空间32%，首次覆盖给予"跑赢行 业"评级，该行认为公司已成为具备AI+场景化能力的综合智能体。 潜在催化剂：公司盈利扭亏、加入恒生综合指数及港股通。 fund 智慧仓储新范式国内引领者 1)公司基于三个专有技术平台，软硬件全自研，为AI融入仓储路径规划、供应链优化、数字孪生等提供 底层打通基础;2)三大仓储方案+三大 ...

机构：中金公司 研究员：王梓琳/王之昊/孟辞/刘中玉/袁佳妮 首次覆盖 投资亮点 我们与市场的最大不同？市场认为公司是机器人产品与解决方案公司，我们认为公司已成为具备AI+场 景化能力的综合智能体。 潜在催化剂：公司盈利扭亏、加入恒生综合指数及港股通。 盈利预测与估值 我们预计公司2025-2026 年EPS 分别为0.06/0.17 元。我们认为极智嘉布局AI 智慧仓储行业具有场景领先 落地、格局清晰特征，公司PS 估值介于工业与人形机器人之间，给予公司2026 年10x的P/S，对应目标 价格32.8 港元，涨幅空间32%，首次覆盖给予"跑赢行业"评级。 风险 下游需求不及预期，贸易摩擦和关税风险，盈利能力与流动性风险等。 首次覆盖极智嘉-W（02590）给予跑赢行业评级，目标价32.80 港元，基于可比估值法，对应2026 年 10x 的P/S。公司是仓储AMR解决方案龙头，商业模式稳定，AI 赋能增厚天花板。理由如下： 仓储环节具备领先AI 落地优势。据灼识咨询，全球仓储AMR（自主移动机器人系统）解决方案市场空 间2029 年或超千亿元，中企优势明显。结合AI，我们认为仓储AMR 具有高度标准化、数 ...

新华财经上海12月1日电（林郑宏） 11月公募机构调研情况浮出水面。据公募排排网数据显示，截至 2025年11月30日，当月共有154家公募机构参与到A股市场调研活动中，范围覆盖到30个申万一级行业 中的506只个股，合计调研频次达4298次。 立讯精密成为当月最受公募机构关注的个股，被调研次数达142次，明显领先其余个股。立讯精密主营 业务是电子连接器及其相关零部件的研发、生产与销售，公募机构调研主要了解其三季度经营情况。另 外2只电子行业个股工业富联和奥比中光亦入围前十，依次被调研48次和45次。 11月公募机构调研次数排名前10个股在行业上较为集中，主要集中在机械设备、电子和医药生物三大行 业，尤其是机械设备行业在前10中占到4席，这4只个股分别是汇川技术、博盈特焊、杰瑞股份和中控技 术，依次被调研81次、71次、65次和58次。从调研方向来看，公募机构重点关注了汇川技术自动化业务 高增长的原因及后续增长空间；博盈特焊的垃圾焚烧市场前景及越南生产基地二期建设进展；杰瑞股份 拓展天然气设备业务的优势；中控技术在"AI+工业"融合创新方面的最新进展。 入围前十的2只医药生物行业个股分别是百济神州和瑞迈特，依 ...

Group 1: Market Overview - In November, the A-share market experienced a volatile adjustment, yet public fund institutions maintained high enthusiasm for research activities [1] - A total of 154 public fund institutions participated in A-share market research, covering 506 stocks across 30 Shenwan first-level industries, with a total of 4,298 research instances [1] Group 2: Industry Focus - 17 Shenwan first-level industries received attention from public fund institutions in November, with each industry having no fewer than 50 research instances, and 7 industries exceeding 100 instances [1] - The electronics industry led with 974 research instances, covering 88 stocks, significantly outpacing other industries [1] - The machinery equipment industry followed with 819 research instances across 71 stocks, while the pharmaceutical and biotechnology industry ranked third with 403 instances across 38 stocks [1] Group 3: Key Stocks - Luxshare Precision (立讯精密) was the most researched stock in November, with 142 instances, focusing on electronic connectors and related components [2] - Other notable stocks included Huichuan Technology (汇川技术), Boying Special Welding (博盈特焊), and Jerry Holdings (杰瑞股份), which were among the top researched stocks in the machinery equipment sector [3] - The top ten researched stocks were primarily concentrated in the machinery equipment, electronics, and pharmaceutical industries, with four stocks from the machinery equipment sector [3] Group 4: Company Insights - Luxshare Precision indicated that both traditional hardware brands and domestic and international AI software companies are exploring the integration of AI with hardware, with a significant focus on eyewear and headphones as potential AI carriers [2] - The company anticipates a significant transformation and explosive growth in AI hardware between 2026 and 2027, emphasizing the importance of user-friendly and privacy-conscious products [2] - Public fund institutions focused on the growth drivers and future potential of Huichuan Technology's automation business, the market prospects for Boying Special Welding's waste incineration, and Jerry Holdings' expansion in natural gas equipment [3]

Core Insights - Honeywell has participated in the China International Import Expo (CIIE) for eight consecutive years, witnessing China's dual approach to openness and industrial upgrading [2] - The company has expanded its exhibition space from 50 square meters in the first year to 500 square meters, showcasing 170 innovative technologies and signing nearly 150 strategic cooperation memorandums [2] - The CIIE serves as a significant platform for China's high-level opening-up strategy, enhancing foreign investment attraction [2] Group 1: Strategic Focus and Innovations - Honeywell emphasizes the "Eastern service for the East" strategy, focusing on local collaboration and technological innovation to empower China's high-quality industrial development [3] - The company introduced eight new products at the CIIE, covering key areas such as semiconductors, industrial combustion, automation control, building intelligence, and battery safety, reflecting its latest breakthroughs in industrial intelligence and green transformation [3] - Chinese manufacturing is transitioning from technology exploration to practical application, with a focus on breaking down data silos, optimizing supply chain collaboration, and production management [3] Group 2: Manufacturing and Collaboration - Honeywell's Nanjing factory is its largest sensor manufacturing base in China, with an annual production capacity of 300 million sensors, supporting China's industrial intelligence [4] - The shift of Chinese manufacturing from a "manufacturing giant" to a "manufacturing power" presents both opportunities and challenges for Honeywell, prompting an upgrade in collaboration models [4] - The company is moving from a model of simple technology output to deep collaborative innovation, focusing on low-carbon, efficient, and safe key technology directions [4] Group 3: AI and Workforce Transformation - In the industrial automation sector, AI technology is reshaping the roles and skill sets of operators, with traditional repetitive tasks being taken over by intelligent systems [5] - Employees are increasingly responsible for system monitoring, process optimization, and cross-team collaboration, requiring higher digital skills such as data analysis and AI tool application [5] - Honeywell is leveraging AI to analyze complex energy structures and identify inefficiencies in industrial operations, enhancing energy utilization efficiency [5]

Core Insights - Tianzhun Technology celebrated its 20th anniversary with a summit in Suzhou, attended by notable figures from academia, government, and investment sectors [1] - The highlight of the summit was the signing ceremony for the "Meidao Fund," aimed at supporting young talent in AI and educational development in Suzhou, with a total donation value exceeding 400 million yuan [1] Company Overview - Tianzhun Technology has established itself as a leader in the industrial precision measurement sector, breaking foreign monopolies and developing a dual-engine architecture centered on "visual precision control platform" and "AI technology platform" [2] - The company went public on the Sci-Tech Innovation Board in 2019 and has since become a benchmark enterprise, serving over 6,000 global clients across various sectors including electronics, semiconductors, new energy vehicles, and robotics [2] Technological Advancements - The company is focusing on embodied intelligence, with significant advancements such as the launch of the "Star Intelligence 007" controller, which enhances computational power for complex models in embodied intelligence scenarios [3] - Tianzhun's technology aligns with Suzhou's "AI+" city action plan, which aims to gather over 3,000 AI companies by 2026 and achieve an annual growth rate of over 20% in the smart economy sector [3] Future Strategy - The company plans to continue its focus on "AI+ Industry," promoting the deep integration of AI technologies in key industrial sectors [4] - The strategic vision includes breakthrough technology initiatives, forward-looking market positioning, and the establishment of an open ecosystem to empower the transformation and upgrading of the manufacturing industry [4] - The summit concluded with discussions on the integration of AI and the real economy, emphasizing its role as a key driver for new industrialization [4]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Viewpoints - AI is identified as the core engine driving growth, leading to simultaneous increases in revenue and gross margin, with a significant year-on-year increase in contract liabilities [6] - The company achieved total operating revenue of 738 million yuan, a year-on-year growth of 4.91%, and a net profit attributable to shareholders of 111 million yuan, a year-on-year increase of 18.75% [4] - The self-developed "Ling Series" AI agent products and solutions are expected to accelerate implementation, contributing to the company's second growth curve [6] Financial Performance Summary - Total operating revenue for the reporting period was 738 million yuan, with a gross margin of 52.40%, an increase of 4.22% year-on-year [6] - Contract liabilities at the end of the reporting period reached 405 million yuan, a year-on-year increase of 158.26% [6] - The company has improved its cost control, with sales, management, and financial expenses decreasing by 26.02%, 1.16%, and 107.53% respectively [6] Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 251 million yuan, 303 million yuan, and 365 million yuan for the years 2025, 2026, and 2027 respectively [6] - The estimated EPS for 2025, 2026, and 2027 is projected to be 1.02 yuan, 1.24 yuan, and 1.49 yuan respectively [6] - The corresponding PE ratios for 2025, 2026, and 2027 are expected to be 51.8, 42.8, and 35.5 times respectively [6] Comparable Company Analysis - The report compares the company with peers such as Saiyi Information, Dingjie Smart, and Zhongke Electric, providing a benchmark for valuation [6]

Core Insights - The integration of AI in the industrial sector in China is rapidly advancing, driven by a robust manufacturing foundation and a complete industrial chain, providing ample opportunities for exploratory applications of AI models in vertical fields, particularly in industrial scenarios [1][2] - The "AI + Industry" approach is not merely about technology application but serves as a core engine for upgrading and innovating China's industry, creating new productive forces [2] Group 1: Current Applications and Achievements - AI has significantly enhanced defect detection in steel production, achieving a 95% detection rate for surface defects and increasing output by 20,000 tons of steel annually through improved yield rates [1] - In oil and gas exploration, complex data analysis that previously took a year can now be completed in just one month with the help of AI models [1] - Breakthrough applications of AI have been realized in various core industrial processes, including intelligent mining, temperature prediction in furnaces, seismic wave exploration, and high-performance computing [1] Group 2: Challenges and Barriers - The implementation of "AI + Industry" faces multiple challenges, including data silos, security concerns, and technical bottlenecks [5] - Approximately 70% of global industrial data remains unactivated due to issues like sensor noise and outdated equipment, leading to data isolation [5] - Security concerns are prevalent, as companies are hesitant to run core process data on public platforms, and the high costs of expert-labeled fault data hinder model training [5] Group 3: Comparative Analysis of Global Approaches - The U.S. leads in general AI models and computing power but lacks the industrial scene support due to a trend of deindustrialization [6] - In contrast, China's approach focuses on deep integration of vast industrial scenarios with technological advancements, supported by significant investments from tech companies and active participation from industrial enterprises [6] Group 4: Strategies for Overcoming Challenges - To break down data barriers, there is a focus on deep integration of scenarios and data, emphasizing data collection, cleaning, and cross-domain collaboration [7] - Innovative model architectures are being developed to address challenges such as small sample sizes and the difficulty of negative sample enumeration [8] - A platform-based model is being adopted to reduce fragmentation and high customization costs in industrial AI applications, facilitating large-scale deployment [9] Group 5: Future Directions and Recommendations - As the cost of large models decreases and edge applications expand, the "AI + Industry" trend is expected to penetrate various sectors more deeply [10] - Continuous breakthroughs in technical bottlenecks, deepening application scenarios, and fostering an innovative environment are essential for enhancing competitive advantages [10] - Experts recommend promoting the integration of intelligent features in consumer products and creating a broad matrix of smart products to expand the boundaries of AI applications [11]

Summary of Conference Call on Baotong Technology's Robotics and Micro-Motor Business Company and Industry Overview - The conference call focused on Baotong Technology and its subsidiaries, particularly the developments in the robotics and micro-motor sectors [1][2]. Key Points and Arguments - **Collaboration with Yushu**: Baotong Technology has signed a cooperation agreement with Yushu for the joint development of industrial robots. Recent visits to Yushu were aimed at discussing further customization based on market demand [2][3]. - **Market Demand**: There is a strong demand from downstream customers for customized solutions, indicating a robust market for Baotong's robotics applications in industries such as steel and electricity [3][4]. - **Establishment of Wuxi Tailis**: The establishment of Wuxi Tailis was driven by market needs and prior validations. The company aims to integrate upstream core components with downstream application scenarios to create a complete industrial ecosystem [4][5]. - **Team Composition**: Tailis combines external top-tier micro-motor R&D teams with Baotong's internal teams, leveraging extensive experience in serving leading domestic and international robotics and semiconductor companies [5][6]. - **Micro-Motor Technology**: Tailis has developed advanced micro-motor technologies, including the ability to mass-produce ultra-small motors (10mm diameter), which is a significant achievement in breaking foreign monopolies [8][9]. - **Competitive Advantages**: Baotong's micro-motors offer superior torque and efficiency compared to competitors, particularly in specialized applications such as medical robots and automation systems [9][10]. - **Application Fields**: The micro-motors are applicable in various robotic fields, including humanoid robots, collaborative robots, surgical robots, and underwater robots, showcasing their versatility [13][14]. Additional Important Information - **Customization and Innovation**: The focus on customization and addressing specific industry pain points positions Baotong favorably in the market, with confidence in overcoming future challenges through their comprehensive design and manufacturing capabilities [12][14]. - **Strategic Vision**: Baotong's strategy revolves around AI integration in industrial applications, emphasizing the importance of ecosystem partnerships to advance robotic technologies [3][4]. This summary encapsulates the essential insights from the conference call regarding Baotong Technology's strategic initiatives and market positioning in the robotics and micro-motor sectors.

Core Insights - In 2024, the company reported a revenue of 13.644 billion yuan, a year-on-year increase of 5.64%, while the net profit attributable to shareholders was 2.265 billion yuan, a decrease of 11.28% [1] - The overall gross margin declined to 34.77%, down 2.15 percentage points, primarily due to the impact of the outsourcing service business [1] - The company is accelerating the implementation of "AI+" applications in the industrial sector, with over 100 application instances formed [1] Financial Performance - The net cash flow from operating activities was 1.671 billion yuan, a year-on-year decrease of 35.94% [1] - The gross margin for the outsourcing service business was 44.93%, down 5.33 percentage points [1] - The company expects total revenues of 15.499 billion, 17.804 billion, and 20.379 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 13.59%, 14.88%, and 14.46% [3] Business Development - The company has developed a complete product matrix for industrial robots, covering payloads from 1KG to 500KG, and is expanding into new sectors such as new energy and metal processing [2] - The company is promoting the localization of large PLCs and core industrial software, with the launch of the Tianxing series of fully controllable PLC products [3] - The company is exploring "humanoid robot + AI" applications in various industries, achieving large-scale applications in steel, non-ferrous metals, and 3C electronics [2]