2023年11月28日，江宁开发区入选国家首批碳达峰试点园区，试点推进一年多，"试验田"里长势如何？ 7月31日，江宁开发区国家碳达峰试点建设发展大会举行，发布一批全市乃至全国的"首个首创"，为全 国开发区低碳绿色转型提供可复制的经验。 没有厂房、没有烟囱，在江宁开发区上空，一座看不见的"云端"电厂悄然架起，改变园区能源格局—— 这就是当天正式上线的"江宁开发区能碳虚拟电厂"，也是全国首座园区级能碳虚拟电厂。 探路，用"吃螃蟹"精神落地一批"首个首创" 江宁开发区国家碳达峰试点一年多，"试验田"长出一批"首个首创" "碳"路先锋，这样先行 □ 南京日报/紫金山新闻记者 张希 从国家试点启动伊始，江宁开发区的思路就是"开放"，广发"邀请函"邀请社会各界参与。昨天，江宁开 发区又对外发布第二批零碳园区建设应用场景开放招商清单。 响应国家关于开展零碳园区建设的政策要求，下一步，江宁开发区将全面推进空港片区、紫金山科技城 等重点区域零碳园区建设。此次发布的清单，涵盖新型电力、交通建筑、生态环保等五大领域15个重点 项目，鼓励各界资金、项目和人才等要素积极加入。一个个绿色应用场景就像散落在园区的"珍珠"，而 国家碳达峰 ...

Core Viewpoint - Honeywell is showcasing its commitment to local innovation and ecological collaboration at the third China International Supply Chain Promotion Expo, emphasizing its "Eastern Service for the East" strategy and revealing the underlying logic of global industrial chain transformation [1][2]. Group 1: Local Innovation and Product Development - Honeywell's Smart Ship and Building Operations Management Platform were developed entirely by its Chinese team, addressing specific needs of local shipyards and construction companies [2]. - The Smart Ship solution addresses three major pain points identified by Chinese shipyards: data security risks, operational efficiency bottlenecks, and energy efficiency pressures [2]. Group 2: Supply Chain Transformation - Honeywell views the supply chain as a complex network that includes not just direct suppliers but also secondary and tertiary suppliers, requiring a more integrated management approach [3]. - The company is building a "technology + ecosystem" dual-drive strategy, collaborating with universities to rapidly translate basic research into industrial applications [3]. Group 3: Green Manufacturing Initiatives - Honeywell has established seven green factories in China, with over 75% of its products manufactured in these facilities, which also implement digital transformation for lifecycle management [4]. - The Tianjin factory has reduced electricity consumption by approximately 122,800 kWh year-on-year, equivalent to a reduction of 86 tons of CO2 emissions [4]. Group 4: Strengths of the Chinese Supply Chain - The advantages of the Chinese supply chain are shifting from cost advantages to systemic advantages, characterized by a complete industrial system, strong resilience, and high service efficiency [5]. - Chinese suppliers have demonstrated the ability to quickly recover and respond to disruptions, such as those caused by the COVID-19 pandemic [5]. Group 5: Global Impact of Local Innovations - Honeywell's local innovations in China, such as battery safety sensors for electric vehicles, are not only benefiting domestic manufacturers but are also being exported globally [6]. - The company aims to replicate its successful local model in overseas markets while maintaining the core logic of driving local innovation through local teams [6].

Market Trends and Growth Potential - The automation industry is experiencing a shift towards intelligent, high-precision, green, and compact solutions, with a projected market size of nearly ¥3,000 billion in 2024 for the overall automation market in China, and over ¥1,000 billion for the OEM automation market [3] - The humanoid robot market is expected to grow from ¥27.6 billion in 2024 to ¥104.71 billion by 2026, potentially reaching ¥3,000 billion by 2035 [3] - The demand for high-performance equipment is increasing due to the upgrade of intelligent manufacturing automation, creating significant market opportunities [3] Business Growth Drivers - The company's growth in industrial automation relies on several key drivers, including market share gains in servo systems and PLC products, and a focus on high-quality growth through strategic initiatives [4] - Specific measures include capturing import market share, expanding into mid-to-low-end markets, deepening strategic industry engagement, and enhancing channel network expansion [4] - The company aims to increase the proportion of high-margin products and improve penetration in intelligent manufacturing and robotics applications [4] Robotics Industry Positioning - The company positions itself as a core component and solution provider in the embodied robotics sector, focusing on key technologies for humanoid robots [6] - Business layout includes three subsidiaries targeting high-density motors, hollow cup motors, and collaborative development with major clients [7] - The company has established partnerships with hundreds of domestic and international robotics firms, enhancing its market presence [8] Technological Advancements and Product Development - The company is leveraging its technological expertise to develop core components for humanoid robots, collaborating with academic institutions to advance joint modules and high-precision servo drives [9] - Recent product releases, such as the DH2015 dexterous hand solution, feature high degrees of freedom, robust communication capabilities, and significant load-bearing capacity, positioning the company as a leader in the market [11] - The company plans to initiate trial production of the DH2015 in Q3 2025, aiming to meet diverse application needs across industrial automation and consumer markets [11] Investment Risks and Disclosure - The robotics industry faces long development cycles and significant investment risks, particularly in technology R&D and market expansion [12] - The company adheres to strict information disclosure regulations to ensure transparency and accuracy in its communications with investors [12]

Core Insights - Honeywell showcased its innovative products at the third China International Supply Chain Promotion Expo, emphasizing the importance of collaboration in upgrading the industrial chain and supporting the digital transformation and sustainable development of the oil and chemical industries [1][2] Group 1: Expectations and Goals - Honeywell aims to display its innovative technologies and solutions in automation, energy transition, and future aviation at the expo, while also seeking to deepen partnerships with Chinese enterprises [2] - The company expresses confidence in the Chinese market and plans to introduce more products and services that meet local demands, contributing to sustainable economic development [2] Group 2: Supply Chain Ecosystem - Honeywell views the supply chain as a multidimensional ecosystem that integrates research, manufacturing, services, policies, and social value, emphasizing a "coexistence and win-win" approach [3] - The company actively collaborates with local suppliers from the product development stage to ensure supply chain stability and has integrated high-quality Chinese suppliers into its global procurement system [3] Group 3: Local and Global Integration - Honeywell's "Eastern service for the East" strategy merges local innovation with global expertise, allowing the company to balance global standards with local needs effectively [3] - The company highlights China's complete industrial chain, which is essential for innovation-driven enterprises, and recognizes the efficiency of Chinese suppliers in quality, cost, and delivery [4] Group 4: Future Directions - Honeywell plans to strengthen the strategic position of local supply chains and enhance diverse collaborations with industry partners to build a resilient, agile, and sustainable supply chain ecosystem [4] - The company has developed various products for the electric vehicle sector, which are not only used by major Chinese manufacturers but also exported to countries like South Korea and Japan [4]

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The humanoid robot industry is entering a critical breakthrough phase, with global cumulative demand expected to reach approximately 2 million units by 2030 [4] - The report highlights the launch of new humanoid robots by companies like Yushu and UBTECH, indicating a competitive landscape with significant advancements in technology [4][5] - The report emphasizes the importance of focusing on leading companies in the humanoid robot supply chain, including those linked to Tesla, Huawei, and other key players [19] Summary by Sections Humanoid Robots - The report tracks the humanoid robot sector closely, noting the recent launch of Yushu's "Unitree R1" priced at 39,900 yuan, which is significantly lower than competitors [5] - UBTECH's Walker S2 is introduced as a full-sized industrial humanoid robot featuring proprietary AI technology, enabling both individual and collaborative operations [15] - The report suggests that the humanoid robot industry is poised for growth, with a focus on Tier 1 suppliers and core component manufacturers [4] Key Companies Recommended - The report recommends several companies for investment, including Sanhui Electric, Jingpin Special Equipment, Xinjie Electric, Beite Technology, Hanwei Technology, and others [2] - A core stock portfolio is presented, featuring companies like Sanhui Electric, Zhaowei Mechanical, and Softcom Power, among others [4] Industry Trends - The report identifies several key trends across various sectors, including: - Photovoltaic equipment with increasing N-type penetration and competitive advantages for leading companies [20] - Energy storage as a foundational element for new energy grids, with favorable policies enhancing industry prospects [20] - Semiconductor equipment demand projected to reach $140 billion by 2030, with a focus on domestic alternatives [20] - Automation and industrial consumables market expected to grow significantly, benefiting from increased concentration and import substitution [20] - Hydrogen energy aligned with carbon neutrality goals, with a focus on companies involved in green hydrogen production [21]

Group 1 - The U.S. has lifted the EDA software export ban to China, not due to China's technological advancements, but because of the U.S. being constrained by China's dominance in rare earth materials [1] - The impact of restricting EDA software exports would severely affect China's chip manufacturing and automation industries, as they rely heavily on this software for product development [1] - Although China has its own EDA software, it still lags behind the top U.S. software, and the costs associated with switching to domestic software would be burdensome for many small and medium-sized enterprises [1] Group 2 - The Shanghai Composite Index fell by 0.33% to 3593 points, while the Shenzhen Component Index and the ChiNext Index also experienced slight declines [3][7] - The market is currently undergoing a normal adjustment after a period of growth, with a target to break through last year's high of 3674 points [3] - The trading volume decreased to 1.81 trillion yuan, down by 584 billion yuan from the previous trading day, indicating a market correction with over 2700 stocks declining [3] Group 3 - The Federal Reserve is not expected to cut interest rates in July, with predictions pushing the potential rate cut to September [5] - The rise in the Shanghai Composite Index since April has been partly driven by expectations of interest rate cuts, but the potential for further gains is limited as these expectations are already priced in [5] - As mid-year earnings reports are released, companies with disappointing results are likely to emerge, which may negatively impact the index's performance [5]

Group 1 - The core viewpoint is that a wave of asset value reassessment in China is unfolding in the global capital markets as of the second half of 2025 [1] - The A-share market indices have reached new highs, with the Shanghai Composite Index surpassing 3600 points, and Korean investors have significantly increased their investments in Chinese assets, with a cumulative trading volume exceeding $5.4 billion [2] - Foreign capital has net increased its holdings in Chinese stocks and funds by $10.1 billion in the first half of the year, indicating a directional adjustment rather than short-term market fluctuations [3] Group 2 - A large-scale capital rotation away from U.S. assets is occurring, with global funds seeking new growth sources in China, marking the end of the "American exceptionalism" era in investment [4] - The attractiveness of Chinese assets is supported by a stable economic environment, high-quality financial market development, and the need for global asset diversification [4] - Foreign investors are particularly interested in sectors such as digital technology, advanced manufacturing, clean energy, healthcare, and biotechnology, which are seen as the most attractive industries for the next 3 to 5 years [5][6]

Group 1 - Honeywell is focusing on building a more resilient local supply chain in China, with over 95% of its exhibited products at the Chain Expo developed and manufactured by local teams [2] - The company recently held a supplier conference in China, which included a unique business matching platform and rapid meet-and-greet sessions for suppliers to connect with representatives from Honeywell's four major business groups [2] - Honeywell's R&D teams are strategically located in cities like Tianjin, Nanjing, Suzhou, and Xi'an, which enhances service to the local market and has resulted in over 4,500 effective patents and patent applications in China [2] Group 2 - A special channel management training program has been initiated by Honeywell, led by the company's president, with over 100 channel partners completing the training so far [3] - The training involves practical projects and covers lean management and Six Sigma methodologies, which are typically kept confidential [3] Group 3 - Honeywell emphasizes the importance of profitability across the supply chain, stating that without it, issues will arise, and aims to help partners achieve sustainable profitability [4]

Investment Rating - Industry investment rating: Overweight [1] Core Viewpoints - The advanced manufacturing industry is experiencing accelerated commercialization, particularly in the robotics sector, with significant developments and investments [1][2] - The humanoid robot industry is highlighted as a key area for tracking, with a projected global cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase [4][20] - The report emphasizes the importance of strategic partnerships and investments in enhancing competitiveness within the intelligent robotics sector [9] Summary by Relevant Sections Humanoid Robots - Recent developments include strategic investments in companies like Zhiyuan Robotics, which received backing from Charoen Pokphand Group to explore various verticals [4][9] - The report notes that the humanoid robot industry is entering a production phase, with companies like Ubiquiti Technology expecting to deliver over 300 units of their humanoid robot this year [13][20] Key Stock Recommendations - Recommended stocks include Sanhui Electric, Jingpin Special Equipment, Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] Industry Trends - The report identifies several key trends across various sectors: - Photovoltaic equipment is seeing increased penetration of N-type technology, enhancing the competitiveness of leading companies [22] - Energy storage is becoming essential for new grid construction, with favorable policies boosting industry growth [22] - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives [24] - Automation and industrial consumables are expected to grow significantly, with a market size projected to reach 55.7 billion by 2026 [24] - Hydrogen energy is gaining traction, with green hydrogen aligning with carbon neutrality goals [22][24]

Core Viewpoint - The China International Supply Chain Promotion Expo (Chain Expo) showcases the significance of China's supply chain, attracting numerous international exhibitors and highlighting the country's robust market potential [1][2]. Group 1: Event Overview - The Chain Expo saw participation from over 230 new exhibitors, with a record 35% of foreign exhibitors, indicating a growing international interest [2][6]. - The event featured 651 companies and institutions from 75 countries and regions, with 50% of foreign exhibitors coming from Europe and the United States [6][7]. - The expo included six major chains and a supply chain service exhibition area, demonstrating the latest achievements and experiences in global supply chain cooperation [7]. Group 2: Company Participation - Nvidia's CEO Huang Renxun emphasized the importance of the Chinese market for American companies, marking his first attendance at the Chain Expo [2]. - Newegg, an American company, showcased its collaboration with a Chinese tech firm to highlight cross-border e-commerce and smart supply chain innovations [4]. - Honeywell introduced two innovative automation products developed by its local team in China, focusing on smart upgrades in the construction and shipping industries [4][6]. Group 3: Industry Insights - The expo featured advanced manufacturing solutions, including high-tech products like robotic hands and flying cars, reflecting the complexity and scale of the supply chain [6][7]. - A company specializing in high-freedom robotic hands holds over 80% of the domestic market share and more than 50% globally, indicating strong competitive positioning [8]. - Another company, focusing on mobile crushing and screening equipment, reported a 70% localization rate in its products, aiming to deepen its overseas market penetration [10].