Core Viewpoint - In recent years, Huichuan Technology has successfully implemented its "dual king" strategy focusing on new energy vehicles and industrial automation, leading to significant growth and a market capitalization exceeding 200 billion yuan. The company aims to continue its growth trajectory by exploring new areas such as digital energy, intelligent robotics, and low-altitude economy [1][2][3]. Group 1: Growth Strategy - Huichuan Technology plans to maintain a strong growth rate over the next five years, focusing on new productivity in the form of new industries and new capacities [2]. - The company identifies three key areas for future growth: digital energy, intelligent robotics, and low-altitude economy [2][3]. - Digital energy will leverage advancements in power electronics and digital technologies, which are already strengths for Huichuan Technology [2]. - The intelligent robotics market is expected to expand significantly, with the company committed to developing this sector further [2]. - The low-altitude economy is anticipated to experience rapid growth, with a focus on safety through integrated flight control and power systems [3]. Group 2: High-end Manufacturing - Huichuan Technology acknowledges that while China's manufacturing sector is large, it still lags in quality compared to global leaders, estimating that top Chinese companies score around 80 to 85 out of 100 in comparison to the best global products [4][5]. - The company emphasizes the need for collaborative innovation to bridge the gap and enhance the quality of Chinese manufacturing [5]. Group 3: Internationalization - Internationalization is a key strategic focus for Huichuan Technology, with plans to target both underdeveloped and traditional industrialized markets [8]. - The company believes in a "Global (for) Local" approach, utilizing global resources to benefit local markets and communities [9]. Group 4: Management Philosophy - Huichuan Technology prioritizes talent development, emphasizing the importance of nurturing middle management to drive organizational vitality [10][11]. - The company aims to create a sustainable legacy that transcends individual leadership, focusing on a socialized rather than family-based governance structure [13].

Group 1 - Foreign manufacturing in China is viewed as a "gym" for enhancing competitiveness through local adaptation and product strategy refinement [2][3] - Schneider Electric's industrial automation business has significantly benefited from the "China-centric" strategy, emphasizing controllable costs and high performance in new product solutions [2][4] - The localization of foreign companies' R&D teams in China has evolved from simple adjustments to comprehensive development based on local and global demands, presenting both challenges and satisfaction [2][3] Group 2 - The concept of "involution" in the industry is driving a focus on extreme cost-effectiveness, prompting foreign companies to adapt their traditional approaches to meet market demands for "good enough" products [3][4] - Schneider Electric has seen a notable increase in vitality within industrial smart manufacturing due to supportive supply chain policies, leading to the launch of numerous locally developed products [3][4] - The integration of century-old multinational experience with insights into local market demands and competitive Chinese supply chains is seen as a pathway to delivering better value products [4] Group 3 - Foreign companies are increasing investments in software, digitalization, and sustainability to provide integrated smart solutions, responding to the rise of local competitors in hardware development [5][6] - Schneider Electric's commitment to software and digital R&D in China reflects confidence in the market, with new industrial automation products and solutions being showcased at the China International Industry Fair [6] - The Chinese machine tool and laser manufacturing sectors have advanced significantly, with local supply chains now competitive with Western counterparts, although foreign firms still hold technological advantages [6] Group 4 - The demand for reliable electricity is increasing as industrial production scales up, with Schneider Electric emphasizing the need for innovative power solutions to meet the strict standards of smart manufacturing [7] - The trend towards sustainable development is being supported by multinational companies, with Veolia focusing on economically viable environmental solutions aligned with China's dual carbon goals [8] - Chinese innovations in digitalization, intelligence, and green technology are gaining global recognition, accelerating integration into global industrial and value chains [9] Group 5 - The global electronics industry relies heavily on China, which contributes approximately one-third of the global electronic production capacity, highlighting the importance of foreign investment in the "China-centric" strategy [10][11] - The evolving dynamics between foreign companies and the Chinese market reflect a shift towards mutual respect and collaboration, with both sides now viewing each other on equal footing [11]

（记者 张明双） 隆华科技（300263.SZ）9月25日在投资者互动平台表示，超同步的产品主要应用于应用于工业母机、工 业机器人、工业自动化等领域。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司投资的超同步是否为机器人产业链公司？ ...

Core Insights - The number and quality of listed companies reflect a city's financing capacity, industrial strength, and future potential, with A-shares reaching a total market value of over 100 trillion yuan for the first time this year, and 72 companies successfully listed, raising 69.644 billion yuan, a year-on-year increase of 53.3% [2][3] Group 1: Top Cities in A-share Listings - Beijing, Shanghai, and Shenzhen continue to dominate the A-share market, with Beijing leading in both the number of listed companies (475) and total market value (28.67 trillion yuan), supported by state-owned enterprises and financial giants [3][6] - Shanghai ranks second with 447 listed companies and a market value of 10.80 trillion yuan, benefiting from a balanced structure of finance and high-end manufacturing [7] - Shenzhen, with 424 listed companies and a market value of 12.71 trillion yuan, has a higher valuation due to its focus on hard technology and innovation, leading in new IPOs among first-tier cities [8][9] Group 2: Second-tier Cities Competition - Suzhou has surpassed Hangzhou in the number of new listings this year, with 6 new A-share companies, while maintaining a lower total market value of 2.52 trillion yuan compared to Hangzhou's 3.36 trillion yuan [11][12] - Hangzhou's strength lies in its digital economy and provincial state-owned enterprises, which contribute to its higher average market value per company [13] - Guangzhou, while having fewer new listings, showcases its capital strength through a significant number of overseas listed companies and ongoing mergers and acquisitions, with a total market value of 2.08 trillion yuan [14] Group 3: Regional Industrial Collaboration - The trend of "industrial clustering" is accelerating, with companies in similar sectors increasingly concentrated in specific regions, enhancing collaboration and resource sharing [16][19] - The successful case of YingShi Innovation highlights the importance of regional supply chains, as the company moved to Shenzhen to leverage its industrial ecosystem [16][17] - Cities like Taizhou are positioning themselves as specialized support zones for advanced manufacturing and digital economy, attracting significant investments and fostering local industries [18]

Core Viewpoint - Hikvision has expanded its industrial strategy from security to a comprehensive industrial ecosystem, leveraging its technological advancements in "IoT perception + AI" to enhance manufacturing processes and create new value opportunities [3][4][31]. Group 1: Industrial Entry and Development - Hikvision's entry into the industrial sector is not a mere trend-following move but a natural evolution of its technological capabilities, having started with industrial cameras as early as 2015 [12][13]. - The company has developed a product matrix of over 30,000 hardware models, integrating various sensing technologies to address the digitalization needs of the industrial sector [13][20]. - China's industrial landscape, with its vast and diverse manufacturing base, is experiencing a pressing need for digital transformation to improve quality, efficiency, and cost reduction [15][16]. Group 2: Technological Integration - The synergy between "IoT perception" and AI forms a competitive advantage for Hikvision, enabling it to tackle numerous challenges in industrial digitalization [18][24]. - Hikvision's comprehensive sensing capabilities allow it to monitor critical equipment conditions, ensuring predictive maintenance and operational continuity [20][21]. - The company has successfully implemented its integrated sensing technologies in various industries, such as coal and metal, demonstrating significant improvements in operational efficiency and safety [22][30]. Group 3: Practical Applications and Industry Impact - Hikvision has utilized its own manufacturing base as a testing ground for its digitalization technologies, creating a model for other industries to follow [28][29]. - The company has achieved notable advancements in quality control and logistics through its AI-driven solutions, significantly enhancing operational accuracy and efficiency [34]. - Hikvision's ongoing commitment to innovation in "IoT perception + AI" positions it as a key player in the industrial digitalization landscape, driving the transition from basic digitalization to advanced intelligent manufacturing [31][33].

Core Insights - The 25th China International Industry Fair was held in Shanghai from September 23 to 27, focusing on "New Industrial Quality, Boundless Intelligent Manufacturing" [2] - Schneider Electric showcased its commitment to accelerating digital and green transformation in industries through innovative technologies and solutions [3][4] Group 1: Technological Innovation - Schneider Electric presented its EcoStruxure open automation platform (EAE) with a V25.0 upgrade, introducing multiple new features [4] - The company launched a new generation of intelligent digital controllers, Modicon M590d, designed for industrial edge computing and digital transformation [4] - Schneider Electric introduced a "Golden Four Set" for machine motion control, which includes Harmony ET5 HMI, Altivar 305 variable frequency drive, Modicon M310M motion controller, and Lexium18ME servo drive, adaptable to various industries [4][5] Group 2: Strategic Partnerships and Solutions - During the fair, Schneider Electric signed strategic agreements with multiple industry partners and released the third part of the "5G + Edge Computing" report, emphasizing its achievements in technological innovation and ecosystem collaboration [5] - The company aims to provide comprehensive solutions for intelligent factory upgrades, integrating AI and green technologies into its offerings [6][9] Group 3: Focus on Sustainability - Schneider Electric emphasizes the importance of green design in its operations, incorporating sustainable materials and practices from the design phase through to daily operations [9][10] - The company aims to help clients in high-energy-consuming industries achieve energy savings and operational efficiency through intelligent and sustainable solutions [10] Group 4: AI Integration - Schneider Electric is actively exploring AI applications throughout the product lifecycle, from design to manufacturing, focusing on areas like machine vision and predictive maintenance [10][11] - The company believes that AI should address specific operational needs rather than being developed in isolation, promoting practical applications in industrial settings [11]

Core Viewpoint - New Times has shown a mixed performance in financing activities, with a notable increase in financing balance but a decrease in shareholder numbers, indicating potential shifts in investor sentiment [1][2]. Financing Activities - On September 24, New Times recorded a financing buy amount of 37.34 million yuan, while the financing repayment was 42.99 million yuan, resulting in a net financing outflow of 5.65 million yuan [1]. - As of September 24, the total financing and securities lending balance for New Times was 418 million yuan, accounting for 3.20% of its market capitalization, which is above the 80th percentile of the past year [1]. - The securities lending activity on the same day showed no shares were sold or repaid, with a remaining balance of 7,100 shares valued at 140,100 yuan, indicating a low level of short selling [1]. Company Performance - For the first half of 2025, New Times achieved an operating revenue of 1.644 billion yuan, representing a year-on-year growth of 8.45%, while the net profit attributable to shareholders was 1.8654 million yuan, up 109.95% year-on-year [2]. - Since its A-share listing, New Times has distributed a total of 479 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Structure - As of September 19, the number of shareholders for New Times decreased to 44,200, a reduction of 6.09%, while the average circulating shares per person increased by 6.49% to 11,983 shares [2]. - As of June 30, 2025, major shareholders included the Huaxia CSI Robotics ETF, which increased its holdings by 1.8612 million shares, and the Penghua Carbon Neutral Theme Mixed Fund, which raised its stake by 3.5102 million shares [3].

Group 1: Automation Solutions in Aerospace - KUKA China launched multi-scenario automation solutions targeting the aerospace industry, addressing production efficiency, capacity bottlenecks, and quality consistency challenges [1] - The solutions include a high-precision assembly system integrating CoboManip robotic arms, sealing systems, and quality inspection modules, achieving full automation from component handling to fuselage assembly with a positioning accuracy of 0.05mm and a payload capacity of 125kg [1] - The omniMove omnidirectional mobile platform, capable of carrying up to 90 tons, enhances space utilization and operational efficiency in the transportation of large aerospace components [1] Group 2: Automotive Industry Automation - KUKA has developed a flexible manufacturing system covering all process segments for the automotive industry, addressing the need for high load and inertia in integrated die-casting parts and battery packs [2] - The automotive automation solutions incorporate advanced technologies such as ServoGun spot welding, BestFit door installation, and AI-driven modules for collision avoidance and adaptive installation, ensuring high stability and adaptability [2] - KUKA provides end-to-end solutions for new energy vehicles, including lithium-ion and hydrogen fuel cell production processes, with robots known for high precision and stability [2] Group 3: Healthcare and Education Solutions - KUKA, through its subsidiary Swisslog Healthcare, offers smart healthcare solutions that cover drug development, laboratory testing, factory production, and hospital logistics, with applications in over 850 hospitals globally [3] - The healthcare logistics system includes automated material management solutions such as track-based transport and pharmacy automation, enhancing efficiency in hospital operations [3] - KUKA Education focuses on integrating industry and education, creating a new ecosystem for vocational training with German original textbooks and a certification system to empower students from learning to employment [3]

Core Insights - Schneider Electric showcased its innovative practices aimed at accelerating the digital and green transformation of industries at the China International Industry Fair, emphasizing the theme of "Remarkable Future Industry" [1][2] - The company presented a comprehensive display of industrial automation products, solutions, and services powered by cutting-edge technologies such as open automation, AI, and digitalization across various industry applications [1] Group 1: Industry Applications - Schneider Electric highlighted seven thematic exhibition areas that demonstrate its innovative practices across different industry application scenarios, including oil extraction and refining, fine chemicals and new materials, consumer goods manufacturing, packaging and logistics, water treatment and environmental protection, waste/heat power generation, and public engineering and construction [1] - The company introduced a new generation of machine motion control solutions tailored to local enterprise needs, which includes the "Golden Four Set" comprising Harmony ET5 human-machine interface, Altivar 305 general-purpose inverter, Modicon M310M motion controller, and Lexium18ME servo drive with BEH18 servo motor, adaptable to logistics, packaging, and lithium battery industries [1] Group 2: Strategic Partnerships - At the fair, Schneider Electric signed cooperation agreements with clients and partners such as Hangzhou Jinjiang Group, Shandong Jingbo Holdings Group, and Shenzhen Ailing Network Co., Ltd., further deepening its collaborative layout across various industries and projects [1] Group 3: Market Positioning - Schneider Electric's Executive Vice President and President for China and East Asia, Yin Zheng, stated that China has become a core force in the global industrial landscape due to its vast market size, complete industrial support, resilient supply chain system, and the rapid development and widespread application of advanced technologies like AI [2] - The company aims to support industrial transformation and upgrading by focusing on the core needs of various industries, leveraging its digital capabilities to enhance quality and efficiency in "Made in China" initiatives, and creating a sustainable industrial future in collaboration with partners [2]

海得工业交换机采用工业级设计，符合工业现场的苛刻环境要求，如环境温 度、电池干扰、现场振动以及通讯协议和实时通信要求，该产品具备强大的兼容 性和稳定性，可确保在机器人设备满足各类工业生产关键实时系统的严苛要求， 助力企业实现智能制造转型；海得第二代PLC（EControl Studio）用Linux + RT 实时操作系统，兼具Linux开源性与实时性优势，可显著提升控制精度与响应速 度，在电子半导体、水处理泵站、交通隧道、管廊、制药等相关行业具有广阔的 发展前景；工业AI控制器的AI功能开发将深度整合神经网络运行时与机器学习 框架，重点突破传统工业控制器在复杂工况下的策略控制和预测性维护的技术课 题。 证券简称：海得控制 证券代码：002184 2025 年 9 月 24 日投资者关系活动记录表 编号：2025-007 | | ■特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | 类别 | □新闻发布会 □路演活动 | | | | | □现场参观 □其他 | | | | 参与单位名称 及人员姓名 | 平 ...