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下一代“新三样”来袭!中国智造加速价值链攀升
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-17 11:46
Core Insights - The third China International Supply Chain Promotion Expo emphasizes the importance of international cooperation in advancing manufacturing [1][3] - The event showcases over 651 enterprises and institutions, highlighting the transformation of the manufacturing industry towards new production capabilities [2][4] - Key trends identified include internationalization, green transformation, and the integration of services into manufacturing processes [3][7] Group 1: International Cooperation and Trends - International cooperation is deemed essential for accelerating the development of advanced manufacturing [1][3] - The shift from "trade globalization" to "globalization of industrial and supply chains" is noted, with a focus on high-value, high-tech products [3][6] - The emergence of new manufacturing models that integrate services into the production process is highlighted, indicating a transition from product-centric to a "product + service" system [7][8] Group 2: Technological Innovation and AI - The presence of AI companies at the expo signifies the growing role of technology in supply chain development [6][4] - The event features significant participation from leading AI firms, showcasing innovations that drive the digital and green transformation of global supply chains [4][6] - The importance of industrial internet platforms in reshaping production models and enhancing resource allocation is emphasized [7][8] Group 3: Recommendations for Advanced Manufacturing - Support for industrial innovation is recommended as a fundamental path for developing new production capabilities [8][10] - Encouragement for technology empowerment is highlighted, with a focus on the application of advanced technologies in manufacturing [10] - The need for a green transition in manufacturing practices is stressed, advocating for international cooperation in establishing green supply chains [10]
基金经理研究系列报告之七十二:西部利得基金陈保国:在高景气泛制造中坚持逆向投资
Shenwan Hongyuan Securities· 2025-07-17 11:42
Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Report's Core View - Western Lide Fund's Chen Baoguo, with 15 years of securities experience and 5 years of fund management experience, manages 4 funds with a total scale of 1.258 billion yuan. He adheres to reverse investment in the high - prosperity general manufacturing sector, aiming for long - term growth while emphasizing safety margins [2][6]. - Western Lide Jingrui, a representative product, has outstanding short - and long - term performance, maintains growth elasticity, and has good long - term holding profitability. It focuses on the general manufacturing sector, with investment styles shifting and high turnover [2][20]. - The fund manager has strong capabilities in various aspects, including excellent performance in prosperous market conditions, long - term outstanding invisible trading capabilities, and recent prominent industry rotation and stock - selection abilities [2][56]. - The excess returns of Western Lide Jingrui mainly come from stock - selection and industry allocation, and the fund manager's ability circle covers a wide range of general manufacturing fields [2][61]. Summary According to the Directory 1. Western Lide Fund Chen Baoguo: Persisting in Reverse Investment in High - Prosperity General Manufacturing 1.1 Fund Manager's Basic Information: A Veteran with Over 5 Years of Product Management - Chen Baoguo is a master of finance from Shanghai University of Finance and Economics, holding multiple positions at Western Lide Fund. He has 15 years of securities experience, 5 years of fund management experience, and currently manages 4 funds with a total scale of 1.258 billion yuan. His in - charge products include Western Lide Huixin 6 - month Holding, Western Lide Green Energy Mix, Western Lide Carbon Neutralization, and Western Lide Jingrui [6]. - The representative product, Western Lide Jingrui, has achieved a total return of 98.69% and an annualized return of 13.57% since Chen Baoguo took over on February 15, 2020 [7]. 1.2 Fund Manager's Investment Framework: Left - hand Reverse Investment in Long - term Prosperous Industries, Emphasizing Safety Margins - Investment philosophy: Seeking long - term logic and growing with the capital market, similar to being an "orchard farmer." The investment strategy involves finding companies with short - term callbacks but good long - term prospects in favored sectors for reverse investment or left - hand layout, while emphasizing safety margins [2][17]. - Stock - selection strategy: Qualitative screening focuses on company governance, platform level, and industry; quantitative analysis selects undervalued stocks with certain long - term prospects from good industries [17]. 2. Return - Risk Characteristics: Balancing Short - and Long - term Returns, Maintaining Growth Elasticity 2.1 Outstanding Performance Since Taking Over, Continuously Maintaining Elastic Returns Recently - Since taking over on February 15, 2020, Western Lide Jingrui has a cumulative return of 98.69%, ranking 9th among similar active equity funds. Its maximum drawdown is within the top 30% of similar products. After the market rebound on September 24, 2024, it still maintained prominent elasticity, with a cumulative return of 43.97% and a maximum drawdown within the top 50% of similar products [21]. - Compared with other high - performing products, Western Lide Jingrui is one of the few funds that focus on the advanced manufacturing field and maintain high elasticity recently [27]. - Western Lide Jingrui ranks 5th in the information ratio compared to the advanced manufacturing index among similar products, with a relatively low tracking error [29]. 2.2 Good Long - term Holding Profitability - As the holding time of Western Lide Jingrui increases, the historical probability of making money and the return rate gradually rise. The probability of making money after holding for five years is as high as 100%, with an average return of 91.4%. In different holding periods, its average return and winning rate exceed those of the Shenwan Advanced Manufacturing Index and the CSI 300 Total Return Index [31]. 3. Fund Holding Characteristics: Growth Investment with High Turnover, Outstanding Stock - selection Ability 3.1 Industry Allocation: Focusing on General Manufacturing, with Recent Industry Allocation Adjustments - Since taking over, Western Lide Jingrui has long focused on the general manufacturing sector, mainly including advanced manufacturing and technology industries. There have been two major industry allocation changes within the general manufacturing sector, with the focus shifting from power equipment to technology recently [34]. - In terms of secondary - industry allocation, it was previously concentrated in power equipment with a new - energy theme and has recently shown prominent characteristics in software development, semiconductors, and computer equipment [36]. 3.2 Investment Style: Growth - style Investment with High Turnover, Recently Tending towards Small - cap Growth - Since 2023, the fund's turnover rate has gradually increased, with the latest annualized turnover rate exceeding 12 times, and the investment style has changed from mid - and large - cap growth to small - cap growth [2][39]. - In the early stage, the fund's allocation was relatively balanced, but since the second half of 2022, it has mainly held small - and medium - cap stocks. The stability of heavy - position stocks has declined, but some stocks have been held continuously for more than three quarters [46][50]. - The heavy - position stock - selection ability is outstanding, and the heavy - position stocks can achieve relatively stable excess returns compared to the industry index [52]. 4. Fund Manager's Ability Circle: Excellent Performance in Prosperous Market Conditions, Long - term Outstanding Invisible Trading Capabilities, and Recent Prominent Industry Rotation, Allocation, and Stock - selection Abilities - The fund manager's investment strategy is suitable for prosperous market conditions, with high elasticity in high - prosperity industries. The product has shown continuous and prominent performance in prosperous market conditions since taking over [56]. - The long - term high turnover rate of Western Lide Jingrui is consistent with the investment strategy of selecting undervalued stocks and selling them in time after value regression. The long - term strong invisible trading ability indicates that the reverse investment strategy can provide stable returns [57]. - In late 2024, the fund manager adjusted the industry and stock allocation structure. The ability to rotate industries and select stocks is the basis for the product's long - term high elasticity and adaptability to prosperous market conditions [57]. 5. Fund Return Contribution Breakdown: Stock - selection and Industry Allocation Contribute Mainly to Excess Returns, with a Wide Stock - selection Ability Circle - The excess returns of Western Lide Jingrui since taking over can be explained by stock - selection and industry allocation, resulting from the investment strategy of selecting high - prosperity industries and undervalued stocks for left - hand layout. During the market decline from the second half of 2022 to the first half of 2024, trading also contributed significantly [61]. - The absolute and relative contributions of the automotive and power equipment industries are prominent. Technology industries such as communication, media, and computer also contribute excess returns in most periods, indicating that the fund manager's ability circle covers a wide general manufacturing field [65].
税务数据显示深圳新兴产业研发投入增长迅速
Zhong Guo Chan Ye Jing Ji Xin Xi Wang· 2025-07-17 00:34
Group 1 - The core viewpoint of the article highlights the rapid growth of R&D investment in emerging industries in Shenzhen, with 631 out of 666 companies experiencing over 100% year-on-year growth in R&D expense deductions, totaling 12.8 billion yuan, a 236.8% increase [1] - In 2023, a total of 33,000 companies in Shenzhen benefited from the R&D expense deduction policy, with a total deduction amount of 365.6 billion yuan, directly reducing tax expenditures by 91.4 billion yuan [1] - The manufacturing sector remains the primary contributor to R&D expenses, accounting for 65.7% of the total deductions, with a total of 249.4 billion yuan in deductions, reflecting a 1.6% year-on-year growth [1] Group 2 - The number of national high-tech enterprises in Shenzhen surpassed 25,000 in 2024, with an average density of 12 enterprises per square kilometer, ranking first in the country [1] - Shenzhen added 296 new national-level specialized and innovative "little giant" enterprises and 29 manufacturing single champion enterprises, both ranking first in growth nationwide and second in total number [1] - The R&D expense deduction policy is recognized as a crucial tax tool to support technological innovation, effectively lowering the actual costs of R&D activities and driving companies to increase their R&D investments [2]
【省贸促会】陕西17家企业亮相链博会
Shan Xi Ri Bao· 2025-07-17 00:09
Group 1 - The third China International Supply Chain Promotion Expo was held in Beijing from July 16 to 20, showcasing 17 enterprises from Shaanxi province in sectors such as automotive, advanced manufacturing, and digital technology [1] - The Shaanxi Automotive Smart Chain Exhibition Area featured 15 companies, including major players like Shaanxi Automobile, BYD, and Geely, highlighting the complete ecosystem of the new energy vehicle industry chain [1] - The expo aimed to attract global enterprises to engage with Shaanxi through various exchange activities, enhancing the province's supply chain resilience [1] Group 2 - The expo is the world's first national-level exhibition focused on supply chains, promoting connections among upstream, midstream, and downstream industries, as well as collaboration between large and small enterprises [2] - The theme of this year's expo was "Linking the World, Creating the Future," featuring six major chains including advanced manufacturing, clean energy, smart vehicles, digital technology, healthy living, and green agriculture [2] - Participating enterprises and organizations represented 75 countries, regions, and international organizations, showcasing the latest achievements and experiences in global supply chain cooperation [2]
省政府批复《佛山市南海区国土空间总体规划(2021—2035年)》 建湾区智创蓝海 筑岭南活力都会
Guang Zhou Ri Bao· 2025-07-16 08:11
Core Viewpoint - The Guangdong Provincial Government has officially approved the "Overall Land Spatial Planning of Nanhai District, Foshan City (2021-2035)", aiming to enhance Nanhai's role as a hub for international technological innovation and advanced manufacturing, while promoting sustainable urban development and integration with the Greater Bay Area [1][3]. Group 1: Planning Scope and Structure - The planning scope includes the entire Nanhai District and the central urban area, covering approximately 222 square kilometers, with a planning period from 2021 to 2035 [2]. - The urban spatial structure will be organized into "one main, one secondary, two axes, and multiple points," focusing on key areas such as Qian Deng Lake and the West Foshan Station [2]. Group 2: Integration with Greater Bay Area - Nanhai District aims to deepen integration into the Greater Bay Area, establishing itself as a core point in the regional network and enhancing connectivity with surrounding cities [3][4]. - The district will develop a comprehensive transportation network, positioning Foshan West Station as a western hub for the Greater Bay Area [3]. Group 3: Land Use and Environmental Protection - The planning emphasizes strict adherence to land safety limits, ensuring that by 2035, the area will maintain at least 45.95 square kilometers of arable land and 57.19 square kilometers of ecological protection [5]. - A strategy for optimizing land use will be implemented, focusing on agricultural, ecological, urban, and industrial spaces to promote high-quality development [6]. Group 4: Urban-Rural Integration and Development - The plan promotes urban-rural integration, encouraging industrial clustering in designated areas to support advanced manufacturing and modern service industries [7]. - Comprehensive land remediation will be conducted to enhance the capacity of towns and villages, facilitating high-quality development across the region [7].
第三届中国国际供应链促进博览会今起在北京举行 链博会“南京日”邀全球共赴“南京之约”
Nan Jing Ri Bao· 2025-07-16 02:27
Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) is held in Beijing from July 16 to 20, with a new summer schedule and the introduction of "Nanjing Day" on July 17 to showcase Nanjing's strengths [1][2] - The "Nanjing Day" event aims to create a dialogue platform between Nanjing and global business communities, highlighting the city's advantages in key industrial supply chains and promoting international cooperation [1][2] - The event will feature over 100 attendees, including leaders from international business associations, Fortune 500 companies, and supply chain industry leaders, to foster partnerships and innovation in supply chains [1][2] Group 2 - The Chain Expo will promote Nanjing's investment environment, key industries, and projects, aiming to attract investment and talent through the event [2] - Five projects will be signed on-site during the event, covering fields such as artificial intelligence, biomedicine, digital trade, and precision manufacturing [2] - The expo includes six major supply chain categories and service exhibition areas, showcasing the latest achievements and experiences in global supply chain cooperation, with participation from 651 companies and institutions from 75 countries [2][3]
早盘直击 | 今日行情关注
申万宏源证券上海北京西路营业部· 2025-07-16 02:21
Market Overview - The A-share market experienced noticeable fluctuations, with the Shanghai Composite Index briefly falling below the 3500-point mark but recovering to close above it, indicating that the sideways movement since Q4 2024 has ended [1] - The market sentiment regarding trade conflicts has eased, and with the policy window approaching in July, a slow upward trend is expected to continue amidst fluctuations [1] Future Outlook - After breaking the 3500-point level, two potential paths for the market are identified: 1) Continuing the upward trend to challenge the October 2024 high; 2) Consolidating before challenging the 3674-point high [1] - For the market to challenge previous highs, three conditions must be met: 1) Implementation of fiscal stimulus policies; 2) Continued easing of the global environment; 3) Sustained increase in trading volume [1] Sector Analysis - The market is expected to see a thematic event-driven trend in July, with a high likelihood of sector rotation between high and low-performing segments [2] - Key sectors to watch include: 1) Consumer sectors such as dairy, IP consumption, leisure tourism, and medical aesthetics, which are expected to benefit from policies aimed at expanding domestic demand [2] 2) Robotics, with a shift from humanoid to quadruped and functional robots, presenting opportunities in sensors, controllers, and dexterous hands [2] 3) Semiconductor industry, focusing on domestic production across equipment, wafer manufacturing, materials, and IC design [2] 4) Military industry, with expectations of order recovery in 2025, showing signs of bottoming out in Q1 reports [2] 5) Innovative pharmaceuticals, which are anticipated to reach a turning point in fundamentals after a four-year adjustment period, with positive net profit growth since Q3 2024 [2] Market Performance - The market showed signs of consolidation with a decrease in the number of profitable stocks, as only about 1300 stocks rose during the trading session [3] - Leading sectors included telecommunications, computers, electronics, home appliances, and automobiles, while sectors such as coal, agriculture, public utilities, textiles, and beauty care lagged behind [3]
第八届“创业北京”顺义赛区决赛启幕
Bei Jing Ri Bao Ke Hu Duan· 2025-07-15 12:22
Group 1 - The eighth "Entrepreneur Beijing" innovation and entrepreneurship competition was launched on July 15, focusing on the unique industries of Shunyi District and aiming to stimulate regional innovation vitality and promote industrial upgrades [1][3] - A total of 176 projects were collected for this competition, with 38 outstanding projects selected to compete, resulting in 24 awards distributed among first, second, and third places [12] - The competition featured various categories, including advanced manufacturing, technology, cultural creativity, and third-generation semiconductors, highlighting both youth creativity and technological breakthroughs in traditional enterprises [5][10] Group 2 - The third-generation semiconductor specialty track attracted significant attention, aligning closely with the key development areas of Shunyi District and the Zhongguancun (Shunyi) third-generation semiconductor industrial park [9][10] - Winning projects will receive benefits such as rent-free periods at the Poisson Chip Energy incubator, one-on-one mentoring, and connections with investment institutions, enhancing their chances for success [12] - The Shunyi District Human Resources and Social Security Bureau is committed to fostering a supportive entrepreneurial ecosystem through improved policies, financial support, and professional mentorship [12][14]
聚焦先进制造、数字经济等 大规模职业技能提升培训行动启动
news flash· 2025-07-15 07:26
Core Points - The government is launching a large-scale vocational skills enhancement training initiative from 2025 to the end of 2027, focusing on increasing the supply of skilled talent in the manufacturing and service sectors [1] - The initiative aims to provide subsidized training for over 30 million people, targeting high-tech industries, urgent sectors, and key employment groups to promote skill-based employment and income growth [1] - Various regions will focus on advanced manufacturing, digital economy, low-altitude economy, transportation, agriculture, and service industries to conduct vocational skills training [1] Training Implementation - The training will engage enterprises, vocational colleges, private training institutions, and public training bases, promoting a project-based training model that integrates job demand, skills training, skills evaluation, and employment services [1] - There will be a strong emphasis on the quality of vocational skills evaluation, enhancing the authority, circulation, and recognition of vocational skills certificates [1] - The initiative will promote a new "eight-level worker" vocational skills grading system and guide enterprises to link job compensation with job value and skill levels [1]
16家业绩预增,10只股价翻倍,湖北上市公司已有近40家提交半年“成绩单”
Sou Hu Cai Jing· 2025-07-15 04:30
Core Viewpoint - The article highlights the performance of listed companies in Hubei, with a focus on the significant increase in net profits for several companies, indicating a strong economic recovery and growth potential in the region [2][3][4]. Group 1: Company Performance - As of July 15, 2023, 16 companies in Hubei have issued profit warnings, with notable increases in net profits for companies like Changjiang Securities, Huazhong University of Science and Technology, and others, indicating a robust performance in the first half of the year [1][2]. - Changjiang Securities reported a net profit of 1.652 billion to 1.81 billion yuan, representing a growth of 110% to 130% [1]. - LightSpeed Technology projected a net profit of 323.5 million to 407 million yuan, reflecting a growth of 55% to 95% due to increased demand for high-end optical devices [3]. - Huazhong University of Science and Technology anticipated a net profit of 890 million to 950 million yuan, with a growth rate of 42.43% to 52.03% driven by the surge in demand for high-speed optical modules [3]. - Dinglong Co. expected a net profit of 290 million to 320 million yuan, marking a growth of 33.12% to 46.90%, primarily from its semiconductor materials business [4]. - Gaode Infrared projected a net profit of 150 million to 190 million yuan, a staggering increase of 735% to 957% due to the recovery of delayed projects and expansion into civilian products [4]. Group 2: Regional Economic Development - Hubei's listed companies are becoming a core engine for high-quality regional economic development, with a total of 151 A-share listed companies expected by the end of 2024, and a total market value of 1.46 trillion yuan [2]. - The province's innovation-driven development strategy has led to a significant increase in R&D spending, totaling 37.9 billion yuan, with an R&D intensity of 3.97%, surpassing the national average [2]. - The geographical distribution of the 16 companies with profit increases shows that 10 are located in Wuhan, supporting the effectiveness of Hubei's regional development strategy [5]. Group 3: Stock Market Performance - In the first half of 2023, approximately 23 companies saw their stock prices increase by over 50%, with 10 companies doubling their stock prices [6][7]. - Notable companies with significant stock price increases include Honghai Technology, Jiuling Technology, and others, reflecting a strong correlation between company performance and stock market valuation [6][7]. - Despite poor earnings reports, companies like Seli Medical have seen their stock prices surge due to market trends and investor sentiment, illustrating the complex relationship between earnings and stock performance [8].