2025 年 11 月 09 日 北交所研究团队 汽车产业链业绩领跑，北证科技产业三季报凸显结构性机遇 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北证科技三季报盘点：汽车产业链逆势领跑，成科技新产业中唯一亮点 北交所三季报披露收官。科技新产业共计 155 家企业，在 2025Q1-3 共实现营收 631.38 亿元，同比增长 0.73%；总归母净利润 48.60 亿元同比-13.83%。电子产业 企业在 2025Q1-3 共实现营收 170.73 亿元同比增长 9.51%，总归母净利润 160,021.78 万元同比-15.88%。产业内关注如创远信科（+109.05%）、同惠电子 （+59.36%）、雅葆轩（+36.59%）等。汽车产业 2025Q1-3 实现总营收 115.94 亿 元同比增长 17.89%，总归母净利润 13.99 亿元同比增长 19.49%，是科技新产业 中实现营收、净利润均双增长的行业。产业内关注林泰新材（+131.19%）等。 信息技术产业 2025Q1-3 实现营收 55.61 亿元同比-7.94%，总 ...

Core Insights - The 2025 Huaihai Talent Development Conference in Xuzhou aims to attract high-level talents and promote the city's development strategy [1] - Xuzhou is transforming from an old industrial base to a "trillion-yuan city" by focusing on talent as a key element for growth [1][2] - The establishment of various talent institutions and funding initiatives reflects Xuzhou's commitment to creating a comprehensive talent service system [2][3] Group 1 - The conference gathered over 300 high-level talents and leaders, emphasizing Xuzhou's determination to attract and utilize talent [1] - Xuzhou has implemented the "Pengcheng Talent Plan" with a total of 1 billion yuan in policy funds to support talent development [2] - The city has established a talent group and a 370 million yuan industry fund to create a supportive environment for talent [2] Group 2 - A new 30 billion yuan special fund for emerging industries was announced to enhance capital support for talent development [3] - The signing of a regional talent cooperation agreement with nine surrounding cities marks a new phase in collaborative talent development [3] - By the end of the 14th Five-Year Plan, Xuzhou's talent resources are expected to reach 1.96 million, with 168,000 high-level talents [4][5]

Core Insights - The Digital Economy Industry Cooperation Conference was held in Wuzhen, Zhejiang, on November 8, where over 100 projects in the digital economy sector were signed, amounting to over 100 billion RMB [1] Group 1: Event Overview - The conference featured discussions among global experts in artificial intelligence and other fields, focusing on industrial upgrading paths and technological innovation breakthroughs [1] - A new signing segment for high-level talent "dual employment" between schools and enterprises was introduced to enhance collaboration between academia and industry in talent cultivation and resource sharing [1] Group 2: Financial Impact - The total value of signed projects exceeded 100 billion RMB, indicating significant investment and interest in areas such as digital technology, smart manufacturing, artificial intelligence, and computing power centers [1]

Core Insights - The Digital Economy Industry Cooperation Conference was held in Wuzhen, Zhejiang, resulting in over 100 projects signed with a total value exceeding 100 billion RMB [1] - The conference serves as a significant platform for global cooperation in the digital economy, focusing on cutting-edge technologies like AI [1] - A new "dual appointment" signing session for high-level talent was introduced to enhance collaboration between academia and industry [1] Summary by Categories Event Overview - The conference took place on November 8 in Wuzhen, Zhejiang, and is part of the World Internet Conference's ongoing activities [1] - The theme of this year's conference was "Digital Leap: AI-Driven New Ecology of the Digital Economy" [1] Financial Highlights - More than 100 projects were signed, with a total investment amounting to over 100 billion RMB, covering various sectors including digital technology, smart manufacturing, AI, and computing power centers [1] Industry Collaboration - The event featured discussions among global experts in AI and related fields, focusing on industrial upgrading and technological innovation breakthroughs [1] - The introduction of the "dual appointment" signing session aims to foster collaboration in talent development and resource sharing between academic institutions and industries [1]

Core Insights - Hainan Free Trade Port will commence full island closure operations on December 18, 2023, aiming to provide open opportunities and quality services to overseas Chinese merchants [1] - The recent Chinese Overseas Chinese Merchants Investment (Hainan) Conference attracted over 800 overseas Chinese merchants from more than 100 countries and regions, exploring investment opportunities in Hainan [1] Investment Projects - A total of 107 investment projects have been successfully promoted, with a total investment amount exceeding 115 billion yuan, reflecting the confidence of overseas Chinese merchants in Hainan's development [2] - The project structure has been optimized, focusing on tourism, modern services, high-tech industries, and tropical agriculture, with significant investments from leading enterprises [2] - The conference released a list of 417 quality projects with a total investment scale exceeding 400 billion yuan, providing more investment options for overseas Chinese merchants [2] Policy Support - A core policy manual was published, integrating 29 key policies such as zero tariffs and low tax rates, aimed at helping overseas Chinese merchants seize institutional benefits [2] - The Hainan Provincial Department of Commerce will shift its focus from "investment attraction" to "full lifecycle service," addressing challenges related to land, energy, and approvals [3] - The department will enhance cross-departmental coordination to ensure projects commence early, produce results quickly, and receive precise support in policies and funding [3]

Core Insights - The article discusses the role of capital in supporting sustainable development and innovation, particularly in the context of the Yangtze River Delta and Wuxi's emerging status as a hub for investment and industry [1][3]. Investment Strategy - Meihua Venture Capital has invested in over 600 innovative companies since its establishment in 2014, focusing on early-stage investments across various sectors including hard technology and smart manufacturing [2]. - The firm emphasizes a strategy of "early investment, small investment, and diversified layout," aiming to support entrepreneurs from the initial stages of their ventures [2]. - The investment logic for hard technology differs from consumer-oriented businesses, focusing on scarcity and pricing power rather than repeat purchase rates [2]. Regional Focus - Wuxi is highlighted as a city with a complete industrial chain and favorable policies, making it an ideal location for technological innovation [3]. - Meihua Venture Capital is collaborating with local investment entities to establish a new fund focused on commercial aerospace and low-altitude economy [3]. - The firm believes that capital should flow into the real economy, acting as "nutrition" rather than mere "flow" [3]. Green Investment - The conference emphasized sustainable development and green finance, which Meihua Venture Capital views as a necessary mission rather than just a slogan [4][5]. - The firm has made significant investments in green projects, such as energy-saving electric motors and agricultural technologies that reduce plastic pollution [5]. - Meihua integrates environmental considerations into its decision-making process, asserting that only projects with long-term commercial value can endure market cycles [5]. Global Perspective - The article notes the importance of a global vision for entrepreneurs, with Meihua Venture Capital supporting companies that are prepared to enter international markets [6]. - The firm provides resources and practical experience for entrepreneurs looking to expand globally, having invested in platforms that facilitate international market entry [6]. Long-term Commitment - Meihua Venture Capital has evolved from being an active early-stage investor to a patient partner for entrepreneurs, focusing on the long-term value of investments [6]. - The firm aims to illuminate less popular sectors rather than chasing trends, contributing to the growth of China's technological landscape [6][7].

Core Insights - The State Council of China has issued implementation opinions aimed at accelerating the cultivation and opening of new application scenarios, emphasizing the importance of integrating technology and industry to promote innovation and economic development [1][2]. Group 1: New Application Scenarios - The opinions focus on creating new application scenarios in five areas: digital economy, artificial intelligence, industrial transformation, social governance, and improving people's livelihoods, proposing 22 key areas for cultivation and opening [2][3]. - In the digital economy, the opinions highlight the need to explore the potential of data elements, support technological innovation in data analysis, circulation, and security, and promote the integration of the digital and real economies through technologies like the metaverse and virtual reality [2][3]. - For artificial intelligence, the emphasis is on strengthening core technology breakthroughs and promoting high-value application scenarios to meet diverse development needs across various sectors [2][3]. Group 2: Industrial Transformation and Upgrading - In the manufacturing sector, the opinions advocate for the application of core technologies such as smart manufacturing and green manufacturing, and the development of flexible production lines and smart factories [3]. - The transportation sector is encouraged to innovate in smart traffic management and optimize urban traffic structures, enhancing efficiency while ensuring safety [3]. - The opinions also call for collaborative efforts to improve market access environments and optimize the allocation of resources, including exploring new market-based configurations for elements like space and deep-sea resources [3].

Core Insights - The article highlights the emergence of new professions and the growing demand for skilled workers in various sectors, particularly in the context of the recent National Skills Competition, which showcased new career opportunities in fields like digital economy, modern services, and intelligent manufacturing [1][2][3] Group 1: New Professions and Employment Opportunities - The Ministry of Human Resources and Social Security has released 72 new professions and 328 national occupational standards during the 14th Five-Year Plan period, reflecting the rapid development of new industries and business models [1] - The National Skills Competition featured 17 new professional categories, including intelligent manufacturing engineering technology and IoT installation and debugging, demonstrating the strong appeal of these new careers in the job market [1][2] - Graduates from the drone application technology program at Henan Technician College are expected to achieve full employment by 2025, driven by the booming low-altitude economy and the demand for new roles such as drone operators and planners [2] Group 2: Skills Development and Training - The competition emphasizes the need for deeper integration of education and industry to bridge the gap between academic training and professional employment [2][3] - Participants in the IoT installation and debugging category faced challenges that required them to integrate IoT technology with artificial intelligence, highlighting the increasing skill requirements in the technology fusion sector [2][3] - The presence of high-educated participants, including 13 PhDs and 286 master's degree holders, indicates a shift towards a more diverse and higher-level skilled workforce, blurring the lines between traditional blue-collar and white-collar jobs [5][6] Group 3: Industry Trends and Future Directions - The competition serves as a platform to promote skills and highlight the importance of vocational training, reflecting the changing landscape of talent demand in response to industrial upgrades and societal needs [6] - Companies are encouraged to engage their technical staff in competitions to foster innovation and enhance competitiveness in the intelligent manufacturing sector [5] - The increasing participation of high-educated individuals in skill competitions signifies a trend towards a more multifaceted and advanced skilled labor force, aligning with the demands of new technologies and industries [5][6]

Core Insights - The Chinese government has issued implementation opinions to accelerate the cultivation and large-scale application of new scenarios, emphasizing the importance of these scenarios in validating new technologies and products, and promoting the integration of technological and industrial innovation [1][2]. Group 1: New Application Scenarios - The opinions focus on creating new application scenarios in five areas: digital economy, artificial intelligence, industrial transformation, social governance, and improving people's livelihoods [2]. - In the digital economy, the government aims to explore applications of technologies such as the metaverse, virtual reality, and robotics, enhancing the integration of the digital and real economies [2][3]. - For artificial intelligence, the emphasis is on strengthening core technology development and promoting high-value application scenarios to meet diverse needs across various sectors [2]. Group 2: Industrial Transformation and Upgrading - In the manufacturing sector, the focus is on intelligent manufacturing, green manufacturing, and service-oriented manufacturing, with support for innovative production lines and smart factories [3]. - The transportation sector will see the introduction of new technologies for smart traffic management and optimization of urban transport structures, enhancing efficiency while ensuring safety [3]. - The opinions also highlight the need for collaborative reforms in market access, scenario cultivation, and resource allocation to support the development of new productive forces [3].

Core Viewpoint - The Chinese government has issued implementation opinions to accelerate the cultivation and large-scale application of new scenarios, emphasizing the importance of integrating technology and industry to promote innovation and economic development [1][2]. Group 1: New Application Scenarios - The opinions focus on creating new application scenarios in five areas: digital economy, artificial intelligence, industrial transformation, social governance, and improving people's livelihoods, with 22 key areas for scenario cultivation and opening [2]. - In the digital economy, the government aims to explore applications of technologies such as the metaverse, virtual reality, and robotics, enhancing the integration of the digital and real economies [2]. - For artificial intelligence, the emphasis is on strengthening core technology breakthroughs and promoting high-value application scenarios to meet diverse development needs across various sectors [2][3]. Group 2: Industrial Transformation and Upgrading - In the manufacturing sector, the focus is on smart manufacturing, green manufacturing, and service-oriented manufacturing, with support for innovative production lines and digital parks [3]. - The transportation sector will see the introduction of new technologies for smart traffic management and optimization of urban transport structures, enhancing efficiency while ensuring safety [3]. - The opinions also highlight the need for collaborative reforms in market access, scenario cultivation, and resource allocation to support the development of new productive forces [3].