端化战略及国际化扩展；IoT业务有望持续受益于核心自研能力提升和出海广阔空间；互联网业务 预计将伴随硬件业务实现持续稳健增长；汽车方面伴随后续车型矩阵进一步完善及生态链的协同效 应，看好公司向15-20年跻身全球前五车厂的目标进军。我们预计公司25/26/27年总营收为 亿 元，调整后净利润为 亿元，当前市值对应PE为 倍；归母净利润 亿元，当前市值对应PE为 倍。维 持" "评级，看好公司中长期市值上升空间。 风险提示：宏观经济不及预期风险，原材料价格波动风险，高端化不及预期风险，海外业务不及预 期风险，智能电动汽车进展不及预期风险。 团队介绍 鄢凡： 北京大学信息管理、经济学双学士，光华管理学院硕士，17年证券从业经验，08-11年中信证券，11年加入招商证 券，现任研发中心董事总经理、电子行业首席分析师、TMT及中小盘大组主管。 事件： 9月25日小米创始人、董事长兼CEO雷军举办第六次年度演讲，并带来年度重磅新品小米 17 系列，全系产品力跨代升级；此外还有平板、电视、冰箱、洗衣机等系列新产品，并推出小米 汽车定制服务。我们评论如下： 手机：发布小米 17 系列三款新机，数字系列迎来关键变阵，对标 i ...

齐鲁晚报·齐鲁壹点 杨雪 当你锁定北纬36°的胶州湾畔，这里是红瓦绿树、山海相依的度假胜地，也是开放浪潮与现代化产业交 汇的"国际客厅"，这里就是青岛。 向东，海洋实验室的精密仪器探测深蓝，描绘海洋城市愿景；向西，港口巨轮昼夜不歇，大国重器自此 拔锚起航；向南，海风托起白帆与梦想，克利伯船队把"青岛"名字刻进环球航线；向北，旧里院修旧如 旧，历史街区升腾起时尚烟火。 于是，北纬36°不再只是地图上的刻度，而是一座城市向现代化国际大都市迈进的永恒坐标。打头阵、 争先锋，以更高站位、更大格局加快建设现代化国际大都市，奋力推进中国式现代化青岛实践。 打造国际门户枢纽城市，国际航运中心建设全面起势。近日发布的《新华·波罗的海国际航运中心发展 指数报告(2025)》显示，青岛在全球国际航运中心城市中，综合实力排名跃升至第13位，首次超越日本 东京、韩国釜山，实现历史性突破。 作为国家战略重要承载地，上合示范区和青岛自贸试验区是开放的前沿地。着力打造区域物流、现代贸 易、双向投资合作和商旅文交流发展"四个中心"，上合示范区已落地产业项目总投资额超过1500亿元。 得益于青岛自贸片区联合青岛海关在全国首创的进口原油"先放后 ...

Economic Development - Qingdao's GDP is projected to reach 1,671.95 billion yuan in 2024, with a growth rate of 5.7%, ranking second among national sub-provincial cities [2] - The city is focusing on urban agglomeration construction to break administrative barriers and reshape the regional economic landscape, aiming for high-quality development in northern China [2] Transportation Infrastructure - Qingdao is enhancing its transportation infrastructure to create a "one-hour commuting circle," connecting various cities and significantly reducing travel times [3][4] - The completion of the Laiyong and Weiyang railways has established a high-speed rail network around the Jiaodong Peninsula, facilitating better connectivity [4] - The "Qingdao Urban Circle Transportation Integration Special Action Plan" outlines a comprehensive transportation network, including a high-speed rail and highway system [3][4] Industrial Collaboration - Qingdao is leveraging its central city status to optimize regional industrial layout and promote collaborative development, particularly in the marine economy [5] - The city has seen significant industrial cluster effects, with the shipbuilding and marine engineering industry cluster accounting for over 90% of the province's output [5] - Collaborative projects in virtual reality and automotive supply chains are enhancing cross-city industrial synergies [5] Innovation Ecosystem - Qingdao is fostering an innovation ecosystem through various initiatives, including the establishment of industrial internet platforms and agricultural IoT transformations [6] - The "Chain Ten Thousand Enterprises" platform is facilitating cooperation across multiple industries, enhancing technological collaboration [6] Public Services Integration - The Qingdao urban circle is implementing cross-regional public service integration, allowing for streamlined administrative processes and improved service delivery [7][8] - Initiatives such as the "Cloud Handshake" alliance are enabling efficient handling of business operations across city borders [7] Future Outlook - By 2025, Shandong is expected to become the first province in northern China to reach a GDP of 10 trillion yuan, with Qingdao playing a pivotal role in this transformation [9] - The Qingdao urban circle is redefining regional economic geography through enhanced connectivity and collaborative governance, aiming for a more integrated and competitive economic landscape [9]

2025年是"十四五"规划收官之年,青岛市积极构建"10+1"创新型产业体系,优先发展新一代信息技术、人 工智能2个先导产业,突破发展生命健康、智能网联新能源汽车、低空经济、绿色能源、智能装备5个新 兴产业,提质发展智能家电、高端化工与新材料、现代轻工3个优势产业,超前发展一批未来产业。中青建 安集团坚持创新引领,不断提升数智化、绿色化、工业化建造能力,利用人才、管理、技术、资金等竞争 优势,发挥房建总承包、装饰装修专业承包、建筑设计、劳务专业承包、智慧建造等产业链协同效应,以 科技创新赋能绿色智慧建造,积极服务青岛市"10+1"创新型产业体系建设。 记者赵波青岛报道 先导产业 (一)新一代信息技术 英泰智慧谷一期项目打造集研发、生产、办公为一体的现代化产业园区,整合智能终端研发、生产、测 试等全产业链能力,在智慧出行、智能支付和智慧零售等领域助力青岛市新一代信息技术产业高质量发 展。项目动工后,项目部全力以赴抢抓工期进度,用时四个月实现主体封顶。通过BIM模型集成施工全流 程数据,结合物联网技术,实现施工过程可视化管理和动态优化。执行《绿色建筑评价标准》,采用低能耗 预制构件、环保材料,降低全生命周期碳排放 ...

近年来,青岛胶州市确立了企业为主体,"链主"唱主角的新型招商模式,目标是加快集聚一批创新能力强、 支撑带动作用大的产业链上下游企业。目前,这样的"链主"效应逐步呈现:中储钢超打造"钢铁超市",吸引 200余家钢贸企业入驻；山东高速（600350）供应链项目落地后,带动6家物流金融企业跟进投资……胶 州市推动创新型产业体系升级,加速智能家电、新能源、绿色食品等领域企业集聚,打造出一批行业标杆, 产业链不断延伸,产业集群逐渐壮大。 刘震青岛报道通讯员王雪妍 位于胶东街道的青岛青力环保设备有限公司,是一家在冶金固体废弃物中"掘金"的企业。近年来,该公司 顺应"两化"融合趋势,投入了大量资金建设智能制造数字化车间。在研发方面,公司通过引进多款设计软 件,提高了设计工艺流程的效率；在生产方面,通过引进MES(生产管理系统)、ERP(企业一体化办公软件) 系统,实现从领料到生产、检验、入库、出库等物料的全链条追溯,引进机器人自动焊接工作站、数控车 床、激光切割机、中试生产线等高端智能装备,实现了产品设计、工艺管理智能化。"数字技术将智能 化、自动化、数字化融入制造环节,企业生产效率提高了150%,产品销售收入同比增长20 ...

长期以来，质量监管更多依赖人工抽检和企业自查，覆盖面有限、反馈滞后，往往只有在产品出现问题 后才启动召回机制，消费者的信任因此受损。随着新能源汽车、智能家电、医疗器械等高技术含量产品 快速普及，传统质量监管方式已难以应对风险。消费者对安全和品质的敏感度不断提升，社会对质量监 管提出了更高要求，如何借助科技实现从被动追责到主动防范，成为急需解决的问题。 人工智能与大数据的应用正在为这一转型提供可能。在研发环节，AI建模与仿真可在量产前预测潜在 缺陷，降低研发失误和返工率；在制造环节，工业互联网与智能传感器对生产线进行实时监控和自动检 测，显著减少次品率和系统性风险；在流通环节，产品溯源体系为每件商品建立质量信用档案；在售后 与召回阶段，AI算法通过分析用户数据与故障日志，能够迅速锁定高风险批次，使召回更精准、高 效。 新能源汽车行业的实践尤为典型。智能网联平台让远程诊断与OTA升级逐渐普及，"召回"正在从被动修 复转向实时优化和主动防护。在消费品领域，电商平台依托大数据分析退换货率和用户评价，可提前发 现潜在隐患，推进企业改进工艺。 《2025中国工业白皮书》显示，工业视觉检测系统引入后，企业平均节省约42%的 ...

Core Viewpoint - The Shandong Provincial Trade Promotion System is focusing on stabilizing the market, enterprises, expectations, and employment through precise policies and innovative services, contributing to the province's open economy [1] Group 1: Economic Activities and Market Expansion - The Shandong Provincial Trade Promotion System serves as a bridge for domestic and international market connections, emphasizing service to enterprises and organizing significant economic activities [2] - At the third China International Supply Chain Promotion Expo, Shandong showcased a "Chain on Shandong" theme with 78 enterprises and over 6,200 professional visitors, leading to 5 signed agreements and 9 cooperation intentions [2] - During the Japan Osaka Expo, Shandong focused on complementary industries with Japan, resulting in over 100 cooperation intentions and 10 signed projects [4] Group 2: Enterprise Cooperation and Market Development - The Shandong Provincial Trade Promotion System facilitates dual cooperation by inviting international delegations and organizing visits to local industries, enhancing global market access for enterprises [6] - The system has organized trade missions to countries like Brazil and Saudi Arabia, resulting in 19 cooperation intentions and the establishment of overseas warehouses in Spain and Hungary [7] - The promotion of international exhibitions has led to significant transactions, such as 60 million RMB at the Saudi-China Industrial and Building Materials Exhibition [7] Group 3: Legal Services and Risk Management - A comprehensive commercial legal service system has been established to address legal risks faced by enterprises in international markets, issuing over 23,186 certificates of origin and resolving various customs issues [9] - The system has handled 40 foreign-related commercial disputes and created a legal advisory group to support local businesses [9] Group 4: Training and Talent Acquisition - The Shandong Provincial Trade Promotion System has enhanced its training programs, covering over 11,700 enterprises and focusing on compliance and risk management [10] - Recruitment activities have been organized to address labor shortages in foreign trade, with significant participation from local enterprises and job seekers [11] Group 5: Future Directions - The Shandong Provincial Trade Promotion System aims to continue its service-oriented approach, enhancing support for enterprises and promoting high-quality development in the province's open economy [12]

Core Viewpoint - Midea has established a strategic partnership with Huawei to enhance its open ecosystem strategy, particularly focusing on the integration of "people-vehicle-home" connectivity, marking a significant development in the home ecosystem [1][3]. Group 1: Strategic Cooperation - The collaboration will focus on multiple key areas including enterprise management, AIGC, ICT infrastructure, green low-carbon initiatives, cloud services, product development, and internationalization [2]. - Midea aims to leverage Huawei's technology to accelerate the construction of its open ecosystem, particularly filling the gap of "automobiles" in the home ecosystem to counter Xiaomi's invasion in the traditional home appliance sector [3]. Group 2: AI and Smart Home Integration - The partnership will involve comprehensive cooperation in AI, with a focus on "technology empowerment + scenario implementation," establishing a special task force to tackle challenges in multi-modal AI algorithms, edge computing, and AI security [7]. - Midea and Huawei will work together to create integrated smart home solutions, enhancing product innovation and user experience through cross-brand device collaboration and scenario linkage [8]. Group 3: Broader Industry Impact - The cooperation will also encompass areas such as "people-vehicle-home" connectivity, digital energy temperature control products, and the digital transformation of medical imaging equipment [9]. - Midea's chairman emphasized the importance of connectivity and computing technology in their core layout of smart homes, smart factories, smart buildings, and smart hospitals, aiming to provide replicable "AI + industry" solutions for clients [9].

9月20日，在合肥举行的2025世界制造业大会开幕式上，中国企业联合会、中国企业家协会发布"2025中 国制造业企业500强"榜单，华为、比亚迪、美的、广汽等47家粤企上榜。尤为亮眼的是，在研发强度排 名前十的企业中，粤企占据半壁江山，展现出广东制造业在科技创新领域的强劲动能和领先地位。 | 排名 | 公司名称 | 营业收入(亿元) | | --- | --- | --- | | ব | 华为投资控股有限公司 | 8,620.72 | | 6 | 比亚迪股份有限公司 | 7,771.02 | | 20 | 美的集团股份有限公司 | 4,090.84 | | 22 | 广州汽车工业集团有限公司 | 4,033.54 | | 35 | 广州工业投资控股集团有限公司 | 2,758.96 | | 38 | 立讯精密工业股份有限公司 | 2,687.95 | | 40 | 中国电子信息产业集团有限公司 | 2,664.38 | | 45 | 广州医药集团有限公司 | 2,530.11 | | 66 | 珠海格力电器股份有限公司 | 1,891.64 | | 71 | 中国国际海运集装箱(集团)股份有限公司 | 1,7 ...

Group 1: AI Integration in Consumer Electronics - The Berlin International Consumer Electronics Show showcased AI technologies that are becoming integral to consumer products, transforming them into "smart partners" for users [1] - Companies like TCL emphasize that AI will significantly change home appliances through advancements in image recognition and natural language processing [1] - The trend is shifting from single-function devices to AI-enabled products that can understand their environment and interact with users, enhancing convenience in daily tasks [1] Group 2: Innovations in AI-Driven Devices - The exhibition featured innovative AI devices, such as a garden care robot capable of various tasks like trimming and interacting with pets, highlighting the multifunctionality of modern technology [1] - Laurastar's CEO noted that AI's potential in guiding user behavior and promoting sustainable practices is increasingly recognized, with applications that help optimize energy use [1] - New devices like a robotic vacuum with a mechanical arm and AI-powered smart glasses demonstrate the expanding capabilities of AI in everyday life [1] Group 3: Emerging Concepts in Pet Technology - GlocalMe introduced a "pet phone" that allows pets to initiate calls, showcasing a shift towards more interactive and intelligent pet care solutions [2] - The integration of AI in pet health management and emotional recognition is expected to enhance the bond between pets and their owners, making life more convenient [2] Group 4: Industry Concerns and Challenges - Industry players express concerns about the risks of product homogenization and over-automation as AI technologies proliferate [3] - There is a growing phenomenon of "AI fatigue," where many products claim to use AI but do not deliver substantial improvements in consumer life [3] - The focus should remain on whether AI genuinely enhances convenience and simplifies household tasks, rather than just being a technological gimmick [3]