高端装备制造行业 市场研究部 2025 年 11 月 28 日 中国首批 15 家领航级智能工厂公布， 智能制造跃升新标杆 事件描述 2025 年 11 月 27 日，工业和信息化部等六部门在南京举办的 2025 世 界智能制造大会上，联合公布中国首批 15 家领航级智能工厂名单， 涵盖装备制造、原材料、电子信息、消费品四大核心行业。入选企业 包括南钢股份、中联重科、上汽通用五菱、海康威视、海尔智家等龙 头，标志着我国智能制造正式迈入"智能化"跃升新阶段。 核心优势与技术突破分析 1. 模式创新：破解行业痛点，定义制造新范式。共享制造（中联重 科）： 全球首创跨品类协同共享制造，实现挖掘机、起重机、泵车等 4 大工程机械品类的混流生产，结构件在制库存降低 70%，挖掘机单台 生产周期仅需 6.5 天（全球最短），换产零切换。岛式制造（上汽通用 五菱）： 打破传统流水线限制，构建三大岛群、16 个工艺岛的柔性产 线，支持 24 种车型混合生产，产线设备综合利用率达 98.8%，车身车 间换产耗时缩短 67%。预测式制造（宝钢股份）： 人工智能驱动的硅 钢全流程优化，成品库存下降超 50%，订单交付效率提升 30 ...

经济要闻 1. 香港特区政府：因应日本政府单方面决定把福岛核电站核污水排放大海， 食物环境衞生署署长已发出《食物安全命令》，禁止源自日本 10(都)县的水 产、海盐和海藻食品进口本港，受禁(都)县包括东京、福岛、茨城、宫城、 千叶、群马、栃木、新潟、长野和埼玉。（资料来源：同花顺） 2. 国家发展改革委：主任郑栅洁再次主持召开服务业民营企业座谈会，围绕 "十五五"规划《纲要》编制，听取关于促进服务业高质量发展的意见建议。 郑栅洁主任表示，服务业融通产供运销、千行百业，关乎衣食住行、千家万 户，服务业高质量发展对稳就业、扩投资、促消费、惠民生等具有重要作用。 （资料来源：同花顺） 3. 财政部：1-10 月，全国国有及国有控股企业营业总收入同比增长 0.9%， 利润总额同比下降 3.0%。一、营业总收入。1-10 月，国有企业营业总收入 683529.3 亿元，同比增长 0.9%。二、利润总额。1-10 月，国有企业利润总 额 34214.4 亿元，同比下降 3.0%。三、应交税费。1-10 月，国有企业应交 税费 48729.2 亿元，同比增长 0.5%。四、资产负债率。10 月末，国有企业 资产负债率 65 ...

Core Viewpoint - The healthy development of small and medium-sized enterprises (SMEs) is crucial for improving industrial structure and unleashing innovation in China's economy, especially in the context of the ongoing global industrial restructuring and the new wave of technological revolution [1][3]. Group 1: Importance of SMEs - SMEs are key players in driving innovation and industrial upgrades, showcasing resilience and growth potential amid rapid technological advancements and global market changes [3][5]. - The "Future 20 · 2025 A-share Listed Companies Growth Power Annual Conference" aims to highlight and track value growth enterprises in China, filling research gaps in the capital market [3][6]. Group 2: Growth Strategies - Many surveyed enterprises indicated that accelerating overseas expansion is a vital strategy for growth, whether through mergers and acquisitions or investments to enhance production capacity and industry ecosystems [5][6]. - The focus on improving core business efficiency and seeking new growth avenues is a significant theme for enterprises in 2025, reflecting a commitment to navigating economic cycles and expanding operations [5][6]. Group 3: Event Overview - The upcoming conference will feature discussions among experts from finance and industry, exploring opportunities and challenges faced by Chinese enterprises in the context of technological empowerment and economic transformation [6]. - The agenda includes keynote speeches, award ceremonies for outstanding companies, and roundtable discussions on sustainable market expansion and collaboration between investors and listed companies [7].

11月28日，"产投28计划"首场路演活动在成都举行。继上个月该计划正式发布后，这项旨在将资本对 接"日历化"、将产业培育"生态化"的月度常态化机制，正成为成都创新生态的一个新符号。 活动现场，来自北京、上海、杭州、重庆及成都等地的40家科创企业集结，与国内头部创投机构及券商 代表齐聚一堂。在全天的平行路演中，路演企业按照电子信息、新能源新材料、健康产业、装备制造四 大核心赛道分组登场，与会场评审团展开了一场高密度的精准对接。 截至目前，"产投28计划"后台已收到各类科创项目商业计划书（BP）超百份。聚焦优质科创项目，通 过"12345"系统化服务框架，"产投28计划"正试图通过每月28日这一时间刻度，加速构建一个要素富 集、链条完整的"产业雨林"。 以"分"定"投"，提高对接精准度与实效性 路演开始前，配套的"产投28计划"路演规则率先发布。作为主办方代表，成都科创投集团副总经理杨巧 敏在现场从两个维度进行了解读：一是未来产业基金的投向与筛选原则，二是路演的核心规则与评审机 制。 在基金投向方面，未来产业天使基金与创投基金两只基金实行"双基金并行、双路径运作、全生命周期 覆盖"的战略布局，核心聚焦"9+9+ ...

Group 1 - The healthy development of small and medium-sized enterprises (SMEs) is crucial for improving industrial structure and unleashing innovation in China's economy [1][2] - The "Future 20·2025 A-share Listed Companies Growth Power Annual Conference" will focus on the growth of SMEs in the capital market, featuring government leaders, experts, and representatives from growth-oriented companies [1][2] - The event aims to identify and track value growth enterprises in China, analyzing their development potential and extracting successful experiences to fill research gaps in the capital market [2][3] Group 2 - SMEs are seen as key players in innovation and industrial upgrading, adapting to rapid technological changes and global industrial restructuring [2][3] - Many surveyed companies indicated that expanding overseas is a vital strategy for growth, either through mergers and acquisitions or by investing in capacity and industrial ecosystems abroad [3] - The conference will include discussions on sustainable overseas market strategies and how companies can achieve mutual growth with investors [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since 2023, the implementation of the "Comprehensive Debt Resolution Plan" has achieved phased results. In December 2024, Document No. 99 provided a clear path for key provinces to exit. Driven by continuous debt resolution policies, Heilongjiang, Jilin, and Liaoning have achieved certain results in debt resolution, with reduced implicit debt ratios and effectively relieved regional debt pressure. The three northeastern provinces are close to meeting the criteria for exiting the list of key provinces and are expected to be the first to exit in the future [2][5][71]. - Although the asset structures of bond - issuing urban investment enterprises in Changchun, Harbin, Shenyang, and Dalian show varying degrees of transformation, with a continuous decline in the proportion of urban investment income, their profits still mainly come from government subsidies, and their self - hematopoietic ability has not been fundamentally improved. The actual transformation path is long and arduous, and it is necessary to thoroughly implement the strategic deployment for the comprehensive revitalization of Northeast China in the new era [3][73][74]. - Urban investment enterprises can rely on regional resource endowments and strategic positions to cultivate industrial clusters with regional characteristics, achieve maximum industrial value - added through regional collaboration and differential development, eliminate inefficient and ineffective investments, and enhance their profitability and self - hematopoietic ability, thereby improving the fiscal health of local governments and providing strong support for regional high - quality development [3][74]. 3. Summary by Relevant Catalogs 3.1 Introduction - Since 2023, the "Comprehensive Debt Resolution Plan" has achieved phased results. In early 2024, the State Council required key provinces to strengthen the management of government investment projects to prevent and resolve local debt risks. Northeast China, as an important old industrial base, has heavy regional debt pressure and is included in the 12 key debt - resolution provinces [5]. - Document No. 99 proposed exit criteria for key provinces, including two quantitative indicators (implicit debt ratio and local financial debt/GDP) and one qualitative indicator (ability to prevent and resolve local debt risks without policy support), and put forward clear requirements for the exit progress of financing platforms [6][7]. 3.2 Analysis of Debt Resolution Progress and Achievements in the Three Northeastern Provinces 3.2.1 Economic, Fiscal, and Debt Resolution Situations in the Three Northeastern Provinces - **Regional Development and Economic - Fiscal Conditions**: The three northeastern provinces are important gateways for opening up to Northeast Asia, with advantages in agriculture, industry, and characteristic industries. However, in 2024, the population decreased by over 800,000, mainly due to low birth rates, deep - seated aging, and labor outflow. In terms of economy and finance, Liaoning ranks high among key provinces, while Heilongjiang and Jilin are in the middle - lower reaches. In terms of debt, Yunnan and Guizhou have heavy debt burdens, Liaoning ranks in the middle, Heilongjiang has relatively low debt, and Jilin has a relatively high debt ratio [9][10]. - **Debt Resolution Progress**: As of the end of 2024, the implicit debt ratios of the three northeastern provinces are lower than the average of the eight non - key provinces with relatively high implicit debt ratios, meeting the quantitative requirements. Heilongjiang and Liaoning have basically met the two quantitative indicators. The three northeastern provinces have made significant progress in debt resolution through various measures. For example, some areas in Heilongjiang have reduced debt risk levels, Jilin has significantly reduced implicit debt, and the number of financing platforms in Jilin and Liaoning has decreased by over 50% [14][17][21]. 3.2.2 Economic, Fiscal, and Debt Resolution Situations in Key Cities of the Three Northeastern Provinces - **Economic, Fiscal, and Debt Conditions**: Among the 11 key cities selected, Dalian, Shenyang, Changchun, and Harbin have relatively large GDP and general public budget revenues. In 2024, the government debt balances and debt ratios of key cities increased compared with the end of 2023 [28][30][31]. - **Debt Scale and Repayment Pressure of Bond - Issuing Urban Investment Enterprises**: As of the end of 2024, there are 25 bond - issuing urban investment enterprises in the three northeastern provinces. Changchun's bond - issuing urban investment enterprises have a significantly higher interest - bearing debt scale. Most cities' bond - issuing urban investment enterprises' interest - bearing debt scales decreased in 2024 compared with the end of 2023, but the debt pressure of Changchun, Harbin, and Shenyang increased, while that of Dalian decreased [35][36]. - **Analysis of Debt Resolution Progress and Achievements in Key Cities**: In 2024, the implicit debt scales and implicit debt ratios of key cities in the Northeast decreased. Most key cities' bond - issuing urban investment enterprises' financing costs decreased or remained the same compared with the previous year. The spreads of bond - issuing urban investment enterprises in key cities generally decreased [40][46][48]. 3.3 Exploration and Analysis of Development Transformation in Key Cities of the Three Northeastern Provinces 3.3.1 Financial Performance of Urban Investment Enterprises' Transformation - **Investment - related Assets**: From 2022 - 2024, the investment - related assets of Changchun and Shenyang's bond - issuing urban investment enterprises increased, Harbin's remained stable, and Dalian's decreased. The proportion of investment - related assets in Changchun, Shenyang, and Dalian increased [54]. - **Urban Investment - related Assets**: Shenyang and Harbin's bond - issuing urban investment enterprises reduced urban investment - related assets, while Changchun's increased, and Dalian's showed a relative expansion [55]. - **Operation - related Assets**: Changchun's bond - issuing urban investment enterprises' operation - related assets showed a relative contraction, Harbin and Dalian's contracted, and Shenyang's expanded [59]. - **Urban Investment Business Income**: The proportion of urban investment business income of bond - issuing urban investment enterprises in Changchun, Harbin, Shenyang, and Dalian decreased [60]. - **Profitability and Profit Structure**: From 2022 - 2024, Changchun's bond - issuing urban investment enterprises' profitability declined, while Harbin, Shenyang, and Dalian's increased. However, the profits of these enterprises still mainly come from government subsidies [62]. 3.3.2 Industrial Upgrading Directions in Key Cities and Market - oriented Participation of Urban Investment Enterprises - **Industrial Upgrading Directions**: Changchun focuses on the automobile industry and new clusters, Harbin builds a modern industrial system through innovation, Shenyang upgrades its industries in a high - end, intelligent, and green manner, and Dalian develops marine - related industries [66]. - **Market - oriented Participation of Urban Investment Enterprises**: Urban investment enterprises in Changchun, Harbin, Shenyang, and Dalian participate in industrial transformation through infrastructure investment, industrial fund operation, and equity investment [67]. 3.4 Summary and Outlook - The three northeastern provinces have achieved certain results in debt resolution and are close to meeting the criteria for exiting the list of key provinces. Key cities show different debt situations. Although the asset structures of bond - issuing urban investment enterprises in some key cities show transformation, their self - hematopoietic ability has not been fundamentally improved [71][72][73]. - Urban investment enterprises in the three northeastern provinces need to carry out industrial investment around regional industrial upgrading directions, enhance their self - hematopoietic ability, and promote regional high - quality development [74].

工业和信息化部等六部门在开幕式上公布了我国首批领航级智能工厂名单。这标志着我国智能制造进入 从数字化、网络化迈向智能化的关键跃升期。 宝山钢铁股份有限公司——高端绿色硅钢预测式制造智能工厂、上海航天设备制造总厂有限公司——高 可靠规模化宇航产品全流程链动智能工厂、徐州重型机械有限公司——全球定制敏捷交付的移动式起重 机智能工厂、南京钢铁股份有限公司——产业链深度协同的特殊钢个性化定制智能工厂、中国石油化工 股份有限公司镇海炼化分公司——基于全局优化的自主执行绿色石化智能工厂、杭州海康威视 （002415）数字技术股份有限公司——物联感知产品大规模个性化定制智能工厂、潍柴动力（000338） 股份有限公司——基于数智精益模式的高端发动机智能工厂、青岛海尔中央空调有限公司——中央空调 全流程定制化服务与智慧集成智能工厂、长飞光纤（601869）光缆股份有限公司——面向极致工艺的棒 纤缆全产业链一体化智能工厂、武汉京东方光电科技有限公司——极致效率驱动的10.5代液晶面板智能 工厂、中联重科（000157）股份有限公司——挖掘机共享制造智能工厂、格力电器（000651）（珠海金 湾）有限公司——全价值链格力协同屋空 ...

南通港闸开发区 "十四五"期间，港闸经济开发区稳步推进新型工业化，因地制宜发展新质生产力，构建起"三优三新"主 导产业格局，在长三角产业版图上描绘出独具特色的发展路径。 精准落子，布局新兴赛道 走进港闸经济开发区，传统工业园区的机器轰鸣与新兴产业的蓬勃创新在这里交汇。在这片曾经以装备 制造、船舶海工、高端纺织为主导的土地上，一场产业变革正在悄然发生。 港闸经济开发区的产业转型不是推倒重来，而是基于自身制造业基础的精妙落子。 装备制造、船舶海工、高端纺织三大传统优势产业通过技术改造升级，智能装备、电子信息、新材料三 大战略性新兴产业则持续壮大。港闸经济开发区把握外引、内培、提质三个关键，力求实现数量、质量 和规模的三重提升。 五年来，港闸经济开发区累计招引20亿元项目5个、10亿元项目13个、5亿元项目40个，认定省级外资研 发中心1家、省级外资功能性机构1家。在长三角地区的激烈竞争中，园区凭借精准定位、错位发展赢得 了自己的一席之地。 深南路南、永通路西侧，一片近40亩土地上，华睿智连华东研发生产基地建设正酣。这个总投资5亿元 的项目从洽谈到正式签约注册，招商团队仅用了不到4个月时间。"企业总部在东莞，我们从 ...

Group 1: Industrial Profit Growth - In the first ten months of the year, profits of large-scale industrial enterprises increased by 1.9% year-on-year, marking three consecutive months of growth since August 2025 [1] - Profits in the equipment manufacturing sector grew significantly, with a year-on-year increase of 7.8%, accounting for 38.5% of total profits in large-scale industrial enterprises, an increase of 2.0 percentage points from the previous year [3] - Seven out of eight major categories in the equipment manufacturing sector reported profit growth, particularly in railways, shipping, aerospace, and electronics, which saw double-digit profit increases [3] Group 2: High-tech Manufacturing Performance - Profits in the high-tech manufacturing sector rose by 8.0% year-on-year during the same period, with strong growth observed in smart electronics, unmanned aerial vehicles, smart vehicle equipment, semiconductor manufacturing, and precision instruments [5] Group 3: Consumption Promotion Policies - The Ministry of Industry and Information Technology, along with five other departments, introduced a plan to enhance the adaptability of supply and demand in consumer goods, aiming to boost consumption [6][10] - The plan outlines 19 key tasks across five areas, focusing on accelerating the application of new technologies and models, expanding the supply of unique and new products, and precisely matching the needs of different consumer segments [10] - By 2027, the goal is to establish three trillion-yuan consumption sectors and ten hundred-billion-yuan consumption hotspots, with a vision for a high-quality development pattern by 2030 [13][15] Group 4: Credit Repair Mechanism - The State Administration for Market Regulation announced a new Credit Repair Management Measures to assist more enterprises in correcting mistakes and restoring their credit [16][19] - The measures include a systematic approach to credit repair, detailing conditions, procedures, and special circumstances, allowing businesses to rebuild their credit in a structured manner [21] - The new regulations categorize violations into "minor, general, and serious," with varying public disclosure periods, and reduce the processing time for credit repair from 15 working days to 7 [23]

Core Viewpoint - The global capital markets have seen a rare phenomenon where both technology stocks and gold have risen simultaneously, reflecting the deep intertwining of "uncertainty" and "certainty" during economic transformation. Gold serves as a safety net against global economic divergence and geopolitical risks, while technology stocks represent market bets on future growth driven by industrial transformation and technological breakthroughs [1]. Group 1: Performance Fundamentals - The company has established a solid performance foundation through "multi-business synergy + global layout," demonstrating strong anti-cyclical capabilities amid global economic divergence and intensified domestic competition. In the first half of the 2025-2026 fiscal year, the company achieved a revenue of HKD 3.26 billion, a year-on-year increase of 25.7%, and a net profit of HKD 168 million, up 1.1% year-on-year [2]. - The core business of die-casting machines generated revenue of HKD 2.26 billion, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5%. The die-casting segment's profit reached HKD 230 million, up 35.3% year-on-year, continuing to lead industry development [2][3]. - The company's die-casting machine business has maintained stable demand by focusing on key growth sectors such as new energy vehicles and new materials, leveraging its technological advantages to secure orders from leading clients [2]. Group 2: Business Segments - The injection molding machine business achieved revenue of HKD 920 million, a year-on-year increase of 4.4%, with notable product structure optimization. For instance, the FA3550T large two-plate injection molding machine was customized for a client in the new energy vehicle sector, addressing market lightweight demands [4]. - The CNC machining center business has enhanced market reach through continuous product performance iterations and management optimization [4]. - The company has successfully penetrated emerging markets, with injection molding machine sales in Vietnam increasing by 150% year-on-year, and has established strong partnerships with leading clients in various sectors [5]. Group 3: Growth Drivers - The company is actively positioning itself in the magnesium alloy sector, which has become a core material for lightweight transformation in industries such as automotive and robotics. The sales revenue of magnesium alloy equipment is expected to grow over 400% by 2025 [7][8]. - The TPI technology developed by the company enhances component strength by 30%, making it a core supplier for leading automotive manufacturers. Recent collaborations in the humanoid robot sector further demonstrate the company's strategic foresight [10][11]. - The company has also ventured into the field of amorphous alloys, developing specialized die-casting units that meet the stringent requirements of high-strength and high-elasticity components for various applications [12]. Group 4: Valuation Potential - The company's dynamic price-to-earnings ratio stands at 12.78 times, positioned at the 30.31 percentile, indicating that the current valuation does not fully reflect its growth premium. The company has shown steady revenue growth despite a complex environment, with new businesses like magnesium alloys entering a rapid growth phase [13]. Conclusion - The company, as a leader in high-end equipment manufacturing, possesses both performance certainty supported by diverse business operations and long-term growth potential driven by technology. Its positioning as a "scarce value target" in the manufacturing upgrade wave is becoming increasingly clear, with ongoing advancements in new business areas likely to lead to further valuation reassessment [15].