9月17日上午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍砥砺奋进"十四五"，中央企业高质量发展情况。 编辑 王佳箐 任卓 【来源：九派新闻】 首先是产业格局为之一新。中央企业聚焦9个战略性新兴产业和6个未来产业，结合企业资源禀赋，进行系统化布局，逐步积厚成势。"十四 五"以来，中央企业在战略性新兴产业领域的累计投资达到8.6万亿元，比"十三五"时期有了大幅提升，在集成电路、生物技术、新能源汽车等 领域的发展速度明显加快，在人形机器人、超导量子计算等前沿领域也实现了突破，在工业母机、新材料等领域的托底保障能力不断增强，总 体上呈现出"梯次拓展、合力并进"这样一种产业发展新格局。 第二是增长动能为之一新。战略性新兴产业的持续投入，有效拓展了企业发展空间。2024年中央企业在战略性新兴产业领域的营业收入突破11 万亿元，近两年营收贡献度提升8个百分点，新一代信息技术、高端装备等5个领域的收入均超过万亿元，中央企业新能源累计发电并网装机容 量约占全国的一半，工业软件市场规模占全国比例超20%。 第三是发展模式为之一新。随着战略性新兴产业的加速布局，企业发展模式也受到深刻影响。中央企业扎 ...

近日，中国AIoT行业头部企业特斯联与"人形机器人第一股"优必选宣布达成战略合作。依托特斯联搭 建的空间智能感知、推理及行动层面的空间信息处理技术闭环，及优必选在人形机器人领域领先的全栈 式技术自研能力，双方将围绕"空间智能+具身智能"展开深度合作，彼此开放并共享空间智能与具身智 能创新技术，打造以空间智能为底层的多模态训练全新范式，共同推动智能体机器人的全面落地。 特斯联凭借其搭建的三层架构——AIoT领域模型、AIoT基础设施层、AIoT智能体层让机器人看得懂世 界，而优必选这类人形机器人也为空间智能打通了落地的"最后一公里"。二者结合后，人形机器人不仅 能够自主移动、执行精细操作，更作为实时感知与交互的智能终端，在真实物理场景中持续验证、增强 空间推理模型的性能。其在运行过程中所生成的多模态交互数据，持续丰富空间数据资源，进一步反哺 和优化模型的空间推理能力，推动系统持续进化。 据悉，优必选具备行业领先的机器人硬件与控制技术、人工智能技术、机器人与人工智能融合技术以及 机器人操作系统应用框架。优必选科技创始人、董事会主席兼CEO周剑认为，空间智能是机器人与物理 世界交互的重要支撑。机器人要从单一执行工具 ...

长三角是中国创新资源最为密集、产业体系最为完善的区域之一。为了更加系统地观察和呈现这一地区 重点产业的发展脉络，我们策划推出"数观产业"系列文章。本系列立足数据驱动，结合一线企业走访与 专家访谈，力求揭示产业趋势与区域协同的新动向。本文为该系列观察的第1篇。 针对人形机器人产业普遍面临的标准体系不完善问题，2025年以来标准制定进程明显加快，长三角多个 人形机器人重点城市率先展开积极探索与布局。 9月，市场监管总局例行发布会提到，当前全国机器人标委会正全力推动15项人形机器人国标研制。5 月，张江启动标准互认计划，沪浙皖等地联手推进5项国标互认；上海机器人产业技术研究院颁出全球 首张"中国标准"CR证书，标志着中国在人形机器人的标准领域成功跻身国际赛道。 人形机器人在长三角的基本发展格局与分工如何？在标准制定上又有怎样的动态与贡献？本文基于产业 数据，结合对4家长三角人形机器人企业的调研，并采访上海机器人产业技术研究院院长郑军奇进行解 读。 全国三成人形机器人企业在长三角 长三角是中国人形机器人企业集中度最高的城市群。截至2025年9月，长三角三省一市共有8686家以人 形机器人为核心业务的企业，占全国31. ...

9月17日，国务院国资委副主任袁野在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上 表示，中央企业聚焦9个战略性新兴产业和6个未来产业，逐步积厚成势。"十四五"以来，中央企业在战 略性新兴产业的投资达到8.6万亿元，比"十三五"时期大幅提升。在集成电路、生物技术、新能源汽车 等领域发展速度明显加快，在人形机器人、超导量子计算等前沿领域也实现了突破。在工业母机、新材 料领域托底保障能力不断增强。总体上呈现出梯次拓展，合力并进的产业发展新格局。（人民财讯） ...

Core Insights - The report indicates that China's stock market has shown signs of recovery with a slight increase in revenue and profit for listed companies in the first half of 2025, reflecting a year-on-year growth of 0.16% in revenue and 2.54% in net profit [1] Financial Performance - Nearly 60% of companies reported revenue growth, with over 75% achieving profitability; 2,475 companies saw positive net profit growth, and 1,943 companies experienced both revenue and net profit growth [2] - Excluding the financial sector, the revenue of real economy listed companies remained stable at 30.42 trillion yuan, while net profit increased by 0.94% to 1.59 trillion yuan [2] - The growth rates for companies listed on the ChiNext, STAR Market, and Beijing Stock Exchange were notably higher, with revenue growth of 9.03%, 4.9%, and 6.08% respectively, and net profit growth of 11.18% for ChiNext [2] Sectoral Insights - The automotive and home appliance sectors showed significant growth, with net profit growth exceeding 30% for new energy vehicles and over 9% for home appliances [3] - The logistics sector also performed well, with a 10% revenue increase among five listed companies in the express delivery industry [3] - The manufacturing sector demonstrated resilience, with all ten sub-sectors achieving profitability, particularly in electrical, electronic, and communication industries [2] Innovation and R&D - Total R&D investment across the market exceeded 810 billion yuan, marking a 3.27% year-on-year increase, with a notable rise in R&D intensity among the ChiNext and STAR Market [4] - The introduction of new regulations for the Sci-Tech Innovation Bond market has led to significant financing, with over 824 bonds issued, raising more than 1.02 trillion yuan [4] Policy and Market Trends - Policies aimed at reducing competition in key sectors like photovoltaics and steel have begun to show results, with capital expenditures in photovoltaic equipment companies decreasing by 49.52% [5] - The government is promoting the commercialization of AI applications, with the humanoid robot sector experiencing double-digit growth in both revenue and net profit [5] Shareholder Returns - There has been a marked increase in shareholder return awareness, with 818 companies announcing cash dividend plans, resulting in a total dividend payout of 649.7 billion yuan, reflecting a slight increase in the overall dividend payout ratio [6] - The trend of regular dividends and share buybacks is becoming normalized, with state-owned enterprises contributing significantly to the total dividend amount [6] Market Dynamics - The capital market is evolving into a virtuous cycle, where technology-driven companies are expanding through financing, leading to new productivity and sustained growth in shareholder returns [7]

Core Insights - The report indicates that China's stock market has shown signs of recovery with a slight increase in revenue and profit for listed companies in the first half of 2025, reflecting a year-on-year growth of 0.16% in revenue and 2.54% in net profit [1][2] Group 1: Financial Performance - Nearly 60% of companies in the market reported positive revenue growth, with over 75% achieving profitability [2] - Excluding the financial sector, the revenue of real economy listed companies remained stable at 30.42 trillion yuan, while net profit increased by 0.94% to 1.59 trillion yuan [2] - The growth rates for companies listed on the ChiNext, STAR Market, and Beijing Stock Exchange were notably higher, with revenue growth of 9.03%, 4.9%, and 6.08% respectively, and net profit growth of 11.18% for ChiNext [2] Group 2: Sectoral Insights - The automotive and home appliance sectors experienced significant growth, with net profit increases exceeding 30% and revenue growth over 9% respectively [3] - The logistics sector also showed resilience, with a 10% revenue increase among five listed companies in the express delivery industry [3] - The shipbuilding industry led global exports with a 38.6% increase in delivery value, while overall revenue growth for listed companies in this sector was 23.42% [3] Group 3: R&D and Innovation - Total R&D investment across the market exceeded 810 billion yuan, marking a 3.27% year-on-year increase, with a notable rise in R&D intensity among the ChiNext and STAR Market [4] - The introduction of new regulations for the sci-tech bond market has facilitated the issuance of 824 bonds, raising over 1.02 trillion yuan, with a significant portion attributed to private enterprises [4] Group 4: Corporate Governance and Shareholder Returns - The number of companies announcing cash dividend plans has increased, with a total of 818 companies disclosing such plans, resulting in a total cash dividend of 649.7 billion yuan [6] - The overall dividend payout ratio reached 31.97%, slightly up from the previous year, indicating a growing trend towards regular and standardized profit distribution [6] - The willingness of private companies to distribute dividends has also increased, with 15 companies announcing dividends exceeding 1 billion yuan [6] Group 5: Market Dynamics - The capital market is evolving into a virtuous cycle where technology-driven companies are expanding through financing, leading to new productivity and rapid growth [7] - The interplay between production and consumption is fostering a robust drive for high-quality development in the capital market [7]

Market Overview - The US stock market is currently in a cautious state, with major indices remaining flat and individual stocks showing mixed performance, reflecting market apprehension towards the Federal Reserve's decisions [1] - The market anticipates at least a 25 basis point rate cut from the Federal Reserve, but uncertainty remains due to inflation not returning to the 2% target despite signs of employment weakness [1] A-Share Market - The A-share market is also exhibiting caution, with various positive news such as domestic substitution and new energy developments failing to push the index above 3900 points [2] - There is a prevailing sentiment of concern in the market, and without significant positive catalysts, the market is likely to remain volatile [2] Industry Developments - Yushutech and State Grid Hangzhou Power Supply signed a framework cooperation agreement focusing on "Electricity + Embodied Intelligence," aiming to promote the integration of AI and energy sectors [5] - Tencent is accelerating its infrastructure development and global expansion, adapting its products to fit global technology ecosystems, which is beneficial for both Tencent and the AI industry [6] - The US and China are engaging in economic negotiations in Madrid, reaching preliminary consensus on issues related to TikTok, which may help alleviate investment barriers and enhance economic cooperation [7] - CATL launched its first sodium-ion battery certified by new national standards, which, while having slightly lower energy density than lithium batteries, offers advantages in low-temperature performance, carbon emissions, and safety, potentially reducing reliance on lithium resources [9] - Data shows that the growth rate of household deposits in August was approximately 9.8%, indicating a shift towards investment channels like the stock market, especially in anticipation of potential interest rate cuts [10] - The successful launch of a satellite by the Jiuquan Satellite Launch Center marks the 595th flight of the Long March series rockets, showcasing advancements in satellite internet technology [10] - According to CINNO Research, the revenue of the top ten global semiconductor equipment manufacturers is expected to exceed $64 billion in the first half of 2025, reflecting a year-on-year growth of approximately 24% [10]

Group 1: Tourism Industry - The Ministry of Commerce and nine other departments have released policies to expand service consumption, encouraging flexible school holiday arrangements to increase tourism opportunities [1] - In 2024, China's tourism is projected to reach 5.615 billion trips, generating revenue of approximately 57,543.20 billion yuan, with family and parent-child travel concentrated during traditional holidays [1] - The introduction of spring and autumn breaks is expected to alleviate overcrowding at popular tourist destinations, allowing for better resource utilization in the hotel and transportation sectors, leading to more stable growth in the tourism market throughout the year [1] Group 2: SSD Market - The demand for enterprise-level SSDs is expected to surge due to the growing storage needs of AI data centers, with a significant shift from HDD to eSSD anticipated by 2026 [2] - TrendForce reports that the price of NAND flash memory is expected to rise starting March 2025, with enterprise SSD contract prices projected to increase by 5-10% in Q3 and again in Q4 of 2025 due to ongoing supply-demand imbalances [2] - The share of enterprise SSDs in the market is expected to grow from 23% in 2024 to 31% by 2027, driven by the advantages of speed, low latency, and high storage density [2] Group 3: Humanoid Robotics - Figure, a leading humanoid robotics company, is set to make three major announcements in the coming days, focusing on achieving human-level intelligence [3] - Since its establishment in 2022, Figure has attracted significant investment from major tech companies and has begun commercializing its humanoid robots in industrial settings [3] - The company plans to produce 100,000 units over the next four years, positioning itself as a frontrunner in the humanoid robotics sector [3] Group 4: VR Glasses - Meta is set to unveil new AI-integrated smart glasses at the Meta Connect 2025 event, with one model expected to feature a display and priced around $800 [4] - This new product aims to differentiate itself from existing lower-priced models, indicating a shift towards higher-end offerings in the smart glasses market [4] - Meta's integration of AI into smart glasses is seen as a significant step in expanding the capabilities and market potential of this technology [4]

Core Viewpoint - Zhejiang Rongtai has experienced significant stock price appreciation, with a year-to-date increase of over 382% and a cumulative rise of 735% since the "924" market in 2024, driven by its entry into the humanoid robot sector and strong performance in its core business related to the new energy industry [1][2][3]. Group 1: Stock Performance and Market Position - On September 16, Zhejiang Rongtai's stock rose by 2.82%, bringing its total market capitalization to nearly 39 billion yuan [1]. - The stock has seen a remarkable increase of 735% since the "924" market in 2024, indicating strong investor interest [2][3]. - The company has established itself as a key player in the new energy industry, with its main products closely linked to this sector [2]. Group 2: Business Expansion and Acquisitions - Zhejiang Rongtai has made strategic acquisitions, including a 51% stake in Diz Precision and a 15% stake in Jinli Intelligent, to enhance its capabilities in the humanoid robot components market [1][3]. - The establishment of Zhejiang Rongtai Intelligent Robot Co., Ltd. marks the company's commitment to entering the humanoid robot industry [3]. - The company has also been recognized as a supplier to Tesla, which has contributed to its revenue growth [4]. Group 3: Financial Performance - In the first half of the year, Zhejiang Rongtai reported revenue of 572 million yuan, a year-on-year increase of nearly 15%, and a net profit of 123 million yuan, up approximately 22.2% [4]. - The second quarter saw revenue of 310 million yuan, reflecting an 8.4% year-on-year growth, with a net profit of 60 million yuan, an 18% increase [4]. Group 4: Shareholder Activity - Notable investors, including Zhang Jianping, have increased their stakes in Zhejiang Rongtai, with Zhang holding 10.91 million shares as of the second quarter [6][7]. - Other funds, such as Yongying Advanced Manufacturing and Penghua Carbon Neutrality, have also entered the top shareholders list, indicating strong institutional interest [6][7]. Group 5: Leadership and Company History - The company was founded by Ge Tai Rong and Cao Mei Sheng, who have a background in the woolen sweater business and transitioned into the production of high-temperature resistant insulation materials for the new energy sector [8][9]. - Zhejiang Rongtai has expanded its production bases in various regions, including Hunan, Zhejiang, and Vietnam, and is establishing warehouses in Germany to support its international operations [10].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Viewpoints - The mechanical industry is experiencing a recovery in demand, particularly in the engineering machinery sector, driven by significant projects such as the construction of the Yarlung Tsangpo River hydropower project, which is expected to generate substantial new demand for engineering machinery [14][15] - The humanoid robot sector is poised for a breakthrough in 2025, with mass production expected to drive down costs and enhance data collection capabilities, thus promoting wider adoption [6] - Liquid cooling technology is becoming increasingly important due to the rising power consumption of chips, with a projected increase in the adoption of liquid cooling systems in data centers [7][8] Summary by Relevant Sections Humanoid Robots - Significant investments in humanoid robotics have been made, including a nearly 1 billion yuan A+ round financing for a startup focused on embodied intelligence [4] - The year 2025 is anticipated to be a pivotal year for humanoid robot mass production, with expectations of overcoming data scarcity issues [6] Liquid Cooling - Innovations in liquid cooling technology are being driven by the need for efficient thermal management in high-performance chips, with a notable shift towards liquid cooling systems in new data centers [7][8] Engineering Machinery - The engineering machinery sector is benefiting from the commencement of major infrastructure projects, with domestic sales of excavators showing a year-on-year increase of 14.8% in August 2025 [15] - The report highlights the potential for continued growth in the engineering machinery sector due to policy support and the ongoing internationalization and electrification trends [15] Robotics and Automation - The report notes a significant increase in the sales of various types of forklifts, with a year-on-year growth of 14.4% in July 2025, indicating a robust market for automated solutions [16] - The penetration rate of unmanned forklifts is expected to rise significantly, with a projected 39.3% increase in sales in 2025 [16] Semiconductor Equipment - The report discusses the acceleration of domestic substitution for semiconductor equipment due to geopolitical tensions and trade restrictions, emphasizing the importance of local manufacturers [18][19] New Energy Equipment - The report highlights advancements in battery technology, including the introduction of solid-state batteries, which are expected to revolutionize the energy storage market [21][22]