每经记者｜杨建 每经编辑｜肖芮冬 10月20日，可重复使用火箭朱雀三号首飞箭顺利完成加注合练及静态点火试验，进入首飞关键准备阶 段，为今年正式入轨发射及一级回收开展各项准备。朱雀三号是我国面向大型星座组网任务，自主研制 的一款大运力、低成本、可重复使用的液体运载火箭，可在执行轨道发射任务后自主高精度返回，在回 收场实现软着陆并重复使用。 NO.4 第三期人工智能能力建设研讨班在上海举行 2025年10月20日，外交部人工智能事务协调员孙晓波出席由华东师范大学承办的第三期人工智能能力建 设研讨班开班式并致辞。孙晓波表示，人工智能是全人类智慧的结晶，不应成为富国和富人的游戏。要 始终坚持创新开放，推动人工智能创新成果不断涌现；始终坚持公平普惠，促进人工智能技术的可及 性；始终坚持协同共治，由世界各国共同探讨加强人工智能全球治理，发挥联合国主渠道作用。 NO.5 国家能源局：截至9月底我国电动汽车充电基础设施（枪）总数达到1806.3万个 ｜2025年10月21日 星期二｜ NO.1 工信部：骨干企业要严格落实水泥产能置换方案 工业和信息化部原材料工业司近日组织召开水泥行业稳增长工作座谈会。会议指出，要深刻认识水泥 ...

国庆假期过后市场震荡回调，A股三大股指有所回撤，科技板块及相关基金更是跌幅明显，单只基金最 大跌幅超14%。对于上述情况，有业内人士指出，短期下跌是不确定性带来的避险需求和前期涨幅较高 的获利了结情绪共同作用的结果，长期上涨的逻辑并未改变，后续关注AI应用、半导体制造、存储等 细分领域。就普通投资者而言，建议均衡配置、分散风险，杠铃型资产配置策略不失为一种合理选择， 在防守的一端通过类固收高股息类红利资产降低投资组合波动。 此外，相关指数方面，今年三季度中证半导体产业指数涨幅超过20%，中证人工智能产业指数涨幅超过 16%，都交出了相当不错的成绩单。这样的涨幅不仅反映了市场对科技行业的乐观预期，也体现了科技 股在当前经济环境下的强劲动力。 那么，面对本轮市场回调，基金经理仍会坚定科技赛道的选择吗？具体关注哪些细分领域？ 前海开源基金首席经济学家杨德龙表示，当前"科技牛"行情预计将延续，"十五五"规划即将公布，其重 点支持领域值得关注，如人形机器人、固态电池、芯片半导体、算力算法、低空经济等，均有望成为规 划重点方向，这也是本轮科技行情持续的重要推动力。科技创新有望成为我国经济增长的第二曲线和主 要增长点，在投 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the advancements and investment opportunities in the **advanced manufacturing** sector during the **15th Five-Year Plan** period, particularly focusing on **AI infrastructure** and applications, including **PCB equipment**, **AIDC equipment**, **liquid cooling**, and **semiconductor equipment** [1][3][4]. Key Insights and Arguments - **PCB Equipment**: - Benefiting from the demand for AI servers, the value of PCB equipment has significantly increased. The unit price for drilling equipment has risen from 2 million to 8 million, and for exposure equipment from 5 million to 12 million, indicating a strong growth opportunity in the market [5]. - Leading companies in the PCB industry include **Dazhu CNC**, **Chipbond**, **Dongwei Technology**, and **Riyuan Technology** [7][8]. - **AIDC Equipment**: - The power systems are transitioning from diesel generators to gas turbines and nuclear applications. The potential for controlled nuclear fusion as a long-term energy solution is highlighted [6]. - Key players in the diesel generator market include **Weichai Heavy Machinery** and **Yuchai International**, while companies like **Yingliu Co.** and **Jereh** are involved in gas turbines [9]. - **Military Industry**: - The military sector is expected to focus on upgrading combat capabilities, with the global military AI market projected to reach **$38.8 billion** by 2028, growing at a **33% CAGR** [13]. - China's military trade market is anticipated to capture **10% to 15%** of the global market share in the next 5 to 10 years, with a market size of **$100 billion to $150 billion** [15]. - **Defense Budget**: - China's defense budget is projected to grow by **7.2%** to **1.78 trillion yuan** in 2025, with a significant portion allocated for equipment procurement [16]. Additional Important Content - **Investment Opportunities**: - Investors are encouraged to focus on military trade, precision-guided weapons, and the new generation of fighter jets, as these areas are expected to see substantial growth [19][20]. - The automotive industry is shifting towards **intelligent and electric vehicles**, with companies like **Geely**, **BYD**, and **Xiaopeng** being highlighted as key players [25]. - **AI and Robotics**: - The development of humanoid robots is gaining traction, with significant interest from both startups and established companies like **Tesla** and **Xiaomi**. The potential applications in industrial logistics and quality inspection are emphasized [12][26]. - **Reform in Military Enterprises**: - Ongoing reforms in state-owned enterprises are expected to enhance profitability and operational efficiency, impacting companies like **Aviation Industry Corporation of China** and **China Aerospace Science and Technology Corporation** [18]. This summary encapsulates the critical insights and trends discussed in the conference call, providing a comprehensive overview of the advanced manufacturing and military sectors, along with investment opportunities and market dynamics.

在20日于长沙举行的湖南"十四五"答卷系列主题新闻发布会衡阳市专场上，一系列亮眼数据与发展案例 的发布，集中展示了该市近年来的建设成就。 "制造立市 文旅兴城"双轮驱动 湖南衡阳构建特色产业格局 中新网长沙10月20日电 (记者 鲁毅)"十四五"期间，作为湖南省域副中心城市，衡阳大力实施"制造立 市、文旅兴城"发展战略，形成了独具衡阳特色的发展路径，不仅地区生产总值从2020年的3508.5亿元 增长至2024年的4491.7亿元，还连续四年上榜全国先进制造业百强城市、全国数字百强城市、全国"城 市科技创新竞争力"百强。 特色产业体系加速成型 10月20日，湖南省人民政府新闻办公室在长沙召开新闻发布会，介绍衡阳市"十四五"发展成就。中 新网记者 鲁毅 摄 多个产业集群入列"国家队" 衡阳以"制造立市"为核心战略，推动产业能级持续提升。值得一提的是，衡长株潭特高压输变电装备产 业集群入列国家先进制造业集群，成为湖南省第五个入选的国家先进制造业集群。盐卤化工、铜铅锌材 料产业也相继获评国家中小企业特色产业集群。 龙头企业培育成效显著：衡钢集团产值从2020年88亿元增至2024年146亿元；特变电工衡阳变压器有限 ...

Market Overview - The Hong Kong stock market experienced a strong rally on October 20, with the Hang Seng Index closing at 25,858.83 points, up 2.42% [1] - The total market turnover was approximately HKD 239.2 billion, with southbound funds recording a net sell of HKD 2.67 billion [1] Index Performance - The Hang Seng Technology Index rose by 3.00% to 5,933.17 points, while the Hang Seng China Enterprises Index increased by 2.45% to 9,232.67 points [2] - The best-performing sectors included Energy, Information Technology, and Consumer Discretionary, with respective gains of 3.26%, 3.17%, and 2.54% [2] Company Highlights - UBTECH, known as the "first humanoid robot stock," surged by 9.77% on October 20 [3] - UBTECH secured a contract worth HKD 126 million for the procurement and installation of intelligent data collection and testing center equipment, with delivery planned by 2025 [5] - The company has received over HKD 630 million in orders for its Walker series humanoid robots this year, leading the commercialization of humanoid robots globally [5] Technology Sector - The technology and internet sector saw significant gains, with Alibaba-W rising by 4.86%, NetEase-S up 5.18%, and Tencent Holdings increasing by 3.21% [8] - Alibaba is preparing for the "Double 11" shopping festival by issuing HKD 50 billion in consumer vouchers, aiming to enhance customer loyalty and increase platform monetization [9] Real Estate Sector - Hong Kong real estate stocks rallied, with notable increases including Wharf Holdings up 4.46% and Swire Properties up 2.33% [10] - Alibaba and Ant Group announced a HKD 6.6 billion acquisition of a commercial office building in Hong Kong, marking the largest commercial property transaction in the city this year [12] Financial Cooperation - A memorandum of cooperation was signed between Jiangsu Provincial Financial Regulatory Bureau and Hong Kong Treasury Bureau, aiming to deepen financial collaboration and support Jiangsu enterprises in utilizing Hong Kong's capital markets [13]

Market Overview - The Hong Kong stock market experienced a strong rally, with the Hang Seng Index closing at 25,858.83 points, up 2.42% [2] - The total market turnover was approximately HKD 239.2 billion, with southbound funds recording a net sell of HKD 2.67 billion [2] - Among the major indices, the Hang Seng Technology Index rose by 3%, while the Hang Seng China Enterprises Index increased by 2.45% [2][3] Company Highlights - UBTECH, referred to as the "first humanoid robot stock," saw a significant increase of 9.77% following the announcement of a new contract worth HKD 126 million for the procurement and installation of humanoid robots [5][7] - The company has secured over HKD 630 million in orders for its Walker series humanoid robots this year, indicating strong commercial momentum in the humanoid robotics sector [7] Sector Performance - The technology sector showed robust performance, with Alibaba-W rising by 4.86%, and other major tech companies like NetEase-S and Tencent Holdings also experiencing gains [10] - Alibaba is preparing for the "Double 11" shopping festival by issuing HKD 50 billion in consumer vouchers, aiming to enhance user engagement and increase platform monetization [11] Real Estate Developments - Hong Kong real estate stocks saw collective gains, with notable increases in companies like Wharf Holdings and Swire Properties [13] - A significant transaction was reported where Alibaba and Ant Group acquired a commercial property in Hong Kong for HKD 6.6 billion, marking the largest office transaction of the year [15] Financial Cooperation - A memorandum of cooperation was signed between Jiangsu Provincial Financial Regulatory Bureau and Hong Kong Treasury Bureau, aimed at enhancing financial collaboration and supporting Jiangsu enterprises in accessing Hong Kong's capital markets [16][18]

以下文章来源于大胡子财研社 ，作者湾区区长 大胡子财研社 . 独到的财经观点，深度的金融分析，助你抓住最新财富机会，实现资产稳步增长！ 最近这一 波 行情，涨 得最猛的就 是 科技板块 。 所有和科技板块相关的概念，都迎来大涨。 比如 芯片和半导体 ，这两天就迎来了涨停潮，主力净资金流入就超过了150亿元。 比如 CPO光 模 块 ，上周光指数就上涨了10%； 比如 AI算力、PCB概念 ，热门票连续涨停。 比如 人形机器人 ，整个板块也出现过涨停潮； 再比如蹭到一点科技概念的 消费电子 ，涨幅都已经超过一般的板块。 而且最重要的是，这些科技的板块和个股，一旦涨起来就基本上都是连着上涨，持续逼空，买家 根本没有补票上车的机会。 因此，其实很多人在这一轮科技行情中是踏空的。 也有一些朋友，认为这一波科技涨得那么高了，股价有了泡沫，所以会认为接下来科技板块很快 就会迎来调整甚至大幅度的下跌。 比如恒生电子，当年那一波行情全程涨了1120%； 比如东软股份，涨了905%； 再比如用友股份，也就是现在的用友网络，当年涨了716%。 2015年那一波牛市，同样依靠科技拉涨。 当时涨得最好的就是互联网企业的票子，因为当时 ...

长沙晚报掌上长沙10月20日讯（全媒体记者 李金）今天上午，湖南省人民政府新闻办公室举行湖南"十四五"答卷 系列主题新闻发布会。会上，衡阳市委副书记、市长朱健介绍了衡阳过去五年的发展情况，展现衡阳作为省域副 中心城市的担当与成果。 衡阳在高质量发展的同时，注重"打基础、利长远"。2023年，国土空间总体规划全省率先获批，发展智能衡器计 量、人形机器人产业也以高水平规划引领。培育百（千）亿企业，衡钢、特变电工、五矿铜业等企业产值大幅增 长，正"一企一策"扶持中核二七二等企业冲击百亿。 "十四五"期间，衡阳累计获得国家区域重点城市、省域副中心城市等45个国省平台，出台"园区18条""衡十条""餐 饮十条"等政策优化发展环境。深耕文化生态建设，借助船山文化等深厚文化积淀，培育出"追求卓越、攻坚克 难"衡阳精神，为城市发展提供持久动力。 目前，衡阳已同步启动"十五五"规划的谋篇布局。随着全省"4×4"现代化产业体系建设的推进，衡阳"稳五进三布 二"的产业发展蓝图也越发清晰。 新闻多一点 "稳五"即稳定输变电装备、盐卤化工等五大优势产业，特高压输变电装备产业集群龙头企业实力强劲，盐卤化工 有多个百亿项目，钢管及有色金属 ...

Group 1: Humanoid Robots - The humanoid robot sector remains highly focused, with the launch of the Spirit G2 by Zhiyuan Robotics and Junpu Intelligence driving industrial applications [1] - Despite market disturbances from T-chain order events, there is still significant market attention and trading activity, particularly as Q4 is a critical period for Tesla's third-generation Optimus changes and mass production expectations [1] - The domestic supply chain is expected to see continuous news releases related to capital operations, order shipments, and application scenarios in Q4, creating marginal catalysts [1] Group 2: Solid-State Batteries - Solid-state batteries are advancing as the next-generation lithium battery technology, with recent breakthroughs addressing the solid-solid interface contact challenges [2] - A team from the Chinese Academy of Sciences has introduced iodine ions into sulfide electrolytes, significantly enhancing battery performance and safety by promoting uniform lithium deposition and suppressing dendrite growth [2] - The partnership between Changsheng Technology and Boyuan Co. aims to deepen collaboration in key upstream materials and solid-state electrolyte technology, accelerating the commercialization of sulfide solid-state batteries [2] Group 3: PCB Equipment - The PCB industry is experiencing an upswing, characterized by increased production and a shift towards high-end products, which is expected to drive demand for PCB equipment upgrades [3] - Key segments of PCB equipment, such as drilling and plating, hold significant value and are critical for circuit board performance [3] - AI is pushing the industry towards higher layer counts and more precise wiring, necessitating advancements in processing technology [3] Group 4: Construction Machinery - In September, domestic excavator sales increased by 22% year-on-year, with exports rising by 29%, indicating strong demand in both domestic and international markets [3] - Other construction machinery categories also showed robust growth, with significant increases in sales for various types of machinery [3] - The construction machinery sector is expected to maintain a positive outlook as both domestic and overseas cycles align upward [3] Group 5: Forklifts and Mobile Robots - Forklift sales have accelerated, with notable increases in both domestic and export markets, indicating a strong upward trend [4] - Leading companies are actively developing smart logistics and unmanned forklift products, with expectations for rapid market penetration in Q4 [4] - Recommended companies in the machinery sector include XCMG, SANY, and others, reflecting a broad interest in the automation and robotics space [4]

智元发布精灵 G2，优必选中标过亿订单 [Table_Industry] 汽车 人形机器人行业跟踪报告 | | 增持 | | --- | --- | | [Table_Invest] 评级： | | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 智元机器人与均普智能在宁波联合举办智元精灵 G2 线下全球首发暨投产仪式，并 同步开启与均胜电子过亿元采购合同的首批交付商用，这标志着交互式具身智能技 术正式落地汽车零部件制造场景，为汽车制造行业智能化升级注入强劲动能。 投资要点： [Table_Report] 相关报告 汽车《9 月乘用车零售价格回升，行业价格竞争 相对温和》2025.10.17 汽车《9 月重卡迎来旺季，天然气大幅回暖》 2025.10. ...