近日，2025年中国经济成绩单发布，展现出顶压前行、向新向优发展的非凡韧性。本版今起推出系列评 论，透过数据感悟中国经济潜能，以更好把握发展大势、坚定发展信心。 ——编 者 韧性，在市场多元、合作共赢的开放格局里，在向新向优、创新提质的结构进阶里 2025年中国外贸年报一经发布，便引起国内外广泛关注，"出口强劲""多元市场""竞争力强"等表述频 现。《华尔街日报》称，中国打破了"关税拖累增长的预期"，这个世界第二大经济体依然保持韧性。 2025年，我国与240多个国家和地区有贸易往来，与190多个国家和地区进出口实现增长，贸易将心理距 离不断拉近，让发展空间不断拓展。高盛一名经济学家表示，中国出口的韧性与对新兴市场经济体的出 口快速增长有关。2025年中国—中亚进出口总值历史上首次突破1000亿美元，连续5年保持正增长，中 国首次跃居中亚各国第一大贸易伙伴，就是生动例证。 高质量共建"一带一路"，建设西部陆海新通道，商签更多区域和双边贸易投资协定……中国以务实举措 推动高水平对外开放，外贸早已打破单一市场依赖，构建起"传统市场稳盘、新兴市场拓量"的均衡格 局，"朋友圈"越扩越大，抗风险能力持续增强。 韧性，在 ...

这是在复杂外部环境下交出的答卷：2025年，我国货物贸易进出口总值45.47万亿元，继续保持全球货 物贸易第一大国地位，连续9年保持增长，同时也是加入世贸组织以来时间跨度最长的连续增长。 近日，2025年中国经济成绩单发布，展现出顶压前行、向新向优发展的非凡韧性。本版今起推出系列评 论，透过数据感悟中国经济潜能，以更好把握发展大势、坚定发展信心。 韧性，在市场多元、合作共赢的开放格局里，在向新向优、创新提质的结构进阶里 2025年中国外贸年报一经发布，便引起国内外广泛关注，"出口强劲""多元市场""竞争力强"等表述频 现。《华尔街日报》称，中国打破了"关税拖累增长的预期"，这个世界第二大经济体依然保持韧性。 一台挖掘机的跨洋之旅，揭示了藏在外贸年报里的韧性密码。 韧性，在市场多元、合作共赢的开放格局里。 2025年，我国与240多个国家和地区有贸易往来，与190多个国家和地区进出口实现增长，贸易将心理距 离不断拉近，让发展空间不断拓展。高盛一名经济学家表示，中国出口的韧性与对新兴市场经济体的出 口快速增长有关。2025年中国—中亚进出口总值历史上首次突破1000亿美元，连续5年保持正增长，中 国首次跃居中亚各 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group [5] Core Insights - Midea Group has successfully acquired KUKA, establishing a strong foothold in the industrial robotics sector, and is building an integrated automation industry system through self-research, international mergers, and ecological collaboration [1][12] - The industrial robotics market is highly concentrated, with the top five companies accounting for 42.8% of global revenue in 2023, and Midea ranks third with a market share of 8.9% [2][43] - Midea's robotics division is expected to see a significant increase in valuation as the market reassesses the value of its B-end business, with the overall P/E ratio currently lower than its peers [3] Summary by Sections 1. Robotics and Automation Business - Midea has completed a comprehensive acquisition of KUKA, securing a controlling stake and integrating its operations [1][12] - The acquisition process involved multiple stages, culminating in Midea holding 100% of KUKA's shares by 2022, with a total payment of approximately €3.7 billion [12][13] - KUKA's product structure includes industrial robots, mobile platforms, welding equipment, and system integration, catering to various industries such as electric vehicles and healthcare [1][21] 2. Industrial Robotics Industry - The industrial robotics industry is characterized by long-chain cooperation, with significant technological barriers in upstream components like controllers and servo systems, which account for about 70% of the total cost [2][33] - The market is projected to grow from ¥1,102 billion in 2017 to ¥1,421 billion in 2023, with a CAGR of 7.9% expected until 2027 [38] - Midea's market share in heavy-duty industrial robots is particularly strong, ranking second globally in both sales and revenue [43] 3. Competitive Landscape - The competitive landscape is dominated by the "Four Families" of industrial robots: ABB, FANUC, Yaskawa, and KUKA, which hold significant market shares and technological advantages [2][43] - Midea's robotics division is positioned to enhance its market share and stability by focusing on R&D and expanding its customer base in China [3][43] - The report highlights the need for Midea to improve its valuation in the robotics sector, as its current P/E ratio is significantly lower than that of its competitors [3]

美的历经全面要约、控股收购与退市计划三步推进，完成全球机器人龙头 库卡的控股与战略整合。美的机器人战略自引进到控股，构建"自主研发 +国际并购+生态协同"一体化自动化产业体系。KUKA 自 1898 年创立以 来，历经焊接设备扩展、工业机器人研发突破及自动化系统整合发展，成 功转型为全球领先的智能自动化解决方案提供商。产品结构：KUKA 的产 品体系以工业机器人为核心，向移动平台、焊接设备、系统集成、机队管 理、教育培训与软件生态等方向纵深拓展。客户群体：覆盖新能源车、电 池、电商零售至医疗健康，库卡构建起多行业适配的自动化客户群体系。 ➢ 工业机器人行业：长链合作，"四大家族"优势领先。 美的集团（000333.SZ） 美的系列报告一：机器人与自动化业务，迈向智造未来 ➢ 机器人与自动化业务：要约收购 KUKA，成功布局工业机器人业 务。 证券研究报告 | 公司深度 gszqdatemark 2026 01 27 年 月 日 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 白色家电 | | 前次评级 | 买入 | | 01 月 22 日收盘价（元） | 77.49 ...

日前，2025年中国工业经济成绩单出炉，"工业和信息化领域对经济增长的贡献超四成"的表述引人关 注。 以往谈及工业经济增长贡献时，通常引用工业增加值、制造业比重等数据口径。此次突出"工业和信息 化领域"，进一步显现推动现代化产业体系向新向优的长远考量。 对于中国超140万亿元这样的经济体量而言，"贡献超四成"的分量不言而喻。 业内人士介绍，此次"工业和信息化领域"主要统计了工业，信息传输、软件和信息技术服务业。前者是 第二产业的核心组成部分，后者则是数字经济相关产业的重要组成。 先进制造加速发展，产业结构不断优化，"新"的动能持续壮大。去年，我国一批优势产业彰显竞争力： 新能源汽车新车销量达1649万辆，工业机器人产量同比增长28%，民用无人机产品数量和种类不断增 长，光伏产业稳健发展，造船业实现量质齐升。 不久前，在美国拉斯维加斯举行的2026年国际消费电子展上，在被誉为"下一代终端"的人形机器人领 域，38家参展企业中有21家来自中国。外媒称，中国企业开始自信展示技术崛起果实，在机器人、自动 驾驶和AI家电等领域引领潮流。 融合发展，是现代化产业体系建设的重要路径。"工业和信息化领域"这一提法，也传递出推 ...

央视网消息："十五五"规划建议明确提出，"强化硬科技创新，培育壮大新质生产力"。提到新质生产力的重要引擎，就不得不说独角兽企业。 简单讲，就是那些年纪轻、估值高、手握硬核技术的创新公司。这些高成长性的独角兽，正成为撬动新质生产力发展的关键力量。 机器人当"超市管家"会识别能抓取懂指令 在家专注工业机器人智能化升级独角兽企业的测试车间，一台人形机器人穿行于模拟无人超市的货架间。机器人接收到订单指令后，它自主移 动到货架前，通过"眼睛"快速识别商品，用"灵巧手"稳稳抓取指定货物。这个2026年新推出的"超市管家"，展现了机器人应对复杂、开放场景 的潜力。而其背后赋能的核心智慧，正是源自企业长期深耕的机器人"眼睛"与"大脑"。 企业负责人丁有爽介绍，机器人抓取的时候，进行高精度的扫描和拍照，获得精度非常好的三维信息。"大脑"部分决定能不能快速对这种未知 物品进行快速识别、定位和规划的能力。"手部"的灵巧操作，就会对各种各样的货品进行非常高成功率的操作。 智能化带来的变革不止于杂乱分拣。在现场，记者亲身见证了自然语言交互的便捷性。只需一句语音指令，机器人便能快速响应、精准执行任 务，降低了机器人的使用门槛。 丁有爽介 ...

Core Viewpoint - Efort is planning to acquire equity in Shengpu through a combination of issuing shares and cash payment, with the transaction not expected to constitute a major asset restructuring or related party transaction [1][3][6]. Group 1: Transaction Details - Efort has signed a share acquisition intention agreement with the transaction counterpart, aiming to gain control of Shengpu [6]. - The company's stock will be suspended from trading starting January 27, 2026, for a period not exceeding 10 trading days [3][6]. Group 2: Financial Performance - Efort's 2025 annual performance forecast indicates an expected revenue of between 889 million and 950 million CNY, representing a year-on-year decline of 30.82% to 35.19% [6]. - The company anticipates a net loss attributable to shareholders of between 450 million and 550 million CNY for 2025, with losses expected to widen by 186.34% to 249.97% year-on-year [6]. Group 3: Company Background - Shengpu specializes in the research, production, and sales of precision fluid control equipment and core components, primarily serving industries such as new energy and automotive electronics [5]. - Efort primarily engages in the research, production, and sales of core components, complete machines, and system integration for industrial robots [5].

Group 1 - Efort is planning to acquire equity in Shanghai Shengpu Fluid Equipment Co., Ltd. through a combination of issuing shares and cash payment [2][5] - Efort's stock will be suspended from trading starting January 27, 2026, for a period not exceeding 10 trading days [3] - The transaction is not expected to constitute a major asset restructuring or related party transaction [3] Group 2 - Shengpu specializes in the research, production, and sales of precision fluid control equipment and core components, focusing on applications in new energy and automotive electronics [5] - Shengpu had previously withdrawn its IPO application for the ChiNext board, which aimed to raise 707 million yuan for expansion projects and R&D [5] - Efort primarily engages in the R&D, production, and sales of core components, complete machines, and system integration for industrial robots [5] Group 3 - Efort's 2025 annual performance forecast indicates expected revenue between 890 million and 950 million yuan, representing a year-on-year decline of 30.82% to 35.19% [6] - The company anticipates a net loss attributable to shareholders of 450 million to 550 million yuan, with losses expected to widen by 186.34% to 249.97% year-on-year [6] - Significant losses in Efort's overseas system integration business are attributed to impairment of goodwill and customer relationships, with estimated impairment losses between 120 million and 200 million yuan [6]

Core Viewpoint - Efort is planning to acquire equity in Shanghai Shengpu Fluid Equipment Co., Ltd. through a combination of issuing shares and cash payment, with the stock suspension effective from January 27, 2026, for up to 10 trading days [5][6]. Group 1: Acquisition Details - Efort has signed a share acquisition intention agreement with the transaction counterpart, aiming to gain control of Shengpu through the issuance of shares and cash [8]. - The transaction is not expected to constitute a major asset restructuring or related party transaction [6]. Group 2: Company Performance and Forecast - Efort's 2025 annual performance forecast indicates an expected revenue of CNY 889 million to CNY 950 million, representing a year-on-year decline of 30.82% to 35.19% [9]. - The company anticipates a net loss attributable to shareholders of CNY 450 million to CNY 550 million, with losses expected to widen by 186.34% to 249.97% compared to the previous year [9]. - The significant losses are attributed to poor performance in overseas system integration business, with expected impairment losses ranging from CNY 120 million to CNY 200 million [9]. Group 3: Shengpu's Business Focus - Shengpu specializes in the research, production, and sales of precision fluid control equipment and core components, primarily serving industries such as new energy and automotive electronics [8]. - The company had previously planned to raise CNY 707 million through an IPO to fund expansion projects in new energy fluid equipment and core component R&D, but withdrew its application on September 28, 2024 [8].

新华社北京1月26日电 题：新华社经济随笔：从"贡献超四成"读懂现代产业的分量 新华社记者 周圆 日前，2025年中国工业经济成绩单出炉，"工业和信息化领域对经济增长的贡献超四成"的表述引人 关注。 不久前，在美国拉斯维加斯举行的2026年国际消费电子展上，在被誉为"下一代终端"的人形机器人 领域，38家参展企业中有21家来自中国。外媒称，中国企业开始自信展示技术崛起果实，在机器人、自 动驾驶和AI家电等领域引领潮流。 对于中国超140万亿元这样的经济体量而言，"贡献超四成"的分量不言而喻。 业内人士介绍，此次"工业和信息化领域"主要统计了工业，信息传输、软件和信息技术服务业。前 者是第二产业的核心组成部分，后者则是数字经济相关产业的重要组成。 2025年，大国经济的"家底"更加厚实：我国工业增加值达到41.7万亿元，对经济增长的贡献率达到 35%，比上年提高1.8个百分点。其中，作为工业经济的主体，制造业产出规模持续扩大，门类体系完 整的优势更加明显，制造业增加值连续16年稳居世界首位。信息传输、软件和信息技术服务业增加值达 7.06万亿元，同比实现两位数增长，对经济增长的支撑、拉动作用更为显著。 这些数据 ...