Core Viewpoint - Goldman Sachs believes that the "anti-involution" movement will not significantly hinder the factory automation (FA) market in China, but automation demand will enter a period of mild decline from 2025 to 2027 [1][2]. Industry Overview - The industrial automation sector is expected to experience a mild downward cycle, with market growth rates projected at -1% in 2025, -3% in 2026, and -2% in 2027, which is a downward adjustment from previous growth expectations [2][3]. - Capital expenditure (Capex) is expected to expand only in a few sectors such as consumer electronics (foldable smartphones), batteries (solid-state technology), and AIDC, while most manufacturing sectors will struggle with insufficient capacity utilization and output to support increased capital spending [3][6]. Company Drivers - In a slowing industry growth environment, individual company drivers become crucial. Goldman Sachs evaluates companies based on six dimensions: favorable end-market positioning, domestic market share growth, product premiumization, overseas expansion, future industry positioning, and valuation attractiveness [6][7]. - The share of overseas revenue for covered companies is expected to rise from 23% in 2024 to 25% by 2027 [11]. Potential Growth Areas - Opportunities exist in high-end products (such as high-margin software, sensors, and after-sales services) and future industries (like AI and robotics), although high technical barriers may slow commercialization [13]. - Companies are advised to focus on strategic planning comments during earnings seasons rather than just the second-quarter performance [13]. Investment Strategy - A "defensive + AI" barbell strategy is recommended to cope with the soft FA market, favoring selective defensive stocks [13]. - Specific stocks highlighted include: - Nari Tech (600406.SH): Expected revenue growth of 12% in 2025, benefiting from state grid budget increases [13]. - AVIC Jonhon (002179.SZ): Anticipated long-term net profit margin growth from 16.2% in 2024 to 18.8% by 2030 [14]. - Sanhua (H) (2050.HK): Projected revenue contribution from humanoid robot actuators to reach 25% by 2030 [15]. Cautious Outlook on FA Sector - Estun has been downgraded to sell due to reliance on weak demand sectors, with a projected 30%-42% EPS reduction from 2025 to 2030 [16]. - Raycus has also been downgraded to sell, facing challenges in its core fiber laser business with expected product price declines [16]. Stock Recommendations - A list of stocks with "buy" ratings includes: - Nari Tech (600406.SS): Target price of 31.8 CNY, with a 45% upside potential [17]. - Haitian (1882 HK): Target price of 27.2 HKD, with a 32% upside potential [17]. - Kstar (002518.SZ): Target price of 30.9 CNY, with a 30% upside potential [17].

Group 1: Industry Overview - Industrial automation is entering a mild downward cycle, with market growth expected to decline by -1% in 2025, -3% in 2026, and -2% in 2027, reflecting a downward adjustment from previous growth expectations [2] - Goldman Sachs has lowered the average target price (TP) and earnings per share (EPS) for the industry by 5%, with profit expectations for 2025-2027 being 3%-7% lower than the consensus median [2] - Only a few sectors, such as consumer electronics (foldable smartphones), batteries (solid-state technology), and AIDC, are expected to see capital expenditure expansion, while most manufacturing sectors will struggle with capacity utilization and output [2] Group 2: Company Drivers - In the context of industry growth slowdown, company-specific drivers are crucial, evaluated across six dimensions: favorable end-market positioning, domestic market share growth, product premiumization, overseas expansion, future industry positioning, and valuation attractiveness [4] - The key growth drivers for companies include increasing market share and expanding overseas business in the absence of end-market benefits [5] - The share of overseas revenue for covered companies is expected to rise from 23% to 25% between 2024 and 2027 [9] Group 3: Investment Strategy - A "defensive + AI" barbell strategy is recommended to cope with the softening of the FA sector, favoring selective defensive stocks [12] - Nari Tech is highlighted as a core beneficiary of smart grid investment, with expected revenue growth of 12% in 2025, driven by existing orders and potential budget increases from the State Grid [12] - Companies like AVIC Jonhon and China CRRC are also noted for their attractive dividend yields and growth prospects, despite slow growth in their main businesses [13] Group 4: Potential Opportunities - High-end product areas such as high-margin software, sensors, and after-sales services, as well as future industries like AI and robotics, present potential opportunities, although they face high technical barriers and commercialization challenges [11] - Companies like Sanhua and Kstar are identified as having significant growth potential in their respective sectors, with expected revenue and profit growth rates that outperform the market [14] Group 5: Cautious Outlook on FA Sector - Companies like Estun and Raycus are viewed with caution due to their reliance on weak demand sectors and expected declines in earnings per share [15] - Estun's revenue is heavily dependent on the photovoltaic and automotive sectors, which are facing challenges, while Raycus is experiencing stagnant market share and pressure on profit margins [15] Group 6: Stock Recommendations - A list of stocks with "Buy" ratings includes Nari Tech, Haitian, and Kstar, with target prices reflecting significant upside potential [16] - The report emphasizes the importance of evaluating companies based on their specific market dynamics and growth strategies in the current economic environment [16]

Core Points - Vihong Co., Ltd. reported a closing price of 31.52 yuan on August 7, with a slight decrease of 0.01 yuan, representing a drop of 0.03% [1] - The trading volume for the day was 33,896 hands, with a total transaction value of 1.07 billion yuan [1] - The company specializes in the research, development, production, and sales of industrial automation control systems, with applications in CNC machine tools and industrial robots [1] Company Announcements - According to the company's announcement, 530,000 restricted shares will be listed for circulation on August 11, accounting for 0.49% of the total share capital [1] - The vesting price for these shares is set at 12.273 yuan per share, involving 70 incentive recipients [1] - For the mid-term of 2025, Vihong Co., Ltd. achieved an operating income of 260 million yuan and a net profit of 29.25 million yuan [1]

Core Insights - The industrial transformation driven by technology is unprecedented and profound, with China at the forefront of this revolution [1] - The "2025 Wuhan Intelligent Industrial Automation and Robotics Exhibition" will serve as a platform for showcasing technological innovations and a future industry benchmark [1] Group 1: Technological Advancements - The rise of AI and edge computing enables machines to make autonomous decisions, significantly improving maintenance efficiency and reducing unexpected downtimes [4] - New industry standards like OPC UA over TSN facilitate seamless collaboration between different manufacturers' devices, enhancing operational efficiency [5] - Digital twin technology allows companies to simulate production processes in a virtual environment, leading to cost savings and improved safety through predictive monitoring [6] Group 2: Robotics and Automation - Industrial robots have evolved from mere tools to intelligent partners, capable of complex tasks and collaboration with human workers [7] - Amazon's use of autonomous mobile robots (AMR) has significantly increased efficiency in logistics, showcasing the potential of advanced robotics in manufacturing [8] Group 3: Cybersecurity - The expansion of industrial internet raises security risks, necessitating advanced cybersecurity measures to protect production and research environments [10] - The focus on proactive cybersecurity solutions highlights the importance of safeguarding industrial IT infrastructure in the digital age [10] Group 4: Future Outlook - The integration of technology and manufacturing is set to create a vibrant future for the industry, with innovations from the exhibition paving the way for significant advancements [11] - The event symbolizes a pivotal moment for the industry, encouraging all stakeholders to embrace innovation and prepare for a new era of intelligent manufacturing [11]

Group 1 - The company Jin Guan Co., Ltd. holds a 6.67% stake in Shenzhen Deep Vision Technology Co., Ltd. [1] - Shenzhen Deep Vision focuses on 3D visual imaging and industrial automation products, and does not involve humanoid robot technology [1]

Core Viewpoint - The company, Yingfukang, positions itself as a reliable partner for the manufacturing industry in the realm of industrial automation by emphasizing its 100% self-developed hardware and software, advanced system integration architecture, and rapid customer response mechanisms [1]. Group 1: 100% Self-Developed Hardware and Software - Yingfukang has chosen a path of independent innovation, establishing a technological moat that ensures security in the industrial automation sector, which has been historically dominated by the German Codesys platform [2][3]. - The company has developed a complete industrial automation technology system over nearly a decade, including the ICS Studio integrated development platform, which eliminates reliance on Codesys and enhances flexibility, security, and controllability [3]. - Yingfukang's self-developed PLC series products have achieved or surpassed international standards in speed, precision, and stability, ensuring compatibility and reliability in industrial systems [3]. Group 2: Advanced System Integration Architecture - The ICS Studio platform revolutionizes industrial control system development by integrating all key components into a unified software ecosystem, significantly improving development efficiency and innovation potential [5][6]. - The platform is set to advance into an AI-enabled intelligent development era, incorporating advanced AI systems like DeepSeek for intelligent code generation, allowing engineers to focus on core process innovation and system optimization [8]. - Yingfukang's "One Network to the End" architecture addresses the issue of data silos in industrial digital transformation, enabling seamless connectivity from the field level to the management level, thus simplifying network design and deployment [9][11]. Group 3: Rapid Customer Response Mechanism - Yingfukang has established a comprehensive service system covering the entire product lifecycle, alleviating customer concerns regarding replacement convenience, system stability, and after-sales reliability [12]. - The company has formed a team of experienced technical experts to provide end-to-end services, including demand assessment, solution design, on-site implementation, and troubleshooting, ensuring unconditional support for technical issues and system optimization needs [12]. - A 24/7 customer support mechanism has been implemented, allowing clients to receive timely assistance for technical challenges regardless of time or location [12].

Group 1 - KIM launched the KIM ACE China AI Big Tech TOP2+ Active ETF, which tracks the Solactive China AI Big Tech Top 2+ Index, aiming to capture opportunities in AI, digital platforms, and smart industrial technologies in China [1][3] - The Solactive China AI Big Tech Top 2+ Index focuses on two main areas: cognitive technology and digital platforms, and smart systems and industrial technology, selecting 50 companies based on thematic relevance [3] - The index includes companies listed on the Hong Kong Stock Exchange or those eligible for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect, with a minimum market capitalization of $2 billion and an average daily trading volume of $30 million [3] Group 2 - The top ten holdings of the index include Alibaba, Xiaomi, Tencent, Contemporary Amperex Technology, Meituan, BYD, Foxconn, NetEase, Semiconductor Manufacturing International Corp., and JD.com, with Alibaba and Xiaomi accounting for over 46% of the total weight [5][6] - Korean investors have shown a strong preference for Chinese tech stocks, with Xiaomi being the most net purchased stock by Korean investors this year [5][7] - As of August 5, 2025, Korean investors' net purchases of Chinese stocks (including Hong Kong and A-shares) reached $6.158 billion, surpassing the total for the previous year, making China the second-largest overseas market for Korean investors after the U.S. [7][8]

Core Viewpoint - KIM has launched the KIM ACE China AI Big Tech TOP2+ Active ETF, aiming to capture opportunities in China's AI, digital platforms, and smart industrial technology sectors [2][3]. Group 1: ETF Overview - The ETF tracks the Solactive China AI Big Tech Top 2+ Index, which focuses on cognitive technology, digital platforms, smart systems, and industrial technology [3]. - The index includes 50 companies, selecting 25 from each category, and ranks them based on thematic relevance using natural language processing algorithms [3]. - Eligible companies must be listed on the Hong Kong Stock Exchange or included in the Stock Connect programs, with a minimum market capitalization of $2 billion and an average daily trading volume of $30 million [3]. - The index emphasizes companies with a significant portion of their business in AI or technology, covering sectors like cloud platforms, smart mobility, semiconductors, and industrial automation [3]. Group 2: Market Insights - Morgan Stanley predicts that China will become a global leader in the AI industry by 2030, with the core AI industry potentially reaching $140 billion and the broader AI-related sectors reaching $1.4 trillion [3]. - The ETF was listed on July 29 on the Korea Stock Exchange under the code 0087F0.KS [5]. Group 3: Top Holdings - As of August 5, 2025, the top holdings in the index include Alibaba Group (24.23%), Xiaomi Corp (21.94%), and Tencent Holdings (5.70%), with Alibaba and Xiaomi together accounting for over 46% of the index [6][7]. Group 4: Korean Investor Behavior - Korean investors have shown a strong preference for Chinese tech stocks, with Xiaomi being the most net purchased stock among Korean investors this year [8]. - The net purchase amounts for the top Chinese stocks by Korean investors include $170.39 million for Xiaomi, $81.46 million for Alibaba, and $55.87 million for Contemporary Amperex Technology [9][10]. - From January 1 to August 5, 2025, the total transaction amount for Chinese stocks by Korean investors reached $6.158 billion, surpassing the total for the previous year [10].

Group 1: AI Applications in Industry - Schneider Electric showcased significant achievements in AI applications, with its Shanghai Putuo factory increasing per capita production efficiency by 82% and being recognized as an "end-to-end lighthouse factory" [2] - The Wuxi factory achieved a 90% reduction in Scope 1 and Scope 2 greenhouse gas emissions through AI-driven ecological design and machine learning models [2] - Siemens presented its Industrial Copilot, which integrates large language models with industry knowledge to handle tasks across the entire process from order input to logistics scheduling [4] Group 2: Innovations and Solutions - Schneider Electric launched the EcoStruxure Building GPT, an AI agent that enhances HVAC operations and building energy efficiency [2] - Siemens introduced a smelting process optimization system that combines large models, RAG mechanisms, and real-time data optimization for high-quality, low-energy production without human intervention [4] - Zhongkong Technology's Plantbot robot solution established a comprehensive "AI + Robot" inspection system for hazardous environments, enhancing safety and efficiency in industrial inspections [5][6] Group 3: Industry Trends and Future Directions - The integration of edge intelligence, large models, and Agentic AI is accelerating penetration into specific industries, promising greater value through the deep fusion of industrial expertise and AI technology [2] - Siemens emphasized the opening of the industrial AI era, focusing on breakthroughs in "industrial foundational models" and "industrial intelligent agents" to drive the evolution of "manufacturing + AI" [4] - Zhongkong Technology's solutions aim to automate and enhance inspection processes in various high-risk industrial scenarios, indicating a trend towards increased automation and safety in industrial operations [5][6]

国家市场监督管理总局标准创新管理司IEC联络处处长刘昕指出，标准化是推动工业自动化行稳致远、 实现产业升级的通用语言和关键基石。近年来，我国包括智能检测装备在内的工业自动化标准工作取得 明显成效，体系架构日益完善，关键技术标准取得突破，国际参与度不断提升。国家市场监管总局将把 工业自动化、标准化作为推进新型工业化、建设制造强国和质量强国的重要抓手，强化战略引领、完善 标准体系，突出创新驱动、提升标准质量，聚焦应用落地。 研讨会上，多位专家学者就智能制造及智能检测技术前沿与产业趋势分享了观点。国家智能制造专家委 员会副主任、工业和信息化部装备工业司原司长张相木系统阐述了智能制造装备、智能工业软件、赛博 物理系统的协同关系，提出以"三要素融合"破解制造业数智化转型中的技术孤岛问题，为行业发展分享 了理论框架。德国工程院院士、中国工程院外籍院士奥特海因·赫尔佐格（Otthein Herzog）分享了德国 在智能检测装备标准化、产业化方面的经验，他认为，中德双方应深化技术研发与标准合作，共同推动 智能检测技术的突破与应用。 中化新网讯 日前，第二十一届"工业自动化与标准化"研讨会在北京举办。本次研讨会以"智能检测装备 ...