炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。浙商证券首席经 济学家、研究所联席所长李超团队获得宏观经济第一名。 "直挂云帆济沧海"，现场，李超用这句充满气势的表述，为2026年中国经济与资本市场定下乐观基调。 李超结合其首创的四层次分析框架，从宏观经济肌理、增长动力到市场机遇进行了系统解读，为投资者 勾勒出"十五五"开局之年的发展蓝图。 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 在他看来，市场的核心驱动力源自利率下行，2025年以来市场信心的持续提升，为流动性向资本市场的 传导扫清了障碍。随着2026年信心修复趋势的延续，利率下行的估值驱动效应将充分显现。 这一逻辑与国际市场经验高度契合。美国1984-2020年长达35年的利率下行周期中，股债双牛成为常 态，即便在经济复苏脆弱阶段，宽松货币环境仍支撑股市走高；日本2013-2019年实施大规模QE政策 后，也实现了利率下行背景下的股债双牛。中国当前的利率环境与信心修复节奏，正为复制这一逻辑创 造条件。 投资 ...

智通财经记者 | 尹靖霏 占据半壁江山的焊接机器人2022年至2024年营收一直在1.24亿元左右。多功能机器人2023年实现7215.1万元的收入，增速达29.1%，2024年度营收增速骤降 至5.1%，为7582万元。两大核心产品合计营收比重从2022年的91.3%降至2025年上半年的80.9%。 更值得关注的是公司的盈利质量。 2022-2024年及2025年上半年（下称"报告期"），卡诺普机器人分别录得净利润2826.50万元、168.80万元、-1294.40万元及843.80万元。 "国产焊接机器人"代表公司卡诺普正在尝试叩响港交所大门。 招股书显示，这家行业龙头尚处于"增收不增利"的境地，三年靠政府补助输血超7100万元，主营业务实际累计亏损逾5400万元。 净利润依赖补贴调节 卡诺普由李良军、朱路生等一致行动人实际控制，合计持股约54.13%。根据弗若斯特沙利文的资料，以2024年的收入计算，公司在所有中国内地焊接机器 人制造商中排名第一。 2022年至2025年上半年，卡诺普的营收分别达1.97亿元、2.22亿元、2.24亿元和1.56亿元。核心产品线均出现增长乏力迹象。 智通财经发现，这 ...

Core Insights - The third National Industrial and Information Technology Skills Competition was held in Chongqing, showcasing over 800 participants competing in advanced fields such as smart connected new energy vehicles and industrial robots, highlighting the importance of skilled talent in driving high-quality development in China [3][5][6] Group 1: Event Overview - The competition took place from November 26 to 28, featuring 800+ outstanding contestants from across the country [3][5] - The event's theme was "Integration of Industry and Talent, Skills for the Nation," focusing on key areas like new energy vehicles, industrial robots, and industrial big data [5][6] Group 2: Skills and Talent Development - The competition serves as a platform for selecting and nurturing skilled talent, with previous editions producing 957 award-winning contestants and numerous national-level skilled workers [6][7] - There is a significant talent gap in the smart connected new energy vehicle sector, estimated at 300,000 to 400,000, while only about 120,000 graduates enter the field annually [7][8] Group 3: Technological Integration - The six competition categories reflect the integration of various technologies, particularly artificial intelligence, into industrial applications [5][8] - The competition emphasizes the need for interdisciplinary talent capable of understanding both advanced technologies and industrial applications [8][9] Group 4: Regional and National Strategy - The event aligns with national strategies for talent development and industrial modernization, particularly in Chongqing, which is developing a trillion-yuan-level smart connected new energy vehicle industry [9][10] - The competition promotes a virtuous cycle of talent cultivation and industrial needs, ensuring that educational institutions and industries work closely together [9][10] Group 5: Policy and Supervision - The Chinese government is implementing a series of policies to enhance the skills workforce, including improving worker treatment and promoting lifelong vocational training [10][11] - The supervision of talent development is crucial, with oversight bodies ensuring that policies are effectively implemented to meet industry demands [10][11][12]

Group 1 - The competition focuses on key areas such as industrial robots, new energy vehicles, industrial internet, and digital transformation of manufacturing, featuring six major events with 408 teams and 834 participants [1][3] - The competition's topics are derived from real industrial scenarios, ensuring that the solutions developed by participants have strong replicability and promotional value [3][6] - The event integrates humanoid robots with industrial applications, enabling tasks such as industrial inspection, operation, and transportation, while also incorporating open-source large models to enhance the interaction capabilities of industrial robots [4][10] Group 2 - The competition aims to foster technological innovation in complex working environments and cultivate interdisciplinary engineering talents with system integration capabilities and innovative thinking [6][14] - The competition's format directly simulates production scenarios, allowing for high-standard assessments of participants' practical skills and identifying technical experts capable of solving real-world challenges [7][11] - The event has become a significant platform for discovering and nurturing outstanding technical talents, with previous winners including 42 national technical experts and 13 national youth job experts [13] Group 3 - The industrial internet sector has seen substantial growth, with 17 provinces and cities achieving an industrial internet industry added value exceeding 100 billion, and over 1 billion industrial devices connected to key platforms [18] - The humanoid robot industry is rapidly developing, with over 150 companies and an expected market size of 100 billion by 2030, growing at a rate exceeding 50% [18][19] - There is a strong demand for talent in the humanoid robot sector, particularly in areas such as control, algorithms, and artificial intelligence applications [19]

工业和信息化部教育与考试中心主任郝志强表示，本届大赛体现了三个"更加"——赛项设置紧扣科技前 沿，产业特色更加鲜明；赛事组织严格规范精细，管理体系更加健全；赛事品牌效应持续凸显，产才融 合更加深入。 在郝志强看来，全面推进强国建设的关键任务在于实现新型工业化，此次大赛是深化教育科技人才一体 改革发展，加快构建需求导向、标准衔接、产才融合的产业人才培养体系的新起点。 新京报讯（记者杨菲菲 实习生郭斯文）11月26日至28日，第三届全国工业和信息化技术技能大赛决赛 在重庆举办，来自全国各地的408支队伍、834名选手齐聚渝城，角逐6大前沿赛项。本届赛事还首次设 置生成式人工智能系统应用员（智能工业机器人领域）赛项，其中"学生组创新场"引入自然语言处理、 开源大模型等前沿技术，重点考验选手解决人形机器人自主导航、精确抓取等实际问题的能力。 本届大赛由工业和信息化部、人力资源和社会保障部、教育部、中华全国总工会、共青团中央共同主 办，以"产才融合，技能报国"为主题，聚焦新能源汽车、工业机器人、智能芯片、工业大数据、制造业 数字化转型和工业互联网等六大制造强国重点方向，旨在以赛促学、以赛促训、以赛促建，为产业高质 量发 ...

Core Points - The third National Industrial and Information Technology Skills Competition was held in Chongqing, focusing on key areas such as industrial robots, new energy vehicles, industrial internet, and digital transformation of manufacturing [1][3] - The competition attracted 408 teams and 834 participants, with six major events designed to address real-world issues from the production line [3][5] Group 1: Competition Overview - The competition featured six major events that emphasize practical applications and solutions derived from real industrial scenarios [3] - Participants showcased their skills in tasks involving humanoid robots, including industrial inspection, operation, and transportation [5][9] Group 2: Technological Integration - The competition integrated humanoid robots with industrial scenarios, enhancing their capabilities in tasks such as autonomous navigation and obstacle avoidance [5][9] - The introduction of open-source large models combined AI technology with industrial robots, promoting an upgrade from execution to understanding and interaction [5] Group 3: Talent Development - The competition aims to foster interdisciplinary engineering talent with system integration capabilities and innovative thinking [7] - It serves as a platform for identifying and nurturing skilled technical personnel, with previous competitions yielding numerous national technical experts and award winners [13] Group 4: Industry Impact - The event promotes vocational talent cultivation and technological innovation, while also accelerating the digital transformation of related industries [13] - The industrial internet sector has seen significant growth, with 17 provinces achieving over 100 billion yuan in added value, and over 1 million industrial devices connected [15] Group 5: Market Potential - The humanoid robotics sector is experiencing rapid growth, with over 150 companies and an expected market size of 100 billion yuan by 2030 [15] - There is a strong demand for talent in robot control, algorithms, and AI applications, particularly in the humanoid robotics field [15]

Core Insights - China has maintained its position as the world's largest industrial robot application market for 12 consecutive years, achieving both scale and qualitative advancements in the industry [1] - The performance quality of domestic robots is steadily improving, with several companies launching six-axis robots with a load capacity exceeding 500 kilograms, and the average uninterrupted operation time of domestic robots reaching 120,000 hours [1] - The product structure is continuously optimizing, with sales of self-owned brand multi-joint robots expected to exceed 100,000 units in 2024, increasing their share of total sales to 60.9% [1] Industry Development - Despite rapid industry growth, there is still a reliance on imports for high-end components, operating systems, and virtual simulation platforms, and the usability and intelligence of complete machines do not yet meet user expectations [1] - The 20th Central Committee of the Communist Party of China emphasizes focusing economic development on the real economy, with a direction towards intelligence, greening, and integration [1] Future Outlook - The demand for intelligent robots is driven by the need for manufacturing equipment to possess adaptive and autonomous learning capabilities, while green initiatives require the manufacturing sector to save energy and reduce waste, which industrial robots can facilitate [1] - The integration of robotic technology with new technologies such as large models and embodied intelligence, as well as collaboration with industries like lithium batteries and communications, creates opportunities for enhancing robot capabilities and establishing a new technological innovation ecosystem [1] - Looking ahead, China's industrial robots are expected to become more intelligent and user-friendly, with human-machine collaboration becoming the norm and serving as a crucial support for cultivating new productive forces [1]

Market Overview - A-shares and Hong Kong stocks remained stable, with the ChiNext index retreating after approaching the 60-day moving average, indicating a cautious market sentiment and reduced trading volume [1] - The overall market sentiment is positive, with more favorable news than negative, leading to a structural market where investors focus on sectors rather than indices [1] Positive Factors - Positive news includes the delay of U.S. tariffs on China until 2026 and the near certainty of a Federal Reserve rate cut in December [1] - The Federal Reserve's rate cut is expected to benefit cyclical resource stocks, suggesting opportunities for short-term positioning around this event [1] Negative Factors - Minor external issues, such as tensions with a certain country, and internal concerns like the decline in Vanke's bonds, are noted [1] - The decline in Vanke's bonds may be a deliberate market action, with the external negative factors largely priced in [1] Real Estate Market Dynamics - The real estate market is undergoing a "soft landing" approach, with gradual price reductions to prevent a significant drop in housing prices [3] - The strategy involves both soft and hard landing methods, with the former focusing on state-owned enterprises acquiring existing housing stock and the latter on the liquidation of real estate companies [3] Investment Recommendations - Investors are advised to avoid real estate and focus on sectors such as semiconductor chips, AI and internet leaders, innovative pharmaceuticals, new consumption, industrial robots, energy storage batteries, and photovoltaics [6] - The policy direction indicates a focus on creating three trillion-yuan industries and ten hundred-billion-yuan industries, with consumer electronics, home appliances, and automotive manufacturing expected to benefit [6]

11月26日，广东省质量大会在广州举行。同日下午，全国质量强县（区、镇）培育建设经验交流现场推 进会在东莞召开。据现场消息，广东大力实施"质跃县"行动，推动县域城市走质量创新实践之路。目 前，已分批培育建设质量强县（区、镇）35个，实现21个地级以上市全覆盖。 "五个全国第一" 广东省质量大会现场宣读了关于表彰第八届广东省政府质量奖获奖组织的通报。TCL科技集团有限公 司、库卡机器人（广东）有限公司分别作为中国质量奖获奖组织和省政府质量奖获奖组织代表发言。 "TCL科技长期聚焦半导体显示、新能源光伏、半导体材料三大实体制造产业，将卓越绩效模式与公司 业务深度融合,创造性地形成'极致·领先·协同'质量管理模式。"TCL科技集团有限公司有关负责人表示， 该公司下一步将推动供应链协同，重构核心业务模式，将数智技术导入运营主流程，建设供应链协同基 础设施，构建开放式创新合作网络。 库卡作为工业机器人链主企业，践行以质量促生态。"在顺德建立华南最大机器人生产基地,我们实现电 机、减速机等核心部件85%本土配套。与广东本土企业共建'机器人+国产配套'联盟，加速智能装备技 术向汽车、3C等产业的规模化渗透。"库卡有关负责人 ...

从更长远来看，助力经济高质量发展的诸多政策和举措正在持续发酵和发力之中。比如，今年8月份， 国务院印发《关于深入实施"人工智能+"行动的意见》，明确到2027年、2030年和2035年我国人工智能 发展目标。这充分显示了国家对于人工智能赋能千行百业的决心，为加快发展智能经济、形成经济发展 新动能提供了重要指引，为各行各业新应用新场景打开无限可能。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新动能强力支撑起我国经济发展的强大韧性和活力。未来，持续推动创新的"势能"向经济的"动能"转 化，仍需要多方发力，让创新的"根"扎得更深。比如，相关市场主体要持续加大研发投入，在尊重产业 发展规律的同时加快自主研发进程，增强自主创新能力，解决关键技术问题；要推动产业发展从"单点 突破"转向"全产业链协同创新"，将关键技术"点"上的突破，串联成产业发展"线"上的优势。 ■ 朱宝琛 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，全面增强自主创新能力。蓝 图已绘就，奋进正当时。下一步，各方要持续激发创新活力、强化创新驱动，促进经济质的有效提升和 量的合理增长。 国家税务总局最新增 ...