将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 上周焦点回顾： 硬科技赛道，汽车智能化部件受追捧。 上周，国内 EMB 企业华申瑞利宣布于2025年初完成近亿元 人民币A轮融资。本轮融资由合创资本、君科丹木以及老股东顺为资本联合领投，老股东小米战投、 蓝湖资本和辰韬资本跟投。此外，国内车载SerDes芯片企业仁芯科技成功斩获A轮融资，此次融资 吸引陕汽集团、长江汽车电子、移为通信、杭州临空产业基金、杭金投基金、浙江大华投资等产业资 本积极入局。 大健康赛道，心脏医疗成热门。 上周，上海合源医疗®完成超亿元的新一轮融资。本轮融资由龙磐 投资和道彤投资联合领投，楹联健康基金和天瑞丰年跟投，现有股东礼来亚洲基金持续加持。人工心 脏领域企业核心医疗已完成超1亿美元D轮融资。本轮融资由正心谷资本、社保基金中关村自主创新 专项基金（君联资本担任管理人）、阿美风险投资旗下Prosperity7 Ventures(P7)、基石资本及知 名产业投资方联合领投，德联资本及联新资本跟投。 硬科技 华申瑞利完成 ...

Core Viewpoint - The 2025 Chengdu International Industrial Expo showcases significant advancements in automation and intelligent manufacturing technologies, reflecting the rapid transformation of the manufacturing industry in Western China, particularly in Sichuan province [12][13]. Group 1: Technological Innovations - The world's first 500 MW impulse turbine external water tank welding is being completed by robotic arms at Dongfang Electric Group's welding plant, marking a historic achievement in replacing manual labor with robotics in this process [13]. - At the expo, various companies demonstrated cutting-edge technologies, including precision laser cutting, automated welding, and AI quality inspection, indicating a shift towards more automated and intelligent manufacturing solutions [12]. - Chengdu Yirong Yigu Technology Co., Ltd. showcased a wind-cooled integrated laser welding machine, emphasizing the ease of use that allows workers to achieve high-quality welding results with minimal training [12]. Group 2: Industry Growth Metrics - In the first quarter of 2025, Sichuan's industrial robot production increased by 20.9%, sensor production by 23.3%, and discrete semiconductor device production by 25.4%, indicating robust growth in high-tech manufacturing sectors [13]. - The added value of high-tech manufacturing industries above designated size in Sichuan grew by 14.5% year-on-year, reflecting a structural adjustment towards more advanced industrial capabilities [13]. Group 3: Industry Transformation - The Chengdu Industrial Expo serves as a mirror reflecting the leap in Western China's industrial landscape, showcasing the transition from increased R&D investment to the rapid implementation of innovative solutions in production lines [13]. - The integration of intelligent machines and equipment into production facilities signifies a quiet yet profound transformation of the "digital intelligence gene" within Western manufacturing [13].

焊接，曾被称作工业制造的 " 针线活 " —— 传统焊工如同经验丰富的裁缝，靠肉眼判断焊缝、凭手感控 制电流，但效率低、质量波动大，且长期面临高温、烟尘的健康威胁。 焊接机器人的诞生，如同为制造业引入了一台 "智能缝纫机"：它能以毫米级精度"穿针引线"，用算法替代 经验，用持续稳定取代人力疲劳。 在 1969 年 通用汽车首次将工业机器人用于点焊 的时候，虽然惊艳其精度和速度，却也一度困扰于这庞 大产品的体积与笨重感：这不是一个符合人类美学与使用习惯的产品。 2025 年 4 月 25 日，我们在法奥以" FAIRINO AIRLab 让机器人看懂焊缝"为主题的产品发布会上， 看 到了人类机器人技术的再次进化。 这场发布会不仅展现了 AI 视觉与协作机器人的深度融合能力，更 为汽车制造、钢结构、船舶等行业的焊 接工艺降本增效开辟了新路径。 数十年来，在如 FANUC 、 ABB 、 KUKA 等日本和欧洲企业主导下，焊接领域的机器人经历了数次革命 性的迭代，例如激光跟踪、视觉系统在机器人上集成，提升了焊接路径精度。又例如采用 PLC 和计算机控 制，实现了机器人复杂轨迹的规划。机器人焊接技术的精度越来越高，应 ...

Group 1 - The "Opportunities in the Bay Area" theme interview activity was launched in Shenzhen to report on the achievements and prospects of the Guangdong-Hong Kong-Macao Greater Bay Area, coinciding with the 6th anniversary of the release of the development plan [1] - In 2024, Shenzhen's advanced manufacturing value-added is expected to grow by 11.4%, with integrated circuits, industrial robots, smartwatches, and mobile phones accounting for 14.8%, 24.1%, and 23.4% of national production respectively [1] - Shenzhen has over 4,000 innovation carriers and 25,000 national high-tech enterprises, with a continuous lead in PCT international patent applications for 21 years [1] Group 2 - In 2024, Qianhai's GDP is projected to reach 300.88 billion yuan, with a year-on-year growth of 8.6%, fixed asset investment of 169.1 billion yuan, and total import and export volume of 706.65 billion yuan, reflecting a vibrant development trend [2] - Qianhai aims to focus on modern service industries, leveraging Hong Kong's advantages to create a high-quality modern service system, promoting the integration of industries and supply chains [2] - The area will support innovation in fields such as artificial intelligence, robotics, data, and marine economy, enhancing the synergy between modern services and advanced manufacturing [2]

Group 1: U.S. Trade Policy and Economic Outlook - U.S. Treasury Secretary Becerra emphasizes the need for economic rebalancing, focusing on manufacturing and exports rather than consumption, suggesting a potential "major agreement" with other economies [1] - Becerra reiterates the commitment to a strong dollar policy and believes that Wall Street can continue to perform well [1] - The U.S. is seeking deeper cooperation with trade partners and aims to restore fairness in the international economic system through leadership roles in institutions like the IMF and World Bank [1][2] Group 2: European Economic Indicators - Eurozone's April composite PMI is at 50.1, indicating near-zero growth, with service sector PMI unexpectedly contracting at 49.7 [3][4] - Germany's April composite PMI is at 49.7, with service sector PMI at a recent low of 48.8, indicating a contraction in the private sector [3][4] - The IMF has downgraded the Eurozone's economic growth forecast for the year to 0.8%, reflecting a slowdown in economic activity [4] Group 3: Automotive Industry Developments - Trump is considering exemptions for certain auto parts tariffs, which has led to a temporary increase in stock prices for major automakers like General Motors and Ford [5][6] - The automotive industry is facing pressures from ongoing trade tensions, but recent tariff exemptions may provide some relief [6] - O'Reilly Automotive reports a 4% year-over-year revenue increase, with analysts suggesting the company may benefit from consumers opting to maintain existing vehicles rather than purchasing new ones [7] Group 4: SAP's Financial Performance - SAP's Q1 results show a 58% increase in operating profit to €2.5 billion, exceeding market expectations, with a revenue growth of 11% to €9 billion [9] - The company's cloud business is growing rapidly, with a 26% increase in cloud revenue, helping to mitigate the impact of tariff uncertainties [9] - SAP's stock surged by 10.62%, marking its largest single-day gain in six years, driven by strong financial performance [9] Group 5: Fanuc's Financial Results - Fanuc reports a 6.73% increase in Q4 revenue to ¥212.1 billion and a 10.81% increase in net profit for the fiscal year [11] - The company is unable to provide earnings forecasts for the upcoming fiscal year due to uncertainties related to U.S. tariffs and their impact on the global economy [11] - Fanuc's sales in China increased by 31%, while sales in Europe decreased by 23%, highlighting regional disparities in performance [11]

Group 1 - Alibaba International Station has rapidly ascended to the top of the shopping chart in the US App Store, ranking in the top ten of app downloads in over 120 countries globally, showcasing the strong capabilities of China's cross-border e-commerce [1] - The surge in popularity is attributed to the "China Factory Revealed" trend on TikTok, which has increased awareness among overseas consumers about Alibaba International Station's direct connection to source factories and its provision of high-cost performance products [1] Group 2 - Hangzhou QuanZhi Technology Co., Ltd., an innovative player in the industrial robotics sector, has completed a Pre-A round financing of several tens of millions, which will be used for core technology R&D, expansion of smart manufacturing bases, and market application scenario development [2] - The financing reflects the recognition of QuanZhi Technology's strength in a highly competitive industrial robotics market, enabling increased R&D investment and product performance optimization to better compete and capture a larger market share [2] Group 3 - Four-dimensional Map New Technology Co., Ltd. has signed a strategic cooperation framework agreement with Beijing Volcano Engine Technology Co., Ltd., aiming to promote deep collaboration in automotive intelligent technology and product fields [3] - The partnership seeks to create industry-leading "smart cockpit & assisted driving" solutions and advanced data closed-loop infrastructure, potentially breaking the homogenization deadlock in the automotive intelligent sector [3] - Successful implementation of this collaboration could open new avenues in market competition, especially against established players like Huawei, and elevate the automotive intelligence landscape [3]

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Core Viewpoint - In the first quarter of this year, China's foreign trade showed resilience with a total import and export value of 10.3 trillion yuan, reflecting a growth of 1.3% despite external challenges [1] Group 1: Export Performance - China's export scale exceeded 6 trillion yuan in the first quarter, achieving a rapid growth of 6.9%, demonstrating strong resilience under pressure [1] - Exports to over 170 countries and regions increased, with significant growth in high-end, intelligent, and green manufacturing sectors [1] - Notable export growth was observed in shipbuilding and marine engineering equipment (10.8%) and specialized equipment (16.2%) [1] - Renewable energy products played a crucial role in global green transformation, with exports of wind turbines (43.2%), lithium batteries (18.8%), and electric vehicles (8.2%) showing substantial increases [1] Group 2: Import Performance - Domestic industrial production growth led to increased imports of components and equipment, with automatic data processing equipment parts and marine engineering equipment growing by 95.6% and 52.5% respectively [2] - The consumer market remained stable, with imports of edible oils increasing by 12.1% and fresh and dried fruits rising by 8.3% [2] - Private enterprises accounted for 5.85 trillion yuan in imports and exports, growing by 5.8% and representing 56.8% of the total [2] - Private enterprises achieved record high exports of high-tech products, nearing 1 trillion yuan, with industrial robots (67.4%) and high-end machine tools (16.4%) showing significant growth [2] Group 3: Foreign Investment and Trade Relations - Foreign-invested enterprises accounted for about one-third of China's foreign trade over the past five years, with over 67,000 foreign enterprises engaged in import and export activities in the first quarter, marking a three-year high [3] - Trade with the EU reached 1.3 trillion yuan, growing by 1.4%, highlighting the strong economic complementarity and intertwined interests between China and the EU [3] - ASEAN remained China's largest trading partner, with trade volume of 1.71 trillion yuan, growing by 7.1%, and its share of China's overall foreign trade increasing to 16.6% [3] - Trade with Belt and Road Initiative countries reached 5.26 trillion yuan, growing by 2.2%, and its share of China's overall foreign trade rose to 51.1% [3]

Group 1 - Multiple youth organizations are hosting recruitment events to enhance employment opportunities for college graduates, collaborating with over 500 companies to offer more than 15,000 job positions in various sectors such as electronic information, new energy, and biomedicine [1] - Competitive salary packages are being offered by companies to attract talent, with specific roles such as welding technology engineers and smart manufacturing engineers being highlighted [2] - Various regions are establishing and upgrading youth stations and talent apartments to provide free accommodation and one-stop services for graduates seeking jobs, thereby reducing their job search pressure [3][9] Group 2 - Youth stations are providing integrated job services, including on-site recruitment events and real-time job information updates through smart employment machines, which also feature AI policy explanation functions [5] - Educational initiatives such as night classes are being organized at youth stations to teach job etiquette and interview skills, enhancing graduates' competitiveness in the job market [7] - In regions like Shenzhen and Fuzhou, policies have been implemented to extend the duration of free accommodation for job-seeking graduates, with some areas offering up to 12 months of free housing [9]

Group 1: Investor Relations Activities - A total of 21 investors participated in the first on-site research on February 25, including major firms like JPMorgan Asset Management and Goldman Sachs [1] - The second on-site research on February 25 had 7 participants from Quan Guo Fund [2] - A total of 63 investors attended the second broker strategy meeting on February 26 [2] - The third on-site research on February 27 included 4 participants from Dongfang Marathon Investment [3] - The on-site research on February 28 had 30 participants from various international investment firms [4] Group 2: Business Performance Insights - The company's industrial automation orders showed good growth in January and February 2025, particularly in sectors like engineering machinery electrification and logistics equipment [8] - The engineering machinery electrification business is experiencing favorable development due to policy drivers and rising export demand [8] - The company has seen significant growth in its industrial robot business, driven by a strong sales platform and a diverse customer base [10] Group 3: Product Development and Strategy - The IFA platform, a fully integrated factory automation software platform, has been widely tested and validated by clients [10] - The company aims to enhance its industrial robot product series and expand into various automation sectors [10] - The transition to a "sector + battle zone" collaborative operation model has improved market penetration and sales performance [8] Group 4: Compliance and Communication - The company ensured compliance with information disclosure regulations during investor interactions, maintaining transparency and accuracy [11] - All investors participating in on-site research signed a commitment letter as per Shenzhen Stock Exchange requirements [11]