（一）重要市场新闻 1、美股三大指数接近平收，标普500指数涨0.03%，纳指跌0.01%，道指跌0.02%，大型科技股多数上 涨，英特尔大涨超7%，亚马逊、奈飞涨超2%，微软、英伟达、谷歌、Meta小幅上涨；特斯拉跌超 1%，苹果小幅下跌。中概股多数下跌，纳斯达克中国金龙指数跌2.13%，理想汽车、虎牙跌超4%，小 鹏汽车、网易、蔚来、阿里巴巴跌近4%，京东、百度跌近3%。 2、8月14日晚间，美国劳工统计局（BLS）公布的报告显示，7月美国批发价格涨幅远超预期，这可能 表明通胀仍是美国经济面临的威胁。8月14日晚间，旧金山联储玛丽·戴利在接受美媒采访时明确表示， 反对在9月议息会议上实施50个基点的大幅降息。戴利表示，降息50个基点"听起来像是我们看到了紧急 情况"，但她对劳动力市场并不感到担忧，也不认为有必要进行追赶式降息。她支持逐步向更中性的政 策立场调整，时间跨度为"未来一年左右"。她表示，虽然支持9月份开始降息，但认为政策调整应该是 渐进的。 （二）行业掘金 1、8月14日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会。国家数据局局长 刘烈宏表示，去年推出了公共数据资源开发利 ...

每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年8月15日 星期五｜ NO.1 国家发改委：着手"十五五"海洋经济发展规划编制工作，部署突破一批关键核心技术 据新华社报道，国家发展改革委区域协调发展司副司长马维晨8月13日在第二十二期"中国经济圆桌 会"大型全媒体访谈节目中表示，按照中央财经委员会第六次会议部署，国家发展改革委正与相关部门 一道着手"十五五"海洋经济发展规划以及相关领域专项规划的编制工作。"我们将更加注重创新驱动， 部署尽快突破一批关键核心技术，接续取得一批原创重大成果，实现海洋科技高水平自立自强。"马维 晨说，与此同时，加快推动海洋传统产业转型升级，大力发展海上风电、海洋生物医药等新兴产业，积 极培育海洋未来产业。 NO.2 国家数据局：全国已建成25个数据流通节点城市，预计年底扩大到50个左右 国家数据局副局长夏冰在8月14日国新办新闻发布会上表示，截至目前，全国已建成包含北上广深等25 个城市在内的数据流通节点城市，布局了16个省、市、区的数据基础设施架构，并在今年7月底全面完 成了互联互通。预计到今年年底，相关节点城市规模将扩大到50个左右，覆盖80%的省市区，为数据规 模化跨域流通奠定 ...

Core Viewpoint - The article discusses the current trends and developments in various industries, particularly focusing on the impact of AI technology, market dynamics in the home appliance sector, and the challenges faced by companies in adapting to these changes. Industry Environment - The Japanese animation industry is increasingly adopting AI technology, which lowers creative barriers and enhances efficiency, with tools like Vidu gaining global attention. AI applications can reduce production costs by 30%-50% for 2D animations, presenting new opportunities for domestic animation development [2] - In the automotive sector, 60% of CEOs view generative AI as a competitive advantage, yet 65% are concerned about industry disruption. The shift towards smart connected vehicles is expected to exceed 80% by 2030, with generative AI helping companies reduce costs and improve competitiveness [3] - AI and large models are projected to be key for enterprise transformation by 2025, with an average return on investment realized in 13 months. By 2030, AI is expected to contribute $15.7 trillion to the global economy, with a 26.1% increase in China's GDP [5] - China has become the largest holder of AI patents globally, accounting for 60% of the total, indicating strong momentum in the AI sector and a commitment to enhancing intellectual property protections [6] Home Appliance Industry - The home appliance industry in China experienced significant growth in Q1 2025, driven by government subsidies and corporate transformations. Major companies reported double-digit growth in revenue and net profit, with a focus on high-end and efficient products. However, export challenges remain due to tariff barriers [8] - The digital transformation in light industry aims for comprehensive digitization by 2030, with significant advancements in green and intelligent upgrades. The home appliance sector is leading in smart manufacturing, with companies like Haier and Midea recognized for their innovative practices [11] Company Dynamics - Tencent showcased its "full-stack AI" capabilities at the 2025 Shanghai Auto Show, positioning itself as an enabler of automotive intelligence, while facing challenges from self-research trends among car manufacturers [14] - Midea is set to commercialize humanoid robots, with applications in factory operations and retail by the end of 2024, reflecting a significant investment in robotics and AI technology [19] - Cambricon, a leading Chinese AI chip company, reported a Q1 2024 revenue of 1.111 billion yuan, marking a 42-fold year-on-year increase, driven by demand for large models and domestic substitution opportunities [20][21] - Kunlun Wanwei's "All in AI" strategy led to a significant net loss of 1.595 billion yuan in 2024, highlighting the challenges of high R&D costs and competitive pressures in the AI commercialization landscape [25][26]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's automotive business shows strong growth sustainability, with emerging opportunities in energy storage and robotics expected to become new growth drivers [1][11] - The company reported a revenue of 826 million yuan for 2024, representing a year-on-year growth of 26.5%, and a net profit of 138 million yuan, up 21.2% year-on-year [8][9] - The company has a solid order backlog, ensuring strong performance sustainability, with a focus on the automotive thermal management sector [10] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2023: 653 million yuan, 2024: 826 million yuan, 2025E: 1,078 million yuan, 2026E: 1,432 million yuan, 2027E: 1,757 million yuan, with respective year-on-year growth rates of 26.9%, 26.5%, 30.4%, 32.8%, and 22.7% [7][14] - The projected net profit for 2025 is 180 million yuan, with a corresponding PE ratio of 23 [11][14] - The company’s gross margin is expected to stabilize around 32% in the coming years, with a return on equity (ROE) projected to reach 27.1% by 2027 [7][11]

星标 ★ IPO日报 精彩文章第一时间推送 按产品划分，2024年上半年，光伏逆变器为公司贡献了超七成的收入，为13.83亿元，储能双向变流器及系统集成产品收入5.07亿元，占总收入的 比重为26.34%。 简单来说，光伏逆变器能够将光伏组件产生的直流电转换为交流电，并接入电网或供本地负载使用，是光伏发电系统的核心设备。 日前，上能电气股份有限公司（300827.SZ，下称"上能电气"）定增募资计划已被深交所受理。 具体来看，公司拟向特定对象发行股票募集资金16.5亿元，扩产光伏逆变器及储能变流器，新增产能分别为25GW、15GW，达现有产能的2.08 倍、2.73倍。 制图：佘诗婕 海外收入增加 据了解，上能电气是一家专注于电力电子产品研发、制造与销售的国家高新技术企业，成立于2012年，前身为无锡上能新能源有限公司，2015年 更名为上能电气股份有限公司，2020年于深交所挂牌上市。 2024 年上半年，公司实现营业收入19.26 亿元，同比下降11.5%；归母净利润1.61 亿元，同比增长18.9%。 对此，公司称，营收下滑的主要原因在于储能系统集成业务有所减少，而归母净利润水平提升主要是由于海外收入占 ...