加强研发布局 共塑产业生态 霍思闻表示，得益于广州优越营商环境、丰富人才资源和开放产业生态，蔡司光学扎根广州市场三十年 来各项业务发展取得显著成效。集团坚信在穗投资的光明前景，将抢抓数字化智能化绿色化机遇，拓展 业务布局，加强在VR/AR智能显示、医疗技术、眼健康管理等领域务实合作，同时进一步加大本土化 创新力度，为广州高质量发展贡献更大力量。 蔡司光学首席运营官兼首席技术官韦领、首席业务创新和战略官保罗、中国区总裁杨晓光等出席。 相关附件 孙志洋对蔡司集团为广州经济社会发展作出贡献表示感谢。他说，当前，广州着力推进深层次改革和高 水平开放，深入实施"人工智能+"行动，加快建设"12218"现代化产业体系，以科技创新引领新质生产力 发展，为全球企业提供了广阔发展空间和投资机遇。蔡司集团是全球光学和光电行业的龙头，核心业务 和发展战略与广州"十五五"高质量发展目标高度契合。欢迎蔡司集团把广州作为创新研发、业务布局重 要枢纽，在巩固既有良好合作基础上，深化在眼健康生态平台、AI智能视觉产品、医疗器械等领域合 作，带动更多上下游产业链企业聚集广州，共塑健康视光产业新生态。广州将一如既往做好企业服务， 携手企业共创美 ...

Core Insights - The company has a long-standing commitment to the Chinese market, emphasizing its rapid development and the talent of its people [1][2] - China has become the largest single market for the company since 2021, with over 7,000 employees in the country [1][2] Investment and Expansion - The company is increasing its investment in China, with significant projects such as the Suzhou R&D manufacturing base set to launch in 2024 and the acquisition of land in Shanghai for its largest infrastructure investment in China to date [2] - The company aims to enhance its local presence and support high-quality development across various industries in China [2] Strategic Partnerships and Innovation - The company signed a memorandum of understanding with the Shanghai Science and Technology Entrepreneurship Center, joining the Shanghai innovation network to participate in regional technological development [2] - The company is committed to integrating its innovations into the global supply chain while promoting cross-sector innovation ecosystems [2] Financial Performance - In the fiscal year 2023/24, the company reported nearly €11 billion in revenue, covering four major business sectors: industrial quality and research, medical technology, optical consumer products, and semiconductor manufacturing technology [2]

Core Insights - The 8th China International Import Expo will commence on November 5 in Shanghai, with Zeiss participating for the eighth consecutive year, showcasing over 60 innovative solutions across four business areas [1][2] - Zeiss aims to highlight local innovations and unveil new strategic initiatives and collaboration projects during the expo [1] - China has become Zeiss's largest single market globally since 2021, with a workforce of over 7,000 employees across more than 60 production, sales, service, and R&D centers in the region [1][2] Group 1: Investment and Local Development - Zeiss has increased investment in China, focusing on the Yangtze River Delta and Greater Bay Area as development hubs, leveraging local supply chains to create high-end equipment and eye health centers [2] - The comprehensive headquarters project in the Greater China region, set to launch in 2025, will integrate and upgrade existing operations, enhancing efficiency and market responsiveness [2] Group 2: Product Innovations - In September, Zeiss launched three locally manufactured high-end microscopes, including the LSM910 laser confocal microscope, which offers new solutions for life sciences and materials research [2] - The digital navigation surgical microscope ZEISS ARTEVO750 will debut at the expo, featuring a 21% improvement in optical resolution compared to its predecessor [2] - The first domestically produced high-end surgical microscope, PENTERO800S, will also be showcased, designed for neurosurgery and reconstructive surgery [3] - A new vision health product, the Zeiss Diamond Cube Gold Coating, will be presented, enhancing lens purity and cleanliness while offering a unique aesthetic appeal [3]

Core Viewpoint - The meeting between Guangzhou's municipal leadership and Zeiss Group executives highlights the commitment to building a new ecosystem in the optical health industry, leveraging advancements in artificial intelligence and innovation for mutual growth [2][3]. Group 1: Government and Industry Collaboration - Guangzhou is recognized as a key area for advanced manufacturing and international trade, with a solid industrial foundation and abundant innovation resources [2]. - The local government is focused on deep reforms and high-level openness, aiming to enhance the manufacturing sector and implement the "Artificial Intelligence +" initiative [2]. - The collaboration with Zeiss Group aims to foster local research and development in augmented reality, virtual reality, and eye health products [2]. Group 2: Zeiss Group's Commitment - Zeiss Group has been operating in Guangzhou for 30 years, benefiting from the city's favorable business environment and industrial ecosystem [3]. - The company plans to accelerate its digital and intelligent transformation in Guangzhou, aligning its strategic planning in optical consumer products and medical technology with local industrial development [3]. - Zeiss Group expresses confidence in Guangzhou's future and intends to deepen its investment and innovation efforts in the region [3].

Core Viewpoints - The article summarizes the insights from fund managers based on their Q1 2025 reports, focusing on their investment strategies and market outlooks [1]. Group 1: Fund Manager Perspectives - Fund managers typically cover two main areas in their reports: a review of past investments and future market outlooks, with the latter being more significant [3]. - Different fund managers exhibit varying levels of detail in their reports, influenced by their investment styles, such as value or growth [3]. - The deep value style emphasizes low valuations and high dividend yields, primarily investing in sectors like finance, real estate, and energy [4][5]. - Growth value style focuses on companies with strong profitability and cash flow, often holding stocks for the long term [10]. Group 2: Deep Value Style Insights - Deep value style has shown strong performance from 2021 to 2024, while it underperformed in 2019-2020 [6]. - Fund managers express confidence in their holdings despite market uncertainties, citing factors like geopolitical changes and technological advancements as influential [7]. - The current market environment is characterized by structural changes, with some sectors facing prolonged competition, while others show clear competitive advantages [7]. Group 3: Growth Value Style Insights - Growth value managers highlight the resilience of high-frequency economic data and improved financing conditions, suggesting a positive outlook for the second quarter [12]. - They emphasize the importance of focusing on domestic economic transformation and internal demand rather than external pressures [12][13]. - Fund managers are adjusting their portfolios to capitalize on sectors like AI and healthcare, anticipating a shift in consumer behavior and market dynamics [15][16]. Group 4: Balanced Style Insights - The balanced style seeks to combine growth potential with valuation, often looking for stocks that offer good value relative to their growth prospects [26]. - Fund managers maintain a diversified approach, focusing on sectors with favorable valuations and growth potential, such as healthcare and technology [29][30]. - They express optimism about domestic consumption policies and liquidity, which may support market performance despite external uncertainties [30]. Group 5: Growth Style Insights - The growth style prioritizes companies with high revenue and profit growth, often accepting higher valuations for strong growth potential [39][40]. - Fund managers are actively seeking opportunities in emerging industries, such as renewable energy and technology, which are expected to drive future growth [41].