表[Table_Main] 证券研究报告 行业研究|深耕安徽 2025 年 8 月 25 日 [Table_Title] 科创名城再蓄力，先进产业塑星海 ——"深耕安徽"系列专题报告之合肥篇 [Table_Summary] 报告要点： 聚焦安徽十年跨越式发展，我们推出《"深耕安徽"系列专题报告》， 为企业家解读安徽省产业政策规划、为投资人挖掘产业投资机遇、为 政府机构梳理产业链上下游关键节点。作为深耕安徽区域篇中聚焦省 会合肥的重要篇章，本文从政策与产业视角复盘合肥产业变迁以及背 后的发展规律，并详细拆解"6+5+X"核心产业在合肥的发展和布局， 在分析区域发展规律的同时呈现出可以按图索骥投资合肥，布局合肥 的产业链地图。 二十年中部崛起最强黑马，科创引领接续发力 合肥市位于安徽省中部，1952 年被确立为安徽省会，下辖四区（蜀山、 庐阳、瑶海、包河）、四县（长丰、肥东、肥西、庐江）、一县级市（巢 湖）。2024 年，合肥市实现 GDP 总值 13,508 亿元，同比增长 6.1%。 GDP 总量在全国各省会、直辖市及计划单列市中位列第 17 位，较 2000 年上升 10 个位次。2000 年-2024 年 ...

Group 1 - The provincial government emphasizes the need to unify thoughts and actions with the central government's scientific judgment and decision-making regarding the economic situation, focusing on achieving annual goals and planning for the 14th Five-Year Plan [1] - The government is committed to enhancing economic quality and stability by leveraging comparative advantages in location, resources, and costs, while implementing extraordinary measures to stabilize employment, enterprises, and market expectations [1][2] - There is a strong focus on accelerating the development of key industries through technological innovation, enhancing collaboration between enterprises and research institutions, and improving the development levels of industries such as new energy, electronic information, and oil and gas [2] Group 2 - The government aims to boost consumer confidence and stimulate consumption by optimizing the distribution of consumption vouchers and promoting sectors like automotive and home appliances [2] - Efforts are being made to stabilize the real estate market through urban renewal initiatives and innovative housing solutions, which will help activate existing housing stock and improve urban infrastructure [2] - The government is also focused on enhancing public services in education, healthcare, and elderly care, while ensuring that resources are expanded and optimized to meet the changing population demands [2]

Core Viewpoint - Anhui's foreign trade has shown remarkable growth in 2025, with a total import and export value of 543.41 billion RMB, a year-on-year increase of 14.1%, despite a general slowdown in global trade [1]. Group 1: Automotive Industry - Anhui has transformed from a "follower" to a "leader" in the automotive sector, with a significant increase in production and exports [2][6]. - The province's automotive production reached 1.4995 million vehicles in the first half of the year, with 730,900 of those being new energy vehicles, both ranking first in the country [4]. - Chery Group, a key player in Anhui's automotive industry, sold 1.4846 million vehicles in the first seven months of 2025, marking a historical high and a 14.5% year-on-year increase [5]. Group 2: Semiconductor Industry - Anhui has established itself as a key area for integrated circuits, with over 500 upstream and downstream enterprises forming a complete industrial ecosystem [8]. - The province produced nearly 8 billion chips from January to October 2024, and significant projects like Changxin and Jinghe are enhancing its position in the semiconductor industry [8][9]. - The electronic information manufacturing sector in Anhui saw a 26.1% year-on-year increase in industrial added value, contributing 27% to the province's industrial growth [9]. Group 3: Robotics Industry - Anhui has developed a robust robotics industry, with 177 companies contributing to a strong innovation ecosystem [11]. - The province's robots are being integrated into everyday life, with applications in education and household services [12]. - The advancements in robotics reflect a broader trend of technological application in practical scenarios, showcasing Anhui's commitment to innovation [12]. Group 4: Overall Industrial Transformation - The collective growth in automotive, semiconductor, and robotics industries illustrates Anhui's significant industrial transformation and its role in China's manufacturing upgrade [13]. - The province's achievements are attributed to years of consistent effort and innovation, solidifying its status as a leading industrial hub in central China [13].

Core Viewpoint - The signing ceremony in Qixia District on August 7 resulted in 21 projects with a total investment exceeding 5 billion yuan, covering various sectors such as new display technology, intelligent manufacturing, synthetic biology, and artificial intelligence [1] Group 1: Project Overview - The signed projects include high-level initiatives such as the Huakun mobile charging robot R&D and manufacturing base, the headquarters of the JiaoNeng Fusion mobile virtual power plant, the production base for Semaglutide raw materials, and the headquarters of Yuanda Science Education Group along with the International Digital Education Port [1] - The projects aim to leverage the rich educational resources in the area to expand market reach, establish local investments, and facilitate the application of laboratory results to the market [1] Group 2: Economic Impact - The signing of these projects is expected to inject new momentum into the regional economy, enhance industrial levels, and facilitate the transformation of economic drivers [1] - Qixia District has been focusing on improving industrial levels and building an innovative ecosystem through targeted actions such as the "Signing of 100 Billion Yuan Projects" and "100 New Project Initiatives" [1] Group 3: Investment Strategy - A "1+2+2" investment attraction mechanism has been established, along with the formation of a dedicated investment team stationed in key cities to strengthen the investment attraction efforts [1] - The district aims to accelerate the landing of high-quality projects through a collaborative approach in investment promotion [1]

Core Viewpoint - The Chinese new display industry is undergoing a transformation from large to strong, requiring internal measures to prevent industry over-competition and external strategies to enhance resilience against pressures [1] Group 1: Industry Competition and Development - The industry needs to focus on orderly competition based on market demands to ensure stability and sustainable development, avoiding internal competition [2] - The new display industry has shown significant advantages compared to other sectors, maintaining stability despite a challenging market environment [2] - In 2024, the global new display industry is projected to grow by 17%, reaching a scale of $219.8 billion, with China's share being $108 billion, accounting for half of the global market [2] Group 2: Technological Advancement and Challenges - Despite significant investments in the display panel industry, there are still shortcomings in leading technologies and high-value-added products, with China's actual sales revenue not matching its 70% global shipment share [3] - The industry aims to become a "long board" industry, ensuring supply chain security and contributing to global display industry development [3] - The domestic new display industry is facing challenges in the localization of core raw materials, which affects high-quality development [5] Group 3: Market Dynamics and External Pressures - The domestic display industry is encountering investigations and lawsuits from international giants due to its increasing technological capabilities and market share [7] - Currently, international giants hold over 50% of the high-end market, leaving less than 10% for Chinese companies, but new entrants are significantly impacting prices [7] - Strengthening technological exchanges and joint research while adhering to international rules is essential for promoting a win-win global industrial chain [7]

Core Insights - The new display industry is a strategic and foundational sector for national economic and social development, with significant implications for the digital economy [1] - The establishment of the National High-tech Zone New Display Industry Collaborative Innovation Network aims to break regional barriers and integrate resources across the country, focusing on key areas such as flexible displays and Micro-LED technology [1][2] Group 1 - The collaborative innovation network was launched in Chengdu, involving 11 national and provincial high-tech zones, to enhance cooperation and resource sharing in the new display industry [1][2] - The global new display industry is projected to exceed $200 billion by 2024, with China's share reaching approximately $100 billion, representing nearly 50% of the global market [1] - Chengdu has emerged as a significant hub for the new display industry in China, ranking among the top three cities for high-quality development in this sector, with a 15% share of the national industry scale [3] Group 2 - The Chengdu High-tech Zone aims to build a "World Flexible Valley" by leveraging leading companies like BOE Technology Group and leveraging government and enterprise collaboration [2] - The network's initiatives include creating a resource map, forming joint task forces, establishing a collaborative fund, and developing exemplary scenarios for industry growth [2] - The network's members discussed key work priorities for 2025-2026, focusing on innovation, talent sharing, and enhancing the capabilities of leading enterprises [2]

Group 1 - The "Three Firsts and Two New" recognition system aims to accelerate the transformation and market promotion of innovative products through clear standards and support [1][2] - Jiangsu Tiangong Technology Co., Ltd. is a leading manufacturer of key strategic materials and titanium alloy products in China, recognized as a national-level specialized and innovative "little giant" enterprise [1] - Jiangsu Gaoguang Semiconductor Materials Co., Ltd. has achieved significant technological advancements in the new display industry, breaking foreign monopolies and addressing critical supply chain issues [1] Group 2 - The six recognized technologies and products demonstrate innovation in fundamental principles, core technologies, and product functions, contributing to high-quality industrial development in the city [2]

Investment Opportunities - The investment conference in Meishan resulted in 36 signed projects, with 31 being investment attraction projects totaling 47.69 billion yuan [1] - Among the signed projects, 10 investment attraction projects accounted for 19.06 billion yuan, showcasing Meishan's investment appeal [1] - The projects included over 28 exceeding 500 million yuan, with 6 projects over 2 billion yuan, indicating a strong industrial growth momentum [1] Industrial Development - Meishan has attracted 39 Fortune Global 500 companies, ranking second in Sichuan province, and is recognized as a demonstration city for open development [2] - The city aims to establish a modern industrial system with core competitiveness, focusing on the new energy and new materials sector, including lithium batteries, crystalline silicon photovoltaics, and high-end fine chemicals [2] - The lithium battery industry in Meishan has established a complete supply chain, with leading companies like Zhongke Innovation and American Yabao [2] Infrastructure and Support - Meishan offers comprehensive support for enterprises, including 7 provincial industrial parks and over 1.3 million square meters of standardized factory buildings [4] - The city has invested significantly in power grid construction, ensuring robust electricity supply, and has established a rapid response mechanism for enterprise needs [4] - A total of 1.14 billion yuan has been allocated in subsidies to support quality projects, reflecting strong policy backing [4] Project Pipeline - The newly released investment opportunity list includes 129 projects with a total investment of 161.5 billion yuan, covering various sectors such as new energy, electronic information, and equipment manufacturing [5] - Specific projects include 36 in the new energy sector with an investment of 63.53 billion yuan and 14 in electronic information with an investment of 14.42 billion yuan [5] Collaboration with Shenzhen - Meishan and Shenzhen have established deep collaboration in industrial sectors, focusing on resource allocation and technology transfer [6] - The partnership leverages Shenzhen's strengths in technology and Meishan's advantages in manufacturing, particularly in the new energy and electronic information sectors [6] - The collaboration is characterized by a shift of labor-intensive production processes to Meishan, enhancing local industrial output [7]

Group 1: Industry Development - The Anhui Tongling Nonferrous Metals Group has produced ultra-thin high-performance lithium battery copper foil, showcasing its focus on high-end copper industry chain development with over 700 research projects implemented since the 14th Five-Year Plan [1] - Anhui is accelerating the transformation and upgrading of traditional industries while developing strategic emerging industries, aiming to build internationally competitive advanced manufacturing clusters [1][2] - The province is exploring new paths for the high-end, intelligent, and green transformation of traditional industries, with high-tech and high-value-added products emerging continuously [2] Group 2: Strategic Emerging Industries - The Hefei Guoxian Technology Co., Ltd. is constructing an 8.6-generation active matrix organic light-emitting display device production line with an investment exceeding 50 billion yuan, which will significantly boost the new display industry cluster in Hefei [3] - From 2013 to 2024, the output value of Anhui's strategic emerging industries increased from 20.7% to 43.6% of the industrial output above designated size, with over 4,000 automotive parts and aftermarket enterprises established [3] - Anhui is committed to integrating innovation and industry, with 80% of newly recognized industrial innovation platforms and technology projects led by enterprises [3] Group 3: Future Industries - The Wuhu Aviation Town is attracting nearly 200 companies, creating a complete industrial chain focused on the low-altitude economy, enabling the production of domestic general aircraft within the park [5] - The "Wukong" quantum computer developed by Benyuan Quantum Computing Technology has completed over 500,000 quantum computing tasks for users in 143 countries and regions since its launch [6][7] - The manufacturing investment in Anhui is projected to grow by 13.3% year-on-year in 2024, with the automotive and equipment manufacturing industries both surpassing 1 trillion yuan in revenue [7]

Investment - The article discusses various investment opportunities in new materials, semiconductors, and renewable energy sectors, highlighting the importance of understanding market trends and technological advancements [1][4]. Semiconductor - It covers a wide range of semiconductor materials and technologies, including photolithography, electronic specialty gases, and advanced packaging materials, emphasizing the growth potential in these areas [1][3]. - The article mentions the significance of third-generation semiconductors like silicon carbide and gallium nitride, which are crucial for high-efficiency applications [1][3]. New Energy - The focus is on the rapid development of lithium batteries, solid-state batteries, and hydrogen energy, indicating a shift towards sustainable energy solutions [1][3]. - It highlights the importance of materials such as silicon-based anodes and composite current collectors in enhancing battery performance [1][3]. Photovoltaics - The article outlines the advancements in photovoltaic materials, including solar glass and back sheets, which are essential for improving solar panel efficiency [1][3]. - It also discusses the potential of perovskite materials in revolutionizing the solar energy market [1][3]. New Display Technologies - The article addresses innovations in display technologies such as OLED, MiniLED, and MicroLED, which are driving the demand for advanced optical materials [3][4]. - It emphasizes the role of optical adhesives and films in enhancing display performance [3][4]. Fibers and Composites - The discussion includes various fiber materials like carbon fiber and aramid fiber, which are critical for lightweight and high-strength applications [3][4]. - The article notes the growing interest in composite materials for their versatility and performance in multiple industries [3][4]. Notable Companies - Key players in the new materials and semiconductor sectors are identified, including ASML, TSMC, and Tesla, showcasing their impact on industry trends and innovations [1][4]. - The article highlights the importance of technological innovation and domestic substitution in driving growth within these companies [1][4].