就在一个月前，"十五五"（2026-2030年）规划明确ESG政策方针，以 制度创新 推动经济社会全面转向 碳排放"双控"硬约束 ，深化绿色标准体系与国际接 轨，并要求企业加强科技伦理和安全韧性治理，以保障共同富裕下的高品质民生服务。这标志着 ESG已然成为中国资本市场的底层基础设施。 具体来说， 对于VC/PE投资而言， ESG是实现高价值回报的战略保障， ESG也正在重塑我们的未来。 观察2025年的本土机构，"耐心资本"成为了主流叙事。VC/PE机构开始更看重长期社会价值与产业强链补链的作用。在募资市场上，LP特别是险资和社保基 金对GP的尽调中， ESG已从附加题变成了必答题。 本土数据显示，尽管整体市场趋缓，VC/PE的策略与投资重点正 从单纯的"绿色能源"转向高碳行业的"低碳转型"。 钢铁、化工、建材的数字化减碳技术， 成为了2025年硬科技投资的新宠。同时， 新质生产力 在ESG语境下有了更具象的表达，支持固态电池、可控核聚变、生物合成等颠覆性技术，不仅是科技 投资，更是解决人类生存挑战的最大责任。在ESG实践层面，我们发现， 投资机构对ESG的理解与实践也呈现多样化趋势。 例如，在实践层面表现 ...

新汽车生态合作，报名中国版CES！ 撰文 | 莫 莉 编辑 | 黄 大路 设计 | 甄 尤美 当地时间2025年11月20日，总部位于旧金山的高精度定位初创公司Point One Navigation获得了由科斯拉风投（Khosla Ventures）领投的3500万 美元C轮融资，公司投后估值约为2.3亿美元。 Point One公司致力于让无人机、卡车和自动驾驶出租车等移动载体实现厘米级的精准追踪定位。 据TechCrunch报道，目前，这家公司开发的定位引擎在理想条件下可以把误差压缩到1厘米量级，已经被用于无人机、货运卡车以及自动驾驶出 租车的精确追踪。 从汽车供应链视角看，这笔融资也是一条清晰的技术路径，通过自建RTK（实时动态）网络和云端平台，把厘米级定位做成可复用的基础设 施，嵌入自动驾驶乘用车、干线卡车、Robotaxi等车辆。 据披露，这一轮融资所对应的技术规划，已经从单车能力延伸到车队与多场景协同。 Point One在对外说明中强调，其厘米级定位不仅面向无人机和机器人，也面向量产乘用车和大规模商用车队，希望通过统一的平台，把原本分 散在不同供应商和地区网络中的高精度定位能力，整合成车企和运 ...

优必选(09880)发布公告，2025年11月25日，董事会批准公司(作为买方)与天奇自动化工程(作为卖方)及 无锡优奇(作为目标公司)签订股份转让协议，据此，公司同意以人民币1.30亿元(含税)的代价收购天奇 自动化工程持有的无锡优奇7%股权，但须遵守股份转让协议的条款及条件。完成后，公司将直接持有 无锡优奇约41.4906%的股权，根据无锡优奇股东承诺，公司将继续持有无锡优奇超过50%的投票权，无 锡优奇仍将作为公司的非全资附属公司。 收购事项基于公司对具身智能人形机器人行业未来发展前景的评估。完成后，公司于无锡优奇的股权将 会增加，这有利于在智能物流行业进一步落实具身智能人形机器人的应用场景。这将推动工业场景中具 身智能人形机器人大规模部署的战略性发展，对集团有利，并符合公司的整体战略规划。 无锡优奇主营业务包括为国内知名新能源汽车企业、知名轮胎行业客户及全球知名客户提供物流机器人 产品与服务。其主要聚焦于五大核心产业，即汽车、轮胎、3C电子、电池及电子商务。 ...

Core Insights - The signing ceremony for the Hainan Free Trade Port International Smart Logistics Center project took place on November 24, involving a collaboration between Dongjie Intelligent Technology Group Co., Ltd. and several partners, with a total project value of 11.1 billion yuan [1] Group 1: Project Details - The project involves a partnership between Dongjie Intelligent, New Zealand Alpha Logic Capital, Dayan Investment (Hainan), and Aobo (Shandong) Robotics [1] - Dongjie Intelligent will collaborate closely with Aobo Robotics to create an innovative framework combining "smart skeletons and flexible limbs" [1] Group 2: Key Contributions - Aobo Robotics will serve as a key supply chain partner, responsible for critical components such as robotic systems, AI security inspections, 5G network construction, and cold storage energy consumption monitoring [1] - The project will utilize digital twin technology to provide intelligent solutions and equipment support [1]

Core Insights - Wuhan is leveraging intelligent transformation as a driving force to activate new momentum in modern commerce and logistics [1] Group 1: Event Overview - The 2026 Wuhan Intelligent Warehousing and Material Handling Exhibition will be held from September 22 to 24 at the Wuhan International Expo Center [1] - The exhibition will feature the theme "Smart Logistics, Driving the Future of Industry" and is expected to attract 1100 high-quality exhibitors and 80,000 professional visitors [1][3] Group 2: Exhibition Focus - The exhibition will cover key areas such as intelligent warehousing, unmanned handling, sorting and conveying, and logistics software, with an exhibition area of 100,000 square meters [3] - Advanced technologies like automated three-dimensional warehouses, AGV/AMR robots, and intelligent scheduling systems will be showcased [3] Group 3: Industry Applications - The exhibition will specifically address the logistics needs of pillar industries in Wuhan, including automotive manufacturing, electronic information, and agricultural product circulation [5] - Special zones for intelligent manufacturing logistics and cold chain logistics for agricultural products will be established, facilitating one-on-one negotiations with local leading enterprises [5]

11月17日至18日，湖南石油化工职业技术学院党委书记徐方一行前往深圳市开展专题调研，先后走访深 圳市元创时代科技有限公司、深圳市跨越物流有限公司和深圳市越疆科技股份有限公司，围绕跨境电 商、智能物流与人工智能等前沿领域，探索校企协同育人新机制，开启产教深度融合新篇章。 校企座谈。湖南石油化 在深圳市跨越物流有限公司，调研团队重点考察了企业在智能仓储、无人配送、供应链管理等方面的创 新应用。企业技术主管表示，随着物联网、大数据和自动化设备的广泛应用，传统物流岗位正被重新定 义，对掌握智能系统操作、数据监控与应急调度能力的技术人才需求持续上升。校企围绕"人才共育、 课程共建、基地共管、成果共享"展开深度对话，徐方强调，职业教育必须"贴紧产业走、跟着需求 转"，学校将以此次调研为契机，动态优化物流专业课程体系，增设智能仓储管理、智慧供应链分析等 实践模块。企业方积极响应，提出实施"双导师制"，由企业骨干入校授课、参与实训指导，并联合打 造"学生实习就业基地"，形成"入学即入职、上课即上岗"的培养模式。 在深圳市越疆科技股份有限公司，调研团队参观了企业展厅与研发测试中心，现场观摩协作机器人在分 拣、装配、人机协同等 ...

Core Viewpoint - Zhongding Intelligent (Wuxi) Technology Co., Ltd. has officially submitted its application to the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor. The company specializes in intelligent in-plant logistics and warehouse automation solutions, integrating management software with various logistics equipment to optimize material handling and storage across multiple industries [2]. Industry Overview - Zhongding Intelligent ranks fourth in China's intelligent in-plant logistics solutions market with a market share of 1.7%, second in the industrial sector with a 3.2% market share, and first in the new energy lithium-ion battery sector with a 22.1% market share as of 2024 [3]. - The industrial sector accounts for nearly 50% of the Chinese intelligent in-plant logistics solutions market, while the new energy lithium-ion battery sector represents about 6% [3]. Company Performance - Zhongding Intelligent has developed tailored intelligent in-plant logistics solutions for various vertical industries, with significant revenue contributions from the following sectors: 1. New Energy: This sector is the largest revenue contributor, primarily from lithium-ion battery storage and intelligent production solutions. Revenue from new energy clients was RMB 1,260.7 million, RMB 1,307.0 million, and RMB 1,347.7 million for 2022, 2023, and 2024, respectively, accounting for 76.8%, 77.1%, and 75.0% of total revenue [3]. 2. Automotive Parts: Solutions for manufacturing and storing tires, car bodies, and other components, optimizing storage space and operational efficiency [3]. 3. Healthcare: Solutions for raw materials, finished drugs, and medical equipment, requiring precise inventory tracking and environmental control [3]. 4. Food: Management solutions for both ambient and cold chain warehouses, with cold chain solutions functioning at temperatures as low as -25°C [4]. Financial Performance - Zhongding Intelligent's revenue for the years 2022, 2023, and 2024 was RMB 1,642.5 million, RMB 1,694.7 million, and RMB 1,797.8 million, respectively. The net profit for the same years was RMB 70.6 million, RMB 78.2 million, and RMB 88.6 million [4].

Core Viewpoint - Zhongding Intelligent is seeking an independent listing on the Hong Kong Stock Exchange to expand its capital access, leveraging its leading position in the Chinese lithium-ion battery logistics solutions market, which accounts for 22.1% of the market share in 2024 [1] Group 1: Business Model and Financial Performance - The company's core business focuses on integrated smart logistics solutions, contributing over 95% of its revenue as of June 30, 2025 [1] - Zhongding Intelligent has strong vertical integration capabilities, allowing it to develop and integrate logistics management software while manufacturing key logistics equipment, providing customized solutions [2] - Revenue from new energy clients accounted for 95.6% of the core logistics solutions revenue in the first half of 2025, reflecting the company's reliance on the rapidly growing new energy sector [2] - Revenue increased from 1.643 billion yuan in 2022 to 1.798 billion yuan in 2024, with net profit rising from 70.6 million yuan to 88.6 million yuan during the same period [2] - For the first half of 2025, revenue decreased by 23.1% to 746.4 million yuan due to delays in client project acceptance, while net profit increased by 26.5% to 66.3 million yuan, driven by higher-margin project acceptance [2] Group 2: Cash Flow and Inventory Management - The company recorded net operating cash outflows of 61.6 million yuan in 2023 and 36.3 million yuan in the first half of 2025, primarily due to reduced customer prepayments and increased receivables [3] - The company faces challenges in working capital management and liquidity due to high inventory levels, with inventory turnover days ranging from 458 to 601 days, and a net inventory value of 1.4219 billion yuan as of June 30, 2025 [3] Group 3: Market Dynamics and Risks - The Chinese smart logistics solutions market is experiencing rapid growth, expanding from 54.2 billion yuan in 2020 to an estimated 101.3 billion yuan in 2024, with a compound annual growth rate of 17.0% [4] - The company faces high customer concentration risk, with the top five clients accounting for over 70% of revenue from 2022 to 2024, increasing to 87.5% in the first half of 2025 [4] - Project execution risks are significant, with an average project duration of 694 days in 2024, leading to higher uncertainty and complex management challenges [4] - The company's bid success rate has declined from 41% in 2022 to 21% in the first half of 2025, indicating increased market competition [5] - Zhongding Intelligent plans to use IPO proceeds for R&D, capacity upgrades, strategic acquisitions, and overseas expansion, with operations already initiated in Hungary, Singapore, and Malaysia [5] Group 4: Investment Outlook - As a leading player in the new energy logistics automation sector, Zhongding Intelligent's IPO has attracted market attention due to its specialized expertise, quality client resources, and technological strength [6] - However, high customer concentration, long project cycles, and cash flow volatility present notable risks that need to be managed for sustainable growth [6]

Core Viewpoint - The company, Beizhi Technology, is experiencing a decline in revenue and net profit, while its financing activities indicate a low level of market engagement and high short-selling potential [1][2]. Financing Activities - On November 11, Beizhi Technology had a financing buy-in amount of 4.82 million yuan, with a net financing buy of 2.19 million yuan, resulting in a total financing balance of 127 million yuan, which accounts for 8.27% of its market capitalization [1]. - The current financing balance is below the 40th percentile level over the past year, indicating a low position in terms of financing [1]. - There were no short-selling activities on November 11, with a short-selling balance of 0 yuan, which is at the 90th percentile level over the past year, suggesting a high potential for short-selling [1]. Company Performance - As of September 30, the number of shareholders for Beizhi Technology decreased by 18.19% to 13,700, while the average number of circulating shares per person increased by 22.24% to 2,969 shares [2]. - For the period from January to September 2025, the company reported a revenue of 1.402 billion yuan, a year-on-year decrease of 3.51%, and a net profit attributable to shareholders of 118 million yuan, also down by 3.45% year-on-year [2]. Dividend and Shareholding - Beizhi Technology has distributed a total of 188 million yuan in dividends since its A-share listing [3]. - As of September 30, 2025, the third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 823,600 shares, which is an increase of 632,800 shares compared to the previous period [3].

Group 1 - The core point of the article highlights the recent performance of Dongjie Intelligent, which saw a 5.45% increase in stock price, reaching 23.04 yuan per share, with a trading volume of 316 million yuan and a turnover rate of 3.00%, resulting in a total market capitalization of 10.994 billion yuan [1] - Dongjie Intelligent Technology Group Co., Ltd. is based in Taiyuan, Shanxi Province, and was established on December 14, 1995, with its listing date on June 30, 2015. The company specializes in the research, design, production, and sales of intelligent logistics conveying systems, intelligent logistics storage systems, and intelligent parking garages, as well as intelligent automotive painting production lines [1] - The revenue composition of Dongjie Intelligent includes 79.11% from intelligent logistics storage systems, 18.51% from intelligent production systems, 1.67% from spare parts and others, and 0.70% from intelligent multi-story parking systems [1] Group 2 - From the perspective of the top ten circulating shareholders of Dongjie Intelligent, Tianhong Fund has increased its holdings in the Tianhong CSI Robot ETF (159770) by 546,400 shares in the third quarter, bringing the total to 3.1339 million shares, which accounts for 0.66% of the circulating shares. The estimated floating profit today is approximately 3.7294 million yuan [2] - The Tianhong CSI Robot ETF (159770) was established on October 26, 2021, with a latest scale of 9.078 billion yuan. Year-to-date returns are 27.59%, ranking 2074 out of 4216 in its category; the one-year return is 26.52%, ranking 1472 out of 3922; and since inception, the return is 2.58% [2]