"十四五" 圆满收官 装备工业高质量发展迈入新阶段 2025年发展成就 0 装备工业对工业经济支撑作用更突出 启动实施新一轮机械、汽车行业稳增长工作方案, 通过供需两端协同发力,深化科技创新和产业创新深度 融合,多措并举扩大汽车大宗商品有效需求,增强优质 装备供给能力,进一步激发产业内生动力。1-11月,装 备工业增加值同比增长8.4%,高于全部规模以上工业 2.4个百分点，累计增速始终保持在8.0%以上。 基础领域创新成果持续涌现 (一)工业母机 01 标志性产品攻关促发展 我们的2025 MIT 大型龙门五轴加工中心实现工程化应 用,有效带动关键功能部件及数控系统 发展。 高效高精度磨齿机性能指标达到国际先 进水平,广泛应用于工业母机、新能源 汽车等重点领域。 激光金属粉末床飞行成形装备发布,为 超大幅面、高精度增材制造提供全新路 66 02 标准体系建设强支撑 印发《工业母机高质量标准体系建设方案》,以高水平标准引领产 业高质量发展。 03 "工业母机+"百行万企产需对接增动能 01 高端产品取得系列突破 90GHz超高速实时示波器,突破超宽 带、超高速信号实时采集与处理技 术,可精准测量与分析2240 ...

Market Overview - In December, the equity-like market transitioned from stability to volatility, with the Wind All A Index rising by 3.30% for the month and 27.65% for the year[12] - The market experienced a significant rebound starting December 17, following a brief dip on December 16, indicating strong market resilience[12] Structural Risks and Fund Sentiment - Structural risks have notably eased, with the concentration of trading volume below historical high levels, dropping to 41% on December 16[25] - Positive fund sentiment was reflected in a net inflow of 806 billion CNY into stock ETFs in December, second only to April's 1,825 billion CNY[35] Convertible Bonds - Convertible bond valuations have shown a significant upward trend, with the valuation center for bonds priced at 100 CNY rising by 2.40 percentage points to 35.77%[18] - The median price for convertible bonds is expected to remain in the 130-135 CNY range if the equity market maintains a strong oscillating pattern[4] Investment Strategy - The report suggests maintaining a bullish mindset, as the market is currently in a low implied volatility state, similar to conditions seen in July[75] - Historical trends indicate that year-end rallies often face resistance at previous highs, but successful breakouts can lead to substantial gains, as seen in 2014 and 2020[76] Risks and Considerations - The primary risk for convertible bonds lies in the potential weakness of the equity market, which could exert dual pressure on valuations and underlying stocks[63] - The report emphasizes the importance of monitoring equity market trends and expectations, as a sustained downturn could negatively impact convertible bond inflows[62]

| 大涨板块 | 251226 (周5) | 251225 (周4) | 251224 (周3) | 251223 (周2) | 251222 (周1) | | --- | --- | --- | --- | --- | --- | | 1 | 玩天29 | 航天42 | 师天37 | 锂电池8 | 海南自由贸易港23 | | 2 | 海南自由贸易港8 | 机器人24 | 福建自贸/海西概念11 | 液冷服务器7 | 光通信12 | | 3 | 锂电池16 | 造纸4 | 液冷服务器3 | 海南自由贸易港5 | 国产芯片17 | | র্ব | 黄金3 | 跨境支付3 | 国产商片5 | PCB板4 | 民爆2 | | રે | 光伏7 | 西部大开发3 | 光通信8 | 有色 · 钨2 | 航天10 | | 6 | ST股10 | ST股15 | ST股10 | ST股13 | ST股23 | | 7 | 大消费9 | 国产商片9 | 大消费8 | 国产商片10 | 机器人9 | | 8 | 机器人9 | 大消费7 | 云计算数据中心5 | 大消费7 | 大消费8 | | 9 | 有色金属6 | 股权转让4 ...

2025年北方GDP10强城市预测榜单出炉，北京以52,630.15亿元领跑，天津、青岛紧随其后，分别达18,600.42亿元和17,890.31亿元。郑州、济南、西安跻身前 六，烟台、唐山、大连、徐州也强势上榜，均突破万亿门槛。这些城市展现强劲增长势头，增量总和超8,000亿元，凸显北方经济活力。济南以5.94%增速跃 居第五，唐山凭借工业转型稳居第八，北京更突破5.2万亿大关，成为全国经济引擎。各市聚焦创新驱动与产业升级，推动区域协同发展，为北方振兴注入 新动能。 省会经济多元化加速，生物医药集群产值增15%，齐鲁科创走廊引进项目500个。绿色经济成效突出，森林覆盖率达25%，碳交易试点推动减排，清洁能源 装机容量增30%。区域合作深化，黄河生态区投资超500亿，文旅融合收入年增12%，提升城市吸引力。 唐山位居北方第八，GDP突破1万亿元大关，达10,481.92亿元，增量478亿元，增速4.78%稳健。钢铁产业转型成功，高端钢品出口增10%，绿色炼钢技术应 用率超80%。港口经济发力，曹妃甸港吞吐量增15%，自贸区引资超300亿，打造国际物流枢纽。 工业城市焕发新机，智能制造投资增25%，机器人产业规 ...

根据新政策，企业只要投资或使用由泰国认证数字企业家开发或改进的数 字技术，或将自身数字产品、服务注册至DEPA数字服务清单，即可获得相当 于投资额30%的补贴，单个法人最高补贴可达1亿泰铢，项目须在一年内完 成。 DEPA局长纳塔蓬表示，此举旨在推动重点产业应用数字技术，包括农业 与生物技术、智能电子、高附加值食品、综合医疗技术、下一代汽车、国防、 生物燃料与化工、机器人等，帮助企业提升生产与运营效率。支持范围涵盖企 业资源连接系统（至少需整合三类数据功能）、人工智能、机器学习、大数据 及数据分析等技术。 申请条件方面，中小企业最低投资额需达2000万泰铢，其他企业最低投资 额为5000万泰铢（均不含土地与流动资金）。新措施有望加速泰国企业数字化 转型，全面提升国家技术竞争力。 （原标题：泰DEPA-BOI携手推出新措施提升产业竞争力） fund 据泰媒报道，泰国数字经济促进局（DEPA）与泰国投资促进委员会 （BOI）于12月8日联合推出新措施，通过"数字服务账户"机制支持企业加速采 用数字技术，提升产业竞争力。 ...

Core Insights - The report titled "Great Power Competition: Future Global Technology Development Trends Forecast" predicts that by 2033, the top six countries in technological strength will be the United States, Israel, Germany, Japan, China, and Russia, based on 82 indicators such as R&D investment and patent numbers [3][5]. Group 1: Country Rankings and Strengths - The United States holds the top position, with a projected global innovation index ranking of third by 2025, leading in technology output, particularly in AI and quantum computing [8][10]. - Israel ranks second, with a high-tech industry that contributes significantly to its GDP, and an R&D expenditure of 6.35% of GDP, which is double the OECD average [12][13]. - Germany is ranked third, with a strong industrial base and a projected innovation index ranking of ninth by 2025, heavily investing in smart manufacturing and industrial 4.0 [15]. - Japan is in fourth place, with an innovation index ranking of twelfth by 2025, known for its meticulous attention to detail in technology and high R&D spending [16]. - China ranks fifth, showing rapid progress with a projected innovation index ranking of tenth by 2025, leading in patents and advancements in quantum computing and 5G technology [18]. - Russia is sixth, with a strong legacy in aerospace and nuclear energy, and a focus on advancing its scientific research capabilities [20]. Group 2: Future Outlook and Trends - The report anticipates that by 2025, the total number of patents among these six countries will increase by 15%, indicating a growing trend in international collaboration and project partnerships [22]. - By 2033, advancements in quantum networks and sustainable energy are expected to reshape the global technological landscape, benefiting the general public through improved technologies in mobile payments, healthcare, and green energy [24].

Core Insights - The technology attributes of China's capital market have been increasingly highlighted since November, with a surge in technology companies going public and preparing for IPOs [1] Group 1: Technology Companies Going Public - The A-share market has seen the emergence of a "domestic GPU first stock," Moer Thread Intelligent Technology, which opened for subscription on November 24 at a price of 114.28 yuan per share [2] - As of November 25, 96 companies have gone public in the A-share market this year, with 64 new stocks issued on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, raising over 56.2 billion yuan [2] - Newly listed technology companies are focusing on strategic emerging industries such as new generation information technology, new materials, biotechnology, and high-end equipment manufacturing [2] Group 2: Unlisted Technology Leaders Preparing for IPOs - Unlisted technology leaders are actively advancing their IPO preparations, with Yushu Technology entering the counseling acceptance phase for its IPO [3] - The listing cases of leading technology companies set benchmarks for the industry, encouraging more firms to seek financing through technological innovation [3] Group 3: Policy Support for Technology Companies - The surge in technology company IPOs is supported by a continuous enhancement of the policy framework and institutional innovation, shifting the listing evaluation criteria from "profit-oriented" to "technology-oriented" [3][4] - The China Securities Regulatory Commission has introduced several policy documents aimed at providing a financial service system that aligns with the entire chain of technological innovation activities [4] - Local governments are also actively promoting the listing of technology companies, with Zhejiang Province setting a goal for over 80% of new listed companies to be in the technology sector by 2027 [4] Group 4: Market Narrative Shift - The policy tilt from central and local governments allows technology companies to access capital markets earlier, shifting the market narrative from "scale expansion" to "hardcore innovation and industrial upgrading" [5]

"今年中国股市是全球表现最好的市场，到年末难免有一些获利回吐的压力，我们投的是中国公司在全球地位不断上升的趋势。"莲华资产管理公司管理合伙 人兼首席投资官洪灝称。 通缩预期有望修复 近三年，中国的上游行业基本处于通缩状态，今年通缩压力开始向下游传导，具体体现在需求不振、内卷等方面。 "今年我觉得最有意义的事情，就是反内卷的具象化。反内卷讲了一年多，但是一直没有具体落地，导致产能继续过剩和无序价格竞争升级，下游也出现通 缩现象。"洪灝说。 "我们看到的上游反通缩工作，在未来几个月会逐渐传导到下游。"洪灝的逻辑在于，最近10年猪肉行业利润率和工业金属价格基本上同涨同跌，7月份，工 业金属价格和猪肉利润率开始有所提升。虽然最后价格没有很大的变化，但是猪农的利润率发生比较明显的变化。 就上游的通胀情况来看，洪灝说，如果现在看到铁矿石的价格开始回暖，在未来3～6个月也会看到上游的PPI（工业品出厂价格指数）通缩压力减少。同 时，消费意愿也滞后3～6个月，也就是说如果现在看到上游的通缩预期在逐步消退，未来3～6个月应该会看到上游的价格以及消费预期都会开始有所回暖。 "现在大家可能没有感受到，毕竟上游传导需要一段时间，但是 ...

Company Overview - Recently, Foshan Lanyang Technology Co., Ltd. was established with a registered capital of 1 million RMB [1] - The legal representative of the company is Hu Facui [1] Business Scope - The company operates in various sectors including information system integration services, sales of electronic special materials, lighting fixtures, electrical equipment, and plastic products [1] - It also engages in the sales of magnetic materials, smart robots, industrial robots, and service consumer robots [1] - Additional services include installation and maintenance of industrial robots, sales of AI hardware, and sales of photovoltaic equipment and components [1] - The company is involved in general equipment repair, engineering management services, and contract energy management [1] - Other activities include advertising production, sales of office equipment, and sales of industrial automation control systems [1]

Core Insights - The 17th Entrepreneur Conference of Huazhong University of Science and Technology was held in Wuhan, focusing on the integration of science and industry to promote technological innovation in central China [1][2] - Huang Li, Chairman of Gaode Infrared Co., shared his journey from the university to founding a successful infrared thermal imaging company, highlighting significant technological advancements [1][2] Company Developments - Gaode Infrared has developed technology that allows for clear imaging in complete darkness, marking a breakthrough for both military and civilian applications [1] - The company has made significant progress in chip technology, ensuring self-sufficiency despite facing high-level sanctions from the U.S. [1] - Gaode Infrared has established a research team of over 7,000 personnel across more than 40 laboratories, focusing on various high-tech fields including optics, laser communication, radar control, artificial intelligence, and aerospace [1] Technological Innovations - Huang emphasized the importance of comprehensive operational platforms in modern technological competition, citing advancements in brain-machine interface technology that surpasses competitors like Neuralink [2] - The company is also making strides in AI management for drones and new travel modes, showcasing the transformative potential of technology in daily life [2] - Gaode Infrared aims to develop humanoid robots that closely mimic human appearance and interaction, utilizing unique foundational technologies for enhanced performance [2] Innovation Philosophy - Huang outlined five key elements of innovation: core technology, systematic innovation, platform innovation, desire for innovation, and maintaining youthful energy [2] - He attributed the company's achievements to the foundational influence of Huazhong University of Science and Technology and introduced the concept of "Huazhong Entrepreneur Spirit" to inspire future generations [2]