首先是产业升级。随着中国转型为全球高端制造与创新引领者，产业升级预计将持续成为股票市场关注 的核心主线。在富有竞争力的产业生态和不断提升的技术成本效益支撑下，电动汽车、制药、自动化等 关键领域有望引领下一阶段的增长。 在刚刚过去的2025年，中国股票表现亮眼，上证指数、深证成指、恒生指数及纳斯达克金龙指数分别录 得18.41%、29.87%、27.77%和13.18%的涨幅。2026年伊始，高盛在最新发布的研报中明确建议"高配中 国股票"。与此同时，富达国际、瑞银、景顺等多家外资机构也均看好中国资产在新一年的表现。机构 普遍认为，在估值优势、政策支持与产业升级等多重动力推动下，中国股市有望延续上行态势。 1月5日，国际知名投行高盛发布报告称，2026年继续建议高配A股和港股。"中国股市当前估值相比全 球存在显著折价。其对于投资者具备显著的分散化配置价值。"高盛称。 除高盛外，还有多家外资巨头对A股2026年表现也持积极乐观态度。富达国际表示，中国AI快速发展的 势头令全球瞩目。庞大的国内市场、政策支持和快速增长的科技领域消费者，将从更广泛的领域快速推 动AI应用，支撑2026年及以后的中国科技股表现。 瑞银财 ...

曾经的高耗能传统产业也正通过技术创新，实现绿色化、智能化转型。江苏徐钢钢铁集团有限公司 安环部副部长朱宇介绍，通过实施烧结系统全流程超低排放改造，企业吨钢颗粒物排放下降13.82%， 二氧化硫排放下降12.98%。 如今，绿色、智能已成为徐州产业发展的关键词。截至目前，徐州已实施"智改数转网联"项目548 个，建立了"百家绿色工厂动态培育库"，累计创建省级以上绿色工厂92个、绿色园区5个。同时，建 立"节能降碳改造项目库"，每年滚动实施百项节能降碳改造项目，推动传统产业绿色转型、降本增效。 为服务企业发展，徐州供电部门搭建新型电力负荷管理平台，不仅能够结合气象信息、电网状态， 智能化监测、分析、调整"光储充荷"运行方式，为客户节能降本，提高新能源消纳能力，也能为电网提 供可观的负荷侧调节资源，推动能源结构向新转变、产业向绿升级，让一批与格利尔类似的科技型企业 崭露头角。 "江苏广识电气股份有限公司在城市轨道交通杂散电流领域市场占有率居行业第一，徐州中矿大传 动与自动化有限公司的超大功率电力传动控制技术获国家科技进步奖，江苏系数精工有限公司的大尺寸 风电轴承技术行业领先。"徐州高新区经济发展局局长马晓明说。 原 ...

Group 1 - The core viewpoint of the article highlights the increasing interest of domestic and foreign investors in Chinese assets, with expectations for emerging markets to benefit from a "weak dollar environment" and a desire for broader diversification in global investment portfolios [2][3] - Deutsche Bank's Chief Investment Officer for Emerging Markets, Deng Zhijie, predicts that after a valuation recovery in 2025, the Chinese capital market is expected to continue performing positively in 2026, driven by structural opportunities in sectors like new energy, photovoltaics, robotics, automation, and high-end manufacturing [2][3][4] - The article emphasizes the importance of maintaining a diversified investment portfolio to reduce risk and enhance returns, especially in the context of ongoing global market volatility and geopolitical uncertainties [3][4] Group 2 - In 2025, many investors began to shift their focus from high-valued developed markets to lower-valued emerging markets, with China showing strong performance compared to expectations, while India's market underperformed [4][5] - The article notes that the investment landscape has been significantly influenced by AI and high-tech sectors, which are expected to continue their upward trend into 2026, with a strong belief in the sustainability of AI investments compared to the tech bubble of the early 2000s [5][11] - The article discusses the resilience of emerging markets, emphasizing the need for robust domestic economic policies to support consumption and growth, particularly in countries like India and China [7][8] Group 3 - There is a notable increase in foreign investment interest in Chinese assets, driven by the realization of the volatility associated with concentrated investments in U.S. assets, leading to a desire for diversification [8][9] - The "14th Five-Year Plan" suggests a steady expansion of institutional openness in China, which is expected to enhance the attractiveness of the Chinese market for foreign investors through improved access and investment opportunities [9][10] - The article highlights the ongoing importance of gold as a safe-haven asset, with expectations for its price to continue rising due to persistent geopolitical uncertainties and central banks reducing their dollar holdings in favor of gold [10][11] Group 4 - The AI industry and related sectors, as well as the banking sector, are identified as key areas of focus for investors in 2026, with expectations of benefiting from economic growth and supportive fiscal and monetary policies [11][12][13] - The banking sector is anticipated to perform well due to favorable macroeconomic conditions, including higher long-term bond yields and the potential for interest rate cuts, which could support bank profitability [12][13]

行业报告：先进制造行业周报 2025年12月29日 优必选收购锋龙股份，国内机器人产业链资本化提速 行业评级：增持 分析师：闫智 证券执业证书号：S0640524070001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 ◼ 重点推荐：纽威股份、浙江荣泰、伟创电气、三晖电气、双元科技、北特科技、汉威科技 ◼ 重点跟踪行业——人形机器人： ◼ 核心个股组合：纽威股份、浙江荣泰、伟创电气、双元科技、三花智控、三晖电气、晶品特装、北特科技、兆威机电、双林股份、中坚科技 ◼ 本周专题研究：近日人形机器人产业动态汇总：1）12月24日，优必选宣布以"协议转让+要约收购"方式收购锋龙股份43%股权，交易总对价 16.65亿元，未来A+H将形成协同布局；2）12月23日，云深处科技正式启动上市辅导，云深处与"杭州六小龙"中宇树科技、群核科技相继启动 IPO，反映硬科技企业加速资本化趋势；3）12月26日，浙江荣泰公告，公司与伟创电气拟在泰国共同出资设立合资公司，主要从事机电一体化组 件、智能传动系统及配套产品的研发及生产，合资公司股权架构拟设置为双方各持股50%。产业大趋势启动时刻，我们建议关注国内外头 ...

Core Insights - The automation market is expected to experience a mild recovery starting in 2025, driven by equipment upgrades and digital transformation policies, with a significant acceleration in domestic equipment localization [1][2] - The industry is projected to witness a "robot IPO" era beginning in 2026, indicating a shift towards large-scale production of automation products [1][4] Group 1: Market Trends - The overall automation market demand is set to recover moderately from 2025, with a year-on-year growth of 2% in the OEM market during the first three quarters, reversing a three-year downward trend since 2022 [2] - High demand is noted in downstream sectors such as industrial robots, lithium batteries, packaging, and logistics, with new productivity forms like low-altitude and embodied intelligence making significant advancements [2] Group 2: Investment Opportunities - Domestic investment in technology iteration-related equipment is identified as a core structural opportunity, particularly in sectors like semiconductors and electronics, driven by the growth of "AI+" related industries [2] - The automation market in China is expected to see further recovery in 2026, with significant opportunities arising from the expansion of solid-state battery production lines and lithium battery capacity [2] Group 3: Industry Developments - The localization of key manufacturing equipment is accelerating, with the domestic market for variable frequency drives, servo systems, PLCs, and relays projected to grow from 87.4 billion yuan in 2024 to 103.1 billion yuan in 2027, reflecting a CAGR of 6% [3] - The year 2026 is anticipated to be pivotal for humanoid robots, with major companies like Tesla planning to launch mass production of their robots, which will drive the industry towards large-scale manufacturing [4] Group 4: Emerging Sectors - The eVTOL sector is expected to see significant advancements in 2026, with new model certifications anticipated, supported by policy backing and infrastructure development [5] - The global industrial automation market is valued at $240 billion, with domestic companies increasingly penetrating high-end markets in Europe and the U.S., particularly in the AIDC sector [6] Group 5: Investment Recommendations - Investment strategies should focus on three main lines: leading companies with strategic positioning and scale effects, high-growth companies benefiting from industry growth and localization, and emerging sector champions in high-demand areas like AI data centers [7][8]

天眼查App显示，近日，东莞市海涛自动化科技有限公司成立，注册资本100万人民币，经营范围为一 般项目：智能机器人的研发；工业机器人制造；工业机器人销售；智能机器人销售；人工智能应用软件 开发；机械设备研发；通用设备制造（不含特种设备制造）；专用设备制造（不含许可类专业设备制 造）；机械设备销售；机械零件、零部件加工；五金产品制造；五金产品零售；伺服控制机构制造；伺 服控制机构销售；液压动力机械及元件制造。（除依法须经批准的项目外，凭营业执照依法自主开展经 营活动）。 ...

华尔街最受热议、且对市场影响显著的分析师评级报告现已汇总呈现。以下是由 The Fly 整理的、投资 者今日需重点关注的评级变动信息。 五大评级上调个股 1. 罗库（ROKU）：摩根士丹利将其评级从 "减持" 上调至 "增持"，目标价由 85 美元上调至 135 美 元。该机构指出，得益于数字广告市场的强劲表现，2026 年美国广告支出有望实现 "稳健" 增 长。 2. 奥克塔（OKTA）：杰富瑞在其 2026 年软件行业展望报告中，将奥克塔评级从 "持有" 上调至 "买 入"，目标价由 90 美元上调至 125 美元。该机构在研报中向投资者表示，奥克塔正着力打造完整 的身份认证平台，有望把握智能代理需求增长的机遇，发展潜力巨大。 3. 赛富时旗下 ServiceNow（NOW）：古根海姆将其评级从 "卖出" 上调至 "中性"。该机构表示，此 次评级上调的依据是当前股价已低于此前设定的目标价，估值具备吸引力。 4. 罗克韦尔自动化（ROK）：高盛将其评级从 "卖出" 上调至 "中性"，目标价由 329 美元上调至 448 美元。高盛在研报中称，在新任管理层的带领下，公司正处于结构性提价的初期阶段，此举 有望在 ...

截至发稿，安控科技市值为40亿元。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ 每经AI快讯，安控科技（SZ 300370，收盘价：2.58元）12月16日晚间发布公告称，公司限售股份约2.37 亿股将于2025年12月22日解禁并上市流通，占公司总股本比例为15.12%；实际可上市流通股份数量约 2.37亿股，占公司总股本比例为15.12%。 2025年1至6月份，安控科技的营业收入构成为：自动化占比48.19%，油气服务占比41.57%，其他业务 占比10.24%。 （记者 曾健辉） ...

Summary of Schneider Electric's 2025 Capital Markets Day Company Overview - **Company**: Schneider Electric (OTCPK:SBGS.F) - **Event**: 2025 Capital Markets Day - **Date**: December 11, 2025 - **Location**: McLaren Technology Center Core Industry Insights - **Focus on Electrification and Digitalization**: Schneider Electric emphasizes that the next century will revolve around electrification and digitalization, aiming to make energy more efficient and sustainable [5][28] - **Market Trends**: Three mega trends identified: 1. Acceleration of the new energy landscape 2. Growth in digital technologies 3. Transition to a multipolar world [27] Financial Performance - **Consistent Growth**: Schneider Electric has shown strong and consistent financial results, even during the COVID period, with a focus on delivering strong cash returns and a progressive dividend policy [8] - **Digital Portfolio**: 60% of Schneider's portfolio is already digital, with plans to enhance this further [9] Strategic Initiatives - **EcoStruxure Technology Stack**: The company has developed a unique technology stack called EcoStruxure, which integrates energy management and industrial automation [5][15] - **Acquisitions**: Strategic acquisitions, including AVEVA and Motivair, have been made to enhance software capabilities and technology solutions [9] - **Multi-Hub Strategy**: Schneider Electric is focusing on a multi-hub strategy to enhance regional presence and agility, with significant investments in local R&D and supply chains [59][60] Differentiating Factors - **Balanced Exposure**: Schneider Electric maintains a balanced geographical and market exposure to enhance resilience [11][12] - **Diverse Portfolio**: The company has a differentiated portfolio with strong positions in low and medium voltage products, automation solutions, and digital services [13][14] - **Employee Engagement**: 63% of eligible employees invested in Schneider through the shareholding plan, indicating strong employee engagement [22][23] Sustainability Commitment - **Environmental Impact**: Schneider Electric has helped avoid over 790 million tons of CO2 emissions and is committed to integrating sustainability into its business strategy [25][26] - **Recognition**: The company has been recognized as one of the most sustainable companies globally by Corporate Knights and TIME [26] Future Outlook - **Investment in R&D**: Plans to increase R&D investment to 7% of revenue, focusing on automation and digital solutions [55] - **Revenue Goals**: By 2030, over 70% of revenue is expected to come from the digital flywheel, with 25% from software and services [56] - **Lifecycle Solutions**: Schneider Electric aims to provide solutions across the entire lifecycle of products, from design to maintenance, enhancing customer value [54] Key Partnerships - **Collaboration with NVIDIA**: Schneider Electric is partnering with NVIDIA to develop AI factories and optimize data center infrastructure, showcasing a commitment to innovation in energy and industrial intelligence [52][53] Conclusion - Schneider Electric is positioned to lead in the energy technology sector by leveraging its strong portfolio, commitment to sustainability, and strategic initiatives aimed at enhancing customer value and operational excellence. The focus on electrification, digitalization, and AI integration will drive future growth and innovation.

Emerging Fields - The release of five national standards related to cybersecurity aims to strengthen national cybersecurity defenses and promote healthy development of the digital economy [1] - Seven national standards in information technology will ensure interoperability and security of information systems through unified technical application specifications [1] - Three national standards for artificial intelligence social experiments support the healthy and orderly development of intelligent societies [1] - Seven national standards for nanotechnology will assist in unifying relevant technical characterization and testing specifications [1] Transportation and Environmental Protection - A total of 44 national standards covering automotive steering systems, vehicle brake fluids, railway construction machinery, rail transit vehicles, shore power for ships, containers, and aerospace components will aid in building a strong transportation nation [1] - Ten energy-saving and environmental protection standards related to industrial boiler economic operation, meat processing, food processing, alcoholic beverages, and lead-zinc will contribute to pollution prevention efforts [1] Safety Production - National standards for assessing combustible dust explosion risks and guidelines for gas protection station construction in chemical parks will enhance safety management in hazardous chemical production [2] - Five emergency management national standards, including guidelines for emergency drills and scenario construction methods, will improve emergency response capabilities [2] - Eleven mandatory national standards for fire trucks will ensure technological advancement in fire truck products and enhance the operational capabilities of firefighting teams [2] Public Services - Three national standards for educational service management and seven guidelines for standardized education course construction in logistics, elderly care, automation, and the Internet of Things will lay the foundation for cultivating versatile talents and promoting education integration [2] - Guidelines for the usability of home health care products and services will support the development of an age-friendly society [2] - Four national standards related to digital asset management, including digital maturity and cultural digital asset valuation, will enhance the digitalization level of asset management and improve transparency and security in digital asset transactions [2] Daily Life - National standards for smart textiles will guide the standardized development of smart textile products [3] - The introduction of national standards for biodegradable plastic shopping bags will promote resource recycling [3] - Two national standards for testing methods related to formaldehyde content in leather and short-chain chlorinated paraffins will improve detection of harmful substance limits [3] - Eight national standards for surgical implants and sterilization of medical products will enhance the quality and safety of medical devices [3] - Additional national standards were released for rice, navel oranges, rural toilets, and oil drilling equipment [3]