8月20日至22日举行的外资企业中国山西行活动期间，来自美、英、法、德、瑞典、澳大利亚、日本、新 加坡等15个国家和地区的近40家外国商协会和外资企业代表，其中包括13家世界500强企业负责人，走进山西 太原考察、交流，与政府相关部门负责人深度对话，探讨合作新机遇，寻求共赢新路径。多位在华商协会及 外资企业负责人表示，看好山西发展前景、看好与中国本土企业合作的潜力。 8月20日至22日，外资企业山西行活动在太原市举行。来自近40家国外贸促机构、在华商协会及外资企业 的60余名负责人参加活动，其中包括14家世界500强企业的高管。图为太原城区。新华社记者 詹彦摄 加中贸易理事会北京代表处首席代表裴大卫首次到访山西，在他看来，山西历史厚重、风光秀美，正在 从传统能源基地向多元化产业发展热土转变，为加拿大企业在新能源基础设施投资和品牌落地等领域提供了 更广阔的合作空间。 "比利时企业比较关注第三代半导体、合成生物、现代医药和高端设备制造等新兴产业领域发展，我们期 待与山西开展广泛合作。"中国比利时商会总经理宋娟娟说。 经济日报记者 朱琳 数据显示，截至2024年底，山西省外商投资企业数量由2020年的500余家增长 ...

CAME S.p.A.(喀美集团)集团董事长兼总裁Andrea Menuzzo先生亲临上海办公室,与喀美中国管理团队进 行了深入的工作交流与战略讨论,彰显了集团对中国市场的高度重视和长期承诺。如需了解更多信息,请 访问CAME官网cameshanghai.cn或关注微信服务号"CAME喀美"。 聚焦中国:共绘喀美未来 在上海办公室,喀美中国管理层向Andrea Menuzzo先生汇报了销售市场、技术服务和物流交付等核心业 务的进展。Menuzzo先生认可团队的发展成果,并从全球化视角出发,为未来的战略方向提供了关键指 导。 "中国是一个充满潜力的巨大市场,我们始终怀揣着敬畏与期待,一直在积极寻找深度融入的合适契机。在 我们看来,深耕中国市场的核心在于 '以人为本'—— 既要用心关爱每一位客户,倾听他们的需求、满足他 们的期待,也要高度重视与经销商的紧密协作,视他们为并肩前行的重要伙伴。 核心驱动:让技术服务于人 通过可持续的技术创新,让生活更便捷、安全、舒适,是喀美始终秉持的核心愿景。 这一理念指引着我们 在自动化、智能家居、门禁安防及停车系统领域不断深耕,提供高性能、高可靠性且兼顾美学设计的解 决方案。 无 ...

Investment Rating - The industry investment rating is "Overweight" [3] Core Viewpoints - The report emphasizes the significant growth potential in the humanoid robotics sector, with a projected cumulative global demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][20] - The report highlights the acceleration of N-type penetration in photovoltaic equipment, strengthening the competitive edge of leading companies under the Matthew effect [21] - The energy storage sector is identified as essential for building a new type of power grid, with favorable policies enhancing industry prosperity [21] - The semiconductor equipment market is expected to reach $140 billion by 2030, with an increasing share from mainland China, although the domestic production rate remains low [21] - The automation market, particularly industrial consumables, is projected to grow from approximately 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [22] - Hydrogen energy, particularly green hydrogen, aligns with carbon neutrality goals, supported by the rapid development of photovoltaic and wind energy [21] Summary by Sections Humanoid Robotics - Key companies recommended for investment include Huasheng Tiancai, Sanhui Electric, and Zhejiang Rongtai, among others [4] - The report discusses the recent humanoid robot sports event in Beijing, showcasing over 500 robots from 16 countries competing in various categories [15][20] - The introduction of the Genie Envisioner platform by Zhiyuan Robotics is noted as a significant advancement in the field, integrating video generation with robotic control [11][20] Photovoltaic Equipment - The report suggests focusing on leading companies like Maiwei and Jiejiacreating, which possess technological innovation and customer base advantages [21] - The overall price center of the photovoltaic industry chain is declining, with a focus on cost and efficiency improvements [21] Energy Storage - The report highlights the favorable policies for both generation-side and user-side energy storage, driving comprehensive development in the sector [21] - Companies like Xingyun and Kexin are identified as key players in the energy storage market [21] Semiconductor Equipment - The semiconductor equipment market is projected to double in the next decade, with a significant increase in demand for domestic production [22] - Companies such as Zhongwei and Beifang Huachuang are recommended for investment [22] Automation - The automation market is expected to grow significantly, with a focus on industrial consumables and the potential for leading companies to benefit from increased market concentration [22] Hydrogen Energy - The report emphasizes the importance of green hydrogen in achieving carbon neutrality, recommending companies like Longi Green Energy and Yihua Tong for investment [21]

Group 1: Core Insights - The article highlights the emergence of "invisible champion" enterprises in Tianjin's Xiqing District, driven by innovation and key technological breakthroughs, which are reshaping regional industrial competitiveness [1][6] - As of mid-2025, Xiqing District has 498 innovative small and medium-sized enterprises, including 221 "specialized, refined, distinctive, and innovative" SMEs and 20 national-level "little giant" enterprises, forming a robust enterprise ecosystem [1][6] Group 2: Technological Advancements - Zhongke Huiyan (Tianjin) Electronics Co., Ltd. has successfully broken the foreign monopoly in autonomous driving perception algorithms and magnetorheological suspension systems through self-research and collaboration with domestic chip companies [2] - Carbon fiber composite materials produced by Carbon Technology are widely used in major national projects, with the company leading the formulation of 19 industry standards and occupying a significant position in the trillion-level infrastructure reinforcement market [3] Group 3: Energy Innovations - Huasheng (Tianjin) New Energy Technology Co., Ltd. is pioneering the development of water-based zinc-iodine batteries as an alternative to lithium and lead-acid batteries, with nearly a hundred research teams following their lead [4] - The innovation ecosystem in Xiqing District is fostering collaboration among new energy material enterprises, injecting green momentum into the regional economy [4] Group 4: Global Expansion - Yike Automation has successfully developed high-precision miniaturized sensors for battery production, overcoming a long-standing reliance on German imports, and is expanding its presence in Europe and North America [5] - The upcoming Shanghai Cooperation Organization summit in Tianjin is expected to open new international market opportunities for local enterprises like Yike [5]

Investment Rating - The industry investment rating is "Overweight" [3][24]. Core Viewpoints - The 2025 World Robot Conference (WRC) showcased over 1,500 exhibits from more than 200 companies, highlighting the rapid commercialization of humanoid robots, with over 27 new models launched in July and August [6][7][12]. - The humanoid robot industry is entering a critical phase of technological breakthroughs and commercialization, with a projected global demand of approximately 2 million units by 2030 [6][20]. - The report emphasizes the importance of core technology innovation and cost control for companies to succeed in a competitive environment similar to the smartphone industry [12][20]. Summary by Sections Humanoid Robots - The WRC featured 50 humanoid robot companies, showcasing innovations in both industrial and consumer applications [7]. - The BOM cost for high-end humanoid robots remains high, ranging from 200,000 to 500,000 yuan, but lower-priced models like the Unitree R1 start at 39,900 yuan, facilitating market entry [19]. - Government subsidies for purchasing robots are available, with businesses eligible for up to 250,000 yuan and individuals for 1,500 yuan [19]. Key Recommendations - Recommended companies include Sanhui Electric, Jingpin Special Equipment, Zhejiang Rongtai, Beite Technology, Hanwei Technology, and Ruantong Power [4][6]. - The report suggests tracking the supply chain of humanoid robots, including companies like Sanhua Intelligent Controls, Top Group, and others [20]. Other Industry Insights - In the photovoltaic sector, the penetration rate of N-type technology is accelerating, strengthening the competitive edge of leading companies [21]. - The energy storage market is expected to grow due to favorable policies and increasing demand from both generation and user sides [21]. - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives [22]. - The automation market, particularly industrial consumables, is expected to grow from 40 billion yuan to 55.7 billion yuan by 2026 [22].

Investment Rating - The industry investment rating is "Overweight" [3][24]. Core Viewpoints - The 2025 World Robot Conference (WRC) showcased over 1,500 exhibits from more than 200 companies, highlighting the rapid commercialization of humanoid robots, with over 27 new models launched in July and August [6][7][12]. - The humanoid robot industry is entering a critical phase of technological breakthroughs and commercialization, with a projected global demand of approximately 2 million units by 2030 [6][12]. - The report emphasizes the importance of core technology innovation and cost control for companies to succeed in a competitive environment similar to the smartphone industry [12][20]. Summary by Sections Humanoid Robots - The WRC 2025 focused on making robots smarter and more capable, with significant participation from humanoid robot manufacturers [7]. - The report identifies key players in the humanoid robot supply chain, including companies like Sanhui Electric and Zhejiang Rongtai, and highlights the importance of various technology chains [6][20]. - The price of humanoid robots is becoming more accessible, with models like the Unitree R1 starting at 39,900 yuan, supported by government subsidies [19]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, enhancing the competitiveness of leading companies [21]. - The report suggests focusing on companies like Maiwei and Jiejia Weichuang, which have strong technological innovation and customer bases [21]. Energy Storage - The energy storage sector is experiencing favorable policies that are expected to boost industry growth [21]. - Companies like Xingyun and Kexin New Energy are highlighted for their strategic partnerships and potential for growth in the energy storage market [21]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives [22]. - The report recommends companies like Zhongwei and Beifang Huachuang for their potential in the growing semiconductor equipment market [22]. Automation - The market for industrial consumables, particularly cutting tools, is expected to grow from 40 billion yuan to 55.7 billion yuan by 2026, with opportunities for leading companies [22]. - The report emphasizes the importance of increasing market concentration and import substitution for industry leaders [22]. Hydrogen Energy - The development of green hydrogen aligns with carbon neutrality goals, with a focus on companies that integrate hydrogen production with renewable energy sources [21]. - Key players in the hydrogen energy sector include Longi Green Energy and Yihua Tong [21].

Financial Data and Key Metrics Changes - Q1 revenues were $737 million, up 6% from Q1 last year [6] - Order bookings were $693 million, down 15% compared to Q1 last year [16] - Adjusted earnings from operations in Q1 were CAD 78.6 million, representing 10.7% of revenues [18] - Gross margin for Q1 was 29.8%, consistent with Q1 last year [18] - Cash flows from operating activities were CAD 156 million [22] - Net debt to adjusted EBITDA ratio was 3.6 times on a pro forma basis at Q1 [22] Business Line Data and Key Metrics Changes - Life Sciences order backlog at quarter end was $1.2 billion, with strong contributions from auto injectors and radiopharma [7][8] - Food and Beverage backlog was $229 million, an increase of 6% compared to Q1 last year [10] - Energy business saw growth primarily in nuclear refurbishment activities, particularly around CANDU reactors [39] - Consumer Products and Transportation segments remained stable, with transportation experiencing lower EV end market demand [11][33] Market Data and Key Metrics Changes - The order backlog ended the quarter at approximately $2.1 billion, reflecting a healthy funnel across diversified offerings [6][19] - Orders in the energy sector, particularly nuclear, showed strong demand despite project delays reported by other companies [39] - Orders excluding transportation were up over 10% year-over-year in the first half of the calendar year [36] Company Strategy and Development Direction - The company is focused on driving growth through repeatable revenue from services, consumables, and digital offerings [7] - M&A activities are ongoing, with a focus on strategic opportunities that align with long-term growth ambitions [12][60] - The company aims to return leverage to its target range of 2 to 3 times while realizing synergies from recent acquisitions [23][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook for the year, supported by a strong backlog and healthy order intake [35] - The company is closely monitoring the business environment, particularly regarding cross-border tariffs, but has not seen a material impact to date [20] - Management highlighted ongoing efficiency improvements and a commitment to creating long-term value for shareholders [25][60] Other Important Information - ATS was included in Time Magazine's inaugural list of Canada's Best Companies 2025, ranking number one in the engineering, manufacturing, and medical technology category [15] - The company continues to invest in innovation and capability development, including the launch of a new virtual reality training platform [13] Q&A Session Summary Question: Can you discuss the demand environment further? - Management noted that the trailing twelve-month book-to-bill ratio is 1.17, indicating alignment with growth targets and a healthy funnel across key markets [32] Question: What is driving the uptick in the energy business? - The growth in the energy sector is primarily driven by nuclear refurbishment activities, particularly around CANDU reactors [39] Question: Can you provide an update on the integration process and cross-selling opportunities? - Integration across recent acquisitions is progressing well, with strong uptake of ABM deployments and cost synergies being realized [52] Question: How is the company addressing the impact of U.S. government funding changes on lab research? - The impact is minimal, representing a low single-digit percentage of the overall business, and does not materially affect the life sciences segment [53] Question: What is the outlook for margin progression? - Management expects margin expansion throughout the year, although variability is anticipated due to project portfolio dynamics [85] Question: Can you elaborate on the Multiflex system? - The Multiflex system is designed for decommissioning nuclear reactors, enhancing efficiency and space management in the process [97]

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) for the quarter was $1.52, which met the top end of guidance and represented a 6% year-over-year growth [11][22] - Underlying sales growth was 3%, with a strong performance in Process and Hybrid businesses, which grew 3.5%, while discrete businesses turned positive, up 2% year over year [20][22] - Free cash flow generation was better than expected at $970 million, resulting in a margin of 21.3% [22][26] Business Line Data and Key Metrics Changes - Industrial Software annual contract value (ACV) grew double digits year-over-year, ending the quarter at $1.5 billion [10] - Test and Measurement orders were up 16%, contributing to a 6% growth in underlying orders for discrete businesses [15][20] - Software and Control grew 2%, while Intelligent Devices was up 3% [20] Market Data and Key Metrics Changes - Underlying orders in the Americas grew 7%, while Asia and the Middle East and Africa saw a 2% increase, and Europe experienced a decline of 7% [21] - The demand for LNG, power, and life sciences is driving significant activity, with underlying orders in the Ovation business up 40% in the quarter [14][15] - The tariff environment improved, with the annualized gross incremental tariff impact reduced to approximately $210 million from a prior estimate of $455 million [18][19] Company Strategy and Development Direction - Emerson is focused on innovation in automation, highlighted by collaborations such as the one with Total Energies to enhance operational performance through advanced data solutions [6][10] - The company aims to leverage its differentiated technology to serve diverse industries and create value for investors [5][6] - Future growth is expected to be supported by strong demand in LNG, power generation, and life sciences, with a healthy outlook for underlying orders [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of discrete markets, expecting underlying sales growth of 5% to 6% in the fourth quarter [12][16] - The company anticipates strong exit rates for underlying orders to support sales growth within its growth framework [12][16] - Management noted that the dynamic tariff environment has improved, allowing for eased surcharges and better pricing actions [19][22] Other Important Information - Emerson's backlog increased to $7.6 billion, with a book-to-bill ratio of one for the quarter [21] - The company plans to host an investor conference on November 20 in New York City to discuss its transport portfolio and value creation framework [12] Q&A Session Summary Question: Can you clarify the margins in Intelligent Devices? - Management noted that tariffs and unexpected foreign exchange impacts affected margins, but excluding these, margins were up 20 basis points [32] Question: How did orders trend in May and June? - Management indicated that MRO bookings remained consistent, while capital bookings fluctuated based on timing [43] Question: What is the outlook for the discrete side of the business? - Management highlighted that the recovery in Test and Measurement is strong, while legacy discrete markets are facing challenges, particularly in automotive and packaging [74][76] Question: What is the expected growth rate for the power vertical? - Management believes the growth rate can remain elevated in the high teens over the next couple of years due to strong visibility in generation and transmission distribution markets [83][84] Question: How has the dialogue with customers changed regarding large projects? - Management reported no slowdown in decision-making or approvals for projects in LNG, power, and life sciences, maintaining a consistent project win rate [90][91] Question: Can you provide an update on the Ovation AI rollout? - Management confirmed that the Ovation Virtual Advisor has been launched and is already seeing good customer adoption [109]

Summary of Conference Call Records Industry or Company Involved - A-share market in China - Hong Kong stock market Core Points and Arguments 1. **Market Outlook for August 2025**: The A-share market is expected to experience a "first decline, then rise" trend, with the potential for new highs driven by intrinsic value improvement, industry trends, and incremental capital inflow [1][3][6] 2. **Economic Stability**: China's economy is showing signs of stability with fiscal stimulus, resilient exports, and consumer spending, although investment and real estate sectors face pressure [1][14][19] 3. **Financial Indicators**: M1 data indicates improving economic activity, suggesting continued upward momentum in the stock market [1][15][16] 4. **PPI Recovery**: The Producer Price Index (PPI) is expected to stabilize, which will support corporate profit growth without strong inflation expectations, benefiting new industry investments [1][22][23] 5. **Key Factors for Index Growth**: Factors include increased intrinsic value of companies, development of eight major industry trends (AI, robotics, etc.), and a positive feedback mechanism from incremental capital inflow [5][6] 6. **Impact of US Tariffs**: Short-term psychological effects from US tariffs may impact A-shares, but long-term effects are limited as companies adjust supply chains [4][18] 7. **Investment Strategy**: A "left-dumbbell" strategy is recommended, focusing on high-quality growth stocks and major industry trends [7][36] 8. **Sector Focus**: High-growth sectors include TMT (technology, media, telecommunications), resilient export sectors, and consumer goods [8][34][35] 9. **Political and Economic Policy**: The political bureau meeting emphasized long-term planning and maintaining economic stability, with less focus on short-term stimulus [11][12] 10. **Market Performance**: The stock market's recent rise is attributed to stable profit growth and increased intrinsic value rather than significant profit increases [23][27] Other Important but Possibly Overlooked Content 1. **Private Fund Growth**: The scale of private funds has been expanding, indicating improved risk appetite among investors [26][28] 2. **Foreign Investment Trends**: Continuous inflow of foreign capital into A-shares, with notable interest from high-net-worth individuals [27][30] 3. **Real Estate Sector**: While still a drag on the economy, the negative impact of the real estate sector is lessening [19] 4. **Industrial Price Trends**: The industrial price index is nearing a turning point, which could influence market dynamics in the coming years [20][21] 5. **Sector Rotation**: Historical data suggests a potential shift from growth sectors to cyclical sectors as PPI recovers [22][23] This summary encapsulates the key insights and projections from the conference call, providing a comprehensive overview of the current market conditions and future expectations for the A-share and Hong Kong markets.

Investment Rating - The industry investment rating is "Overweight" [3][23]. Core Insights - The report highlights a significant acceleration in the commercialization of humanoid robots, particularly in industrial automation and healthcare, with multiple successful case studies demonstrating real commercial value [9][10]. - The humanoid robot industry is expected to see a cumulative global demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][19]. - Key trends identified include the shift from demonstration to practical application, technological breakthroughs in motion control and dexterous hands, and a clear industry direction towards embodied intelligence and multi-scenario penetration over the next 3-5 years [9][18]. Summary by Sections Humanoid Robots - The report emphasizes the importance of tracking the humanoid robot sector, noting that the number of robot manufacturers has doubled, and there is an increase in core component suppliers [5][9]. - Key players in the humanoid robot supply chain include Tier 1 suppliers and core component manufacturers such as Sanhua Electric, Zhejiang Rongtai, and Beite Technology [6][19]. Photovoltaic Equipment - The report indicates that the penetration rate of N-type photovoltaic technology is accelerating, enhancing the competitiveness of leading companies [20]. - It suggests focusing on companies like Maiwei and Jiejia Weichuang, which have strong technological innovation and customer bases [20]. Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20]. - Companies like Xingyun and Kexin New Energy are highlighted as key players benefiting from this trend [20]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a growing share from mainland China, although the domestic production rate remains low [21]. - The report recommends focusing on companies like Zhongwei and Beifang Huachuang, which are positioned for rapid breakthroughs in domestic substitution [21]. Automation - The automation market, particularly in industrial consumables, is expected to grow from approximately 40 billion to 55.7 billion by 2026, with leading companies benefiting from increased concentration and import substitution [21]. - Key companies to watch include Huarui Precision and Oke Yi [21]. Hydrogen Energy - The report notes that green hydrogen aligns with carbon neutrality goals, with rapid developments in photovoltaic and wind energy supporting hydrogen production [20]. - Companies with integrated advantages in the green hydrogen supply chain, such as Longi Green Energy and Yihua Tong, are recommended for investment [20]. Engineering Machinery - The report suggests focusing on leading companies in the engineering machinery sector, emphasizing the strength of established players [21]. - Recommended companies include Sany Heavy Industry and Zoomlion [21].