Group 1 - The core viewpoint is that the current market rally is driven by strong corporate earnings rather than liquidity, indicating a shift from a "liquidity bull market" to an "earnings bull market" [3][6][20] - Corporate earnings have stabilized for three consecutive quarters, with the "Earnings Revision Breadth" indicator turning positive for the MSCI China Index in August, signaling a recovery in companies' profit-generating capabilities [4][25] - The market is experiencing significant internal differentiation, with hot sectors like technology, internet, finance, and biotechnology showing strong earnings growth, while traditional sectors like consumer goods and real estate are facing downward revisions [7][11][29] Group 2 - AI is not a bubble; leading companies in China are significantly undervalued compared to their U.S. counterparts, with the potential for substantial profit contributions from AI integration into their existing businesses [12][13][25] - The market is witnessing a fundamental shift in foreign investment, with over 90% of U.S. investors expressing plans to increase exposure to Chinese stocks, particularly in sectors where China has established global leadership [14][30] - Key sectors attracting foreign investment include humanoid robotics, automation, and biotechnology, indicating a strategic shift in how foreign investors view China from a mere emerging market to a core asset in the global tech race [15][16][30]

Those investors who want to bet on America’s industrial resurgence have a new vehicle now: GMO’s Domestic Resilience ETF (NYSE:DRES). The actively managed fund focuses on American companies poised to gain from the reshoring of manufacturing, growth in energy and transportation, and advances in automation and defense.DRES stock is challenging resistance. See what is happening here.Unlike diversified U.S. equity indexes, DRES is a highly focused, quality-oriented approach with a focus on those businesses that ...

Core Insights - The China International Import Expo (CIIE) is a significant event aimed at promoting high-level opening-up and showcasing China's commitment to global trade [1][2] - The upcoming eighth CIIE is expected to attract participation from over 3,200 companies across more than 110 countries and regions, with a signed exhibition area exceeding 360,000 square meters [2][4] - The CIIE has facilitated the display of approximately 3,000 new products, technologies, and services, with an intention to transact over 500 billion USD in deals over the past seven years [2][13] Group 1: Event Significance - The CIIE serves as a platform for global enterprises to showcase their products and technologies, enhancing cooperation and mutual benefits between China and the world [2][7] - The event is particularly important in the context of increasing global economic instability, highlighting China's openness to international markets [2][3] Group 2: Participation and Exhibits - The eighth CIIE will feature first-time exhibitors from countries like Kyrgyzstan, alongside renowned global brands and products [2][4] - Notable exhibits include high-protein, high-calcium colostrum milk powder from New Zealand and various innovative technology products such as advanced automation systems and robotics [4][6] Group 3: Economic Opportunities - The CIIE is positioned as a gateway for foreign companies to enter the Chinese market, with significant opportunities for investment and collaboration [10][18] - The event aims to support small and medium-sized enterprises (SMEs) from over 50 countries, providing them with a platform to access the Chinese consumer market [18] Group 4: Global Collaboration - The CIIE emphasizes the importance of collaboration among global southern countries, focusing on sustainable agricultural development and industrialization [16] - The event will also feature initiatives to support the least developed countries, providing them with opportunities to showcase their products in China [17]

金秋时节，浦江潮涌。再过一个月，第八届中国国际进口博览会即将在上海举行。 进博会是世界上首个以进口为主题的国家级博览会。2018年11月，习近平总书记在首届进博会开幕式主旨演讲中指出，举办这一国家级展 会，"是中国着眼于推动新一轮高水平对外开放作出的重大决策，是中国主动向世界开放市场的重大举措"。 一年一度，相聚进博，已经成为越来越多全球企业的选择。全球共赴进博之约，书写着一个个在高水平开放中合作共赢的发展故事，绘就 中国与世界"美美与共"的未来愿景。 共振：中国之诺，全球之约 从空中俯瞰，进博会举办场所国家会展中心（上海）的外形如同一棵"四叶草"，静待着八方宾客。 这是2024年11月4日拍摄的中国国际进口博览会举办场地——国家会展中心（上海）外景（无人机照片）。新华社记者 凡军 摄 2018年11月，首届进博会成功在上海举办，成为全球贸易史上的创举。一路走来，进博会这棵全球企业的"幸运草"不断茁壮成长，不仅年 年办下去，而且办出水平、办出成效、越办越好。 数据显示，前七届进博会已累计展示新产品、新技术、新服务约3000项，意向成交额超5000亿美元，累计吸引境外参展商2.3万家次，中 国大市场，正在切切实 ...

作为进博会的"全勤生"，美敦力今年将带来6款首展产品。其中，不仅有亚太首展的美敦力全球首 款闭环可充电脊髓神经刺激系统Inceptiv，还包括Affera标测与消融系统等5款中国首秀展品。 日前，来自德国迈巴赫奢侈品亚太有限公司的第八届进博会首批展品，搭乘CK216次航班，从德国 法兰克福机场飞抵上海浦东国际机场。由此，本届进博会展品通关工作正式拉开帷幕。 在距离第八届进博会开幕仅剩30天的关键节点，作为进博会永久举办地的上海，正以开放姿态传递 热情、以务实行动追求卓越，细致推进各项筹备工作，迎接这场全球瞩目的盛会。 上海成首发经济核心地 首发、首秀、首展，始终是进博会的"流量密码"。这份吸引力的背后，不仅在于进博会是全球新品 竞相亮相的重要舞台，更源于上海首发经济所释放的强劲磁吸效应。 有着"手机壳中的爱马仕"之称的CASETiFY，早在2022年便将中国内地首店选址上海K11购物艺术 中心；今年，品牌首次亮相进博会，将携多款明星产品与互动体验登陆消费展区。 "从高效的市场准入、零售业态创新的政策鼓励，到消费活动的资源对接，我们始终得到政府的大 力支持。"CASETiFY大中华区总经理欧子乐表示。上海一流的 ...

王滢的观点反映出全球投资者对中国市场的关注度逐渐提升，特别是在科技创新领域，预计未来将有更 多的资金流入中国股市。 此外，王滢提到，从2024年第四季度到今年第二季度，中国企业的季度业绩普遍符合市场预期。她建议 投资者在资产配置中低配必需消费品和房地产板块，以更好地把握科技领域的投资机会。 摩根士丹利中国首席股票策略师王滢近日在接受采访时表示，随着公司盈利企稳并且科技板块上行空间 扩大，全球投资者，特别是美国投资者对中国股票的兴趣正在日益升温。 王滢指出，美国投资者的兴趣增长较为缓慢，但近期她在出差过程中与多位美国投资者的交流显示，超 过九成的投资者计划增加对中国股票的敞口。她表示，这些投资者对中国企业在科技创新和研发方面展 现出的能力充满信心，尤其是在人工智能、人形机器人、自动化和生物科技等领域的表现令人兴奋。 ...

Group 1 - The CNQQ ETF, focused on Chinese technology, was launched on September 26 on NASDAQ, aiming to provide global investors with exposure to China's tech and innovation sectors [1] - The underlying index, Solactive ChinaAMC Transformative China Tech Index, was developed in collaboration with Solactive AG and China Asset Management, emphasizing companies with strong R&D capabilities [2] - The index uses a non-traditional market capitalization weighting method, selecting the top 100 stocks based on adjusted market cap and R&D spending, with a maximum weight of 10% per stock [2] Group 2 - The Solactive ChinaAMC Transformative China Tech Index includes nearly 100 Chinese companies listed in mainland China and Hong Kong, spanning five sectors: automotive and transportation, commercial and consumer services technology, electronic and electrical products, healthcare technology, and industrial and manufacturing technology [2] - Major holdings in the CNQQ ETF include Alibaba Group (10.94%), Tencent Holdings (9.93%), and Contemporary Amperex Technology (8.00%) [4] Group 3 - Morgan Stanley noted a shift in investor sentiment towards Chinese technology since the "9·24" event, indicating a cautious optimism regarding the Chinese stock market and improving corporate earnings in various sectors [5] - The Hong Kong technology fund has seen significant inflows, ranking first in capital inflow among single market sector funds, while U.S. technology funds have experienced outflows [8]

华鑫证券研报指出，自动化行业迎结构性机遇，智能化与国产替代驱动增长。尽管2024年OEM行业规 模同比下滑5%，但"新质生产力"政策与智能制造转型仍为行业开辟广阔空间，公司通过技术突破与渠 道优化，有望在结构性机遇中实现持续增长。作为运动控制领域的领军企业，公司依托国家级高新技术 企业和专精特新"小巨人"企业的双重资质，构建了强大的技术护城河。公司独创的"三轮驱动"战略 和"六化"产品体系，不仅优化了现有产品结构，更为未来发展提供了清晰路径，展现出技术领先与商业 落地的双重优势。此外，公司稳步推进海外布局，以科技创新驱动高端化，成熟产品线通过CE、UL等 国际认证，远销欧美、东南亚等地区，关键技术达国际领先水平，助力业务持续增长。考虑雷赛智能运 动控制领域核心技术优势明显，多元化布局拉动海外收入增长，首次覆盖，给予"买入"投资评级。 ...

2025 年 09 月 25 日 技术突破与战略协同并举，智能化浪潮中实现持 续增长 买入(首次) 投资要点 | 分析师：尤少炜 | S1050525030002 | | --- | --- | | yousw@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 9-2 4 | | 当前股价（元） | 48.93 | | 总市值（亿元） | 154 | | 总股本（百万股） | 314 | | 流通股本（百万股） | 221 | | 52 周价格范围（元） | 20.58-53.86 | | 日均成交额（百万元） | 677.8 | 市场表现 资料来源：Wind，华鑫证券研究 0 50 100 150 200 (%) 雷赛智能 沪深300 相关研究 —雷赛智能（002979.SZ）公司动态研究报告 ▌自动化行业迎结构性机遇，智能化与国产替代驱 动增长 自动化行业正面临智能化、高精度、绿色化的转型趋势，工 业自动化生产线及机器人成为核心增长点。据睿工业数据， 2024 年中国自动化市场规模达 3000 亿元，其中 OEM 领域超 1,000 亿元，而人形机器人市场预计从 2024 年的 27. ...

Core Viewpoint - Harbin Bosh Automation Co., Ltd. has signed a packaging operation service contract with Guoneng Baotou Coal Chemical Co., Ltd. for a total amount of RMB 96.9927 million [1] Group 1 - The contract involves packaging services for Baotou Chemical's dual polymer products, sulfur, and salt [1] - The contract amount is approximately RMB 96.99 million, indicating a significant business opportunity for the company [1] - The signing authority for the contract falls within the general manager's scope as per the company's articles of association [1]