长三角地区名城众多，南京凭什么成为新的产业高地？ 2025年冬的南京，产业布局的热度高企。ABB砸下15亿建传动产品超级工厂，瞄准人形机器人"小脑"级 别的运动控制技术。京东百亿级研发中心在建邺区正式开工，要建设辐射华东的"战略桥头堡"。小米汽 车交付中心里人流如织，已带动20多家生态链企业在此扎根。 南京积淀多年，让企业能扎根、成长、壮大的系统性优势，迎来了收获期。 国家红利叠加，把区位优势变成发展的确定性 企业选址布局，最看重确定性。南京的确定性，来自国家战略的多重叠加，以及把区位优势转化为产业 动能的硬实力。 作为新兴倡议交汇点枢纽、长江经济带与长三角一体化的叠加区，南京在全国经济版图中的定位早已明 确。2025年南京"十五五"规划建议进一步强化这一优势，今年南京重点推进轨道交通与 根据两个年内发布的独角兽企业报告，南京分别有9家、8家企业上榜全国及全球独角兽榜单，潜在独角 兽和瞪羚企业总数稳居全省前列。 ...

Core Insights - Nanjing is increasingly becoming a hub for major industry players, focusing on high-end projects such as R&D centers and regional headquarters, which are essential for future growth [1][6] - The city is shifting its investment strategy from single projects to developing an ecosystem that supports high-value industries [1][6] Group 1: Industry Developments - Major companies like SAIC, Xiaomi, and ABB are establishing significant operations in Nanjing, indicating a trend towards high-tech and innovative manufacturing [3][5][8] - ABB's new super factory in Nanjing, with an investment of approximately 1.5 billion yuan, will focus on the R&D and production of industrial motion control products, crucial for advanced robotics [5][6] - Xiaomi's automotive delivery center in Nanjing has evolved into a major R&D hub, employing over 5,000 people and fostering a network of over 20 ecosystem partners [8][10] Group 2: Collaborative Ecosystem - Nanjing is promoting a collaborative ecosystem where leading companies act as "chain masters," driving the development of the entire industry chain [7][8] - The establishment of the JD.com R&D center in Nanjing aims to create a strategic hub for innovation, focusing on AI, robotics, and cloud computing [12][13] - Partnerships between major firms, such as JD.com and New Work Group, are enhancing the industrial internet and supply chain capabilities in Nanjing [13][14] Group 3: Talent and Infrastructure - Nanjing's favorable business environment and rich talent pool are attracting high-end technology professionals, contributing to the city's growth as a tech hub [14][18] - The Nanjing Intelligent Computing Center is set to provide significant computational power, supporting AI and algorithm development [17][18] - The rapid establishment of projects, such as Xiaomi's automotive center, showcases the efficiency of Nanjing's government in facilitating business operations [18][19]

12月9日，ABB传动产品超级工厂项目在宁签约。代市长李忠军、ABB运动控制事业部传动产品业 务单元全球总裁侯思敏出席签约活动。 ABB集团是全球电气与自动化领域的技术领导企业，下设电气、运动控制、过程自动化、机器人与 离散自动化四大事业部。自进入中国市场以来，集团深耕可再生能源、智慧电力、智能制造等领域，形 成了研发、制造、销售、工程服务等全方位业务布局。 ABB传动产品超级工厂项目总投资约15亿元，主要从事工业运动控制产品研发与生产，着力打造 集研发创新、生产制造、客户应用体验于一体的绿色智能超级工厂。项目签约既是南京智能制造产业高 质量发展的重要成果，也传递出ABB集团对中国市场增长潜力的坚定信心。双方将以此为契机，密切沟 通协作，加快项目推进，携手实现双向赋能、共赢发展。 市领导林涛、蒋敏，ABB集团副总裁、ABB（中国）有限公司总经理康亮参加。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 1.884 billion yuan in the first half of 2025, representing a year-on-year growth of 36.39%, and a net profit attributable to shareholders of 243 million yuan, up 56.79% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 1.111 billion yuan, a year-on-year increase of 33.33% and a quarter-on-quarter increase of 43.60%, with a net profit of 137 million yuan, reflecting a year-on-year growth of 38.11% and a quarter-on-quarter growth of 30.34% [1]. - The company's gross margin for H1 2025 was 36.66%, a decrease of 1.89 percentage points year-on-year, while the net profit margin improved by 0.65 percentage points to 13.11% [1]. - The company has established a strong competitive barrier in the wind power converter sector and is expanding its market share through high-performance and reasonably priced products [2]. - The transmission business segment reported a revenue of 226 million yuan in H1 2025, with a gross margin of 47.71%, an increase of 8.26 percentage points year-on-year [2]. - The company is actively launching innovative power supply solutions across various applications, including high-voltage and special power systems [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 4.947 billion yuan, 5.945 billion yuan, and 7.052 billion yuan, with corresponding growth rates of 32.5%, 20.2%, and 18.6% [4]. - Net profit attributable to shareholders is projected to be 623 million yuan, 751 million yuan, and 899 million yuan for the years 2025, 2026, and 2027, with growth rates of 41.4%, 20.5%, and 19.8% respectively [4]. - The report anticipates earnings per share of 1.37 yuan, 1.65 yuan, and 1.98 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings ratios of 27X, 22X, and 19X [4].