侯文皓：曹总您好，热烈祝贺安捷伦旗下四家工厂入选"全球灯塔网络"。这些 "灯塔工厂" 是如何成 为数字化转型的领先者？能否跟我们分享一下背后的故事？ 全球灯塔网络（Global Lighthouse Network）旨在评选并表彰全球领先的制造基地。作为 分析与临床实验室技术领域的全球领导者，安捷伦科技有限公司（Agilent Technologies） 旗下已有四家工厂成功入选该网络。这四座智能工厂分别位于新加坡、德国瓦尔德布龙、 中国上海和马来西亚槟城，他们正积极应用第四次工业革命（4IR）技术推动先进制造， 旨在构建一个更具适应性、更智能化和更可持续的未来。 本次访谈中，安捷伦科技全球仪器制造副总裁曹伟胜与麦肯锡全球董事合伙人侯文皓共同 探讨了安捷伦智能制造转型之旅。曹伟胜分享了他的心得体会：强大的领导力、匹配的人 才队伍与创新的技术，助力安捷伦将愿景蓝图转化为行动，最终实现产品交付与研发效率 的双重提速。 本次访谈以英文进行，以下为翻译编辑后的访谈实录。 侯文皓：在您看来，有哪些投资方案既能创造显著价值，又能带来合理的投资回报率？ 曹伟胜 ：在我们看来，这四家"灯塔工厂"只是安捷伦宏大征程的一部分。这 ...

Company Overview - Titan Technology Co., Ltd. is located at 89 Shilong Road, Xuhui District, Shanghai, established on October 18, 2007, and listed on October 30, 2020 [1] - The company provides integrated technical solutions for scientific services, including research reagents, biological consumables, analytical consumables, laboratory instruments, smart laboratory equipment, research information technology, specialty chemicals, and related comprehensive technical services [1] Financial Performance - For the first half of 2025, Titan Technology achieved operating revenue of 1.219 billion yuan, a year-on-year decrease of 12.70%, while the net profit attributable to shareholders increased by 91.55% to 9.7652 million yuan [2] - The company has distributed a total of 86.6205 million yuan in dividends since its A-share listing, with 40.1089 million yuan distributed over the past three years [3] Stock Performance - As of October 14, Titan Technology's stock price decreased by 2.04% to 24.53 yuan per share, with a market capitalization of 4.034 billion yuan [1] - Year-to-date, the stock price has increased by 35.00%, with a slight increase of 0.74% over the last five trading days, a decrease of 3.12% over the last 20 days, and an increase of 0.33% over the last 60 days [1] Shareholder Information - As of June 30, the number of shareholders increased by 12.61% to 7,718, while the average circulating shares per person decreased by 11.19% to 21,305 shares [2] Industry Classification - Titan Technology belongs to the Shenwan industry classification of basic chemicals - chemical products - other chemical products, and is associated with concepts such as small-cap stocks, pension concepts, margin financing, and buybacks [2]

Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the Chinese stock market, particularly A-shares and Hong Kong stocks, with emphasis on technology and emerging industries [1][4][5] Core Insights and Arguments - **De-dollarization Trend**: Global funds are shifting away from the US dollar, leading to increased investment in Chinese markets, including A-shares and Hong Kong stocks [1][4] - **Policy Reforms**: Since September 2024, China's policy reforms and collaboration with the Hong Kong Stock Exchange have accelerated capital market reforms, particularly benefiting technology and emerging industries [1][4] - **Investment Opportunities**: PCB (Printed Circuit Board) and overseas computing power are highlighted as key investment areas, with a focus on "leading, localization, and globalization" as future development directions [1][5] - **Economic Challenges and Opportunities**: Current economic challenges include macroeconomic pressures and poor trade data, but long-term opportunities exist in new consumption and technology sectors [2] - **Profitability Concentration**: The trend of leading companies gaining market share is evident, especially in industries like machinery, public utilities, and transportation, where capacity utilization is high [3][17] - **Domestic and Foreign Capital**: Both foreign and domestic capital are crucial for driving equity asset growth, with foreign capital holdings exceeding 3 trillion yuan and domestic capital increasingly influencing pricing in Hong Kong stocks [12][13] Other Important but Possibly Overlooked Content - **Globalization Impact**: Young leaders (born in the 80s and 90s) are more inclined to implement globalization strategies, leading to sustained growth in overseas revenues for their companies [3][30][31] - **Sector-Specific Trends**: Significant progress in domestic substitution rates in sectors like carbon fiber, special gases, and industrial robots, indicating a steady advancement in localization efforts [8][23] - **Emerging Market Influence**: Emerging markets are becoming significant drivers of Chinese exports, with countries like Indonesia and Saudi Arabia increasing their reliance on Chinese imports [26] - **ETF Influence**: ETFs have become a major source of incremental funds in the A-share market, with significant purchases observed since September 2024 [15][16] - **Traditional vs. New Materials**: Traditional industries and new material sectors are both showing strong potential for overseas expansion, with specific companies highlighted for their performance [28][29] This summary encapsulates the key points from the conference call records, focusing on the Chinese stock market's dynamics, investment opportunities, and the impact of globalization and domestic policies.