AI 算力龙头启航，成长确定性凸显 工业富联(601138) 工业富联（601138.SH）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 本报告导读： 公司作为全球 AI 算力基础设施核心供应商，凭借精密制造基因与全产业链布局，在 AI 服务器、高速交换机与端侧 AI 领域形成协同，随着全球 AI 资本开支浪潮及 GB200/300 等新平台放量，公司成长动能有望持续强化。 投资要点： | [Table_Fina ...

（来源：市场星报） 同时，我省数字技术应用全面推广。全省78.4%的"四上"企业应用了数字技术，其中应用云计算服务、 工业互联网、物联网、人工智能技术的"四上"企业占比分别为92.7%、54.7%、65.6%和36.4%。电子商 务交易活跃，截至2024年末，全省开展电子商务交易的"四上"企业7057户，占全省比重为12%，其中开 展电子商务销售的企业6609户、占93.7%，开展电子商务采购的企业2288户、占32.4%。 在数字产业化能级方面，2025年，全省规模以上数字经济核心产业实现营业收入14318.5亿元，同比增 长14.3%、比全部"四上企业"高7.3个百分点。数字产品制造业支柱作用凸显，实现营业收入9655.1亿 元、增长14.7%。软件和服务业稳步增长，数字产品服务业实现营业收入1125亿元、增长37.1%；数字 要素驱动业实现营业收入1576.3亿元、增长12.5%。 星报讯 记者从省统计局获悉，近年来，全省上下以数据为关键要素，着力提升数字产业发展能级，赋 能产业加速转型升级，推动数字技术创新攻关，提速数字基础设施建设，数字经济不断发展壮大，呈现 提质扩量增效的良好发展态势，成为经济高质 ...

Core Insights - The production service industry plays a dominant role in Guangdong's modern service sector, with finance, information transmission, software, and IT services as core engines [1][3] Group 1: Industry Development - Guangdong's provincial conference emphasized the cultivation of the production service industry to achieve high-quality development through the synergy of manufacturing and services [1][3] - The production service industry is defined as services that support production activities, including R&D, logistics, financial services, and more [2] - From 2020 to 2025, the value added of China's production service industry is projected to increase from 30.3% to 34.4% of GDP, indicating significant growth potential compared to developed countries [2] Group 2: Economic Contribution - By 2025, the value added of modern services in Guangdong is expected to reach approximately 55,139.99 billion yuan, accounting for nearly 37.84% of GDP, with the production service industry being a key contributor [3] - Shenzhen's service industry added value reached 2.42 trillion yuan last year, with modern services accounting for 77%, highlighting the city's focus on enhancing the production service sector [3] Group 3: Challenges and Recommendations - The report identifies shortcomings in Guangdong's production service industry, including insufficient high-end service supply and the need for improved quality and capability in serving manufacturing [3][4] - Recommendations include accelerating the development of high-end industries such as industrial software, artificial intelligence, and big data services, as well as enhancing innovation capabilities [4] Group 4: Strategic Vision - The provincial leadership emphasizes the dual advancement of manufacturing and services as crucial for Guangdong's high-quality development and modernization [5] - The integration of artificial intelligence is seen as a key factor in enhancing the collaborative development of both sectors, aiming to create a new form of intelligent economy [5]

（图片来源：摄图网） 2月6日，广东省人民政府新闻办公室2月6日举行"'十四五'广东成就"系列主题新闻发布会，广东省发展和改 革委员会副主任、省大湾区办常务副主任朱伟介绍，2025年全省人工智能核心产业规模预计达3000亿元。 人工智能是引领这一轮科技革命和产业变革的关键力量，通过将知识密集型技术转化为核心生产力，加速传 统产业智能化转型，催生工业互联网、智能机器人等新兴业态，成为培育新质生产力、推动经济高质量发展 的核心动能。 人工智能已上升为国家战略层面的关键产业，受到高度重视。"十五五"规划建议更是明确提出全面实施"人 工智能+"行动，以人工智能引领科研范式变革，抢占产业应用制高点，全方位赋能千行百业。 1月21日，工信部副部长张云明在国新办发布会上介绍，据有关机构测算，2025年我国人工智能核心产业规 模预计突破1.2万亿元，企业数量超6000家。 在人工智能发展的赛道上，广东省一马当先，稳居全国第一方阵。广东省工业和信息化厅厅长曾进泽透露， 2025年，广东人工智能核心产业规模预计突破3000亿元，实现了超40%的高速增长，总量占全国四分之一。 122个大模型通过国家备案，430余个行业模型落地;人 ...

Core Insights - The contribution of the industrial and information sectors to China's economic growth exceeds 40%, highlighting the importance of modern industrial systems in driving economic development [1][2]. Group 1: Economic Contribution - In 2025, China's industrial added value reached 41.7 trillion yuan, contributing 35% to economic growth, an increase of 1.8 percentage points from the previous year [2]. - The manufacturing sector continues to dominate, maintaining the world's largest added value for 16 consecutive years, while the information transmission, software, and IT services sector achieved an added value of 7.06 trillion yuan, showing double-digit growth [2]. Group 2: Industry Development - The advanced manufacturing sector is rapidly developing, with significant growth in key industries such as new energy vehicles, industrial robots (28% increase), and the solar industry [3]. - At the 2026 International Consumer Electronics Show, 21 out of 38 exhibiting companies in the humanoid robot sector were from China, indicating a growing confidence in showcasing technological advancements [3]. Group 3: Integration of Technology - The integration of information technology and industrialization is emphasized, with 5G and gigabit optical networks covering 91 out of 97 economic categories, and industrial internet achieving full coverage across 41 industrial categories [3]. - Over 500 excellent smart factories have been established, and 15 leading smart factories have been cultivated, promoting innovation in processes, equipment, and software [3]. Group 4: Strategic Initiatives - The construction of a modern industrial system is a key strategic task during the 14th Five-Year Plan, with recent initiatives such as the "Industrial Internet and Artificial Intelligence Integration Empowerment Action Plan" and "AI + Manufacturing Special Action Implementation Opinions" being launched [4]. - The focus is on consolidating the foundation of the real economy, seizing opportunities for digital transformation, and accelerating industrial upgrades to gain a competitive edge globally [4].

Core Viewpoint - The article emphasizes the continuous stabilization of economic growth, focusing on the real economy and implementing a new round of key industry growth plans to support industrial provinces in driving steady industrial growth [2]. Group 1: Economic Growth and Industrial Performance - By 2025, the industrial added value above designated size is expected to grow by 5.9% year-on-year, with the manufacturing added value maintaining a stable share of GDP [3]. - The manufacturing sector is projected to retain its position as the world's largest for 16 consecutive years, with telecommunications business volume increasing by 9.1% year-on-year [4]. Group 2: High-Quality Development and Technological Advancement - The focus remains on high-quality development, advancing the intelligent, green, and integrated development of manufacturing [6]. - The added value of equipment manufacturing and high-tech manufacturing above designated size grew by 9.2% and 9.4% year-on-year, respectively, outpacing the overall industrial growth by 3.3 and 3.5 percentage points [6]. - Over 35,000 basic-level and 8,200 advanced-level smart factories have been established, with 15 leading smart factories nurtured [6]. Group 3: Innovation and Emerging Industries - The integration of technological and industrial innovation is being promoted, with breakthroughs in major equipment such as ultra-large diameter shield machines and heavy-duty gas turbines [10]. - The added value of integrated circuits and electronic special materials increased by 26.7% and 23.9% year-on-year, respectively, while industrial robot production rose by 28% [10]. - New energy vehicle sales reached 16.49 million units, reflecting a year-on-year growth of 28.2% [10]. Group 4: Business Environment and Competitive Landscape - Efforts to reform key areas and reduce enterprise burdens are underway, with actions to clear overdue payments to businesses and implement supportive policies [11]. - The competitive ecology in key industries such as new energy vehicles and photovoltaics is showing signs of improvement [11]. - Over 140,000 specialized and innovative small and medium-sized enterprises have been nurtured, with high-tech enterprises reaching 504,000 [11].

Core Viewpoint - The Chinese government is accelerating the integration of artificial intelligence in the manufacturing sector to enhance productivity and support the transition from a manufacturing powerhouse to an intelligent manufacturing leader [1] Group 1: Progress in Digital Transformation - Since the 14th Five-Year Plan, traditional manufacturing has made significant strides in digital transformation, achieving breakthroughs in industrial clusters, management reform, technological innovation, and brand building [1] - China has established over 30,000 basic intelligent factories, more than 1,200 advanced intelligent factories, and over 230 excellent intelligent factories, showcasing the emergence of benchmark enterprises in traditional manufacturing sectors [1] - By September 2025, China is expected to have 85 "lighthouse factories," leading globally in smart manufacturing standards [1] Group 2: Challenges in Digital Transformation - The digital transformation of traditional manufacturing is a long-term systemic project facing challenges such as reliance on imported core technologies like high-end chips and industrial software [2] - Many traditional enterprises lack a holistic view of smart manufacturing, leading to difficulties in integrating technology with operations and addressing the "data silo" issue [2] - There are significant disparities in smart manufacturing capabilities among enterprises, with small and medium-sized enterprises (SMEs) needing to enhance their transformation capabilities [2] Group 3: Strategies for Accelerating Transformation - The strategy involves constructing an industrial ecosystem that promotes collaboration between advanced enterprises and SMEs, focusing on innovation and shared resources [3] - Emphasis on deep integration of technology, management, and strategy to create a comprehensive smart manufacturing system that addresses the "data silo" problem [3] - The approach includes enhancing green manufacturing and service-oriented manufacturing through digital empowerment [3] Group 4: Innovation and Talent Development - Strengthening original innovation by focusing on critical areas such as high-end chips and industrial software to build a self-owned intellectual property system [4] - Cultivating full-stack intelligent manufacturing service providers to enhance systematic service capabilities and create value in collaboration with manufacturing enterprises [4] - Promoting integrated education and talent development to address the pain points of digital transformation in manufacturing, optimizing academic structures, and fostering interdisciplinary high-end talent [4]

运河明珠 2025年8月，小河公园跨运河人行桥开放 5栋高层建筑与4栋多层建筑巧妙组合，内部空间设计灵活，可根据需求自由组合，满足不同使用模 式的切换……这便是位于拱墅区智慧网谷小镇核心区域的国贸云商数字商贸总部基地，于去年完工投 用。该总部基地紧密围绕健康医药和数字经济两大核心领域，打造浙江省国贸健康产业的旗舰典范和数 字医疗的区域标杆，推动拱墅大城北区域转型升级步伐进一步加快。 大运河杭钢公园 汇金云创·科创人才综合体 朝霞刚刚浸染云层，拱墅大城北的产业脉搏已强劲跃动。智慧园区中，智能机器人正沿着预定轨迹 自如巡检；数据中心的屏幕墙上，实时跳动的工业互联网信号连接着千里外的生产线；而在新建的智造 车间，柔性产线已悄然切换工序，精密机械臂于寂静中勾勒出智能制造的韵律。 瞄定"打造大运河保护传承利用的经典范例、超大城市有机更新的示范样板、杭州高质量发展的新 增长极"目标，杭州大城北建设，已步入了关键阶段。 2025年，拱墅区共计实施大城北建设项目77个，开工率达107%，完工率达123%，年度投资超70亿 元。基建日益完善下，拱墅以产业蝶变为核心引擎，同步推进交通路网升级、民生服务提质，全方位构 建"产城人文 ...

Core Viewpoint - The development of the industrial and information technology sectors in 2025 is characterized by four main features: stability, progress, innovation, and vitality, reflecting a commitment to high-quality development and the achievement of key economic goals. Group 1: Stability - The industrial economy has maintained a stable growth trajectory, with the added value of industrial enterprises above designated size increasing by 5.9% year-on-year, and the manufacturing sector's contribution to GDP remaining stable [1] - The telecommunications business volume grew by 9.1% year-on-year, contributing over 40% to overall economic growth, reinforcing its role as an economic stabilizer [1] Group 2: Progress - The pace of high-quality development has accelerated, with the added value of equipment manufacturing and high-tech manufacturing increasing by 9.2% and 9.4% year-on-year, respectively, outpacing overall industrial growth by 3.3 and 3.5 percentage points [2] - The establishment of over 35,000 basic-level and 8,200 advanced-level smart factories has been achieved, alongside the cultivation of 15 leading smart factories, indicating solid progress in the digital transformation of manufacturing [2] Group 3: Innovation - Significant advancements in technology and industry innovation have been made, with breakthroughs in major equipment such as ultra-large diameter shield machines and heavy-duty gas turbines, and over 300 key technologies developed in the first phase of 6G testing [3] - The added value of integrated circuits and electronic materials increased by 26.7% and 23.9% year-on-year, respectively, while the production of industrial robots rose by 28%, and new energy vehicle sales reached 16.49 million, up 28.2% [3] Group 4: Vitality - Reforms in key areas have been accelerated, with actions taken to reduce corporate burdens and clear overdue payments, creating a more vibrant business environment [4] - The cultivation of specialized and innovative small and medium-sized enterprises has seen over 140,000 such firms established, with high-tech enterprises reaching 504,000, indicating a robust growth in the industrial sector [4]

Group 1 - The core viewpoint of the news is that the industrial and information technology sectors in China are expected to maintain steady growth, with significant contributions to the overall economy by 2025 [1][2] - The industrial added value for large-scale industries is projected to grow by 5.9% year-on-year, with the manufacturing sector's contribution to GDP remaining stable, and the manufacturing scale likely to maintain its position as the largest globally for 16 consecutive years [1] - The total telecommunications business volume is expected to increase by 9.1% year-on-year, highlighting the sector's robust performance [1] Group 2 - The pace of high-quality development is accelerating, with significant growth in the added value of equipment manufacturing and high-tech manufacturing, which are expected to increase by 9.2% and 9.4% year-on-year, respectively [2] - The proportion of these sectors in the total industrial output is projected to improve by 2.2 percentage points and 0.8 percentage points compared to 2024 [2] - The integration of technology and industry is being emphasized, with breakthroughs in major equipment and over 300 key technologies reserved for 6G development [2] Group 3 - The effects of reforms in key areas are becoming evident, with actions taken to reduce the burden on enterprises and improve the competitive environment in sectors like new energy vehicles and photovoltaics [2] - The integration of 5G and gigabit optical networks into 91 out of 97 national economic categories is expected to inject more vitality into economic and social development [2] - The industrial economy is characterized by resilience, potential, and vitality, with confidence in maintaining a stable and positive trend in 2026 [2]