场景是系统性验证新技术、新产品、新业态的重要载体，也是赋能新质生产力发展的重要市场资源。近 日，国务院办公厅发布《关于加快场景培育和开放推动新场景大规模应用的实施意见》（以下简称《意 见》），旨在充分发挥我国超大规模市场和丰富应用场景优势，推动更多应用场景转变为"科创胜景"。 14亿多人组成的超大规模市场，居世界第一的研发人员总量，两者在应用场景的"催化"下，正在培育和 释放新的增长动能：无人驾驶汽车加速落地，无人机穿梭送外卖，医疗机器人走上手术台……层出不穷 的创新应用，不断拓宽产业的边界，重塑消费的内涵。 成功的场景是多技术融合的"协奏曲"。一个智能网联汽车场景，就是5G、人工智能、高精地图、云计 算等技术集群的综合体现。这种解决系统性问题的过程，会促进技术的交叉融合与集成创新，并驱动数 据、资本、人才等生产要素以全新的方式组合配置。 将蓝图变为现实，需要政府、市场、社会同向发力。在技术层面，以场景需求倒逼芯片、工业软件 等"卡脖子"环节的自主创新；在数据层面，加快建立数据产权、流通交易、安全治理等基础制度，让数 据要素在阳光下充分涌流；在制度层面，大力推行"沙盒监管"等包容审慎的监管模式，为新生事物预留 ...

Summary of Twin Disc FY Conference Call Company Overview - **Company**: Twin Disc (NASDAQ: TWIN) - **Industry**: Global power transmission manufacturing, focusing on gearboxes, control systems, and clutches for various applications including marine and land-based vehicles [8][9][10] Key Financials - **Revenue**: Finished the year at just under $341 million [9] - **Gross Margin**: Just over 27% [9] - **Employee Count**: Approximately 1,000 employees globally, with a significant presence in Europe [9] Market Dynamics - **Defense Spending**: Notable increase in defense spending, with a year-over-year increase of 13% and a 150% increase in NATO defense spending [15] - **Geographic Revenue Shift**: Historically dominated by North America, but recent acquisitions have shifted revenue distribution, with Europe and Asia now being significant contributors [10][11] Strategic Acquisitions - **Recent Acquisitions**: - Veth Propulsion (largest acquisition in company history) [12] - Katsa (Finland) and Kobelt (Canada) [13][31] - **Acquisition Strategy**: Focus on regional, family-owned companies with potential for global expansion through Twin Disc's network [27][30] Product Segments - **Marine and Propulsion**: Increased focus on marine products, particularly in the context of defense and autonomous vessels [15][16] - **Land-Based Applications**: Includes transmissions for airport rescue firefighting vehicles and specialty oil servicing rigs [14] Growth Strategy - **Revenue Target**: Aiming for $500 million in revenue by fiscal 2030, with a focus on organic growth and strategic acquisitions [16][33] - **Cash Flow Management**: Strong cash flow generation with a focus on debt reduction and maintaining dividends [32][33] Technological Advancements - **Hybrid and Electric Systems**: Significant push towards hybrid and electric propulsion systems, with ongoing projects in marine applications [16][18][22] - **Control Systems Development**: Long history in electronic controls, with recent acquisitions enhancing capabilities in hybrid control systems [21][22] Challenges and Considerations - **Supply Chain Issues**: Complications in sourcing batteries and motors for hybrid systems [18] - **Tariff Implications**: Ongoing tariffs affecting production strategies, with a shift towards more localized assembly to mitigate costs [45][46][47] Conclusion - **Market Position**: Twin Disc is well-positioned to capitalize on defense spending and the shift towards hybrid and electric systems, with a robust acquisition strategy and a diverse product portfolio [35][36]

证券日报网讯 英飞特11月19日在互动平台回答投资者提问时表示，公司主要从事LED驱动电源、传感 器、控制系统和LED模组等LED照明配套产品的研发、生产、销售和技术服务。储能方面，公司主要有 用户侧的工商业储能以及户用储能解决方案及相关产品，目前体量较小。 （编辑 袁冠琳） ...

格隆汇11月19日丨英飞特(300582.SZ)在互动平台表示，公司主要从事LED驱动电源、传感器、控制系统 和LED模组等LED照明配套产品的研发、生产、销售和技术服务。储能方面，公司主要有用户侧的工商 业储能以及户用储能解决方案及相关产品，目前体量较小。 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China is seeking public feedback on the "Wind Power Equipment Industry Normative Conditions" and the "Management Measures for the Announcement of Wind Power Equipment Industry Norms" to promote the sustainable and healthy development of the wind power equipment manufacturing industry [1][2]. Group 1: Industry Norms and Guidelines - The normative conditions aim to encourage and guide wind power equipment manufacturers in standardizing their research, manufacturing, testing, installation, and collaboration within the industry, while also clarifying social responsibilities and supervisory management requirements [4][5]. - The guidelines cover various manufacturers, including those producing wind turbines, blades, towers, gearboxes, generators, converters, control systems, bearings, steel structures, and submarine cables [4]. - The MIIT encourages manufacturers to apply green and intelligent technologies throughout the entire process, promote international strategies, and enhance product quality through improved safety and reliability standards [4][5]. Group 2: Basic Requirements for Enterprises - Enterprises must be legally registered in China, possess independent legal status, and have the capability for independent production, sales, and after-sales service of wind power equipment [5][6]. - Companies should maintain a good credit and public image, demonstrate strong performance capabilities, comply with tax laws, and have no legal violations [5]. - A comprehensive management system for research, manufacturing, quality, and operation maintenance is required, along with strict quality control processes and continuous improvement mechanisms [5][6]. Group 3: Research and Development - Manufacturers of complete machines, converters, and control systems must invest at least 4% of their main business income in R&D or process improvements, while other manufacturers must invest at least 3% [7]. - Key components of wind turbines must meet relevant standards and obtain type certification, including blades, gearboxes, generators, converters, towers, control systems, and bearings [8][9]. - The design of wind turbines must comply with various national and international standards, ensuring quality and safety [9][10]. Group 4: Testing and Validation - Wind turbines must undergo testing and validation, including type tests for key components and prototype tests for the complete machine [11][12]. - The grid adaptability tests and fault ride-through capability tests must meet or exceed specified standards [12][13]. - New models must undergo a one-year trial operation to verify performance and stability before mass production [12][13]. Group 5: Installation and Debugging - Transportation of wind turbines must comply with relevant standards, and installation must meet specified requirements [13][14]. - Acceptance criteria for wind turbines must align with national standards, ensuring quality supervision and process management [14][15]. - Manufacturers should possess strong operational and maintenance capabilities, utilizing advanced information technology for monitoring and fault prediction [15]. Group 6: Industry Collaboration and Social Responsibility - Wind power equipment manufacturers should promote sustainable industry development, maintain order, and avoid disruptive pricing practices [15][16]. - Companies are encouraged to focus on key common technologies and enhance innovation capabilities within the industry [17]. - Manufacturers must comply with safety production laws and report any quality incidents promptly, ensuring accountability and corrective measures [16][17].

11月13日，步科股份盘中下跌2.06%，截至13:50，报91.24元/股，成交1.05亿元，换手率1.36%，总市值 82.88亿元。 步科股份所属申万行业为：机械设备-自动化设备-工控设备。所属概念板块包括：智慧物流、阿里概 念、机器人概念、医疗器械、人形机器人等。 截至9月30日，步科股份股东户数7650.00，较上期增加23.05%；人均流通股10980股，较上期减少 18.73%。2025年1月-9月，步科股份实现营业收入5.09亿元，同比增长28.35%；归母净利润4452.86万 元，同比增长37.54%。 分红方面，步科股份A股上市后累计派现1.60亿元。近三年，累计派现8400.00万元。 资金流向方面，主力资金净流出1902.17万元，特大单买入295.96万元，占比2.82%，卖出1666.16万元， 占比15.86%；大单买入2184.38万元，占比20.79%，卖出2716.35万元，占比25.86%。 机构持仓方面，截止2025年9月30日，步科股份十大流通股东中，永赢先进制造智选混合发起A （018124）位居第四大流通股东，持股401.05万股，相比上期减少13.16万股。鹏 ...

Core Points - On November 7, Buke Co., Ltd. experienced a decline of 5.05%, with a stock price of 94.69 yuan per share, a trading volume of 120 million yuan, a turnover rate of 1.48%, and a total market capitalization of 8.601 billion yuan [1] - Buke Co., Ltd. is located in the China (Shanghai) Pilot Free Trade Zone and was established on December 9, 2008, with its listing date on November 12, 2020. The company specializes in the research, production, sales, and related technical services of core components for industrial automation equipment and digital factory software and hardware [1] - The main business revenue composition includes: drive systems at 69.15%, control systems at 30.09%, and others at 0.77% [1] Shareholder Analysis - Among the top ten circulating shareholders of Buke Co., Ltd., Huashang Fund has increased its holdings in Huashang Runfeng Mixed A (003598) by 186,400 shares in the third quarter, bringing the total to 572,100 shares, which accounts for 0.68% of the circulating shares. The estimated floating loss today is approximately 2.8832 million yuan [2] - Huashang Runfeng Mixed A (003598) was established on January 25, 2017, with a latest scale of 6.606 billion yuan. Year-to-date returns are 82.97%, ranking 192 out of 8148 in its category; the one-year return is 82.83%, ranking 157 out of 8053; and since inception, the return is 364.2% [2] - The fund manager of Huashang Runfeng Mixed A is Hu Zhongyuan, who has a cumulative tenure of 6 years and 236 days, with a total fund asset scale of 40.106 billion yuan. The best fund return during his tenure is 364.66%, while the worst is -0.45% [2]

Core Viewpoint - On November 7, Buke Co., Ltd. experienced a decline of 5.05%, with a stock price of 94.69 yuan per share, a trading volume of 120 million yuan, a turnover rate of 1.48%, and a total market capitalization of 8.601 billion yuan [1] Company Overview - Buke Co., Ltd. is located in the China (Shanghai) Pilot Free Trade Zone and was established on December 9, 2008, with its listing date on November 12, 2020 [1] - The company specializes in the research, production, and sales of core components for industrial automation equipment and digital factory software and hardware, providing automation control and digital factory solutions [1] - The revenue composition of the company includes: drive systems 69.15%, control systems 30.09%, and others 0.77% [1] Shareholder Information - Among the top ten circulating shareholders of Buke Co., Ltd., a fund under Yongying Fund holds a significant position. The Yongying Advanced Manufacturing Select Mixed Fund A (018124) reduced its holdings by 131,600 shares in the third quarter, now holding 4.0105 million shares, which accounts for 4.77% of the circulating shares [2] - The fund was established on May 4, 2023, with a latest scale of 4.697 billion yuan. Year-to-date returns are 84.38%, ranking 178 out of 8148 in its category; the one-year return is 112.13%, ranking 26 out of 8053; and since inception, the return is 133.2% [2] - The fund manager, Zhang Lu, has a tenure of 6 years and 100 days, with a total fund asset scale of 22.921 billion yuan. The best fund return during the tenure is 133.2%, while the worst is -60.31% [2]

Core Points - The stock price of Chengyitong fell by 2.02% on November 5, trading at 20.42 CNY per share with a total market capitalization of 5.576 billion CNY [1] - The company has seen a year-to-date stock price increase of 33.86%, but a recent decline of 0.87% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Chengyitong reported a revenue of 633 million CNY, a year-on-year decrease of 20.40%, and a net profit attributable to shareholders of 67.83 million CNY, down 30.83% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 80.55 million CNY, with 39.60 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 1.94% to 32,000, while the average number of circulating shares per person increased by 1.98% to 8,110 shares [2] - New institutional shareholders include Changcheng Consumption Value Mixed A and Guangfa Jufeng Mixed A, both entering the top ten circulating shareholders [3]

Core Viewpoint - The stock of Shanghai Buke Automation Co., Ltd. has experienced fluctuations, with a year-to-date increase of 67.54% and a recent decline over the past 20 days [1][2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 509 million yuan, representing a year-on-year growth of 28.35% [2]. - The net profit attributable to shareholders for the same period was 44.53 million yuan, reflecting a year-on-year increase of 37.54% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 23.05% to 7,650, while the average circulating shares per person decreased by 18.73% to 10,980 shares [2]. - The company has distributed a total of 160 million yuan in dividends since its A-share listing, with 84 million yuan distributed over the past three years [3]. Stock Performance and Trading Activity - On November 4, the stock price fell by 2.06% to 95.60 yuan per share, with a trading volume of approximately 64.73 million yuan and a turnover rate of 0.79% [1]. - The stock has seen a net inflow of 1.03 million yuan from major funds, with significant buying and selling activity recorded [1]. Business Overview - Shanghai Buke Automation Co., Ltd. specializes in the research, production, and sales of core components for industrial automation equipment and digital factory software and hardware [1]. - The company's main revenue sources are from drive systems (69.15%), control systems (30.09%), and other services (0.77%) [1].