汽车集团多款产品出口东盟。林馨 摄 在汽车产业上，柳州不断向"新"迈进。柳州推进上汽通用五菱汽车股份有限公司"一二五"工程、东风柳 州汽车有限公司"龙行工程"、广西汽车集团有限公司"菱势工程"，上汽通用五菱携手华为技术有限公司 持续深化"三智"(辅助驾驶、智能座舱、智能制造)合作开发新车型，广西首台工业版人形机器人在东风 柳汽实现应用。全市汽车产量累计达到3200万辆，新能源汽车产量累计突破300万辆。 在钢铁产业上，柳州向"高"突破。柳州推进广西柳州钢铁集团有限公司"四个百万吨"产品升级工程，开 发出系列高强度汽车、工程机械用钢，钢铁产业加速向高附加值、高品质方向转型。 在机械产业上，柳州向"质"挺进。日前，柳工挖掘机智慧工厂等项目建成投产。广西柳工集团有限公司 的新能源工程机械等产品远销海外30多个国家，海外营收占比达46.9%。 中新网南宁11月19日电 (蒙鸣明 林馨)广西柳州市委副书记、市长刘胜友19日在南宁市介绍，柳州通过 实施新兴产业培育壮大三年行动，持续提升人工智能、新能源、新材料"新三样"新兴产业能级，加快形 成新质生产力，战略性新兴产业占比从2020年的10.8%上升到2024年的29%。 ...

Investment Rating - The report indicates a positive investment outlook for the smart service robot industry, highlighting a robust growth trajectory and expanding applications across various sectors [4][25]. Core Insights - The smart service robot industry is experiencing rapid growth, with a compound annual growth rate (CAGR) of 26.37% from 2019 to 2023, and projections suggest a further increase to a CAGR of 40.49% from 2024 to 2027 [4][25][26]. - The integration of advanced technologies such as AI, 5G, and IoT is enhancing the capabilities of smart service robots, allowing them to perform a wide range of tasks in diverse environments [5][10]. - The aging population in China is expected to drive demand for smart service robots, particularly in caregiving roles, as the elderly population is projected to exceed 300 million by 2025 [4][27]. Industry Definition - Smart service robots are high-tech integrated devices designed to provide necessary services in unstructured environments, utilizing technologies like computer vision, voice interaction, and navigation [5]. Industry Classification - The smart service robot industry can be categorized based on application scenarios, including consumer robots for home use and commercial robots for public environments [6][7]. Industry Characteristics - The industry is characterized by expanding application scenarios, a focus on human-robot interaction, and multi-functional integration [8][10][11]. Development History - The industry has evolved through three stages: the nascent phase (1980-2000), the initiation phase (2001-2017), and the rapid development phase (2018-present) [12][15]. Industry Chain Analysis - The industry chain consists of upstream components and core technology suppliers, midstream manufacturers and system integrators, and downstream application fields and end-users [17][23]. Market Size - The market size of the smart service robot industry grew from 179.51 billion RMB in 2019 to 457.75 billion RMB in 2023, with expectations to reach 1,778.66 billion RMB by 2027 [25][26]. Competitive Landscape - The industry exhibits high market concentration, with leading companies like Shenzhen Ubtech and Shenyang Siasun Robotics holding significant market shares [31][32].

Core Insights - Guangdong manufacturing is gaining global attention with innovative products showcased at the 138th Canton Fair, highlighting the region's proactive transformation amidst technological and industrial changes [1][2] - The traditional manufacturing sector in Guangdong is leveraging tax policies to support its transition and upgrade, focusing on high-quality development [1][4] Group 1: Company Innovations and Market Expansion - Deepway Technology has expanded its product range from handheld laser rangefinders to six product lines, achieving a 30% export ratio since entering overseas markets in 2013 [2][3] - Wola Technology is shifting from primarily export-focused to a dual domestic and international sales strategy, with a current sales structure of 60% export and 40% domestic [3] - United Optics has developed a groundbreaking black light full-color technology for low-light environments, breaking the monopoly of Japanese and German companies in high-end optical lenses [7][8] Group 2: Tax Policies and Financial Support - Export tax rebate policies have significantly aided companies like Deepway and Wola Technology, enhancing their cash flow and supporting raw material procurement [4][5] - Guangdong tax authorities have streamlined export tax rebate processes, reducing average processing time to three working days for eligible companies [5] - Companies such as Jiangbolong Electronics have benefited from tax incentives, allowing for substantial R&D investments and product development [6] Group 3: R&D and Compliance - United Optics has invested over 8% of its revenue in R&D over the past five years, supported by tax deductions amounting to approximately 2.26 million yuan [8][16] - Aima CNC has transitioned from a shoe factory to a key player in CNC technology, applying for 151 patents and benefiting from tax incentives totaling 2.6 million yuan [9][10] - Compliance with tax regulations is emphasized as a critical factor for sustainable growth, with companies like Deepway and Aima CNC actively engaging with tax authorities for guidance [13][16]

（记者 曾健辉） 截至发稿，九号公司市值为418亿元。 每经头条（nbdtoutiao）——中国这个行业爆了！海外订单猛增246%，覆盖50多国和地区，企业家提 醒：有人正以亏本价销售，警惕恶性竞争扩至海外 每经AI快讯，九号公司（SH 689009，收盘价：58.28元）11月4日晚间发布公告称，截至本公告披露 日，公司存托凭证持有人Hctech III L.P.持有公司存托凭证12519721份，占公司存托凭证总数的1.75%。 相关存托凭证均来源于公司公开发行前持有的公司股票转化的存托凭证，部分存托凭证已于2024年6月 14日上市流通。公司存托凭证持有人Hctech III L.P.计划在本次减持期间内，通过大宗交易方式减持不超 过276000份存托凭证，占公司存托凭证总数的0.04%。 2024年1至12月份，九号公司的营业收入构成为：智能短交通占比93.1%，智能服务机器人占比6.9%。 ...

Core Points - The Shenzhen Universiade Center is utilizing police robots for enhanced security during the 15th National Games, marking a significant step in integrating technology into event security [1][2] - The implementation of these robots aims to provide practical experience in reshaping security models through technology [1][2] Group 1: Technology Integration - The Shenzhen police have established the first police robot testing station in the country, which is part of the "Technology Empowering Police" initiative, featuring 20 robots across six categories for round-the-clock patrols and efficient incident handling [2][4] - The robots are equipped with advanced technologies such as 5G, AI, IoT, cloud computing, and big data, enabling them to autonomously perceive, navigate, and respond to security threats [4][7] Group 2: Public Interaction and Safety - Robots serve not only as security tools but also as interactive platforms for citizens, enhancing public engagement and safety awareness through features like fraud prevention announcements and safety knowledge quizzes [7][10] - The police have adapted robot patrol routes for specific events, ensuring safety without disrupting athletes, and have deployed mobile equipment units for rapid response [7][10] Group 3: Marine Security - The introduction of marine patrol robots by the Bao'an police enhances coastal security, capable of both manual and autonomous operations, and is designed to address local maritime challenges [10][12] - These marine robots are equipped with features for law enforcement and public education, significantly improving response times for water rescue operations compared to traditional methods [12]

Core Insights - The introduction of the "Artificial Intelligence + Power Supply Service + Intelligent Team" model by the State Grid Yinchuan Power Supply Company marks a significant advancement in smart electricity service for citizens [1][2] Group 1: Smart Service Implementation - The smart power supply hall features a division into service areas, including handling, payment, waiting, and display zones, equipped with four intelligent service robots [1] - The robots consist of one "robot team leader" and three functional robots, utilizing AI technology and collaborative algorithms for task allocation and role setting [1][2] Group 2: Enhanced Customer Experience - Customers can complete various tasks such as bill payment, service handling, and bill printing through the robot interface, benefiting from an "intelligent assistant" service [1] - The average waiting time for customers has been reduced by 10 minutes due to the effective operation of the intelligent service robots [2] Group 3: Robot Coordination and Functionality - The robots are designed for clear division of labor and efficient collaboration, with the team leader managing support during busy times and guiding customers to human counters for complex tasks [2] - The robots are equipped with advanced technologies like voice recognition, synthesis, and natural language understanding, tailored for the power supply hall environment [2]

Group 1: Event Overview - The 15th Jiangsu-Macau and Portuguese-speaking Countries Business Summit took place in Macau from October 22 to 25, highlighting the integration and development between Jiangsu and Macau [1] - Three major trade exhibitions were held concurrently, including the 30th Macau International Trade and Investment Fair, the 2nd China-Portuguese-speaking Countries Economic and Trade Expo, and the Macau International Brand Franchise Exhibition [2] Group 2: Economic Cooperation - Jiangsu's Huai'an city showcased over 20 enterprises at the exhibition, focusing on strategic emerging industries such as electronic information, new energy vehicles, and high-end equipment manufacturing [2] - The event facilitated discussions on cooperation in various sectors, including infrastructure, education, agriculture, and healthcare, resulting in over 50 cooperation agreements signed [4] Group 3: Industry Highlights - Several Jiangsu robotics companies participated in a newly established "Robot Industry Exhibition Hall," showcasing innovations like interactive service robots that have been deployed in major banks [3] - Jiangsu's health and elderly care sector representatives discussed new models and opportunities for collaboration, particularly in traditional Chinese medicine and elder care technology [4] Group 4: Investment and Market Potential - The summit emphasized the rich natural resources and market potential of Portuguese-speaking countries, with a focus on improving the business environment and attracting investment [5] - As of now, there are 747 enterprises from Macau and Portuguese-speaking countries that have invested in Jiangsu, with actual foreign capital usage amounting to $2.19 billion [6] Group 5: Cultural Exchange - The event also included cultural exchanges, with initiatives aimed at enhancing collaboration between Jiangsu and Macau, particularly in education and cultural projects [7] - The "Su-Chao" cultural and sports event has been highlighted as a successful example of cultural integration, promoting Jiangsu's image and fostering community engagement [7]

Summary of the Conference Call for Yingzi Network Company Overview - **Company**: Yingzi Network - **Date**: October 21, 2025 Key Financial Metrics - **Profit for the first three quarters**: 422 million CNY, up 12.68% year-on-year [2][3] - **Revenue for Q3**: 1.465 billion CNY, up 6.25% year-on-year and 1.25% quarter-on-quarter [2][3] - **Total profit for Q3**: 122 million CNY, up 23.21% year-on-year [2][3] - **Net profit attributable to shareholders for Q3**: 120 million CNY, up 28.73% year-on-year [2][3] - **Gross margin for the first three quarters**: 43.76%, up 1 percentage point year-on-year [2][5] - **Sales expenses**: 730 million CNY, up 17% year-on-year [2][5] - **R&D expenses**: 648 million CNY, up 4% year-on-year [2][5] Business Segments Smart Home Business - **Impact on Gross Margin**: The smart home business significantly improved overall gross margin, with high-end products like smart locks contributing positively [6][10] - **Profitability Outlook**: Expected to be near breakeven for 2025, with potential small profit contributions depending on new product performance in Q4 [10] Overseas Market Development - **Growth**: Rapid growth in overseas business, with hardware revenue in Q3 nearly equal to domestic revenue [7][13] - **Market Strategy**: Localized strategies based on economic conditions and consumer behavior in different countries [7][12] - **Demand**: Strong security demand in developing countries, particularly in Latin America and Asia-Pacific [7][13] Cloud Services - **Revenue Growth**: Cloud service revenue growth is faster overseas than domestically, with AI value-added services showing good conversion rates [4][18] - **Financial Impact**: Revenue recognition rules affect C-end value-added service growth, but long-term effects are expected as service product scales increase [4][8] AI Integration - **AI Model Application**: Active development of AI capabilities in IoT and cloud computing, with significant increases in daily usage [9][19] - **Commercialization**: Gradual progress towards commercializing AI functionalities [9][19] Product Development Home Security Products - **Camera Sales**: Continued growth in home camera sales, particularly in 4G battery products [15] - **New Brand Launch**: The new sub-brand "Jin Xiaodou" targets younger consumers with competitive pricing [15] Smart Service Robots - **Current Status**: Focus on clearing old inventory while launching new products, with an emphasis on commercial robots [14] Future Product Releases - **Upcoming Products**: New products from the "Ai Ai Ke Tu" brand expected by the end of 2025 or early 2026 [16] Market Trends - **Wearable Devices**: Demand for wearable devices and smart home products is not yet fully realized, with a focus on core products like cameras [22][23] - **Cloud Service Retention Rates**: Cloud service retention rates are stable, with an average monthly ARPU of 12-13 CNY and a retention rate of 70-80% [24] Conclusion - **Overall Outlook**: Yingzi Network shows promising growth in both domestic and international markets, with strategic investments in AI and cloud services expected to drive future profitability. The smart home segment, particularly high-end products, is a key area for margin improvement.

Core Viewpoint - The stock of Yingzi Network experienced a decline of 2.08% on October 10, with a trading volume of 284 million yuan, indicating a notable market activity and investor sentiment towards the company [1] Financing Summary - On October 10, Yingzi Network had a financing buy-in amount of 34.44 million yuan, with a financing repayment of 31.55 million yuan, resulting in a net financing buy of 2.89 million yuan [1] - As of October 10, the total financing and securities lending balance for Yingzi Network was 193 million yuan, with the current financing balance at 191 million yuan, accounting for 1.33% of the circulating market value, which is above the 60th percentile level over the past year [1] - In terms of securities lending, on October 10, 1,037 shares were repaid, with no shares sold, and the remaining securities lending amount was 55,600 shares, with a balance of 1.96 million yuan, exceeding the 70th percentile level over the past year [1] Company Overview - Yingzi Network, established on March 25, 2015, and listed on December 28, 2022, is based in Hangzhou, Zhejiang Province, and specializes in providing intelligent life solutions primarily focused on visual interaction and an open cloud platform for managing IoT devices [2] - The company's revenue composition includes: smart home cameras (54.75%), IoT cloud platform (19.63%), smart entry (15.43%), accessory products (6.36%), smart service robots (2.12%), and other smart home products (1.13%) [2] - For the first half of 2025, Yingzi Network reported a revenue of 2.827 billion yuan, representing a year-on-year growth of 9.45%, and a net profit attributable to shareholders of 302 million yuan, with a year-on-year increase of 7.38% [2] Dividend Information - Since its A-share listing, Yingzi Network has distributed a total of 726 million yuan in dividends [3] Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Yingzi Network, the Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) was the second-largest shareholder with 8.7049 million shares, a decrease of 164,400 shares from the previous period [4] - The E Fund SSE Sci-Tech Innovation Board 50 ETF (588080) was the third-largest shareholder with 6.5220 million shares, an increase of 188,800 shares from the previous period [4] - The Fortune New Emerging Industries Stock A/B (001048) was the fifth-largest shareholder with 5.3898 million shares, a decrease of 1.068 million shares from the previous period [4]

Group 1: Financial Support for Technology Enterprises - The Industrial and Commercial Bank of China (ICBC) in Chenzhou has issued the city's first intellectual property pledge loan of 105 million yuan to a local new energy company, aimed at supporting R&D and equipment upgrades [1] - As of June 2023, Chenzhou's technology-related industry loans reached 52.732 billion yuan, a year-on-year increase of 25.4%, with over 1,200 technology enterprises receiving financial support [1] - The total financing for supply chain financing in Chenzhou has reached 12.608 billion yuan since 2025, with various banks providing tailored financial services to technology enterprises [3] Group 2: Customized Financial Solutions - Everbright Bank Chenzhou Branch has provided a customized credit plan of 110 million yuan to a national-level specialized technology enterprise, enhancing the efficiency of fund turnover for R&D and capacity expansion [2] - The bank has issued loans totaling 314 million yuan and handled off-balance-sheet bank acceptance bills amounting to 513 million yuan for enterprises in the digital industry chain as of June 2023 [2] Group 3: Innovative Financing Models - A new "insurance + credit" project has been successfully implemented in Chenzhou, providing 1 million yuan in risk protection for a technology company's pilot project, which facilitated an additional 1 million yuan in credit [5] - The Chenzhou Financing Guarantee Group has introduced various guarantee services, with an average guarantee fee rate as low as 0.71% per year, supporting technology enterprises with government-backed loans [6] Group 4: Data-Driven Financing - The local banks have been leveraging data from tax, social security, and intellectual property to enhance risk assessment efficiency, resulting in a significant increase in the availability and convenience of financing for technology enterprises [9] - As of June 2023, the balance of loans for technology SMEs at a local bank reached 783 million yuan, with over 50% being credit loans [9] Group 5: Cross-Border Financial Services - Since 2024, 47 technology enterprises in Chenzhou have adopted cross-border RMB settlement, with a total settlement amount of 1.011 billion yuan, effectively reducing exchange rate risks and costs [7] - A local electronics company has benefited from online, low-cost, and instant cross-border RMB services, facilitating the settlement of export payments totaling 5.628 million yuan over the past two years [6]