2026年3月1日，新修订的《中华人民共和国对外贸易法》将正式施行，首次将跨境电商与对外数字贸易纳入法律框架，明确提出支持跨境电子商务、对外 贸易综合服务等对外贸易业态和模式创新发展；支持对外贸易数字化发展，推动数字证书、电子签名国际互认，提升对外贸易数字化、便利化水平。 恰逢2026年APEC会议落地深圳，"跨境电商之都"深圳正迎来法治护航与国际平台双重发展机遇。在重塑亚太供应链、构建数字贸易规则中深圳扮演何种 角色？ 熊时实建议，深圳可牵头探讨数字贸易便利化协定等议题，推动亚太各经济体在数字清关、数据流动、电子签名等规则上的协同；甚至建立亚太统一标 准，推动形成更符合数字时代特征的区域性贸易框架。（深圳商报首席记者 刘琼 / 配图来自央视客户端） 在供应链重构方面，深圳将发挥核心枢纽作用。综合开发研究院（中国·深圳）院长助理、数字经济与全球战略研究所所长曹钟雄表示，深圳将依托数字 技术和平台企业优势，推动亚太供应链的数字化、智能化升级，进一步完善区域供应链设施。 深圳市决策咨询专家（经济组）、和君咨询合伙人熊时实认为，深圳可借此机会展示在数字供应链、智能物流、绿色包装等领域的创新实践，比如利用大 数据和 ...

2025年(截止12月10日)全年申万机械设备指数上涨36.11%，相较于其他行业涨幅排名靠前，跑赢上证指 数19.74个百分点，跑赢深证成指8.78个百分点。2025年前三季度机械板块营收和归母净利润增速提升。 从收入端来看，2025年前三季度机械行业营业收入15135.34亿元，同比增长7.35%，同比增速相较于 2024年前三季度有所提升。从利润端来看，归母净利润1080.76亿元，同比增长16.80%，同比增速相较 于2024年前三季度明显提升。 东兴证券发布研报称，2025年机械板块涨幅居前，从利润端来看同比增速相较于2024年前三季度明显提 升。工程机械及摩托车作为我国制造业出海竞争力较强的板块，未来有望持续强化品牌效应，打造"制 造出海"向"品牌出海"升级的典范。另建议关注人形机器人、智能物流、非动力核技术应用、低空经 济、深海科技、冰雪经济和高端计量检测细分机会。锂电、光伏、半导体设备行业有望从粗放式增长转 向高质量发展。 东兴证券主要观点如下： 2025年机械板块涨幅居前，营收利润同比增速提升 反内卷推动光伏、锂电、半导体设备进入高质量发展新周期 2025年中央财经委会议明确将"反内卷"作为 ...

Core Viewpoint - Kunshan Intelligent aims to strengthen its technical team and expand market share in the smart logistics and smart manufacturing sectors, focusing on high-quality products and services to enhance brand image and market position [1][3]. Group 1: Company Strategy - The company has over 20 years of expertise in smart logistics and smart manufacturing, providing integrated solutions across the entire industry chain [1]. - Kunshan Intelligent's operational goal is to focus on one-stop solutions for smart logistics and production lines, positioning itself as a leading domestic technology and equipment supplier in the industry [3]. Group 2: Market Positioning - The company plans to enhance existing industry advantages by improving regional marketing and service capabilities, as well as developing rapid response capabilities [1]. - By concentrating on high-quality products and services, Kunshan Intelligent aims to solidify its market position and expand its scale advantages [1].

证券代码： 301311 证券简称：昆船智能 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 ☑ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 广发证券：宋娟 熊耀宁 贺霜虹 栾华兵 王雪梅 张彦霞 个人投资者：刘泰辰 吴颖华 尹林华 王艳媛 潘光友 张礼文 王 祝繁 焦梓峰 李宗莲 李红梅 钱东宏 秦伟 赖霄阳 邹睿 胡志 勇 涂闻娟 方建坤 时间 2025 年 11 月 27 日 （周四） 下午 13:30~15:30 地点 公司会议室 上市公司接待人 员姓名 证券事务代表：唐英杰 董办专员：毕嘉钰 许悦 阮大洲 投资者关系活动 主要内容介绍 公司就投资者在本次说明会中提出的问题进行了回复： 1.请问公司的行业定位是什么？ 回复：尊敬的投资者，您好！作为较早进入智能物流、智能 制造成套装备领域的企业之一，公司历经二十余年专业技术积 累，可为客户提供全产业链一体化的整体解决方案。 公司的经营目标是聚焦智能物流、智能产线的一站式整体解 决方案，成为智能物流及智能制造领域集咨询规划、系统集成、 设备研发制造、运营服务于 ...

Investment Rating - The report maintains a "Buy" rating for the company [9][8]. Core Views - The company reported a revenue of 14.934 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.94%. However, the net profit attributable to shareholders decreased by 4.88% to 1.121 billion yuan [3][4]. - The decline in net profit is primarily attributed to increased expenses, particularly in research and development, which correlates with the company's active development of new products in smart logistics and robotics [4]. - The gross margin for the first three quarters of 2025 increased by 0.53 percentage points to 23.81%, while the expense ratio rose by 1.02 percentage points to 14.43% [4]. Company Overview - The company completed the acquisition of Anhui Jianghuai Heavy Industry Co., Ltd., which will enhance its competitive edge by eliminating intra-industry competition and integrating quality assets [5]. - A joint laboratory was established with Jianghuai's Innovation Center to focus on the research and development of robotics, with an expected investment of approximately 10 million yuan [6]. Financial Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 19.055 billion, 20.769 billion, and 22.475 billion yuan, with year-on-year growth rates of 9.98%, 9.00%, and 8.21% respectively [7]. - The net profit attributable to shareholders is forecasted to be 1.410 billion, 1.544 billion, and 1.682 billion yuan for the same years, with growth rates of 6.88%, 9.49%, and 8.95% respectively [7]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 12.89, 11.77, and 10.80 [9].

Core Viewpoint - The article highlights the upcoming 2025 Solid-State Battery Industry Annual Conference and the Golden Ding Award Ceremony, emphasizing the focus on new technologies and the creation of a new ecosystem in the solid-state battery sector [1]. Event Details - The event will take place on November 8, 2025, at the Guangzhou Nansha International Convention and Exhibition Center, featuring concurrent exhibitions for solid-state and sodium batteries from November 6 to 8 [1]. - Wuxi Lead Intelligent Equipment Co., Ltd. will participate, with Marketing General Manager Ye Zhengping delivering a speech on "New Processes Defining a New Paradigm for Cylindrical Battery Manufacturing" [1]. Company Overview - Wuxi Lead Intelligent Equipment Co., Ltd. was founded in 2002 and went public in 2015, focusing on intelligent manufacturing solutions in lithium batteries, photovoltaics, and hydrogen energy [5]. - The company has a global presence with 180,000 square meters of R&D and manufacturing facilities, maintaining over 10% of revenue in R&D investment, and has a workforce of over 5,000 [5]. - Lead Intelligent has established 18 overseas subsidiaries and more than 60 service points, exporting products to 25 countries including the USA, Germany, and Japan [5].

Core Viewpoint - The article highlights the growth in tax revenue and public budget income in China for the first eight months of 2025, indicating a stable economic recovery and increased activity in various sectors, particularly manufacturing and capital markets [2][3][4]. Tax Revenue Summary - Tax revenue for the first eight months of 2025 increased by 2% year-on-year, with significant growth observed in July and August [2][3]. - Major tax categories such as domestic value-added tax, domestic consumption tax, corporate income tax, and personal income tax all showed positive growth [2]. - Manufacturing and financial sectors contributed to a robust tax revenue increase, with high-end manufacturing sectors like railways, shipbuilding, and aerospace seeing tax revenue growth exceeding 30% [2][3]. Public Budget Income and Expenditure - The general public budget revenue for the first eight months reached 148,198 billion yuan, reflecting a year-on-year growth of 0.3% [4][6]. - Tax revenue accounted for 121,085 billion yuan, with a slight increase of 0.02%, while non-tax revenue was 27,113 billion yuan, growing by 1.5% [6]. - Central government budget revenue decreased by 1.7% to 64,268 billion yuan, while local government revenue increased by 1.8% to 83,930 billion yuan [6]. Key Tax Revenue Items - Domestic value-added tax amounted to 47,389 billion yuan, growing by 3.2% [7]. - Domestic consumption tax reached 11,523 billion yuan, with a growth of 2% [8]. - Corporate income tax totaled 31,477 billion yuan, showing a modest increase of 0.3% [9]. - Personal income tax grew significantly by 8.9%, totaling 10,547 billion yuan [10]. - Notably, securities transaction stamp duty surged by 81.7%, amounting to 1,187 billion yuan [15]. Government Fund Budget - Government fund budget revenue for the first eight months was 26,449 billion yuan, a decrease of 1.4% [33]. - Fund budget expenditure increased significantly by 30%, totaling 62,602 billion yuan [34]. Foreign Investment Overview - In the first eight months of 2025, foreign investment in China reached 506.58 billion yuan, with a decrease of 12.7% year-on-year [35][38]. - The manufacturing sector attracted 129.03 billion yuan, while the service sector received 366.19 billion yuan in foreign investment [38]. E-commerce Development - E-commerce in China continued to grow steadily, with online retail sales increasing by 9.6% in the first eight months [41]. - The growth in online sales of digital products was particularly strong, with smart wearables, computers, and mobile phones seeing increases of 25.2%, 23.7%, and 20.2% respectively [41]. - The article also notes the significant role of artificial intelligence in enhancing e-commerce operations and consumer engagement [41].

Group 1 - The core viewpoint highlights the sustained healthy development of e-commerce in China from January to August, with a focus on expanding consumption and accelerating the application of artificial intelligence [1] - Online retail sales in China increased by 9.6% year-on-year, with physical goods online retail sales growing by 6.4% [1] - The online sales of home appliances and digital products saw significant growth, with smart wearables, computers, and mobile phones increasing by 25.2%, 23.7%, and 20.2% respectively [1] - Online service consumption grew by 18.9%, with tourism and dining online sales increasing by 25.5% and 19.1% respectively [1] Group 2 - E-commerce platforms are enhancing the application of artificial intelligence in various operational aspects, improving the digitalization of the entire supply chain [1] - The R&D intensity of major listed e-commerce platforms ranged from 6.2% to 24.5%, surpassing the average level of listed companies [1] - The "Silk Road E-commerce" initiative has hosted over 20 events, including the first "Silk Road E-commerce" cooperation innovation development conference during the China-Arab States Expo, attracting over 300 representatives [2] - Sales of key monitored products from Indonesia, Kazakhstan, and Uzbekistan saw remarkable growth, with increases of 160.1%, 143.2%, and 94.6% respectively [2]

Group 1 - The core viewpoint is that China's e-commerce sector is experiencing steady growth, enhancing consumption and accelerating the application of artificial intelligence [1] - From January to August, the national online retail sales increased by 9.6%, with physical goods online retail sales growing by 6.4% [1] - The online sales of home appliances and digital products have seen significant growth, with smart wearables, computers, and mobile phones increasing by 25.2%, 23.7%, and 20.2% respectively [1] - Online service consumption rose by 18.9%, with tourism and dining online sales growing by 25.5% and 19.1% respectively [1] Group 2 - E-commerce platforms are enhancing the application of artificial intelligence in various operational aspects, improving the digitalization of the entire supply chain [1] - Major listed e-commerce platforms have a research and development intensity ranging from 6.2% to 24.5%, surpassing the average level of listed companies [1] - The "Silk Road E-commerce" initiative has been launched, with over 20 events held to promote international cooperation, including a conference during the China-Arab States Expo [2] - Sales of key monitored products from Indonesia, Kazakhstan, and Uzbekistan have seen substantial growth, with increases of 160.1%, 143.2%, and 94.6% respectively [2]

Core Insights - The e-commerce sector in China has shown sustained healthy growth from January to August 2025, with a focus on expanding both goods and service consumption, accelerating AI innovation applications, and promoting mutually beneficial international trade [2] Group 1: E-commerce Growth - The online retail sales in China increased by 9.6% during the first eight months of 2025, with physical goods online retail sales growing by 6.4% [2] - The online sales of home appliances and digital products have seen significant growth, with smart wearables, computers, and mobile phones increasing by 25.2%, 23.7%, and 20.2% respectively [2] - Online service consumption rose by 18.9%, with tourism and catering online sales growing by 25.5% and 19.1% respectively [2] Group 2: AI Innovation in E-commerce - E-commerce platforms are enhancing the application of artificial intelligence in merchant operations, industry connections, and scenario optimization, improving the digitalization level across the entire supply chain [2] - In the first half of the year, the R&D intensity of major listed e-commerce platforms ranged from 6.2% to 24.5%, surpassing the average level of listed companies [2] - Platforms are actively promoting the development of humanoid robots, smart logistics, and other intelligent products, contributing to the establishment of an AI industrial ecosystem [2] Group 3: International Cooperation - Over 20 events themed "Silk Road E-commerce Benefits the World" were held, including the first "Silk Road E-commerce" cooperation innovation development conference during the 7th China-Arab States Expo, attracting over 300 representatives [3] - The e-commerce working groups with Kazakhstan and Uzbekistan were established to promote policy exchange, industry connections, capacity building, and local cooperation [3] - Sales of key monitored platforms for Indonesian bird's nest, Kazakh safflower oil, and Uzbek candies increased by 160.1%, 143.2%, and 94.6% respectively [3]