羊城晚报记者 王丹阳 莫谨榕 沈钊 在广东"新春第一会"上，一幅以"链"为基、以"群"为势，制造业与服务业协同进化、相互赋能的壮阔图 景，正在岭南大地徐徐展开。 深融是核心竞争力 在广东，产业链价值链重构的深度协同，催生出全新的产业形态和商业模式。全球时尚零售巨头希音 （SHEIN）的崛起，便是这一变革的生动注脚。 在24日举行的全省高质量发展大会上，广州希音国际进出口有限公司创始人兼董事长许仰天表示，制造 业与服务业的深度融合是希音的核心竞争力。企业以数据为纽带，将碎片化需求转化为生产指令，同时 将跨境物流与制造环节深度绑定，实现市场数据实时驱动工厂产能调整。 希音自2014年落户广州以来，保持高速增长，2025年平台出口额超千亿元，业务覆盖160多个国家和地 区，已成长为全球三大时尚零售商之一。 两业深度融合的深入推进，离不开数字技术的强力赋能。人工智能正成为这场变革的核心引擎。 西门子（中国）有限公司副总裁兼Xcelerator中国总经理胡建钧表示："广东正在全力建设具有国际竞争 力的现代化产业体系，前瞻布局'人工智能+机器人'等新质生产力，这与西门子的发展方向高度契合。" 胡建钧介绍，西门子依托数字经 ...

2月24日,备受瞩目的开局之年"新春第一会"——广东省高质量发展大会在广州举行。 佳都科技集团董事长兼执行总裁陈娇在参会后表示，参与本次大会最大的收获是"方向更明、底气更 足"。今年大会聚焦"制造业与服务业协同发展"，这与其正在做的事高度契合。佳都科技作为AI+交通的 领军企业，本身就是"制造+服务"的融合体——既有智能硬件制造，更有算法、运维等软件服务。会上 释放的"两业融合"政策信号，让佳都科技更加坚信：通过AI赋能，把传统的交通基建升级为智能化的出 行服务，这条路走对了，而且越走越宽。 在陈娇看来，制造业与服务业协同发展，不是简单的"1+1"，而是"你中有我、我中有你"的深度融合。 制造业是"骨"，服务业是"翼"——制造业为服务业提供广阔的应用场景，服务业则为制造业插上高附加 值的翅膀。对佳都科技而言，公司既是制造业企业（生产智能终端设备），又是服务业企业（提供算 法、运维、数据服务）。这种"两业融合"，正是佳都科技一直在实践的路径。 陈娇直言，两业协同落地后，这给企业带来的成效非常显著。一是市场拓展，截至目前，佳都科技的智 慧地铁创新成果已应用在全国超45个城市、150多条线路、3500座地铁车站，服 ...

Core Insights - Three foreign investment projects, each exceeding $100 million, have been signed in Jiaxing National High-tech Zone, focusing on new energy lithium battery production, smart terminal equipment, and LCD display module production, marking a strong start for the region's outward-oriented economic development in the new year [1] Group 1: Investment Projects - The signed projects include a new energy lithium battery production and assembly project, a smart terminal equipment and electronic integrated mainboard R&D production project, and an LCD display module production base project, all aligning with the region's new layout in new energy, new materials, and low-altitude economy [1][3] - The LCD display module production base project by Innovation Universe Intelligent Technology (Hong Kong) Co., Ltd. has a total investment of $100 million, with the first phase involving $50 million to build multiple production lines, aiming for an annual output value of 600 million yuan upon reaching full capacity [4] - The smart terminal equipment and electronic integrated mainboard R&D production project by Zhejiang Weimaxi Chip Electronics Technology Co., Ltd. is expected to achieve an annual output value of 700 million yuan, enhancing the region's outward-oriented manufacturing capabilities in core components [4] Group 2: Industry Development - The two electronic information foreign investment projects, each exceeding $100 million, will leverage foreign enterprises' advantages in technology, capacity, and market, promoting the collaborative development of the industrial chain and strengthening the international foundation of the new materials and electronic information-related industries [3] - The projects are expected to accelerate the formation of core component clusters and enhance the international competitiveness of the industrial cluster, contributing to the region's manufacturing sector by integrating upstream and downstream resources [3][4]

Core Insights - The article highlights the successful signing of three foreign investment projects in the Jiaxing National High-tech Zone, each with an investment exceeding $100 million, focusing on the fields of new energy, new materials, and low-altitude economy [1][2][3] Group 1: Investment Projects - The signed projects include a $100 million lithium battery production and assembly project, a smart terminal equipment and electronic integrated circuit board development project, and a liquid crystal display module production base project [1][2] - The lithium battery project is expected to have an annual output value of 1.1 billion yuan after an initial investment of $50 million, with plans for further capacity expansion in the second phase [2] - The smart terminal project, with a total investment of $100 million, aims for an annual output value of 700 million yuan, enhancing the region's capabilities in core components for smart terminals [2][3] - The liquid crystal display module project also has a total investment of $100 million, with an expected annual output value of 600 million yuan after the first phase [3] Group 2: Economic Development Strategy - The Jiaxing National High-tech Zone is focusing on enhancing its outward-oriented economy as a key driver for high-quality development, particularly in new energy, new materials, and low-altitude economy sectors [3][4] - The zone aims to increase the proportion of foreign investment in manufacturing, with a reported actual utilization of foreign capital reaching $218.26 million in 2025, a year-on-year increase of 54.98% [5] - The opening of Jiaxing Nanhu Airport is seen as a significant opportunity for the zone, providing logistical advantages for high-value and time-sensitive products, thereby facilitating quicker market access for companies [5]

Investment Rating - The report maintains an "Outperform" rating for the Beijing Stock Exchange (BSE) [5] Core Insights - The BSE has seen a rebound in trading activity, with a total of 288 listed companies and a total market capitalization of 869.44 billion yuan, reflecting a 5.1% increase in total market value and a 3.6% increase in circulating market value month-on-month [13][12] - The BSE's trading volume reached 19.344 billion shares and a transaction amount of 438.402 billion yuan in December, with a month-on-month increase of 13.9% in trading volume and 16.4% in transaction amount [17][20] - The BSE 50 Index's price-to-earnings ratio (PE-TTM) is 43.78, placing it at the 56.73 percentile over the past two years, while the price-to-book ratio (PB-MRQ) is 8.85, at the 85.09 percentile [25][26] - The BSE 50 Index experienced a cumulative increase of 3.80% in December, indicating a strong upward trend [29] Market Overview - The BSE added three new companies in December: Hengdongguang (920045.BJ), Jiangtian Technology (920121.BJ), and Jingchuang Electric (920035.BJ) [13][3] - The average daily margin balance in December was 7.739 billion yuan, showing a slight decrease of 0.64% compared to the previous month [22] Industry Performance - The report highlights that the performance across various industries on the BSE was mixed, with significant gains in sectors such as non-ferrous metals, automotive, telecommunications, and media, while sectors like utilities, social services, beauty care, agriculture, and defense saw declines [33][34] - The top-performing stocks for the month included Hengdongguang, Jingchuang Electric, and Jiangtian Technology [38] Policy and Important Events - The BSE has shown positive dynamics in listing reviews, institutional research, thematic funds, and new stock performance, indicating a clear policy direction aimed at enhancing market vitality and service efficiency [4]

Core Insights - The article highlights the transformation of Yibin's industrial landscape from traditional coal and liquor industries to emerging sectors like power batteries, crystalline silicon photovoltaics, and smart terminals, reflecting a shift towards green and digital economies [1][2]. Group 1: Industrial Transformation - In 2015, the coal and liquor industries accounted for over 40% of Yibin's industrial output; by the first three quarters of 2025, the new energy and digital sectors are projected to represent nearly half of the city's industrial output [1]. - The power battery industry achieved an output value of 86.07 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 14.6%, with expectations to exceed 130 billion yuan for the entire year [2]. - The crystalline silicon photovoltaic industry saw an increase in value added by 35.1% during the same period, while high-tech manufacturing's value added grew by 13.5% [2]. Group 2: Environmental Improvements - Yibin has established a water environment governance framework that promotes upstream and downstream collaboration, as well as coordinated management of rivers and tributaries [2]. - The proportion of Class II water bodies in the Yangtze River mainstream in Yibin increased from 0% in 2015 to 100% by 2025, with the proportion of water quality meeting national and provincial standards rising from 80% to 100% [2]. - The number of fish species monitored in the Yangtze River segment of Yibin has increased to 92, indicating improved ecological conditions [2].

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange 50 index experienced a significant decline of 12.32% in November 2025, with the index closing at 1,387.70 points [31] - The total number of listed companies on the North Exchange reached 285, with a total market capitalization of 827.155 billion and a circulating market value of 507.712 billion, reflecting a decrease of 10.2% and 11.2% respectively [11][18] - The report highlights that all sectors within the North Exchange experienced declines, with the most significant drops in household appliances, transportation, communication, automotive, and non-ferrous metals [35] Market Overview - The trading volume for November was 16.987 billion shares, with a total transaction value of 376.778 billion, marking a month-on-month increase of 9.9% in volume and 3.1% in value [18][21] - The average daily margin balance for the North Exchange in November was 7.789 billion, showing a month-on-month increase of 2.35% [22] Valuation Metrics - As of November 28, the North Exchange 50 index had a price-to-earnings ratio (PE-TTM) of 43.07, placing it at the 67.98th percentile over the past two years, while the price-to-book ratio (PB-MRQ) was 8.89, at the 75.21st percentile [24][27] - The dividend yield was reported at 0.78, corresponding to the 26.56th percentile over the same period [24] Industry Performance - The report indicates that the North Exchange's specialized and innovative index fell by 13.44% in November, with other major indices also experiencing declines, including the Sci-Tech 50 down 6.24% and the ChiNext index down 4.23% [31] - The report notes that the North Exchange's new listings included five companies: Danna Biological, Zhongcheng Consulting, Beikang Testing, Dapeng Industrial, and Nante Technology [11][3] Policy and Events - In November 2025, the Beijing Stock Exchange introduced a series of policies aimed at enhancing market vitality and solidifying institutional foundations, achieving progress in information disclosure, institutional behavior, new stock performance, and ongoing supervision [4]

Core Points - Guangzhou Baiyun District has officially issued measures to promote high-quality development of the metaverse industry, indicating a significant push in the digital economy sector [1] - The policy will be implemented starting December 1, 2025, and will be effective for two years, aiming to activate the development momentum of the metaverse industry with substantial financial incentives [1] Industry Support Measures - The measures provide comprehensive support across the entire industry chain, including a reward system with millions in funding to stimulate growth [1] - Companies with internal R&D institutions and an annual R&D investment intensity of over 20% will receive a subsidy of 20% of the increase in R&D expenses, with a maximum of 2 million yuan [1] - For digital content production, products with annual sales exceeding 1 million yuan will receive a subsidy of 30% of the actual delivery amount, capped at 500,000 yuan per product [1] Infrastructure and Production Support - New core enterprises or institutions introduced to the district will receive a one-time support of up to 10 million yuan [1] - For smart terminal device manufacturers, those achieving an annual delivery scale of over 50 million yuan for a single product will be rewarded 10% of the contract amount, with a maximum reward of 5 million yuan [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company has shown robust revenue growth, with a 12.04% year-on-year increase in revenue to 6.244 billion yuan for the first three quarters of 2025, and a 12.15% increase in net profit to 918 million yuan [1][8] - The growth in the third quarter of 2025 was particularly strong, with a 14.86% increase in revenue to 2.224 billion yuan and a 29.77% increase in non-net profit to 338 million yuan, driven by the rapid expansion of overseas smart terminal business and steady growth in domestic merchant operation services [1][8] - The company is accelerating its overseas market expansion, achieving over 26% year-on-year growth in overseas payment device revenue, particularly in the high-margin and high-barrier European and American markets [1][2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 62.44 billion yuan, a 12.04% increase year-on-year, and a net profit of 9.18 billion yuan, up 12.15% [1][8] - In Q3 2025, the company reported revenue of 22.24 billion yuan, a 14.86% increase year-on-year, and a net profit of 3.23 billion yuan, up 11.75% [1][8] Market Expansion - The company is focusing on expanding its overseas market presence, with significant breakthroughs in Europe, America, and emerging markets in Latin America and the Middle East [1][2] - The total payment service transaction volume reached 16.2 trillion yuan in the first three quarters of 2025, with Q3 showing a year-on-year growth of over 18% [2] Future Projections - The company maintains its profit forecast, expecting revenues of 8.6 billion yuan in 2025, 9.53 billion yuan in 2026, and 10.76 billion yuan in 2027, with corresponding net profits of 1.22 billion yuan, 1.47 billion yuan, and 1.81 billion yuan respectively [3][11] - The expected EPS for 2025, 2026, and 2027 is projected to be 1.18 yuan, 1.42 yuan, and 1.76 yuan respectively [3][11]

Core Viewpoint - Skyworth Group reported a significant increase in revenue for the first half of 2025, but a substantial decline in net profit, raising questions about the underlying factors affecting profitability [3][4]. Group 1: Financial Performance - In the first half of 2025, Skyworth Group achieved operating revenue of 36.264 billion RMB, a 20.3% increase from 30.153 billion RMB in the same period last year [3]. - The net profit for the same period was only 125 million RMB, a dramatic decline of 67.45%, resulting in a net profit margin of 1.01%, significantly lower than Midea Group's net profit margin of 10.61% [3]. - For the entire year of 2024, Skyworth Group's total operating revenue was 65.013 billion RMB, a decrease of 5.8%, with net profit down 34.3% to 1.16 billion RMB [3]. Group 2: Business Segments - Skyworth Group operates four main business segments: smart home appliances, smart system technology, new energy, and modern services [3]. - In 2024, only the smart home appliance segment saw revenue growth of 9.2%, reaching 33.469 billion RMB, while the smart system technology and new energy segments experienced declines of 18.3% and 13.1%, respectively [3]. - The new energy segment rebounded significantly in the first half of 2025, with revenue reaching 13.801 billion RMB, a nearly 54% increase, contributing to 38% of total revenue [4]. Group 3: Market Challenges - The decline in net profit is attributed to the ongoing downturn in the domestic real estate market, which has negatively impacted the sales of major appliances [4]. - Additionally, the competitive market environment has led to a significant drop in the selling prices of smart terminal devices, resulting in decreased operating revenue and gross margins [4].