如果说上一轮港股的时代红利由互联网巨头们共同书写，那么下一轮价值发现的核心叙事，则必然绕不 开AI这场深刻的产业变革。当AI技术从模型走向应用，从虚拟渗透至实体，"AI+制造"的融合赛道正迅 速成为资本市场的关键战场，其蕴含的价值重估潜力已初现端倪。 在这一历史性的交汇点上，港交所即将迎来一位独特AI选手——来自深交所主板的利欧股份 (002131.SZ)。该公司已于9月29日正式向港交所递交招股书，启动"A+H"上市征程。若成功上市，利欧 股份有望成为港股市场中稀缺的"AI数字营销+AI智造"第一股，借此开启国际化资本布局的新篇章。 那么这家公司的价值潜力究竟几何？ 01 "AI数字营销+智能泵与系统"布局稀缺标的，双轮驱动构筑价值护城河 利欧股份并非一家纯粹的AI概念公司，而是一家将AI技术深度融入两大看似迥异、实则内在协同的业 务——数字营销+智能泵与系统的实干型企业。 （来源：公司招股书） 在AI数字营销领域，利欧股份是国内头部AI驱动型数字营销集团，2024年实现中国数字营销市场收入 规模第一。在数字广告代理领域，以2024年数据计，公司所占市场份额达8.72%。 利欧股份以"品—效—销"一体化全链 ...

央视网消息：前两天看过了轴承，阀门这些传统老企业的转型发展之路，今天要跟您聊聊电机，也就是俗称的"马达"。小到驱动洗衣机、 电风扇运转的家用小马达，大到支撑数控机床轰鸣、为精密电子仪器供能的工业巨擎，它的每一次转动，都牵动着产业运转的"脉搏"。接下 来，我们先去见识两台非常厉害的新式电机。 眼前这条高速奔腾的钢铁"巨龙"正书写着全球电机领域的新纪录——它是世界首条主传动采用永磁同步电机的钢管轧机生产线。在这里， 每一根下线的钢管不仅精度高、而且能耗低，"魔力"都藏在产线上28台默默运转的永磁电机里，它们如同"心脏"般为整条生产线注入动能。 0.2毫米突破 老厂的精度与坚守 如果说车间里的永磁电机是"地面突破"，那另一款湘电自主研制的大功率纯电动涵道风扇推进系统，就像是为支线客机插上"绿色翅膀"。 刚刚我们看到的那两款改写行业规则的"神器"，都来自一家始建于1936年的老厂，这家工厂可以说是中国电机产业从无到有、从弱到强的 全过程见证人和参与者。那么中国电机产业这一路究竟是怎么走过来的，这其中又遭遇到了哪些不被人知的困难？ 在湖南湘电研究院试验中心，"95后"工程师曾四城和团队正在研发一款新的航空电机动力系统。 ...

Group 1 - The company, Yilida (002686), has an independent research and development team for motors and electric control, focusing on the wind turbine industry [1] - The main research direction includes permanent magnet synchronous motors related to the wind turbine industry [1]

（文章来源：每日经济新闻） 亿利达（002686.SZ）8月18日在投资者互动平台表示，公司拥有独立的电机、电控自主研发团队，目前 主要研发方向为风机产业协同涉及的永磁同步电机等领域。 每经AI快讯，有投资者在投资者互动平台提问：网传公司将生产人形机器人电机系统是否属实？ ...

Group 1 - Zhejiang Zhiyuan Zhikong Technology Co., Ltd. applied for a patent titled "Permanent Magnet Synchronous Motor and Method for Manufacturing Stator of Permanent Magnet Synchronous Motor" with publication number CN120498147A, filed on February 2024 [1] - The patent involves a permanent magnet synchronous motor that includes a rotor and a stator, where the rotor consists of a first permanent magnet and a second permanent magnet, with the first permanent magnet designed as a cylindrical body [1] - The rotor features ten alternating magnetic poles and includes ten spaced slots for accommodating a magnetic field application device during the orientation and magnetization process [1] Group 2 - Zhejiang Zhiyuan Zhikong Technology Co., Ltd. was established in 2022, located in Jiaxing City, with a registered capital of 16.184094 million RMB [2] - The company has invested in 2 enterprises, participated in 4 bidding projects, and holds 45 patent information records [2] - Jiangsu Leili Electric Motor Co., Ltd. was founded in 2006, located in Changzhou City, with a registered capital of 447.136548 million RMB [2] - Jiangsu Leili Electric Motor Co., Ltd. has invested in 38 enterprises, participated in 61 bidding projects, and holds 1012 patent information records [2]

Core Insights - The rare earth industry in Baotou, Inner Mongolia, is experiencing unprecedented vitality, driven by technological advancements and increased production capacity [1][2] - China is transitioning from a resource-based powerhouse to a technology-driven leader in the rare earth permanent magnet sector, with a significant increase in high-end product market share [1][2] Industry Developments - The production of high-performance NdFeB magnets at Jinli Permanent Magnet's factory is automated, with a new magnet produced every 90 seconds, showcasing advanced manufacturing capabilities [1] - The introduction of nanocrystalline boundary control technology has significantly improved the coercivity of NdFeB magnets while reducing the use of heavy rare earth elements [2] - The Baotou Rare Earth High-tech Zone has established a comprehensive innovation ecosystem, including key laboratories and numerous patent holdings, enhancing the local industry's capabilities [3] Market Trends - The market for rare earth functional materials in China is projected to exceed 200 billion yuan in 2024, with high-end applications surpassing 50% of the total market [4] - The demand for high-performance NdFeB magnets is expected to grow, particularly in the electric vehicle sector, which is projected to account for 28% of global demand in 2024, a 16 percentage point increase from 2023 [5] - The Baotou Rare Earth High-tech Zone is set to become a core supply base for key components in the global electric vehicle and wind power equipment markets, with an anticipated additional output value of 4 billion yuan by 2025 [5]

Group 1: Core Insights - The "2025 New Energy Smart Vehicle New Quality Development Forum" was successfully held in Changchun, focusing on the theme of "New Quality Leading, Intelligent Creation of the Future" and discussing the technological evolution, ecological reconstruction, and future trends of new energy smart vehicles [2] - The forum highlighted the rapid development of new energy vehicles and the deep restructuring of the global automotive landscape, emphasizing the need for open cooperation and collaborative innovation to secure future success [4] - Key tasks identified include accelerating the popularization of assisted driving from 2025 to 2030 and setting ambitious goals for L3 and higher-level autonomous driving technology [4][10] Group 2: Technological Innovations - Experts discussed the dual paths of safety technology in smart vehicles: rule-driven and data-driven approaches, with a proposed "cognitive-driven" route to overcome key technological bottlenecks [6] - The shift towards higher voltage charging systems (1000V to 1500V) and the adoption of wide bandgap power devices like silicon carbide were noted as trends in electric drive systems [8] - The automotive industry's competitive focus is shifting towards smart and AI capabilities, with mechanical costs expected to drop from 70% to below 30% while electronic and software costs rise to 70% [10] Group 3: Industry Practices and Strategies - Automotive companies are urged to innovate technologically, manage relationships as partnerships, and build long-term brand trust to transition from low-level competition to high-quality development [14] - The collaboration between Jianghuai Automobile and Huawei exemplifies deep integration across the entire value chain, aiming for breakthroughs in the ultra-luxury smart new energy sector [16] - The evolution of AI in automotive applications is leading to a transition from traditional software-defined vehicles to "AI-defined vehicles," presenting challenges in hardware and software compatibility [18] Group 4: Supply Chain and Ecosystem Collaboration - AI's impact on the automotive industry is seen as an incremental enhancement rather than a replacement, with the software supply chain maturing to meet rapid iteration demands [22] - The importance of software in defining vehicles is highlighted, with trends in electric vehicles, smart driving, and personalized features becoming increasingly significant [24] - The interaction between vehicles and the grid is viewed as a means to alleviate pressure from large-scale electric vehicle adoption and support the transition to a low-carbon energy structure [30] Group 5: Future Directions - The forum showcased the collaborative trends in smart vehicle development across four dimensions: intelligence, localization, software integration, and ecological fusion, indicating a vibrant and innovative landscape in China's new energy smart vehicle industry [34] - The integration of heterogeneous information fusion technologies is expected to enhance the safety performance of smart driving systems, making advanced technology more accessible to a broader market [34]

Core Insights - The global energy crisis and environmental issues are driving the rapid rise of the electric motor industry, making it a crucial part of manufacturing [1] - Ningbo has become a significant hub for the electric motor industry in Eastern China, leveraging its port advantages and complete industrial clusters to boost regional economic growth [1] - The IEMC 2025 SMM (5th Electric Motor Annual Conference and Industry Chain Expo) will be held in Ningbo from November 12-14, 2025, focusing on technological innovation and industrial upgrades in the electric motor sector [1] Event Overview - The expo will feature an exhibition area of 10,000 square meters, with over 200 exhibitors and 10,000 professional representatives [2] - It aims to connect supply chains, end markets, and international markets, providing a platform for hundreds of companies across the entire electric motor value chain [2] - Five major exhibition areas will cover various types of electric motors, control systems, testing equipment, supporting materials, and robotics [2] Activities and Forums - Three major thematic activities will be held to empower industry upgrades, including authoritative reviews, supply-demand matching, and on-site visits [4][6] - A series of seven forums will focus on topics such as intelligent manufacturing, energy-saving technologies, and raw material innovations [10] - The event will also include a procurement demand collection before the conference, on-site exchanges during the event, and follow-up services to ensure high-quality supplier selection [7] Awards and Recognition - The event will feature an annual awards ceremony with seven categories, recognizing outstanding suppliers and service providers in the electric motor industry [12] - The awards aim to highlight industry leaders and set benchmarks for future developments [12] Industry Collaboration - The conference will invite industry elites and professional procurement teams to foster business connections and enhance supply-demand matching [12][21] - The event emphasizes the importance of collaboration and innovation in driving the electric motor industry's growth and sustainability [19][20]

Core Viewpoint - The global automotive industry is facing significant challenges due to China's recent export controls on rare earth elements, which are essential for manufacturing permanent magnets used in electric motors [1][2][4]. Group 1: Impact on Automotive Industry - China's export controls on seven rare earth elements have led to a 50% reduction in rare earth exports in April, causing severe supply shortages for automotive manufacturers worldwide [2][4]. - Major automotive companies in Europe and the U.S. are experiencing production halts, with reports of a German magnet manufacturer potentially shutting down operations due to rare earth shortages [4][6]. - Indian and Japanese automotive manufacturers are also facing production issues, with Maruti Suzuki indicating potential shutdowns if the rare earth situation is not resolved [6][7]. Group 2: Importance of Rare Earth Elements - Rare earth elements, particularly neodymium, are crucial for creating strong permanent magnets used in electric motors, which are integral to electric vehicles [8][10]. - The absence of rare earths would significantly degrade the performance of electric motors, as alternatives like asynchronous motors are less efficient and have limitations [12][16]. - Rare earths are not only vital for electric vehicles but also play a role in traditional combustion engine vehicles, affecting various components such as starters, generators, and sensors [17][19]. Group 3: Global Supply Chain Dynamics - China dominates the global rare earth supply chain, controlling 70% of rare earth mines and 85% of refining capacity, making it difficult for other countries to find alternative sources [2][23]. - Despite some efforts from companies in the U.S. and Australia to develop their rare earth capabilities, they face challenges in cost and technology, often relying on China for processing [23][25]. - The Chinese government has proposed a "green channel" for rare earth exports to the EU, indicating a willingness to facilitate trade and potentially alleviate some supply pressures [25].

Core Insights - The efficient energy-saving motor has become a core equipment for promoting industrial green upgrades, playing a strategic role in achieving carbon neutrality goals [1][15] - The market size of China's efficient energy-saving motor is projected to grow from 17.638 billion yuan in 2018 to 23.963 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.24% [1][15] - The demand for efficient energy-saving motors is expected to increase further due to the rapid development of emerging fields such as new energy vehicles and smart grids [1][15] Industry Overview - Efficient energy-saving motors are designed to improve energy conversion efficiency, reduce energy consumption, and minimize energy waste, achieving efficiency levels of GB18613 grade II and above [3] - The market for efficient energy-saving motors in China is experiencing growth due to the implementation of national energy-saving and emission reduction policies and the transformation of the manufacturing industry [1][15] - The production of efficient energy-saving motors in China is expected to increase from 9.6 million kilowatts in 2019 to 19.3 million kilowatts in 2024, with a CAGR of 14.99% [13] Market Dynamics - The efficient energy-saving motor industry chain includes upstream raw material suppliers (silicon steel, copper, aluminum, rare earth permanent materials), midstream manufacturing, and downstream application fields such as industrial, household appliances, and renewable energy [6][10] - The industrial sector is a significant downstream application market for efficient energy-saving motors, with demand closely linked to industrial production scale [10] Key Companies - Major players in the efficient energy-saving motor industry include Shanghai Electric, Wolong Electric, and Xiangdian Co., with each company holding a competitive edge in various segments [18][19] - Shanghai Electric focuses on a wide range of motor products and has a strong presence in large projects, while Wolong Electric has a diversified business model that includes industrial internet solutions [20][23] - Companies like Dayang Electric and Dechang Electric are innovating in the new energy vehicle motor sector and micro-motor manufacturing, respectively [19][23] Future Trends - The industry is expected to see technological upgrades that enhance energy efficiency, including new electromagnetic designs and smart control systems [25] - The application of efficient energy-saving motors is expanding into emerging markets, necessitating customized solutions and flexible manufacturing [26] - The focus is shifting from single equipment manufacturing to integrated system solutions, with companies evolving into energy efficiency partners [27]