海得控制（002184.SZ）12月29日在投资者互动平台表示，公司产品尚未应用于上述领域。公司常年积 累的相关自动化、信息化等技术可复用于机器人产业的发展。工业机器人作为各种执行机构的一种接入 公司"二化"融合解决方案中的控制层和数据交互层。公司在冶金、管廊、港口等行业的开展的无人化智 能系统应用需要在适应性、复制性、迭代性等方面继续融合包括智控、智算、智显等技术，帮助用户逐 步实现与提高系统智能化综合水平。具体业务情况可参考公司披露的定期报告。 （记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司产品有应用到人形机器人领域吗？ ...

市场言论和投资者焦点往往会随着时间转变。在当前美国政策多变和科技创新加速的环境下，这种现象尤为明显。 年初至今，关税不明朗因素、通胀压力和美国债务攀升曾是市场的主要忧虑，但经济表现强韧和人工智能推动的强劲盈利克服了这些挑战，支持风险资产在 年初至今表现出色，多项股票指数创下历史新高。 展望未来，我们认为风险资产或仍有进一步上行的空间，但个中原因已有所不同。最大的变化在于市场观望美国降息的日子即将结束：美联储对通胀压力可 能温和且逐步的降温更有信心，决策者的焦点正转向经济增长温和放缓。在此背景下，债券市场有望受惠于降息，我们最近已再次上调投资级别债券的观点 至偏高，对冲基金则下调至中性观点。股债相关度下降，令债券的分散风险效益有所提升。此外，随着美元现金利率下降，原本倾向持有现金资产的投资者 或会考虑布局债市。 来源：汇丰 =丰私人银行 目录 04 欢迎辞 05 投资组合策略 10 五大投资趋势和精选主题 20 股票 つつ 24 外汇和大宗商品 26 对冲基金 28 房地产行业 30 私募市场 32 撰稿人 亚洲应对世界新秩序 10 科技颠覆 12 气候行动 14 社会演进 16 把握盈利和降息顺风时机 18 ...

Core Insights - Guangdong Bomeida Technology Co., Ltd. has completed a C-round financing exceeding 200 million RMB, with participation from multiple investment institutions [1][2] Company Overview - Established in February 2010, Guangdong Bomeida Technology is recognized as a national high-tech enterprise and a "little giant" in specialized and innovative sectors [2] - The company serves various industries including automotive, industrial, medical, energy, consumer electronics, and semiconductors, with notable clients such as GE, Valeo, and Amazon [2] - Bomeida has obtained over 150 intellectual property rights and high-tech product certifications, and collaborates with several universities for research and talent exchange [2]

Core Insights - 弘亚数控 is a leading supplier of CNC panel furniture machinery in China, established in 2006 and listed on the Shenzhen Stock Exchange in 2016, with a strong R&D capability and a complete industrial chain layout [1] Financial Performance - In Q3 2025, 弘亚数控 reported revenue of 1.795 billion yuan, ranking 17th among 89 companies in the industry, with a net profit of 340 million yuan, ranking 10th [2] - The company's main business segments include edge banding machines (398 million yuan, 32.26%), CNC drills (277 million yuan, 22.46%), machining centers (178 million yuan, 14.44%), and panel saws (145 million yuan, 11.76%) [2] Financial Ratios - As of Q3 2025, 弘亚数控's debt-to-asset ratio was 27.73%, lower than the industry average of 42.80%, indicating strong solvency [3] - The gross profit margin for the same period was 32.06%, higher than the industry average of 28.52%, reflecting strong profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 27.95% to 30,000, while the average number of circulating A-shares held per shareholder decreased by 21.85% [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, held 8.4862 million shares, an increase of 22,800 shares from the previous period [5] Market Outlook - Despite weak domestic real estate demand, 弘亚数控 has maintained its market share and experienced steady growth in exports, with a projected revenue of 2.365 billion yuan in 2025 [6] - The company is expected to see a decline in profit forecasts due to domestic market conditions, with a revised 2025 profit estimate of 439 million yuan, down 30% [6]

Core Viewpoint - The company, Zhengye Technology, is focused on providing industrial testing, automation, and intelligent manufacturing solutions primarily for industries such as lithium batteries, PCB, and flat panel displays, while also making efforts to expand into new sectors like semiconductors and electronic manufacturing [1] Group 1 - The company manufactures products and services for industrial testing, automation, and intelligent manufacturing [1] - The current business scale in the semiconductor sector is still small as the company is in the process of expanding into this area [1] - The company is actively working to broaden its market reach into new industry fields [1]

Core Insights - The company, Estun, has established a comprehensive autonomous layout across the entire industry chain, from core components to complete industrial robots, system integration, and smart factory solutions [1] Group 1 - The company focuses on motion control, robotics, and digitalization to provide leading global automation and intelligent solutions [1] - Estun emphasizes the importance of strengthening core technologies and ensuring supply chain autonomy and controllability in its business development model [1] - The company has built a competitive advantage across technology, quality, cost, service, and brand [1]

Group 1 - The company focuses on providing automated and intelligent overall solutions for global pharmaceutical clients [2] - The relevant business and technical information will be disclosed in detail in the regular reports [2] - Company announcements will serve as the official source of information [2]

Group 1 - The core viewpoint of the report is that artificial intelligence is transitioning from experimental phases to large-scale deployment across various industries, enhancing operational efficiency and reshaping competitive advantages [1] - The report highlights that AI applications in both digital and physical domains are rapidly advancing, optimizing supply chains, improving customer service, enhancing financial forecasting, and accelerating R&D processes [1] - A survey of chief information officers indicates that 60% of respondents expect workloads based on generative AI to be in production by the end of 2025, maintaining the same percentage as earlier this year [1] Group 2 - The report identifies five categories of AI investment opportunities, ranging from companies with strong pricing power and deep AI integration capabilities to those whose AI revenue potential is underestimated in the options market [1] - Adobe, Amazon, and Johnson Controls are highlighted as high-quality large-cap AI application pioneers, with AI playing an increasingly central role in their business strategies [2] - Other notable large-scale adopters include Nvidia, Microsoft, Alphabet, Meta Platforms, and Tesla, which are recognized for their dual advantages as both AI technology enablers and users [2]

Core Points - The "Made for Germany" initiative aims to revitalize the German economy through a total investment plan of approximately €631 billion from 2025 to 2028, focusing on various sectors including digitalization, energy transition, infrastructure upgrades, healthcare, and support for SMEs [1][2] - The initiative is seen as a collective statement of confidence from 61 major German companies, including Siemens, Deutsche Bank, Volkswagen, and BASF, in the future of Germany's economy [2] - The German government, under Chancellor Merz, is prioritizing economic recovery and has introduced several reforms, including a €500 billion infrastructure fund and measures to simplify administrative processes [1][2] Investment Focus Areas - The initiative will invest in digitalization and Industry 4.0, promoting technologies such as AI, automation, and IoT to enhance manufacturing efficiency [1] - It supports energy transition projects, including renewable energy sources like wind, solar, and hydrogen, to achieve Germany's carbon neutrality goal by 2050 [1] - Infrastructure upgrades will focus on modernizing transportation networks, logistics facilities, and digital infrastructure to enhance Germany's competitiveness as a European logistics hub [1] Economic Context - Germany is facing economic challenges, including a projected recession in 2023 and 2024, high energy prices, and geopolitical uncertainties [1][2] - Despite these challenges, Germany remains an attractive investment destination, with 1,724 foreign greenfield and brownfield investment projects in 2024, amounting to €23.2 billion [2] - The initiative is expected to strengthen Germany's position in global supply chains, particularly in the automotive, machinery, and chemical sectors [2] Challenges and Concerns - There are concerns regarding the execution of the initiative, as past corporate investment commitments have not always been fulfilled [3] - The business community is demanding faster government reforms to reduce bureaucratic constraints on enterprises [3] - The initiative may face challenges from global economic uncertainties and potential impacts from recent trade agreements between the EU and the US [4]

Core Viewpoint - Shanghai Jingzhi Industrial Co., Ltd. has demonstrated its entrepreneurial journey and development over 19 years, showcasing its growth and transformation in the industry, supported by local tax incentives [1] Group 1: Company Development - Shanghai Jingzhi has relocated its headquarters four times within Yangpu, reflecting its growth trajectory [1] - The company has transitioned from purely mechanical products to automation and mechatronics, indicating a significant upgrade in its product offerings [1] - The shift from hardware-centric to AI-integrated solutions highlights the company's innovative approach and adaptability in various application scenarios [1] Group 2: Government Support - In 2013, Shanghai Jingzhi was recognized as a high-tech enterprise, allowing it to benefit from tax deductions on R&D expenses and related subsidies [1] - The tax incentives have encouraged the company to pursue more innovative explorations, providing substantial financial support for its initiatives [1]