那么，这些工厂都属于哪些行业？它们成长为领航工厂的"密码"是什么？它们有哪些共性，又昭示着怎 样的发展趋势？ 基本覆盖制造业重点赛道 中国发展改革报社记者 卜文娟 近日，工业和信息化部等六部门联合公布2025年度领航级智能工厂培育名单，全国首批15家领航级智能 工厂正式亮相。这些工厂覆盖装备制造、原材料、电子信息、消费品等关键行业，是政策引导下的"标 杆样本"，也是技术创新与产业升级的"实践先锋"。 工业和信息化部相关负责人表示，领航级智能工厂代表着我国当前制造业发展的最高水平，为行业持续 探索未来发展新模式，对我国制造业转型升级有着明显的标杆示范效应。 作为我国制造业的核心引擎之一，长三角地区凭借雄厚的产业基础、活跃的创新生态及政策协同优势， 已成为领航级智能工厂的集中发展区域。 从长三角入选企业的实践成效来看，领航级智能工厂的创新价值已充分显现。例如，徐州重型机械有限 公司通过人工智能驱动的研发与制造模式提升全球定制能力，订单交付周期缩短55%；宝钢通过以人工 智能驱动的预测式制造提升硅钢全流程效率，成品库存下降超50%；上海航天设备制造总厂构建智能化 全流程链动模式，支撑高可靠宇航产品规模化生产，显著降 ...

锚定战略基点，激活内需潜能 评 2025 年中央经济工作会议与《扩大内需是战略之举》 本报告导读： 2025 年中央经济工作会议成功举办，《求是》杂志发表重磅文章《扩大内需是战略 之举》，高层密集发声将消费提升至经济增长"持久动力"与"稳定锚"的核心高度。 投资要点： 请务必阅读正文之后的免责条款部分 股 票 研 究 行 风险提示：宏观经济波动风险；促消费政策落地不及预期等。 业 跟 踪 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2025.12.17 [table_Authors] 2025-12-17 [Table_Summary] 12 月 10 日至 11 日，中央经济工作会议在北京成功举行，会议将 "坚持内需主导，建设强大国内市场"放在 2026 年八项重点任务之 首。会议提到，坚持内需主导，建设强大国内市场；深入实施提振 消费专项行动，实施城乡居民增收计划；扩大优质商品供给；优化 "两新"政策实施；清理消费领域不合理限制措施，释放服务消费潜 力。 12 月 15 日，《求是》杂志发表重磅文章《扩大内需是战略之举》。 文章指出，实施扩大内需战略，是保持我国经济长期持续健康发 ...

转自：中国质量报 强基础 提质量 育品牌 优服务 安徽滁州推进质量强基赋能工程实现质量提升与经济发展同频共振 □ 关翔宇 王 丽 链主企业挑大梁。该局在牵头编制安徽省智能家电（居）产业质量强链行动方案、绘就产业链图谱基础 上，发挥扬子空调等链主企业引领作用，挂牌成立滁州市智能家电产业链"质量创新联合体"，承担安徽 省市场监管局智能家电产业链共性质量技术攻关项目两项。全市11条特色产业链共有链主企业18家，链 员企业383家，赋能机构7家，累计组建质量技术创新联合体6个，协同攻关体系稳步扩展。 特色产业强支撑。立足滁州医药器械产业特色，该市获批筹建安徽省医疗器械产业计量测试中心，为该 产业链的质量提升和技术创新提供强力计量支撑，为特色产业量身定制"精密尺子"。 滁州市首个2025年度国家级标准化试点项目成功申报。高标准推进定远县中国汽研新能源汽车检验检测 中心及综合试验场建设，今年年底前完成主体结构施工。光伏产品入选市场监管总局首批产品碳足迹标 识认证试点名单。 人才技术齐攻坚。深入实施首席质量官制度，全市企业首席质量官达2432人，实现规上企业全覆盖。开 展"质量问诊"活动，组织技术专家深入企业一线"把脉问诊 ...

11月的A股真是让人磨性子，沪指深证成指创业板指都在震荡调整，不少朋友跟我吐槽，手里的票拿也 不是卖也不是，眼看12月来了，到底该往哪使劲？作为做了20年财经记者、一直盯着中长线的投资者， 今天就用聊天的方式，跟大家拆解券商刚出炉的12月金股，看看机构都在偷偷布局啥。 还有一块不能忽视的是防御性资产，光大证券提到，市场震荡的时候，前期滞涨的高股息和消费板块往 往表现更稳。对中长线投资者来说，不用把所有资金都押在进攻型品种上，配一些高股息低波动的资 产，能让持仓更稳健。另外，海外降息和财政扩张的大背景下，黄金、铜这些全球定价的资源品，还有 受益于海外信用周期重启的外需制造业，也可以左侧关注起来，提前卡位布局。 做了20年财经记者，我一直跟大家说，中长线投资拼的不是猜短期涨跌，而是看逻辑、看趋势。12月的 市场大概率还是以震荡蓄势为主，但机会已经在慢慢浮现：顺周期跟着政策底和经济修复的逻辑走，科 技选低拥挤赛道避开风险，高股息做防御打底。咱们不用被短期的市场波动牵着鼻子走，盯着这些核心 方向，找估值合理、逻辑扎实的标的，耐心持有，自然能等到趋势兑现。 要不要我帮你把这些核心方向对应的优质标的清单整理出来，方便你直 ...

Core Insights - The article highlights the transformation of Shandong Qidingdong Electronic Technology Group Co., Ltd. under the leadership of Wu Yanbo, focusing on resource integration to address the pain points of over 900,000 physical enterprises in China [1][3]. Group 1: Company Transformation - Wu Yanbo's entrepreneurial journey led to the realization of the critical importance of a robust supply chain for physical stores, transitioning from operating five stores to building a comprehensive supply chain platform [3]. - The company has established partnerships with leading brands such as Midea and Haier, demonstrating the potential for significant demand for gifts in physical stores through bulk purchasing [3][5]. Group 2: Supply Chain Strategy - The supply chain now encompasses over a thousand first-line brands and more than three thousand products, categorized by industry to meet the specific needs of different types of physical stores [5]. - The company offers customized product selection advice based on the unique demands of various sectors, such as practical kitchenware for restaurants and high-end liquor for luxury car dealerships [5]. Group 3: Operational Efficiency - To reduce procurement costs for physical stores, the company negotiates lower prices with brand partners by consolidating purchasing needs from across the country and offers services like "small batch orders" and "drop shipping" [3][5]. - Quality assurance is prioritized, with the team conducting on-site inspections of products and testing them before inclusion in the supply chain [3].

Core Viewpoint - Xiaomi Group-W (01810) recently held a product launch event showcasing its flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances, along with the introduction of customized services for Xiaomi cars YU7 and SU7 Ultra, indicating a strategic shift towards high-end development in smartphones and AIoT products, reinforcing its "full ecosystem" strategy [1] Group 1 - The Xiaomi 17 series starts at a competitive price of 4,499 RMB, which is lower than the starting price of the iPhone 17 at 5,999 RMB, highlighting Xiaomi's pricing advantage [1] - The starting prices for Xiaomi 17 Pro and Max are 4,999 RMB and 5,999 RMB respectively, which are lower than the previous year's iPhone 15 Pro and Pro Ultra pricing, showcasing Xiaomi's strategy to directly compete with Apple [1] - The launch event reflects Xiaomi's comprehensive strategy to align with Apple's ecosystem by innovatively incorporating features like the "wonderful back screen" [1]

Core Points - Xiaomi Group's stock price dropped by 8% to HKD 54.65 per share after the product launch event, resulting in a market value loss of over HKD 120 billion compared to September 25 [1] - The company launched the Xiaomi 17 series flagship smartphones with starting prices of CNY 4499, CNY 4999, and CNY 5999, along with the Xiaomi Pad 8 series and high-end home appliances [4] - Analysts from multiple institutions remain optimistic about Xiaomi's long-term value, with Citigroup rating it as "Buy" and Goldman Sachs raising the target price to HKD 66 [4] Market Reaction - Despite the positive atmosphere during the launch event, the market reacted negatively, with mixed consumer sentiments regarding the Xiaomi 17 series, leading to the significant stock price drop [4][5] - Some consumers praised the battery life of the Xiaomi 17, while others expressed disappointment over the camera design and perceived unnecessary features [4] Financial Performance - Xiaomi Group reported a revenue of CNY 227.25 billion for the first half of 2025, representing a year-on-year growth of 38.23%, and a net profit of CNY 22.83 billion, up 146% year-on-year [6]

Core Viewpoint - The article highlights China's transformation from a "world factory" to an "innovation center," attracting multinational companies to invest in emerging industries and advanced manufacturing sectors [1][5][10]. Group 1: Investment and Collaboration - The Anhui Province Emerging Industries and Multinational Companies Matching Conference attracted around 120 international business representatives from over 20 countries, indicating strong interest in collaboration [1]. - Companies like Marelli are expanding their operations in China, with Marelli's global operations head noting unprecedented opportunities due to China's dynamic mobility ecosystem [1][5]. - The China-EU Chamber of Commerce emphasizes the importance of innovation as a key factor attracting European companies to invest in China [6]. Group 2: Industry Focus and Development - The 2025 World Manufacturing Conference showcased innovations in sectors such as new energy vehicles, smart robotics, and advanced photovoltaic and energy storage devices, with a focus on intelligent and high-end manufacturing [5][10]. - Anhui is strategically focusing on intelligent manufacturing, biomedicine, electric vehicles, and renewable energy, aligning with the interests of American businesses for deeper cooperation [5][10]. - Data from China's Ministry of Commerce indicates a 14.1% year-on-year increase in newly established foreign-invested enterprises from January to July 2025, with high-tech industries attracting significant foreign investment [11].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 2.02 billion, an increase of over 1 billion compared to the same period last year [2] - The company is actively adjusting its strategy and product offerings to attract high-quality brands, resulting in a quarter-on-quarter revenue increase in Q2 2025 [3][4] - The company is focusing on high-end appliances and home decoration, with plans to establish a comprehensive design service network [6][7] Revenue Summary - In H1 2025, the company achieved revenue of 3.337 billion, a year-on-year decline of 21.01%, while Q2 revenue was 1.722 billion, down 18.53% year-on-year but up 6.57% quarter-on-quarter [2] - The company operates 76 self-operated malls with an average occupancy rate of 84.2% and 235 managed malls with an average occupancy rate of 81.3% [3] - The company has implemented a "trade-in" policy, resulting in 743,000 orders and sales of 7.31 billion, with central subsidies amounting to 1.17 billion, accounting for approximately 16% of sales [3] Profitability Summary - In Q2 2025, the gross margin was 63.79%, an increase of 2.96 percentage points year-on-year, while the net margin was -84.13%, a decline of 38.22 percentage points year-on-year [5] - The increase in gross margin is attributed to reduced costs in the construction and decoration services, while the decline in net margin is due to a drop in revenue and fixed costs [5] Future Outlook - The company plans to leverage its partnership with Jianfa Group to expand its market presence and integrate resources from real estate companies [4] - The company aims to establish 40 high-end appliance ecological benchmarks across the country and has already set up 50 automotive business locations covering 44 cities [6][7] - Revenue forecasts for 2025-2027 are adjusted to 7.053 billion, 8.044 billion, and 8.584 billion respectively, with expected EPS of -0.11, 0.04, and 0.10 [8]

Core Viewpoint - The phenomenon of low-price diversion in the booming e-commerce market poses significant challenges to brand development, with over 68% of brands experiencing issues related to online pricing chaos in 2024 [1] Group 1: Impact of Low-Price Diversion - Low-price diversion disrupts consumer purchasing decisions, with 73% of consumers comparing prices across multiple platforms, leading to a 42% increase in customer loss for offline stores when abnormal low prices appear online [3] - A domestic beauty brand faced a 35% decline in monthly foot traffic at offline counters due to online pricing chaos, with a 60% surge in return rates from distributors, jeopardizing the channel ecosystem [3] - Price chaos undermines brand trust, as over 65% of consumers question the authenticity and quality of products when they find significant price discrepancies, leading to a drop in brand loyalty for a high-end appliance brand from top 3 to 12 in the industry [3] - Continuous pricing chaos for over six months can reduce a brand's market share by an average of 18% and decrease user repurchase rates by 27%, exemplified by a popular snack brand that went from 1 billion in annual sales to exit the market in just 18 months [3] Group 2: Root Causes of Low-Price Diversion - Regional price differences contribute to low-price diversion, as brands often set differentiated pricing strategies for different markets, leading to "diversion arbitrage" by low-price regional distributors [4] - Sales management systems have vulnerabilities, making it difficult for brands to monitor actual prices set by downstream distributors, often realizing the scale of price chaos only after it has occurred [4] - Imbalanced incentive policies encourage distributors to sell at low prices to meet performance targets, with examples of distributors selling products below cost to achieve sales goals [4] Group 3: Strategies to Combat Low-Price Diversion - Brands need to establish a robust distribution and price control system, implementing a comprehensive monitoring mechanism and signing strict price control agreements with distributors [5] - Utilizing intellectual property complaints as a legal tool is crucial, requiring brands to prepare sufficient rights documentation and evidence of infringement to file complaints against unauthorized sellers [5] - Engaging professional third-party price control agencies can provide tailored solutions, including data monitoring and infringement analysis, to help brands stabilize market pricing [6] - A multi-faceted approach is essential for brands to effectively address low-price diversion, ensuring sustainable development and protection of brand value in a competitive market [6]