人本股份 全球轴承研发总部及高端轴承智造项目效果图（闵行区供图） 1月9日，智通财经（www.thepaper.cn）记者从上海市闵行区获悉，人本股份全球轴承研发总部及高端轴 承智造项目开工仪式1月7日在闵行区浦江镇举办，项目旨在全面突破高端轴承领域的"卡脖子"关键核心 技术，构建研发与智造协同发展的产业高地。该项目也是闵行区新年首个开工的重大产业项目。 该项目最终落子上海闵行，源于闵行在产业集聚、人才资源与区位交通等方面的显著优势。闵行区拥有 航空航天、精密制造、机器人、医疗器械等高端产业生态为企业提供丰富的应用场景，以及上海交通大 学、华东师范大学等多所高校，叠加"近悦远来"的人才生态，可为企业汇聚全球优质研发力量。 同时，项目临近虹桥、浦东两大交通枢纽，为打造"研发+智造"双核驱动格局、服务全球市场提供了良 好的战略支点。 未来，人本股份将以全球轴承研发总部为创新核心，聚焦高端装备和战略性新兴产业前沿领域的高端轴 承"卡脖子"技术攻关，构建从正向设计、中试、制造到检测试验、应用验证的全链条研发体系，推动科 技创新和产业创新深度融合，将上海打造为公司面向全球的"创新策源地与智造新高地"，为上海乃至长 三角 ...

金财互联(002530) 公司研究/公司点评 拟并购无锡三立，切入机器人零部件制造领域 ——金财互联事件点评 ◼ 事件概述 公司发布公告，拟使用自有资金 6,343.0806 万元人民币，通过股权收 购及增资方式取得无锡三立机器人技术有限公司（简称"无锡三立"） 51%股权。交易完成后，无锡三立将成为公司控股子公司，纳入公司 合并报表范围。 ◼ 核心观点 高端轴承为机械设备"关节"，新兴领域需求旺盛。根据 SLC 三立轴 承公众号，高端轴承如同机械设备的"关节"，其性能直接决定着航空 航天器的飞行安全、高速铁路的运行稳定性以及工业机器人的作业精 度等。根据中研普华产业研究院，2025 年中国轴承行业总产值预计突 破 3500 亿元，同比增长 10%-12%。未来低空经济、人形机器人、半 导体设备等新兴领域有望释放千亿级市场空间。 无锡三立为轴承老牌企业，下游应用广泛。根据公司公告和无锡三立 官网，无锡三立原名无锡三立轴承股份有限公司，成立于 1985 年，生 产内径尺寸自 10mm 到 300mm 的各种型号、规格的单列角接触球轴 承、双列角接触球轴承、成对组配轴承、汽车轴承和各种技术要求的 非标轴承，产品精 ...

创新不是空中楼阁。推动科技创新和产业创新融合，总书记十分重视。11月，总书记在广州察看广东科技创新和产业创新融合发展成果展示。 总书记指出，在加快自主创新过程中，也要大力支持自主创新产品投入应用，营造好环境。 总书记指出，抓创新就是抓发展，谋创新就是谋未来。"十五五"规划建议46次提到"科技"，61次提及"创新"，这深刻表明中国抢占科技制高点 的决心和信心。创新为帆、实干作楫，中国经济巨轮正破浪前行，驶向更加光明的未来。 转自：新华社 2025年5月，总书记来到洛阳轴承集团股份有限公司考察。洛轴自研自制的多个产品打破了中国高端轴承长期依赖进口的局面，高端轴承产值 已占总产值七成，"十四五"期间有13项科技成果达到国际水平。 总书记强调，现代制造业离不开科技赋能，要大力加强技术攻关，走自主创新的发展路子。今年以来，总书记在地方考察中多次走进制造业企 业，下车间、看产线，总书记感慨"这条路是走对了"。 传统产业焕新升级，未来产业也正拔节生长。2025年4月，总书记来到黄浦江畔的上海"模速空间"大模型创新生态社区。总书记仔细察看前沿 产品，参与青年创业者沙龙，饱含期许："人工智能是年轻的事业，也是年轻人的事业"。 ...

0:00 / 6:09 创新是引领发展的第一动力。2025年，习近平总书记的脚步一次次踏入创新要素活跃的产研一线，看科技赋能传统产业、看创新培育新兴产 业、看创新体制机制改革……紧密日程里，对创新的关注一以贯之。 2025年5月，总书记来到洛阳轴承集团股份有限公司考察。洛轴自研自制的多个产品打破了中国高端轴承长期依赖进口的局面，高端轴承产值 已占总产值七成，"十四五"期间有13项科技成果达到国际水平。 总书记强调，现代制造业离不开科技赋能，要大力加强技术攻关，走自主创新的发展路子。今年以来，总书记在地方考察中多次走进制造业企 业，下车间、看产线，总书记感慨"这条路是走对了"。 传统产业焕新升级，未来产业也正拔节生长。2025年4月，总书记来到黄浦江畔的上海"模速空间"大模型创新生态社区。总书记仔细察看前沿 产品，参与青年创业者沙龙，饱含期许："人工智能是年轻的事业，也是年轻人的事业"。 与"十四五"相比，"十五五"规划建议不仅要求科技"自立自强"，更强调了"高水平"。如今，未来产业日益成为衡量一国科技创新能力的重要标 志，正书写着"创新驱动发展"的鲜活注脚。 创新不是空中楼阁。推动科技创新和产业创新融合，总书 ...

时间潜藏前行的力量，见证着中国经济大船乘风破浪向前。 市场经济，很大程度也是预期经济。稳预期、强信心与稳经济相互促进、互为支撑。 在习近平经济思想科学指引下，我们始终坚定信心，始终保持战略定力，坚持高质量发展不动摇，着力 构建新发展格局，经济社会发展实现历史性的跨越和蝶变。中国经济有强大的韧性和活力，中国发展有 光明的前景，我们有信心有能力应对各种风险挑战，更有决心和信心战胜各种风险挑战，不断以中国新 发展为世界带来新动力、新机遇。 坚定必胜信心，保持战略定力、战略自信、战略耐心，时间会给出最好的答案。 （一） 信心赛黄金。越是风高浪急、越是爬坡过坎，信心越是珍贵。 信心从哪里来？来自中国经济的确定性。 碧波之上，百米长的叶片飞转，猎猎海风化作汩汩绿电。海上风电机组的"核心关节"，不少来自河南洛 阳轴承集团股份有限公司。 站在"十四五"即将圆满收官、"十五五"接续开启的交汇点，回望来路，几多风雨；展望征途，任重道 远。 习近平总书记指出："在困难和挑战中看到前途、看到光明、看到未来，保持发展定力、增强发展信 心，保持爱拼会赢的精气神。" 信心，蕴藏于发展趋势的确定性。 "中国经济是一片大海"，发展空间广阔、发 ...

Core Insights - The ongoing competition between China and Japan has escalated into a generational paradigm shift in industry, which poses significant implications for China's transformer manufacturing enterprises [1] - Japan's recent supply chain disruptions, triggered by China's export control measures, have led to partial production halts for 23 major companies, including Toyota and Sony [2] - The historical trade relationship between China and Japan has evolved dramatically, with China now controlling 80% of global production capacity for critical materials that were once monopolized by Japan [4] Group 1: Supply Chain Dynamics - Japan's manufacturing sector is facing a critical supply chain crisis, with a dependency on China for key materials exceeding 90%, particularly in the semiconductor industry [10] - The shift from a "world factory" to an "innovation hub" in China signifies a strategic transformation that poses long-term challenges for Japan's manufacturing capabilities [9][12] - China's advanced real-time data collaboration capabilities in supply chain management have outpaced Japan's traditional methods, highlighting a significant efficiency gap [7][8] Group 2: Technological Advancements - China's continuous investment in research and development has led to a reversal of roles, where Japanese companies are now seeking access to Chinese semiconductor patents [5] - The integration of 410,000 factories into a real-time collaborative network through industrial internet platforms represents a substantial leap in China's manufacturing capabilities [8] - The introduction of an "industrial chain resilience index" by China's Ministry of Industry and Information Technology aims to enhance the evaluation of local governments and solidify technological advancements [12] Group 3: Historical Context and Future Implications - The historical trajectory of China-Japan trade, from a $30 billion starting point in 1985 to a current reliance on critical materials, underscores the shifting power dynamics in the region [4] - The current crisis is not merely a temporary trade dispute but a strategic declaration of China's intent to reshape the global industrial landscape [9][12] - The lessons from this ongoing competition emphasize the importance of dynamic evolutionary capabilities over static technological barriers, as articulated in historical contexts [12]

Core Viewpoint - Achieving high-level technological self-reliance and strength is crucial for China's modernization, as emphasized by General Secretary Xi Jinping [2][3]. Group 1: Technological Self-Reliance - The "14th Five-Year Plan" emphasizes technological self-reliance as a strategic support for national development, while the "15th Five-Year Plan" aims to accelerate high-level technological self-reliance to lead new productive forces [2]. - Over the past five years, China has made significant technological innovations, establishing a solid foundation for further advancements [2]. - The "15th Five-Year Plan" suggests consolidating advantages, breaking bottlenecks, and enhancing weaknesses to gain strategic initiative in international competition [2][3]. Group 2: Key Technological Breakthroughs - The successful development of single-atom-layer metals by a team from the Chinese Academy of Sciences represents a significant innovation, challenging traditional views on metal forms [3]. - Key core technologies must be developed through independent innovation to address critical challenges, as demonstrated by advancements in the Beidou navigation system and domestic operating systems [4]. Group 3: Foundation of Basic Research - Basic research funding has increased by over 70% since 2020, with China leading in high-level international journal publications and patent applications for five consecutive years [6]. - The "15th Five-Year Plan" calls for a strategic, forward-looking, and systematic approach to enhance basic research, which is essential for original innovation [6][7]. Group 4: New Productive Forces - The integration of technological and industrial innovation is accelerating, with the "new economy" expected to account for over 18% of GDP by 2024, driven by sectors like artificial intelligence and biotechnology [13]. - The development of new productive forces is vital for high-quality growth, focusing on improving total factor productivity [13][14]. Group 5: Innovation Ecosystem - The establishment of a complete innovation ecosystem is necessary for transitioning from isolated breakthroughs to systematic capabilities, emphasizing collaboration across various sectors [9]. - The role of enterprises in driving technological innovation is highlighted, with initiatives to support high-tech enterprises and foster innovation clusters [15][16]. Group 6: Talent Development - The growth of high-impact scientists in China has reached 1,405, accounting for 20% of the global total, indicating a strong emphasis on nurturing talent in key technological fields [11]. - Educational reforms are needed to align talent development with industry needs, ensuring that students engage with real-world scientific challenges [11]. Group 7: Green Competitiveness - The introduction of carbon footprint reports for products, such as those from Zhejiang, showcases the importance of green competitiveness in global markets [12]. - Enhancing the "green attributes" of products is essential for improving the economic value of industries [12]. Group 8: Future Challenges and Opportunities - The next five years present significant challenges but also opportunities for China to enhance its technological capabilities and support modernization efforts [16].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][11] Core Views - The company has shown stable performance with a year-on-year revenue growth of 7.60% for the first three quarters of 2025, reaching 2.661 billion yuan, and a net profit of 98.48 million yuan, reflecting a growth of 0.25% [5][7] - The company is actively upgrading its high-end bearing and screw products, which is expected to drive future growth [4][11] Financial Performance - For Q3 2025, the company achieved a revenue of 767 million yuan, with a year-on-year increase of 6.33% and a quarter-on-quarter decrease of 23.73%. The net profit for the same period was 23.19 million yuan, showing a year-on-year increase of 0.07% but a quarter-on-quarter decrease of 38.06% [7] - The gross margin for Q3 was 19.71%, up by 0.98 percentage points year-on-year, while the net margin improved by 0.26 percentage points year-on-year [7] Product Development and Market Expansion - The company is expanding its presence in the new energy vehicle bearing market, with a monthly production of over 2 million sets of ball ring needle bearings, catering to both domestic and international markets [8] - The screw business is also making significant strides, transitioning from sample production to small batch orders, particularly in the robotics and automotive sectors [9] Future Projections - Revenue projections for 2025-2027 are estimated at 3.616 billion, 4.173 billion, and 4.872 billion yuan, with year-on-year growth rates of 10.8%, 15.4%, and 16.7% respectively. Net profit is expected to reach 137 million, 199 million, and 274 million yuan during the same period, with growth rates of 49.7%, 45.7%, and 37.3% respectively [11][12]

Core Insights - The "Chain on Changji Source Dynamic Mule" New Energy Industry High-Quality Development Conference was held in Urumqi, focusing on new trends, technologies, and models in the new energy sector [1][2] - Key industry players such as Dongfang Electric, Goldwind Technology, and Shuangjie Electric showcased advanced achievements in wind turbine intelligent manufacturing, energy storage system integration, and high-end bearing processing [1] - The conference resulted in multiple project signings in new materials manufacturing, circular economy, and new energy storage, promoting coordinated development across the entire industry chain [1] Industry Developments - Mule County has established Xinjiang's first county-level new energy base with a capacity of over 10 million kilowatts, aiming for a grid-connected capacity of 20 million kilowatts and an electricity generation exceeding 16 billion kilowatt-hours by the end of 2025 [2] - The local government plans to continue advancing the development of three major industrial chains: equipment manufacturing, energy storage, and new materials, while accelerating grid construction to ensure efficient operation of new energy projects [2]

Core Viewpoint - The A-share market is currently experiencing a tug-of-war around the 4000-point mark, with a critical trading volume threshold of 2.5 trillion yuan that needs to be surpassed for a sustained upward movement [1][3]. Market Conditions - The A-share market has been in a "vacuum period" with a lack of strong catalysts, as the third-quarter reports have just been released and the annual reports are still pending [3]. - There has been a significant net outflow of 236.9 billion yuan from the A-share market, indicating a retreat of existing funds despite a year-on-year revenue growth of 58.27% and net profit growth of 53.58% for listed companies [3][5]. - Foreign capital has shown a cautious attitude, with recent net outflows from northbound funds despite the optimization of the Qualified Foreign Institutional Investor (QFII) system [3][8]. Technical Analysis - The market is showing signs of a potential top, with all three major indices exhibiting a divergence pattern, where the indices are rising while key technical indicators like MACD are not reaching new highs [3][5]. - The current trading volume is around 2 trillion yuan, which is approximately 20% lower than the peak in August, indicating a volume-price divergence that could hinder a breakout [5]. Sector Performance - There is a noticeable rotation among sectors, with recent leaders like pharmaceuticals and AI applications experiencing adjustments, while sectors such as power generation and chemicals have taken the lead [5][6]. - The technology sector is showing significant differentiation, with high valuations in AI-related stocks, while leading companies maintain stability due to their technological advantages [6]. Policy Support - Recent policy measures from the central bank and the China Securities Regulatory Commission (CSRC) have provided a supportive environment for the market, including a 700 billion yuan reverse repurchase operation to ensure liquidity [8]. - The market sentiment has cooled compared to previous bullish trends, with a more rational investor mindset reflected in the changes in trading volume [8]. Investment Strategies - Institutional funds are quietly adjusting their portfolios, with social security and public funds showing significant overlap in holdings, particularly in technology innovation sectors [8]. - The current A-share market valuation is significantly lower compared to 2015, with a healthier market structure as hard tech companies have risen in prominence [10]. Upcoming Events - The market is expected to face critical tests in the coming week, focusing on trading volume expansion, sustainability of leading sectors, and the movement of northbound funds [11]. - Key economic data will be released on November 14, which may provide new directional guidance for the market [13].