4Q25 Robot/Automation Landscape Analyzer: How are market shares shifting? 4Q25 key observations on the China Industrial Robot & Automation competitive landscape 28 January 2026 | 9:44AM HKT Equity Research CHINA INDUSTRIAL TECH Post MIR's estimated sales data (vs. production data reported by the NBS) as well as our coverage companies' business segment disclosures, we compile our latest landscape analyzer within. n Total industrial automation (IA) market was -3% yoy in 4Q25, with the project/OEM markets at - ...

2025年，四川经济运行稳中有进，生产供给稳定增长，经济结构持续优化，新兴动能加快释放， 高质量发展取得新成效。分产业看，第一产业增加值5751.35亿元，比上年增长3.7%；第二产业增 加值23260.22亿元，增长 4.9%；第三产业增加值38653.77亿元，增长6.1%。 本报讯（四川日报全媒体记者 史晓露 寇敏芳）1月21日，记者从省政府新闻办召开的2025年四川 经济形势新闻发布会上获悉，根据地区生产总值统一核算结果，2025年四川地区生产总值为 67665.34亿元，按不变价格计算，比上年增长5.5%。 农业生产形势向好。全年粮食总产量3662.5万吨，比上年增长0.8%。初步统计，全年生猪出栏 6248.0万头，比上年增长1.6%。 服务业较快发展。全年服务业增加值比上年增长6.1%。其中，租赁和商务服务业增加值增长 14.4%，信息传输、软件和信息技术服务业增长9.8%，批发和零售业增长7.0%，金融业增长 6.2%，住宿和餐饮业增长5.3%。 投资比上年下降。全年固定资产投资（不含农户）比上年下降2.4%，其中工业投资增长7.3%。 消费品市场增势稳定。全年实现社会消费品零售总额29135 ...

广东人工智能和机器人产业核心指标全国第一。全国4成工业机器人、8成服务机器人，都是"广东货"。 2026刚开年，广东就已人气爆棚。 广州地铁在2025年12月31日创下单日客运量新高，以1409.3万人次的数据，打破全国地铁客流单日纪 录。广东全省2026年元旦假期接待游客数量也达到1787.5万人次，日均同比增长34.8%。 这么多人为什么都往广东跑？ 因为这里工作多 广东拥有全部31个制造业大类，其中15个规模居全国首位。全国每12个高校毕业生，就有一个来这就业 生活。 因为这里能搞钱 广东制造了全球三分之一的手机、七成的无人机；产生了全国四分之一的快递，超三分之一的跨境电商 进出口规模。平均每6个广东人里，就有1个是老板。 因为这里很智能 因为这里能创新 "深圳-香港-广州"创新集群全球登顶。全省布局建设10个国家重大科技基础设施，江门中微子实验等原 始创新创世界级纪录。 因为这里的生活很方便 广东是全国首个拥有四个千万级机场的省份。2025年广东机场旅客吞吐量突破1.8亿人次，17市接入350 高铁。粤港澳大湾区一小时生活圈加速形成。 这就是广东，1.5亿实时人口的共同选择，一个持续进化、海纳百川（3 ...

Core Viewpoint - The 2025 Global Intelligent Machinery and Electronic Products Expo (AIE) is held in a groundbreaking "dual-city" model in Macau and Zhuhai, showcasing over 1,000 enterprises across a total exhibition area of 70,000 square meters, highlighting the significance of the intelligent machinery and electronics industry as a key driver of future economic development [1][3]. Group 1: Industry Context - The global technological revolution and industrial transformation are reshaping competitive landscapes, with the intelligent machinery and electronics sector being a core engine for future development [1]. - China is the largest manufacturing country and consumer market for the intelligent machinery and electronics industry, with Guangdong province being a hub for consumer electronics, smart home appliances, high-end equipment, and new energy vehicles [1]. - Guangdong produces 40% of the world's smartphones, 70% of consumer-grade drones, one-third of industrial robots, one-quarter of new energy vehicles, and one-fifth of integrated circuits [1]. Group 2: Exhibition Significance - The AIE aims to fill the gap of a major international exhibition platform in China, which lacks a globally influential large-scale exhibition despite being the largest manufacturing base and consumer market for electronics and home appliances [2]. - The success of international exhibitions like CES and IFA is attributed to the strong industrial foundation and historical advantages of Western countries, which have established these events as key platforms for defining industry futures and accelerating technological evolution [2]. Group 3: AIE's Unique Model - The AIE's "dual-city" model enhances its functionality, with the Macau venue focusing on trade connections and international exchanges, while the Zhuhai venue emphasizes manufacturing implementation and application scenarios [3]. - This design aligns with AIE's positioning as a "technology barometer, global meeting place, and industry accelerator," serving as a hub for supply chain communication and rapid marketization of technologies [3]. Group 4: Future Prospects - The establishment of a world-class exhibition brand like AIE requires long-term industrial accumulation, market cultivation, and brand building, which China is now poised to achieve [4]. - AIE is positioned to leverage the strong momentum of the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to become a globally influential professional platform that leads technological trends [4].

Core Insights - The 2025 Global Intelligent Machinery and Electronics Products Expo (AIE) is being held in a groundbreaking "dual-city" format in Macau and Zhuhai, featuring over 1,000 companies and covering an exhibition area of 70,000 square meters [1] - The intelligent machinery and electronics industry is a key area for future development, with China being the largest manufacturing and consumer market globally, particularly in Guangdong, which is a hub for consumer electronics and high-end equipment [1][3] - Guangdong produces 40% of the world's smartphones, 70% of consumer drones, one-third of industrial robots, a quarter of new energy vehicles, and one-fifth of integrated circuits, housing major companies like Huawei, BYD, and TCL [1] Industry Context - Historically, major global electronics exhibitions like CES and IFA have set industry trends, but China lacks a similarly influential platform despite being the largest manufacturing base [2] - The success of these exhibitions is rooted in the strong industrial foundation and innovative companies in their host countries, which provide content and vitality to the events [2] - A top-tier exhibition serves as an extension of a country's industrial cluster, creating a positive feedback loop that enhances both the exhibition and the industry [2] AIE's Strategic Positioning - AIE's location in the Guangdong-Hong Kong-Macau Greater Bay Area positions it as a leader in intelligent machinery and electronics, with local companies integrating into global supply chains [3] - The innovative "dual-city" model of AIE enhances its functionality, with Macau focusing on trade and international exchange, while Zhuhai emphasizes manufacturing and application scenarios [3] - AIE aims to be a technology trendsetter, a global meeting place, and an industry accelerator, facilitating communication within the global supply chain and promoting rapid marketization of technologies [3] Future Prospects - The success of CES and IFA is attributed to a combination of industrial foundation, historical opportunity, clear positioning, and an open ecosystem [4] - China has the necessary conditions to create a world-class exhibition brand, and AIE is poised to become a leading platform for technological trends with global influence [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Chinese economy**, focusing on various sectors including **property**, **manufacturing**, **infrastructure**, and **retail**. Core Insights and Arguments 1. **Economic Growth Trends**: - October growth showed a significant slowdown across various sectors, with **fixed asset investment (FAI)** declining by **11.2% YoY** in October, worsening from **-6.8%** previously [4][88]. - The **property sector** experienced a notable contraction, with property sales growth dropping to **-18.8% YoY** in October, compared to **-10.5%** in September [74]. - **Industrial production (IP)** growth slowed to **4.9% YoY** in October, down from **6.5%** in September, indicating a broader economic deceleration [98]. 2. **Sector-Specific Performance**: - **Manufacturing** investment fell by **6.7% YoY**, while **infrastructure investment** declined by **12.1% YoY** [88]. - Retail sales growth decreased to **2.9% YoY** in October, reflecting a high base effect from previous trade-in subsidies [112]. 3. **Future Economic Outlook**: - GDP growth is expected to decelerate to around **4.2% YoY** in Q4 2025, with a full-year average of **4.9%** for 2025, aligning with the government's target of "around 5%" [4][6]. - The property downturn is anticipated to persist, with expectations of a **5-10% decline** in property sales and new starts in 2026, and a smaller contraction in 2027 [74]. 4. **Policy Measures**: - Modest policy easing is underway, including **RMB 500 billion** from special financial tools and additional local government bond quotas to stabilize economic activity [5]. - The People's Bank of China (PBC) is expected to cut policy rates by **20bps** by the end of 2026, with potential mortgage rate cuts of **30-40bps** [5]. 5. **Inflation and Credit Conditions**: - October's **CPI** increased to **0.2% YoY**, while **PPI** narrowed its decline to **-2.1% YoY** [127]. - Credit growth has softened, with new bank loans recorded at **RMB 220 billion** in October, significantly lower than the previous year [142]. Other Important Insights - The **high-frequency data** indicates continued weakness in property activities, with a **33% YoY** decline in property sales in early November [40]. - The **consumer confidence index** has shown slight recovery but remains below pre-COVID levels, reflecting cautious consumer sentiment [112]. - The **accumulated household excess savings** remain high, indicating a cautious outlook on spending [106]. This summary encapsulates the critical insights from the conference call, highlighting the challenges and expectations for the Chinese economy moving forward.

Core Insights - The Greater Bay Area (GBA) is emerging as a global hub for smart manufacturing, driven by its unique cultural heritage and technological advancements [3][5][10] - The region boasts significant production capabilities, contributing to 40% of global smartphones, 70% of consumer drones, and 25% of China's electric vehicles [7][15] - A robust ecosystem of nearly 100,000 smart technology companies, including industry giants like Huawei and BYD, supports a complete industrial chain from R&D to manufacturing [7][11] Industry Strengths - The GBA is characterized by seamless collaboration among upstream and downstream enterprises, enhancing the development of the smart industry [8][11] - Major technological breakthroughs are being achieved in various fields, including life sciences and integrated circuits, with rapid transformation of innovative ideas into market-ready products [8][10] - The region is home to nine trillion-level industrial clusters and 77,000 high-tech enterprises, indicating a strong foundation for future growth [7][15] Innovation and Collaboration - The GBA is set to become a global leader in innovation, with the "Shenzhen-Hong Kong-Guangzhou" innovation cluster projected to rank first globally by 2025 [10][11] - National key laboratories and top-tier research resources from Hong Kong and Macau are enhancing the region's innovation capabilities [11][15] - The GBA's collaborative model, combining Hong Kong's financial resources, Macau's market access, and the manufacturing strength of the Pearl River Delta, positions it as a "meeting hall" for global smart industry [15][19] Upcoming Events - The Global Intelligent Machinery and Electronic Products Expo (AIE) will take place from December 4 to 6, 2025, in Macau and Zhuhai, featuring over 1,200 technology companies and thousands of buyers [17][19] - The expo will showcase cutting-edge technologies and facilitate business matching opportunities, highlighting the GBA's role in the global smart manufacturing landscape [17][19]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Economy - **Key Focus**: Economic performance indicators for October 2025 and projections for Q4 2025 and 2026-2027 Core Insights and Arguments 1. **Economic Slowdown**: October 2025 saw a broad slowdown in economic growth, with significant declines in property activities, fixed asset investment (FAI), exports, and industrial production (IP) [2][3][7] 2. **Property Market Decline**: The property sector experienced a year-on-year contraction of 23% in FAI, with property sales dropping by 18.8% and new starts declining by 29.5% [2][7][8] 3. **FAI Weakness**: Overall FAI contracted by 11.2% YoY, with manufacturing and infrastructure investments also showing significant declines of 6.7% and 12.1% respectively [8][27] 4. **Retail Sales**: Retail sales growth edged down to 2.9% YoY, influenced by a high base effect from trade-in subsidies, particularly in home appliances and automobiles [2][15][27] 5. **Export Contraction**: Exports unexpectedly contracted by 1.1% YoY, marking the first decline since February, attributed to a high base effect and reduced demand for IT products [2][18][27] 6. **Industrial Production**: IP growth slowed to 4.9% YoY, with notable declines in key sectors such as special purpose equipment and ferrous metals [14][27] 7. **Inflation Trends**: October CPI increased to 0.2% YoY, while PPI showed a slight narrowing of decline to -2.1% YoY, indicating mixed inflationary pressures [21][27] 8. **Credit Growth**: Credit growth decreased to 8.5% YoY, with new RMB loans significantly lower than the previous year, reflecting subdued private credit demand [22][27] Future Projections 1. **Q4 2025 Expectations**: Anticipated GDP growth for Q4 2025 is around 4.2% YoY, with continued weakness in consumption and property markets [3][27] 2. **2026 Economic Outlook**: GDP growth is expected to slow modestly to 4.5% in 2026, with a continued decline in exports and a resilient domestic economy despite ongoing property downturns [5][29][30] 3. **Policy Easing**: Modest fiscal and monetary policy easing is underway, including RMB 500 billion in special financial tools and potential cuts in policy rates and mortgage rates by 2026 [4][28] Additional Important Insights - **Consumer Confidence**: The consumer confidence index has shown slight recovery, reflecting improved sentiment from the equity market, although it remains below pre-COVID levels [15][27] - **Sector-Specific Performance**: High-tech industries continue to show robust growth, contrasting with the overall economic slowdown [14][27] - **Investment Activity**: The introduction of new financing tools from policy banks may provide marginal support to infrastructure and manufacturing investments in the coming months [8][27] This summary encapsulates the critical insights from the conference call, highlighting the current state and future outlook of the Chinese economy, particularly focusing on the property market, investment trends, and policy responses.

Group 1: National Standards Implementation - A series of important national standards related to industrial robots, cloud computing, and consumer products will be implemented starting October 1, which aims to regulate emerging industries and ensure a healthy development environment [2][5][12] - The standards include methods for dynamic stability testing of industrial robots, requirements for cloud computing hyper-converged systems, and safety regulations for consumer products like wet wipes and watches [3][6][11] Group 2: Industrial Robot Standards - The recommended national standard for industrial robots, GB/T 45509-2025, outlines the conditions and equipment for dynamic stability testing, which will enhance the development and industrialization of measurement systems [3][5] - Another standard, GB/T 45501-2025, specifies the general technical requirements for three-dimensional vision guidance systems used in industrial robots, promoting their application in manufacturing [4][5] Group 3: Cloud Computing Standards - The national standard GB/T 45399-2025 establishes a reference model for hyper-converged systems, detailing requirements for various virtualization components, which will guide manufacturers in product design [6][7] - The standard GB/T 45400-2025 sets forth general requirements for cloud supercomputing services, enhancing the evaluation framework for third-party testing institutions [7] Group 4: Consumer Product Standards - The mandatory standard GB 44702-2024 regulates harmful substance limits in watch components that come into direct contact with skin, ensuring consumer safety and industry health [8][10] - The wet wipes standards (GB/T 27728.1-2024, GB/T 27728.2-2024, GB/T 27728.3-2024) establish general and specific requirements for various types of wet wipes, promoting product safety and quality [11][12] Group 5: Safety and Rehabilitation Standards - The standards for gas burners (GB/T 45384-2025, GB/T 45385-2025) outline safety and control requirements for gas appliances, contributing to the overall safety and reliability of gas systems [13][14] - The standard GB/T 45933-2025 specifies basic configuration requirements for rehabilitation aids in elderly care institutions, supporting resource optimization and quality development in the elderly care industry [15][16] Group 6: Data Sharing and Cultural Standards - The standard GB/T 45800.2-2025 defines data sharing and exchange requirements for the national integrated government big data system, facilitating better inter-agency collaboration and service delivery [19][20] - The standard GB/T 45499-2025 regulates the management and service of cultural stations in towns and streets, aiming to enhance the service level of grassroots libraries [17][18]

Group 1 - The implementation of new national standards starting October 1 aims to regulate emerging industries and ensure a safe consumption environment, thereby supporting the healthy development of future industries [1] - The recommended national standard for industrial robots, GB/T45509—2025, outlines testing conditions, equipment, trajectory selection, steps, and reporting for dynamic stability tests [1] - The standard GB/T45501—2025 specifies the general technical requirements for 3D vision guidance systems used in industrial robots, including architecture, basic requirements, functional requirements, and performance requirements [1] - The standard GB/T45502—2025 establishes information security requirements and testing methods for service robots, enhancing the information security level of service robot products [1] Group 2 - The recommended national standard GB/T45399—2025 for cloud computing hyper-converged systems sets requirements for computing, storage, network, security virtualization components, and operational management, guiding manufacturers in product design [2] - The standard GB/T45400—2025 outlines the reference architecture and general requirements for cloud supercomputing services, aiding third-party evaluation institutions in testing and assessment [2] - The standard GB/T45933—2025 specifies the basic requirements and configuration list for rehabilitation auxiliary equipment in elderly care institutions, promoting efficient resource allocation and high-quality development in the elderly care industry [2]