21世纪经济报道记者雷若馨深圳报道 12月4日晚，由影石Insta360 与第三方共同孵化的无人机品牌影翎Antigravity，正式发售全球首款全景无 人机影翎A1，并将发布会搬上1500米高空。 据悉，影翎A1用全景无人机搭配飞行眼镜和体感遥控器，叠加国补后售价6499元起。此前，影石创始 人刘靖康曾表示，"我们今天最大的不幸是赛道上有个大疆，但最大的幸运也是赛道上有个大疆。""五 年前决定做无人机时，就预想过会刺激友商做全景相机"抄家。 在发布会上，影翎Antigravity发言人强调，影翎A1的意义并不在于补充已有选择，而在于为飞行打开另 一种可能。 作为全景相机龙头，影石创新自宣布全景无人机以来，市场便对其"全景+无人机"的组合关注颇高。21 记者了解到，影翎A1是首款将360°全景影像、沉浸式飞行视角与体感操控整合于同一系统的无人机。 另一值得关注的，是影翎A1的重量。据了解，影翎A1整机重量仅249克，满足全球大多数地区的免登记 或简化飞行规范。同时，影翎A1加入了负载检测系统，可实时识别外接重量或不正当改装，确保飞行 只用于体验与创作。 此外，软件生态一直是影石创新强调的优势所在。据了解，在影 ...

Core Viewpoint - The discussion centers around the concept of "supply chain re-export" and the transition from globalization 1.0 to 2.0, emphasizing the need for Chinese companies to build resilient, efficient, and risk-averse value creation networks globally rather than merely exporting products [1][3]. Group 1: Reasons for "Re-export" - Chinese companies are shifting from merely selling products abroad to relocating industries overseas as a response to trade barriers and a trend towards globalization and localization [5]. - Companies must adopt a global perspective while also integrating into local markets, providing high-quality products and services, and harmonizing with local ecosystems [5]. Group 2: Market Selection Factors - Companies face the challenge of selecting target markets after establishing their "re-export" strategy, with factors such as existing client relationships and market maturity influencing their decisions [11]. - Middle Eastern and European markets are highlighted as strategic locations for establishing operations, with specific examples of companies building factories in India and Saudi Arabia [11]. Group 3: Local Integration Strategies - Strategies for local integration include forming partnerships with influential local companies to mitigate risks and sourcing materials locally to build competitive supply chains [13]. - Companies like 宣泰医药 utilize an agency model in fragmented markets like Europe to navigate diverse regulatory requirements [13]. Group 4: Risk Management - A dynamic risk assessment mechanism is crucial for companies to adapt to political, supply chain, and operational compliance risks, with regular updates to a "global risk map" [16]. - Companies are encouraged to diversify their supply chains and establish monitoring systems to manage risks effectively [17]. Group 5: Capital Market Support - The capital market plays a vital role in supporting companies' internationalization efforts by providing funding for R&D, production expansion, and talent acquisition [20]. - Companies express the need for more long-term, low-cost financing tools and support for cross-border mergers and acquisitions to facilitate their global strategies [20][21].

Core Viewpoint - The company emphasizes the importance of a global strategy that goes beyond merely exporting products, advocating for deeper integration into local markets and building resilient global supply chains [1][4][11]. Group 1: Global Strategy and Market Integration - The company’s chairman, Cai Hao, articulates a "go global, dig deep locally" strategy, focusing on not just exporting products but also establishing local operations and integrating into local economies [1][5]. - The company has established three overseas regional headquarters, four service centers, and 17 branches, creating an efficient service network centered around customer needs [3]. - The company has achieved significant milestones, including securing multiple GW-level project orders globally and shipping over 103 GW across more than 40 countries [3]. Group 2: Competitive Positioning - The company has risen to the second position in the global tracking bracket market as per Wood Mackenzie’s report for 2024, marking its entry into the top three globally [3]. - The company’s competitive edge is attributed to its comprehensive approach, which includes not only selling products but also building networks and establishing local production bases [4][6]. Group 3: Risk Management and Resilience - The company has implemented a dynamic market insight and risk assessment mechanism, updating its "global risk map" quarterly to monitor political trade risks, supply chain risks, and operational compliance risks [11][12]. - The company adopts a strategy of integrating local suppliers into its supply chain, enhancing resilience by not solely relying on Chinese manufacturing [12]. - The company aims to bind its interests with local economic development, thereby increasing its operational resilience against geopolitical and market fluctuations [12]. Group 4: Collaboration and Industry Ecosystem - The company collaborates with other domestic firms in the solar industry, leveraging collective strength to enhance competitiveness in international markets [8]. - The company’s role as a "chain leader" involves setting standards and improving local suppliers' capabilities, thereby fostering a competitive local supply chain ecosystem [7][8]. Group 5: Challenges and Support Needs - The company faces challenges such as high funding pressure, foreign exchange risks, and difficulties in intellectual property protection when expanding overseas [12]. - The company advocates for greater support for outbound enterprises, including long-term low-cost financing tools and flexible foreign exchange risk management products [12].

Group 1 - The core point of the article is that CITIC Bo announced a share buyback plan, having repurchased approximately 1.87 million shares, which accounts for 0.8516% of the total share capital of about 219 million shares, with a total transaction amount of approximately 90.27 million yuan [1][1][1] - The share buyback was conducted through the Shanghai Stock Exchange trading system via centralized bidding, with the highest transaction price being 52 yuan per share and the lowest at 43.16 yuan per share [1][1][1] Group 2 - The article also mentions a separate incident involving a stock surge in Xiangyang Bearing, which raised concerns about potential market manipulation and platform review loopholes, indicating a broader issue within the market [1][1][1]

公司于 2025 年 4 月 15 日召开第三届董事会第二十四次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金和/ 或回购专项贷款资金（上海浦东发展银行股份有限公司苏州分行提供不超过 9,000 万元（含）的回购专项贷款）通过集中竞价交易方式进行股份回购。回购 股份将用于员工持股计划或股权激励，回购价格不超过人民币 80 元/股（含）， 回购资金总额不低于人民币 7,000 万元（含）且不超过人民币 10,000 万元（含）， 回购期限为自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公 司于 2025 年 4 月 17 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 以集中竞价交易方式回购公司股份方案的公告》（公告编号：2025-023）。 江苏中信博新能源科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 截至 2025 年 11 月 30 日，江苏中信博新能源科技股份 ...

Core Viewpoint - The upcoming episode of "Supply Chain 'Going Overseas'" will feature discussions among leaders of key companies in the Sci-Tech Innovation Board, focusing on the strategies for effectively expanding supply chains internationally rather than debating whether to do so [3]. Group 1 - The episode will include prominent guests such as Cai Hao, Chairman and General Manager of Zhongxinbo, Xiong Yuqian, Chairman and President of Foxit Software, and Fang Yun, Founder and Director of Xuantai Pharmaceutical [3]. - The discussion emphasizes that the question has shifted from "whether to go overseas" to "how to do it well," indicating a strategic focus on execution in international supply chain management [3].

Core Viewpoint - The stock price of CITIC Bo has experienced significant fluctuations, with a year-to-date decline of 34.54% and a recent drop of 6.14% over the last five trading days, indicating volatility in the market [2]. Group 1: Stock Performance - As of November 27, CITIC Bo's stock rose by 2.04% to 46.48 CNY per share, with a trading volume of 1.25 billion CNY and a turnover rate of 1.25%, resulting in a total market capitalization of 10.182 billion CNY [1]. - The stock has seen a 20-day increase of 8.34% but a 60-day decline of 8.81%, reflecting mixed performance trends [2]. Group 2: Financial Performance - For the period from January to September 2025, CITIC Bo reported a revenue of 5.378 billion CNY, a year-on-year decrease of 10.11%, and a net profit attributable to shareholders of 121 million CNY, down 71.59% compared to the previous year [2]. - The company has distributed a total of 412 million CNY in dividends since its A-share listing, with 349 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of CITIC Bo shareholders increased by 34.59% to 15,300, while the average circulating shares per person decreased by 25.70% to 14,349 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 7.3865 million shares, a decrease of 2.6672 million shares from the previous period, while Invesco Great Wall New Energy Industry Fund has entered the list as the fifth-largest shareholder with 3.2532 million shares [3].

Company Overview - CITIC Bo's stock price increased by 2.01% on November 25, reaching 46.77 CNY per share, with a total market capitalization of 10.246 billion CNY [1] - The company specializes in the research, design, production, and sales of photovoltaic brackets, with 97.74% of its revenue coming from product sales [1] Financial Performance - For the period from January to September 2025, CITIC Bo reported operating revenue of 5.378 billion CNY, a year-on-year decrease of 10.11%, and a net profit attributable to shareholders of 121 million CNY, down 71.59% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 412 million CNY, with 349 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of CITIC Bo's shareholders increased by 34.59% to 15,300, while the average circulating shares per person decreased by 25.70% to 14,349 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Invesco Great Wall New Energy Industry Stock A, with notable changes in their holdings [3]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to rapid advancements in AI technology and increased domestic demand for core components [1][13] - The lithium iron phosphate (LFP) battery material industry is recovering from previous demand lows, with high operating rates and strong orders for leading companies expected to last until 2026 [2][18] - The solar PV tracker market is witnessing significant growth, with a notable increase in orders from the Middle East, indicating strong competitive advantages for companies like Zhongxinbo [3][27] Humanoid Robots - The report highlights the strong domestic demand for core components in humanoid robots, driven by cost reduction needs and technological breakthroughs [1][13] - Key areas of focus include dexterous hands, lightweight designs, and advanced AI capabilities, with domestic manufacturers expected to benefit significantly [1][14] - Companies like Meihu Co. are already seeing production ramp-up in critical components, positioning them well for future growth [16] Electric Vehicles - The LFP material industry is experiencing a recovery phase, with average costs for LFP materials established between 15,714.8 to 16,439.3 RMB per ton [2][19] - The introduction of new technologies and models in the electric vehicle sector is expected to enhance performance and reduce costs, driving further growth [19][20] - The demand for LFP materials is anticipated to stabilize and potentially increase due to a combination of recovering demand and structural supply shortages [2][19] New Energy - Zhongxinbo has secured significant overseas orders for solar PV tracking systems, ranking second globally with a 16% market share [3][27] - The company is expected to benefit from the Saudi Vision 2030 initiative, which aims to increase renewable energy installations [3][29] - The report emphasizes the importance of technological advancements in the solar industry, particularly in the context of new materials and production techniques [30][32] Power Equipment & AIDC - The demand for power equipment is expected to remain high due to the urgent need for grid upgrades in Europe and North America [7][8] - The report notes that domestic power equipment manufacturers are well-positioned to capitalize on these overseas market opportunities [7][8] - The construction of ultra-high voltage projects is projected to continue, supporting stable demand for related equipment [8]

Core Viewpoint - The recent collaboration between CITIC Bo and China Energy Construction Group International Engineering Co., Ltd. for the Saudi PIF6 1.2GW photovoltaic project highlights the growing opportunities for Chinese photovoltaic companies in the Saudi market, driven by the country's clean energy goals under the "Vision 2030" initiative [1]. Group 1: Company Developments - CITIC Bo has signed a cooperation agreement for the tracking support of the 1.2GW photovoltaic project in Saudi Arabia, following a previous agreement for the 4.2GW PIF6AFIF project, bringing their total collaboration in the Saudi PIF6 project cluster to 5.4GW [1]. - The performance of the photovoltaic ETF Huaxia (515370) showed a slight decline of 0.52%, while CITIC Bo's stock rose over 2%, indicating positive market sentiment towards the company amidst these developments [1]. Group 2: Industry Insights - According to Zhongtai Securities, Chinese photovoltaic companies can leverage project signings and factory constructions in Saudi Arabia to tap into the growing demand for clean energy installations, thus creating new growth opportunities in the region [1]. - The Huaxia photovoltaic ETF tracks the CSI photovoltaic industry index, which encompasses upstream, midstream, and downstream enterprises in the photovoltaic supply chain, providing a comprehensive reflection of the overall industry performance [1].