<p>随着人工智能和半导体成为国家优先事项，市场已经开始布局中国第十五个五年计划将如何重塑其产业格局。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/22025309/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_22-1-2026_105218_thebambooworks.com_-1024x683.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="683" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/22025309/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_22-1-2026_105218_thebambooworks.com_-1024x683.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<p>并非所有被优先发展填充的行业最终都能在政策支持与商业现实之间生存下来。一些行业由于需求减弱、成本上升或商业模式缺陷，逐渐失去动力，最终从政策叙事和资本配置优先事项中消失。</p>
<p>在这样的现实背景下，一个关键问题不仅是哪些行业将被写入政策文件，随着关注点转向中国的新第十五个五年计划，哪些行业实际上能够走到终点。</p>
<h4><strong>人工智能自给自足：计算能力和芯片引领</strong></h4>
<p>在当前的政策环境中，人工智能不再被视为一个独立的增长行业。相反，它被反复框定为必须与制造业、能源系统和实体经济深度融合的能力，强调开发行业和工业级的大模型。</p>
<p>这种表述有效地将对计算能力的需求从企业的可选择性转变为一种制度化的基础需求形式。</p>
<p>光通信已成为最具代表性的受益者。在过去一年中，人工智能数据中心对 800G 和 1.6T 高速光模块的需求推动了该细分市场的领先公司表现优于整体市场。</p>
<p><strong>中际旭创</strong>（300308.SZ）的股价在过去一年中飙升了 389.7%，市值接近 7000 亿元人民币（约 1000 亿美元），而 <strong>光迅科技</strong>（300502.SZ）则上涨了 320%。这使得光组件成为在中国上海和深圳上市公司中，人工智能供应链中表现最强的细分市场之一。</p>
<p>在半导体领域，政策优先事项同样从 “全面替代” 转向 “可部署能力”。</p>
<p>对成熟节点工艺以及工业和汽车芯片的需求使得 <strong>中芯国际</strong>（0981.HK；688981.SH）重新回到了投资者的视野中。其股价在过去一年中上涨了约 80%，保持在中国最有价值的半导体公司之列。</p>
<p>相比之下，人工智能细分市场则显示出更为明显的分化。先进芯片制造商 <strong>寒武纪科技</strong>（688256.SH）在过去一年中上涨了超过 110%，这得益于对行业特定模型和推理工作负载的需求——这表明资本市场越来越重视计算能力的战略角色。</p>
<p><strong>比特大陆</strong>（6082.HK）最近在香港上市，成为中国首家上市的自主研发 GPU 公司，其 IPO 认购超额约 2363 倍。自上市以来，其股价上涨了约 7%，投资者对其前景普遍持乐观态度。</p>
<h4><strong>大型模型作为平台：估值分化</strong></h4>
<p>随着模型能力逐渐趋同，市场关注点已从询问哪个模型最强转向识别谁能提供可扩展的人工智能平台。在中国，大型模型的竞争正从初创企业转向主要互联网平台。</p>
<p><strong>百度</strong>（BIDU.US；9888.HK）凭借其文心模型和 <strong>阿里巴巴</strong>（BABA.US；9988.HK）凭借通义千问，继续享有较高的技术可见性，但投资者显然不再那么印象深刻。百度的股价和估值倍数仍然低迷，反映出投资者对人工智能能否有效提升其核心广告和云业务的怀疑。阿里巴巴的股价有所反弹，但其估值恢复仍受到云盈利能力有限可见性的制约。</p>
<p>相比之下，<strong>腾讯</strong>（0700.HK）交出了最稳定的市场表现。腾讯并未强调模型排名，而是将人工智能能力嵌入其游戏、广告和企业服务中。其股价在过去一年中上涨了超过 50%，保持了中国最有价值科技公司的地位。</p>
<p>这表明投资者更愿意为那些明显提升现金流质量的人工智能叙事买单。</p>
<h4><strong>人工智能代理的崛起：从部署到货币化</strong></h4>
<p>比模型本身更具说明性的是人工智能代理的逐渐出现。与通用对话模型不同，代理旨在在特定场景中持续运行，主动处理研究、分析、内容生成和工作流程协调。这标志着人工智能从支持工具转变为现实工作流程的嵌入组件。</p>
<p>这一趋势已经开始在中国市场显现。</p>
<p>例如，<strong>字节跳动</strong> 的 Doubao 正在被整合到内容创作、数据组织和企业用例中。目标是将人工智能能力内化为可重用的工作模块，作为提升组织和内容生产效率的基础工具。</p>
<p>这种对比也突显了中国与美国之间人工智能发展路径的不同。美国科技巨头继续加大对前沿模型能力的投入，而中国则更强调快速部署和货币化。</p>
<p>在 12 月底，<strong>Meta</strong>（META.US）宣布达成收购中国人工智能代理公司 Manus 的协议。这一举动凸显了中国人工智能生态系统的实际优势，优先考虑快速部署和早期货币化，同时也为国内人工智能代理公司的未来发展开辟了新的可能性。</p>
<h4><strong>机器人和电力系统：效率作为结构性必要性</strong></h4>
<p>如果人工智能计算能力和大型模型构成了数字经济的基础，那么机器人技术和电力系统正日益成为支撑当前升级浪潮的基础设施。与早期强调技术展示的阶段不同，政策制定者和市场现在关注的是哪些系统能够在实际应用中产生可衡量和可复制的生产力提升。</p>
<p>在机器人行业，一个关键的发展是机器人即服务（RaaS）模型的兴起。通过采用租赁安排或基于使用的定价，RaaS 将大额的前期资本支出转化为可预测的运营费用，显著降低了企业的采用门槛。</p>
<p>根据 Counterpoint Research 的报告，全球人形机器人安装量预计将在 2025 年达到约 16,000 台，其中中国公司在市场份额上占据前三名——即 <strong>智源机器人</strong>、<strong>宇树机器人</strong> 和 <strong>优必选</strong>（9880.HK）。预计到 2027 年，累计安装量将超过 100,000 台，主要应用于物流、制造和汽车行业——这些场景最有可能通过 RaaS 模型产生现金流。</p>
<p>在这些公司中，优必选的股价在过去一年中上涨了超过 135%。其他参与者，如工业自动化公司 <strong>英威腾科技</strong>（300124.SH）和 <strong>埃斯顿自动化</strong>（002747.SZ），在同一时期也上涨了约 30%。</p>
<p>一些市场观察者警告称，机器人和具身智能的估值泡沫风险可能出现得比人工智能本身还要快。这提醒投资者，除了高增长预期外，还应密切关注公司的实际商业化进展和现金流表现，以避免因估值过高而导致的潜在修正。</p>
<p>电力和能源系统的定价也在与机器人技术同步调整。人工智能计算、数据中心和自动化设备的扩展意味着，电力的定义不再仅仅依赖于公司提供更多的电量，而是越来越依赖于稳定性、灵活性和能效的要求。这一转变使得一批私营电力设备和能源存储公司重新进入投资者的视野。</p>
<p>在过去一年中，电力电子和能源存储公司的股价显著分化，尽管整体趋势相比 2023 年有所改善。<strong>阳光电源</strong>（300274.SZ）的股价一度翻倍，得益于对能源存储逆变器和大型电厂解决方案需求的恢复，促使市场重新评估其从太阳能设备制造商向能源管理平台提供商的转型。</p>
<p>其他逆变器制造商，包括 <strong>金龙科技</strong>（300763.SZ）和 <strong>固德威科技</strong>（688390.SH），随着海外能源存储和商业及工业应用的渗透逐渐恢复估值，股价涨幅在 40% 到 80% 之间。</p>
<p><em>这是五部分系列的第二部分。要阅读之前的部分，请点击下面的链接：</em></p>
<p><em>第十五个五年计划：太阳能和房地产等待下一个政策潮流</em></p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

费城交易所 半导体 ETF - iShares

中国 MSCI ETF - iShares

腾讯控股(ADS)

华夏国证半导体芯片ETF

中际旭创

富时中国 3 倍做多 ETF - Direxion

华夏上证科创板半导体材料设备主题ETF

标普半导体 ETF - SPDR

半导体 3 倍做多 - Direxion

<p>中国第十五个五年规划强调技术自立，特别是在人工智能和半导体领域。虽然人工智能已融入制造和能源系统，但中际旭创和中芯国际等光通信和半导体公司股票大幅上涨。重点正从模型的强度转向可扩展的人工智能平台，腾讯通过将人工智能嵌入各项服务中，超越了竞争对手。人工智能代理的出现标志着从支持工具向工作流程中不可或缺的组成部分的转变，突显了中国与美国相比的快速部署策略。该计划旨在在不断变化的市场需求中重塑中国的产业格局</p>

<p><em>As AI and semiconductors become national priorities, markets are already positioning for how China's 15th Five-Year Plan will reshape its industrial landscape</em></p>
<div class="lb-trans"><p>随着人工智能和半导体成为国家优先事项，市场已经开始布局中国第十五个五年计划将如何重塑其产业格局。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/22025309/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_22-1-2026_105218_thebambooworks.com_-1024x683.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/22025309/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_22-1-2026_105218_thebambooworks.com_-1024x683.jpeg"/></p>
<p><em>Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><p>Not every industry filled prioritized for development in China ultimately survives tensions between policy support and commercial reality. Some sectors gradually lose momentum due to weakening demand, rising costs, or flawed business models, eventually fading from both policy narratives and capital allocation priorities.</p>
<div class="lb-trans"><p>并非所有被优先发展填充的行业最终都能在政策支持与商业现实之间生存下来。一些行业由于需求减弱、成本上升或商业模式缺陷，逐渐失去动力，最终从政策叙事和资本配置优先事项中消失。</p>
</div><p>With such a reality as backdrop, a key question is not only which industries will be written into policy documents as attention shifts to China's new 15th Five-Year Plan, but which ones are actually capable of making it to the finish line.</p>
<div class="lb-trans"><p>在这样的现实背景下，一个关键问题不仅是哪些行业将被写入政策文件，随着关注点转向中国的新第十五个五年计划，哪些行业实际上能够走到终点。</p>
</div><h4><strong>AI self-reliance: Computing power and chips take the lead</strong></h4>
<div class="lb-trans"><h4><strong>人工智能自给自足：计算能力和芯片引领</strong></h4>
</div><p>In the current policy environment, AI is no longer being positioned as a standalone growth industry. Instead, it is repeatedly framed as a capability that must be deeply integrated with manufacturing, energy systems and the real economy, with an emphasis on developing industry- and industrial-grade large models.</p>
<div class="lb-trans"><p>在当前的政策环境中，人工智能不再被视为一个独立的增长行业。相反，它被反复框定为必须与制造业、能源系统和实体经济深度融合的能力，强调开发行业和工业级的大模型。</p>
</div><p>This language effectively elevates demand for computing power from a discretionary corporate choice to an institutionalized form of foundational demand.</p>
<div class="lb-trans"><p>这种表述有效地将对计算能力的需求从企业的可选择性转变为一种制度化的基础需求形式。</p>
</div><p>Optical communications have emerged as the most representative beneficiary. Over the past year, demand from AI data centers for 800G and 1.6T high-speed optical modules has driven leading companies in the segment to outperform the broader market.</p>
<div class="lb-trans"><p>光通信已成为最具代表性的受益者。在过去一年中，人工智能数据中心对 800G 和 1.6T 高速光模块的需求推动了该细分市场的领先公司表现优于整体市场。</p>
</div><p>Shares of <strong>Zhongji Innolight</strong> (300308.SZ) have surged 389.7% over the past year, with its market capitalization approaching 700 billion yuan ($100 billion), while <strong>Eoptolink Technology</strong> (300502.SZ) jumped 320%. That's made optical components one of the strongest-performing segments in the AI supply chain among companies listed on China's domestic markets in Shanghai and Shenzhen.</p>
<div class="lb-trans"><p><strong>中际旭创</strong>（300308.SZ）的股价在过去一年中飙升了 389.7%，市值接近 7000 亿元人民币（约 1000 亿美元），而 <strong>光迅科技</strong>（300502.SZ）则上涨了 320%。这使得光组件成为在中国上海和深圳上市公司中，人工智能供应链中表现最强的细分市场之一。</p>
</div><p>In semiconductors, policy priorities have similarly shifted from &#34;comprehensive substitution&#34; toward &#34;deployable capability.&#34;</p>
<div class="lb-trans"><p>在半导体领域，政策优先事项同样从 “全面替代” 转向 “可部署能力”。</p>
</div><p>Demand for mature-node processes as well as industrial and automotive chips has put <strong>SMIC</strong> (0981.HK; 688981.SH) back onto investor radars. Its shares have risen about 80% over the past year, keeping it among the most valuable semiconductor names in China.</p>
<div class="lb-trans"><p>对成熟节点工艺以及工业和汽车芯片的需求使得 <strong>中芯国际</strong>（0981.HK；688981.SH）重新回到了投资者的视野中。其股价在过去一年中上涨了约 80%，保持在中国最有价值的半导体公司之列。</p>
</div><p>The AI segment, by contrast, has shown far sharper divergence. Advanced chipmaker <strong>Cambricon Technologies</strong> (688256.SH) has gained more than 110% over the past year, driven by demand for industry-specific models and inference workloads — an indication that capital markets are increasingly pricing in the strategic role of computing power.</p>
<div class="lb-trans"><p>相比之下，人工智能细分市场则显示出更为明显的分化。先进芯片制造商 <strong>寒武纪科技</strong>（688256.SH）在过去一年中上涨了超过 110%，这得益于对行业特定模型和推理工作负载的需求——这表明资本市场越来越重视计算能力的战略角色。</p>
</div><p><strong>Biren Technology</strong> (6082.HK), recently listed in Hong Kong as China's first domestically developed GPU company to go public, saw its IPO oversubscribed by about 2,363 times. Its shares are up roughly 7% since the listing, with investors remaining broadly optimistic about its prospects.</p>
<div class="lb-trans"><p><strong>比特大陆</strong>（6082.HK）最近在香港上市，成为中国首家上市的自主研发 GPU 公司，其 IPO 认购超额约 2363 倍。自上市以来，其股价上涨了约 7%，投资者对其前景普遍持乐观态度。</p>
</div><h4><strong>Large models as platforms: Valuation divergence</strong></h4>
<div class="lb-trans"><h4><strong>大型模型作为平台：估值分化</strong></h4>
</div><p>As model capabilities gradually converge, market attention has shifted from asking which model is the strongest to identifying who can offer a scalable AI platform. In China, competition in large models is moving away from startups toward major internet platforms.</p>
<div class="lb-trans"><p>随着模型能力逐渐趋同，市场关注点已从询问哪个模型最强转向识别谁能提供可扩展的人工智能平台。在中国，大型模型的竞争正从初创企业转向主要互联网平台。</p>
</div><p><strong>Baidu</strong> (BIDU.US; 9888.HK), with its Ernie model, and <strong>Alibaba</strong> (BABA.US; 9988.HK), with Tongyi Qianwen, continue to enjoy high technical visibility, but investors are clearly less impressed. Baidu's share price and valuation multiples remain depressed, reflecting investor skepticism over whether AI can meaningfully lift its core advertising and cloud businesses. Alibaba's shares have rebounded, but its valuation recovery remains constrained by limited visibility into cloud profitability.</p>
<div class="lb-trans"><p><strong>百度</strong>（BIDU.US；9888.HK）凭借其文心模型和 <strong>阿里巴巴</strong>（BABA.US；9988.HK）凭借通义千问，继续享有较高的技术可见性，但投资者显然不再那么印象深刻。百度的股价和估值倍数仍然低迷，反映出投资者对人工智能能否有效提升其核心广告和云业务的怀疑。阿里巴巴的股价有所反弹，但其估值恢复仍受到云盈利能力有限可见性的制约。</p>
</div><p>By contrast, <strong>Tencent</strong> (0700.HK) has delivered the most stable market performance. Rather than emphasizing model rankings, Tencent has embedded AI capabilities across its gaming, advertising and enterprise services. Its shares have risen more than 50% over the past year, maintaining its position as China's most valuable technology company.</p>
<div class="lb-trans"><p>相比之下，<strong>腾讯</strong>（0700.HK）交出了最稳定的市场表现。腾讯并未强调模型排名，而是将人工智能能力嵌入其游戏、广告和企业服务中。其股价在过去一年中上涨了超过 50%，保持了中国最有价值科技公司的地位。</p>
</div><p>This suggests investors are more willing to pay for AI narratives that clearly enhance cash flow quality.</p>
<div class="lb-trans"><p>这表明投资者更愿意为那些明显提升现金流质量的人工智能叙事买单。</p>
</div><h4><strong>The rise of AI agents: From deployment to monetization</strong></h4>
<div class="lb-trans"><h4><strong>人工智能代理的崛起：从部署到货币化</strong></h4>
</div><p>More telling than the models themselves is the gradual emergence of AI agents. Unlike general-purpose conversational models, agents are designed to operate continuously within specific scenarios, proactively handling research, analysis, content generation and workflow coordination. This marks a shift from AI as a support tool to AI as an embedded component of real-world workflows.</p>
<div class="lb-trans"><p>比模型本身更具说明性的是人工智能代理的逐渐出现。与通用对话模型不同，代理旨在在特定场景中持续运行，主动处理研究、分析、内容生成和工作流程协调。这标志着人工智能从支持工具转变为现实工作流程的嵌入组件。</p>
</div><p>This trend has already begun to materialize in the Chinese market.</p>
<div class="lb-trans"><p>这一趋势已经开始在中国市场显现。</p>
</div><p><strong>ByteDance's</strong> Doubao, for example, is being integrated into content creation, data organization, and enterprise use cases. The goal is to internalize AI capabilities into reusable work modules, serving as foundational tools to boost organizational and content production efficiency.</p>
<div class="lb-trans"><p>例如，<strong>字节跳动</strong> 的 Doubao 正在被整合到内容创作、数据组织和企业用例中。目标是将人工智能能力内化为可重用的工作模块，作为提升组织和内容生产效率的基础工具。</p>
</div><p>This contrast also highlights differing AI development paths between China and the U.S. American tech giants continue to double down on frontier model capabilities, while China places greater emphasis on rapid deployment and monetization.</p>
<div class="lb-trans"><p>这种对比也突显了中国与美国之间人工智能发展路径的不同。美国科技巨头继续加大对前沿模型能力的投入，而中国则更强调快速部署和货币化。</p>
</div><p>In late December, <strong>Meta</strong> (META.US) announced a deal to acquire Manus, a Chinese AI agent company. Such a move underscores the practical advantages of China's AI ecosystem, which prioritizes rapid deployment and early monetization, while also opening up new possibilities for the future development of domestic AI agent companies.</p>
<div class="lb-trans"><p>在 12 月底，<strong>Meta</strong>（META.US）宣布达成收购中国人工智能代理公司 Manus 的协议。这一举动凸显了中国人工智能生态系统的实际优势，优先考虑快速部署和早期货币化，同时也为国内人工智能代理公司的未来发展开辟了新的可能性。</p>
</div><h4><strong>Robotics and power systems: Efficiency as a structural necessity</strong></h4>
<div class="lb-trans"><h4><strong>机器人和电力系统：效率作为结构性必要性</strong></h4>
</div><p>If AI computing power and large models form the foundation of the digital economy, then robotics and power systems are increasingly becoming the infrastructure that supports the current wave of upgrades. Unlike earlier phases that emphasized technological demonstrations, both policymakers and markets are now focused on which systems can generate measurable and replicable productivity gains in real-world applications.</p>
<div class="lb-trans"><p>如果人工智能计算能力和大型模型构成了数字经济的基础，那么机器人技术和电力系统正日益成为支撑当前升级浪潮的基础设施。与早期强调技术展示的阶段不同，政策制定者和市场现在关注的是哪些系统能够在实际应用中产生可衡量和可复制的生产力提升。</p>
</div><p>In the robotics sector, a key development has been the rise of the robotics-as-a-service (RaaS) model. By adopting leasing arrangements or usage-based pricing, RaaS converts large upfront capital expenditures into predictable operating expenses, significantly lowering barriers to adoption for enterprises.</p>
<div class="lb-trans"><p>在机器人行业，一个关键的发展是机器人即服务（RaaS）模型的兴起。通过采用租赁安排或基于使用的定价，RaaS 将大额的前期资本支出转化为可预测的运营费用，显著降低了企业的采用门槛。</p>
</div><p>According to Counterpoint Research, global installations of humanoid robots are expected to reach approximately 16,000 units in 2025, with Chinese companies occupying the top three positions by market share — namely <strong>Zhiyuan Robotics</strong>, <strong>Unitree Robotics</strong>, and <strong>Ubtech</strong> (9880.HK). Cumulative installations are projected to exceed 100,000 units by 2027, with primary applications in logistics, manufacturing and the automotive sector — scenarios where RaaS models are most likely to generate cash flow.</p>
<div class="lb-trans"><p>根据 Counterpoint Research 的报告，全球人形机器人安装量预计将在 2025 年达到约 16,000 台，其中中国公司在市场份额上占据前三名——即 <strong>智源机器人</strong>、<strong>宇树机器人</strong> 和 <strong>优必选</strong>（9880.HK）。预计到 2027 年，累计安装量将超过 100,000 台，主要应用于物流、制造和汽车行业——这些场景最有可能通过 RaaS 模型产生现金流。</p>
</div><p>Among these companies, Ubtech's stock price has risen by more than 135% over the past year. Other players, such as industrial automation firms <strong>Inovance Technology</strong> (300124.SH) and <strong>Estun Automation</strong> (002747.SZ), have also gained roughly 30% over the same period.</p>
<div class="lb-trans"><p>在这些公司中，优必选的股价在过去一年中上涨了超过 135%。其他参与者，如工业自动化公司 <strong>英威腾科技</strong>（300124.SH）和 <strong>埃斯顿自动化</strong>（002747.SZ），在同一时期也上涨了约 30%。</p>
</div><p>Some market observers caution that valuation bubble risks in robotics and embodied intelligence could emerge even faster than in AI itself. This serves as a reminder that beyond high-growth expectations, investors should pay close attention to companies' actual commercialization progress and cash flow performance, in order to avoid potential corrections driven by overly inflated valuations.</p>
<div class="lb-trans"><p>一些市场观察者警告称，机器人和具身智能的估值泡沫风险可能出现得比人工智能本身还要快。这提醒投资者，除了高增长预期外，还应密切关注公司的实际商业化进展和现金流表现，以避免因估值过高而导致的潜在修正。</p>
</div><p>Power and energy systems are being repriced alongside robotics. The expansion of AI computing, data centers and automated equipment means that electricity is no longer defined solely by a company's ability a to provide more volume, but increasingly by requirements for stability, flexibility, and energy efficiency. This shift has brought a new group of privately owned power equipment and energy storage companies back onto investor radars.</p>
<div class="lb-trans"><p>电力和能源系统的定价也在与机器人技术同步调整。人工智能计算、数据中心和自动化设备的扩展意味着，电力的定义不再仅仅依赖于公司提供更多的电量，而是越来越依赖于稳定性、灵活性和能效的要求。这一转变使得一批私营电力设备和能源存储公司重新进入投资者的视野。</p>
</div><p>Over the past year, share prices for power electronics and energy storage companies have diverged significantly, though the overall trend has improved compared with 2023. Shares of <strong>Sungrow Power Supply</strong> (300274.SZ) more than double at one point, supported by a recovery in demand for energy storage inverters and large-scale power plant solutions, prompting the market to reassess its transition from a solar equipment manufacturer to an energy management platform provider.</p>
<div class="lb-trans"><p>在过去一年中，电力电子和能源存储公司的股价显著分化，尽管整体趋势相比 2023 年有所改善。<strong>阳光电源</strong>（300274.SZ）的股价一度翻倍，得益于对能源存储逆变器和大型电厂解决方案需求的恢复，促使市场重新评估其从太阳能设备制造商向能源管理平台提供商的转型。</p>
</div><p>Other inverter manufacturers, including <strong>Ginlong Technologies</strong> (300763.SZ) and <strong>GoodWe Technologies</strong> (688390.SH), have also seen gradual valuation recoveries as penetration of overseas energy storage and commercial and industrial applications increases, with share gains ranging from 40% to 80%.</p>
<div class="lb-trans"><p>其他逆变器制造商，包括 <strong>金龙科技</strong>（300763.SZ）和 <strong>固德威科技</strong>（688390.SH），随着海外能源存储和商业及工业应用的渗透逐渐恢复估值，股价涨幅在 40% 到 80% 之间。</p>
</div><p><em>This is part 2 in a 5 part series. To read previous parts, click on the links below:</em></p>
<div class="lb-trans"><p><em>这是五部分系列的第二部分。要阅读之前的部分，请点击下面的链接：</em></p>
</div><p><em>15th Five-Year Plan: Solar and property wait for the next policy tide</em></p>
<div class="lb-trans"><p><em>第十五个五年计划：太阳能和房地产等待下一个政策潮流</em></p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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China's 15th Five-Year Plan: Opportunities And Trade-offs Under Technological Self-reliance

- 市场布局正随着中国第十五个五年计划重塑产业格局。  
- 人工智能和半导体成为优先事项，需求与投资呈现明显差异。  
- 机器人和电力系统正在推动生产力提升，投资者需关注实际商业化进展。

中国第十五个五年计划：在技术自立背景下的机遇与权衡