Group 1: Significance of the New Policies - The introduction of the "Science and Technology Innovation Board Opinions" and the establishment of the Science and Technology Growth Layer enhance the capital market's ability to support the real economy and technological innovation[6] - These policies aim to improve the quality of listed companies by allowing more potential high-quality enterprises to enter the market, thus enhancing the supply of investment targets[7] - The new policies provide a controlled "experimental space" for incremental institutional reforms, facilitating better management of unprofitable technology companies and protecting investors' rights[8] Group 2: Key Highlights of the Reforms - The expansion of the fifth listing standard allows unprofitable companies to list, with a market cap requirement of 4 billion yuan, primarily benefiting the biopharmaceutical sector[9] - A pre-review mechanism for IPOs is being piloted, which optimizes the listing process and protects commercial information, thus maintaining market stability[10] - The introduction of a system for experienced institutional investors aims to better identify quality tech companies, with rules currently being formulated[11] - A supporting mechanism for the Science and Technology Growth Layer includes clear standards for company transitions and enhanced risk disclosures[12]

证券研究报告 | 策略点评 2025 年 06 月 18 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250618 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 0.04%，深证成指涨跌幅为 0.24%， 创业板指涨跌幅为 0.23%。 申万一级行业表现：电子、通信、国防军工在行业涨跌幅榜居前；非银 金融、轻工制造、纺织服饰在行业涨跌幅榜居后。 概念板块表现：总体来看，电路板、连板、存储器概念表现相对较好； 稀土永磁、稀土、营销传播概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 策略点评 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / ...

证券研究报告 | 策略点评 2025 年 06 月 17 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250617 今日关注 今日主要指数涨跌幅：沪指涨跌幅为-0.04%，深证成指涨跌幅为-0.12%， 创业板指涨跌幅为-0.36%。 申万一级行业表现：煤炭、公用事业、石油石化在行业涨跌幅榜居前； 纺织服饰、轻工制造、汽车在行业涨跌幅榜居后。 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | 概念板块表现：总体来看，连板、数字货币、高送转概念表现相对较好； CRO、创新药、网红经济概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 ...

Investment Rating - The report indicates a strong focus on high-value segments within the low-altitude economy, particularly in manufacturing, with an emphasis on power systems, avionics, and energy systems as key areas for investment [3][8]. Core Insights - The low-altitude manufacturing segment accounts for over 50% of the total output value, with high-value segments such as power and avionics systems being particularly scarce and highly valued [3][15]. - The domestic supply chain for avionics and power systems is still in its early stages, with significant opportunities for growth as domestic manufacturers begin to establish themselves [4][23]. - The report highlights the importance of solid-state batteries and advanced composite materials, such as carbon fiber, in enhancing the performance and capabilities of low-altitude aircraft [7][8]. Summary by Sections Low-altitude Manufacturing - Low-altitude manufacturing constitutes 50-80% of the overall output value, with power, avionics, and energy systems making up 50-66% of the total cost of low-altitude aircraft [3][15]. - The average PE for leading companies in the power system segment is 214, while for avionics, it is 69, indicating a high valuation for these segments [18][19]. Avionics Systems - The avionics sector is experiencing significant advancements due to the development of the C919 aircraft and the Beidou navigation system, which are fostering domestic capabilities [4][23]. - The avionics systems are moving towards integration, modularization, and standardization, with domestic suppliers gradually gaining market share [4][23][39]. Power Systems - The power systems for consumer and industrial drones, as well as eVTOLs, predominantly utilize electric drives, with a focus on high-efficiency, high-torque electric motors [5][43]. - The report notes that the average efficiency of fuel engines is around 40%, while electric propulsion systems exceed 70% efficiency [44]. Energy Systems - Solid-state batteries are highlighted as a key innovation, with energy densities reaching 400-500 Wh/kg, which is crucial for long-range and high-load applications [6][8]. - Several battery companies are in the process of sample testing and certification for aviation-grade batteries [6][8]. Composite Materials - The demand for advanced composite materials, particularly carbon fiber, is increasing in the low-altitude economy, with domestic production capabilities being established [7][8].

Market Overview - The main indices showed positive performance today, with the Shanghai Composite Index increasing by 0.35%, the Shenzhen Component Index rising by 0.41%, and the ChiNext Index up by 0.66% [1] - Among the Shenwan first-level industry sectors, Media, Communication, and Computer sectors performed well, while Textile & Apparel, Pharmaceutical & Biological, and Automotive sectors lagged behind [1] - Concept sectors showed varied performance, with Digital Currency, Financial Technology, and First Board concepts performing relatively well, while Gold & Jewelry, Generic Drugs, and Chemical Fiber concepts underperformed [1]

Group 1: Economic Context - The current US-China tariff war has entered a temporary easing and negotiation phase, but high tariffs and Trump's unpredictable stance suggest a prolonged struggle ahead[1] - The outcome of the tariff war will ultimately depend on the economic resilience and fiscal space of both countries, as evidenced by historical conflicts[1] Group 2: Economic Impact of the Tariff War - Economic shocks from the tariff war can lead to growth declines and resource depletion, with the party that stabilizes its economy having a stronger negotiating position[2] - The tariff war has created a "triple whammy" for the US, prompting it to seek negotiations due to rising financial risks[2] Group 3: Fiscal Space Comparison - China's fiscal space is greater than that of the US, providing it with a stronger position in the tariff war[2] - Key indicators show that from 2004 to 2024, China's average fiscal deficit rate is 3.5%, while the US's is 6.0%[16] - As of 2024, China's government debt-to-GDP ratio is 60.9%, significantly lower than the US's 124.1%[15] Group 4: Debt and Financing Costs - China's government bond issuance rates are on a downward trend, with an average rate of 1.68% in May 2025, compared to the US's 4.29%[32] - In 2024, China's interest payments accounted for only 1.6% of GDP, while the US's was 3.8%, indicating a lower debt service burden for China[41] Group 5: Inflation and Economic Stability - China's current low inflation environment, with a CPI growth rate of -0.1% in May 2025, allows for greater fiscal expansion without the risk of high inflation[51] - In contrast, the US is experiencing higher inflation pressures, with a CPI growth rate of 2.4% in May 2025, complicating its fiscal situation[51]

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index falling by 0.75% to close at 3477.00 points, and the Shenzhen Component Index dropping by 1.10% to 10122.11 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 146.72 billion yuan, an increase of 19.54 billion yuan compared to the previous trading day [1] - Among the Shenwan first-level industries, only the oil and petrochemical, national defense and military industry, and public utilities sectors experienced gains, while the remaining sectors all declined, with beauty care, media, food and beverage, light industry manufacturing, pharmaceutical biology, and automotive sectors leading the losses [1] Sector Performance - The top-performing concept sectors today included oil and gas extraction, natural gas, shipping selection, military information technology, aircraft carriers, gold and jewelry, deep-sea technology, commercial aerospace, military-civilian integration, large aircraft, general aviation, and diamond cultivation [1]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.01% to close at 3402.66 points, while the Shenzhen Component Index fell by 0.11% to 10234.33 points. The ChiNext Index decreased by 0.30% to 977.97 points, and the Growth Enterprise Market Index increased by 0.26% to 2067.15 points. Overall, there were more decliners than gainers, with 2864 stocks declining and 2325 stocks rising across the market. The total trading volume in the Shanghai and Shenzhen markets reached 12718 billion, an increase of 163.10 billion compared to the previous trading day [1][2]. Industry Performance - Among the primary industries, sectors such as non-ferrous metals, media, beauty care, pharmaceutical biology, telecommunications, and comprehensive services led the gains, while industries like home appliances, coal, food and beverage, agriculture, forestry, animal husbandry, fishery, real estate, and national defense and military industry experienced declines [1][2]. Sector Highlights - The top-performing concept sectors today included optical modules (CPO), gold and jewelry, contract research organizations (CRO), innovative drugs, optical communications, partnerships with Pinduoduo, short drama games, millet economy, weight loss drugs, quantum technology, rare earth permanent magnets, generic drugs, high-speed copper connections, Chinese language corpus, and virtual humans [2].

Market Overview - The A-share market showed a positive trend today, with the Shanghai Composite Index rising by 0.52% to close at 3402.32 points, and the Shenzhen Component Index increasing by 0.83% to 10246.02 points [1] - The overall market saw 3411 stocks rise, while 1737 stocks fell, and 264 stocks remained unchanged [1] - The total trading volume in the Shanghai and Shenzhen markets was 12555 billion, a decrease of 1599 billion compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, all sectors except for pharmaceuticals, communications, and beauty care experienced gains, with non-ferrous metals, agriculture, non-bank financials, automotive, media, and social services leading the rise [1] - The top-performing concept sectors included rare earth permanent magnets, rare earths, online gaming, integrated die-casting, selected rare metals, lithium extraction from salt lakes, and others [1]

证券研究报告 | 策略点评 2025 年 06 月 10 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 今日关注 指数涨跌情况：今日 A 股主要指数多数收跌。截止收盘，沪指跌 0.44%，收报 3384.82 点；深证成指跌 0.86%，收报 10162.18 点；科创 50 跌 1.47%，收报 982.90 点；创业板指跌 1.17%，收报 2037.27 点。总体上，全天个股跌多涨 少，Wind 数据显示，全市场 4034 只个股下跌，1260 只个股上涨，118 只个股 收平。沪深两市今日成交额合计 14154 亿元，较上个交易日放量 1289.67 亿 元。 投资策略研究 粤开市场日报-20250610 行业涨跌情况：今日申万一级行业涨少跌多，美容护理、银行、医药生物、 交通运输、传媒、有色金属等行业领涨，国防军工、计算机、电子、通信、 非银金融、建筑材料等行业领跌。 板块涨跌情况：今日涨幅居前概念板块为离境退税、稀土永磁、一号文件、 医美、宠物经济、南京市国资、反关税、短剧游戏、谷子经济、生物育种、 智慧农业、仿制药、CR ...