Core Insights - The defense industry is expected to experience a recovery in 2025, marking a turning point in demand, with a new round of growth anticipated as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins [2][8][24] - The focus on new combat capabilities, including unmanned systems, deep-sea technology, and military AI, is expected to drive significant advancements in the industry [2][8][32] - The commercial aerospace and gas turbine markets are projected to grow, driven by increased demand and recovery in the aviation sector post-pandemic [2][8][31] Group 1: Industry Overview - The defense industry has stabilized and is showing signs of recovery after a period of demand stagnation from 2023 to 2024, with revenue growth returning in 2025 [8][14] - The "15th Five-Year Plan" is anticipated to create synergies between military and civilian sectors, enhancing overall industry growth [8][29] - Geopolitical uncertainties are increasing, leading to heightened military spending globally, with defense budgets expected to continue rising [26][30] Group 2: New Combat Capabilities - New combat capabilities are expected to focus on unmanned systems, deep-sea operations, and information technology, with an emphasis on modernizing military capabilities [2][32][36] - The development of unmanned systems is seen as critical, with a growing emphasis on both offensive and defensive capabilities in modern warfare [2][43][44] - The integration of AI into military operations is expected to enhance decision-making and operational efficiency across various combat scenarios [2][32][36] Group 3: Commercial Opportunities - The commercial aerospace sector is poised for significant growth, particularly in the gas turbine market, driven by increased orders and recovery in engine deliveries [2][31][32] - The commercial space sector is also expanding, with advancements in satellite technology and launch capabilities expected to accelerate growth [2][31][32] - The military trade market is anticipated to strengthen, with Chinese equipment gaining recognition and market share in international markets, particularly in the Middle East [2][31][32]

技术外溢推动新兴领域成长，大飞机、低空经济、商业航天开启发展新阶段 该行认为，1)大飞机： 2026 年国产大飞机批产及交付能力有望继续提升，国产化需求有望牵引航空产 业链升级;2)商业航天：卫星互联网空间段建设进入常态化组网阶段，2026年应用环节产业化进程有望 加速，商业火箭技术进步与资本运作标志性事件有望密集落地;3)低空经济场景试点逐步进入落地阶 段，2026 年低空经济有望延续高质量发展态势。 盈利预测与估值 智通财经APP获悉，中金发布研报称，展望2026年，内外需求共振有望助力航空航天行业景气延续，新 域新质方向弹性有望释放，受益于特种技术外溢的商业航天等板块发展有望加速。该行建议关注新域新 质领域、特种贸易核心标的及受益于特种技术外溢的新质生产力三大方向。 中金主要观点如下： "十五五"规划与特种贸易需求叠加，内外需求共振行业再续景气 1)2026 年是"十五五"计划开篇之年，百年建军目标牵引下，特种装备列装、换装进程持续推进。该行认 为内需层面行业仍有望维持景气。2)据SIPRI，2024 年全球国防开支同比增长9.4%至2.72 万亿美元，日 益复杂的地缘局势加剧特种装备需求。该行认为我国 ...

（来源：淘金ETF） 1. 生益科技（600183） 核心业务聚焦商业航天领域的高频高速覆铜板、粘结片等基础材料研发与生产，其产品是卫星通信设 备、火箭电子控制系统的核心基材，具备低损耗、高可靠性、抗辐射等航天级特性，可适配太空极端温 差与强辐射环境，已批量供应国内主流卫星制造企业与火箭研发机构。企业背靠粤港澳大湾区产业集 群，在高频材料领域技术积累超30年，打破海外企业对高端航天覆铜板的垄断，产品不仅应用于商业航 天，还广泛适配5G基站、工业互联网设备。叠加的热点概念包括5G通信、先进制造、国产替代，同时 受益于"十五五"规划中高端新材料国产化的政策导向，是商业航天产业链上游材料环节的核心支撑企 业。 2. 光启技术（002625） 作为超材料航天应用龙头，核心业务是研发、生产可应用于商业航天装备的超材料结构件，其自研超材 料具备轻量化、高强度、抗疲劳等核心优势，可使航天装备重量降低30%以上，同时提升装备的隐身性 能与抗极端环境能力，已适配多款商业火箭箭体结构与卫星载荷部件。企业拥有完全自主知识产权的超 材料设计与制造平台，技术壁垒极高，产品除商业航天领域外，还延伸至航空航天、海洋工程等高端装 备领域。叠 ...

其中，世界500强央企中国电子再度落子南山，布局春天研究院项目。该项目将围绕集成电路、先进计 算等领域，打造集技术研究、标准制定、测试验证、成果转化于一体的新型研发机构，发挥央企在科技 创新与产业安全中的核心支撑作用。 国际酒店巨头美国希尔顿集团选址深圳湾超级总部基地，运营其旗下奢华品牌华尔道夫酒店。该项目是 希尔顿在广东省布局的第一家华尔道夫酒店，将极大提升南山高端服务业国际化水平与商务接待能级。 作为未来产业的代表，由斯坦福、清华等人才组成的顶尖团队玻色量子落地南山，将布局建设相干光量 子计算设备制造中心。值得关注的是，中国首个规模化专用光量子计算机制造工厂已于11月24日在南山 启用，标志着我国在该领域正式迈入工程化量产阶段。 21世纪经济报道记者从南山区获悉，该区今年在人工智能、低空经济、机器人等重点领域开展精准招 商，新引进重点项目378个，意向总投资超1500亿元。其中，34个优质项目纳入本次全球招商大会，意 向投资总额超千亿元，储备项目数量与质量均居全市前列。 在大会主会场举行的重大项目签约仪式上，南山区与中国电子、希尔顿、玻色量子、亚华电子四家重点 企业完成签约。 （签约现场） 21世纪经济报 ...

泥火淬炼间，高淳陶瓷绽放东方美学光彩；沃野田畴里，黎明食品书写农业产业传奇。从承载千年文脉 的手工艺品到赋能乡村振兴的特色农产品，"江苏精品" 深深扎根江苏沃土，以坚守品质、勇于创新的 姿态拔节生长，在时代浪潮中勾勒出产业高质量发展的生动图景。 "江苏精品"认证证书 同时经营多种农副产品，并已形成"买全球，卖全球"新格局的黎明食品，同样将品质坚守融入发展血 脉。公司作为重点企业参与了黑蒜国家标准的制定，并凭借过硬的质量将产品远销欧洲、东南亚、北 美、南美等六十多个国家和地区。在"扎根乡土、坚守匠心、勇于创新" 的道路上，黎明食品已成为"江 苏精品"在蒜制品细分领域的示范者和引领者。 泥火淬炼东方美学 从北京 APEC 峰会的典雅亮相，到北京 "一带一路"国际合作高峰论坛的精彩展示，再到乌镇世界互联 网大会、中国进口博览会……屡次作为国宴用瓷登上世界舞台的高淳陶瓷，让泥土在烈焰中蜕变为彰显 国家文化自信的闪亮名片。 在南京高淳，陶瓷文化的基因已延续千年。1958年，江苏高淳陶瓷股份有限公司在固城湖畔、秀山之麓 开启了新的创业征程，接续千年文化根脉。60 余年来，高淳陶瓷实现了从初创时期沿用传统工艺生产 农家用粗 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]

Core Insights - The quantum precision measurement industry in China is experiencing concentrated investment activities, particularly in the quantum sensor sector, with significant funding events reported from 2018 to 2025 [1][2][3] Investment and Financing Overview - Investment in the quantum precision measurement industry is primarily focused on the quantum sensor field, with the highest single financing amount reported at 131 million yuan (approximately 1.31 billion yuan) for Guoyi Quantum's D round [1][2] - From 2017 to 2024, the financing trend shows a few large amounts dominating the market, with a total financing amount of 0.38 billion USD in 2024, slightly down from 2023 [2][3] - The number of financing events in 2024 reached 4, with an average single financing amount of 9.5 million USD, indicating a strategic focus and sustained investment in the sector [3] Financing Rounds - The majority of financing rounds in the quantum precision measurement industry are concentrated in the angel and A rounds, primarily occurring before companies go public [4][7] Geographic Distribution - The majority of financing enterprises are located in Anhui Province, which accounts for 41% of the total. Hefei, Anhui, has developed a comprehensive industrial ecosystem covering quantum computing, communication, and precision measurement [8] - The industrial cluster in Hefei, known as "Quantum Avenue," includes over 90 upstream and downstream enterprises, with leading companies like Guandun Quantum and Guoyi Quantum [8] Investor Profile - The primary investors in the quantum precision measurement industry are investment firms, with notable participants including Guofeng Investment Fund, Chinese Academy of Sciences Capital, and IDG Capital [11] Industry Funds - There are currently few industry funds closely related to the quantum precision measurement sector, with notable funds including the Hefei Co-Creation Venture Capital Fund, which focuses on integrated circuits and quantum industries [14][16] Mergers and Acquisitions - Mergers and acquisitions in the quantum precision measurement industry are limited, primarily consisting of horizontal mergers aimed at enhancing business capabilities [17][18]

Core Insights - Guorui Technology's stock price decreased by 2.01% on November 25, trading at 27.32 CNY per share with a market capitalization of 33.928 billion CNY [1] - The company has seen a year-to-date stock price increase of 38.17%, but a decline of 6.95% over the past 20 days [1] Financial Performance - For the period from January to September 2025, Guorui Technology reported a revenue of 2.118 billion CNY, representing a year-on-year growth of 6.68% [2] - The net profit attributable to shareholders for the same period was 373 million CNY, showing a slight increase of 1.15% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 10.35% to 32,900, while the average number of circulating shares per person increased by 11.54% to 37,704 shares [2] - The company has distributed a total of 1.173 billion CNY in dividends since its A-share listing, with 540 million CNY distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, major shareholders include Huaxia Military Safety Mixed A, which increased its holdings by 7.814 million shares, and other funds like Fortune China Securities Military Leader ETF and Southern Military Reform Flexible Allocation Mixed A, which also increased their stakes [3]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]

Core Insights - The Chinese eVTOL industry is experiencing significant growth, with multiple companies securing orders at the China International Import Expo, indicating a strong market demand and technological advancement [1][2] - The establishment of supportive policies and regulations is enhancing the low-altitude economy, providing a solid foundation for its development [1][2] Industry Developments - Several Chinese eVTOL manufacturers, including Volant Aviation, signed agreements for 95 aircraft orders totaling 2.375 billion yuan, with substantial deposits received [1] - The State Council has issued measures to encourage private investment in low-altitude economic infrastructure, aiming to diversify funding sources for industry growth [1] - The Shanghai Municipal Government has proposed a draft regulation to improve safety management for civil unmanned aerial vehicles, focusing on data management and inter-departmental cooperation [1] Market Positioning - The eVTOL sector is becoming a core part of the global industrial chain, with Chinese companies leveraging their technological and commercial capabilities to expand internationally [2] - The General Aviation ETF (159378) is highlighted as the largest ETF focused on the low-altitude economy and drones, serving as a strategic investment tool for this emerging sector [2]