Market Overview - The low-altitude economy sector increased by 1.77% compared to the previous trading day, with Zhenyu Technology leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Notable gainers in the low-altitude economy sector included: - Nongyu Technology (300953) with a closing price of 178.03, up 11.28% and a trading volume of 100,500 shares, totaling 1.716 billion yuan [1] - Guangdian Jigu (002967) closed at 20.97, up 10.02% with a trading volume of 256,900 shares, totaling 518 million yuan [1] - Huajian Group (600629) closed at 33.85, up 10.01% with a trading volume of 849,400 shares, totaling 2.737 billion yuan [1] - New Clean Energy (605111) closed at 40.13, up 10.01% with a trading volume of 920,300 shares, totaling 3.651 billion yuan [1] Capital Flow - The low-altitude economy sector experienced a net outflow of 27.7962 million yuan from institutional investors, while retail investors saw a net inflow of 785 million yuan [2] - The capital flow for specific stocks showed: - Chang'an Automobile (000625) had a net inflow of 651 million yuan from institutional investors, while retail investors had a net outflow of 386 million yuan [3] - New Clean Energy (605111) had a net inflow of 650 million yuan from institutional investors, with retail investors experiencing a net outflow of 270 million yuan [3] - Siwei Tuxin (002405) had a net inflow of 158 million yuan from institutional investors, while retail investors had a net outflow of 983 million yuan [3]

证券代码：600843 900924 证券简称：上工申贝 上工 B 股 公告编号：2025-037 公司使用暂时闲置募集资金购买的产品不存在逾期未收回的情况。截至本公告披露 日，公司使用募集资金购买产品的余额为 1.7 亿元。 上工申贝（集团）股份有限公司 关于现金管理的进展公告 特此公告。 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、准确性和完整性承担法律责任。 上工申贝（集团）股份有限公司董事会 二〇二五年十月十五日 上工申贝（集团）股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开的第 十届董事会第十四次会议审议通过了《关于对部分暂时闲置募集资金和自有资金进行现 金管理的议案》，同意公司对暂时闲置的募集资金不超过 5 亿元和自有资金不超过 1 亿 元进行现金管理，投资于安全性高、流动性好的产品。公司监事会及保荐机构已分别对 前述事项发表了同意的意见。上述具体情况详见公司 2025 年 4 月 29 日在上海证券交易 所网站（www.sse.com.cn）等指定媒体披露的《关于对部分暂时闲置募集资金和自有资 金进行现金管理的公告 ...

Group 1 - The core point of the article is that Shangong Shenbei (600843) experienced a trading halt due to a significant price increase, with a net sell-off from the Shanghai Stock Connect amounting to 17.59 million yuan [1] - The stock reached a daily limit increase of 10.64%, with a trading volume of 1.362 billion yuan and a turnover rate of 21.31% [1] - The stock saw a net inflow of 570 million yuan from major funds, with large orders contributing 562 million yuan to this inflow [1] Group 2 - The company reported a revenue of 2.191 billion yuan for the first half of the year, reflecting a year-on-year decline of 4.75% [1] - The net profit for the same period was a loss of 69.54 million yuan [1] - The top five buying and selling brokerage firms accounted for a total transaction volume of 296 million yuan, with net buying of 163 million yuan [1]

Core Viewpoint - The stock of Shangong Shunbei (600843) reached its daily limit, with a turnover rate of 21.31% and a transaction amount of 1.362 billion yuan, despite a net sell-off from the Shanghai-Hong Kong Stock Connect of 17.594 million yuan [1] Trading Activity - The stock was listed on the exchange due to a daily price deviation of 10.64%, with the top five trading departments contributing a total transaction amount of 296 million yuan, including a buying amount of 230 million yuan and a selling amount of 66.35 million yuan, resulting in a net buying of 163 million yuan [1] - The largest selling department was the Shanghai-Hong Kong Stock Connect, with a selling amount of 17.594 million yuan [1] Fund Flow - The stock experienced a net inflow of 570 million yuan from major funds today, with a significant single order net inflow of 562 million yuan and a large order net inflow of 8.4119 million yuan. Over the past five days, the net inflow of major funds totaled 604 million yuan [1] Financial Performance - According to the semi-annual report released on August 29, the company achieved an operating income of 2.191 billion yuan in the first half of the year, a year-on-year decrease of 4.75%, and reported a net profit of -69.5359 million yuan [1]

Volatility - A total of 6 stocks in the A-share market experienced a volatility exceeding 20% today, with Tonghui Electronics and Kaipu Cloud leading the list [1] Turnover Rate - There were 9 stocks in the A-share market with a turnover rate exceeding 40% today, with Beifang Changlong and Lihexing at the forefront [1] Main Capital Flow - Main capital saw a net inflow into the food and beverage, and comprehensive sectors, while experiencing a net outflow from the electronics and power equipment sectors [1] - The stocks with the highest net inflow of main capital included Shanzi Gaoke (10.81 billion yuan), Longi Green Energy (7.02 billion yuan), Zhongshi Technology (6.16 billion yuan), Shangong Shenbei (4.94 billion yuan), and Zhichun Technology (4 billion yuan) [1] - The stocks with the highest net outflow of main capital included Ningde Times (18.10 billion yuan), Xinyisheng (15.95 billion yuan), Luxshare Precision (13.51 billion yuan), Dongfang Caifu (13.15 billion yuan), and Tongfu Microelectronics (12.5 billion yuan) [1]

Market Overview - The specialized equipment sector experienced a decline of 1.34% on the previous trading day, with Xici Technology leading the losses [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the specialized equipment sector included: - DeGuoTe (300950) with a closing price of 40.57, up 19.99% on a trading volume of 184,900 shares and a transaction value of 702 million [1] - ShangGongShenBei (600843) closed at 13.73, up 10.02% with a trading volume of 999,700 shares and a transaction value of 1.362 billion [1] - HeTaiJiDian (001225) closed at 52.20, up 10.01% with a trading volume of 22,200 shares and a transaction value of 114 million [1] - Major decliners included: - Xici Technology (920061) closed at 37.91, down 7.06% with a trading volume of 34,400 shares and a transaction value of 133 million [2] - AoMeiSen (920080) closed at 31.70, down 7.04% with a trading volume of 82,400 shares and a transaction value of 268 million [2] - FanMaiKeJi (688312) closed at 28.08, down 6.96% with a trading volume of 53,800 shares and a transaction value of 157 million [2] Capital Flow - The specialized equipment sector saw a net outflow of 625 million from institutional investors, while retail investors contributed a net inflow of 1.37 billion [2] - Specific stock capital flows indicated: - ShangGongShenBei (600843) had a net inflow of 518 million from institutional investors, while retail investors had a net outflow of 219 million [3] - DeGuoTe (300950) experienced a net inflow of 167 million from institutional investors, with retail investors seeing a net outflow of 731 million [3] - China Electric Research (688128) had a net inflow of 88.52 million from institutional investors, while retail investors had a net outflow of 798 million [3]

Core Viewpoint - The stock price of Shangong Shenbei (600843.SH) surged to a limit-up of 13.73 CNY per share on October 14, 2023, amidst active performance in its related sectors, specifically specialized equipment and carbon fiber [1][2]. Company Overview - Shangong Shenbei specializes in the research, production, and sales of sewing and intelligent manufacturing equipment. The company previously gained attention due to its cross-industry acquisition of a general aviation aircraft company [3]. - The company's low-altitude economy segment is currently experiencing losses, with the "A5 aircraft and services" business reporting a gross loss of 15.64 million CNY [3]. Industry Performance - In the past six months, the specialized equipment (881118.TI) and carbon fiber (885650.TI) sectors have shown significant activity, with respective increases of 39.93% and 36.03%. Notable stocks in these sectors include Heshun Technology (301237.SZ), Jinma Amusement (300756.SZ), and Hezhuan Intelligent (603011.SH) [2]. Market Activity - On October 14, 2023, while the specialized equipment and carbon fiber sectors experienced slight declines of 0.07% and 0.11% respectively, Shangong Shenbei's stock remained locked at the limit-up price [2]. Corporate Developments - There are speculations among investors regarding a potential major asset restructuring for Shangong Shenbei. However, company representatives have stated that there are currently no plans for such restructuring and that the recent stock price movement does not stem from undisclosed positive news [3].

Core Viewpoint - The stock of Shangong Shenbei reached its daily limit on October 14, closing at 13.73 yuan, driven by several positive factors including government compensation and strategic business expansions [1] Group 1: Financial Performance - The company received government compensation of 243 million yuan, expected to increase net profit by 175 million yuan, significantly improving cash flow [1] - The stock's closing price on October 14 represented a 10.02% increase from the previous day [1] Group 2: Business Expansion - Shangong Shenbei established a subsidiary with a registered capital of 550 million yuan to expand into the general aviation sector, focusing on carbon fiber composites and light aircraft, aligning with low-altitude economic policies [1] - The company’s employee stock ownership plan unlocked 1.7258 million shares, enhancing team stability [1] Group 3: Market Activity - On October 14, the net inflow of main funds was 518 million yuan, accounting for 38.02% of the total trading volume, while retail investors saw a net outflow of 219 million yuan, representing 16.04% of the total [1] - The specialized equipment and carbon fiber sectors have shown strong performance over the past six months, contributing to the stock price support [1]

Core Viewpoint - The stock of Shangong Shenbei (sh600843) reached its daily limit, closing at 13.73 yuan with a 10.02% increase, driven by government compensation, business transformation, and employee stock ownership plans [1][2]. Group 1: Government Compensation - The company announced it received a substantial government compensation of 243 million yuan, which is expected to increase net profit by 175 million yuan, significantly improving cash flow and alleviating current performance and cash flow pressures [2]. Group 2: Business Transformation - Shangong Shenbei is actively transforming its business by establishing a subsidiary with a registered capital of 550 million yuan to expand into the general aviation sector, focusing on carbon fiber composites and light aircraft. This move aligns with the national emphasis and support for the general aviation industry, indicating substantial growth potential [2]. Group 3: Employee Stock Ownership - The company implemented an employee stock ownership plan, unlocking 1.7258 million shares valued at 7.7661 million yuan, which is expected to stabilize the core team and enhance employee engagement, positively impacting long-term development [2]. Group 4: Market Dynamics - The textile and apparel sector saw some capital inflow on the same day, suggesting that Shangong Shenbei may benefit from this trend. Additionally, if the MACD indicator shows a bullish crossover or breaks through key resistance levels, it could attract further investment [2].

Investment Rating - The industry investment rating is "Strongly Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [45]. Core Insights - The low-altitude sector is currently positioned for a potential rebound, supported by ongoing catalysts and developments in industry policies. The sector has been relatively stagnant since the beginning of the year, with the broader market reaching new highs, suggesting that a catalyst could trigger a rebound in the low-altitude economy [4][25]. - Infrastructure development and the application of drones in various scenarios are critical for the industry's growth. The report emphasizes that foundational infrastructure is essential for the low-altitude economy to thrive, and the focus on drone applications is expected to gain momentum, particularly in military and civilian sectors [5][26]. Summary by Sections Market Review and Weekly Outlook - The Wind Low Altitude Economic Index decreased by 0.20% over the past week, ranking 165 out of 338 sectors, underperforming the broader market which saw a 0.37% increase in the Shanghai Composite Index [12][25]. - The low-altitude sector has remained flat, contrasting with significant pullbacks in other high-performing sectors like AI computing and humanoid robotics, indicating a potential for future growth as it awaits catalysts [4][25]. Industry Dynamics - Recent developments include the establishment of a leadership group by the Civil Aviation Administration of China (CAAC) for general aviation and low-altitude economy, signaling promising future policies [4][25]. - The report highlights various local government initiatives aimed at practical implementations such as route planning and airspace management, which are expected to foster growth in the sector [4][25]. Investment Recommendations - Suggested focus areas for investment include infrastructure companies such as Suzhou Planning and Lais Information, and drone manufacturers like Jifeng Technology and Henghe Precision [28]. - The report also recommends monitoring leading companies in capacity such as Wanfeng Aowei and Zongshen Power for potential investment opportunities [28].