【招商汽车&军工】重视低空物流场景和无人机及低空反制 事件1： 5月30日，《国家邮政局关于加快邮政业科技发展的意见》明确提出，加强支线运输、末端配送等寄递无人机研 制，因地制宜开展低空寄递服务，促进邮政快递低空经济发展。 探索开展跨省、城际无人机运输，推动无人机末端配送规模化应用，提升寄递服务时效和体验。 点评： 5月30日，《国家邮政局关于加快邮政业科技发展的意见》明确提出，加强支线运输、末端配送等寄递无人机研 制，因地制宜开展低空寄递服务，促进邮政快递低空经济发展。 探索开展跨省、城际无人机运输，推动无人机末端配送规模化应用，提升寄递服务时效和体验。 点评： 低空无人物流是无人物流的场景之一。 低空物流可分为末端物流（20km以内）和支线物流（50-500km），末端物流多采用小型多旋翼无人机，满足快 递、生鲜的最后一公里配送；支线物流采用复合翼或固定翼无人机，用于跨城、跨海等长距离、较大载重运输。 24年3月，四部门《通用航空装备创新应用实施方案》明确要求建设"干-支-末"无人机配送网络。 25年4月，美团获得全国首张低空物流全境覆盖OC。 相关标的： 低空无人物流是无人物流的场景之一。 【招商汽车& ...

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [10]. Core Insights - The global satellite internet market, driven by network coverage issues rather than pricing, has significant capacity to accommodate both domestic and international satellite operators, with the domestic satellite communication service market potentially reaching nearly 100 billion yuan annually [2][5]. - The commercial aerospace sector is characterized by market-driven activities, with the satellite industry being its core component. The competition for frequency resources is intensifying, leading to a more closed-loop industry structure [5][21]. - The demand for commercial aerospace capabilities is underpinned by the need for resilient space architectures and the integration of military and civilian space communications, creating a blue ocean market [6][21]. - Domestic satellite manufacturers are actively expanding production capacity and reducing costs, with new commercial rockets and launch sites alleviating supply pressures. The demand for low-cost access to space is expected to be met adequately [7][21]. - The report suggests prioritizing investment opportunities in the early stages of the commercial aerospace industry chain, particularly in space infrastructure construction [8][21]. Summary by Sections Market Overview - The commercial aerospace industry is defined by profit-driven activities and follows market mechanisms, with the satellite industry as its main component. The U.S. National Space Policy emphasizes the encouragement of commercial aerospace development as a key goal [5][21]. - The global satellite industry revenue reached approximately $285.3 billion in 2023, with satellite manufacturing and applications being the primary contributors [31][34]. Demand and Growth Potential - There are approximately 50 million people in China who are not connected to the internet due to coverage issues, and globally, around 400 million lack communication infrastructure. The potential market for satellite wireless internet could reach nearly 1 trillion yuan annually by 2030 [6][21]. - The "Thousand Sails" and GW satellite constellations are projected to generate significant market space for satellite manufacturing and rocket launch services, exceeding 270 billion yuan and 80 billion yuan, respectively, by 2030 [6][21]. Production and Cost Reduction - Satellite manufacturing and launch costs are the highest in constellation construction. Domestic manufacturers are planning to achieve an annual production capacity of over 3,000 satellites, which will help reduce costs through mass production [7][21]. - New generation low-cost rockets are already in use, and several reusable rockets are expected to make their maiden flights by 2025, enhancing the capacity for commercial launches [7][21]. Investment Recommendations - The report recommends focusing on investment opportunities in the early stages of the commercial aerospace industry chain, particularly in satellite manufacturing, rocket manufacturing, and launch services, as the market is expected to expand significantly by 2025 [8][21].

Group 1 - The report highlights three main investment directions for June, focusing on mid-term fundamental improvements in sectors such as innovative pharmaceuticals and military electronics [2][3] - The recommended stock portfolio includes companies from various industries, with detailed financial metrics provided for each [4][71] - The report emphasizes the potential for a new round of "East Rising, West Falling" trading, driven by a weakening dollar and favorable liquidity conditions [7][9] Group 2 - The report recommends Nuway Co., Ltd. (603699.SH) as a leading global industrial valve manufacturer, benefiting from strong demand in LNG and marine industries, with expected overseas order growth of over 30% in the first half of 2025 [12][13] - The report identifies Xiaogongmiao City (600415.SH) as a key player in China's small commodity trade, with significant growth potential driven by the expansion of the Yiwu International Trade City and a projected 15.1% increase in import and export value in 2025 [18][19] - The report highlights Jingzhida (688627.SH) as a promising electronic company, with successful validation of key testing machines and strong demand from major clients, indicating significant revenue potential in the domestic storage testing market [23][24] Group 3 - Aerospace Electronics (600879.SH) is positioned for rapid growth, focusing on space electronics and unmanned systems, with increasing demand in satellite internet and drone markets [29][30] - Qingdao Beer (600600.SH) is expected to benefit from restaurant recovery and management improvements, presenting strong investment potential in the beverage sector [35][39] - Qianhong Pharmaceutical (002550.SZ) is projected to achieve substantial revenue growth, driven by the potential of its innovative drug pipeline, particularly QHRD106 [41][43] Group 4 - Focus Media (002027.SZ) is maintaining steady growth with effective cost control and increasing market share, particularly in the consumer goods advertising sector [44][46] - Green Power (601330.SH) is expected to see significant increases in free cash flow and dividends, supported by operational improvements and strategic project placements [50][52] - Sanhua Intelligent Control (002050.SZ) is well-positioned in the electric and new energy sectors, with strong growth prospects linked to Tesla's production plans and domestic market recovery [58][60] Group 5 - Inovance Technology (300124.SZ) is focusing on AI and humanoid robotics, with strategic investments expected to enhance its market position and profitability in the automation sector [64][66] - The report emphasizes the importance of monitoring key catalysts such as new product validations and market expansions for the recommended stocks [27][62]

Group 1 - The core index, the CSI High-end Equipment Sub-index 50, rose by 1.59% to 2451.72 points with a trading volume of 19.501 billion yuan [1] - Over the past month, the CSI High-end Equipment Sub-index 50 increased by 4.45%, while it rose by 1.74% over the last three months, but has decreased by 0.94% year-to-date [1] - The index includes 50 representative listed companies involved in aerospace equipment manufacturing, aerospace power and control systems, microwave radar, satellite navigation, optoelectronic infrared, communication equipment, electronic components, information security, and aerospace materials [1] Group 2 - The top ten weighted companies in the CSI High-end Equipment Sub-index 50 are: AVIC Shenyang Aircraft Corporation (7.14%), AVIC Optoelectronics (6.78%), Aero Engine Corporation of China (6.35%), AVIC Xi'an Aircraft Industry Group (4.75%), China Great Wall Technology (3.92%), AVIC Aircraft (3.79%), Haige Communication (3.43%), Aerospace Electronics (3.21%), Filihua (3.17%), and Western Superconducting Technologies (3.15%) [1] - The market segments of the CSI High-end Equipment Sub-index 50 show that the Shanghai Stock Exchange accounts for 51.69% and the Shenzhen Stock Exchange accounts for 48.31% [1] - The industry composition of the index sample includes 74.19% in industrials, 10.62% in materials, 7.60% in information technology, and 7.59% in communication services [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Public funds tracking the CSI High-end Equipment Sub-index 50 include: Harvest CSI High-end Equipment Sub-index 50 Link A, Harvest CSI High-end Equipment Sub-index 50 Link C, and Harvest CSI High-end Equipment Sub-index 50 ETF [2]

2025年5月29日，卫星概念爆发。截至 10:32，国证航天航空行业指数(CN5082)强势上涨1.71%，成分股 光启技术(002625)上涨7.39%，上海瀚讯(300762)上涨5.39%，航天晨光(600501)上涨3.46%，华力创通 (300045)，航发科技(600391)等个股跟涨。航空航天ETF天弘(159241)上涨1.51%，实时涨幅居同类第 一，最新价报1.01元。流动性方面，航空航天ETF天弘盘中换手29.06%，市场交投活跃，成交1.00亿 元，成交额居同类第一，流动性领先。 费率方面，航空航天ETF天弘管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 5月以来，航天发射成果丰硕：11日，长征六号改运载火箭在太原卫星发射中心点火升空，将遥感四十 号02组卫星送入预定轨道，此次发射是长征系列运载火箭第574次飞行，该卫星用于电磁环境探测及相 关技术试验；13日，长征三号丙运载火箭在西昌航天发射场成功发射通信技术试验卫星十九号，其用于 多频段、高速率卫星通信技术验证，此次为长征系列运载火箭第575次飞行；14日，长征二号丁运载火 箭在文昌航天发射场以"一箭十二星"方 ...

自2005年以来，指数历史年化收益率近20%，这只ETF可一键配置。 根据SIPRI数据，中国军贸近年来成绩斐然，中国近十年(2015-2024年)的军贸出口172.54亿TIV，相较 于上一个十年(2005-2014年)的军贸出口(110.26亿TIV)增长56.48%，其中飞行器、导弹等空天装备占 比近半，成为核心增量领域。 作者 | 紫枫 编辑 | 小白 风云君每天在手机上经常会刷到一些分析俄乌冲突、巴以冲突、印巴空战等让人紧张的文章和视频。 它们不断在提醒风云君"世界并不和平。" 而且，特朗普越来越展现出"穷兵黩武"的一面。5月份，白宫将美国国防支出提升至1万亿美元以上， 同比增加约13%。 随后，他不仅披露了耗资巨大的六代机研发计划和"金穹计划"（天基导弹防御系统），并宣布将北约 国防开支目标提升至GDP的5%，德国已表态要跟上。 所以，美国正在加快军事投入，全球军备竞赛或将再次升级。 所幸的是，中国装备在这次印巴空战中表现出色，表现出强大的空中优势，让不少国人感到安心，我 们的钢铁洪流有能力在这个动荡的环境下守护好我们的安全和利益。 风云君认为，在全球地缘政治动荡的环境下，航空航天板块兼具军工装备 ...

Core Viewpoint - The China Securities Aerospace Index (CS Aerospace, H30213) is currently at 9234.78 points, reflecting a recent upward trend in the aerospace and defense sector despite a year-to-date decline of 3.23% [1][2]. Group 1: Index Performance - The CS Aerospace Index has increased by 5.60% over the past month and by 1.35% over the last three months, while it has decreased by 3.23% year-to-date [2]. - The index is composed of 50 listed companies with significant daily market capitalization in the aerospace sector, providing diverse investment options for investors [2]. Group 2: Index Composition - The top ten weighted companies in the CS Aerospace Index are: Guoke Technology (9.89%), AVIC Shenyang Aircraft (8.21%), AVIC Optoelectronics (7.7%), Aero Engine Corporation of China (7.02%), AVIC Xi'an Aircraft (5.29%), AVIC Aircraft (4.31%), Aerospace Electronics (3.67%), AVIC Chengfei (3.65%), AVIC Gaoke (3.01%), and China Satellite (2.53%) [2]. - The index's holdings are distributed between the Shenzhen Stock Exchange (50.93%) and the Shanghai Stock Exchange (49.07%) [2]. - The industry composition of the index includes Aerospace (61.47%), Defense Equipment (25.84%), and Space (12.70%) [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. - Companies that are delisted or undergo significant changes, such as mergers or acquisitions, will be removed or adjusted accordingly from the index [3].

Core Points - The company will participate in the 2024 annual performance briefing organized by China Aerospace Science and Technology Corporation on June 5, 2025 [1] - The meeting will be conducted through on-site communication, video live streaming, and online text interaction [1] - Investors can submit questions via fax or email before June 4, 2025, and the company will respond to commonly asked questions during the briefing [1] Meeting Details - The performance briefing is scheduled for June 5, 2025, from 14:30 to 17:30 [1] - The live streaming can be accessed through the Shenzhen Stock Exchange "Interactive Easy" platform and the Shanghai Stock Exchange Roadshow Center [1] - The company will discuss its operational results and financial indicators for the year 2024 and the first quarter of 2025 [1] Participants - Key attendees include the Chairman, Directors, Independent Directors, President, Vice Presidents, and the Secretary of the Board [1] - The attendance of specific leaders may vary based on work arrangements without further notice [1] Investor Participation - Investors can watch the live briefing on the specified platforms and engage in interactive communication with company representatives [1] - Questions can be submitted via email, and the company will address common inquiries during the meeting [1] Additional Information - After the briefing, investors can review the meeting's proceedings and main interactive content on the Shanghai Stock Exchange Roadshow Center [2]

证券代码：600879 证券简称：航天电子 公告编号：临 2025-032 航天时代电子技术股份有限公司 关于参加中国航天科技集团有限公司控股上市公司 2024 年度集体业绩说明会的公告 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。 重要内容提示： （https:// irm.cninfo.com.cn/）； 上海证券交易所上证路演中心平台 （https://roadshow.sseinfo.com/） 投资者互动交流地址：上海证券交易所上证路演中心平台 二、说明会召开的时间、地点 1、会议召开时间：2025 年 6 月 5 日（星期四）下午 14:30-17:30 （https://roadshow.sseinfo.com/） 航天时代电子技术股份有限公司（以下简称"公司"）已于 2025 年 3 月 27 日、2025 年 4 月 29 日在上海证券交易所网站分别披露了公司 2024 年年度报告 及公司 2025 年第一季度报告。为加强与投资者沟通，推进公司高质量发展，公 司将参加中国航天科技集团有限公司（以下简称"航天 ...

金融界5月26日消息，上证指数低开震荡，中证高端装备细分50指数 (高装细分50，931521)上涨1.01%， 报2437.01点，成交额175.42亿元。 数据统计显示，中证高端装备细分50指数近一个月上涨2.48%，近三个月下跌1.82%，年至今下跌 0.96%。 据了解，中证高端装备细分50指数选取50只涉及航空航天装备制造、航空动力及控制系统、微波雷达、 卫星导航、光电红外、通信设备、电子元器件、信息安全、航空航天材料等业务的代表性上市公司证券 作为指数样本，以反映航空航天等高端装备细分领域上市公司证券的整体表现。该指数以2012年12月31 日为基日，以1000.0点为基点。 从指数持仓来看，中证高端装备细分50指数十大权重分别为：中航沈飞（7.3%）、中航光电 （6.9%）、航发动力（6.21%）、中航西飞（4.69%）、中国长城（3.85%）、中航机载（3.78%）、海 格通信（3.32%）、航天电子（3.21%）、中航成飞（3.2%）、菲利华（3.17%）。 从中证高端装备细分50指数持仓的市场板块来看，上海证券交易所占比51.68%、深圳证券交易所占比 48.32%。 从中证高端装备细分5 ...