Group 1: Commercial Aerospace - SpaceX plans to conduct an IPO in 2026, aiming to raise several billion dollars, marking a new phase of commercialization and capitalization in the commercial aerospace industry [3] - China's recent successful launch of multiple satellites demonstrates its growing capabilities in space exploration, with an increasing frequency of launches expected to drive exponential growth in orders for upstream suppliers [3][4] - Companies like Guanglian Aviation are positioned to benefit significantly from the anticipated increase in commercial rocket launches, with potential revenue growth reaching tens of billions [4] Group 2: AI and Server Technology - The demand for AI computing power is escalating, with power consumption for AI models increasing significantly, leading to a shift from traditional air cooling to liquid cooling solutions [6] - Companies with rare certification for liquid cooling solutions are expected to see a revaluation of their worth due to the high technical barriers and increased average selling prices [6] - The AI server supply chain is evolving, with investments shifting towards companies that possess high technical barriers and rare certifications, which will likely enjoy valuation premiums [6][9] Group 3: Humanoid Robots - Tesla's Optimus has initiated the supplier review process, indicating that humanoid robots are on the verge of mass production, with Chinese companies expected to surpass Tesla in production scale by 2026 [7] - Key components such as lightweight materials and advanced sensors are critical for the development of humanoid robots, with companies like Ningbo Huaxiang collaborating on innovative materials [8][10] - Investment strategies should prioritize core components over complete systems, focusing on companies with high technical barriers and established supply chains [11] Group 4: Semiconductor Industry - The demand for high-bandwidth memory (HBM) is surging due to AI chip requirements, prompting a rapid evolution in HBM technology and a focus on domestic production capabilities [12] - Companies like Huahai Chengke are positioned to capture significant market share in the HBM materials sector, with potential revenues reaching 3 billion yuan [14] - The semiconductor investment landscape is shifting towards companies that can achieve substantial breakthroughs and secure orders in high-demand areas like HBM and advanced packaging [12] Group 5: Energy Sector - The energy market is experiencing a transition, with gas turbines expected to maintain strong demand through 2035, benefiting companies like Yingliu [15] - Nuclear fusion technology is advancing, with Chinese teams making significant progress, positioning companies like China Uranium Industry as future leaders in energy solutions [16] - Investment strategies should focus on both immediate opportunities in gas turbines and long-term potential in nuclear fusion technologies [16] Group 6: Optical Communication - The optical communication sector is transitioning from 800G to 1.6T technology, significantly increasing the demand for core materials like indium phosphide [17] - Companies that have achieved breakthroughs in domestic production of critical components for optical modules are expected to benefit from industry growth and market share increases [17][21] - Investment in optical communication should align with the dual themes of speed upgrades and domestic substitution [17] Group 7: Macro Variables - The Federal Reserve's recent interest rate cut is expected to create a more favorable liquidity environment for growth-oriented technology stocks, particularly those sensitive to interest rates [18][22] - The anticipated improvement in financing conditions will support technology companies in sectors like commercial aerospace, AI, and robotics that require substantial R&D investments [22] - Investors should focus on identifying companies with real technological barriers and clear growth paths in the evolving landscape of hard technology [23]

制造成长周报（第 37 期） 优于大市 特朗普政府聚焦机器人行业，Tiktok 拟投资 380 亿美元建数 据中心 重点事件点评&重点关注：人形机器人、AI 基建 事件 1-特朗普政府聚焦机器人行业：2025 年 12 月 3 日，据 Politico 消息， 特朗普政府开始聚焦机器人行业发展：商务部长卢特尼克一直在与机器人行 业的 CEO 会面，政府正在考虑明年发布一项关于机器人技术的行政令。 事件 2-TikTok 计划投资 380 亿美元在巴西建设数据中心：2025 年 12 月 3 日，字节跳动宣布旗下的 TikTok 计划投入 2000 亿雷亚尔（约合 380 亿美元）， 在巴西东北部塞阿拉州的 Pecém 参与建设一个大型数据中心综合体。 证券研究报告 | 2025年12月08日 2025年12月09日 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 行业研究·行业周报 机械设备 优于大市·维持 证券分析师：吴双 证券分析师：杜松阳 AI 基建：我们认为 AI 算力仍然是需求确定性高增长的投资主线，持续看好 AI 基建相关产业链。燃气轮机作为海外数据中心主用电源将深度受益 AI 数据中心供 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5][12]. Core Views - The focus on humanoid robots and AI infrastructure is expected to drive significant growth in the industry, with the U.S. government under Trump prioritizing the development of the robotics sector [2][19]. - TikTok plans to invest $38 billion in building a data center in Brazil, indicating a strong commitment to AI infrastructure [20]. - Jerry Holdings has secured contracts exceeding $100 million for generator sets, highlighting its competitive advantage in the data center power supply sector [21]. Humanoid Robots - Humanoid robots are seen as a crucial carrier for AI, with ongoing advancements expected to continue. The report suggests focusing on companies with strong positions in the supply chain, particularly those linked to Tesla [2][9]. - Key companies to watch include: - Core suppliers: Feirongda, Longxi Co., Weiman Sealing, Hengli Hydraulic, Huichuan Technology, Green Harmony, Lens Technology, and Wuzhou New Spring [2]. - Incremental opportunities: Weiman Sealing, Longxi Co., Feirongda, Weike Technology, and Hanwei Technology [2][9]. AI Infrastructure - AI computing power is identified as a high-growth investment theme, with a focus on the energy supply chain for AI data centers. Gas turbines are expected to benefit significantly from the demand for data center power [3][9]. - Key companies in the gas turbine supply chain include: - Gas turbine hot-end blades: Yingliu Co., Wanze Co. - Gas turbine generator sets: Jerry Holdings. - Other components: Haomai Technology, Liande Co., and supporting heat recovery steam generators [3][9]. Key Company Earnings Forecast and Investment Ratings - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform": - Green Harmony: 2024 EPS of 0.33, PE of 474 [12][29]. - Mingzhi Electric: 2024 EPS of 0.19, PE of 370 [12][29]. - Huichuan Technology: 2024 EPS of 1.60, PE of 46 [12][29]. - Hengli Hydraulic: 2024 EPS of 1.87, PE of 60 [12][29]. - Longxi Co.: 2024 EPS of 0.31, PE of 91 [12][29]. - Yingliu Co.: 2024 EPS of 0.42, PE of 97 [12][29].

Summary of Gas Turbine Industry Conference Call Industry Overview - The gas turbine power generation accounts for 45% of the U.S. power grid, with expectations for continued growth over the next 3-5 years due to the demand from data centers building their own power plants [1][2][3] - Major manufacturers like GE, Siemens Energy, and Mitsubishi Heavy Industries hold over 80% market share, with backlogs extending 4-5 years [1][3] - Global gas turbine market is experiencing a supply-demand imbalance, with new orders expected to exceed 84GW in 2024 against a total production capacity of approximately 60GW [1][3] Key Points on Supply Chain and Demand - The primary bottleneck in the gas turbine supply chain is the turbine blade supply, which constitutes about 25% of the overall value [4] - PCC and Howmet dominate the turbine blade market with a combined share of around 50%, but their production capacity has not significantly increased [4] - The shift in focus from demand to supply issues indicates that turbine blade shortages are limiting overall machine deliveries [4][5] Company-Specific Insights Baker Hughes - Baker Hughes, the fourth-largest gas turbine manufacturer, is experiencing a surge in orders, particularly for small gas turbines, with a 70% year-on-year increase in new orders expected in 2025 [6] - The company aims to increase production capacity by 40% to meet demand, which will benefit suppliers like Yingli [6] Yingli - Yingli is positioned to benefit from Baker Hughes' expansion plans and new orders, with significant growth potential in the gas turbine blade market [7] - The company has secured substantial contracts, with blade orders expected to grow from $20 million in 2024 to $100 million by 2027, indicating a fivefold increase [8] - Yingli's strategic investments in production capacity and technology are expected to yield substantial revenue growth, potentially reaching RMB 5-6 billion by 2028-2029 [11][13] Financial Performance and Market Potential - Yingli's stock price has been rising due to improved long-term cash flow expectations, driven by new orders from major manufacturers [15] - By 2028, Yingli's business could generate profits of approximately RMB 1.3 billion, leading to a market valuation of around RMB 500 billion based on a 30x P/E ratio [16] - The company has significant room for growth, with potential revenues from its two-machine business reaching RMB 10 billion, corresponding to a market cap of RMB 900-1,000 billion if production capacity is expanded [16] Catalysts for Future Growth - Potential catalysts for Yingli's stock price increase include Baker Hughes' expansion plans, new orders from less-focused clients like Ansaldo, and upcoming announcements from GE regarding their production plans [17] - The company is also optimizing its product structure to enhance profit margins by focusing on higher-value products [18][19] Conclusion - The gas turbine industry is poised for significant growth driven by increasing demand from data centers and a supply chain constrained by turbine blade production limitations - Companies like Yingli are well-positioned to capitalize on these trends, with strong order backlogs and strategic investments in capacity and technology expected to drive future revenue and profit growth.

Group 1: Market Performance - The commercial aerospace sector saw significant gains on December 5, with Guanglian Aviation rising over 10%, Hitec High-tech increasing by more than 7%, and Yingliu Co. up over 6% [1][8] - The General Aviation ETF Huabao (159231) experienced a strong upward movement, closing up 2.62%, recovering its six-month line [1][8] Group 2: Industry Growth - Global commercial aerospace is experiencing robust growth, with the number of launches increasing from 112 in 2020 to 263 projected for 2024, making commercial rockets the mainstay of global launches [6][10] - In China, commercial rocket companies have rapidly developed since 2014, with multiple rocket types achieving consecutive successful launches, and plans for reusable rockets like Zhuque-3 and Tianlong-3 to debut in 2025-2026 [4][10] Group 3: Investment Opportunities - The General Aviation ETF Huabao covers 50 constituent stocks, with over 46% from state-owned enterprises and more than 20% from the top ten military industrial groups, focusing on sectors like low-altitude economy, large aircraft, military aircraft, commercial aerospace, satellite navigation, and drones [6][13] - The ETF is positioned as a tool for investors to access the Chinese aerospace industry chain, benefiting from both domestic demand and military trade [6][13]

Core Viewpoint - The A-share market is witnessing strong performance in controllable nuclear fusion concept stocks, driven by recent policy developments and research advancements in nuclear technology [1] Group 1: Stock Performance - Changguang Huaxin has reached a 20% limit up, while Juguang Technology and Sry New Materials have increased by over 11% [1] - Yongding Co. and Guoji Heavy Industry have also hit a 10% limit up, with other stocks like Ice Wheel Environment and several others showing gains of over 5% [1][2] - The year-to-date performance of key stocks includes Changguang Huaxin at 230.39%, Juguang Technology at 126.45%, and Sry New Materials at 185.61% [2] Group 2: Policy and Research Developments - The 15th cooperation protocol between the China National Atomic Energy Agency and the French Atomic Energy and Alternative Energies Commission emphasizes strengthening cooperation in nuclear research and technology applications [1] - CICC's report indicates that the 14th Five-Year Plan has officially included controllable nuclear fusion in the national future industrial system, marking its transition from frontier scientific exploration to a strategic technological focus [1] Group 3: Investment Opportunities - Controllable nuclear fusion is highlighted as a clean base-load energy source that can support carbon reduction in high-energy-consuming industries and has potential applications across multiple fields [1] - The report suggests focusing on investment opportunities in the upstream and downstream industrial chain, particularly in superconducting cables, lasers, and sensor monitoring and control systems [1]

数据来源：沪深交易所 风险提示：通用航空ETF华宝被动跟踪国证通用航空产业指数，该指数基日为2012.6.29，发布日期为 2012.12.28，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。本 文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓 信息和交易动向。基金管理人评估的该基金风险等级为R3-中风险，适宜平衡型（C3）及以上的投资 者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预测、图 表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另， 本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容所引发的 直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管理人管理 的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 12月5日早盘，商业航天概念继续强势，广联航空大涨逾12%，海特高新涨超6%，应流股份涨超5%，中 国卫星、华力创通等涨近3% ...

Core Insights - The successful launch of the Zhuque-3 rocket marks a significant milestone for China's commercial space industry, addressing the core issue of insufficient launch capacity [1] - The launch validates the rocket's basic launch capabilities, enabling it to undertake commercial orders [1] - The establishment of the National Commercial Space Administration is expected to optimize management and catalyze growth in the commercial space sector during the 14th Five-Year Plan period [1] Industry Developments - The successful launch is anticipated to accelerate the construction of satellite internet constellations and open new business models such as space tourism and space manufacturing [1] - Several reusable rockets, including Long March 12A and Tianlong 3, are lined up for their maiden flights, indicating a period of intensive validation and potential explosive growth in the industry [1] Market Performance - As of December 4, 2025, the CSI Defense Index (399973) rose by 1.07%, with notable increases in stocks such as Aerospace Electronics (600879) up 8.82% and Yingli Technology (300395) up 4.35% [1] - The National Defense ETF (512670) also saw a rise of 0.91%, reflecting positive market sentiment towards defense-related stocks [1] Index Composition - The CSI Defense Index includes stocks from the top ten military industrial groups and companies that provide weaponry or have contracts with the military, reflecting the overall performance of defense industry stocks [2] - As of November 28, 2025, the top ten weighted stocks in the index accounted for 44.06% of the total index, with significant players including AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893) [2]

Summary of Yingliu Co., Ltd. Conference Call Industry and Company Overview - **Company**: Yingliu Co., Ltd. (应流股份) - **Industry**: High-temperature alloys, precision casting, gas turbines, nuclear energy materials, and low-altitude economy Key Points and Arguments Business Segmentation and Strategy - Yingliu has restructured its revenue reporting into three main segments: high-temperature alloys and precision cast steel products, new materials and equipment, and nuclear power and other large castings, enhancing clarity on its core competencies and future direction [2][5][6] - The company has extended its value chain from casting to encompass upstream and downstream processes, focusing on high-value, high-difficulty areas, thereby increasing its technical barriers and profitability [2][7] Growth Drivers - The two-machine business (aviation engines and gas turbines) is a significant growth driver, projected to account for 37.8% of revenue in 2024 with a gross margin exceeding 40%, outperforming other segments [2][8] - The surge in electricity consumption by data centers is expected to boost gas turbine demand, with North America's installed capacity forecasted to grow from nearly zero in 2024 to 10.6 GW by 2028, presenting growth potential for Yingliu [2][9][10] Market Dynamics - The global gas turbine market is dominated by Siemens, GE, and Mitsubishi, which together hold over 80% market share. Yingliu has established partnerships with Siemens and Baker Hughes, indicating significant potential for expansion in overseas markets [2][11] - The pandemic has negatively impacted aviation engine demand, leading to a tight supply of high-temperature alloy castings and capacity constraints in the two-machine industry due to labor market and supply chain challenges [2][14] Low-altitude Economy - Yingliu is developing a full industry chain in the low-altitude economy, including turboshaft engines and helicopter technology, although this segment is currently operating at a loss. Revenue is expected to gradually increase over the next few years [3][18][19] Nuclear Power Business - The nuclear power equipment business has stabilized since the resumption of project approvals in 2019, with a stable order outlook for the next two to three years. The company is involved in various nuclear materials, which are widely used in advanced nuclear energy applications [2][16][22] Future Outlook - Yingliu aims to achieve a revenue target of 10 billion RMB within five years, with specific contributions from traditional business, nuclear power, and the two-machine business. The company anticipates a net profit margin increase to 18%, corresponding to a profit target of 1.8 billion RMB [2][23][24] Additional Important Insights - The company has a strong cost advantage in core components, with a self-manufacturing rate of 40% to 70% for its turboshaft engines, enhancing its competitive position in the low-altitude economy [18][19] - The domestic heavy gas turbine manufacturing sector is in a breakthrough phase, with significant potential benefits for local component manufacturers if breakthroughs are achieved [12][13] - The two-machine business is expected to see substantial growth driven by military and civil aviation opportunities, with a projected revenue of 5 billion RMB by 2030 [20][21]

Group 1 - The nuclear power industry chain in China is experiencing significant breakthroughs with the commencement of new projects in Shandong and Zhejiang, marking a full-scale launch of new constructions [1] - China Uranium Industry's IPO has been successfully launched, enhancing upstream resource security for the nuclear power sector [1][4] - The international fusion cooperation project BEST has been initiated, accelerating the layout of cutting-edge technologies in the nuclear energy field [1][2] Group 2 - Since 2022, China has consistently approved more than 10 nuclear power units annually, indicating a normalization of project approvals and strong investment momentum in the nuclear sector [3] - The total investment for the newly approved 10 nuclear units in April is estimated to exceed 200 billion yuan, reflecting robust demand for nuclear power construction [3] - In the first nine months of 2025, domestic nuclear power investment reached 990.9 billion yuan, a year-on-year increase of 23.3% [3] Group 3 - China Uranium Industry holds significant mining rights and advanced extraction technologies, which will enhance domestic uranium production capacity and supply security [4] - The IPO aims to raise 4.11 billion yuan to fund several projects, including the Nalinggou uranium mine, thereby strengthening the upstream resource support for the nuclear power industry [4] Group 4 - As of October 2023, China operates 59 nuclear power units with a total installed capacity of 62.48 million kilowatts, maintaining the world's largest scale [5] - China's nuclear power generation accounts for only 5% of total electricity generation, indicating substantial growth potential compared to other regions [5] Group 5 - The first fourth-generation nuclear power plant is set to be operational by December 2023, showcasing advancements in safety and efficiency [6] - The BEST project is progressing, with significant investments in fusion energy technologies, indicating a clear roadmap for nuclear energy development in China [7] Group 6 - Investment opportunities are identified in various segments of the nuclear power industry, including equipment manufacturers, operators, and uranium resource companies [8] - Companies such as China Nuclear Power, China General Nuclear Power, and China Uranium Industry are highlighted as key players to watch in the evolving market [8]