Investment Rating - The report rates the military industry as "Buy" [1] Core Insights - The second Commercial Aerospace Industry Development Conference has opened, and Japan has officially received the "Tomahawk" missiles. The intensification of great power competition is a long-term trend, indicating a positive long-term outlook for the military industry [3][9] Summary by Sections Investment Thesis - Key investment themes include: 1) Assembly: AVIC Shenyang Aircraft, Aerospace South Lake, AVIC Xi'an Aircraft, and GD Radar 2) Components: AVIC Optoelectronics, Unisoc, Shaanxi Huada, Zhenhua Technology, Zhimin Technology, Guobo Electronics, and Ruichuang Micro-Nano 3) Subsystems: Aero Engine Corporation of China, AVIC Avionics, North Navigation, and Aerospace Electronics 4) Materials and Processing: AVIC High-Tech, Filihua, Guangwei Composite, Huayin Technology, Plit, Western Materials, Aviation Materials, Jiach Technology, and Hangya Technology [5][9] Market Review - The military sector experienced a decline, with the defense and military index dropping by 1.66%, underperforming the broader market by 0.57 percentage points, ranking 25th out of 29 [11][12] - The Shanghai Composite Index fell by 1.09%, and the ChiNext Index dropped by 1.68% [11][12] Key Events - The second Commercial Aerospace Industry Development Conference opened in Shenzhen, focusing on aerospace technology, low-orbit satellites, deep space exploration, and commercial launch technologies [22][23] - China Southern Airlines' C919 domestic aircraft commenced operations on the Guangzhou to Wenzhou route, marking a significant milestone in domestic aviation [25][26] - Germany's arms exports are projected to reach a record high in 2025, with a total value exceeding €131.1 billion [27][28]

Core Insights - The report highlights the significant growth potential in the defense and aerospace sector, particularly with the recent developments in China's commercial aviation market and the increasing demand for gas turbines [5][15][16]. Group 1: Industry Overview - The China Commercial Aircraft Corporation (COMAC) supplier conference indicates a new phase of large aircraft entering mass production, with the C919 aircraft expanding its operational routes significantly [5][15]. - The gas turbine market has seen a dramatic price increase, with unit costs rising from approximately $2,000 to $3,000 per kilowatt, reflecting a nearly 50% increase driven by supply chain pressures [5][16]. Group 2: Investment Opportunities - The report identifies several key investment themes based on the "S-curve" cycle evolution, focusing on supply chain reforms, military exports, and emerging industries such as commercial aerospace and AI [5][17]. - Specific companies to watch include: - Aviation Power and Control, which are positioned to benefit from high-end aviation equipment production and maintenance needs [5][24][25]. - Zhonghang Xifei and Zhonghang Heavy Machinery, which are major players in military and civil aircraft manufacturing [5][26][27]. - Guangwei Composite Materials, recognized as a core supplier in the aerospace carbon fiber market, with multiple growth avenues in new materials and applications [5][28]. Group 3: Financial Analysis - The report provides a detailed financial analysis of key companies, including projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026, indicating a generally positive outlook for the sector [7]. - For instance, Aviation Power is expected to have a dynamic PE of approximately 24X in 2025, reflecting strong growth potential in the aviation supply chain [5][27]. Group 4: Market Trends - The defense sector is experiencing a shift towards modernization and increased demand for advanced technologies, with a focus on integrating AI and quantum computing into military applications [5][17][20]. - The report emphasizes the importance of domestic production capabilities and the ongoing trend of localization in the semiconductor industry, which is expected to drive growth in the coming years [5][20].

股票研究 /[Table_Date] 2026.03.30 低轨星座收费标准优化，规模化效应利好显著 [Table_Industry] 军工 ——关于优化完善无线电频率占用费标准的通知事件点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 国家发展改革委、财政部发布关于优化完善无线电频率占用费标准的通知。低轨星 座收费标准优化，终端不再单独交费，卫星互联网频率费有望大幅下降，卫星终端 应用市场普及或加速，建议关注商业航天产业链相关标的。 投资要点： 变成了固定的成本，大规模卫星组网承担的频率费将大幅下降；2） 新规则将卫星通信站（包括手机直连卫星等终端设备）需要单独缴 纳频率占用费调整为只向卫星运营商收取，用户端不再单独交费， 有利于卫星终端的普及 ...

证券代码：688333 证券简称：铂力特 公告编号：2026-009 西安铂力特增材技术股份有限公司 关联交易公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次交易事项已经公司第三届董事会第二十六次会议、独立董事专门会 议审议通过，本次交易事项无需提交股东会审议 一、关联交易概述 截止 2026 年 3 月 26 日，公司与陕西华秦科技实业股份有限公司、陕西华秦新 能源科技有限责任公司、陕西航测测试技术有限公司、沈阳华秦航发科技有限责 任公司签订销售合同、加工合同、外协服务合同等金额累计约 1,097.56 万元。 前述关联交易不构成重大资产重组。 陕西华秦科技实业股份有限公司、陕西华秦新能源科技有限责任公司、陕西航 测测试技术有限公司、沈阳华秦航发科技有限责任公司系股东、董事折生阳控制 的公司，上述关系构成关联关系。 过去 12 个月内公司与同一关联人或与不同关联人之间交易标的类别相关的关 联交易未达到3000万元以上，且未达到公司最近一期经审计总资产或市值1%以上， 无需提交股东会审议。 交易简 ...

已履行的审议程序：公司于 2026 年 3 月 26 日召开第三届董事会第二十六次 会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，本事项 无需提交公司股东会审议，保荐机构对本事项出具了明确的核查意见。 特别风险提示：尽管公司选择低风险投资品种的现金管理产品，但金融市场 受宏观经济的影响较大，公司将根据经济形势以及金融市场的变化适时适量的介 入，但不排除该项投资受到市场波动的影响。提请投资者注意投资风险。 证券代码：688333 证券简称：铂力特 公告编号：2026-008 西安铂力特增材技术股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资种类：购买安全性高、流动性好、有保本约定的投资产品（包括但不限 于结构性存款、协议存款、通知存款、定期存款、大额存单等）。 投资金额：不超过人民币 70,000.00 万元（包含本数） 由于募集资金投资项目建设需要一定周期，根据募投项目整体实施进度，公 司的部分募集资金存在暂时闲置的情形。为进一 ...

中信建投证券股份有限公司 关于西安铂力特增材技术股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为西 安铂力特增材技术股份有限公司（以下简称"铂力特"或"公司"）2022年度向 特定对象发行A股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管 指引第1号——规范运作》和《科创板上市公司持续监管办法（试行）》等有关规 定，对铂力特使用部分暂时闲置募集资金进行现金管理进行了审慎核查，核查情 况及核查意见如下： 一、募集资金的基本情况 根据中国证券监督管理委员会出具的《关于同意西安铂力特增材技术股份有 限公司向特定对象发行股票注册的批复》（证监许可[2023]1444 号），同意公 司向特定对象发行股票的注册申请。本次发行股票 32,048,107 股，每股发行价格 94.50 元，募集资金总额为 3,028,546,111.50 元，扣除各项发行费用（不含增值税） 共计 21,150,195.56 元，公司实际募集资金净额 3,007,395,915.94 元。上述 ...

证券代码：688333 证券简称：铂力特 公告编号：2026-007 西安铂力特增材技术股份有限公司 关于向特定对象发行股票部分募集资金专户 销户完成的公告 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、准确性和完整性依法承担法律责任。 西安铂力特增材技术股份有限公司（以下简称"公司"）向特定对象发行股票 募集资金按照相关法律、法规和规范性文件的规定，在银行开立了募集资金专用 账户。近日，公司办理完成了对部分募集资金专用账户的注销手续，具体情况如 下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意西安铂力特增材技术股份有 限公司向特定对象发行股票注册的批复》（证监许可[2023]1444号），同意公司 向特定对象发行股票的注册申请。本次发行股票32,048,107股，每股发行价格 94.50元，募集资金总额为3,028,546,111.50元，扣除各项发行费用（不含增值税） 共计21,150,195.56元，公司实际募集资金净额3,007,395,915.94元。上述募集资金 于2023年12月5日已全部到位，经信永中和会计师事务所（ ...

Group 1: Space Photovoltaics and Computing - The TERAFAB project aims to establish a chip manufacturing facility with a target annual capacity of 1 terawatt (1TW), with 80% of production dedicated to space missions[9] - The demand for solar power is expected to surge due to the deployment of AI satellites and the need for high-efficiency solar systems in space[10] - The transition of space photovoltaics from auxiliary power units to essential energy infrastructure for space computing is anticipated to drive significant growth in this sector[10] Group 2: 3D Printing Advancements - The 3D printing industry is experiencing growth due to improved equipment efficiency and reduced material costs, particularly in aerospace and consumer electronics[11] - Metal 3D printing is becoming a key technology for intelligent manufacturing, with applications expanding in various fields including AI computing and aerospace[11] - The price of titanium alloy powder for 3D printing has halved from 600 yuan/kg to below 300 yuan/kg, opening new application scenarios[33] Group 3: Home Products and AI Integration - Companies like Gujia Home and Mousse are focusing on smart and functional home products, with Gujia's new product line achieving over 15,000 orders within 24 hours of launch[44] - Mousse is collaborating with Huawei to create a comprehensive sleep solution, integrating AI technology into their product offerings[49] - The home furnishings sector is witnessing a shift towards smart, functional products that address consumer pain points, enhancing market competitiveness[44]

Group 1 - The report emphasizes the high-quality development of the marine economy and the rising demand in commercial aerospace and gas turbines, driven by strategic initiatives and technological advancements [5][13][14] - The report highlights the importance of the "S-curve" cycle evolution, focusing on supply chain reforms and the trends of automation and intelligence in the defense industry, with specific companies recommended for investment [15][16] - The report discusses the impact of geopolitical tensions, particularly the military actions involving the U.S. and Israel against Iran, which have led to significant disruptions in global energy and supply chains [5][13] Group 2 - The report identifies key companies in the defense and aerospace sectors, such as AVIC, which is expected to benefit from the modernization of military equipment and the growing demand for high-end aviation engines [23][24][26] - The report provides financial forecasts for various companies, indicating expected net profits and corresponding PE ratios, such as AVIC's projected net profit of 11.90 billion CNY in 2025 with a dynamic PE of approximately 59X [26][27] - The report highlights the potential of companies like Feiliwa and Guorui Technology in the semiconductor and aerospace materials sectors, emphasizing their competitive advantages and growth prospects in domestic and international markets [21][22][18]

Investment Rating - The report rates the industrial-grade 3D printing industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [3][12]. Core Insights - The demand for large-scale, high-stability, and multi-laser collaborative metal additive manufacturing equipment is continuously growing as industrial manufacturing evolves towards larger, integrated, high-precision, and high-efficiency directions [6]. - Significant advancements in beam shaping technology, ultra-fine printing, multi-laser systems, and AI applications are enhancing the efficiency and capabilities of 3D printing [6]. - The cost of titanium alloy powder for 3D printing has halved since 2023, driven by process improvements and reduced sponge titanium costs, opening up new application scenarios for 3D printing [6]. - Key application areas for metal 3D printing include aerospace, consumer electronics, and AI computing, where it addresses the limitations of traditional manufacturing processes [6]. Summary by Sections Market Demand and Technology Advancements - The report highlights the increasing market demand for large, stable, and efficient metal additive manufacturing equipment, with specific advancements in beam shaping technology leading to efficiency improvements of 69%-100% for various materials [6]. - Ultra-fine printing technology achieves a precision of 0.03mm and a density of 99.99%, enabling the production of complex structures [6]. - Multi-laser systems, such as the EP-M3050, can achieve forming speeds of 1500-3500 cm³/h, balancing high efficiency with stability [6]. - AI applications in powder detection enhance defect recognition and reduce re-powdering time, significantly improving operational efficiency [6]. Cost Reduction and Application Expansion - The price of titanium alloy powder for 3D printing has decreased from 600 RMB/kg to below 300 RMB/kg, facilitating broader adoption in various industries [6]. - In aerospace, 3D printing supports the shift towards high-frequency launches and scalable networks, allowing for rapid design iterations and reduced manufacturing cycles [6]. - In consumer electronics, the technology enables lightweight and complex structures, addressing the challenges of traditional manufacturing methods [6]. - In AI computing, 3D printing expands the processing capabilities of copper materials, making complex structures more controllable under high thermal densities [6]. Key Companies and Valuations - Notable companies in the sector include: - Huazhu Gaoke (华曙高科) with a market cap of 350.47 billion and projected net profits increasing from 0.67 billion in 2024 to 1.73 billion in 2026 [7]. - Plittech (铂力特) with a market cap of 257.53 billion and projected net profits rising from 1.04 billion in 2024 to 3.28 billion in 2026 [7]. - Jiangshun Technology (江顺科技) with a market cap of 88 billion and projected net profits increasing from 1.55 billion in 2024 to 1.75 billion in 2026 [7].