截至10点09分，科创人工智能ETF（589010）下跌1.19%，报1.333元，当前处于日内低位震荡整理 阶段，或为关注该板块的投资者提供了相对低位的配置窗口。持仓股方面虽然跌多涨少，但结构性亮点 突出，中科星图展现强劲势头，逆势大涨超6%，凌云光、石头科技红盘运行；天准科技、澜起科技等 权重股跌幅居前。流动性方面，早盘成交额已突破4500万元，交投情绪并未因价格调整而冰冻。 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼 具高研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 每日经济新闻 消息方面，美国国防部表示，已选定谷歌的Gemini for Government系统，为其约300万名文职和军 职人员提供人工智能支持。"美国作战的未来已经到来，它的名字就叫人工智能"，国防部长皮特·海格 塞斯周二在X发布的一段视频中说道，并补充称该软件将帮助军方快速分析视频和图像。五角大楼在一 份声明中表示，名为GenAI.mil的新平台旨在推动人工智能驱动的文化变革，这种变革将在未来几年主 导数字战场。 华西证券表示，此前产业界对AI技术 ...

Core Viewpoint - The integration of technology in firefighting, particularly for high-rise buildings, is transitioning from training exercises to real-world applications, with various innovative products being deployed to enhance emergency response capabilities [1][2]. Group 1: Technological Advancements - Companies like Zhongke Xingtou and Jiechuang Intelligent are developing and deploying advanced firefighting technologies, including drones and exoskeletons, to improve efficiency and effectiveness in emergency situations [1][4]. - The use of unmanned aerial vehicles (UAVs) and robotic systems, such as "machine dogs," is becoming more prevalent in firefighting operations, providing real-time monitoring and support for rescue teams [2][3]. Group 2: Practical Applications - In practical scenarios, such as the fire drills conducted by Jiangsu and Guangdong fire rescue teams, new technologies like drones and exoskeletons have been successfully utilized to enhance situational awareness and operational efficiency [2][3]. - The exoskeleton equipment has been recognized for significantly reducing the physical strain on rescue personnel, allowing them to perform their duties more effectively in challenging environments [3][4]. Group 3: Market Trends - The market for exoskeleton devices is rapidly expanding, with increasing interest from various sectors, including emergency services, although the adoption in industrial and emergency contexts is still in its early stages [4]. - Companies are actively seeking to adapt existing exoskeleton technologies for specialized environments, indicating a growing demand for innovative solutions in emergency response [4]. Group 4: Challenges and Limitations - Despite advancements, there are still significant challenges in the practical application of these technologies, such as the operational limitations of high-altitude firefighting equipment and the need for further development of exoskeletons to meet specific rescue requirements [6][7]. - The effectiveness of drones in high-temperature environments poses a technical challenge, as their operational stability can be compromised under extreme conditions [6][7].

Market Overview - The Shanghai Composite Index fell by 0.23% on December 10, with 26 industries experiencing gains, led by real estate and retail, which rose by 2.53% and 1.97% respectively. Conversely, the banking and power equipment sectors saw declines of 1.58% and 0.87% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 27.547 billion yuan, with 10 industries seeing net inflows. The real estate sector led with a net inflow of 1.965 billion yuan, followed by retail with 1.307 billion yuan [1] - The electronics sector experienced the largest net outflow, totaling 12.574 billion yuan, followed by power equipment with 5.571 billion yuan. Other sectors with significant outflows included computer, banking, and telecommunications [1] Computer Industry Performance - The computer industry declined by 0.63%, with a net outflow of 3.867 billion yuan. Out of 336 stocks in this sector, 117 rose while 212 fell, with one stock hitting the daily limit up and another hitting the limit down [2] - Among the stocks with net inflows, Rongji Software led with an inflow of 253 million yuan, followed by Zhina Compass and Zhongke Xingtou with inflows of 190 million yuan and 152 million yuan respectively [2] - The stocks with the largest net outflows included Zhongke Shuguang, which saw a net outflow of 934 million yuan, followed by Dahua Intelligent and Inspur Information with outflows of 429 million yuan and 302 million yuan respectively [3]

Core Viewpoint - The company has thoroughly planned and validated the development of specialized commercial satellite constellations, including space computing and sensing constellations, to enhance multi-layer data perception capabilities on Earth [1] Group 1: Company Developments - The company is collaborating with Zhongke Shuguang to build an open and inclusive space computing network [1] - This network aims to create an integrated intelligent computing architecture that covers "user (end) - satellite (edge) - space (cloud) - ground (cloud)" for interconnected resource scheduling and real-time data processing [1] - The company signed a "Cooperation Development Framework Agreement" with Zhongke Shuguang on July 8, 2025, to jointly promote technological innovation and application in advanced computing within the space sector [1] Group 2: Industry Implications - The initiative is expected to connect with national-level computing service platforms, driving innovation and application of "space computing" technologies [1] - The focus on space computing and sensing constellations indicates a strategic move towards enhancing capabilities in data processing and resource management in the aerospace industry [1]

Group 1: Commercial Aerospace - Focus on core targets in satellite manufacturing and launch sectors, which are expected to maintain stable or improving value under cost reduction trends[3] - Key targets include Shanghai Hanzhou, Zhenlei Technology, and Aerospace Electronics for satellite manufacturing, and Hai Ge Communication, Guo Bo Electronics, and Tong Yu Communication for application terminals[3] - Anticipated mergers and acquisitions in Aerospace Technology Group due to its substantial external assets[3] Group 2: Wind Power - Offshore wind power in China is experiencing rapid growth due to abundant resources and proximity to major electricity consumption centers, with significant long-term growth potential[3] - The offshore wind power installation capacity is projected to increase significantly, with various provinces planning substantial projects, such as Zhejiang's 28 GW and Guangdong's 16 GW[38] - European offshore wind construction is expected to accelerate as financing costs decrease, with an anticipated installation of 8.7 GW by 2026[40] Group 3: Hengbo Co., Ltd. - Hengbo is projected to achieve net profits of 1.52/1.77/2.05 billion yuan from 2025 to 2027, with year-on-year growth rates of 16.3%/16.6%/15.4%[3] - The company is positioned as a leading supplier in the intake system sector, leveraging its cost advantages and customer resources to expand into overseas markets[3] - The PEEK business, through joint ventures, is expected to capture significant market share in high-end manufacturing applications, particularly in humanoid robots[3] Group 4: Tool Industry - The tool industry is experiencing a supply expansion due to high profit margins attracting numerous manufacturers, leading to increased competition[3] - Rising tungsten prices are prompting raw material suppliers to demand cash payments, which may lead to the exit of smaller firms and stabilize the industry structure[3] - Major companies are expected to expand production capacity, enhancing their resilience against market fluctuations[3]

Group 1: Company Overview - Shengyi Technology (600183) focuses on high-frequency and high-speed copper-clad laminates and bonding sheets for the commercial aerospace sector, providing core materials for satellite communication equipment and rocket electronic control systems, with over 30 years of technology accumulation in high-frequency materials [1][19] - Guangqi Technology (002625) is a leader in metamaterials for aerospace applications, developing lightweight and high-strength structural components that reduce the weight of aerospace equipment by over 30%, enhancing stealth and extreme environment capabilities [2][20] - China Satellite Communications (601698) is the only domestic operator of commercial communication satellites, managing 18 high-orbit satellites and leading the GW constellation project for 13,000 low-orbit satellites, covering over 95% of the globe [3][21] Group 2: Product Applications - Jingwang Electronics (603228) provides high-density interconnect (HDI) printed circuit boards and flexible circuit boards for commercial aerospace, with applications in satellite navigation systems and rocket measurement and control equipment [4][22] - Sanan Optoelectronics (600703) specializes in the research and production of GaN (gallium nitride) semiconductors, which are critical components for rocket engine control systems and satellite communication payloads, significantly improving energy efficiency and reliability [5][22] - China Aerospace Science and Technology Corporation (600118) is the only listed platform of the Aerospace Science and Technology Group, focusing on the research, manufacturing, and integration of commercial satellites, holding the largest market share in small satellites in China [7][25] Group 3: Emerging Technologies - Guodun Quantum (688027) applies quantum communication technology in commercial aerospace, developing satellite-based quantum communication payloads and quantum key distribution devices to ensure secure data transmission [8][26] - Aerospace Electronics (600879) has a dominant market share in rocket measurement and control systems, with over 90% market share, and provides core measurement and control solutions for private rocket companies [9][27] - Light Library Technology (300620) develops core optical communication devices for satellite laser communication systems, enabling high-speed, low-loss data transmission between satellites [10][28] Group 4: Industry Trends - Huafeng Technology (688629) provides high-reliability connectors and cable components for commercial aerospace, meeting the needs of rocket structure connections and satellite payload integration [13][32] - Aojie Technology (688220) focuses on satellite communication baseband chips, enabling efficient data exchange between satellites and ground terminals, supporting new applications like direct satellite connections for mobile phones [14][33] - Zhongke Xingtou (688568) offers space-based big data processing and application services, leveraging its GEOVIS digital earth platform for diverse data services in agriculture, urban planning, and disaster warning [15][34]

计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -17% -11% -4% 2% 8% 15% 21% 28% 2024.12 2025.04 2025.08 2025.12 计算机 沪深300 相关报告 《计算机行业年度策略：AI 应用加快，全球格 局重塑中》 2025-12-01 《计算机行业分析报告：十五五规划建议的信 息科技领域内容解读》 2025-10-31 《计算机行业月报：鸿蒙迎来重要升级，AI 算 力需求多元化趋势明显》 2025-10-23 联系人：李智 预训练规模 ——计算机行业月报 发布日期：2025 年 12 月 08 日 风险提示：国际局势的不确定性；海外 AI 产业竞争格局变化带来市 场调整风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共50页 手机端 AI 应用加速，DeepSeek 将加大 投资要点： 电话： 0371-65585629 ...

Core Viewpoint - The General Aviation ETF (159378) has shown a significant increase, reflecting a strong growth trend in the low-altitude economy and drone manufacturing sector in China [1][3]. Group 1: Market Performance - As of December 8, 2025, the General Aviation ETF (159378) rose by 2.22%, marking its third consecutive increase [1]. - Key component stocks such as Tianyin Electromechanical (300342) increased by 11.99%, Aerospace Electronics (600879) by 10.01%, and China Satellite (600118) by 8.49% [1][2]. Group 2: Industry Growth - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and is expected to exceed 2 trillion yuan by 2030 [2]. - China holds a 70% share of the global consumer drone market, with 969 companies registered in the civil unmanned aerial vehicle product information system [2][3]. - The first four-seat electric aircraft has received a type certificate from the Civil Aviation Administration of China [2]. Group 3: Policy and Infrastructure - The Central Committee of the Communist Party of China has emphasized accelerating the development of strategic emerging industries, including the low-altitude economy [3]. - Local governments have been expediting the planning of low-altitude flight routes and airspace division since the second half of 2025, with ongoing policy support [3]. - Drones are rapidly expanding in both military and civilian sectors, particularly in logistics and emergency rescue applications [3]. Group 4: Investment Opportunities - The General Aviation ETF (159378) focuses on the low-altitude economy and drone sector, benefiting from the rapid development of integrated air, space, and ground capabilities [3]. - The ETF is the first and largest of its kind in the market, tracking the National Index of General Aviation Industry [3].

Group 1 - The core viewpoint of the articles highlights the increasing investment and development in artificial intelligence (AI) by major technology companies, both domestically and internationally [1][2] - The launch of new AI products, such as Alibaba's Quark AI glasses and ByteDance's Nubia M153, indicates a growing trend in AI applications and consumer technology [1] - The STAR Market AI ETF (588930) tracks the performance of 30 major AI-related companies, reflecting the overall performance of the AI industry in the STAR Market [1] Group 2 - CITIC Securities notes that the current phase of AI application is still in its early stages, with significant potential for growth in AI capital expenditure (Capex) expected to increase 5-7 times globally by 2030 [2] - China's AI Capex is projected to grow 7-9 times, indicating a robust investment landscape for AI technologies [2] - The low foreign ownership in Chinese tech stocks suggests that if AI investment exceeds expectations, the attractiveness of Chinese AI companies will further increase [2]

Core Insights - The article discusses the importance of "strengthening, extending, and supplementing" industrial chains to drive innovation and elevate capabilities in Anhui's high-quality development phase [1][4] - The 2025 Science and Technology Investment Conference highlighted the challenges and opportunities faced by companies in a complex economic environment, emphasizing the need for deep collaboration and long-term investment to build a sustainable competitive industrial ecosystem [1] Group 1: Industry Challenges and Strategies - Companies are experiencing pressure from a shift from rapid growth to stock competition, with a need to accurately identify market pain points and innovate within the industrial chain [1][2] - Yuanchen Technology's chairman emphasized the importance of moving from being a "follower" to a "pain point solver," focusing on deep innovation in energy, materials, safety, and environmental protection [1] - The president of Zhongke Xingtu provided a successful example of industrial chain development in Hefei, showcasing the establishment of industry task forces to attract upstream and downstream enterprises [2] Group 2: Issues in Industrial Chain Development - Key issues identified include the presence of "bottleneck" links, the need for closer collaboration between chain leaders and upstream/downstream enterprises, and the scarcity of interdisciplinary high-end talent [2][3] - The chairman of Hualitai stressed that extending and supplementing the chain must be based on real market supply and demand to avoid overheating investments and low capacity utilization [2] Group 3: Solutions and Collaborative Approaches - Entrepreneurs suggested various strategies to address challenges, including "technology going abroad" rather than "heavy asset investment," focusing on software and talent export to mitigate traditional overseas investment risks [2][3] - The integration of industry and education was highlighted as a model to address talent shortages, with companies collaborating with universities to align industry needs with academic training [3] - Financial institutions are encouraged to adopt a tailored approach for companies that have upgraded equipment and possess global cost advantages, providing support to growth-oriented enterprises [3][4] Group 4: The Role of Government and Financial Support - The article emphasizes the necessity of clear guidance and strong support from local governments in the top-level design of industrial chains [4] - A collaborative environment with patient capital and industrial wisdom is essential for transforming "strengthening, extending, and supplementing" into a powerful engine for Anhui's high-quality development [4]