镁行业深度（Ⅲ）：镁合金行业需求弹性 或进入加速释放新周期 2026 年 3 月 17 日 看好/维持 有色金属 行业报告 | 分析师 | 张天丰 电话：021-25102914 邮箱：zhang_tf@dxzq.net.cn | 执业证书编号：S1480520100001 | | --- | --- | --- | | 研究助理 | 闵泓朴 电话：021-65462553 邮箱：minhp-yjs@dxzq.net.cn | 执业证书编号：S1480124060003 | 投资摘要： 2025 年中国原镁产能及产量分别占全球 82%及 89%，中国镁行业进入供给结构性升级新阶段。中国拥有完整的镁行业配套产业链，根据国 务院发展研究中心统计，中国拥有全球 90%金属镁产能、75%氧化镁产能及 65%下游耐火材料产量。从原镁产能状态观察，中国原镁行业 显现产能优化迹象。环保政策持续收紧（碳排放双控）、生产成本增加（双废治理）、落后产能淘汰（产业整合及电炉升级）清退小规模及环 保不达标的落后产能，令 2025 年中国原镁产能-1.3%至 146.82 万吨但原镁产能利用率+5.5%至 74.5%。另一方面，根据中 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The low-altitude economy is gaining momentum with significant policy support, including a joint announcement from five ministries to strengthen the digital infrastructure for low-altitude operations and promote high-quality development of low-altitude insurance [3][10][14] - The report highlights the successful financing activities in the eVTOL sector, with WoFei ChangKong completing nearly 1 billion yuan in a new round of financing, marking the largest single financing in the low-altitude economy at the start of the year [3][27] - The introduction of innovative eVTOL models, such as the world's first 5-ton eVTOL by Fengfei Aviation, is expected to redefine low-altitude transportation efficiency and expand market opportunities [16][17] Summary by Sections Market Performance - In February 2026, the low-altitude economy index increased by 4.56%, outperforming the Shanghai Composite Index by 3.47 percentage points [8][12] Policy Dynamics - A joint document from five ministries emphasizes the need to enhance information communication capabilities to support low-altitude infrastructure development, with specific targets for 5G-A industry supply and low-altitude communication coverage [10][11] - The National Development and Reform Commission and other agencies have set goals for establishing a mandatory insurance system for unmanned aerial vehicles by 2027, aiming to enhance the safety framework for low-altitude operations [14][15] Industry Chain Progress - Fengfei Aviation's V5000 eVTOL has successfully completed its conversion flight, marking a significant milestone in the eVTOL industry and showcasing China's leadership in this technology [16][17] - Yesheng Aviation has become the first company globally to hold three special flight permits for ultra-light eVTOLs, indicating strong progress in regulatory approvals and product development [21][22] Investment and Financing Dynamics - WoFei ChangKong's recent financing round, led by CITIC Capital, is aimed at accelerating the certification process for its AE200 series and expanding its commercial model [27] - Tianling Technology has also secured over 100 million yuan in financing to advance its INFLYNC L600 eVTOL, which is expected to enter commercial operations by 2028 [28] Investment Recommendations - The report suggests focusing on key segments such as complete aircraft, power systems, flight control systems, and low-altitude monitoring, with specific companies highlighted for potential long-term benefits [31]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江万丰奥威汽轮股份有限公司（以下简称"公司"）近日接到控股股东万丰 奥特控股集团有限公司（以下简称"万丰集团"）的通知，万丰集团于 2026 年 3 月 2 日将其所持有的公司 4,800 万股无限售流通股股票办理了解除质押手续，将其所持 有的公司 8,800 万股无限售流通股股票办理了质押登记手续；于 2026 年 3 月 3 日将 其所持有的公司 8,800 万股无限售流通股股票办理了解除质押手续，具体事项如下： 股票代码：002085 股票简称：万丰奥威 公告编号：2026-004 浙江万丰奥威汽轮股份有限公司 关于控股股东部分股份解除质押及质押的公告 二、本次股份质押基本情况 2、证券质押登记证明 3、中国证券登记结算有限责任公司股份冻结明细 特此公告。 一、本次解除质押基本情况 | 股东 名称 | 是否为控 股股东或 第一大股 | 本次质押 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否为 补充质 | 质押起 始日 | 质押到 期日 | 质权人 | 原因 | | --- | --- ...

Investment Rating - The report maintains a rating of "Increase" for the company [4] Core Views - The company is expected to achieve significant growth in 2025, with a projected net profit of 850 to 1,050 million yuan, representing a year-on-year increase of 30.11% to 60.72% [6] - The growth is primarily driven by the optimization of the product customer structure in the automotive lightweight metal parts business and strong orders in the general aviation aircraft manufacturing sector [6][9] - The acquisition of core assets from Volocopter GmbH is expected to enhance the company's eVTOL product matrix and support long-term performance growth [10] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 16,207 million yuan - 2024A: 16,264 million yuan - 2025E: 16,451 million yuan - 2026E: 18,662 million yuan - 2027E: 21,186 million yuan - Year-on-year growth rates for revenue are projected to be -1% in 2023, 0% in 2024, 1% in 2025, 13% in 2026, and 14% in 2027 [4] - The net profit attributable to the parent company is forecasted as follows: - 2023A: 727 million yuan - 2024A: 653 million yuan - 2025E: 898 million yuan - 2026E: 1,059 million yuan - 2027E: 1,241 million yuan - Year-on-year growth rates for net profit are expected to be -10% in 2023, -10% in 2024, 37% in 2025, 18% in 2026, and 17% in 2027 [4] Strategic Developments - The company is focusing on a dual-engine strategy of "automotive business + aircraft manufacturing business" to drive growth [9] - In the automotive sector, the company is enhancing customer and product structures while advancing digital and intelligent production line transformations [9] - In the aircraft manufacturing sector, the company is expanding its application scenarios and integrating resources for new aircraft models and delivery centers [9]

Group 1 - The General Aviation ETF (159378) closed down 0.61% at 1.474 yuan with a trading volume of 20.1571 million yuan as of the midday close on February 27 [1] - Major holdings in the General Aviation ETF include Wan Feng Ao Wei down 0.49%, Aerospace Rainbow down 0.58%, and China Satellite up 1.68% [1] - The performance benchmark for the General Aviation ETF is the National General Aviation Industry Index return, managed by Yongying Fund Management Company [1] Group 2 - Since its establishment on January 2, 2025, the General Aviation ETF has returned 48.19%, while its return over the past month is -1.42% [1]

Group 1 - The core viewpoint of the news is that Wan Feng Aowei's stock price increased by 6.07% to 16.94 CNY per share, with a trading volume of 770 million CNY and a turnover rate of 2.24%, resulting in a total market capitalization of 35.969 billion CNY [1] - Wan Feng Aowei is primarily engaged in lightweight automotive metal components, accounting for 80.82% of its main business revenue, while general aviation aircraft manufacturing contributes 19.18% [1] - The company was established on September 30, 2001, and went public on November 28, 2006, located in the industrial zone of Xinchang County, Zhejiang Province [1] Group 2 - The Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Wan Feng Aowei, having reduced its holdings by 441,900 shares in the third quarter, now holding 21.6166 million shares, which is 1.02% of the circulating shares [2] - The Southern CSI 500 ETF has a current scale of 144.69 billion CNY, with a year-to-date return of 14.26%, ranking 528 out of 5572 in its category, and a one-year return of 45.08%, ranking 1042 out of 4311 [2]

Core Insights - The low-altitude economy is gaining traction, with the Guangdong Provincial High-Quality Development Conference emphasizing the need to facilitate technological innovation and market exploration to allow the low-altitude economy to thrive [1] Group 1: Market Performance - The General Aviation ETF Huaxia (159230) rose by 0.88%, marking its third consecutive increase, with key holdings such as Yingliu Co. hitting the daily limit, and other stocks like Guanglian Aviation and Guodian Measurement increasing by 5.64% and 3.18% respectively [1] - The National General Aviation Industry Index (980076) has its top ten weighted stocks, including Wanfeng Aowei, Hongdu Aviation, and Tianyin Electromechanical, which collectively account for 34.47% of the index [1] Group 2: Infrastructure Development - The Jiulong Lake Flight Camp, covering approximately 20,000 square meters, is the first B2-class flight camp developed by Huitian, featuring two vertical take-off and landing points and a complete flight service support system [1]

Core Viewpoint - The A-share market continues to rise, with the commercial aerospace sector showing significant gains, particularly the Aviation ETF Huatai (159257), which has achieved a four-day consecutive increase [1]. Group 1: Market Performance - The A-share market has seen over 3,700 stocks closing in the green, indicating a strong market sentiment [1]. - The Aviation ETF Huatai (159257) closed at 1.228, up 0.82% from the previous day, marking a notable performance in the commercial aerospace sector [1]. Group 2: Commercial Aerospace Developments - Blue Arrow Aerospace announced plans for the second quarter recovery test of the reusable rocket Zhuque-3, aiming for its first recovery flight by the end of this year [3]. - The urgency to deploy satellites is emphasized due to the competitive landscape, with the U.S. leading in satellite launches and China planning significant satellite constellation projects [3][4]. Group 3: Industry Trends - The global demand for space computing is rising, with many tech companies announcing plans for space computing deployments by the end of 2025, which could significantly enhance satellite capabilities [4]. - The commercial aerospace sector is entering a new development phase, driven by policy support and technological advancements, with a notable increase in launch activities expected in 2025 [5]. Group 4: ETF Composition and Industry Weighting - The Aviation ETF Huatai (159257) has a significant focus on the defense and military industry, which constitutes 61.2% of its index, along with notable weights in the computer and automotive sectors [10]. - The low-altitude economy concept stocks account for 52% of the ETF's index, indicating a strong alignment with emerging market trends [8].

财经频道更多独家策划、专家专栏，免费查阅>> 天眼查资料显示，吉林万丰奥威汽轮有限公司，成立于2013年，位于吉林市，是一家以从事铁路、船 舶、航空航天和其他运输设备制造业为主的企业。企业注册资本25000万人民币。通过天眼查大数据分 析，吉林万丰奥威汽轮有限公司参与招投标项目36次，专利信息64条，此外企业还拥有行政许可6个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，吉林万丰奥威汽轮有限公司取得一项名为"一种汽车轮毂M标定位粘贴工 装"的专利，授权公告号CN223919837U，申请日期为2025年4月。 专利摘要显示，本实用新型提出一种汽车轮毂M标定位粘贴工装，涉及汽车铝合金车轮标贴辅助工具技 术领域，与轮毂配合使用，包括随型槽、防错柱、M标定位框、M标指向箭头和粘贴槽，所述随型槽一 侧中部设有M标定位框，所述M标定位框前端设有防错柱，所述随型槽另一侧背面设有M标指向箭头， 所述粘贴槽与M标定位框卡接固定，保证M标的粘贴不发生歪斜，同时提高生产效率，杜绝贴错位置的 情况发生，同时可以替换不同形状标识的粘贴槽，粘贴不同形状的M标识， ...

Core Viewpoint - The low-altitude economy is transitioning from a conceptual phase to large-scale commercial use, as evidenced by recent events and technological advancements in the sector [2][3][5]. Group 1: Low-altitude Economy Developments - The first eVTOL water airport, developed by Fengfei Aviation, was showcased during the Spring Festival, marking a significant milestone in low-altitude infrastructure [3][5]. - A record-breaking drone performance featured 22,580 drones, setting a Guinness World Record for the largest simultaneous drone flight, highlighting the technological capabilities within the low-altitude economy [5][13]. - The low-altitude flight network in the Yangtze River Delta is expanding, with routes connecting Shanghai to various locations, significantly reducing travel time for residents [6][7]. Group 2: Market Trends and Capital Involvement - In early 2026, WoFei ChangKong secured nearly 1 billion yuan in funding, marking the largest single financing round in the low-altitude economy sector this year [10][11]. - Financial institutions are shifting from being mere capital providers to strategic partners, actively engaging in the technological and industrial risks associated with low-altitude ventures [12]. - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025, with significant growth in drone operations and eVTOL orders, indicating a robust demand for low-altitude services [13][15]. Group 3: Competitive Landscape - Companies are actively positioning themselves in the low-altitude economy, with established firms like WanFeng AoWei and ZhongShen Power making strategic acquisitions to enhance their product offerings [14]. - New entrants and established companies are collaborating to expand the industry, with firms like SF Express and ZTE entering the market, leveraging their existing capabilities to support low-altitude operations [14]. - The industry is expected to see five major trends in 2026, including refined airspace management and rapid development of low-altitude logistics, which will attract further investment [15].