11月27日至30日，2025亚洲通用航空展在珠海国际航展中心盛大举行。万丰奥威（002085）携旗下钻石 飞机明星机型及Volocopter多款eVTOL重磅亮相，全方位展现公司在通用航空和低空经济领域的技术实 力、创新成果与前瞻探索。 低空经济已成为我国战略性新兴产业，市场规模呈现快速增长态势，中国民航局最新数据显示，预计 2025年达1.5万亿元，2030年突破2万亿元，2035年有望攀升至3.5万亿元。行业空间广阔，产业链覆盖上 中下游全环节，应用场景持续拓展，政策与技术双轮驱动下具备长期发展潜力。 展览现场，万丰钻石飞机DA50、VoloCity、Volo Region等多款明星机型及航空发动机AE300同台亮相， 系统呈现公司在通用固定翼飞机、电动垂直起降飞行器(eVTOL)和飞机零部件领域的核心技术突破及创 新实践成果。 西南证券券商研报认为，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出打造 新兴支柱产业，加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展，将催生数个万 亿元级甚至更大规模的市场。 自万丰奥威2020年进军通用航空领域以来，公司秉持"改变人类出行方 ...

国内方面，公司正在国内有计划有步骤地建设"一个总部、四个制造基地、七个交付中心、一个飞行器 研究院及六大研发平台、六大实验室"，努力实现南北半球的优势互补、全球资源互联，力争成为"通用 飞机创新制造企业的全球领跑者"。 自2014年全面进军通用航空领域以来，万丰奥威秉持"改变人类出行方式"的使命，持续深化战略，稳步 推进全球化布局。成功收购了加拿大与奥地利的钻石飞机公司，并投资百亿建成万丰航空小镇，打造国 家级通航产业综合示范区。今年，公司完成了对德国eVTOL先驱企业Volocopter的战略重组，加速布局 城市空中交通（UAM）新赛道，推动绿色智能航空跨越式发展。作为全球通用航空和低空经济领域的 领军企业，公司正着力打造以低空飞行器制造为核心、运营服务为配套的通用航空和低空经济产业集 群，公司已在全球布局7个飞机制造工厂、3个航校培训基地、1个飞机制造工程中心和3个飞机设计研发 中心，在全球90个国家设立了192个服务中心。 据了解，eVTOL具有广阔的市场空间，并已逐步进入商业化阶段。根据德勤对于eVTOL商业化时间的 预测，2020至2025年货运eVTOL将进入商业化阶段；2025至2030年客运e ...

Core Insights - Chen Ailian, the former chairwoman of Wanfeng Aowei, has successfully built a multi-billion dollar empire in the automotive and aviation sectors, demonstrating exceptional foresight and adaptability in her business ventures [1][4][6] - The Chen family has established a significant presence in the A-share market through three listed companies: Wanfeng Aowei, Rifa Precision Machinery, and Paislin, each operating in different segments of the manufacturing industry [3][9] Company Overview - Wanfeng Aowei has evolved from a motorcycle wheel hub manufacturer to a leading supplier of aluminum and magnesium alloy components, with a production capacity of over 42 million lightweight alloy wheels annually [8] - The company has also made significant strides in the general aviation sector, acquiring Diamond Aircraft in Canada and establishing a comprehensive global presence in aircraft manufacturing [6][8] Financial Performance - For the first three quarters of 2025, Wanfeng Aowei reported revenues of 11.42 billion yuan, a year-on-year increase of 0.40%, and a net profit of 729 million yuan, reflecting a growth of 29.38% [6] Strategic Developments - Under the leadership of Chen Ailian's son, Chen Bin, Wanfeng Aowei has adopted a dual-engine development strategy focusing on automotive components and general aviation, positioning itself as a global leader in both sectors [6][8] - Rifa Precision Machinery, led by Chen Ailian's eldest son, Wu Jie, is focusing on high-end manufacturing, particularly in smart machine tools and aerospace equipment, despite facing challenges in its aviation segment due to external economic factors [9][10] Industry Trends - The shift towards lightweight materials in the automotive industry is being capitalized on by Wanfeng Aowei, which is enhancing its production capabilities to meet the demands of major automotive manufacturers [8] - Paislin, under the leadership of Wu Jinhua, is transitioning from traditional manufacturing to high-end intelligent manufacturing, aligning with industry trends towards automation and smart production systems [11][12][13]

本报记者 吴文婧 国家税务总局最新发布的数据显示，10月份，我国高技术产业销售收入同比增长13.6%。其中，高技术 服务业、高技术制造业销售收入同比均保持两位数以上增长，特别是随着"人工智能+"行动的加快落 地，无人机制造销售收入同比增长38.4%。 中国企业联合会资委会委员、高级经济师董鹏对《证券日报》记者表示，从数据来看，无人机产品应用 场景持续拓展，物流、农业、应急、安防等重点领域需求稳定释放。政策的引领和支持为产业发展营造 良好环境，当前，无人机与5G、人工智能等深度融合，逐步实现厘米级定位、动态避障、跨海航线实 时监控等功能，产业迈向高质量发展阶段。 无人机制造销售收入稳健增长的背后，是政策与技术双重赋能下，低空经济产业规模的持续稳定扩大。 为保障产业整体安全有序发展，体系严密的行业监管政策不可或缺。11月21日，交通运输部党组书记、 部长刘伟主持召开部务会，审议《正常类旋翼航空器适航规定》《运输类旋翼航空器适航规定》《螺旋 桨适航规定》等。会议强调，要加快推进低空经济安全有序发展和汽车租赁业高质量发展，持续做好交 通运输领域促消费相关工作。 中国社区商业工作委员会专家委员王春娟对《证券日报》记者表 ...

镁合金："镁"启轻量化新纪元，汽车与机器人共拓蓝海 20251121 摘要 镁合金因其成本优势（较铝价低 3,000 元/吨）和技术进步（如半固态压 铸提升性能并延长模具寿命）在汽车轻量化领域具有广阔的应用前景， 预计到 2030 年单车用量可达 80 公斤以上，一体压铸技术普及后可能 突破 100 公斤。 新能源汽车市场是镁合金需求增长的关键驱动力。假设 2030 年新能源 汽车占比 70%，且 35%的零部件采用镁合金，市场总用量将达 74 万吨， 市场规模接近 400 亿元人民币，复合增长率超过 50%。 机器人行业对轻量化需求明确，镁合金在减震散热、比强度及电子电热 性能方面的优势使其在膝关节、结构件和支撑件等应用中潜力巨大，远 期来看，机器人领域对镁合金的需求将显著提升。 目前镁合金市场规模约为 667 亿元，未来市场达到 1 亿台的规模，整体 市场空间可能会扩展到 2000 多亿元。因此，远期来看，机器人领域对 镁合金的需求将显著提升。 目前镁合金市场规模约为 667 亿元。如果未来市场达到 1 亿台的规模，并且假 设加工费大幅下降，整体市场空间可能会扩展到 2000 多亿元。因此，远期来 看，机 ...

评级调低方面，11月17日至11月23日，券商调低上市公司评级达到7家次，最新数据包括了华创证券对太阳能的评 级从"强推"调低至"推荐"，西部证券对源杰科技的评级从"买入"调低至"增持"，华创证券对泰坦科技的评级从"强 推"调低至"推荐"。 | | | | 7家最新被调低评级的公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 000591 | 太阳能 | 华创证券 | 强推 | 推荐 | 电力 | | 688498 | 源杰科技 | 西部证券 | 采入 | 増持 | 半导体 | | 688133 | 泰坦科技 | 华创证券 | 强推 | 推荐 | 化学制品 | | 000938 | 紫光股份 | 西部证券 | 买人 | 増持 | IT服务 | | 688232 | 新点软件 | 中泰证券 | 买人 | 増持 | 软件开发 | | 688056 | 菜伯泰科 | 华创证券 | 賀推 | 推荐 | 通用设备 | | 002541 | 鸿路钢构 | 华创证券 | 賀推 | 推荐 | 专业工 ...

南财投研通数据显示，11月17日至11月23日，券商给予上市公司目标价共118次，按最新收盘价计算，目标价涨幅 排名居前的公司有万丰奥威、光迅科技、太辰光，目标价涨幅分别为89.64%、81.99%、71.51%，分别属于汽车零 部件、通信设备、通信设备行业。 评级调低方面，11月17日至11月23日，券商调低上市公司评级达到7家次，最新数据包括了华创证券对太阳能的评 级从"强推"调低至"推荐"，西部证券对源杰科技的评级从"买入"调低至"增持"，华创证券对泰坦科技的评级从"强 推"调低至"推荐"。 | | | | 7家最新被调低评级的公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 000591 | 太阳能 | 华创证券 | 强推 | 推荐 | 电力 | | 688498 | 源杰科技 | 西部证券 | 采入 | 増持 | 半导体 | | 688133 | 泰坦科技 | 华创证券 | 强推 | 推荐 | 化学制品 | | 000938 | 紫光股份 | 西部证券 | 买人 | 増持 ...

Group 1 - The core viewpoint of the articles highlights significant changes in stock ratings and target prices for various companies, with notable increases for Wan Feng Ao Wei, Guang Xun Technology, and Tai Chen Guang [1] - Wan Feng Ao Wei's target price increased by 89.64%, Guang Xun Technology by 81.99%, and Tai Chen Guang by 71.51%, all within the automotive parts and communication equipment sectors [1] - A total of 408 companies received broker recommendations during the period, with Yili receiving 5 recommendations, and Top Group and United Imaging Medical receiving 4 each [1] Group 2 - Three companies had their ratings upgraded, including Huadong Heavy Machine from "Hold" to "Buy" by Caixin Securities, Sinopec from "Add" to "Buy" by Huatai Securities, and Hongyuan Electronics from "Add" to "Buy" by CITIC Securities [1] - Seven companies had their ratings downgraded, including Solar Energy from "Strong Buy" to "Recommended" by Huachuang Securities, Source Technology from "Buy" to "Add" by Western Securities, and Titan Technology from "Strong Buy" to "Recommended" by Huachuang Securities [1] - During the same period, 77 instances of first-time coverage were reported, with Delijia receiving an "Outperform" rating from Guosen Securities, and YTO Express, Yanjiang Co., and Far East Co. receiving "Add" or "Buy" ratings from various brokers [2]

Core Insights - The low-altitude economy is experiencing significant progress in stimulating investment and enhancing local safety regulation, with the State Council issuing measures to encourage private capital participation in infrastructure development [1] - The "14th Five-Year Plan" includes low-altitude economy as part of strategic emerging industries, emphasizing innovation and large-scale application of new technologies [1] - Guotai Junan Securities anticipates that WanFeng Aviation (002085.SZ) will benefit from ongoing policies supporting the low-altitude economy [1] Company Overview - WanFeng Aviation has established four major aircraft design and R&D centers in Austria, Canada, Czech Republic, and Germany, along with a provincial engineering research center in China [2] - The company holds intellectual property for 18 aircraft models, with a strong customer base across Europe, North America, Asia-Pacific, and the Middle East [2] - WanFeng is focusing on the development of fixed-wing electric aircraft, eVTOL, and drones, aiming to create efficient and sustainable vertical take-off and landing vehicles for the global low-altitude market [2] Product Development - The company is set to acquire core assets of Volocopter by March 2025, aiming to provide eVTOL solutions for various scenarios, including passenger and cargo transport within 300 kilometers [3] - The Volo XPro and Volo City models are in development, with the former targeting the private leisure market and expected to complete certification by 2026 [3] - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, indicating substantial growth potential [3] Future Outlook - Guoyuan Securities believes that as the low-altitude economy develops, WanFeng Aviation will enhance its aircraft model offerings to cater to domestic private flights, short-distance transport, and special purposes [4] - The company aims to integrate aircraft manufacturing with intelligent systems and take-off/landing facilities to create a cohesive urban air traffic system [4]

Core Viewpoint - The company is positioned in the "big transportation" sector, focusing on dual-engine development strategy, aiming to become a global leader in automotive lightweight components and general aviation manufacturing [17][19]. Financial Performance - In Q3 2025, the company achieved a net profit of 229 million yuan, a year-on-year increase of 38% [8]. - For the first three quarters of 2025, the company reported revenue of 11.416 billion yuan, a year-on-year increase of 0.40%, and a net profit of 729 million yuan, up 29.38% year-on-year [2][8]. - The company's Q3 2025 revenue was 3.922 billion yuan, down 1.93% year-on-year and 0.14% quarter-on-quarter [2][8]. - The gross profit margin for Q3 2025 was 15.3%, a decrease of 0.4 percentage points year-on-year and 3.5 percentage points quarter-on-quarter [3][9]. Business Segments Automotive Lightweight Components - The automotive lightweight components segment generated revenue of 9.385 billion yuan in the first three quarters of 2025, a slight increase of 0.02% year-on-year [19]. - The company is enhancing customer structure and focusing on the development of aluminum and magnesium alloy lightweight applications, aiming to improve production efficiency and reduce costs [19][22]. - The company is also working on the localization of magnesium alloy large die-casting applications to meet the rising demand for lightweight materials in the automotive sector [19][22]. General Aviation and eVTOL - The general aviation manufacturing segment achieved revenue of 2.031 billion yuan in the first three quarters of 2025, a year-on-year increase of 2.20% [20]. - The company is focusing on an innovative manufacturing model that integrates R&D, technology transfer, manufacturing, and after-sales service [20][26]. - The acquisition of Volocopter's core assets in March 2025 is aimed at establishing a business ecosystem for urban air mobility solutions [20][25]. - The company is actively developing new aircraft models, including eVTOL and drones, to capture opportunities in the emerging low-altitude economy [20][25]. Market Trends - The company is strategically positioned to leverage the growth of the low-altitude economy and the increasing demand for electric aircraft and eVTOL solutions [20][25]. - The automotive lightweight sector is expected to benefit from the transition to electric vehicles, with the company enhancing its collaboration with key new energy customers [21][22].