Core Viewpoint - Steel Research High-tech (300034.SZ) has stated on the investor interaction platform that there is currently no collaboration with Siemens [1] Company Summary - Steel Research High-tech confirmed the absence of any partnership with Siemens, indicating that there are no ongoing projects or collaborations between the two companies at this time [1]

Core Viewpoint - Steel Research High-Tech (钢研高纳) has clarified that the company is not involved in the production of key components for molten salt reactors [1] Company Summary - Steel Research High-Tech (300034) made a statement on an interactive platform regarding its non-involvement in the production of critical components for molten salt reactors [1]

Market Performance - The deep earth economy sector increased by 0.12% compared to the previous trading day, with Steel Research High-Tech leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up by 0.97%, while the Shenzhen Component Index closed at 13452.42, up by 1.73% [1] Stock Performance - Notable gainers in the deep earth economy sector included: - Steel Research High-Tech (300034) with a closing price of 17.46, up by 2.28% and a trading volume of 403,400 shares, totaling 710 million yuan [1] - Su Yan Jing Shen (603299) closed at 10.85, up by 1.31% with a trading volume of 74,800 shares, totaling 80.61 million yuan [1] - Other stocks like North China Holdings (600262) and Tian Di Technology (600582) also showed positive performance [1] Capital Flow - The deep earth economy sector experienced a net outflow of 292 million yuan from institutional investors and 105 million yuan from retail investors, while retail investors saw a net inflow of 397 million yuan [2] - The capital flow for specific stocks indicated that Steel Research High-Tech had a net inflow of 45.16 million yuan from institutional investors, despite a net outflow from retail investors [3]

Market Performance - The marine economy sector increased by 0.31% compared to the previous trading day, with Parker New Material leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up by 0.97%, while the Shenzhen Component Index closed at 13452.42, up by 1.73% [1] Top Gainers in Marine Economy Sector - Parker New Material (605123) closed at 75.43, with a rise of 10.00% and a trading volume of 108,600 shares, totaling a transaction value of 811 million [1] - Sun Cable (002300) closed at 7.96, up by 9.94%, with a trading volume of 908,900 shares and a transaction value of 715 million [1] - Zhongtian Technology (600522) closed at 17.52, increasing by 5.61%, with a trading volume of 2,138,100 shares and a transaction value of 3.731 billion [1] Market Capital Flow - The marine economy sector experienced a net outflow of 949 million from institutional investors, while retail investors saw a net inflow of 914 million [2] - Speculative funds had a net inflow of 34.96 million [2] Individual Stock Capital Flow - Parker New Material had a net inflow of 134 million from institutional investors, while it faced a net outflow of 78.11 million from speculative funds and a net outflow of 55.86 million from retail investors [3] - Zhongtian Technology saw a net inflow of 127 million from institutional investors, with a minor net inflow of 188,190 from speculative funds and a net outflow of 129 million from retail investors [3]

Group 1 - The Aerospace ETF (159227) experienced a slight decline, with a current increase of 1.15% and a trading volume of 205 million yuan, maintaining its position as the largest in its category [1] - The latest scale of the Aerospace ETF (159227) is 1.726 billion yuan, with significant holdings in stocks such as Triangle Defense and Aviation Power Technology, which reached their daily limit [1] - As of July 2025, the commercial aerospace sector in China has completed 31 financing events this year, totaling 2.143 billion yuan, indicating a rapid acceleration towards industrialization [1] Group 2 - Wanlian Securities predicts that 2025 will mark a significant acceleration period for China's commercial aerospace industry, driven by advancements in reusable rocket technology and the normalization of high-density launch tasks [1] - The Aerospace ETF (159227) closely tracks the Guozheng Aerospace Index, which has a high military industry purity of 98.2%, covering key sectors such as aerospace equipment and satellite navigation [2] - The commercial aerospace concept accounts for 51.83% of the index's weight, highlighting its importance within the broader military industry framework [2]

Group 1 - Parker New Materials and Triangle Defense reached the daily limit increase, while Longda Co., Ltd. rose over 14% [1] - Northern Long Dragon, Aerospace Technology, AVIC Heavy Machinery, Aero Engine Corporation of China, and Steel Research High Nano also experienced gains [1]

Core Viewpoint - The aerospace ETF (159227) is experiencing significant growth, with a 1.59% increase and a trading volume of 1.25 billion yuan, indicating strong market interest and performance in the aerospace sector [1]. Group 1: ETF Performance - The aerospace ETF (159227) has reached a total scale of 1.726 billion yuan, making it the largest aerospace ETF in the market [1]. - Key holdings in the ETF, such as Triangular Defense and Aero Engine Corporation of China, have hit the daily limit, reflecting positive investor sentiment [1]. Group 2: Industry Developments - The 2025 Nanchang Flight Conference and Aerospace Industry Expo recently concluded, showcasing over 60 aerospace companies and research institutions, highlighting advancements in low-altitude economy products [1]. - The low-altitude economy is seeing significant breakthroughs across policy and industry levels, with a potential trillion-yuan market emerging [1]. - The aerospace ETF closely tracks the Guozheng Aerospace Index, selecting leading companies in sectors such as large aircraft manufacturing, low-altitude economy, and commercial aerospace [1].

Core Insights - The aviation equipment sector experienced a slight increase of 0.16% on November 3, with Haitai Gaoxin leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Sector Performance - Haitai Gaoxin (002023) closed at 12.97, up 3.18% with a trading volume of 318,800 shares and a transaction value of 406 million yuan [1] - Fenghuo Electronics (000561) closed at 11.27, up 2.83% with a trading volume of 279,000 shares and a transaction value of 312 million yuan [1] - Hangyu Technology (688239) closed at 50.80, up 2.56% with a trading volume of 81,000 shares and a transaction value of 417 million yuan [1] - Other notable performers include Guangqi Technology (002625) up 2.26% and Tongyi Aerospace (920642) up 2.04% [1] Capital Flow - The aviation equipment sector saw a net outflow of 485 million yuan from institutional investors, while retail investors contributed a net inflow of 362 million yuan [2][3] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - Hangyu Technology (688239) experienced a net outflow of 31.11 million yuan from institutional investors, while retail investors contributed a net inflow of 24.15 million yuan [3] - Haitai Gaoxin (002023) saw a net inflow of 15.17 million yuan from institutional investors, but a net outflow of 2.39 million yuan from retail investors [3] - Other stocks like Parker New Materials (605123) and Jiach Technology (688708) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - Steel Research High-Tech (300034) indicates that its high-temperature alloy products are primarily used in the aerospace sector, with no current applications in controlled nuclear fusion [1] Group 1 - The company specializes in high-temperature alloy products [1] - The primary application of these products is in the aerospace industry [1] - There are currently no practical applications of these products in the field of controlled nuclear fusion [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 2.804 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.69%, while the net profit attributable to shareholders was 125 million yuan, a decrease of 46.97% year-on-year [1] - The company is experiencing a "revenue growth without profit increase" scenario due to changes in the order structure of high-temperature alloys, with military product prices declining and a higher proportion of lower-margin civilian products [7] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 44.46%, which is below 50% for three consecutive years, indicating a stable leverage position [7] Financial Performance Summary - Revenue projections for the company are as follows: 3.524 billion yuan in 2024, 4.191 billion yuan in 2025, 4.794 billion yuan in 2026, and 5.294 billion yuan in 2027, with corresponding year-on-year growth rates of 3.40%, 18.93%, 14.39%, and 10.44% respectively [8] - The net profit attributable to shareholders is projected to be 248.66 million yuan in 2024, 264.86 million yuan in 2025, 328.55 million yuan in 2026, and 375.87 million yuan in 2027, with growth rates of -22.08%, 6.52%, 24.05%, and 14.40% respectively [8] - The report indicates that the company's earnings per share (EPS) are expected to be 0.31 yuan in 2024, 0.33 yuan in 2025, 0.41 yuan in 2026, and 0.47 yuan in 2027 [8]