渤海证券研究所晨会纪要（2025.08.14）-20250814

Financial Engineering Research - The A-share market indices all rose last week, with the ChiNext Index showing the largest increase of 2.82% and the Shanghai 50 Index the smallest at 0.58% [2] - As of August 12, the margin trading balance in the Shanghai and Shenzhen markets reached 20,279.49 billion yuan, an increase of 339.12 billion yuan from the previous week [2] - The average number of investors participating in margin trading increased by 7.49% to 455,739 [2] Industry Research: Low Altitude Economy - The low altitude economy concept was introduced in 2010 and has gained significant traction, with the State Council including it in national planning for the first time in 2021 [5] - The market size of China's low altitude economy is projected to reach 970.25 billion yuan in 2024, representing a year-on-year growth of 91.77%, and is expected to reach 1.5 trillion yuan by 2025 [8] - Tianjin has seen several phase construction achievements in the low altitude economy, with a focus on applications in agriculture, logistics, and inspection [8] Industry Research: Machinery Equipment - The machinery equipment sector outperformed the broader market, with a 3.84% increase in the Shenwan Machinery Equipment Index from August 6 to August 12, 2025 [10] - Excavator sales in July reached 17,138 units, a year-on-year increase of 25.2%, indicating a strong recovery in the market [11] - The upcoming World Humanoid Robot Games in Beijing is expected to catalyze investment opportunities in the humanoid robotics sector [12]