数字低空工作组 低空经济场景应用与通信需求白皮书 2025.4 数字低空工作组 内容摘要 低空经济作为国家战略性新兴产业，依托无人机、eVTOL 等航空器及新一代信息技术，正成为经 济增长新引擎。中国将低空经济纳入"十四五"规划，多地出台专项支持措施，目标至 2025 年市场规 模达 1.5 万亿元。产业链涵盖上游材料与核心部件、中游航空器制造与保障系统，以及下游多元应用 场景。长三角、大湾区及川渝地区通过基设施建设和场景创新引领产业集聚。无人机在农林植保、物 流配送、城市安防、能源巡检等领域显著提升效率；eVTOL 技术推动城市空中交通，缩短通行时间并 拓展低空文旅体验。低空信息通信系统需满足高精度导航、稳定通信、智能监管等需求，通感一体化 网络实现空域动态管理。未来，5G-A 及 6G 技术将加速低空经济智能化，通感融合与算力协同助力空 域资源高效利用，预计 2035 年市场规模突破 3.5 万亿元，成为全球城市空中交通的核心市场，重塑交 通与产业生态。 | 内容摘要 | | 2 | | --- | --- | --- | | 1.引言 | | 5 | | 1.1 | 背景介绍 | 5 | | 1.2 | ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The new materials index experienced a decline of 0.2%, underperforming the CSI 300 index by 0.8%. Among sub-sectors, the carbon fiber index decreased by 0.4%, semiconductor materials index by 1.3%, OLED materials index by 1.6%, while membrane materials index increased by 1.8% and coatings and inks index by 1.5% [11] - In the carbon fiber sector, T300 large tow is currently at a stage of bottoming out, but potential price wars may continue due to rapid capacity release by some companies. The original tow segment has limited players, suggesting less likelihood of price drops in that area. Recommended companies include Jilin Carbon Valley [3] - In the electronic materials sector, the demand for foldable smartphones remains strong despite a downturn in consumer electronics. The continuous decline in industry price bands is expected to further stimulate downstream demand. Key recommendations include Shiming Technology and Kaisheng Technology [3] - In the renewable materials sector, the photovoltaic demand continues to grow rapidly, but the expansion across the industry chain is fast, indicating a need for market clearing. Wind power is seeing significant growth, particularly in offshore wind, with a high concentration in the wind blade segment. Recommended company is Times New Material [4] Summary by Sections Carbon Fiber - T300 large tow is at a bottoming phase, with potential for continued price competition. Limited players in the original tow segment suggest stability in pricing. Recommended to focus on Jilin Carbon Valley and Zhongfu Shenying [3][4] Electronic Materials - The foldable smartphone market is expected to see sustained growth over the next 3-5 years, with key players in the supply chain likely to maintain premium pricing. Recommendations include Shiming Technology and Kaisheng Technology [3] Renewable Materials - Photovoltaic demand is strong, but rapid expansion in the industry chain necessitates market clearing. Offshore wind power is expanding significantly, with Times New Material recommended for investment [4]

根据市场公开信息及4月15日披露的机构调研信息，知名私募宽远资产近期对1家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 1）中复神鹰 （宽远资产参与公司业绩说明会） 调研纪要：中复神鹰在航空领域进展顺利，自主研发的T800级航空预浸料已通过商飞PCD预批准。 2025年专用领域需求预计增长超50%，风电市场碳纤维需求将达到4万吨，光伏领域市占率将稳步提 升，压力容器需求将持续释放。2024年单位生产成本同比降低5%以上，2025年计划通过生产线改造提 升纺丝速度，持续增加产能。国内碳纤维自给率超过80%，公司产品覆盖高强标模型、高强中模型、高 强高模型全系列碳纤维品种。连云港基地产能规划为3.1万吨，预计2025年底开始陆续释放产能。公司 肩负政治责任、社会责任和经济责任，致力于成为绿色环保、环境友好型企业。美国关税调整对公司产 品出口等整体海外业务布局无直接影响，中国碳纤维市场国产化率已达80%。 机构简介： 上海宽远资产管理有限公司（以下简称"宽远资产"）成立于2014年5月，注册资本100 ...

Core Viewpoint - Zhongfu Shenying, a leading company in the carbon fiber sector, demonstrated resilient operational performance in its 2024 annual report despite facing competitive pressures, showcasing the significant potential of its self-controlled strategy [1][3]. Financial Performance - In 2024, Zhongfu Shenying achieved operating revenue of 1.557 billion yuan, a year-on-year decrease of 31.07%. However, the company actively responded to market changes through technological innovation and cost control, effectively enhancing product competitiveness [1]. - The net profit attributable to shareholders was -124 million yuan, marking a shift from profit to loss due to industry supply-demand imbalance and declining product prices. Nevertheless, the net cash inflow from operating activities reached 540 million yuan, a year-on-year increase of 121.67%, indicating a strong cash flow position [1]. Industry Context - Carbon fiber, known as "black gold" in the new materials sector, is a strategic emerging industry globally due to its excellent mechanical properties and wide application prospects. In 2019, China's carbon fiber import dependency was as high as 72.22%, which limited the development of related industries and increased supply chain risks [1]. - Zhongfu Shenying has been committed to a self-controlled strategy to break foreign technology barriers and achieve independent innovation and industrialization in carbon fiber technology. The company currently ranks among the world's top in carbon fiber production capacity and is the only domestic enterprise to have mastered the industrialization technology of dry-jet wet-spinning carbon fiber at a scale of ten thousand tons [2]. Market Opportunities - With the current "tariff battle," Zhongfu Shenying may encounter further development opportunities. Increased tariffs on imported carbon fiber will raise costs, allowing Zhongfu Shenying to leverage its advantages in technology, cost, and production capacity to expand market share and enhance domestic carbon fiber supply capabilities [2]. - The company is actively expanding the application fields of carbon fiber, enhancing product added value. Its products are widely used in aerospace, new energy, and sports leisure sectors, and it is developing applications in emerging fields such as wind turbine blades and building reinforcement [2]. Conclusion - The 2024 annual report from Zhongfu Shenying reflects the company's robust operational stance and the immense potential of its self-controlled strategy in the face of market challenges. With the continuous growth of domestic carbon fiber demand and changes in tariff policies, Zhongfu Shenying is poised to seize market opportunities and further enhance the domestic supply capacity of carbon fiber, contributing significantly to the development of China's carbon fiber industry [3].

Market News - The National Bureau of Statistics will release March CPI and PPI data on April 10, with February figures showing a month-on-month CPI decrease of 0.2% and a year-on-year decrease of 0.7%, while PPI decreased by 0.1% month-on-month and 2.2% year-on-year [2] - The People's Bank of China has 763.4 billion yuan in reverse repos and 150 billion yuan in treasury cash deposits maturing this week, with specific amounts maturing each day [3] - The U.S. will release March CPI data on April 10, which is expected to be a significant test for the dollar, as persistent inflation could support the dollar and raise concerns about further interest rate cuts by the Federal Reserve [4] Sector Events - The 10th China Science and Technology Finance Forum will be held in Beijing on April 7, focusing on summarizing reform achievements and innovative paths for the future of technology finance [6] - The 2025 Global 6G Technology and Industry Ecosystem Conference will take place in Nanjing from April 10 to 12, gathering global leaders in the 6G field to discuss innovation and future industry development [7] - The Ministry of Commerce has announced export controls on seven categories of medium and heavy rare earths, effective immediately, to safeguard national security and fulfill international obligations [8] - Amazon plans to launch its first batch of 27 satellites for its Project Kuiper on April 9, entering competition with SpaceX's Starlink [9] Company News - HeXin Instruments plans to acquire a 56% stake in Shanghai Liangxi Technology Co., Ltd. through a combination of share issuance and cash payment [11] - Shengnong Development intends to acquire a 54% stake in Anhui Sun Valley Food Technology Group for 1.126 billion yuan, enhancing its integrated industry chain [12] - Lier Chemical expects a net profit of 145 to 155 million yuan for Q1 2025, representing a year-on-year increase of 203.08% to 223.98% due to rising sales and prices [13] - Stone Technology reported a revenue of 11.945 billion yuan for 2024, a year-on-year increase of 38.03%, and a net profit of 1.977 billion yuan, a decrease of 3.64% [14] - Chengdi Xiangjiang announced a contract worth 4.452 billion yuan for a data center project with China Mobile, with a cooperation period of seven years plus an uncertain duration [15] Restricted Shares - This week, 24 companies in the A-share market will have a total of 1.735 billion shares released from restrictions, with a total market value of 35.015 billion yuan, an increase of 12.411 billion yuan week-on-week [17] New Stock Calendar - Two new stocks are set to be issued this week, with a total of approximately 42.6 million shares and expected fundraising of 1.161 billion yuan [21] Market Outlook - Dongfang Securities suggests the market may see a turning point post-holiday, with potential for a rebound as policy benefits are released in Q2 [24] - Founder Securities believes A-shares may perform better than global markets due to positive macro policies and recovering domestic demand [25] - Dongguan Securities anticipates a range-bound market in the short term due to global volatility and upcoming earnings reports [26] - Guojin Securities recommends a shift in investment strategy towards large-cap value stocks, focusing on "profit bottom" logic in the upcoming quarter [27]

1 多箭齐发！中方坚决反制美"对等关税" 美东时间4月2日，美方宣布对所有贸易伙伴征收"对等关税"。中方对此坚决反对，并表示将坚决采取反制措施维护自身权益。4月4日，中方接连表态并发布反制行 动： 国务院关税税则委员会公告，对原产于美国的所有进口商品，在现行适用关税税率基础上加征34%关税； 商务部会同海关总署对钐、钆、铽、镝、镥、钪、钇等7类中重稀土相关物项实施出口管制措施； 中方在世贸组织起诉美"对等关税"措施； 商务部将斯凯迪奥公司等11家美国企业列入不可靠实体清单； 商务部将16家美国实体列入出口管制管控名单； 商务部对进口医用CT球管发起产业竞争力立案调查； 商务部对原产于美国、印度的进口相关医用CT球管发起反倾销立案调查； 海关总署暂停美国C&D (USA) INC.企业高粱和American Proteins inc.等3家企业禽肉骨粉输华资质； 海关总署暂停美国2家禽肉企业产品输华。 5 程序化交易规则落地！三大交易所细化监管标准 2 特朗普回应股市崩盘 在美国宣布所谓"对等关税"政策引发美国和全球股市震荡后，美国总统特朗普最新在社交媒体上转发其支持者发布的一段视频，视频开头表示 股市崩盘是" ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][8]. Core Views - The company faces pressure from weak demand and declining sales, but it is taking measures to enhance competitiveness [7]. - The carbon fiber sales volume decreased by 10.12% in 2024, with an inventory increase of 61.45%, indicating a mismatch in supply and demand [7]. - The average price of carbon fiber products fell by 23.44% year-on-year, with a current industry gross margin of -18.30%, suggesting profitability challenges for most manufacturers [7]. - The company is focusing on high-end product output and cost advantages to improve profitability [7]. - The company has a strong market position in the new energy sector, with over 50% market share, and aims to increase its market share further in 2025 [7]. Financial Summary - In 2024, the company reported revenue of 1.557 billion yuan, a decrease of 31.07% year-on-year, and a net profit attributable to the parent company of -124 million yuan, down 139.12% [6]. - The company’s earnings per share (EPS) for 2024 is projected at -0.14 yuan, with a forecasted recovery to 0.38 yuan by 2027 [4][20]. - The company’s net profit forecast for 2025-2027 has been adjusted to 340 million, 1.75 billion, and 3.39 billion yuan respectively [7][20]. Market Position and Strategy - The company is the only domestic enterprise with mature technology for dry-jet wet-spinning carbon fiber production, with a current capacity of 28,500 tons [7]. - The company is expanding its production capacity with a new 30,000-ton facility expected to begin trial production in 2025 [7]. - The product matrix includes a full range of carbon fiber varieties, and the company has successfully developed several high-end products in 2024 [7].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The low-altitude economy in China is transitioning from pilot projects to commercialization, which may increase the demand for related new energy materials and lightweight materials such as carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) [5][27] - The bromine price has surged by 20.83% this week, reaching 29,000 RMB/ton, with a year-on-year increase of 61.11% [4][11] - Refrigerant prices are maintaining a strong trend, with R134a averaging 46,500 RMB/ton and R32 at 47,000 RMB/ton, reflecting increases of 1.09% and 3.3% respectively [4][10] Summary by Sections 1. Key Industry and Product Tracking - The first operational certificate for civil unmanned aerial vehicles has been issued in China, marking a significant step for the low-altitude economy [3] - Bromine demand is increasing as the downstream market enters a peak season, leading to a tight supply situation and rising prices [4][10] 2. Core Views - The low-altitude economy's development is expected to boost demand for carbon fiber and UHMWPE, with companies like Zhongyi Zhongdeng being noteworthy [5][29] - The fluorochemical sector is experiencing a demand peak for refrigerants, with price and profit margins rising for major products [5] 3. Detailed Sector Tracking - The refrigerant sector continues to show strength, with significant price increases noted for various refrigerants [10] - Carbon fiber prices have stabilized after a decline, with potential demand growth anticipated from new technologies [27][30] 4. Market Performance - The chemical industry index has shown a slight decline, with the basic chemical index down by 0.44% [63] - Specific sub-sectors such as polyester and other chemical raw materials have seen notable gains, while synthetic resins and carbon fiber have experienced declines [68]

Core Viewpoint - The year 2025 is projected to be the year of large-scale implementation of the low-altitude economy, with high-end equipment ETFs (159638) expected to benefit significantly from this trend [1][4]. Group 1: Market Performance - As of March 26, 2025, the CSI High-end Equipment Sub-index has risen by 0.42%, with notable increases in constituent stocks such as Zhenhua Technology (up 4.82%) and Hangjin Technology (up 3.96%) [1]. - The high-end equipment ETF (159638) has seen a rise of 0.38%, with a trading volume reaching 24.64 million yuan [1]. Group 2: Fund Flow and Investment - The latest scale of the high-end equipment ETF has reached 1.139 billion yuan, with a net inflow of 3.171 million yuan [3]. - Over the past five trading days, there have been net inflows on four days, totaling 24.08 million yuan [3]. - Leveraged funds are actively investing, with the latest margin buying amounting to 2.321 million yuan and a margin balance of 31.896 million yuan [3]. Group 3: Industry Outlook - The high-end equipment ETF closely tracks the CSI High-end Equipment Sub-index, focusing on leading companies in aerospace, military equipment, and satellite navigation, which are expected to benefit from the low-altitude economy boom [3]. - According to Zhejiang Securities, various provincial low-altitude economic development plans and support measures are being rolled out in 2024, with 2025 anticipated to be a pivotal year for large-scale application of new technologies and products in this sector [4]. - The low-altitude economy is expected to play a significant role in macroeconomic recovery and has strategic importance in the competition between emerging industries in China and abroad [4].

中复神鹰: 中复神鹰碳纤维股份有限公司2024年年 度利润分配预案公告 证券代码：688295 证券简称：中复神鹰 公告编号：2025-012 中复神鹰碳纤维股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ?公司 2024 年度利润分配预案为不进行利润分配，不派发现金红利，不送 红股，不以资本公积转增股本，未分配利润结转至下一年度。 ?本次利润分配方案已经公司第二届董事会第九次会议及第二届监事会第 六次会议审议通过，尚需提交公司股东大会审议。 一、利润分配方案内容 （一）董事会会议的召开、审议和表决情况 年度利润分配预案的议案》，在充分考虑公司经营情况、现金流状况、未来发展 及资金需求等因素后，同意本次利润分配方案并同意将该方案提交公司股东大会 审议。 （二）监事会意见 年度利润分配预案的议案》。监事会认为：公司 2024 年度利润分配预案，充分 考虑了公司经营业绩情况、现金流状况、发展特点及资金需求等各项因素，该预 案的决策程序符合有关法律法规、《公司章程》的规定，不存在损害股东利益的 情形，同 ...