基于国产 56.70 GPU的一体机百花齐放，2025年将是国 产AI一体机应用元年；算力大跌后这两个方向值 得关注——0302脱水研报 2025/03/02 18:25 【本文来自持牌证券机构，不代表平台观点，请独立判断和决策】 今日研报内容： 【本文来自持牌证券机构，不代表平台观点，请独立判断和决策】 摘要： 1、一体机：2月28日，中国移动拿下海外DeepSeek一体机私有化部署第一单。民生证券指 出，2025年将是国产AI一体机应用元年，目前多家公司已开发DeepSeek一体机，同时基于国 产GPU的一体机市场也在百花齐放，产业链有望持续放量。 2、算力：国盛证券认为，本次算力回落主要受全球宏观经济对高风险资产的冲击，叠加 GPT4.5不及预期，多方面因素形成共振导致短期跌幅较大。但算力需求释放的逻辑仍未发生 动摇，海外需要突破性创新撬动算力需求，国内AI产业起步较晚，基数较低，主要应关注算 力产业链边际变化。 相关个股 3、化肥：国信证券研报指出，磷化工以磷矿石为起点，当前下游以农化制品为主，具有刚需 属性，近几年含磷新能源材料等新应用领域不断扩展，但国内磷矿石因多年无序开采面临品 位下降问题，新增 ...

预计全球锡供给小幅收缩，公司具备丰富的铟资 源储备；预计3月TV面板价格会继续走高，折旧 和资本开支都将迎来向下拐点——0226调研日报 2026/02/26 16:25 今日内容： 锡业股份：预计全球锡供给小幅收缩，公司具备丰富的铟资源储备 【预计全球锡供给小幅收缩】 【公司具备丰富的铟资源储备】 公司铟生产基地都龙矿区拥有丰富的铟资源储量，铟资源储量全球第一，是全国最大的原生 铟生产基地。截至2024年12月31日，公司铟金属保有资源储量4821吨，2025年前三季度公司 生产产品铟101.62吨。铟产品是公司的主要产品之一，在公司铟产品实现销售的情况下，铟 市场价格上涨预计将会对业绩产生正面的影响。 京东方A：预计3月TV面板价格会继续走高，折旧和资本开支都将迎来向下拐点 【预计3月TV面板价格会继续走高】 需求端来看，受体育赛事、春节岁修等因素影响，一季度TV品牌厂延续了2025年四季度以来 较强劲的备货需求，TV类产品出货量持续走高。供给端，行业内厂商坚持"按需生产"策略， 灵活调整稼动率以匹配需求，预计三月份整体稼动率处于高位。根据第三方咨询机构数据， 2026年2月各主流尺寸TV产品价格维持全面 ...

债券代码：123182 债券简称：广联转债 证券代码：300900 证券简称：广联航空 广联航空工业股份有限公司 答：2025 年，受所处行业周期性调整、多区域布局及市场 拓展带来的成本费用增加、资产减值准备计提等因素，公司经 营业绩短期内面临较大压力，但公司锚定主责主业战略方向， 持续优化业务结构与产品矩阵，不断加强研发创新和市场开拓， 营业收入保持稳定，且经营性现金流维持较好流入水平。 目前公司已针对相关影响因素制定针对性优化举措，伴随 可转债相关财务优化措施落地、产能利用率逐步提升，叠加行 业订单质量改善与市场开拓的持续推进，成本端将实现有效平 衡，盈利水平具备明确的改善基础与上升空间。 2、公司收购天津跃峰的最新推进情况如何？ 答：公司正按既定流程稳步推进天津跃峰收购相关工作， 目前已进入关键推进阶段，审计、评估及尽职调查等核心环节 正按既定计划有序开展，相关方积极配合中介机构推进资料核 查工作，公司将根据进展情况及时履行信息披露义务。 3、公司与国产大飞机客户的合作模式是怎样的？在机型迭 代升级过程中，公司的技术响应速度与定制化服务能力如何体 现？ 答：在国产大飞机领域，公司积极参与 C909、C9 ...

格隆汇2月25日丨中简科技(300777.SZ)在投资者互动平台表示，参与到国产大飞机的研制、批量任务 中，是公司的重要发展目标之一。目前公司内部围绕C929的需求，在相关方面制定了时间规划和工作 安排，并按照既定目标积极推进。 ...

Summary of the Conference Call on AVIC Xi'an Aircraft Industry Group Company Overview - **Company Name**: AVIC Xi'an Aircraft Industry Group (中航西飞) - **Industry**: Aerospace and Defense - **Listing Year**: 1997 - **Recent Restructuring**: In 2020, the company underwent significant asset restructuring, acquiring 100% stakes in several subsidiaries, including Aviation Industry Xi'an and Aviation Industry Shaanxi, while divesting other assets. This restructuring aimed to streamline operations and focus on aircraft manufacturing [1][2]. Core Business and Products - **Main Business Focus**: The company primarily engages in the production of large and medium transport aircraft, including modifications for bombers and civil aircraft, as well as international subcontracting [1][2]. - **Key Aircraft Models**: - **Large Transport Aircraft**: Y-20 - **Medium Transport Aircraft**: Y-8, Y-9, and the new Y-30 (under development) [2]. - **Derived Models**: Y-8 and Y-9 have been modified into various models such as KJ-200, KJ-500, and KJ-600. The Y-20 has been adapted into the Y-20 tanker [2]. - **Civil Aircraft**: Involved in the production of C919 and C929, with significant contributions to the fuselage and wing structures [2][3]. Financial Performance - **Revenue Trends**: The company has experienced stable revenue growth, with a notable dip in 2020 due to changes in tax policies. Post-2020, the revenue has stabilized [3][4]. - **Contract Liabilities**: There was a significant increase in contract liabilities in Q2 2022 due to a surge in aircraft orders during the 14th Five-Year Plan period. Currently, contract liabilities are at manageable levels [4]. Management Changes - **New Leadership**: In July 2025, a new management team was appointed, including a young generation of leaders who are expected to place greater emphasis on corporate governance and market value management [5]. Market Position and Competitive Landscape - **Comparison with Competitors**: The company’s Y-20 is positioned against the US C-17 and the Russian Il-76 in the military transport market. The Y-20 has a competitive edge due to its unique capabilities and lower production rates of its competitors [6][7]. - **International Demand**: There is potential demand for the Y-20 from smaller countries, similar to past purchases of Il-76 and C-17 by nations with smaller land areas [8][9]. Future Outlook - **Strategic Developments**: The company is expected to play a crucial role in the development of China's strategic stealth bombers, which could significantly boost revenue if production scales up [11][16]. - **Commercial Aircraft Market**: The C919 is projected to contribute significantly to revenue, with expectations of reaching over 10 billion RMB in sales as it gains market traction [15][16]. - **Military and Civil Aviation Growth**: The company is well-positioned to benefit from both military and civil aviation markets, with ongoing projects and collaborations with international aerospace giants [14][15]. Additional Insights - **Emerging Technologies**: The company is also exploring low-altitude economic opportunities, including the development of commercial drones, which could further enhance revenue streams [14]. - **Market Dynamics**: The military transport aircraft market is expected to grow, with the Y-8 and Y-9 models having significant demand potential, paralleling the success of the C-130 in international markets [10][15]. This summary encapsulates the key points discussed during the conference call regarding AVIC Xi'an Aircraft Industry Group, highlighting its business focus, financial performance, competitive landscape, and future growth prospects.

Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [4][8]. Core Views - The company is a key player in China's large and medium-sized aircraft development and manufacturing, contributing significantly in three areas: military aircraft, domestic civil aircraft, and international cooperation [6][24]. - The report highlights the strategic importance of the Y-20 military transport aircraft, which fills a gap in domestic large military transport capabilities and has potential for further development and international market competitiveness [7][43]. - The domestic civil aircraft segment, particularly the C919 and C909, is expected to see substantial growth, supported by strong orders from major domestic airlines [9][24]. - The international subcontracting business is robust, with the company being a major supplier for Airbus and Boeing, ensuring a steady flow of orders and revenue [19][24]. Summary by Sections Company Overview - The company was established in 1997 and became the first listed company in China's aviation manufacturing sector. It focuses on the integrated development and manufacturing of large and medium-sized military and civil aircraft [12][15]. - Following a significant asset restructuring in 2020, the company has positioned itself as a specialized entity for large and medium-sized aircraft manufacturing [12][25]. Military Aircraft - The Y-20 strategic transport aircraft, independently developed by the company, is crucial for rapid troop deployment and logistics support, showcasing its capabilities in both military and humanitarian missions [33][34]. - The Y-20 serves as a platform for further developments, such as the Y-20B, which features enhanced capabilities with domestically produced engines [36][37]. Domestic Civil Aircraft - The company is the largest structural supplier for the C919 and C909 aircraft, which are expected to see significant market demand, with projections of thousands of new aircraft deliveries in the coming decades [9][24]. - The report emphasizes the potential of the domestic regional aircraft market, with the C909 expected to capture a significant share [9][24]. International Cooperation - The company is a major player in international subcontracting, producing components for Airbus and Boeing, which secures its business growth amid a backlog of orders from these manufacturers [19][24]. - The report notes that the company delivered 1,267 units in international subcontracting projects in 2024, indicating a strong operational capacity [21][24]. Financial Projections - The company is projected to achieve a net profit of 1.14 billion in 2025, with a compound annual growth rate of 11.7% from 2024 to 2027 [5][8]. - Earnings per share (EPS) are expected to grow from 0.37 in 2024 to 0.56 in 2027, reflecting the company's strong financial outlook [5][8].

Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [4][8]. Core Insights - The company is a key player in China's large and medium aircraft development and manufacturing, contributing significantly in three areas: military aircraft, domestic civil aircraft, and international cooperation and subcontracting [6][24]. - The company has shown a revenue growth from 32.7 billion to 43.2 billion from 2021 to 2024, with a compound annual growth rate (CAGR) of 10% [4][25]. - The net profit attributable to shareholders is projected to grow from 1.023 billion in 2024 to 1.552 billion in 2027, with a CAGR of 16% [5][8]. Summary by Sections Company Overview - The company was established in 1997 and became the first listed company in China's aviation manufacturing sector. It focuses on the integrated development and manufacturing of large and medium aircraft [12][15]. - The company has undergone significant restructuring to focus on military and civil aircraft manufacturing, aiming to become a world-class innovative aviation enterprise [12][15]. Military Aircraft - The company independently developed the Y-20 military strategic transport aircraft, filling a gap in China's large military transport aircraft capabilities [4][33]. - The Y-20 serves as a platform for various applications, including air refueling and emergency rescue, enhancing its strategic importance [7][37]. Domestic Civil Aircraft - The company is a major supplier for the C919 and C909 aircraft, which are expected to see significant demand in the coming years, with projections of 7,250 single-aisle jets and 1,703 twin-aisle jets needed in the Chinese market from 2025 to 2044 [9][24]. - The company is also involved in the production of key components for the AG600 amphibious aircraft and the new regional aircraft, enhancing its position in the civil aviation market [19][24]. International Cooperation - The company is one of the largest participants in international subcontracting, producing components for Airbus and Boeing, which secures a steady flow of business [4][19]. - The backlog of orders for Boeing and Airbus exceeds 15,000 aircraft, ensuring future business development for the company [8][19]. Financial Projections - The company is expected to achieve net profits of 1.14 billion, 1.32 billion, and 1.55 billion from 2025 to 2027, with corresponding earnings per share (EPS) of 0.41, 0.47, and 0.56 [5][8]. - The price-to-earnings (PE) ratios are projected to decrease from 74 in 2025 to 54 in 2027, indicating potential growth in profitability [5][8].

民航人的春节，就是一群人的并肩护航。 除夕，昆明长水国际机场的停机坪上，东航云南公司机长马天元迎来了他的新春首飞。这位1990年出 生，属马又姓马的东航机长，要在除夕、大年初一、大年初二连续3天执飞航班。 在另一片空域，东航江苏公司机长马腾，在大年初三的南京禄口国际机场，开启了飞往曼谷的马年首飞 航班。 2026马年春节，亲子游、反向春运游、南北互换游等多元化出游需求旺盛，民航客流也有望创历史新 高。当万家灯火共庆团圆、出游脚步愈发欢快之时，有一群人仍在工作岗位上，守护着每一位旅客的飞 行。 马机长们的马年首飞 马天元已连续多年坚守春运一线，每当亲人团圆、亲友围坐畅谈时，他依旧身着制服、守在驾驶舱内， 载着满舱归心似箭的旅客，穿越云层奔赴家的方向。 安全是回家路上最重要的"年味"。 马天元说，云南地形复杂、气象多变，春季大风、夏季雷雨、冬季 低温，每一次起落、每一次决断，背后都是长期训练和经验沉淀的结果。尤其在春运这样高强度运行 下，更要保持清醒头脑和稳定心态。"对于飞行经历的衡量，就是在一次次航班中，对天气、对飞机、 对运行环境的理解不断加深。" 今年春运，马天元早早提前从技术、状态、体力等方面做好准备，系 ...

Core Viewpoint - The company anticipates improvements in gross margin by 2026 through advancements in international market access, low-altitude economy, commercial aerospace, and domestic large aircraft collaboration [1] Recent Events - The European Union Aviation Safety Agency (EASA) has accepted the company's ETSOA certification application, which is expected to lay the groundwork for Airbus supplier development [2] Business Progress - The company is engaging in technical and business exchanges with multiple electric vertical takeoff and landing (eVTOL) manufacturers and has signed development contracts or letters of intent, indicating substantial progress in business expansion [3] Project Advancement - In the testing equipment sector, the company is conducting technical integration with commercial aerospace firms, and while ground intelligent devices and industrial software show future promotional potential, they have not yet generated sales revenue [4] Strategic Development - SIPDM industrial software targets the needs of specialized and innovative "little giant" enterprises, leveraging rapid implementation capabilities and low-code platform advantages, with significant market demand expected [5] Performance and Operations - Management indicated during a roadshow that gross margin was pressured in 2025 due to product mix differences, but it is expected to rebound and stabilize in 2026 through cost control and product structure optimization [6] Contract Updates - A wholly-owned subsidiary has signed a selection agreement with Jinpeng Aviation to equip 55 C919 domestic large aircraft with the "Yuxiang" series kitchen modules, deepening cooperation on spare parts services, which was announced in early February 2026 [7]

Core Viewpoint - The company emphasizes its commitment to scientific and efficient decision-making processes for major matters, aligning its development with national strategies in the aviation industry [1] Group 1: Company Strategy - The company focuses on the development of high-end core equipment and services, aviation engineering technology, and low-altitude economic technology [1] - The company aims to seize opportunities presented by the development of domestically produced large aircraft and enhance its support capabilities [1] - The company plans to transition from repair to manufacturing, gradually extending its development from components and products to systems, thereby achieving industrial upgrades [1]