行 业 及 产 业 证 券 研 究 报 告 molt@swsresearch.com 研究支持 莫龙庭 A0230523080005 molt@swsresearch.com 联系人 莫龙庭 (8621)23297818× molt@swsresearch.com 市政运营表现稳健，设备表现分化 公用事业 2025 年 07 月 08 日 行 业 研 究 / 行 业 点 评 看好 ——申万环保行业 2025 中报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - 证券分析师 行业点评 表 1：环保行业 2025 年 Q2 业绩前瞻 | 业务分类 | 股票代码 | 企业简称 | 市值（亿元） | | Q1-2 归母净利润（百万元） | | | Q2 归母净利润（百万元） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025/7/7 | 24Q1-2 | 25Q1-2E | yoy | 24Q2 | 25Q2E | yoy | | 市政水务 ...

无人机已成为低空经济发展的重要引擎。中国民用航空局预测，2025年，我国低空经济市场规模将达 1.5万亿元，到2035年有望达到3.5万亿元。其中，面向通用、警用、海关和部分军用航空器的研发制造 类产业已成为我国低空经济产业的重要组成部分。 随着产业强势"起飞"，无人机"黑飞"带来的安全隐患也逐渐显现。"低空经济要想平稳'飞行'，越来越强 大的无人机技术和反无人机技术都必不可少。"7月5日，在第六届中国国际无人机及无人系统博览会 上，天津云翔无人机科技有限公司总经理陈岭在接受科技日报记者采访时分析，这两种技术好比"双螺 旋"，将共同推动低空经济健康发展。 在北京航空航天大学教授段海滨看来，仿生智能技术是博览会突出亮点之一。"比如仿鹰眼技术、仿生 偏振光技术，可通过模拟动物行为提升无人机感知和防控能力。在这方面，我国已实现从最初的跟跑， 向并跑甚至领跑迈进。此外，模拟动物智能行为的仿生技术，如模拟动物的避障行为、感知行为、通信 行为的手段，在博览会上也有所展示。"段海滨说，这些技术的进步，是我国无人机应用及防控技术进 一步提高的表现。 反无人机技术则为低空经济铸就"保护盾"。"反无人机'反'的其实是'黑飞'、乱 ...

1.【乘联分会：6月新能源乘用车国内零售销量达111万辆，同比增长29.7%】 乘联分会发文，2025 年6月全国乘用车市场零售208.4万辆，同比增长18.1%，环比增长7.6%。今年累计零售1090.1万 辆，同比增长10.8%。前几年国内车市零售呈现"前低后高"的走势，今年6月零售较2022年6月194 万的最高水平增长7%，呈现超强增长态势。新能源汽车方面，6月新能源乘用车市场零售111.1万 辆，同比增长29.7%，环比增长8.2%；1-6月累计零售546.8万辆，增长33.3%。（第一财经） 2.【深圳实现无人车全市域覆盖运营】从深圳市智能网联交通协会获悉，近日，随着两条无人车线路 在福田梅林片区成功上线，深圳正式迈入无人车全市域覆盖运营新阶段，无人配送网络在核心城区的 进一步加密，为打造高效率的城市自动配送生态注入新动能。据了解，深圳无人车市域运营体系构建 近期取得阶段性成果。目前，全市运营无人车已超300辆，全市域运营网络初具规模，服务覆盖100 多个社区商圈，日均配送量突破10万单。除福田此次开通线路外，此前全市已经开通南山、宝安、龙 岗、龙华、坪山、光明等多个区，此次服务覆盖面积扩大至全市 ...

央视网消息：7月7日，海军山东舰航母编队圆满结束为期5天的访问活动返航离开香港。本次访问活动中，国产新型舰载机歼-15T首次在航母甲板对公 众开放，备受瞩目。那么歼-15系列舰载机有何特点？近日，记者来到辽宁沈阳，独家探访了歼-15T的机库。歼-15总设计师孙聪也在采访中表示，未来我国 的舰载机将会更智能。 总台央视记者 李宁：这就是一架舰载弹射版的歼-15T，它在歼-15的基础上对性能进行了提升。尽管从外观来看，它和歼-15没有特别大的区别，但是在 一些地方还是体现了它弹射的一些独特的设计。比如说，我们现在来到前起落架的位置，这就是一个弹射杆。它就是和航母的电磁弹射系统来进行连接。 歼-15T的T是汉语拼音"弹"的首字母，它是针对弹射起飞模式而研制的，那从外观上如何区分这两兄弟呢？答案就是这个装置。 空军特级飞行员 歼-15首飞试飞员 李国恩：这就是歼-15T的典型特点——弹射牵引杆，它配合航母上的弹射机构，拉着它走，最后释放就走了。 舰载机的独门绝技——尾钩 作为一款舰载战斗机，歼-15T还有一个关键设备：尾钩。 中国航空工业集团沈阳所 高级工程师 朱琳：相当于拦阻索就钩在钩头里面，拦阻索拽着咱们的飞机， ...

Core Viewpoint - New Stone Technology aims to deploy 10,000 autonomous vehicles by the end of this year, expanding its logistics applications beyond express delivery to include fresh produce, pharmaceuticals, and cold chain logistics [2][25]. Group 1: Company Overview - New Stone Technology, founded in 2018, specializes in L4 level logistics autonomous vehicles and has deployed nearly 6,000 vehicles nationwide, with plans to reach 10,000 by year-end [4][16]. - The company received a C+ round investment of 1 billion RMB in February 2023, which will be used for technology iteration and deployment across various logistics scenarios [4][16]. Group 2: Market Expansion - The company is expanding its delivery services from urban areas to rural regions, addressing labor shortages and high delivery costs in these areas [21][23]. - New Stone Technology is also exploring new logistics scenarios, with plans to deploy 4,000 to 5,000 vehicles in non-express delivery sectors by the third quarter of 2025 [25][26]. Group 3: Technology and Innovation - The autonomous vehicles have a loading capacity of 3 cubic meters and can carry 440 to 500 packages, with a single battery swap allowing for a range of up to 100 kilometers [13][19]. - The company has developed its own visual perception algorithms, which reduce hardware costs compared to multi-lidar solutions, enhancing stability and efficiency [20][21]. Group 4: Partnerships and Collaborations - New Stone Technology has established partnerships with major logistics companies such as SF Express, ZTO, and Yunda, and is collaborating with Dingdong Maicai for fresh produce delivery [16][24]. - The company is also working with Tuhu Auto to create an intelligent parts delivery and scheduling system, leveraging Tuhu's extensive network of over 7,000 service locations [24][28].

本文主要作者来自上海交通大学和苏黎世大学，第一作者张宇昂，上海交通大学研究生，主要研究方向包括可微分物理机器人、多目标追踪和AIGC；共同 一作胡瑜，上海交通大学博士生，主要研究方向为无人机视觉导航；共同一作宋运龙博士来自苏黎世大学，主要研究方向是强化学习、最优控制。通讯作 者为上海交通大学的林巍峣教授和邹丹平教授。 想象一下：在未知森林、城市废墟甚至障碍密布的室内空间，一群无人机像飞鸟般快速穿梭，不依赖地图、不靠通信、也无需昂贵设备。这一设想，如今成为现 实！ 上海交通大学研究团队提出了一种融合无人机物理建模与深度学习的端到端方法，该研究首次将可微分物理训练的策略成功部署到现实机器人中，实现了无人机 集群自主导航，并在鲁棒性、机动性上大幅领先现有的方案。 该成果已于《 Nature Machine Intelligence 》在线发表。其中张宇昂硕士、胡瑜、宋运龙博士为共同第一作者，邹丹平与林巍峣教授为通信作者。 | | | 论文地址： https://www.nature.com/articles/s42256-025-01048-0 核心理念：大道至简 过去的无人机自主导航往往依赖： 高复杂度定位与建图 ...

深圳智能物流发展取得重大突破。据深圳市智能网联交通协会透露，截至6月底，深圳市10条功能型无 人车跨区线路正式贯通，全国首个市域级智能配送网络成功构建。与此同时，深圳三大国有公交企业正 在协同发力，依托公交体系资源，加速构建深圳无人车"全市域运营体系"。 10条无人车跨区线路总里程超30公里 目前深圳全市运营功能型无人车已超300辆，无人配送网络在核心城区持续加密。为推动更多应用场景 加速落地，深圳正依托公交体系资源，加速构建无人车"全市域运营体系"，推进"公交+物流"融合创 新。 7月3日，顺丰、美团两条无人物流线路在福田梅林片区应用试点。无人配送车辆有序进出梅林片区巴士 场站，身着公交制服的工作人员熟练地为它们更换电池、进行系统检查。而在西丽麻磡片区，巴士集团 也已与白犀牛达成合作，实现餐食从员工食堂到车队的自动化精准配送。巴士集团透露，未来将依托场 站和公交网络资源，探索无人配送技术在公交物资转运、小型包裹配送等各类城市末端配送场景深度融 合应用，打造以公交场站为支点、高效绿色、覆盖广泛的"城市智慧物流微循环系统"。 做出新尝试的不止是巴士集团。记者从深圳市智能网联交通协会获悉，目前，深圳东部公交也在复 ...

摘要 2025 年无人物流车市场迎来爆发，主要驱动因素为政策支持和供需关 系改善，使得产品价格更符合市场门槛。头部企业 G90 及白犀牛、菜鸟 等公司占据主要市场份额，文远等公司即将入局。 G90 公司客户主要面向物流板块，包括快递网点、小型 B 端客户和城市 配送公司，其中 70%的营收来自快递网点和城市配送，厂区转运和定制 化业务各占 15%。主要服务三通一达，不与顺丰合作。 G90 主要采用按年购买和续费的商业模式，客户购买一年的使用权后可 租赁或出售给其他小型网点。经销商拿货底价为市场价七折，再以九折 或 85 折销售，赚取利润差。 G90 的 E6 车型 BOM 成本约为 4.5 万元，通过后续服务费回收成本并 实现盈利。E6 配备两个补盲雷达、11 个摄像头及毫米波雷达，通过算 法优化实现高效感知功能。 G90 通过算法调优降低对大型硬件传感器的依赖，减少算力需求，减少 激光雷达的使用，预计可带来 20%到 30%的成本下降空间。行业内普 遍采用租赁型收费模式，通过收取服务费或运维费来回收成本。 Q&A 目前国内无人物流车的发展情况如何？今年（2025 年）行业的规模和主要参 与企业有哪些？ 无人 ...

Core Insights - WeRide (文远知行) is a leading autonomous driving technology company, recognized for its innovative solutions and significant market presence [1][2]. Financial Performance - As of March 31, 2025, WeRide reported total revenue of 72.437 million RMB, reflecting a year-on-year growth of 1.77% [1]. - The company experienced a net loss attributable to shareholders of 385 million RMB, which represents a year-on-year increase of 17.73% [1]. Upcoming Events - WeRide is scheduled to disclose its mid-year financial report for the fiscal year 2025 on August 20, 2023 [1]. Company Overview - WeRide, established in 2017 and registered in the Cayman Islands, operates through its domestic entity and has conducted autonomous driving research, testing, and operations in 30 cities across 7 countries [1]. - The company has been operational for over 1,600 days and holds autonomous driving licenses in China, the USA, the UAE, and Singapore, making it a unique player in the industry [1]. Product and Service Offerings - WeRide has developed a comprehensive product matrix that includes Robotaxi, Robobus, Robovan, Robosweeper, and Advanced Driving Solutions, catering to various sectors such as smart mobility, smart logistics, and smart sanitation [2]. - The company is recognized for its commercial revenue leadership among global peers in the autonomous driving sector [2]. Strategic Partnerships - WeRide has established strategic partnerships with several top global manufacturers and suppliers, including the Renault-Nissan-Mitsubishi Alliance, Yutong Group, GAC Group, and Bosch [2]. Industry Recognition - In 2023, WeRide was ranked eighth on Fortune's list of companies changing the world, making it the only Chinese company to enter the top ten [2].

Group 1: GaN Power Devices and Innovations - GaNext collaborates with Lenovo to launch a 245W GaN charger, significantly reducing size and weight while supporting high output for gaming laptops [1] - The charger utilizes GaNext's integrated Cascode GaN power devices, including specific models for PFC and LLC switching [1] - GaNext is a leading high-tech enterprise in GaN-on-Si devices, achieving mass production of GaN devices across the full power range [1] Group 2: Medical Device Innovations - True Health Company has two innovative Class III medical devices included in the Guangdong Province Innovation Medical Device Directory, enhancing clinical application prospects [2] - The TH-S system is the first domestic percutaneous puncture surgical robot to receive NMPA Class III registration, with a 100% success rate in over 4000 clinical applications [2] - The TH-XMW system is the first international percutaneous ablation surgical robot to gain NMPA Class III registration, integrating navigation and ablation treatment [2] Group 3: Autonomous Delivery Vehicles - SF Express and JD Logistics have launched autonomous delivery vehicles in Hengqin, marking a new phase in smart logistics [4] - The initial fleet of 9 delivery vehicles is undergoing testing, with operations expected to enhance efficiency by 2-3 times and reduce costs by approximately 23% [4] - The vehicles are designed to operate 24/7, improving service time and reducing labor intensity and traffic safety risks [4] Group 4: AI Training and Development - Lingyan Pavilion Chip Technology and Cas International Group are collaborating to establish an AI industry training base in Macau, focusing on professional AI skills training [5][6] - The partnership will involve co-developing training courses and sharing facilities to create a conducive learning environment for students [6] Group 5: Health and Wellness Industry Alliance - A strategic alliance named "Cultural Business Travel + Health" has been formed between United Life Group and Cas International Group to enhance healthcare and tourism integration [7] - The alliance aims to create a comprehensive service chain for health monitoring and intervention, promoting a "half-hour health living circle" in the Greater Bay Area [7] Group 6: Cultural and Tourism Initiatives - The "Starry Macau Plan" by Discover Macau Technology aims to enhance cultural tourism experiences through a series of themed performances [8] - The initiative focuses on cultural integration in the Greater Bay Area, featuring diverse performances and efficient resource sharing between venues [8] Group 7: Industrial Development Plans - The "Hengqin Guangdong-Macau Deep Cooperation Zone Industrial Development Plan (2025-2029)" outlines strategic directions for industrial growth and integration [9] - The plan emphasizes creating a modern industrial system with international competitiveness, focusing on health, vitality, digitalization, and wealth [9] Group 8: Unicorn Enterprise Policy - The Hengqin Cooperation Zone has initiated the 2024 unicorn enterprise recognition and subsidy application process, with specific criteria for different levels of unicorns [10] - Recognized enterprises can receive substantial financial rewards, promoting innovation and growth in the region [10]