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激浊扬清,周观军工第126期:93阅兵是新域新质力量的大舞台
Changjiang Securities· 2025-07-06 14:01
激浊扬清,周观军工 第126期: 93阅兵是新域新质力量的大舞台 长江证券研究所国防军工研究小组 2025-07-06 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 王贺嘉 分析师 王清 分析师 杨继虎 分析师 张晨晨 SAC执业证书编号:S0490520110004 SAC执业证书编号:S0490524050001 SAC执业证书编号:S0490525040001 SAC执业证书编号:S0490524080007 SFC执业证书编号:BUX462 分析师 张飞 联系人 李麟君 SAC执业证书编号:S0490525060003 %% %% %% %% research.95579.com 2 01 回顾十八大以来阅兵展现国防成就, 新装备亮相有望牵引板块独立行情 02 国防军工行业2025年中期投资策略, 长期重视盈利驱动且兼顾主题投资 03 深海科技:UUV领航新质装备发展, 未来十年美军市场或超五百亿美元 04 商业航天:优质频谱资源争夺日臻 激烈,国内申报星座有望加速落地 目 录 05 十四五务期必成:甄选 ...
化工新材料周报:生物航煤、制冷剂、多晶硅价格上涨,炭黑、维E等价格下滑-20250706
Tai Ping Yang· 2025-07-06 13:42
Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The prices of bio-jet fuel (SAF), refrigerants, and polysilicon have increased, while prices for carbon black, vitamin E, and others have declined [1][5][12] - The demand for lightweight and high-performance materials is expected to rise due to advancements in robotics and the low-altitude economy [5][24] - The biofuel sector, particularly bio-jet fuel and biodiesel, is gaining attention as renewable green energy sources [5][43] Summary by Sections 1. Key Sub-industry and Product Tracking - Bio-jet fuel (SAF) price reached $2240 per ton, up 0.45% week-on-week and 20.82% year-to-date; biodiesel price stable at 8100 CNY per ton, up 8% year-to-date; polysilicon price at 36420 CNY per ton, up 8.17% week-on-week [3][9][45] - Refrigerant prices remain high, with R32 at 53000 CNY per ton (up 0.95%) and R134a at 49500 CNY per ton (up 1.02%); significant profit improvement compared to last year [4][10] - Prices for carbon black, fluorite, caprolactam, and vitamin E have decreased, with carbon black at 6720 CNY per ton (down 2.34%) [4][10] 2. Electronic Chemicals - The electronic chemicals sector is characterized by a wide variety of specialized products, high technical barriers, and rapid technological advancements [12][20] - The semiconductor materials market is projected to grow, with a forecasted revenue of $67.5 billion by 2024, driven by demand from 5G, AI, and consumer electronics [17][20] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials benefiting from the low-altitude economy and robotics [24][28] - PEEK material is increasingly used in humanoid robots, with demand growing significantly [29] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices showing a downward trend [32][34] - Sodium-ion battery materials are gaining traction due to their cost advantages and resource availability [35] 5. Renewable and Modified Plastics - The market for recycled plastics is expanding, driven by environmental concerns and increasing recycling rates [46] - Special engineering plastics are in demand across various industries, including automotive and aerospace [46] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is rising due to growth in the automotive and consumer electronics sectors [54][56] 7. Market Performance - The chemical industry showed mixed performance, with the basic chemical index up 0.36% week-on-week, while the overall market remains generally stable [57][58]
从“未来翼谷”到“光能矩阵”,成都产业园区三大项目同步突破
Sou Hu Cai Jing· 2025-07-06 11:45
Group 1: Low Altitude Economy - The Chengdu Future Science City has officially launched the Low Altitude Economy Exchange Service Center, enhancing resource aggregation and efficiency in the low altitude economy sector [4][6] - The low altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [4] - The service center spans approximately 1,000 square meters and offers various functions including investment attraction, information release, and enterprise salons [4][6] Group 2: Medical Equipment Manufacturing - Beijing Pruishunxiang has signed an agreement to establish a new medical equipment production base in Chengdu Tianfu International Bio-City, focusing on high-end minimally invasive surgical instruments [9][11] - The project aims to integrate research and manufacturing capabilities to reduce reliance on imported medical devices, particularly in urology and energy surgery [9][11] - The base will leverage local resources from Sichuan University and West China Hospital to enhance competitiveness in the high-end medical equipment sector [11] Group 3: Distributed Photovoltaic Project - The Chengdu Future Science City has successfully connected its first distributed photovoltaic project to the grid, contributing to the national "dual carbon" strategy [12][14] - The project features solar panels installed on rooftops, generating clean electricity to alleviate pressure on the local power grid [14]
2025国际无人机应用及防控大会在京举行
Zhong Guo Xin Wen Wang· 2025-07-06 10:16
Group 1 - The 2025 International Drone Application and Control Conference is being held in Beijing, focusing on the future opportunities in the low-altitude economy with over 1,000 domestic and international guests and 500 exhibitors participating [1][3] - The conference features four major technical topics including drone system technology, control and communication navigation technology, payload and intelligent recognition technology, and intelligent unmanned control technology [1] - The sixth China International Drone and Unmanned Systems Expo showcases over 500 exhibitors across a 20,000 square meter area, highlighting advancements in drone technology and applications across various industries [3] Group 2 - Meituan's drone public affairs director emphasizes the company's early investment in the low-altitude economy, with 64 flight routes established in cities like Shenzhen and Beijing, completing over 600,000 orders [4] - The company has partnered with over 700 brands to offer more than 110,000 product choices, indicating a strong market presence in instant retail delivery services [4] - Recommendations for enhancing low-altitude economic development include establishing intelligent air traffic management systems and utilizing domestic supply chains for drone technology upgrades [5] Group 3 - Safety is highlighted as a critical aspect of low-altitude economic development, with companies like Tianjin Yunxiang Drone Technology focusing on security solutions such as interference and navigation deception devices [6] - The potential for low-altitude economic expansion is recognized, with applications in logistics, disaster prevention, urban safety, and agriculture [6] - The Blue Sky Spacecraft Company presents its cloud sail-2 electric tilt-rotor aircraft, which has a maximum takeoff weight of 2,000 kg and can carry 500 kg, showcasing its versatility for various applications [8] Group 4 - The conference includes the 2025 National Drone Innovation Skills Competition, featuring six competitive events aimed at promoting learning, research, and integration of drone technology with the low-altitude economy [8]
(年中经济观察)稳经济,中国货币政策仍有工具储备
Zhong Guo Xin Wen Wang· 2025-07-06 08:51
Group 1 - The core viewpoint of the articles emphasizes that China's monetary policy remains supportive and adaptable, with various measures being implemented to stabilize economic growth amid a backdrop of moderate inflation and potential interest rate cuts by the Federal Reserve [1][2][3] - The People's Bank of China (PBOC) has introduced a series of monetary policy measures, including lowering the reserve requirement ratio and establishing a 500 billion yuan re-lending facility aimed at consumption and elderly care, which are expected to create a conducive financial environment for economic stability [1][2] - Financial data from May indicates a positive trend, with social financing scale and broad money (M2) growth rates exceeding those of the previous year, suggesting effective support for the real economy [1] Group 2 - The focus of the monetary policy is not only to support domestic demand but also to enhance the efficiency of capital allocation, directing resources towards new productive capacities [2] - Consumption is identified as a critical pillar for the Chinese economy, with recent initiatives targeting key sectors such as automobiles, home appliances, electronics, and tourism to stimulate and expand consumption [2][3] - The introduction of new policy-oriented financial tools is anticipated to facilitate investment and address capital shortages for project construction, with potential investment areas including digital economy, artificial intelligence, and green transformation [3]
活力中国调研行|“剧透”未来!从低空到太空,看产业发展新脉动
Xin Hua She· 2025-07-06 08:42
Group 1: Low-altitude Economy - The low-altitude economy is rapidly developing, with Hefei becoming a hub for drone applications, including medical delivery and logistics, with over 200 operational routes established [2][3] - Hefei has gathered over 300 companies in the low-altitude economy sector, covering the entire supply chain from research and development to operation [2][3] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025, indicating significant growth potential [3] Group 2: Commercial Aerospace - The commercial aerospace sector is also gaining attention, with the market size expected to exceed 2.5 trillion yuan [3] - The establishment of the commercial aerospace industrial park in Bengbu is fostering innovation and collaboration among 17 projects, enhancing the production capabilities of rockets [3][4] - Companies like Lingkong Technology are utilizing advanced materials and 3D printing technology to improve the efficiency and cost-effectiveness of rocket components [4][5]
航投基金杨光总裁受邀到天津大学建筑学院讲授低空产业投资机会
Sou Hu Cai Jing· 2025-07-06 06:44
Core Insights - The low-altitude economy is identified as a strategic emerging industry that is crucial for reshaping urban development and fostering new productive forces [4] - The investment opportunities in the low-altitude economy are highlighted, particularly in infrastructure, aircraft manufacturing, core components, and operational services [8][9] Group 1: Company Overview - Hangtou Fund, established by the Civil Aviation Administration of China, focuses on diversified equity investment in the civil aviation and low-altitude economy sectors, managing nearly 20 funds with a total scale exceeding 5 billion RMB [3] - The company has successfully nurtured leading enterprises in the low-altitude economy and related strategic emerging fields [3] Group 2: Market Potential - The low-altitude economy is projected to have a market growth potential of trillions in the next 20 years, with significant government support and strategic deployment [4][6] - Morgan Stanley estimates that the global urban air mobility market could reach $1 trillion by 2040 and $10 trillion by 2050, while Hangtou Fund anticipates China's eVTOL market to be around 300 billion RMB by 2030 [6] Group 3: Investment Opportunities - Investment opportunities are categorized into four main areas: infrastructure construction, low-altitude aircraft, core components and materials, and low-altitude operations [8] - The infrastructure market for low-altitude operations is expected to reach approximately 243 billion RMB by 2027, driven by the complexity and high frequency of low-altitude flights [8] - eVTOL and high-end drones are identified as key investment areas, with the potential for leading companies to emerge similar to Tesla and BYD in the electric vehicle sector [8]
中国民航局成立通用航空和低空经济工作领导小组,顶层设计持续推进
Huachuang Securities· 2025-07-06 06:03
行业研究 证 券 研 究 报 告 华创交运|低空经济周报(第 44 期) 中国民航局成立通用航空和低空经济工作领 推荐(维持) 导小组,顶层设计持续推进 万丰奥威:A 股低空经济龙头标的,我们持续看好公司通航+eVTOL 双轮驱 动,收购 Volocopter 资产效应被明显低估。 西锐:全球通航制造龙头,我们预计 2025 年业绩保持 30%+增速,对应当前 PE 仅 12 倍出头,明显低于可比公司。 宗申动力:主业业绩高增长,传统主业与新兴产业高景气共振,看好宗申航发 无人机系统核心环节具备领先的量产能力。 应流股份:公司布局"航空发动机+燃气轮机+核能新材料+低空经济"四大未 来战略级方向。 英搏尔:与亿航成立合资公司深度介入 eVTOL 生产领域、与亿维特、广汽高 域等均有战略合作。 莱斯信息:持续看好公司成为低空数字化领域的"一超", 公司陆续中标低空 项目,全国化布局不断推进。 四川九洲:切入低空飞行检测领域形成商业闭环,围绕低空新基建在物流领域 打造软硬结合样板工程。 深城交:深圳低空数字化领军企业,立足改革前沿。 国睿科技:军贸东风起,低空万象新。持续强调军贸方向,重视雷达,公司是 雷达军贸核 ...
一周快讯丨湖北百亿人形机器人母基金成立;上海500亿产业基金来了;0.4倍返投,长沙经开区科创基金招GP
FOFWEEKLY· 2025-07-06 05:21
导 · 读 本周,江苏、上海、湖南、陕西等地母基金密集 落 地,重点布局 新能源、AI大模型、人工智能、生物 医药、集成电路 等领域。 基金设立层面,本周浙江、江苏、深圳、安徽、上海等地均有新基金设立,基金主要聚焦在人工智能 、 机器人、新材料、高端装备、低空经济等领域。 值得关注的是,天津加码创投支持政策,国资最高出资比例提升至80%,对投资本地科技企业满2年的创 投机构给予最高500万元奖励,并优化政府基金考核机制,降低短期回报要求,建立容错免责机制,目标 到2027年全市科创基金规模突破2000亿元。 500亿,上海设立产业转型升级二期基金 近日,上海市投资促进工作领导小组办公室印发《关于强服务优环境进一步打响"投资上海"品牌的 若干举措》。其中提到,加强金融资源高效供给。建立国资并购基金矩阵,设立总规模500亿元产 业转型升级二期基金,用好1000亿元三大先导产业母基金,加大对重点产业战略性项目和产业链 核心关键环节投资力度。通过"长期资本+并购整合+资源协同"创新机制,用好并购基金,加大对 上海战略性新兴产业的金融供给,充分运用科创债、政策性金融工具等,保障优质招商项目资金需 求。深化跨境结算、融资 ...
古城水乡添“新翼”——绍兴越城低空经济初显新产业动能
Xin Hua She· 2025-07-06 03:21
Core Insights - Shaoxing's Yuecheng district is leveraging low-altitude economy as a new driving force for production capacity, transitioning from traditional industries like yellow wine and textiles to advanced sectors like drone manufacturing [1][4] - The district has established itself as a pilot area for low-altitude economy in Zhejiang Province, focusing on four key areas: platform, industry, scenarios, and services [1][4] Group 1: Industry Developments - The first large-scale fixed-wing drone, "Yunlong 3," has been officially launched in Shaoxing, marking a significant advancement in domestic drone technology [1][4] - Zhongheng Co., a leading industrial drone company, has rapidly established a production base in the Yangtze River Delta, achieving project completion from negotiation to production in just three months [2][4] - DJI, a global leader in the low-altitude economy drone sector, is collaborating with Shaoxing to build a supporting industrial park, aiming to create a low-altitude economic cluster [2][3] Group 2: Economic Impact - The output value of regulated low-altitude economy enterprises in Yuecheng is projected to exceed 40 billion yuan in 2024, up from 28.5 billion yuan [4] - A total of 18 low-altitude economy projects have been introduced in the district, with a planned total investment of 26.6 billion yuan [4] - The development of low-altitude economy is seen as a critical opportunity for the future, with local officials emphasizing the need for innovative paths and models in this sector [4]