Summary of Yaxing Anchor Chain Conference Call Industry and Company Overview - Yaxing Anchor Chain operates in the deep-sea technology sector, focusing on core components for the shipping and offshore oil and gas industries, benefiting from an upturn in these sectors and the growth potential from floating wind power and mining chains, with expectations of doubling performance over three years [2][5][6] Key Points and Arguments - **Market Position**: Yaxing holds over 50% global market share in ship anchor chains, with even higher domestic market share, and is expanding into cast steel products, potentially doubling the value per ship to a market space of 4 billion RMB [2][10] - **Offshore Oil Service Growth**: The company’s mooring chain business is benefiting from increased utilization of drilling platforms and a new investment cycle in oil fields, with new orders in the first half of the year reaching 39,500 tons, exceeding last year's total [2][7] - **Floating Wind Power Potential**: Floating wind power is projected to enter commercialization by 2030 and mature by 2034, with a market size of approximately 14-15 billion RMB, significantly expanding Yaxing's growth potential as a mooring chain supplier [2][8][11] - **Mining Chain Market**: The mining chain market is estimated at around 2 billion RMB, currently dominated by foreign companies. Yaxing has secured multiple orders, indicating a shift towards domestic alternatives and future revenue growth [2][8][12] Additional Important Insights - **Underestimated Market Position**: The market has undervalued Yaxing's high market share in ship anchor chains and the performance elasticity from product diversification, alongside the growth potential from floating wind power and mining chains [2][9] - **Future Growth Projections**: Revenue growth is expected to be between 15% and 20%, with profit growth between 20% and 26%. The current valuation corresponds to a PE ratio of 23 for 2026 and 19 for 2027, indicating strong investment value [3][13] - **Government Support**: The company is positioned to benefit from government initiatives aimed at promoting high-quality development in the marine economy, as highlighted in recent government reports [4][6][11] Conclusion Yaxing Anchor Chain is well-positioned for significant growth in the deep-sea technology sector, with strong market shares, expanding product lines, and favorable government policies supporting its business model and future performance potential [2][5][9][13]

9月24日午后，三大指数持续上涨，盘面上半导体、游戏等板块涨幅居前，军工板块持续上涨。同 类规模最大的航空航天ETF（159227）震荡上行，截至13时25分，上涨0.36%，成交额7116万元，稳居 同类第一。持仓股中，振芯科技、海特高新、振华风光、光机技术等领涨。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 航空航天ETF（159227） 跟踪国证航天指数，该指数军工属性极强，申万一级军工行业占比 97.96%，是全市场军工含量最高的指数！更聚焦的是，其航空航天装备权重占比高达65.4%，远超中证 军工和中证国防指数。作为跟踪该指数的最大规模ETF，为投资者提供了高效把握核心军工空天机遇的 途径。 每日经济新闻 在新国际形势、新战场形态下，行业新需求方向清晰。随着战争形态加速向信息化智能化战争演 变，一体化联合作战已成为基本作战形式，平台作战、体系支撑、战术行动、战略保障成 ...

Group 1 - The A-share market showed mixed performance on September 23, with semiconductor, energy storage, and power battery sectors leading the gains, while the military industry sector opened high but closed lower [1] - The Aerospace ETF (159227) reached a new high of 1.35 billion yuan in total assets, making it the largest aerospace and defense ETF in the market [1] - Recent successful training exercises of China's naval aircraft, including the J-15T, J-35, and KJ-600, on the Fujian aircraft carrier mark a significant breakthrough in the country's aircraft carrier development, potentially boosting short-term sentiment in the military sector [1] Group 2 - China Aviation Securities indicates that the military sector is currently in a state with significant upward potential and a solid bottom, expecting better performance in the second half of the year compared to the first half [1] - The "14th Five-Year Plan" demand is clear under the "big military" new track, with international market developments expanding opportunities [1] - Themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence are expected to remain active [1][2]

Group 1 - Aerospace ETF Tianhong (159241) closed at a gain of 0.35% as of September 22, 2025, marking two consecutive days of increase with a turnover rate of 27.34% and a transaction volume of 120 million yuan, indicating active market trading [2] - The latest scale of Aerospace ETF Tianhong reached 491 million yuan with a total of 429 million shares, achieving a new high in nearly one month [2] - The net inflow of funds into Aerospace ETF Tianhong was 47.7466 million yuan, with a total of 51.0593 million yuan accumulated over the last five trading days [2] Group 2 - Aerospace ETF Tianhong (159241) serves as an efficient tool to capture core military aerospace opportunities, tracking the National Securities Aerospace Index, with a military attribute of 97.86%, making it the highest military content index in the market [3] - The weight of aerospace equipment in the ETF is as high as 66.8%, significantly exceeding that of the CSI Military and CSI National Defense indices [3] Group 3 - The recent successful launch and recovery training of the Navy's third type of carrier-based aircraft on the Fujian ship marks a significant breakthrough in China's aircraft carrier development, contributing to the transformation of the Navy [4] - The Navy's carrier-based aviation has accelerated its development, achieving a significant leap from single aircraft to a system, from land-based to carrier-based operations, and from conventional takeoff to electromagnetic catapult [4] Group 4 - Zhonghang Securities assesses that the military industry sector is currently in a state with ample upward potential and a solid bottom, with short-term volatility risks in rapidly rising sub-sectors and individual stocks, but a relatively low likelihood of structural deep adjustments [5] - The military industry is expected to perform better in the second half of the year compared to the first half, with emerging themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence likely to remain active [5]

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown significant growth in both scale and share, indicating strong investor interest in the aerospace and defense sector [3][5]. Product Highlights - The aerospace ETF Tianhong (159241) tracks the Guozheng Aerospace Index, with a military attribute of 97.86%, making it the highest military content index in the market. The aerospace equipment weight is 66.8%, surpassing other military indices [3]. Hot Events - The 2025 Air Force Aviation Open Day commenced in Changchun, showcasing the modernization achievements of the Chinese Air Force through aerial performances and ground exercises [3]. - Concurrently, the 2025 Changchun Aviation Exhibition featured over a hundred types of equipment, focusing on emerging fields like drones and low-altitude economy, serving as a platform for technology display and industry collaboration [4]. Institutional Views - According to AVIC Securities, the military industry is expected to enter a relatively stable phase due to recent events and the completion of mid-year performance disclosures. The market shows low systemic risk, with structural rotation within the military sector [5]. - The military sector has demonstrated resilience and vitality, avoiding volatility risks associated with overheating in single areas. Improved performance in certain fields and the anticipation of new orders are expected to strengthen the market outlook [5].

Core Viewpoint - The chairman and actual controller of Zhenray Technology, Yu Faxin, has been placed under detention by the Huangshi Municipal Supervisory Committee, temporarily unable to perform his duties as a director of the company [2][7]. Group 1: Company Leadership Changes - Yu Faxin's family informed Zhenray Technology about his detention on September 21, which prevents him from fulfilling his responsibilities as a director [7]. - During Yu Faxin's absence, director Zhang Bing will act in his capacity as chairman, while other directors and senior management continue their normal duties [12] [16]. - Yu Faxin holds a direct shareholding of 21.04% in Zhenray Technology, maintaining control over the company as of June 30 [9]. Group 2: Financial Performance - Zhenray Technology's financial performance has shown a declining trend since its listing in 2022, with net profits decreasing from 108 million yuan in 2022 to 17.85 million yuan in 2024 [17]. - The company reported a significant increase in net profit for the first half of 2025, reaching 62.32 million yuan, a year-on-year growth of 1006.99% [20][22]. - The revenue for the first half of 2025 was 204.87 million yuan, reflecting a 73.64% increase compared to the same period last year [22]. Group 3: Business Operations - Zhenray Technology specializes in terminal RF front-end chips, high-density packaging microwave modules, and microsystems, with established platforms for design, testing, and reliability [16]. - The company is focusing on strategic emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology, with a significant increase in orders and projects [23].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company is positioned as a core component supplier in "Deep Sea Technology," benefiting from the upturn in the shipbuilding and offshore oil and gas sectors, while floating wind power presents significant growth opportunities [1][2] - The floating wind power market is expected to enter a commercialization phase by 2030, with a projected compound annual growth rate (CAGR) of 70% from 2024 to 2030, and an estimated market space of approximately 14.3 billion in 2034 [2][3] - The offshore oil service sector has seen a significant increase in new orders, with approximately 39,500 tons of new orders in the first half of 2025, indicating a high order volume and favorable market conditions [3] - The shipbuilding industry is entering a mid-cycle upturn, driven by a combination of replacement cycles and environmental regulations, leading to increased demand for ship anchor chains [3] Summary by Sections Market Expectations - The floating wind power market's commercialization timeline remains uncertain, while the price elasticity of ship anchor chains is relatively low compared to new ship prices [2] Project Insights - Currently, there are five operational floating offshore wind projects, with three more in progress in China, indicating a growing interest in this sector [2] - The global floating wind power market is projected to add 1.03 GW of new installed capacity by 2030, with significant growth expected through 2034 [2] Financial Projections - The company is expected to achieve net profits of approximately 317 million, 399 million, and 485 million from 2025 to 2027, reflecting year-on-year growth rates of 13%, 26%, and 22% respectively, with a CAGR of 20% [6][13] - The price-to-earnings (P/E) ratio is projected to be 30, 23, and 19 times for the years 2025, 2026, and 2027 respectively [6][13] Unique Insights - The report highlights a shift in market perception regarding the company's revenue sources, now recognizing the potential of floating wind power alongside traditional ship and offshore oil service chains [5] - The company is positioned as a key player in the shipbuilding sector and a strong candidate in the wind power components market, suggesting a robust investment opportunity [5]

Key Points - The Federal Reserve has lowered interest rates by 25 basis points, bringing the federal funds rate to a range of 4.00%-4.25%, marking the first rate cut of the year and the first in nine months [2][14] - The Huawei Connect 2025 conference is taking place in Shanghai, focusing on the theme of "Elevating Industry Intelligence" and showcasing Huawei's latest initiatives in AI infrastructure and smart solutions [1][11] - In August, new residential property prices in first-tier cities fell by 0.1% month-on-month and 0.9% year-on-year, with the decline narrowing compared to the previous month [1][15][16] Market Overview - The domestic securities market showed mixed performance, with the ChiNext Index rising the most by 2.34%. The coal sector had the highest increase among industries at 3.51% [2][20][23] - Huawei announced its AI computing infrastructure plans for the next three years, including the launch of Ascend AI chips and supernode clusters, aiming for breakthroughs in system-level performance [2][18][19] - The Federal Reserve's interest rate cut is seen as a measure to stimulate economic activity amid concerns over employment and potential economic risks [2][14] Investment Recommendations - Focus on new productive forces, particularly in sectors like artificial intelligence, semiconductor chips, robotics, low-altitude economy, deep-sea technology, and controllable nuclear fusion, which are expected to yield excess returns [3][30] - Emphasize consumer spending to expand domestic demand, with potential opportunities in new consumption, home appliances, and automotive sectors [3][30] - Consider high-dividend assets for stable long-term returns [3][30] - Explore long-term investment opportunities in gold as a safe-haven asset amid geopolitical tensions and global economic uncertainties [3][30]

Group 1: Company Overview and Market Position - The company has successfully expanded its overseas market presence, with foreign trade orders increasing, particularly in energy and chemical sectors [4] - The company is positioned as a leading manufacturer in the special material non-standard equipment sector, with a strong technical foundation and project experience [5][8] - The company aims to leverage its advantages in special materials and non-standard equipment manufacturing to capture new business opportunities in emerging markets [6][12] Group 2: Strategic Development and Future Growth - The company plans to focus on three main market segments: domestic market, foreign trade market, and marine engineering equipment market [7] - It aims to enhance its capabilities in traditional sectors while actively exploring new strategic areas such as clean energy and environmental protection [12] - The company is committed to transforming its business model from a manufacturing-centric approach to a dual-driven model of "manufacturing + services" [12] Group 3: Technological and Market Challenges - The company faces challenges due to low investment levels in traditional energy and chemical sectors, impacting order acquisition and operational performance [6] - Fluctuations in raw material prices, particularly for titanium, nickel, and zirconium, are managed through an "order-based procurement" model to stabilize profit margins [9] - The company recognizes the importance of technological barriers and core competencies in product design and material application to maintain competitive advantage [8] Group 4: Policy and Industry Impact - The inclusion of deep-sea technology in emerging industries by the government presents new opportunities for the company in high-performance equipment manufacturing [5] - The company is strategically aligned with national policies aimed at promoting industrial upgrades and sustainable development [12] - The company is positioned to benefit from the growing demand for specialized equipment driven by advancements in deep-sea technology and related sectors [5][12]

Core Viewpoint - The military industry sector is experiencing a rebound, driven by geopolitical tensions and recent events, but may enter a stabilization phase as short-term catalysts fade [1][2]. Group 1: Market Performance - On September 19, the military sector saw a rise, with the defense and military industry index increasing by 1.18%, particularly in aerospace equipment and military electronics [1]. - The recent airshow in Changchun showcased nearly a hundred types of equipment, indicating ongoing interest and investment in military capabilities [1]. Group 2: Fundamental Analysis - Some sectors have shown improvement in semi-annual reports and second-quarter performance, signaling a recovery in the fundamentals of the military industry [2]. - The market anticipates new orders as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins, which is expected to solidify the foundation for continued growth in the military sector [2]. Group 3: Long-term Outlook - The core driving force of the military industry is the strategic goal of building a world-class military, which underpins long-term objectives for 2027, 2035, and 2050 [2]. - The "big military" concept and new domains are expected to bring market growth and valuation expansion, particularly in low-altitude economy and commercial aerospace during the "15th Five-Year Plan" [2]. Group 4: Future Expectations - The military industry is expected to perform better in the second half of the year, with themes like low-altitude economy, commercial aerospace, and military intelligence likely to remain active [3]. - The new domains within the military sector are anticipated to deepen and evolve continuously, reflecting a resilient and dynamic market environment [3].