7月4日，上海证券交易所正式批准中国船舶换股吸收合并中国重工的交易方案，标志着这场涉及1151.5 亿元资金、超4000亿元资产的"世纪重组"尘埃落定。依据2024年报财务数据测算，本次交易实施后中国 船舶作为存续公司总资产规模将超过4000亿元，年收入规模突破1300亿元，将成为全球规模最大、业务 最完备的上市造船巨头，持续引领全球船舶工业发展。 （文章来源：每日经济新闻） 未来军贸装备需求及溢价带来装备量价齐升，受"十四五任务冲刺"+"建军百年目标"+"自主可控国产替 代"三重逻辑催化，军工板块内需增长确定性也较高，行业基本面具备较强的正向预期。 军工利好催化不断，军工ETF（512660）近5日净流入超4.6亿元。 军工ETF（512660）跟踪的是中证军工指数，该指数由中证指数有限公司编制，从沪深市场中选取涉及 航天、航空、船舶、兵器、军事电子等国防军工领域的代表性上市公司证券作为指数样本，以反映军工 行业相关上市公司证券的整体表现。该指数覆盖了国防军工行业的多个子领域，具有较高的行业集中度 和鲜明的军工特色。 消息面，民航局通用航空和低空经济工作领导小组成立。领导小组成立6个专项工作组，分别为适航管 ...

证券研究报告 甲骨文将与OpenAI在算力方面合作， 我们持续看好全球算力产业发展 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询）HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 资料来源：科创板日报，平安证券研究所 2025年7月8日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）甲骨文将与OpenAI在算力方面合作，我们持续看好全球算力产业发展。甲骨文将与OpenAI在算力方面合作，将在 美国各地开发多个数据中心。百度发布自研视频生成模型MuseSteamer，谷歌在全球推出全新Veo 3视频生成模型。全球大模型竞争依然激 烈，将推动算力维持旺盛需求，我们持续看好全球算力产业发展。2）北京市发布"人工智能+医药健康"三年行动计划，加速人工智能赋 能医药产业发展。7月3日，北京市科学技术委员会等联合印发《北京市加 ...

Group 1: Power Industry Insights - The report suggests that both electricity and coal prices are likely to rise, with electricity price increases expected to outpace coal prices. This trend may end the previous two years' pattern of declining power sector performance in the second half of the year [2][26][27] - National power load reached a historical high of 1.465 billion kilowatts on July 4, 2025, marking a 200 million kilowatt increase from the end of June and a 150 million kilowatt increase year-on-year. The eastern power grid accounted for 422 million kilowatts, with air conditioning loads constituting 37% [4][27] - The Ningxia-Hunan ±800 kV UHVDC project is set to enhance power supply in Hunan, with a total investment of 28.1 billion yuan and a transmission capacity of 8 million kilowatts, expected to deliver over 36 billion kilowatt-hours annually [5][28] Group 2: Capital Market Transformation - The report emphasizes the necessity for capital transformation to match economic restructuring, highlighting the role of government-led funds and patient capital in supporting innovation-driven growth [7][8] - The scale of the primary market has reached approximately 10 trillion yuan, growing rapidly, which presents five key opportunities for secondary market investors, including the need for research-based exit strategies and the increasing importance of mergers and acquisitions [9] - Successful overseas experiences in venture capital are boosting confidence in China's economic transformation, with a focus on integrating government and market-driven approaches [8] Group 3: Real Estate Market Trends - The report maintains an "overweight" rating for the real estate sector, recommending several companies across different categories, including Vanke A, Poly Development, and China Overseas Development [15][35] - In the first half of 2025, land transaction prices outperformed transaction volumes, with a notable structural divergence favoring first- and second-tier cities. The average land transaction price increased by 30.3% year-on-year [16][36] - The average premium rate for land transactions in first-tier cities was 10.7%, reflecting a 6.6 percentage point increase year-on-year, driven by local governments increasing the supply of quality land [17][37]

证券研究报告：国防军工|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1618.51 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 43% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《可控核聚变：谷歌与 CFS 签署 200MW 购电协议，聚变能源加速商业化》 - 2025.07.03 国防军工行业报告 中央财经委员会第六次会议强调推动海洋经济高质 量发展 投资要点 中央财经委员会第六次会议强调推进海洋经济高质量发展。据新 华社 7 月 2 日发布消息 ...

今年上半年，锦溪镇与南京信息工程大学等院校达成深度合作，共建高校重点实验室创新成果转化 基地；新增发明专利36件、实用新型专利144件，立项省级产学研合作项目1家。 今年以来，昆山生态宣教馆揭牌运营，元点创意设计中心顺利开工，一尺花园（计家墩店）落地开 业，全国连锁品牌如家酒店顺利入驻。上半年，锦溪镇接待游客215万人次，同比增长34%，全社会旅 游收入7300万元，同比增长12%。 昨天（7月7日），记者从昆山锦溪镇获悉，今年上半年，锦溪镇预计地区生产总值同比增长6%， 规上工业产值达241.8亿元，同比增长6.7%，增速位列昆山全市第二；全社会固定资产投资17.9亿元， 同比增长17.1%，工业投资14亿元，同比增长32.5%，增速分别位列昆山全市第一、第三，交出了一张 亮眼提气的"期中"成绩单。 今年以来，锦溪镇围绕消费电子、通信设备、汽车配件、低空经济和装备智造等五大主导产业进行 精准招商，泰德兴塑料零配件、思特威芯片封测等产业项目有序推进。 作为省级重大项目，5月20日，立讯精密在昆山总投资超60亿元的"锦绣客厅·立讯科学园"声学产业 一期项目正式投产，二期同步开工。项目聚焦声学高科技领域，规划建设 ...

昨日A股 7月7日，市场全天震荡调整，沪指尾盘翻红，创业板指领跌。沪深两市全天成交额1.21万亿元，较上个 交易日缩量2199亿元。截至收盘，沪指涨0.02%，深成指跌0.7%，创业板指跌1.21%。 板块方面，电力、电网设备、稳定币、房地产等板块涨幅居前，生物制品、PCB、CPO、创新药等板块 跌幅居前。 | 名称 | 最新点位 | 、涨跌幅 | | --- | --- | --- | | 上证指数 | 3473.13 | +0.81(0.02%) | | 深证指数 | 10435.51 | -73.25(-0.7%) | | 创业板指 | 2130.19 | -26.04(-1.21%) | | | 日期:7月7日 制图:21投资通 | | 国际油价7月7日上涨。截至当天收盘，纽约商品交易所8月交货的轻质原油期货价格上涨93美分，收于 每桶67.93美元，涨幅为1.39%；9月交货的伦敦布伦特原油期货价格上涨1.28美元，收于每桶69.58美 元，涨幅为1.87%。 | 名标 | 报价 | 涨跌幅 | | --- | --- | --- | | 道琼斯 | 44406 36 | -0.94% | | 纳斯 ...

这是郑州航空港区首只专注低空经济的产业基金。 全国范围内，低空经济产业基金总规模破千亿，"天空之城"争夺战正酣。 三方国资联手，河南落子5亿元基金 7月2日，河南低空发展股权投资基金合伙企业（有限合伙）在中国证券投资基金业协会完成备案，首期 备案规模5亿元。 河南新设立的5亿元低空经济产业基金，由三方国资联合主导：郑州航空港新兴产业基金、河南航投集 团、河南资本集团。 这步棋是河南系统性布局低空经济的缩影。 2025年初，豫信空天产业基金完成备案，成为郑州航空港区围绕"4+3+3"现代产业体系构建基金矩阵的 重要一环。该基金由郑州航空港科创投资集团、豫信电子科技集团等实力机构参与，目标直指"内培外 引、产业精耕、资本推升、价值重塑"。 政策东风为资本布局提供了明确方向。 2024年7月，河南省政府发布《促进全省低空经济高质量发展实施方案（2024—2027年）》；随后，郑 州航空港专属方案迅速出台，明确规划了设立低空经济专项发展基金的举措；今年4月，支持低空经济 产业高质量发展的若干措施印发，路线图愈发清晰。 "当前，郑州航空港区产业集聚效应日益凸显，"一位郑州航空港区管委会的相关工作人员表示，"5G-A 网 ...

Group 1 - Daya Capital recently conducted research on WanFeng AoWei, a global leader in lightweight magnesium alloy deep processing [1] - WanFeng AoWei has a competitive advantage due to the cost-effectiveness of magnesium alloy components, which are used in various automotive parts, targeting domestic new energy manufacturers [1] - The company employs price-linked settlement and hedging tools to optimize procurement and inventory management, thereby reducing costs [1] - WanFeng Diamond Aircraft ranks among the top three global general aircraft manufacturers, contributing to the development of the domestic low-altitude economy [1] - The company is developing fixed-wing pure electric and hybrid aircraft, advancing commercialization in the eVTOL sector, and integrating resources from Volocopter to build urban air traffic systems [1] Group 2 - Daya Capital, established in June 2013 in Shenzhen, has built a global business network and provides professional asset management services to domestic and international investors [2] - The management team has over 20 years of experience in global financial markets, with nearly 50 professionals from diverse academic backgrounds [2] - Daya Capital has received over 30 industry awards, including four Golden Bull Awards, and has achieved an asset management scale exceeding 100 billion within its first three years [2] - The company focuses on quantitative investment technology and innovation in product and business models, advocating for scientific investment practices [2] - Daya Capital is committed to maintaining a sustainable financial ecosystem and has established the "Daya New Life Children's Fund" to explore sustainable public welfare models [2]

基础设施建设是关键支撑。加快构建多层次起降网络，在重点城市群优先布局智能化起降平台。推进低 空通信导航体系建设，实现重点区域实时动态监控。同步强化地面保障能力，在能源补给、维护维修等 环节形成全链条服务能力。 创新驱动是根本依托。实施核心技术攻坚计划，建立产学研协同创新机制，重点突破动力系统瓶颈。强 化系统集成能力建设，推动整机制造、电子通信及运营服务等环节深度融合。深化相关国际合作，参与 全球标准治理体系建设。实施场景培育计划，对符合国家战略需求的示范项目提供制度创新先行先试环 境，通过规模化应用加速产业化进程。 产业生态是发展动力。一方面，加速构建低空经济产业体系。支持各地根据资源禀赋、产业基础等特 点，培育低空经济链主企业和支撑企业，打造各具特色的低空经济产业体系，带动上下游企业集聚融合 发展。另一方面，不断探索低空经济新模式新业态。围绕低空制造、物流、旅游、农业、商贸、教育等 重点领域，打造标杆应用场景。加大低空制造产业园、低空服务产业园、低空运营保障产业园培育建设 力度，推动产业集聚和成果应用。 我国低空经济发展已形成全面布局，但是从"飞起来"到"用起来"仍面临诸多挑战。为加快形成更多发展 路径和应 ...

Core Viewpoint - The third Low Altitude (Suzhou) Industry Innovation Ecological Conference and the 2025 Digital Low Altitude Conference was held in Suzhou, focusing on the theme "Digital Innovation Leads, Intelligent Benefits for the Future" [1] Group 1: Financial Support Initiatives - Changshu Rural Commercial Bank actively engaged in the low-altitude economy sector by leveraging its financial institution advantages to communicate with industry representatives, researchers, and experts [1] - The bank has implemented various measures to support the development of the low-altitude economy, including financial service innovation, industry chain collaboration, talent cultivation, and resource integration [1][2] - Financial products offered by the bank, such as "Patent Loan," "Talent Loan," and "Hui Ke Loan," are designed to meet the needs of technology-driven companies in the low-altitude economy, characterized by light assets and high R&D investment [1] Group 2: Comprehensive Service Coverage - The bank provides full-cycle services covering all stages of enterprise development, offering construction loans for newly introduced companies and working capital support for mature enterprises [2] - A "policy supermarket" has been established, integrating over a hundred policies, including tax incentives and technological transformation subsidies, to assist companies in matching applicable projects [2] - The bank actively builds platforms for government, banks, and enterprises to connect, supporting low-altitude economic activities and promoting technological cooperation and order matching among industry chain enterprises [2] Group 3: Talent Development and Future Plans - The bank has a dedicated team for scientific and technological innovation, conducting in-depth research on low-altitude economic trends and collaborating with universities to establish postdoctoral workstations [2] - As the low-altitude economy is a rapidly growing emerging industry, the bank aims to provide comprehensive and customized financial services to enterprises in this sector through multi-dimensional initiatives [2] - The bank plans to continue its efforts in financial innovation to empower the low-altitude economy and explore new development paths in collaboration with industry stakeholders [2]