粤开证券指出，科创板改革通过设立科创成长层和扩大第五套上市标准适用范围，显著增强了对科 技创新的支持力度。当前我国在低空经济、人工智能、生物科技、商业航天等领域发展势头强劲，新质 生产力潜力逐步显现。科创板开板六年来，54家未盈利企业成功上市，其中22家已实现盈利，现存20家 采用第五套标准的企业研发强度高达70.6%，远超科创板平均水平，19家已实现核心产品上市。 每日经济新闻 （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 改革将重点支持人工智能、商业航天、低空经济等前沿领域企业上市，同时试点IPO"预先审阅机 制"和引入资深专业机构投资者制度，优化上市流程并提升风险识别能力。配套机制方面，通过明确进 层出层标准、强化风险提示和信息披露要求，进一步保护投资者权益。这些举措有助于构建与科技创新 相适应的金融体制，培育高质量上市公司。 科创创业ETF跟踪的是科创创业50指数，该指数 ...

Core Viewpoint - Hangyang Co., Ltd. is positioned as a leading supplier in the air separation and industrial gas industry, benefiting from strong government support and a strategic shift towards industrial gas services, particularly in the context of China's growing commercial aerospace sector [1][2][3]. Industry Overview - The aerospace industry is recognized as a strategic pillar for the nation, with policies driving robust growth. The commercial aerospace sector is expected to enter a golden development period from 2024 to 2029, with a projected market size of 6.6 trillion yuan by 2029, reflecting a compound annual growth rate of approximately 23% [1]. - The air separation equipment market in China is anticipated to reach 53.3 billion yuan by 2025, indicating significant growth potential [3]. Company Performance - In Q1 2025, the company reported revenue of 3.565 billion yuan, a year-on-year increase of 7.85%, and a net profit of 223 million yuan, up 13.81% year-on-year. The net cash flow from operating activities reached 424 million yuan, a 46.78% increase [2]. - The total assets of the company stood at 24.564 billion yuan at the end of the reporting period, reflecting a 2.05% year-on-year growth [2]. Technological Advancements - The company is leading the air separation equipment industry with a focus on modularization, intelligence, and low-carbon technology, transitioning towards high-tech and high-value-added sectors [3]. - Hangyang has established a comprehensive R&D system and has been recognized as a national-level "Science and Technology Reform Demonstration Enterprise," with R&D investment of 452 million yuan in 2024, accounting for 3.29% of revenue [5]. Market Position - Hangyang holds a significant market share in the air separation equipment sector, with a leading position in the production capacity and shipment of large equipment [3]. - The company has successfully transitioned from a single equipment manufacturer to a comprehensive service provider, enhancing its competitive edge in the industrial gas market [4][7]. Strategic Initiatives - The company aims to create a world-class gas industry enterprise, focusing on optimizing its engineering and equipment sectors while enhancing project profitability and expanding application scenarios [7]. - The company is also advancing its hydrogen energy, medical health, and electronic specialty gas business units, fostering a collaborative development model across multiple sectors [7].

4月，在河南洛阳国际牡丹园里，"太空黑牡丹"新品种"翰墨丹青"正在盛放。受访者供图 近日在云南省太空生物科技发展促进会拍摄的羊肚菌，左边是普通羊肚菌，右边是经由航天育种技术培 育的羊肚菌。新华社记者 陈欣波摄 6月9日，在广东省潮州市凤凰山种植点，潮州单丛茶制作技艺传承人黄远智正在精心照料从太空返回的 凤凰单丛茶茶种的幼苗。受访者供图 产量高，"黄骅市的一些种粮大户都相中了这个品种嘞" 6月13日，在河北省黄骅市友和种植专业合作社的试验田里，麦浪阵阵，这片生长在盐碱地里的"航麦 802"植株整齐健壮，迎来了丰收。 "航麦802"是利用航天诱变与杂交育种相结合培育的高产优质多抗新品种，与普通小麦相比，其在盐碱 地里抗盐耐旱的表现尤为突出。 "今年是我们第二年种植'航麦802'了，感觉这个品种比较适合盐碱地，抗旱、抗寒、耐盐、抗病等方面 表现都不错，与普通小麦相比，返青期能早一到两天，即使是碰到旱天也没表现出卷叶的情况。"友和 种植专业合作社理事长张志清介绍。 这不，听天气预报说快下雨了，张志清赶着雨前连夜就安排收割机把麦子都收下来了，"粗粗一算，每 亩能收470多公斤，产量还是可以的，黄骅市的一些种粮大户都相中 ...

Core Viewpoint - The China Securities Regulatory Commission has introduced a new policy to establish a "Science and Technology Growth Layer" on the Sci-Tech Innovation Board, aimed at creating a dedicated capital "incubator" for unprofitable hard-tech companies, marking a significant step in the reform of the technology finance system in China [1][2]. Group 1: Policy Objectives - The Science and Technology Growth Layer is designed to serve technology companies that have made significant breakthroughs, possess broad commercial prospects, and are continuously investing in R&D, but are currently unprofitable [2]. - This initiative aims to break the "profit-only" mindset by incorporating all existing and newly registered unprofitable tech companies into a tiered management system, which is a form of "precise positioning" rather than merely lowering thresholds [2]. Group 2: Risk Management and Investor Protection - Companies in the Science and Technology Growth Layer are required to regularly disclose the reasons for their unprofitability and its impact on the business, ensuring that individual investors meet suitability management requirements for trading [2]. - This reflects a unique approach to risk control in China, akin to providing investors with a "risk disclosure statement," allowing the market to embrace innovation while maintaining risk safeguards [2]. Group 3: Institutional Enhancements - The introduction of six new measures on the Sci-Tech Innovation Board will enhance institutional inclusivity and adaptability, facilitating capital access for tech companies at different growth stages [2]. - New measures include the introduction of seasoned professional institutional investors to inject "market wisdom" into the review process, a pilot pre-IPO review mechanism to protect technological security while accelerating review efficiency, and expanding the applicability of the fifth listing standard to include sectors like artificial intelligence and commercial aerospace [2]. Group 4: Long-term Implications - In the short term, the Science and Technology Growth Layer will provide a capital progression space for unprofitable companies, while in the long term, it will drive capital towards hard technology, positioning the capital market as a hub for innovation capital formation [3]. - The establishment of the Science and Technology Growth Layer is seen as a testing ground for broader registration system reforms, with the potential to create a positive cycle between technology and capital as investors begin to value R&D investments over short-term profits [3]. Group 5: Regulatory Considerations - The success of this reform will depend on detailed execution, emphasizing that inclusivity should not come at the expense of regulation, with a focus on combating illegal activities such as profit transfer and commercial corruption [3]. - The construction of the Science and Technology Growth Layer must avoid becoming a refuge for problematic companies, ensuring strict enforcement against fraudulent activities and financial misconduct [3].

Group 1: Autonomous Driving - Tesla has officially launched its Robotaxi pilot service in Austin, Texas, with initial fares set at $4.20 per ride, utilizing a fleet of 10 to 20 modified Model Y vehicles equipped with Tesla's self-developed vision perception system and FSD software [1][2] - Analysts expect Tesla's successful operation of the Robotaxi business to accelerate the commercialization process of autonomous ride-hailing services, with predictions that the market could reach nearly 500 billion yuan by 2030 [1][2] Group 2: Commercial Space - The commercial space innovation company, Orbital Insight, has completed its first and additional rounds of financing, totaling 140 million yuan, with significant investment from Shunhao Co. and Lenovo Venture Capital [2] - The financing will support the development and deployment of the "926 Project," which focuses on constructing and operating a giant computing satellite constellation [2] Group 3: Solid-State Batteries - The solid-state battery sector is gaining momentum, with companies like Xinwangda and Yiwei Lithium Energy reporting advancements, including Xinwangda achieving an energy density of 500 Wh/kg in laboratory samples and planning to reach 700 Wh/kg by 2027 [3] - The U.S. startup Lon Storage Systems has begun producing solid-state batteries and is shipping test units to potential clients, including the U.S. Department of Defense [3] Group 4: Cell Therapy - Chinese scientists have published a new cell therapy paradigm in the journal "Cell," demonstrating engineered human anti-aging mesenchymal stem cells that can delay multi-organ aging in primate models [4] - The global stem cell therapy market is projected to reach $100 billion by 2030, with China's market expected to grow from 45 billion yuan in 2025 to 300 billion yuan by 2030, reflecting a compound annual growth rate of over 25% [4] Group 5: Nuclear Power - The Chinese Academy of Sciences has announced the continuous stable operation of the thorium-based molten salt experimental reactor in Wuwei, Gansu, marking a significant advancement in fourth-generation nuclear technology [5] - The thorium molten salt reactor has advantages such as abundant thorium resources and passive safety features, with plans to build 5 to 10 commercial reactors by 2035 [5]

Core Viewpoint - The defense and military industry experienced a strong rebound on June 23, 2025, with the sector closing as the second highest in gains among all industries, only behind the computer sector [1][3]. Group 1: Market Performance - The defense military ETF (512810) saw a daily increase of 1.5%, closing at 0.608 yuan, with a trading volume of 54.1 million yuan and a turnover rate of 8.73%, leading among six similar ETFs [1][2]. - The trading threshold for the defense military ETF was significantly reduced from approximately 120 yuan to around 60 yuan due to a recent share split, enhancing trading accessibility [1][2]. Group 2: Sector Dynamics - A total of 73 out of 80 leading stocks covered by the defense military ETF rose in value, with notable performances from Changcheng Military Industry, Aerospace Development, and others [2][4]. - Recent geopolitical tensions, including U.S. airstrikes in Iran and escalating conflicts in the Middle East, are expected to reignite a new arms race, positively impacting the defense sector [4][5]. - The 55th Paris Air Show highlighted advanced military aircraft, which are anticipated to bolster China's military trade on a global scale [4][5]. Group 3: Investment Opportunities - The defense military ETF (512810) passively tracks the CSI Military Index, covering various sectors such as military AI, commercial aerospace, and traditional military equipment [5]. - The ETF is currently a target for margin trading and is accessible for northbound capital, indicating strong investment interest [5].

科创板100ETF（588120）涨超1%，改革举措或增强板块包容性。 每日经济新闻 （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 中信建投指出，2025年陆家嘴论坛上，证监会提出在科创板设置科创成长层，并重启未盈利企业适 用第五套标准上市，同时推出6项改革措施，包括扩大第五套标准适用范围，支持人工智能、商业航 天、低空经济等更多前沿科技领域企业上市。科创成长层将重点服务技术有较大突破、商业前景广阔、 持续研发投入大的未盈利科技企业。此次改革后，人工智能、商业航天、低空经济等前沿技术领域的未 盈利企业将获得更多上市支持，有助于聚集更全面的前沿行业。此外，创业板也将启用第三套标准，支 持优质未盈利创新企业上市。 科创板100ETF（588120）跟踪的是科创100指数（000698），该指数由中证指数有限公司编制，从 科创板中选取市值大、流动性好的100只股票作为样本股。指数成分股 ...

2.5米多终端通用望远镜是一台中等口径精密测量望远镜，具备多终端、多功能、多应用的特点， 能够满足不同类型的观测需求。其主要科学目标是开展太阳系自然天体和人造天体的多波段、多类型精 密测量，协同开展中国太阳系天体历表的自主构建和长期维护，还将服务于地月空间安全、太空资产保 护等国家重大战略需求。该望远镜预计2026年建成，将是中国最大的同轴收发激光测距望远镜。 这两台望远镜建成后，将形成国际先进的地基光学精密观测体系，实现中国精密天体测量观测能力 的重大跨越，为中国天文学实测研究和航天强国建设提供强大的高精度观测保障。 4.2米地基专用天体测量望远镜是中国最大的天体测量望远镜，也是中国首台4米级单镜面天文望远 镜。该望远镜具有大口径单镜面、极低畸变成像、极高精度定位，极深探测极限等特点，其主要科学目 标是开展太阳系内暗弱运动天体的高精度位置、运动和特性测量，支撑中国太阳系天体历表的自主构建 和长期维护，并服务于中国航天任务及深空探测的地基观测需求。这台望远镜预计2027年建成，将成为 国际上最大的太阳系天体精密测量望远镜，为中国太阳系天体高精度观测研究提供核心支撑。 中国科学院紫金山天文台21日在青海冷湖海拔 ...

Core Viewpoint - The defense and military industry is transitioning from emotion-driven military trade logic to a fundamental strengthening, driven by frequent geopolitical events since 2025 [1] Group 1: Military Trade and Industry Outlook - The India-Pakistan conflict since 2025 has led to a reassessment of military trade value, with military trade expected to break through domestic pricing bottlenecks, providing higher profit margins and boosting sector valuations [1] - In the aerospace equipment sector, a turning point in orders has been established, with a 22% quarter-on-quarter increase in contract liabilities for main aircraft manufacturers in Q1 2025, and a significant improvement in component orders [1] - Military electronics are expected to maintain high order levels throughout the year, indicating strong demand [1] Group 2: Specific Sector Developments - In the aerospace propulsion sector, inventory reduction and price adjustments are nearing completion, with new model production expected to drive demand recovery [1] - In the weaponry sector, long-range artillery and unmanned ground equipment are benefiting from domestic demand recovery and a high level of military trade activity, with core companies projecting significant revenue growth for 2025 [1] - The commercial aerospace sector is entering a critical phase of large-scale deployment, with plans to launch approximately 2,100 satellites in China by 2025, and breakthroughs in reusable rocket technology expected to lower cost barriers [1] Group 3: Domestic Aircraft and ETF Insights - The domestic large aircraft C919 is accelerating its production, with an expected delivery of 20-30 units in 2025, and the process of domestic engine replacement is speeding up [1] - The military ETF (512660) tracks the CSI Military Industry Index (399967), which is compiled by the China Securities Index Co., Ltd., reflecting the overall performance of representative listed companies in the defense and military industry [1] - The CSI Military Industry Index features distinct industry characteristics and cyclical styles, with constituent stocks primarily from high-tech enterprises related to national defense modernization [1]

2025 年 06 月 23 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 104 期 观点精粹: 最新报告摘要 AIDC 深度报告：智能算力需求兴起，把握核心环节技术迭代契机--行业 PPT 报告 2025 陆家嘴论坛点评——金融开放与改革并举--资产配置报告 灵巧手专题系列报告 3：从运动学原理出发，灵巧手如何"动起来"？--行业 PPT 报告 风机价格持续上涨，美国储能 ITC 补贴延长--行业周报 机械行业专题报告：摩托车行业 2025 年 5 月海关数据更新--行业 PPT 报告 新铝时代（301613.SZ）公司深度报告：铝材料平台厂商渐成，全面打开新增长点--新铝时代/汽车零部件 (301613/212802) 公司 PPT 报告 美元寻锚之路：去杠杆，减敞口，再平衡--策略 PPT 国内首个人形机器人全产业链专业展于杭州开幕，帕西尼 A 轮数亿元融资落地--行业周报 战略品类引领增长，稳定向好趋势具备确定性--稳健医疗/个护用品(300888/217701) 公司动态研究 ...