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 ...

Group 1 - The Shenzhou-19 manned spacecraft was successfully launched from the Jiuquan Satellite Launch Center, marking a significant event in China's space exploration efforts [1][5] - The Jiuquan Satellite Launch Center, established in 1958, is the earliest and largest comprehensive missile and satellite launch center in China, having achieved numerous milestones in the country's space history [2][4] - Jiuquan is the only site in China designated for manned space launches, highlighting its unique importance in the global context of space exploration [4][11] Group 2 - Jiuquan's geographical location and historical significance as a key point on the ancient Silk Road contribute to its identity and relevance in the aerospace sector [4][19] - The city has leveraged its space launch capabilities to enhance its visibility and tourism potential, integrating aerospace themes into cultural tourism [21][23] - Jiuquan is also developing its renewable energy sector, becoming the largest land-based wind power equipment manufacturing base in China, with significant production capabilities [23][27] Group 3 - The economic performance of Jiuquan has shown promising growth, with a GDP of 705.6 billion yuan in the first three quarters of the year, reflecting an 8.5% increase year-on-year [32][34] - The renewable energy equipment manufacturing industry has seen substantial growth, with output rising from 7.8 billion yuan in 2021 to 20.5 billion yuan in 2023 [35] - The commercial space sector is emerging as a strategic focus for Jiuquan, with significant policy support and a growing market projected to exceed 2.3 trillion yuan by 2024 [38][40]

Core Insights - The Chinese aerospace industry is experiencing rapid growth, driven by significant advancements in technology and strong support from investment institutions [1][2][3] - Investment institutions are playing a crucial role in fostering the development of aerospace companies, particularly through early-stage investments and strategic support [4][5][6] Policy Support - The Chinese government has consistently positioned aerospace as a strategic emerging industry, with numerous policies aimed at promoting commercial aerospace and low-altitude economy [2][3] - Recent policies, including the inclusion of commercial aerospace in government work reports, have laid a solid institutional foundation for high-quality development in the aerospace sector [2][3] Investment Opportunities - The commercial aerospace sector is projected to grow significantly, with global revenue reaching approximately $298 billion in 2018 and a compound annual growth rate of about 7% over the past five years [3] - Investment institutions are optimistic about the prospects of the aerospace industry, particularly in areas such as civil aviation, commercial space demand, and low-altitude economic scenarios [2][3] Capital Empowerment - Investment institutions emphasize the importance of a multi-tiered financing system to support aerospace development, including early-stage investments and public fund participation [4][5] - The concept of "patient capital" is highlighted, as the aerospace industry often requires long-term support for technology commercialization and industrialization [4][5] Successful Investment Cases - Notable investment cases include Galaxy Aerospace, recognized as China's first aerospace unicorn, and Blue Arrow Aerospace, which has developed key technologies in liquid rocket engines [4][5] - Investment institutions have also engaged in various projects across the aerospace value chain, driving innovation and collaboration among upstream and downstream enterprises [5][6] Future Trends - The satellite internet sector and low-altitude economic opportunities, such as drone logistics and eVTOL, are identified as key investment areas for the future [6][7] - The year 2025 is anticipated to mark a significant milestone for the low-altitude economy, with expectations for the commercial operation of eVTOLs [7][8] Collaborative Efforts - Investment institutions are encouraged to strengthen partnerships with research institutions and universities to enhance innovation and technology transfer [8] - The collaboration between public and private investment entities is seen as essential for discovering quality projects and fostering a healthy cycle between primary and secondary markets [8]

● 本报记者 王婧涵 "无论是通信卫星、导航卫星还是遥感卫星，商业航天各项应用都逐步深入到大众的日常需求之中。大 量需求涌现让企业有动力自己发卫星，这促进了商业航天的发展，也意味着行业模式将出现很大改 变。"星图测控董事长胡煜日前在接受中证报记者专访时表示。 经过几年培育，当前我国商业航天已进入快速发展期，面向大众的应用场景不断打开，政策、技术和市 场的协同推动下，作为国家级专精特新"小巨人"企业的星图测控在航天测控管理、航天数字仿真等业务 领域都实现了快速发展。 应用场景向C端延伸 "从2015年中国商业航天元年起，商业航天的发展越来越快。特别是'十四五'以来，从卫星制造、火箭 制造到航天测运控系统、地面配套等各类软硬件，国内从事商业航天的企业越来越多，"胡煜向记者表 示，"这将进一步促进卫星在特种领域及面向大众的C端应用的发展。" 在商业航天领域，卫星主要分为通信卫星、导航卫星和遥感卫星三类，分别代表了商业航天三种主要的 应用场景。近期，我国发射的算力卫星则开启了"太空计算"的新篇章。 "由于卫星的制造成本较高，过去的航天发射往往针对特定需求，面向政府或相关B端用户，进行如自 然资源普查、气象监控等任务。 ...

证券研究报告 | 投资策略研究*专题报告 2025 年 06 月 22 日 投资策略研究 当美联储拒绝为财政让步——周度策略行业配置观点 一周热点事件复盘：陆家嘴金融论坛顺利举办，美联储 6 月 FOMC 会议维 持偏鹰姿态。本周（2025 年 6 月 16 日-2025 年 6 月 20 日）A 股在"地缘 风险+政策博弈"双重驱动下震荡走弱，上证指数周跌 0.52%，深证成指 周跌 1.16%，创业板指周跌 1.66%，科创 50 周跌 1.55%，全市场日均成交 额回落到 1.22 万亿元。板块风格上，市场呈现防御性板块占优、成长内 部分化的格局。能源、金融及 AI 硬件成为资金避风港，而消费医药、中 小盘股承压。本周 2025 年陆家嘴金融论坛已经落幕，论坛突出了两大主 题：优化跨境支付体系与优化科创企业的融资环境，论坛基调维持"小步 快跑"的节奏，并未宣布非常超预期的政策。海外方面，以色列与伊朗局 势仍然紧张，带动 A 股油气股走强；美联储在 6 月 FOMC 会议上宣布基准 利率维持在 4.25%-4.50%的区间不变，同时基于表明美国通胀顽固以及就 业韧性的"硬数据"，鲍威尔认为当前需更多数据确 ...

证券板块 证监会将推动落实一揽子举措深化科创改革，有利于增强资本市场活力、促进创投行业发展。证监会主席吴清在 2025 陆家嘴论坛的主旨演讲中表示，证监会将推动落实深化科创改革的一揽子举措。其核心在于强化多层次资本市场枢纽 功能，促进科技创新与产业创新深度融合。我们预计相关举措落地后，将进一步畅通"科技-资本-产业"良性循环， 为科创企业提供有力支持，并显著增强资本市场活力，创投行业有望直接受益。 投资建议：建议关注四条主线：（1）港交所：ADT 增长有望驱动业绩与估值提升（25/05 ADT 为 2103 亿元，同比+50%； 累计 ADT 为 2423 亿元；截至 25/05 末上市公司数量 2633 家，同比+23 家）。（2）四川双马：创投行业或会迎来进一步 政策催化，科技赛道占优，创投业务有望受益。公司管理基金的已投项目——奕斯伟科技（2024/12/24 状态更新为已 问询）、奕斯伟计算技术（2025/5/30 向港交所递交上市申请）、邦德激光（高端装备，2024/1/3 进行上市辅导备案）、 屹唐半导体（2025/3/13 证监会批复注册）、群核科技（"杭州六小龙"之一，2025/2/14 向港 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 继续看好保险股估值修复；关注券商股主题 性机会 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 22 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 研究助理 罗宇康 执业证书：S0600123090002 luoyk@dwzq.com.cn 行业走势 -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 61% 2024/6/24 2024/10/22 2025/2/19 2025/6/19 非银金融 沪深300 相关研究 《权益 ETF 系列：震荡行情可能会持 续较长时间。》 2025-06-22 《金融开放与资本市场改革迈出新一 步》 2025-06-18 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 06 月 16 日-2025 年 06 月 20 日）非银金融板块各子行业中仅保险板块跑赢沪深 300 指 数。保险行业上涨 0.24%， ...

Core Viewpoint - Beijing is emerging as a leading hub for commercial aerospace, boasting the most comprehensive rocket manufacturing industry chain and over 70% of the country's commercial rocket enterprises [1][2]. Group 1: Industry Overview - Beijing has over 300 high-tech enterprises in the commercial aerospace sector, with more than half of the top 100 commercial aerospace companies, listed firms, and unicorns in the country [1]. - The "South Arrow North Star" pattern is forming in Beijing, with the southern part focusing on rocket manufacturing and the northern part on satellite manufacturing, showcasing a complete industrial chain [2]. Group 2: Key Companies and Developments - Star River Dynamics plans to launch approximately 7 to 8 rockets this year, potentially becoming the first private company to achieve double-digit launches annually [1]. - Blue Arrow Aerospace, located near Star River Dynamics, is the first domestic commercial aerospace company to obtain complete qualifications for rocket research, production, and testing, and recently successfully launched the Zhuque-2 rocket [2]. Group 3: Government Support and Future Prospects - The Beijing government is integrating commercial aerospace scenarios into its 2024 technology work plan, promoting applications in various sectors and supporting the establishment of the Zhongguancun Yichuang Commercial Aerospace Alliance [3]. - The industry is expected to flourish in the next 5 to 10 years, with a diverse range of developments anticipated [3].

当前，Deepseek、宇树科技等热门硬科技企业的横空出世，代表着中国在人工智能、低空经济、生物科技、量子计算、商业航天、芯片研发等领域正取得关 键技术突破，一批生而全球化的新兴科技企业迎风生长。这类企业的特点是投入期很长，前期盈利能力比较弱或无法实现盈利，但是它们又需要持续的高强 度资金投入以保持探索能力和领先优势。如果这样的企业无缘资本市场，极有可能错过发展的关键节点。 在这种情况下，重启科创板第五套标准上市恰逢其时。要知道，这些企业面对的是全球范围内的强劲对手，如果对手可以在关键时刻获得融资，就可能持续 发力。反之，如果中国资本市场可以为这些企业提供有力的支持，也很可能改变竞争态势。这是一场我们不能输掉的科技"马拉松"。 如此，金融更好地服务于有较大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利阶段的科技型企业就是当务之急。决策部门显然对此有清晰的 认知。正因如此，此次证监会决定在科创板设置科创成长层，并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适 用等。 当然，融资并非上市的唯一目的。对科技企业来说，上市意味着打开了新的想象空间，意味着企业可能利用各种资本市 ...

原因大家都清楚，在中美科技竞争这么激烈的时候，通过资本市场支持科技，才能真正发挥大作用，早点实现自主可控。通过A股市场推动"科技-资本-产 业"的良性循环，给自主可控添把火！虽然这次政策看起来是利好科创板，但短期内其实没啥大动静，真要说利好，那就是对科技板块整体有好处。 一、证监会突然调整休市安排，证监会这次给人工智能、商业航天、低空经济这些前沿科技企业开了绿灯，允许它们用科创板第五套标准来上市。其实， IPO从来都不是什么洪水猛兽。今年港股上市的公司这么多，IPO规模都快到千亿港币了，但港股的表现还是比A股强不少。 二、周五的大跌已经确定此次冲击3400点失败，我们反而有点放心了，跌下来，本身就是利好。 全天市场延续弱势震荡，靠着银行、保险、白酒护盘沪指一度翻红，但是受阻5日线附近压力尾盘回落翻绿，科创板延续阴跌，这持续拖累三大指数。 成交量继续缩量1829亿差点跌破万亿成交，对比港股今天直接反弹1.2%，本周市场一直在缩量，量能是影响盘面能否上攻的重要因素，流动性变差很难支 撑起活跃的行情。越来越多的人选择观望，这可以理解。 勉强维持指数小幅上涨，上证是回撤到60日线，还是回补3186点缺口。银行板块的走 ...