（原标题：深海"源火"点燃全运圣火，十五运会和残特奥会火种采集仪式举行） 南方财经记者谭砚文 广州报道 10月9日，在"梦想"号大洋钻探船的见证下，第十五届全国运动会和全国第十二届残疾人运动会暨第九 届特殊奥林匹克运动会（简称"十五运会和残特奥会"）火种采集仪式在广州市南沙区广州海洋地质调查 局科考码头举行。 同一天，十五运会会歌《气势如虹》正式发布，标志着十五运会和残特奥会将进入开幕30天倒计时。这 场融合科技与体育的盛典，映照出中国向海图强的坚定步伐与粤港澳大湾区协同发展的广阔前景。 火种采集仪式现场，采火技术团队代表手捧"源火"盒走上舞台，将"源火"盒郑重地呈递到广州市委主要 负责同志手中。广州市委主要负责同志双手高举"源火"盒，向全场展示这一簇采撷自南海深处的珍 贵"源火"。 火种护卫队将"源火"盒安放至"源火"台，点燃火种盆环节开始。采火少女在"源火"台引燃手中的采火 棒，国家体育总局、中国残联、广东省委省政府主要负责同志与香港、澳门特别行政区行政长官共同登 台，接过采火棒。伴随着全场注视的目光，他们高举采火棒，一起点燃十五运会和残特奥会火种盆，寓 意粤港澳三地携手共进、同心筑梦。 现场，全运圣火被 ...

Core Viewpoint - The defense and military industry sector is experiencing a positive trend, with the "Bayi" defense military ETF (512810) showing an increase of over 1%, indicating a potential for a three-day consecutive rise in daily trading [1] Group 1: Market Performance - The controlled nuclear fusion concept stocks are actively trading, with Western Superconducting reaching a 20% limit up, Lianchuang Optoelectronics rising over 6%, and Yingliu Co. increasing by over 5% [3] - Major stocks such as China Shipbuilding, Guangqi Technology, and Aero Engine Corporation are also showing positive performance [3] - The market is anticipating a rapid improvement in the industry fundamentals in the fourth quarter, as several defense and military listed companies are expected to announce 2025 restricted stock incentive plans or disclose new major contracts [4] Group 2: Industry Developments - The construction of China's nuclear fusion device BEST has commenced, which will be the first to demonstrate nuclear fusion power generation internationally, with expectations for operational capability by 2030 [3] - A recent report from AVIC Securities highlights the clear rotation characteristics within the military industry sector, including themes such as nuclear fusion, low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military trade [5] - The defense military ETF (512810) is positioned as an efficient tool for investing in core assets of the defense military sector, covering various popular themes including controlled nuclear fusion, commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, and military AI [5]

十五运会和残特奥会"源火"在"天之光"与"海之火"的交织中诞生。9月18日18时，我国南海北部海域"海马冷泉区"1522米深海处，蓝宝石燃烧室内 一簇湛蓝色火焰骤然跃起。 当这簇"海之火"从深海被护送到甲板之时，它的意义早已超越一般的体育仪式："海洋地质二号"多功能科考船为采火提供高效实施平台；"海 马"号深海遥控潜水器（简称"ROV"）精准完成可燃冰采集、输送与引燃等关键操作；"可燃冰原位采集分解及引燃装置"实现了甲烷气体稳定控制 和高效燃烧。 这一系列先进技术的创新与应用，折射出广东在海洋经济发展的新图景。 从深海冷泉中"取"火，是一次科技与体育的跨界联结，更是广东向海图强战略下，深海科技从研发到应用的一次生动展现。一个独具创意的深海 采火，汇集着广东从深海探测、装备制造、资源开发的海洋产业链条。 （原标题：一簇火苗映照万亿蓝色经济：全运圣火背后的"海上新广东"） 南方财经记者冯玉怡 谭砚文 特约撰稿张颖 广州报道 10月9日上午，在"梦想"号大洋钻探船的见证下，第十五届全国运动会和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会（以下简称"十 五运会和残特奥会"）火种采集仪式在广东省广州市南沙科考码头 ...

Core Insights - The article emphasizes the strategic importance of marine titanium in addressing corrosion and structural challenges in marine engineering, shipbuilding, and seawater utilization, highlighting its role in enhancing the reliability, durability, and economic viability of marine equipment [1][7][11]. Industry Overview - Marine titanium refers specifically to titanium and titanium alloys used in marine environments and related industries, characterized by excellent corrosion resistance, high specific strength, low density, and non-magnetic properties [2][3]. - The Chinese government has prioritized the development of marine titanium, integrating "deep-sea technology" into national strategic emerging industries by 2025, which supports the large-scale application of titanium materials in deep-sea exploration, manned submersibles, and oil and gas extraction [1][7]. Industry Chain - China's marine titanium industry chain includes upstream titanium ore mining, midstream sponge titanium smelting and processing, and downstream high-end applications, with leading companies like Baotai and Western Superconducting playing significant roles [1][7][10]. - The industry is experiencing rapid growth, with the marine engineering equipment manufacturing sector projected to have a compound annual growth rate (CAGR) of 15.54% from 2022 to 2024, indicating a significant increase in titanium demand [1][10]. Current Development Status - From 2019 to 2024, China's titanium processing output is expected to grow from 75,300 tons to 172,000 tons, with sales increasing from 68,900 tons to 151,000 tons, reflecting a CAGR of 18% and 17% respectively [9][10]. - Despite the low penetration of titanium in marine engineering, projected demand for marine engineering titanium is expected to reach approximately 2,555 tons by 2024, with further growth anticipated as deep-sea exploration and development plans advance [10][13]. Future Development Trends - The marine titanium industry is expected to evolve through strategic drivers, technological breakthroughs, and expanded applications, with a focus on high-performance and low-cost dual pathways [17][18]. - The demand for marine titanium will diversify beyond traditional applications in ships and submersibles to include emerging sectors such as offshore wind power, underwater data centers, and blue energy, promoting a shift towards integrated solutions in the industry [19].

Company Overview - Jieya Co., Ltd. is a high-quality wet wipe manufacturer established in 1999, with major clients including Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, Babycare, and Dongfang Zhenxuan [2][13] - The company experienced a decline in performance in 2024 due to a drop in wet wipe orders post-pandemic, with projected revenue and net profit of 54.7 million and 1.9 million respectively, resulting in a net profit margin of 3.5% [2][13] - In the first half of 2025, the company showed signs of recovery with revenue of 310 million, a year-on-year increase of 8.8%, and a net profit of 33 million, up 22.6%, leading to a net profit margin recovery to 10.5% [2][13] Industry Analysis - The global wet wipe market is steadily growing, with a retail market size projected to reach 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7% [3][13] - In 2024, the top 10 companies in the global wet wipe market hold a combined market share of 41.3%, with Procter & Gamble and Kimberly-Clark being the largest players, holding 13.9% and 11.3% market shares respectively [3][13] - The Chinese wet wipe market is expected to exceed 12.9 billion CNY in 2024, with a year-on-year growth of 4.3%, and the top 10 brands holding a market share of 48.0% [3][13] Company Performance and Strategy - Jieya Co., Ltd. has a significant net profit margin advantage over competitors, with a net profit margin of 10.5% in the first half of 2025 compared to 4.08% for Hangzhou Guoguang, which reported revenue of 458 million and a net profit of 19 million [4][13] - The company has established strong relationships with international brand clients, with the top five clients accounting for 77.6% of revenue, and foreign sales increasing by 46.2% year-on-year in the first half of 2025 [4][13] - Jieya is expanding its production capacity with a new factory in the United States, which is expected to produce 15 billion wet wipes annually, further enhancing its global market presence [4][13] Financial Projections - The company forecasts net profits of 77 million, 107 million, and 144 million for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 297.2%, 38.1%, and 34.7% [13] - The current market capitalization is estimated at 3.5 billion, with corresponding price-to-earnings ratios of 45, 33, and 24 for the years 2025 to 2027 [13]

Company Overview - Jieya Co., Ltd. is a high-quality wet wipes manufacturer established in 1999, with major clients including Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, Babycare, and Dongfang Zhenxuan [2][13] - The company experienced a decline in performance in 2024 due to a drop in wet wipes orders post-pandemic, with projected revenue and net profit of 547 million and 19 million CNY respectively, resulting in a net profit margin of 3.50% [2][13] - In the first half of 2025, the company showed signs of recovery with revenue of 310 million CNY, a year-on-year increase of 8.8%, and a net profit of 33 million CNY, up 22.6%, leading to a net profit margin recovery to 10.50% [2][13] Industry Analysis - The global wet wipes market is steadily expanding, with a retail market size projected to reach 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7% [3][13] - In China, the wet wipes market is expected to exceed 12.9 billion CNY in 2024, growing by 4.3% year-on-year, with the top 10 brands holding a market share of 48.0% [3][13] Competitive Position - Jieya Co., Ltd. has a significant net profit margin advantage over competitors, with a 10.50% margin compared to Hangzhou Guoguang's 4.08% [4][13] - The company’s top five clients accounted for 77.6% of its revenue in 2024, with international brand clients driving a 46.2% increase in foreign revenue in the first half of 2025, raising the foreign revenue share to 60.3% [4][13] - The establishment of a production facility in the United States is expected to enhance the company's global competitiveness, with a projected capacity of 15 billion wet wipes annually [4][13] Financial Projections - Forecasts for Jieya Co., Ltd. indicate net profits of 77 million, 107 million, and 144 million CNY for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 297.2%, 38.1%, and 34.7% [13] - The current market capitalization is estimated at 3.5 billion CNY, with corresponding price-to-earnings ratios of 45, 33, and 24 for the years 2025 to 2027 [13]

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0929 A 股日评：持股过节，慢牛继续 报告要点 [Table_Summary] 今日 A 股市场震荡攀升，三大指数齐涨，创业板指领涨，券商股强势反弹，新能源板块与有色 金属板块全线爆发。上证指数上涨 0.90%，深证成指上涨 2.05%，创业板指上涨 2.74%，上证 50 上涨 1.09%，沪深 300 上涨 1.54%，科创 50 上涨 1.35%，中证 1000 上涨 1.36%，市场成 交额为 2.18 万亿元，全市场 3574 家上涨。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 今日 A 股市场震荡攀升，三大指数齐涨，创业板指领涨，券商股强势反弹，新能源板块与有色 金属板块全线爆发。 事件评论 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 0929 A 股日评：持股过节，慢牛继续 [Table_Summary2] 事件描述 风险提示 1、全球地缘政治的不确定性； 2、宏观经济增长不及 ...

（责任编辑：董萍萍 ） 【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 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 东方证券指出，新材料行业作为高端制造的重要细分领域，当前呈现结构性机会。深海科技被视为 国家级战略方向，涉及国家安全和能源资源安全，后续政策规划出台有望推动主题表现。固态电池领域 发展潜力较大，2025-2027年全固态电池或从中试迈向量产，技术路线收敛和政策驱动下产业链将加速 发展。机器人产业链中，具备新型轻量化材料、散热技术及国产降本能力的公司值得关注。行业整体处 于震荡上行趋势。 新材料50ETF（1597 ...

Group 1: Key Insights - The Loan Prime Rate (LPR) has remained unchanged for four consecutive months, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, aligning with market expectations [10][22]. - The digital RMB international operation center has officially commenced operations, featuring three major business platforms: cross-border digital payment, blockchain service, and digital asset platforms, aimed at enhancing RMB internationalization and cross-border payment efficiency [22][23]. - The Chinese government emphasizes the importance of mutual respect and cooperation in US-China relations, with a focus on creating more opportunities for foreign investment in China [25][26]. Group 2: Market Overview - The domestic securities market showed mixed performance, with the STAR 50 index experiencing the highest increase of 6.47%. The power equipment sector led the industry gains with a 3.86% rise [2][30]. - The LPR's stability suggests a continuation of a loose monetary policy in the short term, although the necessity for further rate cuts appears limited [2][10]. - The market outlook indicates potential growth in the application of digital RMB in cross-border transactions, which could positively influence market dynamics if US-China trade relations stabilize [2][25]. Group 3: Investment Recommendations - Development of new productive forces is a key policy direction, with a focus on sectors such as artificial intelligence, semiconductor chips, robotics, low-altitude economy, deep-sea technology, and controllable nuclear fusion, which are expected to yield excess returns [3][40]. - Consumer spending is anticipated to increase, suggesting investment opportunities in new consumption, home appliances, and automotive sectors [3][40]. - In the context of geopolitical tensions and global economic uncertainty, long-term demand for gold as a safe-haven asset is expected to grow, alongside tight copper supply, presenting investment opportunities in these commodities [3][40].

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion and deep-sea technology industries, highlighting investment opportunities in cryogenic equipment and compressors [3][5]. Core Insights - Controllable nuclear fusion is viewed as the ultimate energy source of the future, with low-temperature technology being an indispensable component. It offers safety, abundant raw materials, and clean outputs compared to other energy sources [4][14]. - China is actively participating in the ITER (International Thermonuclear Experimental Reactor) project, with expectations for commercial nuclear fusion by 2035, which will significantly expand the market for cryogenic equipment [4][6]. - The deep-sea technology sector encompasses various fields, with compressors playing a crucial role in deep-sea applications, facing high technical barriers [4][6]. - The marine economy is projected to grow significantly, with the market for compressors in deep-sea technology expected to expand from approximately 19.48 billion yuan in 2025 to 40.16 billion yuan by 2030, reflecting a compound annual growth rate of 15.57% [4][6]. Summary by Sections 1. Controllable Nuclear Fusion - Controllable nuclear fusion is recognized for its safety, cleanliness, and abundant raw materials, with the D-T fusion reaction being the most feasible [14][19]. - Magnetic confinement is identified as a promising method for large-scale controllable nuclear fusion, with tokamak devices being the most widely used globally [21][26]. - Low-temperature technology enhances the efficiency and stability of nuclear fusion reactions, which is critical for maintaining the necessary conditions for fusion [34][36]. - The global nuclear fusion market is projected to reach approximately 203.5 billion USD by 2055, with cryogenic equipment expected to capture a market space of about 10.175 billion USD from 2025 to 2035 [4][6]. 2. Deep-Sea Technology - Deep-sea technology includes advanced techniques for exploring and utilizing deep-sea resources, with compressors being essential for various applications [4][6]. - The marine economy is expected to grow from approximately 10.54 trillion yuan in 2024 to 14.31 trillion yuan by 2030, indicating strong growth potential [4][6]. - The report emphasizes the importance of compressors in deep-sea applications, highlighting the technical challenges that need to be addressed for successful implementation [4][6]. 3. Related Listed Companies - The report suggests focusing on companies such as Zhongtai Co., Ice Wheel Environment, Xue Ren Co., and Kaishan Co. for investment opportunities in cryogenic equipment and compressors within the controllable nuclear fusion and deep-sea technology sectors [5][6].