我们首次覆盖高可靠性传感器核心企业：高华科技（688539.SH），给予"推荐"评级，核心观点如下： 投资建议：公司是高可靠性传感器国家级专精特新"小巨人"企业，在航空装备及无人机领域有长期配套 经验及突出技术能力；在航天方向的产品应用场景不断丰富。公司积极布局商业航天、机器人产业、低 空经济等前沿技术领域，将充分受益于低轨卫星和人形机器人的加速产业化。我们预计，公司 2025~2027年归母净利润分别是0.67 亿元、0.89 亿元、1.13 亿元，当前股价对应PE 分别是 97x/73x/58x。我们考虑到公司传感器产品的核心竞争力及在战新领域的深度拓展，首次覆盖，给予"推 荐"评级。 风险提示：行业竞争加剧、产品价格下降、项目建设不及预期等。 2）业务布局：公司主营高可靠性传感器及传感器网络系统，在航空领域配套战斗机、无人机等，同时 把握国产大飞机重大机遇。在航天领域参与国家重大工程及商业航天配套业务，与星际荣耀、蓝箭航天 等公司建立合作关系。此外，公司2024 年设立紫芯微和高星华辰两家全资子公司，深度拓展商业航 天、低空经济等战略新兴产业市场。 营收稳步增长；减值等阶段性影响利润。1）业绩分析：20 ...

方正证券认为，政策利好不断释放，A股、港股市场信心显著回升；南下资金仍在持续加速流入港股市 场，叠加美联储降息周期开启，港股流动性环境有望进一步受益。 展望十月，银河证券研报认为，A股和港股市场可能受益于长期政策布局、密集的产业催化事件以及相 对宽松的流动性环境。A股的机遇可能更多集中在科技成长领域，而港股则受益于独特的市场结构和外 部流动性预期。招商证券研报则表示，无论是从政策预期还是业绩表现，以AI算力、半导体自主可 控、固态电池、商业航天、可控核聚变为代表的八大赛道依然是当前的重点。交银国际也在研报中提 到，美联储降息环境下科技股估值修复逻辑进一步强化，南向资金对港股科技等高景气度板块的配置需 求保持强劲。AI产业链相关标的受益于全球科技巨头资本支出，特别是算力投入持续增长。（闻辉） 【环球网财经综合报道】日前，摩根士丹利发布报告称，9月外资净流入中国股市46亿美元，创下自 2024年11月以来的单月最高水平。其中，被动型基金净流入额达52亿美元。截至9月30日，今年以来外 资被动型基金累计净流入额已达180亿美元，远超2024年全年70亿美元的水平。 从行业板块来看，与上月相比，主动型基金经理显著增仓 ...

从行业板块来看，与上月相比，主动型基金经理显著增仓了半导体板块，同时减仓了保险及耐用消费品与服装板块。 【环球网财经综合报道】日前，摩根士丹利发布报告称，9月外资净流入中国股市46亿美元，创下自2024年11月以来的单月最高水平。其中，被动 型基金净流入额达52亿美元。截至9月30日，今年以来外资被动型基金累计净流入额已达180亿美元，远超2024年全年70亿美元的水平。 方正证券认为，政策利好不断释放，A股、港股市场信心显著回升；南下资金仍在持续加速流入港股市场，叠加美联储降息周期开启，港股流动 性环境有望进一步受益。 展望十月，银河证券研报认为，A股和港股市场可能受益于长期政策布局、密集的产业催化事件以及相对宽松的流动性环境。A股的机遇可能更多 集中在科技成长领域，而港股则受益于独特的市场结构和外部流动性预期。招商证券研报则表示，无论是从政策预期还是业绩表现，以AI算力、 半导体自主可控、固态电池、商业航天、可控核聚变为代表的八大赛道依然是当前的重点。交银国际也在研报中提到，美联储降息环境下科技股 估值修复逻辑进一步强化，南向资金对港股科技等高景气度板块的配置需求保持强劲。AI产业链相关标的受益于全球科技 ...

哪些行业最受青睐？ 9月A股市场继续攀升，沪指累计涨0.64%，深证成指累涨6.54%，创业板指累计涨12.04%。10月如何寻 找机会？截至发稿，10余家券商公布了10月月度投资组合，涉及材料、科技等多个领域。 | PST 01 | | | --- | --- | | 券商名称 | 推荐个股 | | 光大证券 | 奥来德、招商蛇口、海康威视、招商银行、寒武纪-U、上海临港 三一重工、华友钻业、中芯国际、海尔智家 | | 国論证券 | 国博电子、四川双马、安琪酵母、恒立液压、海康威视、蓝特光学 吉祥航空 | | 国信证券 | 金风科技、翱捷科技-U、中兴通讯、阳光电源、南微医学、圣晖集成 巴比食品 | | 海道国际 | 道通科技、三花智控、国盾量子、药明康德、海尔智家、福耀玻璃 石头科技、蓝思科技 | | H 别 亚美 | 利安隆、国信证券、石头科技、吉宏股份、震裕科技、洛阳铝业 浙江仙通、神州泰岳、日联科技、华峰测控 | | 平安证券 | 拓荆科技、珠海冠宇、明阳智能、深信服、华新水泥、甘李药业 鹏辉能源、兴业银锡、海光信息、凯莱英 | | 甲万宏源证 募 | 苏美达、雅克科技、天秦装备、华友钻业、奥特维、 ...

Core Viewpoint - The A-share market continued to rise in September, with the Shanghai Composite Index increasing by 0.64%, the Shenzhen Component Index rising by 6.54%, and the ChiNext Index climbing by 12.04%. Analysts are looking for investment opportunities in October, with over ten brokerages releasing their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - Multiple brokerages have recommended stocks including Aolide, China Merchants Shekou, Hikvision, China Merchants Bank, Cambrian Biologics, and Shanghai Lingang [2]. - Notable stocks receiving multiple recommendations include Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, each recommended by three brokerages [3]. - Huayou Cobalt saw the highest increase in September, with a rise of over 37%, closing at 65.9 yuan [3]. Group 2: Market Trends and Focus Areas - Brokerages suggest that the A-share market is expected to enter a "red October," with a focus on technology and "anti-involution" sectors. The third-quarter report window is highlighted as a key focus for October [5]. - The market is anticipated to maintain a trend of gradual upward movement, with the third-quarter reports being crucial for policy expectations and performance [5]. - Key investment themes include AI computing power, semiconductor autonomy, solid-state batteries, commercial aerospace, and controllable nuclear fusion, which are considered priority sectors [5].

Core Viewpoint - The A-share market continued to rise in September, with the Shanghai Composite Index increasing by 0.64%, the Shenzhen Component Index rising by 6.54%, and the ChiNext Index climbing by 12.04%. Analysts are looking for investment opportunities in October, with over ten brokerages releasing their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - Multiple brokerages have recommended stocks across different sectors, including technology and materials, with notable mentions such as Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, each receiving recommendations from three brokerages [2][3][4]. - Huayou Cobalt saw the highest increase in September, with a rise of over 37%, closing at 65.9 yuan [3]. Group 2: Industry Preferences - Brokerages suggest that the A-share market may experience a "red October," focusing on technology and "anti-involution" themes. The upcoming Q3 reports are highlighted as a key focus for October [5]. - Key investment themes include AI computing power, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, as emphasized by various brokerages [5]. - East China Securities identifies four main lines of focus for October: acceleration in global AI capital expenditure, themes related to the 14th Five-Year Plan, sectors with potential earnings surprises during the Q3 reporting period, and midstream raw material manufacturing industries benefiting from anti-involution policies [5].

来源：央视新闻客户端 卫星视角看海南，每一个像素中都是变化！2021年，位于文昌市东郊镇的海南商业航天发射场所在地还 只是一片椰林大海。2025年，在椰林大海掩映下，这里已经成为我国首个具备常态化发射能力、双发射 工位的商业航天发射场。 0:00 （总台记者 王文昌 杨涛 李超越） ...

Group 1 - The central enterprise innovation-driven index increased by 0.56% as of September 30, 2025, with notable stock performances including Guorui Technology up 8.47% and Changdian Technology up 7.97% [3] - The central enterprise innovation-driven ETF (515900) rose by 0.52%, with a latest price of 1.56 yuan, and has shown a cumulative increase of 0.58% over the past week, ranking 1/4 among comparable funds [3] - The trading volume of the central enterprise innovation-driven ETF was 703.54 million yuan, with a turnover rate of 0.2%, and an average daily trading volume of 23.81 million yuan over the past year, ranking first among comparable funds [3] Group 2 - The Ministry of Industry and Information Technology has granted China Mobile a license for satellite mobile communication services, allowing major telecom operators to engage in satellite communication, enhancing emergency, maritime, and remote area communications [3] - The issuance of satellite internet licenses is expected to accelerate technological breakthroughs and commercial applications in the satellite sector, with a clear development path for the satellite industry, including breakthroughs in manufacturing, launching, and demand [4] - The central enterprise innovation-driven ETF has seen a significant scale increase of 24.85 million yuan over the past week, ranking 1/4 among comparable funds [4] Group 3 - The central enterprise innovation-driven index evaluates the innovation and profitability of state-owned enterprises, selecting 100 representative listed companies to reflect the overall performance of innovative state-owned enterprises [4] - As of August 29, 2025, the top ten weighted stocks in the central enterprise innovation-driven index accounted for 33.39% of the total index, including companies like Hikvision and China Southern Power Grid [4]

9月29日,省政府新闻办举行"产业链上的山东好品牌"系列记者见面会"'链'出新动能"专场,光威复材 （300699）副董事长、总经理王文义在发布会上介绍,"作为山东省碳纤维产业链的'链主'企业,威海光威 复合材料股份有限公司在国家新材料战略布局中,扮演着从突破封锁到引领创新的关键角色。" 据悉,光威复材已构建起国内体系最完整、技术最先进的碳纤维及其复合材料产业链,正全力赋能低空经 济、商业航天等战略性新兴产业。 突破封锁,实现关键材料自主可控。本世纪初,面对国外在碳纤维领域的全面技术封锁,光威复材率先投身 国产碳纤维的研发攻关。 2005年,公司承担的国家863计划项目成功通过验收,成为国内首家实现碳纤维工程化的企业,打破了国外 垄断,为我国高端装备制造业的发展,解除了关键材料"卡脖子"的困境。 记者闫聪 创新驱动,构筑全产业链核心优势。历经二十余年发展,光威复材坚持创新驱动与应用牵引,形成了涵盖碳 纤维、通用新材料、能源新材料、航空与航天复合材料、精密装备等六大业务板块的全产业链格局。公 司不仅提供高性能碳纤维及预浸料等中间材料,更具备为下游客户提供飞机部件、无人机全机身等复杂 构件的设计与制造能力。 前瞻 ...

Core Viewpoint - The commercial space industry is recognized as a trillion-dollar market, with significant developments and investments, yet it still faces challenges in achieving profitability and stability [1][2][3]. Group 1: Industry Development - The commercial space sector has seen the emergence of companies aiming for initial public offerings, with notable advancements in satellite internet and launch capabilities [2][3]. - The "Starlink" project has accelerated the pace of satellite launches, with a record of 38 satellites launched in a short period [2]. - The industry has experienced a shift in focus from "hard technology" to more immediate trends like smart driving, indicating a potential lack of excitement in commercial space developments [3]. Group 2: Investment Landscape - Significant funding has been raised in the commercial space sector, with companies like Xinghe Dynamics securing a record 2.4 billion in Series D financing [2]. - The overall financing scale for the industry exceeded 20 billion last year, marking a new high and indicating growing investor interest [21]. - The presence of numerous unicorns in the commercial space sector suggests a maturing investment landscape [21]. Group 3: Technological Advancements - The industry is witnessing breakthroughs in rocket technology, with 12 successful launches by private companies in 2023 [22]. - The focus on reusable rocket technology is critical for reducing launch costs, with several companies making progress in this area [22][30]. - The satellite internet initiative is gaining momentum, with significant projects like "Starlink" and "G60" pushing for rapid deployment and operational capabilities [26]. Group 4: Market Dynamics - The commercial space sector is increasingly targeting large clients and government contracts, with companies eager to integrate into supply chains [18]. - There is a notable shift towards providing comprehensive industry solutions rather than merely selling satellite data, indicating a more integrated approach to market needs [18][19]. - The industry is expected to undergo consolidation, with weaker players likely to exit the market, reflecting a maturation process [46][47].