进入5月份之后，业内一直在期盼DeepSeek推出R2模型。但时至今日，其神秘面纱依然未被揭开。不过，今天 晚上，突然有消息传来：DeepSeek-R1模型已完成小版本试升级，可前往官方网页、APP、小程序测试（打开 深度思考），API接口和使用方式保持不变。 不过，DeepSeek官方此次并没有公布版本更新的具体内容。今年3月，DeepSeek曾对V3模型进行小版本升级， 同样是通过官方交流群率先宣布，随后公布了具体更新内容。此前，也有许多关于R2大模型的传闻出现，比 如"参数规模被曝达到惊人的1.2万亿，相比前代R1的6710亿参数几乎翻倍等"。但截至目前，并未获得官方证 实。 DeepSeek似乎在憋大招！ 与此同时，当下已经进入到DeepSeek的扩散阶段，不断有公司和行业接入该公司的模型。那么，沉寂已久的 科技股是否会因此再起风云？ De e pSe e k-R1升级 R2没有来，但R1升级了。深度求索公司代表周三在官方微信群中发布的帖子称，DeepSeek完成了"小规模试用 升级"，欢迎前往官方网页、APP、小程序测试（打开深度思考），API接口和使用方式保持不变。 然而，自那之后，DeepSee ...

Core Insights - The military industry is undergoing a significant transformation in investment logic, shifting from geopolitical factors to a dual-driven model of "hard technology innovation + industrial upgrading" [1] - Public funds are increasingly investing in aerospace ETF products, with the Huaxia Aerospace ETF (code: 159227) tracking the National Aerospace Industry Index, which focuses on core military companies and low-altitude economy concepts [1][5] Investment Logic - The military industry is moving away from traditional event-driven models to a sustainable growth logic, integrating the "14th Five-Year Plan" equipment mass production with new productivity [2] - The National Aerospace Industry Index covers key areas such as aviation equipment and military electronics, reflecting China's military technology strengths [2] - The C919 aircraft supply chain, including critical materials and core components, is included in the index, allowing it to benefit from domestic substitution and industrial upgrades [2] Index Characteristics - The National Aerospace Industry Index features a unique structure with 38% of its composition in small and medium-sized enterprises, which often exhibit higher performance elasticity [3] - The top ten holdings account for 54% of the index, including leading military enterprises like AVIC and Aero Engine Corporation, creating a balanced structure of "core pillars + innovative pioneers" [3] Industry Opportunities - The aerospace industry is experiencing three strategic growth opportunities: - International military trade has seen a 56.48% increase in export value over the past decade, with drones and precision-guided weapons gaining market share [4] - The low-altitude economy is projected to reach a trillion-level market by 2030, with local plans exceeding 3 trillion yuan for industry clusters [4] - The commercial space sector is growing rapidly, with satellite internet included in new infrastructure, benefiting companies involved in rocket and satellite manufacturing [4] Conclusion - The aerospace industry is entering a golden development period driven by policy support, technological innovation, and market demand [5] - The Aerospace ETF (159227) captures the underlying changes in the military industry and aligns with national strategic emerging industries, offering investors a new opportunity to share in the growth of the aerospace sector [5]

Core Viewpoint - Anqing is positioning itself as a manufacturing city with a focus on automotive and new energy industries, leveraging its historical significance and cultural heritage to attract investment and talent [10][15][22]. Group 1: Economic Development - Anqing's automotive and parts industry has achieved revenue exceeding 100 billion yuan, with significant contributions from companies like Zhenyi and Jianghuai [15]. - The city has implemented a strategy called "internal platform, external connection" to attract talent and investment from local expatriates, resulting in over 319 projects with a total investment exceeding 170 billion yuan since 2021 [14][13]. - The 2025 Business Conference saw 33 projects signed with a total investment of 367.35 billion yuan, indicating strong investor interest [14]. Group 2: Manufacturing Transformation - Anqing is enhancing its manufacturing capabilities through automation and smart production, with companies like Changchun Automotive Interior Parts Co. investing over 280 million yuan in a new facility [15]. - The automotive industry in Anqing is expected to generate 118.37 billion yuan in revenue by 2024, with a focus on electric vehicles and components [15]. - The city has established over 400 automotive-related enterprises, contributing to a robust supply chain and industry ecosystem [15]. Group 3: Future Industries - Anqing is actively developing its new energy and materials sectors, with significant projects like the 20GW N-type TOPCon battery project initiated by Zhonghuan New Energy [16]. - The city aims to create an advanced photovoltaic and energy storage industry cluster, targeting over 110 billion yuan in revenue by 2024 [17]. - The establishment of the UAV test base in Yuexi County is part of Anqing's strategy to develop low-altitude economy applications, with expected revenue of 2.242 billion yuan in 2024 [19]. Group 4: Cultural and Historical Significance - Anqing has a rich cultural heritage, being the birthplace of notable historical figures and cultural practices, which enhances its attractiveness for business and talent [11][13]. - The city promotes a strong educational environment, with a high number of academicians originating from the region, fostering innovation and entrepreneurship [13].

Group 1 - The core achievement of China's commercial aerospace industry is the signing of a cooperation agreement between China Telecom Satellite Company and ETL of Laos, marking the first overseas deployment of the Tiantong satellite communication service [1] - This milestone not only signifies the international expansion of China's satellite communication technology but also sets a precedent for future global operations of China's low-orbit satellite constellation [1][2] - Several other commercial aerospace companies in China are also actively pursuing international markets, indicating a broader trend of "going global" within the industry [1] Group 2 - The necessity for China's commercial aerospace industry to expand internationally includes breaking regional limitations and enhancing economic benefits through global market penetration [2] - Continuous investment in research and development is essential for improving technological capabilities and maintaining a competitive edge in the international market [2] - The industry must innovate application scenarios to enhance profitability, such as satellite communication for remote areas and emergency rescue operations, thereby increasing service value and market acceptance [3] Group 3 - Deepening international cooperation is crucial for enhancing China's international voice in the aerospace sector, aligning with global trends in space exploration and satellite communication [3] - The ongoing international expansion of China's commercial aerospace industry reflects its robust capabilities and vitality, with the potential to create a new global industrial ecosystem [3]

Core Viewpoint - Guanglian Aviation is expanding its business and enhancing its layout through the acquisition of a 51% stake in Tianjin Yuefeng Technology Co., Ltd, aiming to strengthen its position in the aerospace sector and capitalize on emerging commercial aerospace opportunities [1][2][3] Acquisition Details - Guanglian Aviation plans to purchase 25.5 million shares of Tianjin Yuefeng, representing 51% of its total shares, for a cash payment of 40 million yuan as an initial payment [2] - The acquisition is not classified as a major asset restructuring or related party transaction, and the final transaction price remains uncertain pending audit and evaluation [2] Business Synergy - Tianjin Yuefeng specializes in metal heat treatment, surface treatment, and precision processing for rocket components, which complements Guanglian Aviation's focus on aerospace high-end equipment [3] - The acquisition is expected to enhance Guanglian Aviation's capabilities in the commercial aerospace manufacturing and processing sector, leveraging both companies' technological and market strengths [3] Financial Performance - In Q1 2025, Guanglian Aviation reported revenue of 266 million yuan, an increase of 18.87% year-on-year, and a net profit of 45.95 million yuan, up 50.63% year-on-year [5][7] - The company has been increasing its R&D investment, with Q1 2025 R&D expenses rising by 61.21% to 14.57 million yuan, accounting for 5.48% of revenue [5][6] Strategic Investments - Guanglian Aviation is committed to its core business, with plans to invest up to 300 million yuan in a drone assembly and parts manufacturing project and to raise up to 1.134 billion yuan for various projects [4] - The company is also introducing strategic investors to its subsidiary Chengdu Hangxin Aviation Equipment Technology Co., Ltd to enhance its capabilities in the aerospace manufacturing sector [4]

主要分为超硬材料磨具产品、复合超硬材料产品、金刚石功 能化应用产品： （一）超硬材料磨具产品 国机精工集团股份有限公司投资者关系活动记录表 编号：2025—005 | | ☑特定对象调研□分析师会议 | | --- | --- | | 投资者关系 | □媒体采访□业绩说明会 | | 活动类别 | □新闻发布会□路演活动 | | | □现场参观□电话会议 | | | □其他 | | 参与单位名称 | 泰康资本：李帛洋 | | 及人员姓名 | 华西证券：王好尚、刘悦 | | 时间 | 2025 年 5 月 26 日 | | 地点 | 国机精工 会议室 | | 上市公司接待 | 董事会秘书：赵祥功 | | 人员姓名 | 证券事务助理：靳晓明 | | | 1.问：请简单介绍一下公司的主营业务。 | | | 答：国机精工在轴承行业和磨料磨具行业开展业务，提供满 | | | 足国家战略需求的产品、技术和服务，业务涵盖"新材料、基础 | | | 零部件、机床工具、高端装备、供应链管理与服务"五大业务板 | | | 块。 | | | 一、轴承业务领域 | | 投资者关系活 | 主要分为特种轴承、风电轴承和精密机床轴承等： | ...

"中航成飞将充分发挥资本市场对实体产业的赋能作用，充分挖掘上市平台功能，不断强化科技创新核 心竞争力，促进更多社会资源向关键核心领域汇聚。"中航成飞有关负责人表示。 在全球空天产业加速迈向"深蓝"的背景下，中国航空航天产业迎来战略机遇期。中商产业研究院数据显 示，中国商业航天市场规模自2015年以来保持高速增长，2019—2023年年均增长率保持在20%以上， 2024年商业航天市场规模将达2.34万亿元。 在这个过程中，深市航空航天上市公司以创新为引擎，持续驱动"太空经济"驶入发展快车道，让星辰大 海的梦想照进现实商业图景。 中航成飞通过"百团大战"创新模式，打破研发壁垒，实现歼-20、无人机等尖端装备的迭代突破，推动 我国空军现代化加速前行；中航光电凭借自主研发各类连接产品500多个系列、35万多个品种打破国际 垄断；天奥电子依托北斗三号星载原子钟和时频全系列产品，夯实空天信息底座…… 不难看出，深市 航空航天企业正以硬核创新链动产业升级，在星辰征途中标注中国坐标。 今年《政府工作报告》明确提出，因地制宜发展新质生产力，加快建设现代化产业体系。其中，要培育 壮大新兴产业、未来产业。深入推进战略性新兴产业融 ...

Core Viewpoint - The overall market trend is focused on growth, with an emphasis on domestic demand and domestic substitution as key investment dimensions [1]. Group 1: Market Performance - As of May 27, 2025, the CSI 500 Quality Growth Index (930939) decreased by 0.55%, with component stocks showing mixed performance [1]. - Among the top gainers, Debon Securities (603056) rose by 8.37%, while the biggest decliner, Jincheng Mining (603979), fell by 4.08% [1]. - The CSI 500 Quality Growth ETF (560500) also saw a decline of 0.32%, with the latest price at 0.93 yuan [1]. - The ETF experienced a significant increase in shares, growing by 3 million shares over the past week, ranking it in the top third among comparable funds [1]. Group 2: Index Composition - The CSI 500 Quality Growth Index is composed of 100 listed companies selected from the CSI 500 Index, focusing on those with high profitability, sustainable earnings, and strong cash flow [2]. - As of April 30, 2025, the top ten weighted stocks in the index accounted for 24.07% of the total index weight, with Chifeng Gold (600988) being the largest at 3.13% [2][4].

以深圳证券交易所市场（以下简称"深市"）航空航天上市公司为缩影，一场由技术突破引发的产业变革 正加速上演——中航成飞股份有限公司（以下简称"中航成飞"）通过"百团大战"创新模式，打破研发壁 垒，实现歼-20、无人机等尖端装备的迭代突破；中航光电科技股份有限公司（以下简称"中航光电"） 深耕高端连接器领域，累计研发500多个系列、超35万种规格的连接产品，打破国外对航空航天连接器 市场多年的垄断；成都天奥电子股份有限公司（以下简称"天奥电子"）依托北斗三号星载原子钟和时频 全系列产品，构建起覆盖空天信息网络的"时间基准"，有力支撑我国卫星导航系统的高精度定位服 务……不难看出，深市航空航天企业正以硬核创新链动产业升级，在星辰征途中标注中国坐标。 从远古先民仰望星空编织神话，到万户飞天的悲壮尝试，再到如今商业航天的蓬勃崛起，人类对天空的 探索历经浪漫想象、勇敢尝试，最终迈向科技赋能的产业化新征程。在这个过程中，航空航天企业作为 技术破壁者与市场拓荒者，正以创新引擎驱动"太空经济"驶入发展快车道，让星辰大海的梦想照进现实 商业图景。 创新驱动破困局 事实上，作为高新技术产业，行业发展向来都是挑战重重。航空航天领域技 ...

北京商业航天保险共保体是由北京金融监管局联合北京市科学技术委员会等部门共同指导，北京地区17家财险机构、2家 再保险机构和1家保险中介机构共同组建的全国首个商业航天保险共保体组织，于3月31日正式发布。 5月26日，记者获悉，由共保体服务的首个项目成功发射。具体来看，2025年5月21日12时05分，中科宇航力箭一号遥七运 载火箭在东风商业航天创新试验区发射，采用"一箭六星"的方式，将泰景三号04星、泰景四号02A星、星睿十一号卫星、星迹 源一号卫星、立方108 001星、西光壹号02星顺利送入预定轨道，发射任务取得圆满成功。该批卫星主要用于城市规划、环境监 测、气象探测等领域。 据北京金融监管局披露，为保障本次发射任务顺利实施，共保体发挥保障有力、专业高效的服务优势，集合各成员承保能 力，为本次发射任务提供近亿元风险保障，以及从询价到承保出单的全流程服务，整体投保周期较以往缩短20%。 本报记者 冷翠华 见习记者 杨笑寒 5月26日，记者从北京金融监管局获悉，由北京地区20家保险机构组建的全国首个商业航天共保体——北京商业航天保险 共保体（以下简称"共保体"）首个服务项目——中科宇航力箭一号遥七运载火箭成功 ...