策略+军工 如何看待当前时点军工投资机会？20250708 摘要 军工板块受益于内外部需求双重驱动，海外市场利润率提升，地缘政治 紧张及政策支持等多重因素，估值有望提升，是当前值得看多的板块之 一。 中国武器出口潜力巨大，可能放宽限制，从单兵装备到系统化解决方案， 有望实现数量级增长，并显著提升利润率，军贸打开全球局面，重点发 展船舶、坦克、导弹、飞机等领域。 多重催化剂推动军工板块发展，包括地缘政治紧张、各国增加军事预算、 中国顶层设计支持（如低空经济、深海探索、可控核聚变）以及国内反 腐接近尾声带来的需求释放。 今年是十四五规划最后一年，各军兵种正加速完成任务，预计中报业绩 将超预期，部分任务量可能延至明年，若十五五订单超预期，将进一步 支撑业绩增长。 军工行业存在高低切换机会，关注中航西飞、中直股份等低位标的，水 下作战领域结合深海科技是未来重点，关注中国海防，以及无人智能装 备领域，如东兵、一机集团。 Q&A 当前时点如何看待军工板块的投资机会？ 我们坚定看好当前时点的军工板块。首先，从年度和季度的基本面来看，军工 行业业绩预期反转明显，具备较强的成长动量。短期内，军工板块在交易面上 也表现出色，成长 ...

Group 1 - US stock market showed mixed results with Dow Jones down 0.37%, Nasdaq up 0.03%, and S&P 500 down 0.07% [1] - Tesla rebounded by 1.32% and Nvidia increased by 1.12%, both reaching new highs [1] - Meta Platforms and Apple saw increases of up to 0.32%, while Microsoft decreased by 0.22% and Google A dropped by 1.37% [1] Group 2 - Trump seeks to tighten clean energy tax regulations, leading to a decline in solar stocks, with SunRun falling over 11% [2] - Trump announced a 50% tariff on copper and a 200% tariff on pharmaceuticals, resulting in the largest increase in copper futures since 1968 [2] Group 3 - Meta invested $3.5 billion in EssilorLuxottica to advance its AI glasses strategy [3] Group 4 - SpaceX, owned by Musk, achieved a valuation of approximately $400 billion during a stock sale [4][11] Group 5 - Hugging Face released an open-source top model featuring dual-mode reasoning and 128K context, marking a significant advancement in AI [5] Group 6 - The 2025 Esports World Cup will be held in Riyadh, Saudi Arabia, with a total prize pool exceeding $70 million [6] Group 7 - Germany warned that the EU is prepared to retaliate if a fair trade agreement cannot be reached [7] Group 8 - Morgan Stanley predicts TSMC will continue to exceed expectations in Q2, with strong advanced process orders, although the appreciation of the New Taiwan Dollar may pose profitability challenges [8] Group 9 - The Chinese government is promoting the application of new technologies like AI in public services, as outlined in a recent policy document [9] Group 10 - Pacific Securities noted that multiple indices broke through their consolidation ranges, indicating a strong short-term market trend [10] - Everbright Securities suggested that if the Shanghai Composite Index surpasses 3500 points, it could further boost market confidence and attract more capital [10] Group 11 - Shentong Express partnered with Cainiao to accelerate the application of unmanned delivery vehicles, aiming to deploy 2000 unmanned vehicles by the end of the year [12] - Guohai Securities highlighted that the development of regulations for unmanned vehicles is paving the way for the logistics industry's standardization [12] Group 12 - The National Development and Reform Commission and six other departments released a plan to enhance the childcare service system, projecting the market size for childcare services in China to reach 151.81 billion yuan by 2024 [16]

这场"空中政务"的创新实践，源于安阳市北关区市场监管部门将数据"跑路"与科技赋能深度融合。"目 前无人机送证上门还在试飞阶段，今后将覆盖更多商户。"北关区市场监督管理局相关负责人说，针对 辖区商贸集聚区商户集中、交通易拥堵的特点，他们用无人机搭建起空中投递通道，让企业开办所需的 相关证照实现"立等可取"，跑出智慧政务的"安阳速度"。 "安阳正立足低空经济发展优势，在全市范围内探索布局'无人机+'创新应用模式。未来，从城市治理到 乡村振兴，从产业升级到民生服务，各行各业都将跃动着无人机的身影，让低空资源更好地服务民生、 赋能产业。"安阳市政府有关负责人表示。（记者 李林 赵阿娜） 责任编辑： 王苑 "您的营业执照正在起飞，预计10分钟后送达。"7月8日下午5点多，安阳市北关区洹北街道一家环保企 业有关负责人申书红的手机里弹出一条信息。很快，一架灰色小型无人机稳稳悬停在洹北企业双创综合 服务平台上空，她扫码验证后，从机身专用舱中取出了崭新的营业执照。 "下午刚在线上平台提交申请，不到下班时间就收到了'空中快递'，这效率太令人惊喜了！"申书红笑着 感慨，过去办执照要备齐材料跑几趟，动辄等上好几天，如今不仅"零跑腿" ...

Group 1 - The 2025 International Low Altitude Economy Expo will be held from July 23 to July 26 in Shanghai, covering an area of 60,000 square meters and featuring over 30 forums, with an expected attendance of more than 50,000 visitors [1] - Nearly 300 exhibitors, including well-known companies such as DJI, Puzhou, and China Post Express Logistics, will participate in the expo, showcasing advancements in low-altitude industries [1] - The Civil Aviation Administration of China (CAAC) has established a leadership group for general aviation and low-altitude economy, signaling a strong policy direction to promote the safe and orderly development of these sectors [1] Group 2 - Currently, 30 provinces and cities in China have included low-altitude economy development in their government work reports or related policies, accelerating the implementation of low-altitude economic projects [2] - Nearly 20 cities, including Beijing and Guangzhou, have established industry-specific funds to attract more social capital into the low-altitude economy sector [2] - The low-altitude economy is expected to enter its third phase by 2025, driven by a significant increase in orders, with top-level design being a crucial factor for its development [2] Group 3 - Shenzhen City Transportation Group has applied for pilot projects related to low-altitude infrastructure and RFID cross-border low-altitude logistics in Hong Kong and other regions [3] - CITIC Offshore Helicopter operates helicopters and drones, indicating active participation in the low-altitude economy [4]

● 本报记者 郑萃颖 7月8日，2025空天信息大会暨中科星图生态发展大会在合肥举办，低空经济的安全和发展成为行业专家 们讨论的焦点。完善准入机制、加快数字化管理、建立应急响应制度等，成为低空经济发展的关键。会 上，中科星图发布低空经济全域赋能平台，以数字化技术、大模型能力赋能低空经济安全健康发展。 行业专家认为，未来低空经济发展需要完善安全底座，推动基础设施建设，培养行业专业人才，拓展下 游应用场景，充分释放低空经济潜能。 技术筑牢安全根基 "低空产业是新质生产力的代表，要先解决安全问题，才能蓬勃发展。"星图低空云研究院院长孙俊在会 上说。 在会上，中科星图发布全国首个低空经济全域赋能平台，包括低空规划平台、低空智联网平台、低空飞 服平台、军地民协同平台以及一网统飞平台五个产品，提出了从低空规划、安全保障、协同监管到运行 服务、场景应用等全链条解决方案。 其中，低空规划平台包括了空域起降、运行仿真以及规划成果评估分析等功能。低空智联网络平台则结 合了低空基础设施相关数据，将低空探测数据和飞行管理服务结合，集合了低空气象服务平台、低空智 联反制系统、低空反无平台等数据，帮助管理用户飞行活动。军地民协同平台打通 ...

Core Viewpoint - The development of low-altitude economy and commercial aerospace is accelerating, with significant market potential projected for the coming years, particularly in China [1][2]. Group 1: Low-altitude Economy and Market Potential - The low-altitude economy market in China is expected to reach 1.5 trillion yuan by 2025, while the commercial aerospace market is projected to exceed 2.5 trillion yuan [1]. - The EH216-S unmanned aerial vehicle (UAV) is designed for urban short-distance transportation, featuring capabilities such as unmanned operation, intelligent navigation, and precise takeoff and landing [1][2]. Group 2: Regulatory Milestones - On March 28, 2023, Hefei Hangyi Aviation received the first operational qualification certificate for manned civil unmanned aerial vehicles from the Civil Aviation Administration of China, allowing for commercial operations in approved areas [2]. - The EH216-S is the world's first eVTOL aircraft to obtain all three necessary certifications: Type Certificate (TC), Airworthiness Certificate (AC), and Production Certificate (PC) [2]. Group 3: Future Operations and Applications - Hefei Hangyi Aviation plans to manage and operate various types of aircraft, providing services for air traffic connections, low-altitude tourism, logistics, smart city management, emergency response, and medical rescue [3]. - The implementation of national standards for civil drones has improved product reliability, with a 25% increase in mean time between failures (MTBF) and a 50% reduction in loss of control rates in complex urban environments [3]. Group 4: Local Development and Industry Growth - Hefei has established over 200 drone routes for medical supply delivery, rail inspection, and food delivery, contributing to the growth of the low-altitude economy with over 300 related enterprises [4]. - The city aims to leverage its resource advantages to explore and expand low-altitude economic applications, collaborating with various departments to enhance the benefits of low-altitude economic development [4].

Core Viewpoint - The company, Zhonggong International, is focusing on upgrading traditional industries and developing emerging strategic industries, with no current involvement in stablecoins or charging pile businesses [1]. Group 1: Company Operations - The company has a strong technical advantage in airport logistics design consulting, covering the top twenty airports in China by passenger throughput [1]. - Zhonggong International has participated in various projects in industrial engineering and transportation engineering, including shipyards and port terminals, as part of its involvement in international capacity cooperation [1]. Group 2: Market Activity - On July 8, the company's stock closed at 8.56 yuan, with a slight increase of 0.35%, a turnover rate of 1.12%, a trading volume of 138,000 shares, and a transaction amount of 118 million yuan [1]. - The net outflow of main funds on July 8 was 21.87 million yuan, while speculative funds saw a net inflow of 15.47 million yuan, and retail investors had a net inflow of 6.41 million yuan [1].

Group 1 - The 2025 International Low-Altitude Economy Expo will be held in Shanghai from July 23 to 26, featuring an exhibition area of 60,000 square meters, nearly 300 global exhibitors, and over 30 high-end events, expected to attract more than 50,000 participants [1] - Over 19 products will have their global debut and 25 products will be launched domestically during the expo, including the world's first 7-seat, 3-ton eVTOL flying car platform and various innovative products in the UAV and aviation sectors [3][4] - The expo will showcase low-altitude products and solutions across various scenarios, including public safety, emergency response, aerial photography, and agricultural protection, highlighting how low-altitude economy can drive modernization in urban and rural governance [4] Group 2 - Shanghai is actively developing its low-altitude economy, aiming to establish a complete industrial chain by 2027, with a core industry scale exceeding 50 billion yuan, positioning itself as a global leader in innovation and commercial applications [5] - The expo has received strong support from relevant local government departments, with various districts organizing local enterprises to showcase their achievements in low-altitude economy [5] - The "Low-Altitude Economy Infrastructure Development Conference" will serve as a leading platform for exchanging ideas in the low-altitude infrastructure sector, releasing research reports and inviting experts to share insights [6]

7月8日下午，2025国际低空经济博览会在上海举行展前新闻发布会， 公布了展商名单、会议赛事，展 会亮点等事项的最新筹备情况。来自低空经济相关主管部门，协会组织、重点企业和媒体代表参加了此 次发布会。 "2025国际低空经济博览会"将于7月23日-26日举办，由国家会展中心（上海）、东浩兰生集团、上海 市国际展览集团共同主办。展会面积6万平米，参展商数量近300家，30多场论坛活动，预计参观人数5 万余人次。第一财经作为首届博览会的战略合作媒体，将深入展会场景报道低空经济领域的产业发展、 生态建设和场景落地，在第一财经网端直播呈现同期的行业论坛。 国际低空展关注低空企业发展需求和应用场景落地，重点展示低空基础设施、制造与配套服务等产业 链，低空交通运输、城乡管理、商业融合应用、个人消费等应用链。为低空经济管理、研究、生产、服 务与应用等展商观众，打造展示交流平台。 国际低空展期待低空经济更好地满足人民群众对美好生活需要，展现低空领域丰富的创新创业机会，助 力各地加快落地低空经济新质生产力，扎实推进高质量发展。 主办方代表答记者问 响应国家战略 助力低空经济高质量发展 从2024年起，低空经济已连续两年被写入政 ...

PCB Industry - Global PCB market value is expected to reach $94.7 billion by 2029, with a CAGR of 5.2% from 2024 to 2029; China's PCB market value is projected to hit $49.7 billion by 2029 [1] - Major cloud companies like Microsoft and Google are expected to increase capital expenditures by over 30% in 2025, with domestic companies Alibaba and Tencent expected to spend over 120 billion and 80 billion respectively, driven by AI infrastructure demand [1] - The current recovery in downstream electronic demand, combined with the growth in innovative fields like AI and high-speed communication, supports overall PCB demand growth [1] Gaming Industry - In June 2025, 33 Chinese companies are expected to enter the global mobile game publisher revenue ranking TOP 100, collectively earning $1.76 billion, accounting for 33% of the total revenue of the global TOP 100 mobile game publishers [2] - Shanghai's government has initiated a policy trial to treat games developed by foreign companies in Shanghai as domestic games, potentially increasing the efficiency and quantity of quality games entering the Chinese market [2] - The domestic gaming industry shows solid market demand and high prosperity, with AI technology applications in gaming expected to lead to more AI-native games, driving a reevaluation of the gaming industry's value [2] Low-altitude Economy - The low-altitude economy has been included in the government work report for the first time, becoming a national strategic emerging industry, with the market expected to reach 1.5 trillion yuan by 2025 and potentially exceed 3.5 trillion yuan by 2035 [3] - A complete low-altitude new infrastructure solution was released at the 2025 Aerospace Information Conference, showcasing innovations in satellite internet, low-altitude cloud, and AI applications [3] - The low-altitude economy is expected to attract capital and achieve significant synergy across the entire industry chain, moving from pilot exploration to large-scale application [3] AI Education - The Ministry of Education has launched a digital empowerment initiative for teacher development, aiming to enhance the application of AI and big data in education and improve teaching quality [4] - By 2025, it is expected that AI technology will cover over 50% of middle and primary school classrooms, with the smart education market projected to reach 180 billion yuan by 2025, growing at a CAGR of 34.5% from 2023 to 2030 [4] - The integration of AI in education is anticipated to transform from an "auxiliary tool" to a "main educational entity," reshaping human learning paradigms [4] AI in Government Services - The State Council has proposed exploring the application of "AI + government services," focusing on enhancing efficiency in administrative processes through AI technologies [5] - The initiative aims to provide intelligent services such as smart Q&A and intelligent assistance for approval processes, ensuring the safety and reliability of AI applications in government [5] Childcare Services - The National Development and Reform Commission has outlined a "1+N" childcare service system to enhance the development of inclusive childcare services [6] - The Chinese infant childcare market is projected to reach 151.81 billion yuan in 2024, with expectations to grow to 232.31 billion yuan by 2030, driven by supportive government policies [6] Cement Industry - Several cement companies are expected to report positive half-year earnings due to industry consolidation and declining costs, with Fujian Cement projecting a net profit of approximately 20.67 million yuan for the first half of 2025 [7] - The cement industry is seeing a push for "anti-involution" and "stable growth," with potential improvements in actual capacity utilization rates if certain production lines are phased out [7]