Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

报告导读： 主题交易热度有所回暖，电子布与反内卷主题走强，业绩预增与 PCB 主题维 持强势，关注科技与供需格局改善方向。推荐：限产稳价 / 低空经济 /AI 新基建 / 海洋经 济。 主题三： AI 新基建。 海外云计算龙头资本开支预期上修，国内智算中心投资持续推进。微软 2025 第三 财季营收 701 亿美元，净利润为 258.2 亿美元，同比增长 18% 。同时微软预计第四财季营收规模超预 期， Azure 云业务增长率达到 34%-35% 。国内需求方面，我国智能算力规模保持高速增长， 2026 年 智能算力规模有望达 2024 年的两倍。 推荐： 1 、受益海外云厂商资本开支预期上修的光模块、光器件 龙头； 2 、受益国内算力需求曲线提升的 AIDC 和国产算力产业链。 主题四：海洋经济。 中央财经委员会第六次会议指出，推进中国式现代化必须推动海洋经济高质量发展， 强调要提高海洋科技自主创新能力，要做强做优做大海洋产业等内容。我国海洋生产总值超十万亿元，占 国内生产总值比重达 7.8% 。海洋船舶工程、海工装备、海洋电力和海洋旅游增速领先。同时，我国在深 海探测装备领域基本实现国产化，但在海洋资源 ...

重要程度：★★★★★ 中国人民银行发布的最新数据显示，6月末黄金储备为7390万盎司，较5月末的7383万盎司增加7万盎司。 这意味着，自从去年11月以来，中国央行已经连续第八个月增持了黄金。 中航期货汪楠在研报中指出，展望下半年，在美国关税威胁、赤字扩张削弱美元资产吸引力，海外降息周 期和全球央行延续购金的背景下，黄金价格中枢上移，下半年美联储降息预期增强，黄金有望延续利率逻 辑再度冲高。 2、特朗普威胁对金砖国家加征10%新关税 中方回应 重要程度：★★★★ 7月7日，外交部发言人毛宁主持例行记者会。法新社提问，金砖国家峰会将于今天闭幕，昨天，美国总统 特朗普批评金砖国家推行反美政策，并威胁对其成员国加征10%的新关税，请问中方对此有何评论? 毛宁表示，金砖机制是新兴市场和发展中国家合作的重要平台，倡导开放包容，合作共赢，不搞阵营对 抗，不针对任何国家。关于加征关税，中方已经多次阐明了立场，贸易战、关税战没有赢家，保护主义没 有出路。 1、央行"八连增"黄金，下半年金价走势还乐观吗？机构研判后市 3、充电桩投资来了？四部门剑指"大功率" 产业链价值量有望提升 重要程度：★★★★ 7月7日，充电桩概念走强， ...

Core Viewpoint - The first Meteorological Economic Expo aims to integrate meteorology into the new economy, promoting sustainable development and contributing to green transformation and carbon neutrality goals [1]. Group 1: Expo Highlights - The expo marks the first large-scale implementation of the concept of meteorological economy, emphasizing the integration of meteorology with various industries and the transition from public service to a trillion-level industrial ecosystem [1]. - It showcases the entire meteorological technology industry chain, featuring global product launches in areas such as AI meteorology and low-altitude economy, aimed at supporting high-quality economic development [1]. - The expo is designed to create a trillion-level trading platform and full-chain services, enhancing the efficiency and accuracy of supply-demand matching among industries [1]. Group 2: Specialized Committees and Discussions - During the expo, the establishment of the Commercial Aviation Meteorology Committee will be announced, focusing on topics like the development of meteorological satellites and commercial aerospace applications [2]. - A seminar on the integration of aviation meteorology and low-altitude economy will be held, emphasizing the need for high-precision meteorological detection and forecasting capabilities to ensure safety and quality in low-altitude operations [2]. - The Meteorology and Health Committee will host a meeting to address health risks related to climate change, aiming to enhance academic exchange and public awareness [3]. Group 3: Event Details - The first Meteorological Economic Expo will take place from July 18 to 20 in Hefei, Anhui Province, organized by the China Meteorological Service Association with support from various organizations [3].

壹连科技：拟2000万元参与设立创业投资合伙企业 智通财经7月7日电，壹连科技(301631.SZ)公告称，公司拟作为有限合伙人与普通合伙人苏州同舟智创 企业管理合伙企业及其他有限合伙人共同投资设立苏州趋势二期创业投资合伙企业（有限合伙），该合 伙企业拟认缴出资总额为人民币22,000万元，公司拟使用自有资金认缴出资人民币2,000万元，出资金额 占合伙企业认缴出资总额的9.09%。本次投资旨在优化公司资源配置，借助专业投资机构在新能源汽 车、智能制造、低空经济、具身智能等领域的广泛布局及资源整合能力，实现产业链生态化协同及相关 业务的有效投资融合，进一步提升公司核心竞争力。 ...

Core Viewpoint - Puxin Technology is positioned as a leading player in the satellite internet sector, backed by strong state-owned enterprise support, and is focused on enhancing its core competencies through continuous research and development in AI and satellite internet technologies [2][4]. Company Overview - Puxin Technology is a state-controlled listed company under China Electronics Technology Group Corporation, focusing on information communication, including public and private network communications, smart applications, and intelligent manufacturing [2]. - The company serves as a key platform for the Guangdong-Hong Kong-Macao Greater Bay Area and plays a significant role in national cybersecurity infrastructure development, benefiting from comprehensive support in resource allocation and industry integration [2]. Industry Development - The domestic satellite internet industry is rapidly growing, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 7% [3]. - Puxin Technology is actively involved in the development of industry standards and has made significant advancements in product offerings, including high-end PCB products and satellite communication technologies [3]. Strategic Initiatives - The company is enhancing its competitive positioning by participating in the formulation of industry standards and advancing its product lineup, including the development of a portable satellite communication terminal that connects directly to low-orbit satellites [3]. - Puxin Technology is also focusing on applications in emergency communication and other specialized sectors, leveraging its research in direct satellite communication technologies [3]. Investment Outlook - Puxin Technology is expected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 143X, 107X, and 77X [4]. - The company is recognized as a "national team" in the satellite internet field, with a commitment to advancing communication technology and exploring new growth opportunities in AI and low-altitude economies [4].

普天科技（002544.SZ）公司动态报告 AI+卫星互联网的"国家队" 2025 年 07 月 07 日 ➢ 卫星互联网龙头与"国家队"，持续研发打造自身核心竞争力。公司是中国 电子科技集团有限公司控制的国有控股上市企业，以信息通信领域为核心战略布 局，业务包括公网通信、专网通信与智慧应用、智能制造等。公司是中国电科在 粤港澳大湾区的核心上市平台，也是集团内协外联的"主门户"和科技成果转化 的"主阵地"，深度参与国家网信体系建设，强大的股东背景为公司提供资源配 置、产业整合及区域布局的全方位支持。 ➢ 卫星互联网行业快速发展，公司深度研发带来重要卡位优势。1）国内卫星 互联网行业具有重要潜力：根据锐观咨询预测，国内卫星互联网行业 2021 年市 场规模为 291.62 亿元，到 2025 年有望增长至 376 亿元，2021-2025 年复合增 速有望达到 7%。国内卫星互联网的主要参与者在持续发力。2025 年 3 月，在 海南商业航天发射场，千帆星座第五批组网卫星以"一箭 18 星"方式成功发射， 卫星顺利进入预定轨道，发射任务取得圆满成功。2）公司聚焦卫星互联网领域 的布局，具有重要卡位优势：第一，参 ...

Core Insights - Aerospace Feipeng, initiated by China Aerospace Science and Technology Corporation, has completed a multi-billion RMB Series B financing round, marking a new development phase in the heavy-load unmanned transport sector [2][4] - The financing will accelerate the certification processes for large fixed-wing drones and establish a regular commercial operation system for heavy-load unmanned cargo transport [2] - The company aims to expand into international markets, enhancing its global competitiveness through its technological and product advantages [2] Investment Perspective - Investors recognize the low-altitude economy as a strategic emerging industry in China, poised for significant growth due to favorable policies, with a long industrial chain and broad impact [4] - Aerospace Feipeng is seen as a leading player in the low-altitude logistics sector, having achieved commercial delivery of large fixed-wing unmanned transport aircraft, with significant technological and first-mover advantages [4][5] - The low-altitude economy market is projected to exceed 1 trillion RMB, presenting vast development prospects suitable for investment [5] Product and Technology Development - Aerospace Feipeng showcased its FP-981C "Archer" and FP-981A multi-rotor drone systems at the recent Low Altitude Industry Innovation Conference, highlighting its capabilities in complex terrain and terminal logistics [7] - The FP-981C system can operate without specific takeoff and landing sites and supports cluster operations, while the FP-981A system features hovering and networked flight capabilities [7] - The company plans to leverage its strengths in heavy-load unmanned transport to contribute to the high-quality development of the low-altitude economy [7]

有关数据显示，我国已累计培育专精特新"小巨人"企业1.46万家，其中A股上市企业超过1000家，其研 发强度、毛利率和营收增长率均显著高于A股平均水平。 中小企业"排头兵" 专家表示，中小企业是经济活力与韧性的重要源泉，而专精特新"小巨人"企业则是中小企业发展的"排 头兵"，在推进新型工业化、发展新质生产力中具有重要支撑作用。 专精特新企业"小而专"，具有专业化、精细化、特色化、创新型的特征。"小巨人"企业更是其中的佼佼 者，这些企业位于产业基础核心领域和产业链关键环节，以创新能力突出、核心技术掌握度高、细分市 场占有率领先、质量效益优良而著称。 有关数据显示，我国累计培育专精特新"小巨人"企业1.46万家，这些"小巨人"企业中近九成是制造业企 业，超八成分布在集成电路、航空航天等战略性新兴产业链上，超九成为国内外知名大企业的配套供应 商。尤其在人工智能、低空经济等未来产业，我国的"小巨人"企业数量就接近5000家。 在过去的2024年，专精特新"小巨人"企业在专利创新方面表现突出，拥有发明专利数量32.74万项，户 均22.3项，占全国企业发明专利总量的11%。专精特新"小巨人"企业发明专利密度领先，每千名 ...

Financial Performance - Dong'an Power (600178) expects a profit of 6.51 million to 9.77 million yuan for the first half of 2025, representing a growth of 60% to 140% compared to the same period last year [1] - The company anticipates a net profit attributable to shareholders of 3.52 million to 5.28 million yuan, indicating a turnaround from losses in the previous year [1] - The increase in orders for AT transmissions has significantly boosted revenue and gross profit [1] Product Development and Market Strategy - Dong'an Power's engine products primarily supply Changan Automobile in the passenger vehicle sector, while AT transmissions are targeted at both domestic and overseas markets [2] - The company is developing a hybrid-specific transmission (DHT) for Zhengzhou Nissan's Frontier Pro model, expected to launch within the year [2] - The company has secured 51 new market agreements with 26 enterprises, with a projected total sales volume of 1.5 million units over a 5 to 10-year lifecycle [2] New Energy and Aviation Initiatives - Dong'an Power is entering the aviation power sector through a strategic partnership with XPeng Huitian to develop next-generation hybrid systems for flying cars [3] - The company has initiated a rotor engine development project in collaboration with AVL, marking a significant step in expanding its presence in the low-altitude economy [3] - The successful launch of the AHT22 aircraft-specific hybrid transmission prototype signifies a breakthrough in aviation power technology [4]