Group 1: Market Performance - The three major indices experienced fluctuations and declines, with the aerospace and defense sector showing some pullback, as evidenced by a 0.58% drop in the Guozheng Aerospace Index [1] - Over the recent trading period from April 30 to May 13, the Guozheng Aerospace Index has accumulated a gain of over 9% [1] - Among the constituent stocks, Changcheng Military Industry rose over 3%, while Guobo Electronics, Zhongzhi Co., and Guoke Military Industry also saw gains [1] Group 2: ETF Launch - The Tianhong Aerospace ETF (subscription code: 159241) is currently being issued, with a fundraising cap of 5 billion yuan, running from May 6 to May 16 [1] - This ETF tracks the Guozheng Aerospace Industry Index, which comprises securities from the aerospace sector listed on the Shanghai and Shenzhen stock exchanges [1] - The index reflects the overall performance of the aerospace sector in China, focusing on core companies in the military industry, aviation, aerospace, and low-altitude economy [1] Group 3: Industry Developments - Recent favorable policies for commercial aerospace have led to increased investments and advancements in technology, creating new opportunities for listed companies in the industry [2] - Companies like Zhuhai Hangyu Micro Technology have successfully integrated self-developed AI chips into commercial satellites, while Shaanxi Zhongtian Rocket Technology is enhancing collaboration with commercial aerospace firms [2] - Analysts suggest that with external disturbances diminishing, market risk appetite is improving, particularly in the big tech sector, emphasizing artificial intelligence, defense, and robotics [2] Group 4: Market Sentiment - Recent reports indicate that the military industry is experiencing a recovery in market sentiment, with increased trading volumes and a positive outlook for the sector [2] - The military trade and commercial aerospace sectors, along with themes like low-altitude economy and deep-sea technology, are expected to see continued development and engagement [2] - The military industry's fundamentals are anticipated to improve, contributing to a sustained positive market environment for an extended period [2]

四川省政府办公厅日前发布《四川省商业航天高质量发展行动计划(2025—2030年)》(以下简称《行动计 划》)，提出构建以成都都市圈、凉山州为双核引领、多地协同的空间布局，力争到2025年，航天产业 规模突破500亿元；到2030年，全省商业航天产业规模达到千亿元，培育百亿级企业2至3家、50亿级企 业3至5家、10亿级企业10家以上，全力打造商业航天创新发展新高地。 双核如何引领？ 商业航天作为重要的战略性新兴产业，是培育发展新质生产力的重要引擎。四川此次布局，将怎样做好 顶层设计，科学确定发展目标和发展路径呢？相关负责人表示，构建协同的产业生态，推动技术、资本 与市场需求高效对接，逐步构建"双核引领、多地协同"的产业空间布局，是此次《行动计划》的主要特 色之一。 作为双核引领的凉山州和成都都市圈，肩负着更重大的使命。凉山州将充分发挥发射资源优势，以"快 速制造—快速响应—快速发射"能力为牵引，按照西部商业航天港"四区一配套"(发射场园区、发射服务 区、产业配套区、文旅拓展区和配套基础设施)的规划布局，全力规划建设发射场园区。 与此同时，依托成都都市圈，将高标准建设产业承载区，鼓励头部企业设立区域总部、研究 ...

日前，《中美日内瓦经贸会谈联合声明》发布，牵动资本市场脉搏。 券商中国记者注意到，摩根大通、野村东方国际、摩根士丹利、瑞银等四大外资机构发布最新观点。四大外资 一致认为，本次中美经贸高层会谈成功超市场预期，释放积极信号，中国经济增长预期改善。 一是内需复苏主线，涉及行业中估值弹性较大的是食品饮料、业绩弹性较大的是房地产、政策弹性较大的是医 药，以及内需消费升级相关的服务消费、品质必需消费与潮玩可选消费； 二是伴随央行"促进物价合理回升"的政策表态，关注PPI修复预期带动的周期品，尤其是中国定价权更强的钢 铁、煤炭和铝等； 三是把握高景气科技领域的产业迭代趋势，关注AI、储能和各类长验证周期的题材如国产替代和商业航天 等。 同时，本周以来，多家券商发布研报看好中国科技板块，中国资产重估的逻辑仍在。此外，根据摩根士丹利最 新研报，海外投资者增配中国股票的意向也在上升。 摩根大通朱海斌：经贸会谈成果超预期，释放积极信号 摩根大通中国首席经济学家兼大中华区经济研究主管朱海斌认为，中美日内瓦经贸会谈成果超预期，释放积极 信号。与此同时，摩根大通上调了中国2025年全年GDP增速预测至4.8%。 朱海斌分析称，美中双方同 ...

Group 1: Policy Support - The People's Bank of China and other regulatory bodies have issued opinions to encourage financial institutions to support marine industries, commercial aerospace, and unmanned industries under compliant and risk-controlled conditions [1] - Local governments, including Beijing and Shanghai, have introduced specific action plans to promote the development of the commercial aerospace sector [2] Group 2: Market Growth - The commercial aerospace industry in China is projected to grow from a value of 1 trillion yuan in 2020 to 2.3 trillion yuan by 2024, with a compound annual growth rate of 22.9% [3] - The industry is expected to reach a value of 2.8 trillion yuan by 2025 [3] Group 3: Company Developments - Companies in the commercial aerospace sector are actively disclosing their latest developments, such as Zhuhai Hangyu Micro Technology's AI chip being used in commercial satellites [4] - Shaanxi Zhongtian Rocket has indicated plans to strengthen cooperation with commercial aerospace companies [4] - Beijing Aerospace Shenzhou Intelligent Equipment Technology is providing various aerospace products to commercial aerospace enterprises [4] Group 4: Strategic Focus - Companies are advised to focus on three dimensions: technology, capital, and ecosystem to support the healthy development of the commercial aerospace industry [5] - Emphasis is placed on mastering core technologies in areas like rocket reuse and satellite mass production, while also integrating resources through capital market advantages [5]

证券代码：300045 证券简称：华力创通 编号：2025 - 026 2024年实现营业收入5.47亿，同比下降22.93%，与同行 业整体趋势存在共性。面对行业挑战，公司将坚持"军 民结合"发展战略，持续拓展民用市场新领域，以自身 核心技术为有力支撑，增强公司抗风险能力与市场竞争 力。感谢您对公司的关注。 2.公司2024年收入下降主要原因有哪些？卫星通信 领域在消费电子行业如何布局？ 答:尊敬的投资者您好，2024年公司收入下降主要是 受多种因素影响，部分项目产品交付时间被动推迟，交 付周期延长，项目交付不及预期，导致营业收入较上年 减少。在卫星通信领域，公司研制的卫星通信基带芯片 已应用于消费电子领域，公司积极拓展卫星通信产品在 汽车、低空经济等领域的应用。感谢您对公司的关注。 3.公司本期盈利水平如何？ 答:尊敬的投资者您好，2025年一季度公司营业收入 为137,304,928.23元，净利润为-17,363,634.83元。感 谢您对公司的关注。 4.今年业绩承压的原因？今年军工电子行业前景？ 北京华力创通科技股份有限公司 投资者关系活动记录表 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ...

Group 1 - The Shanghai Composite Index rose by 0.08% while the Shenzhen Component Index and the ChiNext Index fell by 0.24% and 0.23% respectively [1] - The photovoltaic and HJT battery concepts showed strong performance, with stocks like Oujing Technology, GCL-Poly Energy, and Baoxin Technology hitting the daily limit [1] - The banking sector experienced fluctuations, with stocks such as Pudong Development Bank and Shanghai Bank reaching historical highs [1] Group 2 - The cross-border e-commerce concept was active, with companies like Huafang Co., Zhejiang Zhengte, and Qingdao Jinwang also hitting the daily limit [1] - Sectors such as military trade, national defense, aerospace, and commercial space saw declines [1] - Daily chemical, hotel and catering, banking, and coal sectors had the highest gains, while shipbuilding, aviation, electrical instruments, and mineral products faced the largest declines [1]

Group 1 - The aerospace sector is experiencing a slight adjustment, with the National Aerospace Index opening down by 0.88% despite a nearly 13% increase over the past seven trading days [1] - The Tianhong Aerospace ETF (subscription code: 159241) is currently being issued, with a fundraising cap of 5 billion yuan, reflecting the overall performance of the aerospace industry [1] - The index covers key companies in China's military industry, including sectors such as military, aviation, aerospace, and low-altitude economy [1] Group 2 - Commercial aerospace has become a new battleground for technology and capital, with various regions attracting and supporting commercial aerospace enterprises through policies and industrial funds [2] - The military industry is expected to see a turning point in orders by 2025, driven by new technologies and products aimed at enhancing equipment performance or reducing costs [2] - Investment recommendations include focusing on aerospace and "new technology, new products, new markets" as potential areas for greater elasticity [2]

金十数据整理：昨日今晨重要新闻汇总（5月13日） 国内新闻： 1. 中美日内瓦经贸会谈联合声明发布：中美各取消91%的关税，暂停实施24%的关税。中方将暂停或取 消自2025年4月2日起针对美国的非关税反制措施。 国际新闻： 1. 关税-①美国财长：将研究如何解决非关税壁垒的问题 ②特朗普签署降低药品价格的行政令，还就不 降价的国家发出汽车关税威胁 ③美国4月关税收入同比激增130%至160亿美元。 10. 隔夜行情-美元大涨1.3%，离岸人民币升值0.5%，其他非美货币大跌，日元跌2%、纳指涨4.3%，金 龙指数涨5.4%、黄金暴跌100美元，原油涨1.5%。 11. 俄乌局势-①泽连斯基批准美乌矿产协议，愿与普京在土耳其直接会谈 ②特朗普称可能前往土耳其 参加会谈，预感普京可能会同意停火。 2. 玉渊谭天：中国稀土出口管制还在继续。 3. 贵州茅台：目前没有港股上市的相关计划。 4. 今年前4个月，我国汽车产销量历史上首次双双突破1000万辆。 5. 商务部召开外贸企业圆桌会：全力为外贸企业纾困解难，提供更多支持。 6. 国家统计局决定于2025年在全国范围内开展两次人口固定样本跟访调查。 7. 央行等部 ...

Core Insights - The commercial space industry in China is experiencing significant technological breakthroughs and is entering a critical phase of validation and commercialization [1][2] - The market value of China's commercial space industry is projected to grow from 1 trillion yuan in 2020 to 2.3 trillion yuan by 2024, with a compound annual growth rate of 22.9% [2] - The industry is seeing a surge in financing activities, with 138 funding events in 2024, totaling 20.239 billion yuan, marking a historical high [3] Technological Development - The commercial satellite sector in China is advancing towards network formation, with the first batch of commercial satellite constellations entering the deployment phase [1] - Satellite manufacturing is shifting from traditional manual processes to modular design and automated testing, significantly enhancing production efficiency [1] - Companies like Deep Blue Aerospace are planning to achieve "recoverable + orbital" capabilities in the near future, with ongoing testing and launch plans [1] Financing Trends - The commercial space sector is witnessing a hot financing environment, with satellite applications, rocket manufacturing, and satellite manufacturing being the most popular areas for investment [3] - Notable funding events include Huanyu Aerospace's completion of a strategic financing round exceeding 100 million yuan and Deep Blue Aerospace's nearly 500 million yuan funding for the development of reusable rockets [4] Policy Support - The commercial space industry is characterized by high technology, high investment, high risk, and long cycles, necessitating patient capital support [5] - Local governments and state-owned funds are increasingly investing in commercial space enterprises, with initiatives like the Wuhan Industrial Development Fund focusing on high-end equipment and emerging industries [5][6] - Beijing aims to become a hub for commercial space innovation, with plans to cultivate over 500 high-tech companies and achieve breakthroughs in reusable rocket technology by 2028 [6] Regional Development - Various regions in China are tailoring their commercial space development strategies based on local advantages, such as Shanghai's focus on commercial rocket and satellite parks [6] - Hainan Province is promoting innovation in the space sector through the implementation of a technology innovation voucher system to facilitate cross-regional resource flow [7]

Core Viewpoint - The commercial aerospace industry in Bengbu is rapidly developing, with significant investments and projects aimed at creating a comprehensive aerospace ecosystem, referred to as the "Bengbu Constellation" [1][2][3] Group 1: Investment and Projects - Eight companies, including OVAL Space and Yidong Aerospace, signed agreements to become "chain cooperation" enterprises in Bengbu, with a total investment of 2.35 billion yuan for three projects, including MEMS inertial sensors [1] - The Bengbu Commercial Aerospace Industrial Park covers an area of approximately 432,000 square meters, with a total investment of 5 billion yuan, featuring a layout of one innovation center and four production bases [4] - A total of 12 commercial aerospace investment funds have been established in Bengbu, with a combined scale of 15.2 billion yuan, aimed at supporting various stages of enterprise development [5] Group 2: Industry Development Goals - By 2030, Bengbu aims to attract at least 50 major commercial aerospace projects and cultivate over 30 high-tech enterprises, targeting a commercial aerospace industry cluster worth over 5 billion yuan [3] - The goal is to develop a hundred billion yuan-level commercial aerospace industry cluster by 2035 [3] Group 3: Challenges and Support - Financing remains a significant challenge for the commercial aerospace industry, with difficulties in asset valuation and low credit financing limits [4] - The city is implementing a multi-dimensional project evaluation mechanism to attract suitable enterprises and mitigate challenges in expert assessments [5]