本期债券由天风证券（601162）担任牵头主承销商及簿记管理人，国联民生（601456）担任联席主承销 商，发行期限为3+2年期，发行规模3亿元，票面利率2.28%。 本期债券募集资金主要用于支持科技创新公司发展，通过直接投资或基金投资等方式，对科技创新公司 进行股权投资。通过发行本期债券，象云投资重点支持"空天科技"领域的科技创新发展，让国有资本释 放活力，展现引领力，在践行国家战略和赋能产业升级中发挥更大作用。 近日，无锡市象云投资有限公司(以下简称"象云投资")2025年面向专业投资者非公开发行科技创新公司 债券(第一期)(空天科技)(品种二)在上海证券交易所成功发行。本次债券是全国首单专项用于"空天科 技"公司债券。 象云投资是无锡市以政府资金为主导的高科技创业投资公司，承担江苏省未来产业先行集聚发展试点 (空天)主导基金的管理人职责，围绕服务于无锡市梁溪区"345"产业战略、"十一个圈生态圈"战略，通过 基金投资和股权投资，不断强化产业链的上下游协同，赋能科创产业体系和生态，提供全生命周期服务 机制，是梁溪区"金融+产业""基金+项目"的发展模式中的重要力量。 本期债券的成功发行，是象云投资抢抓空天 ...

Core Viewpoint - The China Securities Index for Aerospace and Military Industry (空天军工指数) has shown mixed performance, with a recent decline despite a slight increase over the past month, indicating potential volatility in the sector [1][2]. Group 1: Index Performance - The Aerospace and Military Industry Index opened lower and experienced a decline of 0.33%, closing at 1961.31 points with a trading volume of 17.052 billion yuan [1]. - Over the past month, the index has increased by 2.43%, but it has decreased by 3.72% over the last three months, and it has risen by 2.28% year-to-date [1]. Group 2: Index Composition - The index includes companies whose main business is closely related to the aerospace and military strategy, covering sectors such as aircraft, power and control systems, early warning systems, weapon systems, C4ISR systems, military digitalization, and aerospace materials [1]. - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (9.01%), AVIC Optoelectronics (7.08%), Aero Engine Corporation of China (6.99%), AVIC Xi'an Aircraft (5.23%), AVIC Aircraft (4.08%), Haige Communications (3.76%), AVIC Chengfei (3.7%), Aerospace Electronics (3.56%), Ruichuang Micro-Nano (3.31%), and Western Superconducting (3.21%) [1]. Group 3: Market Distribution - The index's market distribution shows that the Shanghai Stock Exchange accounts for 55.76% and the Shenzhen Stock Exchange accounts for 44.24% [2]. - In terms of industry composition, the index is comprised of 72.39% industrial companies, 13.28% materials, 7.81% information technology, and 6.52% communication services [2]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]. - Weight factors are adjusted in accordance with the sample changes, and temporary adjustments may occur under special circumstances, such as delisting or corporate restructuring [2]. Group 5: Related Funds - Public funds tracking the Aerospace and Military Industry Index include Penghua China Securities Aerospace and Military Industry C and Penghua China Securities Aerospace and Military Industry A [3].

Core Points - The 55th Paris Air Show has opened, showcasing Chinese aviation products that have garnered significant industry attention [1] - China Aviation Industry Corporation (AVIC) is exhibiting 30 key aviation products across eight categories, emphasizing collaboration and value creation [1] - The show features a full spectrum of military aviation equipment, including advanced fighter jets and drones, with the J-35A making its international debut [1] - Civil aviation displays include a comprehensive emergency rescue equipment system, highlighting various aircraft designed for firefighting and disaster relief [1] Group 1: Military Aviation - AVIC is showcasing a range of military aircraft, including the J-20, J-35A, Y-20, and Z-20, along with export products like the J-10CE [1] - The J-35A is making its first appearance at an international airshow, while the Z-9ME and Wing Loong series drones are also debuting [1] Group 2: Civil Aviation - The civil aviation segment features domestically developed emergency rescue equipment, including the AG600 amphibious firefighting aircraft and the new rain-making aircraft [1] - The AC352 medium multi-purpose helicopter, developed in collaboration with France, is also part of the civil aviation display [1] Group 3: Participation and Goals - The head of the Chinese delegation expressed hopes for mutual learning and collaboration to advance aerospace technology and benefit global communities [2] - Several private Chinese companies, such as Shaanxi Zhonghang Gas Spring Co., are also participating, showcasing their capabilities in aviation components [2] - The Paris Air Show is one of the largest and most prestigious aerospace exhibitions globally, attracting nearly 2,400 exhibitors [2]

在军用航空装备板块，中国航空工业集团集中展示了战斗机、运输机、教练机、直升机、无人机、制导 武器在内的全谱系产品。其中歼-20、歼-35A、运-20、直-20等新一代航空装备和歼-10CE、直-10ME等 军贸主力产品集中亮相，展示中国先进航空装备研发实力和体系化解决方案。据悉，歼-35A首次亮相 境外航展，直-9ME、"翼龙"-6、"翼龙"-1G、"翼龙"-10B、"旋戈"-2000等首次亮相巴黎航展。 在民用航空板块，中国航空工业集团则展现全谱系航空应急救援装备体系，包括AG600大型水陆两栖灭 火飞机、人工增雨飞机"新舟"60增雨机、"翼龙"-2H应急救灾型无人机和中法联合研制的AC352中型多 用途直升机等。 新华社巴黎6月16日电（记者罗毓）第55届巴黎-布尔歇国际航空航天展览会（巴黎航展）16日在巴黎近 郊开幕。众多中国航空领域的明星产品亮相巴黎航展，向全球航空界展示中国的创新实力和重磅成果。 其中，中国航空工业集团展台以"携手合作，共创价值"为参展主题，携8大类30项重点航空产品参展。 "我们期待在巴黎航展上与全世界的同行们互学互鉴，为推动空天科技更快更好发展、增进各国人民福 祉、促进人类探寻空 ...

证券研究报告 1、本周市场回顾 关注低位泛科技 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年6月15日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 2、产业趋势交易回顾与展望 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本周市场回顾 注：本周交易日为6月9日-13日 （如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：大盘表现 ✓ 上证指数走势 4 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联， ...

以色列对伊朗发动袭击，中东地缘局势急剧升温，航空航天午后继续走强，晨曦航空"20CM"涨停中航沈飞涨停。 ETF方面，多只航天相关ETF上涨，万家基金航天航空ETF、富国基金军工龙头ETF、华夏基金航空航天ETF分别涨2.04%、1.92%、1.89%，鹏华基金国防 ETF、嘉实基金高端装备ETF、航空航天ETF天弘分别涨1.82%、1.66%和1.57%。 | 序号 | 证券代码 | 证券简称 | 今日涨幅% | 年涨跌幅% | 基金管理人 | | --- | --- | --- | --- | --- | --- | | 1 | 159208 | 航天航空ETF | 2.04 | 2.54 | 万家县金 | | 2 | 512710 | 军工龙头ETF | 1.92 | 2.74 | 昌国音尖 | | 3 | 159227 | 航空航天ETF | 1.89 | 3.74 | 花草草等 | | 4 | 512670 | 国防ETF | 1.82 | 4.89 | 腿在草等 | | 5 | 159638 | 高端装备ETF | 1.66 | 2.84 | 嘉实基金 | | 6 | 159241 | 航空航天E ...

Core Viewpoint - The article discusses the historical development of aviation, highlighting key figures and technological advancements that have shaped the industry over time. Group 1: Historical Milestones - The ancient Chinese had dreams of flying, as evidenced by historical artifacts like the Dunhuang murals [4] - The first powered flight was achieved by the Wright brothers in 1903, marking the beginning of modern aviation [7] - Chinese aviator Feng Ru created two aircraft models and conducted test flights in China, but tragically died in a crash in 1912 [12] Group 2: Engineering Challenges - Early aviation safety considerations focused on structural integrity, such as wing strength and fuselage durability [13][17] - Engineers used sandbags to simulate aerodynamic loads during ground tests due to the lack of advanced technology [16] - The concept of strength refers to a structure's ability to resist failure under load [17] Group 3: Aircraft Design and Safety - Lift is generated by the pressure difference between the upper and lower surfaces of the wing as it moves through the air [20] - Aircraft can experience vibrations and structural deformation during high-speed flight, necessitating a focus on wing stiffness [26][28] - Historical aircraft like the DC-3 and the Comet faced structural failures due to material fatigue [29][31] Group 4: Material Science and Testing - The introduction of fatigue testing and damage tolerance concepts has improved aircraft safety [59][62] - Modern aircraft design utilizes advanced materials like carbon fiber composites, which offer high strength-to-weight ratios [78][79] - Testing methods have evolved to include simulations and dynamic load tests to ensure structural integrity [88][90] Group 5: Human Factors and Operational Safety - Human error accounts for 70% to 80% of aviation accidents, highlighting the importance of training and technology in mitigating risks [93] - Modern aircraft employ advanced flight control systems that reduce the likelihood of pilot error [97] Group 6: Future of Aviation - The future of aviation is expected to integrate air and space travel, with advancements in high-speed vehicles that could redefine distance and travel time [130][131]

近日，常州市未来产业天使基金合伙企业（有限合伙）顺利完成中基协私募投资基金备案。至此， 由常州投资集团发起设立、总规模达85亿元的江苏省战略性新兴产业专项基金，已全面迈入投资 阶段。 来源：龙城科创基金 对接需求请扫码 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 常州市未来产业天使基金合伙企业（有限合伙）作为省战新基金集群的重要组成部分，在设立过程 充分发挥省市区三级协同联动优势，公开遴选优质市场化管理机构苏州元禾控股负责基金管理运 作。该基金围绕"51010"战略性新兴产业集群、"1650"产业体系、"10+X"未来产业体系，重点布 局合成生物、第三代半导体、人工智能、低空经济、空天开发等我市重点发展的未来产业领域优质 项目，为未来产业发展注入金融活水。 ...

Core Viewpoint - Weihai City is prioritizing industrial economy as a key driver for economic growth, implementing a three-year action plan for new industrialization to enhance both speed and quality of industrial development [2][3]. Group 1: Industrial Economic Growth - The industrial added value of Weihai is projected to grow by 8.4% in 2024, surpassing the provincial growth rate by 0.1 percentage points [2]. - From January to April this year, the industrial added value increased by 8.5%, ranking sixth in the province, while the industrial operating income profit margin reached 6.8%, the highest in the province [2]. - The proportion of high-tech industry output in the total industrial output is expected to reach 73% in 2024, leading the province [2]. Group 2: Investment and Structural Changes - Industrial technological transformation investment grew by 16% from January to April, exceeding the provincial growth rate of 6.1% [2]. - The number of billion-dollar enterprises in the industrial sector increased from 2 in 2022 to 6, with a total of 857 high-quality enterprises recognized at the provincial level [2]. Group 3: Policy Implementation and Support - The Weihai Industrial and Information Technology Bureau is committed to implementing the "number one project" in industrial economy, focusing on policy measures and collaboration to drive industrial growth [3][10]. - A new round of incentives for enterprise expansion is being developed to support leading companies in achieving significant growth targets [4]. Group 4: Innovation and Digital Transformation - Weihai is focusing on integrating technology and industry, promoting collaborative innovation through partnerships between enterprises and research institutions [6][7]. - The city aims to enhance digital infrastructure, with plans to build over 900 new 5G base stations, facilitating the digital transformation of industries [8]. Group 5: Sustainable Development and Quality Improvement - Efforts are being made to enhance the competitiveness of manufacturing through high-end, green, and service-oriented strategies, including the promotion of quality management practices [9]. - The city plans to establish 20 green manufacturing demonstration units to support sustainable industrial practices [9].

Group 1 - The core viewpoint highlights the recent rebound in technology sectors, particularly in military, pharmaceutical, and TMT industries, with the Sci-Tech Innovation Board ETF (589630) rising nearly 1.5% [1] - The A-share merger and acquisition market has been active this year, with significant participation from Sci-Tech Innovation Board companies, especially in sectors like biomedicine, semiconductors, and new-generation information technology [1] - Data indicates that out of 86 major restructuring events in 2025, 18 involved Sci-Tech Innovation Board companies, showing a significant increase compared to the same period last year [1] Group 2 - Dongwu Securities emphasizes the importance of self-reliance in technology, focusing on sectors such as artificial intelligence, autonomous control, new energy technology, aerospace information technology, and data elements [1] - In aerospace information technology, areas like low-altitude economy, satellites, and commercial space are highlighted as key focus points [1] - The report suggests that the AI sector should concentrate on AI agents, AI applications (like standalone software and smart terminals), humanoid robots, and autonomous driving [1] Group 3 - Western Securities notes that the level of merger and acquisition activity reflects the direction of the industrial cycle, with the highest number of mergers occurring in the automotive, electronics, and machinery sectors in 2024 [2] - The report indicates that the trends in automotive intelligence, semiconductor self-control, and high-end manufacturing are accelerating technological upgrades and industry evolution [2] - It is suggested that if AI commercialization leads to performance improvements through mergers and acquisitions, it could create a mainline market trend; otherwise, it may only represent a short-term thematic opportunity [2] Group 4 - The Sci-Tech Innovation Index ETF from Guotai (code: 589630) tracks the Sci-Tech Innovation Index (code: 000680), which includes representative stocks from the Sci-Tech Innovation Board, with an average market capitalization of approximately 11 billion [2] - The index focuses on technology innovation companies, covering more early-stage innovative firms and emphasizing hard technology sectors [2] - Investors without stock accounts can consider Guotai's linked ETFs for the Sci-Tech Innovation Board Comprehensive ETF [2]