5月22日，2024年度科创板航空航天行业集体业绩说明会召开，本期参会的上市公司包括长盈通、铂力 特、震有科技等。从相关上市公司负责人就技术突破、战略布局等与投资者展开交流的情况来看，航空 航天行业上市公司展现出强劲的自主研发实力，推动技术成果密集落地。此外，通过技术自主创新与多 元化应用场景拓展，相关上市公司以极具市场竞争力的高质量产品不断巩固行业地位。面对投资者的关 切，相关上市公司强调，将通过业绩增长与分红规划实现长期价值回报。 ● 本报记者 乔翔 加大研发力度 "作为在光纤环垂直领域深耕多年的专业化企业，公司今年将围绕技术突破、战略协同、管理迭代等方 面构建内生外延双轮驱动的创新体系，推动企业实现高质量发展。"长盈通相关负责人表示，公司将持 续推动技术自主创新，坚持以市场需求为导向，不断推动产品和技术的升级换代。 公开资料显示，长盈通是国内专业从事光纤陀螺核心器件光纤环及其综合解决方案研发、生产、销售和 服务的国家级专精特新"小巨人"企业。 2024年，铂力特与人工智能领域头部企业建立合作关系，共同发掘机器人方向增材制造应用场景，目标 是通过轻量化、集成化和结构功能一体化设计制造，提升人形机器人整体性 ...

Core Viewpoint - Xiaomi's founder and CEO Lei Jun is shifting his focus from mobile phones to the automotive sector, indicating a significant strategic pivot for the company as it faces a trust crisis and seeks to reaffirm its market position [2][3][4]. Group 1: Leadership and Marketing Strategy - Lei Jun has stated that half of his energy will be dedicated to the automotive business, while only one-third will be allocated to mobile phones, highlighting a major shift in priorities [2]. - The recent product launch event on May 22 marks Xiaomi's 15th anniversary and is the first major event following a significant trust crisis, necessitating Lei Jun's return to the public eye to restore confidence [3]. - Lei Jun's personal branding is deeply intertwined with Xiaomi, making it difficult for him to abandon his previous marketing strategies despite recent controversies [3][4]. Group 2: Recent Challenges and Responses - Following a serious incident involving the Xiaomi SU7, Lei Jun reduced his social media presence, reflecting a period of introspection and strategic recalibration for the company [5][6]. - Xiaomi acknowledged issues with the SU7's carbon fiber hood, leading to customer complaints and a public apology, which indicates the company's responsiveness to consumer feedback [7]. - The legal department of Xiaomi reported the resolution of a network smear campaign against the company, which may help mitigate some of the negative publicity [8][10]. Group 3: Product Launch and Future Plans - During the recent product launch, Xiaomi announced a significant R&D investment plan, committing to 200 billion yuan over the next five years, emphasizing its focus on innovation and self-research [12]. - The new model, Xiaomi YU7, is positioned as a mid-to-large SUV, targeting a larger market segment compared to the previous SU7, which faced a more competitive environment [15]. - The launch event showcased Xiaomi's advancements in self-developed technology, including the mass production of its 3nm mobile processor, positioning the company as a key player in the tech industry [10][12].

Core Insights - Huawei launched three notable laptop products: HUAWEI MateBook Fold, HUAWEI MateBook Pro, and HUAWEI Qingtian HM940, showcasing its advancements in hardware design and software capabilities, marking a significant milestone in China's independent research and development [1][14]. Group 1: HUAWEI MateBook Fold - HUAWEI MateBook Fold is the world's largest 18-inch foldable laptop, offering dual independent screens when folded and an immersive 18-inch display when unfolded [1]. - The device features industry-leading dual-layer OLED technology with a 92% screen-to-body ratio, 3.3K resolution, and peak brightness of 1600 nits, enhancing screen longevity by three times [3]. - It utilizes zirconium-based liquid metal materials for its hinge design, making it lightweight at 1.16 kg and only 7.3 mm thick, which is 6.5% lighter and 17% smaller in closed area compared to the MacBook Air 13-inch [5]. Group 2: User Experience and Software - The MateBook Fold incorporates intelligent recognition of various input methods, providing seamless user interaction with gesture controls and customizable virtual keyboard features [7]. - It runs on HarmonyOS 5, which optimizes user experience by predicting and preloading applications, significantly improving response times [9]. - The device supports over 1,000 integrated ecosystem applications, with expectations to exceed 2,000 by year-end, enhancing user efficiency through tailored applications [11]. Group 3: HUAWEI MateBook Pro - HUAWEI MateBook Pro features a lightweight design at 970g and a keyboard with a 1.8mm key travel for improved typing comfort, along with a 3.1K OLED eye-care display with a 120Hz refresh rate [12]. - It benefits from HarmonyOS 5's distributed connectivity, allowing easy data transfer between devices, and introduces Star Flash connectivity for stable network performance [13]. Group 4: HUAWEI Qingtian HM940 - The Qingtian HM940 is Huawei's first commercial laptop running HarmonyOS, designed for enterprise users with enhanced privacy features, including a one-button privacy protection switch [13]. - Huawei launched the "Qingtian Star River Plan" to foster closer collaboration with government and enterprise users, aiming to explore new paths for digital transformation [13]. Group 5: Market Position and Future Outlook - The launch of these products signifies Huawei's strong technological innovation and reinforces the position of the HarmonyOS ecosystem, marking a significant breakthrough in global tech competition [14]. - Huawei aims to establish a competitive presence alongside Windows and macOS in the domestic market and aspires to become the third-largest personal computer operating system globally, contributing to China's digital economy [16].

1997年，我国建设西康铁路秦岭隧道，从国外采购了两台硬岩掘进机。这两台设备带来了让人惊叹的施 工安全性和挖掘效率，但问题也逐渐凸显：机器维修保养时，中方人员不能参加，维修进度完全取决于 外方…… 没有核心技术就没有话语权。于是，中国中铁成立了盾构机研发项目组，立志"造中国人自己的盾构"。 大学刚毕业的王杜娟成为项目组成员。 盾构机作为集机、电、液、气、传感于一体的大型自动化掘进设备，零部件多达1万多个，一个控制系 统就有2000多个控制点。"那时项目组没有技术，也没有人指导，一切都要从零开始。"王杜娟回忆道， 为了印证研发数据，她和同事们不断往返施工现场。"加班是工作常态，熬夜是家常便饭，咬咬牙就过 来了"。经过不懈努力，终于迎来了突破性成果。2008年4月，我国首台拥有自主知识产权的复合式土压 平衡盾构机"中国中铁1号"诞生了，填补了我国在复合盾构制造领域的空白。2009年2月，"中国中铁1 号"从天津地铁3号线项目始发，开启地下追光之旅，圆满完成国产盾构的首秀。 "人在事中不知道害怕，事后我们都惊讶自己的胆子竟然那么大，敢花这么多钱，去做风险这么大的事 情。"王杜娟说，在天津地铁3号线项目中，地面有历史 ...

Core Insights - The company, Kafei Mei, has experienced rapid growth in its automatic coffee machine business, with revenue projections increasing from approximately 100 million yuan in 2021 to over 700 million yuan in 2024, and exports to the U.S. accounting for nearly 30% of total sales [1][4]. Group 1: Business Growth and Market Expansion - Kafei Mei's foreign trade business continues to grow despite previous order pauses from the U.S., with many orders scheduled for delivery two months later [1]. - The company has established a strong presence in over 100 countries, with the U.S. being its largest overseas market, exporting nearly 200 million yuan worth of products last year [1][4]. - The company has successfully entered new markets, such as New Zealand, where it received a significant order after product testing [4]. Group 2: Innovation and R&D - Kafei Mei has invested approximately 20% of its sales revenue into R&D, building a team of over 200 people and creating various performance testing laboratories [2]. - The lifespan of its main products has improved significantly, reaching 90,000 cups, allowing Kafei Mei to compete with established European brands [2][5]. - The company has achieved 99.8% localization of its components, enhancing its supply chain resilience and innovation capabilities [3][5]. Group 3: Future Outlook and Goals - Kafei Mei aims to achieve a sales target of over 1 billion yuan for the year, with confidence in reaching this goal despite potential challenges [4]. - The company is preparing for upcoming promotional events, such as the "618" sales event, and has recently opened a new factory to support its growth [4].

Core Viewpoint - Xiaomi is facing a significant public relations crisis following the SU7 fire incident, prompting CEO Lei Jun to address the situation and outline future plans during an internal meeting [1][3][6]. Group 1: Response to SU7 Incident - Lei Jun publicly addressed the SU7 fire incident for the first time during an internal meeting, acknowledging the severe impact on the company and the cancellation of planned anniversary celebrations [6][10]. - The incident has led to a loss of confidence in Xiaomi's automotive quality, which was previously praised for its high performance ratings [8][10]. Group 2: Commitment to R&D - Lei Jun emphasized Xiaomi's commitment to technology and research, stating that the company has invested 100 billion in R&D over the past five years, with an additional 5 billion added recently, exceeding initial goals [18][20]. - For the upcoming five years, Xiaomi plans to invest 30 billion annually in innovation and research, indicating a strong focus on technological advancement [20]. Group 3: Chip Development Plans - Xiaomi has been working on chip development since 2014, despite skepticism from industry peers and internal stakeholders [24][26]. - Following the recent controversies, Lei Jun announced that Xiaomi's self-developed chips will soon be released, marking a significant step towards transforming the company from a marketing-focused entity to a technology-driven one [28][29].

美国总统特朗普的对华"围剿战"非但没有取得预期的效果，反而还把美国自身的经济越高越差，特朗普的 支持率也逐渐走低，甚至威胁到自身的政权稳固。特朗普的这一招反华牌究竟错在哪？东方大国和美国在 瑞士的谈判刚刚告一段落。从两国发表的声明来看，美国决定将对华关税降到合理区间，东方大国也表 示，对美国的反制举措将慎重考虑。相比四月初到现在，特朗普对华一路飙升的关税税率，此番与东方大 国的谈判，美国还是低头了。 事实上，从第一任任期，到第二任任期，特朗普就从各方面对东方大国形成围堵。在关税上，特朗普在第 一任任期，突然对东方大国的高科技产品加收关税。在台海问题上，特朗普大打台湾牌，向台湾输送大量 军事武器，伙同台湾当局，就台海问题向东方大国挑衅。在南海问题上，特朗普则拉拢菲律宾，持续就南 海主权问题，展开军事演习，向菲律宾输送导弹，威胁东方大国安全。在科技问题上，特朗普则把一众科 技公司纳入所谓实体清单，威胁荷兰、日本等国，以及台湾，不再向东方大国提供芯片，一度让东方大国 的科技企业出现缺芯少片的状况。 特朗普（资料图） 贝森特（资料图） 不仅如此，在台海问题、南海问题、中日关系上，特朗普派出得力干将，不断开展军事演习， ...

Group 1: Company Overview and Financial Performance - The company has a net asset exceeding 1.3 billion yuan and maintains sufficient cash flow, indicating financial stability [2] - In Q1 2025, the company's CNC machine tool products achieved approximately 180 million yuan in revenue, reflecting continuous growth in the machine tool business [3] - The company plans to optimize its investor return mechanism based on operational performance and shareholder demands [5] Group 2: Product Development and Market Position - The company emphasizes continuous innovation in mold manufacturing, utilizing advanced technologies such as laser engraving and 3D printing [3] - The tire mold business has seen consistent revenue growth due to self-research and rapid response to customer needs [3] - The electric heating vulcanization machine has significant advantages over traditional methods, with expectations for substantial market growth in 2025 [4] Group 3: Production Capacity and Future Outlook - The high-end casting project, with a capacity of 65,000 tons, is expected to begin production around June 2025, focusing on wind power components [4] - The global demand for gas turbines is anticipated to rise, with the company currently operating at full capacity [4] - The company has established a comprehensive global production service system with subsidiaries in various countries, including the USA, Thailand, and Hungary [5] Group 4: Market Strategy and Customer Engagement - The company actively engages in investor relations through online collective reception days and specific investor surveys [2] - The CNC machine tool products cater to various industries, including precision molds, automotive, and electronics, with a focus on customized services [5] - Currently, less than 10% of the company's direct exports are to the US market, indicating potential for growth in international sales [5]

Core Viewpoint - Hong Kong's innovation and technology sector is maturing, with a clear development path established by the "Hong Kong Innovation and Technology Development Blueprint" issued at the end of 2022, enabling local companies to confidently face trade barriers and tariffs [1][9]. Group 1: Company Development - A fintech company, established only 18 months ago, has become the fastest unicorn in Hong Kong, showcasing the rapid growth of innovation companies in the region [1]. - The fintech company is helping small and medium-sized cross-border e-commerce businesses overcome financing challenges, indicating a strong demand for their services despite external pressures [5]. Group 2: Market Strategy - The co-founder of the fintech company stated that their client base has not decreased, as Chinese entrepreneurs have diversified their markets beyond the U.S. to include Europe, Southeast Asia, and the Middle East, demonstrating resilience against trade tensions [5][7]. - The Hong Kong Innovation and Technology Bureau emphasizes a strategy of remaining steadfast and focused on established policies, regardless of external challenges, reflecting a proactive approach to innovation development [7]. Group 3: Government Policy - Hong Kong's government has consistently promoted a diversified strategy to avoid over-reliance on a single market, which is crucial in navigating the current uncertain international trade environment [9].

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 889 million yuan, a year-on-year increase of 3.37%, and a net profit of 41.37 million yuan [1] - For Q1 2025, the company reported operating revenue of 210 million yuan and a net profit of 13.05 million yuan [2] - The net cash flow from operating activities for 2024 was 161 million yuan, reflecting a year-on-year growth of 9.94% [1] Group 2: Brand and Revenue Composition - The main brands "Lafang" and "Yujie" generated 787 million yuan in revenue in 2024, accounting for 88.57% of total revenue [2] - "Lafang" sales reached 642 million yuan, up 9.11% year-on-year, while "Yujie" sales increased by 27.98% to 145 million yuan [2] - The distribution channels showed that the distribution channel generated 623 million yuan, representing 70.11% of total revenue, with a year-on-year growth of 4.42% [2] Group 3: Brand Management and Innovation - The company is focusing on upgrading the Lafang brand and expanding its product matrix to drive growth [3] - It aims to achieve deep integration of online and offline channels through refined operational management [3] - The company has developed new raw materials and technologies, including "oil control and fluffy new raw materials" and "natural plant & herbal extraction laboratory," enhancing product competitiveness and supply chain stability [3] Group 4: Future Strategy - For 2025, the company plans to innovate across multiple dimensions, including technology, processes, and management, to respond agilely to market changes [4] - Customer satisfaction will be a key measure of innovation success, with a focus on understanding consumer needs and pain points [4] - The company aims to strengthen the integration of production, education, and research, promoting a dual-driven approach of technology and marketing [4]