（编辑 王雪儿） 证券日报网讯 2月2日，中研股份在互动平台回答投资者提问时表示，公司的PEEK产品下游应用领域包 括汽车产业、电子信息产业、高端制造及能源产业、医疗健康产业、航空航天领域等。公司高度重视包 括航空航天、人形机器人、医疗、新能源汽车，半导体及固态电池等在内的具有广阔前景的下游应用领 域，并积极结合下游应用领域进行材料研发。 ...

银河证券指出，科技创新是配置主线之一。全球百年未遇之大变局加速演进，国内经济底层逻辑转向新 质生产力，人工智能、具身智能、新能源、可控核聚变、量子科技、航空航天等"十五五"重点领域值得 关注。短期来看，关注细分板块之间的轮动补涨机会。前期强势的商业航天、AI应用等主题受到产业 趋势催化，但后续内部分化或有所加大。科技成长板块业绩亮点突出。 科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅限制达20%，该指数从科创板 市场中选取市值较大、流动性较好的100只证券作为指数样本，涵盖了信息技术、医疗保健等多个高新 技术领域，以反映科创板市场中具有代表性的科技创新企业证券的整体表现。该指数侧重于科技成长风 格配置。 （文章来源：每日经济新闻） ...

策略研究 · 策略专题 2025 年业绩预告有哪些线索值得关注？ 2026 年 02 月 02 日 核心观点 分析师 杨超 ：010-80927696 ：yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 王雪莹 ：（010）80927721 ：wangxueying_yj@chinastock.com.cn 分析师登记编码：S0130525060003 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 周美丽 ：zhoumeili_yj@chinastock.com.cn 分析师登记编码：S0130525070002 相关研究 2026-01-23，公募基金 2025 年四季度持仓有哪些 看点？ 2026-01-06，如何理解"非理性繁荣"下的"理性 泡沫" ？——AI 泡沫系列研究之总量篇 2025-12-28，节奏看"水"，集中靠"质"——2026 年港股市场投资展望 2025-12-11，2025 年 12 月中央经济工作会议对投 资的启示：向新向优 2025-12-08，12 月中央政 ...

Group 1 - The "Doying" Innovation Winter Camp for youth in Beijing has opened, featuring 11 thematic camps focused on artificial intelligence, quantum computing, life sciences, and aerospace, aimed at nurturing top innovative talents during middle school [1] - The program is organized by the Beijing Youth Innovation Academy and district branches, exploring a collaborative education model that connects high schools with universities and research institutions [1] - The camps will provide project-based learning opportunities, allowing students to enhance their interdisciplinary innovation capabilities through real-world problem-solving [1] Group 2 - The "Mathematics Talent" camp will focus on the intersection of mathematics and finance, where students will learn to apply mathematical models for investment analysis, bridging theoretical knowledge with practical applications [2]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for the stock's performance in the near term [1]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 850 million to 1.05 billion yuan in 2025, representing a year-on-year growth of 30.1% to 60.7%, with a median estimate of 950 million yuan, reflecting a 45% increase [7]. - The company is well-positioned in the low-altitude economy sector, driven by its dual strategy of general aviation and eVTOL (electric Vertical Take-Off and Landing) aircraft [7]. - The report highlights the positive impact of the new Civil Aviation Law, which encourages the development of general aviation and low-altitude economy, providing a strong legal framework for industry growth [7]. Financial Summary - Total revenue is projected to grow from 16,264 million yuan in 2024 to 19,879 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.5% [2]. - The net profit attributable to shareholders is forecasted to increase from 653 million yuan in 2024 to 1,429 million yuan in 2027, with a significant growth rate of 50.6% in 2025 [2]. - Earnings per share (EPS) are expected to rise from 0.31 yuan in 2024 to 0.67 yuan in 2027, reflecting a positive trend in profitability [2]. Business Performance - The automotive metal parts lightweight business is optimizing its product and customer structure, leading to improved operational efficiency and profitability [7]. - The general aviation aircraft manufacturing segment is experiencing strong order flow and stable operations, with ongoing improvements in high-value model production processes [7]. - The acquisition of Volocopter GmbH is seen as a strategic move to enhance the eVTOL product matrix and accelerate commercialization efforts in the global low-altitude economy market [7].

Core Viewpoint - The issuance of local government bonds in China has reached 584.7 billion yuan since the beginning of the year, with a significant focus on special bonds to support key projects and economic growth in 2026 [1] Group 1: Bond Issuance Overview - As of January 27, 2023, 5,847 billion yuan of local bonds have been issued, with new special bonds accounting for 1,962 billion yuan, representing 33.6% of the total [1] - The planned issuance of local bonds for the first quarter exceeds 25,000 billion yuan, marking the highest level for the same period in three years [1] Group 2: Bond Structure and Mechanism - The first quarter's planned issuance includes 7,644 billion yuan in new special bonds and 12,106 billion yuan in refinancing special bonds, together making up over 75% of the total issuance plan [2] - The "self-examination and self-issuance" pilot program is expected to expand, enhancing issuance efficiency and local autonomy [2] Group 3: Management and Performance Evaluation - The use of local special bonds will be subject to stricter regulatory oversight, with a negative list management model to exclude non-revenue-generating projects [3] - Performance evaluation results will be linked to the allocation of local debt quotas, incentivizing local governments to improve project quality [3] Group 4: Funding Direction and Strategic Focus - New special bonds will focus on major projects outlined in the national "14th Five-Year Plan," including infrastructure related to food security, energy security, and emerging industries [3] - The mechanism for using special bonds as project capital will be optimized, increasing the capital usage ratio to attract more social capital for major strategic projects [4]

Core Viewpoint - The issuance of local government bonds in China has reached 584.7 billion yuan since the beginning of the year, with a significant focus on special bonds to support key projects and stimulate economic growth in 2026 [1] Group 1: Bond Issuance Overview - As of January 27, 2023, 5,847 billion yuan of local bonds have been issued, with new special bonds accounting for 1,962 billion yuan, representing 33.6% of the total [1] - The planned issuance of local bonds for the first quarter exceeds 25,000 billion yuan, marking the highest level for the same period in three years [1] Group 2: Bond Structure and Mechanism - The first quarter's planned issuance includes 7,644 billion yuan of new special bonds and 12,106 billion yuan of refinancing special bonds, making up over 75% of the total issuance plan [2] - New special bonds will focus on high-quality projects that can quickly generate tangible results, while refinancing bonds will primarily be used to repay maturing debts and optimize financing costs [2] - The "self-examination and self-issuance" pilot program is expected to expand, enhancing issuance efficiency and local autonomy [2] Group 3: Management and Regulatory Framework - The use of local special bonds will be subject to stricter regulatory oversight, with a negative list management model to exclude non-revenue-generating projects [3] - There will be a focus on the entire lifecycle management of project funds, ensuring efficient and controlled use of resources [3] - Performance evaluation results will be linked to the allocation of local debt quotas, incentivizing local governments to improve project quality [3] Group 4: Strategic Focus and Investment Areas - New special bonds will support major projects outlined in the national "14th Five-Year Plan," focusing on infrastructure related to food security, energy security, and supply chain stability [3] - There will be an emphasis on emerging industries such as low-altitude economy, quantum technology, aerospace, and artificial intelligence [3] - The mechanism for using special bonds as project capital will be optimized, increasing the capital ratio limit to attract more social capital for major strategic projects [4]

耐火材料龙头企业北京利尔（SZ002392，股价8.81元，市值104.88亿元）抛出了一份重量级融资计划。 1月29日晚间，北京利尔公告披露，公司第六届董事会第十四次会议审议通过了《2026年度向特定对象 发行A股股票预案》（以下简称预案），拟向不超过35名特定对象发行股票，募集资金总额不超过10.34 亿元。 值得一提的是，在高温工业面临结构性调整的背景下，北京利尔明确了"耐火材料主业筑基+新兴科技 双轮驱动"的发展战略。本次募资将重点投向年产3万吨复合氧化锆及新能源与航空航天用锆基材料项 目、越南耐火材料生产基地以及创新研发中心建设。 然而，硬币的另一面是公司短期内面临的财务压力：2025年三季度经营性现金流同比暴跌476%，且本 次定增可能导致即期回报被摊薄。在转型的背景下，北京利尔正试图通过短期的财务阵痛，换取通往高 端制造和全球化布局的长期门票。 每股收益或面临短期摊薄，超3亿元募资额紧急"补血"流动性 在宏伟的蓝图落地之前，北京利尔首先要面对的是现实的财务考验。 此外，上游原材料市场的变化也加剧了资金压力。北京利尔在预案中提到：公司上游行业为耐火材料生 产所需主要原料行业，包括铝矾土、菱镁矿、石 ...

Core Viewpoint - The company plans to raise a total of up to 1,034.45 million yuan through a private placement of shares, which will be allocated to various projects including the production of zirconia and zircon-based materials for aerospace and new energy applications, as well as the establishment of an innovation research center and a refractory materials production base in Vietnam [1]. Group 1 - The total amount to be raised through the issuance of shares is not more than 1,034.45 million yuan, including the principal amount [1]. - The funds will be used for projects such as the annual production of 30,000 tons of composite zirconia and zircon-based materials for new energy and aerospace applications [1]. - The company will also invest in the construction of an innovation research center and a refractory materials production base in Vietnam [1]. Group 2 - Prior to the arrival of the raised funds, if any of the projects require initial funding, the company will use self-raised funds for early investments [1]. - Once the raised funds are in place, the company plans to replace the initial self-raised funds with the raised capital [1].

精达股份1月29日在互动平台表示，公司有部分产品应用于航空航天，有部分产品应用于机器人伺服电 机。 ...