投资者关系活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 开源证券 胡耀文 地铁设计 孙艺汉 时间 2025年7月9日 地点 公司会议室 形式 现场调研 交流内容及具体问答 记录 1.发行股份购买资产进展情况？ 为构建系统完善的全过程工程咨询产业链，提高企业 核心竞争力，公司拟以发行股份购买资产方式收购广州地 铁持有的广州地铁工程咨询公司100%股权并募集配套资 金，以进一步实现对勘察设计、规划咨询、工程监理等工 程咨询业务的整合。本次交易对价约5.11亿元，相关资产 的注入预计将会进一步增厚公司未来年度的经营业绩。本 次交易事项已经公司董事会、股东会审议通过，现已报交 易所受理。 2.一季度业绩下滑的原因？ 公司一季度经营业绩存在一定波动，主要系在于公司 所从事的轨道交通勘察设计项目周期较长，不同项目以及 同一项目在不同阶段的毛利存在一定波动，受到具体项目 进度的影响，一季度经营业绩较以往年度有所下滑；结合 公司自主建设的地铁设计大厦投入使用，相关在建工程转 入固定资产导致折旧增加，相关成本费用有所提升等情 况，公司一季度经营业绩存 ...

Core Viewpoint - The first large-scale drone performance at high altitude in Tibet's Nyima County marks a significant breakthrough in drone technology application in high-altitude regions, showcasing the integration of low-altitude economy and high-altitude tourism in China [1][3][4] Group 1: Event Overview - The event will take place at an average altitude of over 4600 meters, specifically at the shores of the Dangre Yongcuo Lake, highlighting the unique cultural and natural characteristics of Nyima County [1][3] - Hundreds of drones, modified for high-altitude conditions, will be used to create a visual narrative featuring local themes such as wild yaks and traditional costumes [3][4] Group 2: Economic and Cultural Impact - The event is seen as a proactive attempt to explore the deep integration of technology, culture, and tourism, aiming to showcase Nyima's natural beauty and cultural richness to the world [3][4] - The performance is expected to inject new vitality into the cultural and tourism development of Nyima County, further promoting local economic and social growth [4]

国泰海通证券：近年来伴随着新能源装机高增，新能源发电量高速增长，对煤电的挤压效益日益明显， 市场担忧在新能源的挤压下未来煤电将进入负增长阶段，从而导致电煤消费进入下行通道。而新能源高 速发展时代已过，2025年起随着新能源"430、531"新政出台，并且考虑到当前电网巨大的消纳压力和新 能源项目盈利性下降明显，国泰海通判断未来新能源发电将减速，对煤电的边际冲击减弱，电煤的需求 拐点或将在2027年。从板块推荐角度，国泰海通推荐业绩风险释放，板块龙头企业。 中信建投：中长期来看，医疗器械行业的产业趋势向好，创新、并购、国际化将推动中国器械龙头逐步 成长为全球龙头。前期行业承压主要与政策影响有关，多数公司全年整体呈现前低后高的业绩增速趋 势，下半年业绩改善的趋势更为明显。细分板块来看，医疗设备板块部分企业受益于行业招标数据高增 长和库存加速消化、业绩将逐步改善，高值耗材板块部分企业有望受益新产品逐步放量和集采优化政 策、业绩确定性和估值修复。看好脑机接口、外骨骼机器人、AI医疗、手术机器人等新科技方向的投 资机会。 新华财经北京7月9日电A股三大指数7月9日全天冲高回落，沪指3500点得而复失，最终微幅收跌；创业 ...

Core Insights - The 2025 International Low Altitude Economy Expo will take place from July 23 to 26 in Shanghai, featuring an exhibition area of 60,000 square meters and nearly 300 exhibitors, with an expected attendance of over 50,000 visitors [1][3]. Group 1: Event Overview - The expo will showcase over 19 global product launches and 25 domestic product launches, focusing on cutting-edge products in the low altitude economy sector, including drones and eVTOLs [3]. - Key products include the world's first 7-seat, 3-ton eVTOL flying car platform, large fixed-wing drones, hydrogen drones, and various aviation systems [3][5]. Group 2: Featured Products - The Vector5 eVTOL, developed by Weixin Aerospace Technology, will be globally launched at the expo, designed for medical rescue and search scenarios with advanced safety features [5]. - The AI-101, a large fixed-wing intelligent drone, boasts a takeoff distance of approximately 40 meters and a cruising speed of 180 km/h, suitable for short-distance logistics and agricultural applications [7][9]. - The RC-3 Seabee amphibious aircraft, known for its reliability and versatility, will also be showcased, highlighting its applications in regional aviation and emergency rescue [9][11]. Group 3: Innovations and Technologies - The expo will feature the M1 eVTOL, which aims to reduce urban commuting time to 15-30 minutes, and the Skylar-VE25-100 aircraft for various low altitude applications [11]. - New technologies such as a 100KW aviation range extender and the H100 hydrogen drone, capable of operating in extreme temperatures, will be presented, addressing current limitations in electric propulsion systems [11][13]. - Infrastructure developments, including a vertical takeoff and landing platform and a flight simulator utilizing VR/XR technology for pilot training, will also be highlighted [13]. Group 4: Industry Participation - Major companies such as DJI, Postal Express, and various traditional aviation industry leaders will participate in the expo, showcasing their contributions to the low altitude economy [13].

Group 1: Foreign Trade and Manufacturing - The steel furniture industry in Luoyang, Henan, has over 1,000 companies and exports more than 1,000 types of steel furniture to over 120 countries and regions globally [1] - The town of Shaogang in Yucheng, Shangqiu, has the largest professional wholesale market for steel tape measures in Central China, producing nearly 1.5 billion tape measures annually, accounting for over 65% of the global market share, with an annual output value exceeding 12 billion yuan [1] Group 2: Renewable Energy - Guizhou province is focusing on developing its renewable energy sector, particularly wind and solar power, leveraging its natural resources [2] - The Xianshuiwo Agricultural Photovoltaic Power Station in Weining County utilizes high supports and large spacing for solar arrays, promoting a "dual win" for agricultural income and energy generation [2] Group 3: Low-altitude Economy - The aviation town in Wuhu, Anhui, has strategically planned its low-altitude economy since 2013, with the total revenue from this sector expected to reach 46.38 billion yuan in 2024, reflecting a year-on-year growth of 15.95% [3] Group 4: Agricultural Technology - In Xiaoshan District, Hangzhou, agricultural drones are being used to enhance the efficiency of transporting harvested bayberries, providing farmers with a new harvesting experience [4] Group 5: E-commerce and Logistics - The red apricot harvest in Pengyang County, Ningxia, is being facilitated by rapid development in local logistics, allowing for direct sales through e-commerce and efficient distribution across the country [5]

Group 1 - The core viewpoint is that the premium center of China's technology industry is continuously rising in the long term, with significant excess returns observed in Hong Kong's technology sector since 2005 [1] - The technology sector in Hong Kong exhibits high elasticity and sustainability during various market conditions, with each increase in technology premium closely related to industrial transformation, forming a roughly five-year cycle of premium elevation [1] - Key industries such as artificial intelligence, humanoid robots, and low-altitude economy are entering a localization phase and receiving policy support, indicating a shift towards new productive forces [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Co., Ltd., selecting no more than 50 quality companies from the technology sector listed under the Stock Connect [1] - This index aims to comprehensively reflect the overall performance of securities from technology companies that can be invested in through the Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

7月7日至9日，第十七届中国国际现代化铁路技术装备展览会在京举行。作为亚洲规模最大的铁路行业 盛会，本届展会展览面积达4万平方米，集中呈现了机车车辆、通信信号、客货运输、安全保障等十大 专业板块的最新成果。其中，防范无人机等低空飞行器对铁路运行安全构成的潜在威胁，成为与会专家 热议的焦点。 近年来，未经登记报备的"黑飞"无人机安全隐患日益凸显，对公共交通特别是铁路运输的安全运行带来 挑战。如何有效规范无人机飞行，实现从"飞得好"到"管得好"的转变，成为推动低空经济健康发展亟待 解决的关键议题之一。 在此背景下，应用于铁路沿线的无人机侦测与反制技术备受关注。本次展会上，一款针对铁路复杂环境 的"无人机监视反制装备"吸引了众多参观者。据了解，该装备由北京市专精特新中小企业中科蓝卓研 发，采用了先进的一体化工业设计和频谱探测技术，具备半径2至6公里范围内的无人机探测能力，覆盖 了铁路线路的典型防护需求。 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010-85202353 记者：袁璐 技术亮点在于其部署灵活性与协同能力。据技术人员介绍，无人机监视反制装备的单台设备可快速部 ...

Core Viewpoint - The low-altitude economy is emerging as a significant new productive force, with Hefei, Anhui, actively promoting large-scale application demonstrations and accelerating the commercialization of low-altitude economic operations [1]. Group 1: Development of Low-Altitude Economy - Hefei is establishing a city air traffic hub, the first of its kind in China, with a total area of nearly 2,000 square meters, designed for the commercial operation of unmanned passenger aircraft [1]. - The EH216-S unmanned aerial vehicle, which has completed over 66,000 safe flight tests globally, is a key model in this initiative, featuring a maximum range of 30 kilometers and a design that enhances passenger visibility [3]. Group 2: Operational Steps and Safety - The process for experiencing unmanned passenger flights includes purchasing tickets via smart kiosks, with a weight limit of 87 kilograms for individual passengers, followed by security checks before boarding [2]. - Hefei's commercial operation company, He Yi Aviation, received its operational qualification certificate on March 28 this year, marking a significant step towards low-altitude tourism [3]. Group 3: Application Scenarios and Future Plans - Hefei is diversifying its application scenarios, including drone delivery of medical supplies, rail inspection, and food delivery, with over 200 flight routes currently operational [4]. - The city plans to develop a manned transportation network for urban air traffic within the next three years, aiming to establish more than 30 takeoff and landing points for unmanned aerial vehicles [4]. - The growth of application scenarios has led to the aggregation of over 300 low-altitude economy enterprises in Hefei, facilitating a complete supply chain from research and development to production and operation [4].

Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with the high-end equipment ETF showing a recent upward trend, indicating potential growth opportunities in the industry driven by modernization and geopolitical factors [1][2]. Market Performance - As of July 9, 2025, the CSI High-end Equipment Sub-index fell by 0.01%, with notable gainers including Beifang Navigation (+2.91%) and Sichuan Aerospace (+1.87%), while Jiuzhiyang led the declines [1]. - The high-end equipment ETF has seen a cumulative increase of 6.84% over the past two weeks as of July 8, 2025 [1]. Liquidity and Fund Flow - The high-end equipment ETF recorded a turnover rate of 2.71% with a transaction volume of 32.77 million yuan, and the average daily transaction volume over the past month was 55.20 million yuan [2]. - The latest scale of the high-end equipment ETF reached 1.18 billion yuan, with a net inflow of 7.55 million yuan recently, indicating strong investor interest [2]. - Over the past five trading days, there were net inflows on four days, totaling 15.10 million yuan [2]. Performance Metrics - The high-end equipment ETF's net value increased by 34.68% over the past year, with the highest single-month return recorded at 19.30% since inception [2]. - The longest consecutive monthly gain was two months, with a maximum increase of 29.39% and an average monthly return of 6.55% [2]. Industry Outlook - According to Zheshang Securities, 2025 marks the conclusion of the "14th Five-Year Plan," with an acceleration in national defense equipment modernization expected to boost industry prosperity [2]. - Ongoing regional political conflicts are providing practical validation for China's military export equipment, leading to potential revaluation of military enterprises [2]. - The establishment of a low-altitude leadership group by the Civil Aviation Administration is expected to drive the low-altitude economy, while the C919 aircraft production is accelerating, presenting opportunities for international expansion and self-sufficiency [2]. - The shipbuilding and deep-sea technology sectors are also showing upward trends, with continuous profit improvements and significant restructuring opportunities [2]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI High-end Equipment Sub-index accounted for 45.22% of the index, with notable companies including AVIC Shenyang Aircraft Company and Aero Engine Corporation of China [3].

《中国民航报》、中国民航网 记者钱擘 报道：今年7月，多款技术先进的新型无人机，将在雅号"四叶 草"的国家会展中心（上海），全球首秀亮相。7月23日—26日，"2025国际低空经济博览会"将在沪举 办，设立在国家会展中心（上海）的展会面积将达6万平米，参展商数量近300家，博览会安排有30多场 论坛活动；包括全球首架7座3吨级多用途电动垂直起降无人驾驶航空器（eVTOL）等在内的无人机创 新成果，计划于博览会上实现全球或国内首发亮相。这是7月8日，博览会的展前新闻发布会上传出的信 息。 此次博览会由国家会展中心（上海）、东浩兰生集团、上海市国际展览集团共同主办；博览会将关注相 关企业发展需求和应用场景落地，重点展示配套产业链和交通运输、城乡管理、商业融合、个人消费等 应用链。 此次博览会集中汇聚近300家全球头部企业，展示通航飞机、无人机等领域的最新成果，推介基础设施 建设和生产制造的优秀方案，驱动产业链创新升级；博览会也计划通过国际级、全国性的30余场高端会 议赛事，促进金融、技术、人才等新要素高效配置，构建"政产学研用"融合生态。 博览会期间，国内外多家企业将带来各自的创新成果，其中包括维新宇航科技研发的 ...