Core Viewpoint - Jinfa Technology (600143.SH) is expected to achieve a net profit of 5.50 billion to 6.50 billion yuan in the first half of 2025, reflecting a year-on-year increase of 44.82% to 71.15% [1] Group 1: Financial Performance - The company anticipates a non-recurring net profit of 5.01 billion to 6.01 billion yuan, representing a year-on-year growth of 43.48% to 72.12% [1] - The growth is attributed to the steady increase in sales and gross profit from modified plastics, improved operational quality in green petrochemicals, and growth in sales and gross profit from special engineering plastics [1] Group 2: Business Segments - The modified plastics business is a core driver of Jinfa Technology's stable growth, with continuous product development and market share expansion in sectors such as automotive, electronics, and new energy [2] - The special engineering plastics segment has become a significant performance driver, with a 91% year-on-year increase in sales volume in Q1 2025 [3] Group 3: Technological Advancements - Jinfa Technology has launched a new generation of low-carbon LCP materials and is the second company globally to receive ISCC PLUS certification for LCP materials [4] - The company is focusing on the industrialization of new materials such as long-chain polyamide and PEEK, with applications in high-end sectors like robotics and aerospace [4] Group 4: Global Expansion - The company is actively pursuing global expansion, with successful establishment of overseas bases in Vietnam and Spain, and ongoing construction in Poland, Mexico, and Indonesia [2] Group 5: Future Outlook - With the recovery of the manufacturing sector and the acceleration of new production capabilities, Jinfa Technology is positioned to strengthen its leading position in the chemical new materials sector [5] - The company maintains a stable cash dividend policy, having distributed a total of 67.53 billion yuan in dividends since its listing, indicating a commitment to returning value to investors [4][6]

Core Insights - New Ziguang Group has achieved significant growth over the past three years, with revenue exceeding 100 billion yuan and a 25% increase in patent applications, totaling over 30,000 [1][2] - The company has established a comprehensive strategic layout in the semiconductor and digital economy sectors, positioning itself as a globally competitive smart technology industry group [2][4] Group 1: Strategic Development - New Ziguang Group completed a strategic restructuring in July 2022, leading to its rebranding and the establishment of a governance framework that promotes resource collaboration among over 200 subsidiaries [2][4] - The company has formed a complete semiconductor industry chain, integrating chip design, packaging, testing, equipment, materials, and modules [2][3] Group 2: Technological Advancements - The establishment of a frontier technology research institute focuses on key areas such as artificial intelligence, mobile communication, and low-altitude economy, driving innovation in these fields [3][4] - In artificial intelligence, the company has made advancements in architecture innovation and edge computing, enhancing energy efficiency and real-time response capabilities [3] Group 3: Global Expansion - New Ziguang Group has expanded its global business, with subsidiaries launching over 100 exclusive products for international markets and establishing partnerships with over 3,000 certified partners across more than 100 countries [4][6] - The company is pursuing dual listings in both A-share and H-share markets to enhance its global competitiveness and capital strength [4][6]

行 国防军工 2025 年 07 月 14 日 业 研 究 国防军工 军工本周观点：继续看多军工 投资要点： 本周核心观点： 行 业 定 期 报 告 本周（7.7-7.11）申万军工指数（801740）上涨 0.88% ，同期沪深 300 指 数上涨 0.82%，相对超额 0.06pct。本周细分领域催化较多，带动多主题跑 出明显超额，如：聚变新能本周发布大额招投标公告，且涉及到失超保护 开关等核心设备，带动核聚变相关板块标的表现较好；中国船舶吸收合并 中国重工获审核通过，带动船舶板块相关标的跑出超额；军工细分领域催 化频出，传统板块及细分主题机会不断。 资金层面，本周被动基金规模持续上升，且被动资金延续大幅净流入，尽 管杠杆类资金有所下滑，但考虑到军工行业 2025 年的强需求恢复预期及确 定性，看好后续资金面进一步优化。 估值层面，截至 7 月 11 日，申万军工指数五年维度看，当前市盈率 TTM（剔 除负值）70.34 倍，分位数 96.86%，叠加 2025 年行业基本面强恢复预期， 当下时点军工板块具备较高配置价值比。 团队成员 综上，25-27 年在【十四五任务冲刺】＋【建军百年目标】+【自主可控 ...

Core Viewpoint - Shenzhen is emerging as a leading hub for the low-altitude economy in China, with a significant concentration of companies and investment in the sector, particularly in areas such as drone logistics, flying cars, and advanced flight control technologies [4][10][14]. Group 1: Event Overview - The "X-Day" low-altitude economy event took place in early July at Shenzhen University Town, featuring eight companies showcasing innovations in flying cars, eVTOL manufacturing, drone logistics, and more [2][6]. - The event attracted numerous venture capital firms and investment institutions, highlighting the growing interest in low-altitude startups in Shenzhen [4][8]. Group 2: Company Highlights - Notable companies presented at the event include ZeXin Future, focusing on low-altitude safety applications, and Micro Air, a cargo drone developer with a strong team background [6][7]. - Other companies like Starry Sea and Qianfan Intelligent are also making strides in the low-altitude sector, with significant funding and innovative projects [7][8]. Group 3: Industry Development - Shenzhen's low-altitude economy has seen over 500 companies established, with a total output value exceeding 55 billion yuan in the previous year [10][11]. - The region has a robust industrial foundation, rich research resources, and diverse application scenarios, including logistics, medical rescue, and aerial photography [15]. Group 4: Government Support - The Shenzhen government has prioritized the low-altitude economy in its work reports and has introduced supportive legislation to foster industry growth [14][15]. - Specific policies and plans have been implemented to enhance the development of the low-altitude economy in Nanshan District, aiming for significant industry scale and technological innovation by 2026 [14][15].

Investment Rating - The report maintains a "Recommended" investment rating for the low-altitude economy sector [7] Core Insights - The low-altitude economy market in China is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 30% from a current size of 505.95 billion yuan in 2023, which represents a growth rate of 33.8% [1][37] - The low-altitude economy encompasses various sectors, including aircraft manufacturing and operational services, which account for 55% of the market, while supply chain, consumption, and transportation contribute 40% [1] - The Chinese drone industry is leading globally, with significant players like DJI and EHang, and the commercialization of eVTOL (electric Vertical Take-Off and Landing) is accelerating [1] Summary by Sections 1. Low-altitude Economy Emergence - The low-altitude economy integrates low-altitude flight activities with various industries, primarily involving drones, eVTOLs, and helicopters, operating below 1,000 meters [13] 2. Policy and Capital Driving Growth - The government has initiated a "safe and regulated development" strategy for the low-altitude economy, with significant investments and pilot projects across multiple cities [2] - In 2024, financing in the eVTOL sector exceeded 6.5 billion yuan, with various specialized funds being established to support the industry [2] 3. Technological Advancements and Application Scenarios - Key technologies in the sector include drones and eVTOLs, with ongoing innovations in automation and intelligence [3] - Core application areas are expanding to include logistics, urban transportation, and emergency rescue [3] 4. Regional Development Dynamics - The Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing regions are emerging as key players in the low-altitude economy, with cities like Shanghai and Shenzhen leading in infrastructure and regulatory frameworks [4] 5. Investment Recommendations - The report suggests focusing on companies involved in aviation batteries and core components, low-altitude security and air traffic management systems, eVTOL and drone manufacturing, and infrastructure development [5]

Group 1 - The core viewpoint of the article is that Sichuan Tengdun Technology Co., Ltd. is preparing for an IPO, marking it as another drone company from Sichuan aiming to enter the A-share market after successful listings of other companies [1] - Tengdun Technology has developed the world's first dual-engine, triple-engine, and quad-engine large fixed-wing drones, as well as China's first amphibious drone, indicating its leading position in domestic drone technology [1][3] - The company's valuation has exceeded 12.2 billion yuan, but key financial data such as revenue, net profit, and R&D investment remain undisclosed due to the absence of a prospectus [1][9] Group 2 - Founded in September 2016, Tengdun Technology is recognized as a national-level specialized and innovative "little giant" enterprise, with over 900 employees and multiple subsidiaries focusing on drone systems and applications [3] - The founder, Nie Haitao, has a strong background in aircraft design and has received multiple national and provincial awards for technological advancements, contributing to the company's rapid development in high-end drone technology [5] - The company has received significant investment interest, with 99 shareholders reported as of May 2024, including state-owned investment firms and well-known venture capital institutions [7][9] Group 3 - Tengdun Technology's headquarters project in Chengdu is expected to be completed by the end of 2027, covering approximately 99.08 acres with a total investment of around 3 billion yuan [9] - The company has production bases in various locations, including Sichuan and Anhui, and recently launched a production line for a large quad-engine commercial drone [11] - The development of Tengdun Technology aligns with Chengdu's strategy to become a hub for low-altitude economy, supported by government policies aimed at enhancing low-altitude flight capabilities and fostering new economic growth [12]

2025年以来，低空旅游屡屡被纳入国家各类"促消费"政策。近期，中办、国办《提振消费专项行动方 案》提出"有序发展低空旅游、航空运动、消费级无人机等低空消费"；商务部《关于支持国际消费中心 城市培育建设的若干措施》明确要求"开发低空旅游项目"。年初国办《关于进一步培育新增长点 繁荣 文化和旅游消费的若干措施》也提出"研究制定低空飞行旅游产品有关管理规范，在确保安全的前提 下，鼓励打造多样化、差异化低空飞行旅游产品"。去年，河南省政府就出台《促进全省低空经济高质 量发展实施方案（2024—2027年）》（以下简称《实施方案》），提出到2027年低空经济规模达500亿 元，重点推动"低空+旅游"融合，打造"一心一带四区"低空旅游布局，涵盖太行山水、黄河文化等资 源，彰显了对以低空旅游为代表的新质生产力发展的高度重视和殷切期望。 一、低空旅游成为旅行打卡的新标签 低空旅游是在低空空域，依托通用航空运输、通用航空器和低空飞行器所从事的旅游活动，由飞行体 验、空中游览和非定期载客运输飞行组成。作为"低空经济+旅游"场景融合衍生的新兴消费业态，低空 旅游能带给游客独特的空中视角与沉浸式体验，满足游客对新鲜体验、高端享受和 ...

Group 1 - The low-altitude economy is emerging as a new competitive arena for cities, with both large and small cities participating in the "linkage power" index [1][2] - In the "linkage power" index, cities like Zhuhai, Shaoxing, and Wuhu have entered the top 50, indicating that small cities can also thrive in the low-altitude economy [1][2] - Shandong province aims to achieve a low-altitude economy scale exceeding 100 billion yuan by 2027, with cities like Qingdao, Jinan, and Yantai ranking in the top 50 [2][3] Group 2 - Shandong's industrial foundation supports the entire low-altitude economy supply chain, allowing for an "internal circulation" model that can drive growth [3][4] - The province has significant potential in low-altitude logistics, cultural tourism, and smart agriculture, leveraging its strengths in agriculture and manufacturing [3][5] - The establishment of the Lianshan Low-altitude Economy Industrial Park in Rizhao, with a 1.5 billion yuan investment, highlights the region's commitment to developing the low-altitude economy [4] Group 3 - Binzhou has developed a comprehensive low-altitude economy industrial chain, with multiple parks and leading companies in the drone sector [6][8] - The city has become a hub for drone manufacturing and services, including the first nationwide drone rapid design and testing center [6][7] - The approval of low-altitude flight airspace in Binzhou and Rizhao positions these cities as leaders in airspace resource utilization in East China [7][8] Group 4 - The agricultural sector in Shandong, particularly in Weifang, is leveraging low-altitude technology for crop protection, which is a key application area for the low-altitude economy [10][11] - The rise of new job roles such as drone pilots and smart agricultural machinery operators indicates the expanding employment opportunities within the low-altitude economy [11] - Government subsidies are being emphasized to support the purchase and application of agricultural drones, facilitating the growth of the low-altitude economy [11]

Group 1 - The core strategy of the company is to implement a collaborative development approach for military and civilian aircraft, as well as domestic and international markets, focusing on the low-altitude economy and general aviation engine market [1] - The company has achieved significant results in the first half of 2025, particularly in the development of the AES100 engine, which meets international airworthiness standards and has overcome over 200 core technologies [3] - The AES100 engine has received a production license from the Civil Aviation Administration of China in April 2025, marking its transition to industrial mass production [3] Group 2 - Following the success of the AES100, the company has developed the AEP100 turboprop engine, which has a power output of 900 kW and is designed for various aircraft types, showcasing strong performance and market potential [4] - The AEP100 engine has been recognized in the market, with its initial delivery for the W5000 unmanned cargo aircraft in June 2025, indicating a significant step towards commercialization [4] - The company is actively engaging with domestic general aviation platforms to analyze application scenarios and customer needs for the AEP100 engine, aiming to promote the localization of aviation power systems [4] Group 3 - The company plans to strategically allocate resources to proactively explore both domestic and international markets, aiming for continued success in the general aviation power brand [5]

Core Viewpoint - The economic transformation of Xiegang Town in Dongguan is marked by a significant GDP growth of over 20%, driven by the development of low-altitude and high-altitude economic applications, positioning it as a key player in Dongguan's economic landscape [2][3][9]. Economic Growth - Xiegang's GDP growth reached 20.4% in the first quarter, leading the city in four major economic indicators [3][9]. - The town's economic resurgence is attributed to the concentration of major projects and the expansion of industrial investments, particularly in the new energy and high-end manufacturing sectors [9][11]. Industrial Development - Xiegang is focusing on the development of the low-altitude economy, with significant projects like the Zhaoke Intelligent Technology Headquarters, which is expected to generate an annual output value of approximately 600 million yuan [9][26]. - The town has established a robust industrial matrix with over 6,800 enterprises, including a major investment project exceeding 100 billion yuan and several others above 20 billion yuan [17][29]. Strategic Initiatives - The "Hundred Thousand Ten Thousand Project" aims to enhance the town's economic structure and promote sustainable development [2]. - Xiegang is actively developing a low-altitude economic cluster, with plans to reserve approximately 650 acres for this purpose, integrating tourism and technology [26][28]. Infrastructure and Investment - The town has implemented a "whole area coordination + contiguous renovation" model to optimize land use and attract high-quality industrial projects [15][31]. - Industrial parks such as the Yinpeng Modern Industrial Park are being developed to support the growth of key industries, including new energy and high-end equipment manufacturing [25][31]. Future Outlook - The economic growth momentum is expected to continue, with optimistic projections for the second quarter and the rest of the year [11][12]. - Xiegang's strategic positioning within the Greater Bay Area allows it to leverage its geographical advantages to attract investments and foster industrial growth [17][29].