风险提示：国内外宏观形势变化超出预期，行业竞争加剧，政策转向 风险，应收账款风险，盈利预测与估值模型不及预期 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,455 | 1,539 | 1,675 | 1,840 | 2,040 | | (+/-)% | 15.27% | 5.79% | 8.86% | 9.85% | 10.86% | | 归属母公司净利润 | 129 | 141 | 175 | 205 | 230 | | (+/-)% | 2.43% | 8.76% | 24.06% | 17.19% | 12.22% | | 每股收益（元） | 1.16 | 1.06 | 1.31 | 1.53 | 1.72 | | 市盈率 | 20.22 | 15.64 | 16.31 | 13.92 | 12.40 | | 市净率 | 1.48 | 1.20 | 1.45 | 1.35 | 1.25 | | 净资产收益率(%) ...

2025.07. 10 作者 | 一财资讯 7月10日，A股三大指数午后冲高回落，截至收盘，上证指数涨0.48%，深证成指涨0.47%，创业板 指涨0.22%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | made | 3509.68 | 16.63 | 0.48% | | 399001 | 深证成指 | Mar 10631.13 | | 49.33 | 0.47% | | 399006 | 创业板指 | mind and | 2189.58 | 4.90 | 0.22% | 沪深两市全天成交额1.49万亿，较上个交易日缩量110亿。全市场超2900只个股上涨。 盘面上，硅能源、房地产、信托、煤炭开采加工、稀土永磁板块涨幅居前，兵装重组、无人零售、元 件概念走弱。 大金融股继续走强，工、农、中、建四大行续创历史新高，南华期货等涨停。 地产股午后集体爆发，华夏幸福、深深房A、光大嘉宝等7股涨停，特发服务、金融街、新城控股等 涨幅居前。 【资金流向】 主力资金全天净流入光伏设备、 ...

Core Insights - The "Deep Blue Intelligent i3 Voyage" successfully tested various unmanned scientific research devices in the northern South China Sea, focusing on their innovative, integrated, and intelligent performance [1][4]. Group 1: Unmanned Devices - The testing involved multiple types of drones, including intelligent seawater sampling drones, remote sensing platform drones, magnetic survey multi-rotor drones, fixed-wing drones, self-developed six-rotor drones, thermal imaging detection drones, and cross-domain drones [2]. - The Zhuhai Yunzhou L25C unmanned boat, designed for marine environmental surveys in shallow waters, and the "Dolphin 3" surface rescue robot, which can be remotely operated, both performed excellently during the tests [2]. Group 2: Research and Development - The unmanned submersible developed by the Southern University of Science and Technology and Anhua Ocean can autonomously move vertically and horizontally in water, collecting seawater samples, and is expected to excel in sampling in hydrothermal and cold spring areas [4]. - The successful integration of drones, unmanned boats, and unmanned submersibles during the tests lays a technical foundation for future unmanned, three-dimensional, and intelligent dynamic monitoring of marine environments [4]. Group 3: Mission Details - The "Xiangyanghong 10" research vessel, with a displacement of 4,615 tons and a length of 93 meters, is a key asset for deep-sea comprehensive scientific research in China, having completed over 40 major marine survey missions since its commissioning in 2014 [6]. - The "Deep Blue Intelligent i3 Voyage" serves as a precursor to the upcoming "Deep Blue Dream 2035" global ocean research mission planned for this autumn [6].

近期，一部名为《被裁员后女总裁上司后悔了》的短剧在相关平台热映。 因多处剧情、人设名称与华为及小米的业务和高管名字相似度较高，引发关注。 据红星新闻报道，该短剧的男主角叫余程冬，他本在腾远集团工作，开发无人驾驶系统，但该系统在发 布前出现问题，余程冬熬夜找到问题（还未修复），却因白天补觉被开除。 由于无人驾驶系统存在问题，如果不修复，汽车一旦上路行驶30秒，系统就会失控崩溃，从而爆炸。已 被开除的余程冬试图阻止上路测试，但汽车仍上路，最终自燃、爆炸，伤及路人。 同时，腾远集团的竞争对手——骁米集团也在研发无人驾驶技术，但研究了五年没有结果，只有余程冬 能突破相关技术壁垒，骁米集团的董事长苏柒以49%的股份和高薪挖走余程冬。 2、骁米集团，与小米集团的名字高度相似； 3、骁米集团的董事长苏柒，与小米集团推出的SU7车型音同； 4、故事发生在无人驾驶/智能驾驶行业。 对此，抖音客服表示，他们无法直接判定该短剧是否存在违规，如有需要，可通过举报流程提交相关情 况，平台会进行核实处理。 智通财经消息，7月10日，查询短剧发布账号"美光-恋爱剧场"发现，该短剧已不可见。 对于该短剧的内容，有网友评价称，"太会整活了"" ...

6月22日，由海南省海洋厅指导，海南省矿产资源勘查院和海南凯浦数字科技有限公司（深海创服 平台）联合主办的"先行区无人智能协同作业赛马测评"在海南省海域圆满结束。 本次测评是国内首次针对深远海矿物勘探无人装备的大规模实战化检验，汇聚了哈尔滨工程大学三 亚南海创新发展基地、三亚南山港科技、青岛海舟、智船科技、珠海云洲、中科酷原、青岛罗博飞等多 家国内顶尖团队，通过9天海上作业，完成了多波束、浅地层剖面测量、重力、磁力、高光谱、海底地 质取样6个关键赛道的测评。 在地质取样方面，水下机器人实现精准采样，结合可视化技术，保障了样品完整性，提升了取样成 功率。 在高光谱探测方面，水下机器人搭载成像仪，成功获取海底矿物光谱数据库，为矿产识别提供了新 的技术手段，为海洋勘查提供了高精度、可视化的探测能力。 布放无人艇。海南省海洋厅供图 在浅地层剖面方面，无人艇搭载参量阵声呐，实现穿透分辨率达5厘米的精细探测。 在磁力测量方面，波浪滑翔机在3～4级海况下持续作业94小时，磁力数据完整率100%，为大范围 勘探提供了经济高效的新模式。 测评工作全面验证了无人艇、半潜航行器、波浪滑翔机、水下机器人等多种类型智能装备在海洋矿 产 ...

Core Insights - 易控智驾科技股份有限公司 aims to become the "first stock of unmanned driving in mining areas" by submitting its prospectus to the Hong Kong Stock Exchange on June 25 [1] - The company, established in 2018, specializes in L4-level unmanned driving solutions for mining, ranking first globally in terms of projected revenue for 2024 and holding a 49.2% market share in domestic unmanned driving solutions for mining [1] Revenue Growth and Losses - 易控智驾 has experienced explosive revenue growth over the past three years, with revenues of 60 million, 271 million, and 986 million yuan for 2022, 2023, and 2024 respectively, resulting in a compound annual growth rate of 305.71% [3] - Despite the revenue surge, the company has faced increasing losses, with net losses of 216 million, 334 million, and 390 million yuan over the same period, totaling approximately 940 million yuan [3] - Adjusted net losses were 154 million, 284 million, and 300 million yuan, accumulating to over 700 million yuan [3] - The gross margin turned positive only in 2024, with figures of -29.52%, -18.63%, and 7.58% for the respective years [3] - High losses are attributed to significant investments in technology R&D and commercial infrastructure, with R&D expenses accounting for approximately 50.54%, 53.13%, and 53.44% of losses during the reporting period [3] Financing and Strategic Partnerships - Just before submitting the prospectus, 易控智驾 completed a Series D financing round exceeding 400 million yuan, led by 宁德时代 through its investment platform and own funds [4] - The funding will primarily support R&D for unmanned driving products and market expansion, including internationalization efforts in Australia [4] - The partnership with 宁德时代 signifies strong recognition from both the industry and capital markets regarding the commercialization of unmanned driving in mining [4] - The company's client base includes major mining companies and contractors, maintaining a 100% retention rate among its 11 client groups from 2022 to 2024 [4]

指数据 后提粉杆 看到中国 将科幻变成现实 ◎记者 李兴彩 "在中国传统文化中，井代表着生命的起源、团队的凝聚、思考的力量，以及规则与灵动的交融。将公 司命名为'西井'，寓意着公司具有敢于创新、锐意开拓、勇为挖井人的精神，同时也具有井井有条的治 理能力。"近日，上海证券报记者探访位于上海市武夷路的西井科技，公司CTO孙作雷诠释了公司名称 的内涵。 孙作雷 西井科技孙作雷： 在无人驾驶领域 "在2021年世界人工智能大会上，《流浪地球2》的主创人员在展台邂逅了西井科技的Q-Truck。他当时 觉得Q-Truck所代表的未来科技感和《流浪地球》所表达的科创精神，可谓不谋而合，便立即联系了我 们展台的工作人员。"谈及Q-Truck在电影和科幻圈的表现，孙作雷给记者讲了这个小故事。 西井科技成立于2015年，在当时，自动驾驶依然是一个非常具有前瞻性、且尚看不清未来方向的创新。 有别于众多初创公司选择乘用车赛道，西井科技聚焦无人驾驶卡车赛道，并将港口物流作为主要应用场 景。 孙作雷表示，当时无数的创业公司都在寻找自己的应用场景。机缘巧合下，西井科技进入了港口行业， 通过将AI和机器视觉相结合的技术，为用户开发智能理货的 ...

Group 1: Autonomous Driving - BYD announced it has achieved L4-level smart parking capabilities and will cover all safety and loss liabilities for users of its Tian Shen Yan vehicles in smart parking scenarios [1] - CITIC Securities predicts that by 2025, the penetration rate of mid-to-high-end autonomous driving in China is expected to double, creating a market increment of 35 billion [1] - Guohai Securities notes that the commercialization of smart driving is accelerating, with increasing penetration rates expected to benefit the domain controller hardware and software supply chain [1] Group 2: Short Dramas - The short drama market in China has reached an annual scale of 300 to 350 billion, with expectations to surpass 500 billion next year [2] - The user base for micro-short dramas is projected to exceed 600 million by 2024, with the market size expected to reach 505 billion, surpassing annual box office revenue for the first time [2] - CITIC Jinshi Securities highlights a significant shift in the short drama industry towards advertising-based business models and an influx of traditional film companies [2] Group 3: 3D Printing - Researchers at the University of Texas at Austin have developed a new 3D printing technology that seamlessly integrates soft and hard material properties, opening new possibilities for prosthetics and flexible medical devices [3] - The 3D printing market in China is expected to exceed 63 billion by 2024, growing 30 times over the past decade, with projections to surpass 100 billion by 2029 [3] - The technology is seen as a transformative force in manufacturing, with applications expanding across various industries including healthcare and education [3] Group 4: Measurement and Testing - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued a plan to support the development of new industrial productivity through measurement [4] - The demand for high-precision measurement in emerging industries such as new energy and aerospace is increasing significantly [4] - The Chinese measurement market is projected to exceed 150 billion yuan by 2025, with a compound annual growth rate of over 10% [4]

Quantitative Models and Construction Methods - **Model Name**: Guozheng Aerospace and Aviation Industry Index (CN5082.CNI) **Model Construction Idea**: The index is designed to reflect the market performance of aerospace and aviation industry companies listed on the Shanghai, Shenzhen, and Beijing Stock Exchanges [41][42] **Model Construction Process**: 1. **Sample Space**: Select A-shares and red-chip enterprises' depositary receipts that meet the following conditions: - Non-ST/*ST securities - Listed for over 1 year (for STAR Market and Beijing Stock Exchange securities) or over 6 months (for other securities) - No major violations or financial reporting issues in the past year - No abnormal price fluctuations during the observation period - Belong to the aerospace and aviation industry under Guozheng's tertiary industry classification [43] 2. **Candidate Pool**: - Calculate the average daily free-float market capitalization and average daily trading volume over the past six months for eligible securities - Exclude the bottom 10% of securities ranked by trading volume if the pool exceeds 10 securities [43] 3. **Sample Selection**: - If the candidate pool contains ≤30 securities, all are included - If the pool contains 30<N≤50 securities, select securities covering 85% of free-float market capitalization, rounded to the nearest multiple of 10 [43] - If the pool contains >50 securities, select securities covering 85% of free-float market capitalization, rounded to the nearest multiple of 10, capped at 50 securities [43] 4. **Weighting**: Free-float market capitalization weighting [43] 5. **Adjustment**: Regular adjustments occur semi-annually, with temporary adjustments for special cases like delisting or corporate actions [44] **Model Evaluation**: The index is highly focused on the aerospace and aviation sector, with a strong representation of small-cap stocks and high exposure to the defense industry [44][47] Model Backtesting Results - **Guozheng Aerospace and Aviation Industry Index**: - **Annualized Return**: 6.26% (past five years) [61][62] - **Sharpe Ratio**: 0.33 (past five years) [61][62] - **Maximum Drawdown**: -55.93% (past five years) [61][62] - **Annualized Volatility**: 34.13% (past five years) [61][62] - **Recent Performance**: 33.78% return in the past year, outperforming other broad-based indices and military-themed indices [64][66] - **Bull Market Elasticity**: Demonstrated strong performance during bull market periods, with gains of 40.56%, 50.90%, and 38.36% in specific intervals [65] Quantitative Factors and Construction Methods - **Factor Name**: "Military Exposure" **Factor Construction Idea**: Focus on stocks with high exposure to the defense industry, particularly aerospace and aviation [47][55] **Factor Construction Process**: - Select stocks with significant involvement in defense-related activities, such as aircraft manufacturing, satellite technology, and unmanned systems [47][55] - Weight stocks based on their free-float market capitalization [43][55] **Factor Evaluation**: The factor achieves high representation of military-related stocks, with 97% of the index's components belonging to the defense industry [47][55] - **Factor Name**: "Aerospace Exposure" **Factor Construction Idea**: Emphasize stocks within the aerospace and aviation sub-sector [47][60] **Factor Construction Process**: - Identify stocks classified under the aerospace and aviation sub-sector [47][60] - Weight stocks based on their free-float market capitalization [43][60] **Factor Evaluation**: The factor has a high concentration in aerospace stocks, with 51% of the index's weight allocated to this sub-sector [47][60] Factor Backtesting Results - **Military Exposure Factor**: - **Representation**: 97% of index components belong to the defense industry [47][55] - **Aerospace Exposure Factor**: - **Representation**: 51% of index weight allocated to aerospace stocks [47][60] - **Unmanned Systems Factor**: - **Representation**: Over 12% of index weight allocated to stocks involved in unmanned systems, such as drones [60]

Core Insights - The article highlights the rapid growth of Chinese-made smart lawn mowers in the export market, particularly in Europe and the United States, driven by technological advancements and innovative features [1][4]. Group 1: Market Growth - The export value of Chinese smart lawn mowers reached $1.01 billion in the first quarter of 2025, marking a year-on-year increase of nearly 60% [4]. - The global market for garden lawns is substantial, with approximately 250 million gardens worldwide, and the U.S. alone accounts for 100 million, representing 40% of the global market [6]. Group 2: Technological Innovation - Recent innovations include boundary-free lawn mowers that eliminate the need for physical boundary lines, significantly reducing setup time and effort [3]. - Smart lawn mowers can now preset patterns for "lawn printing," showcasing the advanced capabilities of these devices [3]. Group 3: Market Potential - The usage rate of smart lawn mowers in Europe is between 10% and 15%, while in the U.S. it is only 2%, indicating significant growth potential in these markets [6]. - The transition from manual boundary setting to automated, intelligent, and unmanned solutions is expected to drive market development and increase sales of smart lawn mowers [6].