证券研究报告 2025年08月26日 行业报告： 行业专题研究 市场即底气：国产大飞机的产业突围与广阔空间 作者： 分析师 王泽宇 SAC执业证书编号：S1110523070002 分析师 赵博轩 SAC执业证书编号：S1110525020002 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 国防军工 核心观点：大飞机产业链自主可控迫在眉睫，市场空间广阔 ➢ 中国商用飞机全球市占率在20%以上；C919产能持续扩充 需求方面，据中国商飞预测，预计到2042年全球客机总规模将达到48455架（约为2022年的2.2倍），中国客机将达到9969架（占比21%）， 成为全球最大单一航空市场。此外，据中国商飞披露，预计未来20年（2023-2042年）我国将接收超9000架新机、对应价值1.4万亿美元。 产能方面，2025年3月，中国商飞提出C919新的产能规划，预计到2027年产能将达到150架/年，2029年产能200架/年，产能持续扩充。此 外，C919大飞机在东南亚等地执飞计划提速，并在欧洲适航进展积极。我们认为，伴随C919批产交付进程的不断加快， ...

Group 1 - The launch of the domestically developed Loongson 3C6000 processor marks a significant advancement in China's independent technology, featuring a self-designed instruction system and no reliance on foreign technology or supply chains [1] - The A-share market experienced a slight pullback on June 26, with the artificial intelligence sector showing initial weakness, while the STAR Market AI index constituents exhibited mixed performance [1] - The STAR Market AI ETF (588930) has seen over 17 million yuan in net inflows over the past five trading days, indicating strong investor interest in AI-related stocks [1] Group 2 - CITIC Construction Investment Securities reported that Huawei Cloud's CloudMatrix 384 is one of the largest AI computing platforms in the industry, capable of supporting 160,000 card clusters and parallel training of 1,300 trillion-level large models [2] - The release of the Pangu Model 5.5 series further validates the feasibility of developing world-class large models based on Ascend AI, enhancing the competitiveness of domestic AI technology [2]

Group 1 - The core viewpoint of the news is the strategic merger between Haiguang Information and Zhongke Shuguang, which is seen as a significant event in the domestic computing power industry, optimizing resource allocation and fostering innovation [1][4] - The merger involves a share exchange ratio of 0.5525:1, with Haiguang Information as the absorbing party and Zhongke Shuguang as the absorbed party, aiming to enhance collaboration between high-end chips and systems [2][5] - Following the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, and rights from Zhongke Shuguang, with new shares to be listed on the Sci-Tech Innovation Board [3] Group 2 - The merger is expected to create synergies by combining Haiguang Information's expertise in high-end processor design with Zhongke Shuguang's capabilities in high-end computing and digital infrastructure [4][5] - This strategic move aligns with the trend of promoting domestic self-sufficiency and is seen as a natural response to the demands of technological competition, enhancing the competitiveness of the domestic computing power industry [5] - The merger is the first major absorption merger transaction following the revision of the "Major Asset Restructuring Management Measures" on May 16, indicating a positive trend in the capital market for mergers and acquisitions [6]

Group 1 - The A-share market opened higher on June 5, with the CSI Computer Theme Index rising by 0.64%, driven by significant gains in stocks like Guangdian Yuntong and Langxin Group, which increased by over 3% [1] - The Computer ETF (159998) also opened positively, increasing by 0.35% with a premium rate of 0.40%, indicating active trading [1] - The Computer ETF has seen substantial capital inflow, with over 28 million yuan net inflow on the previous day, marking it as the top product in its category, and it has recorded net inflows for 13 consecutive trading days [1] Group 2 - The Computer ETF tracks the CSI Computer Theme Index, which includes stocks from sectors such as information technology services, application software, system software, and computer hardware [1] - The top ten holdings of the ETF as of March 31 include leading companies like Hikvision, Zhongke Shuguang, and Keda Xunfei, with Zhongke Shuguang accounting for 6.86% of the fund's net value [1] - Zhongyuan Securities anticipates a continuation of structural market trends in June, focusing on sectors like computers, components, electronics, and communications, alongside defensive sectors such as banks and coal [2]

Key Points - The report highlights the ongoing recovery in the domestic market, with a focus on the automotive and financial sectors leading the growth in A-shares [5][8][9] - The manufacturing sector is experiencing a decline, as indicated by the PMI dropping to 48.3 in May, marking the first fall below the critical point since October 2024 [5][8] - The electric equipment sector underperformed compared to the broader market, with a 1.79% increase in May, lagging behind the CSI 300 index which rose by 2.34% [13][15] - The photovoltaic industry saw significant growth in installed capacity, with April's new installations reaching 45.22 GW, a year-on-year increase of 214.68% [17][18] - The mechanical industry reported improved performance in Q1 2025, with revenue growth of 8.91% and net profit growth of 17.21% compared to the previous year [20][21] - The semiconductor sector continues to show growth, with global sales increasing by 18.8% year-on-year in March 2025 [26][27] - The new materials sector is expected to benefit from increasing demand driven by domestic manufacturing and technological advancements, maintaining a "stronger than market" investment rating [28] - The brokerage sector is experiencing a recovery, with Q1 2025 showing a 24.60% increase in revenue and an 83.48% increase in net profit compared to the previous year [29][31]

Group 1 - A-shares indices opened high and showed strong performance in computing power concepts, with the Computer ETF (159998) rising by 2.36% and trading volume exceeding 500 million yuan [1][2] - The Computer ETF (159998) has seen a continuous net inflow of funds for 9 days, accumulating over 125 million yuan, and its latest scale reached 2.791 billion yuan, making it the largest ETF in its category [2] - The Computer ETF tracks the CSI Computer Index, which includes stocks from companies involved in information technology services, application software, system software, and computer hardware, with top holdings including Hikvision and iFlytek [2] Group 2 - Nvidia reported a 69% year-on-year revenue growth in its first fiscal quarter, reaching 44.1 billion USD, exceeding market expectations [3] - The U.S. International Trade Court blocked President Trump's tariff policy, which could impact the semiconductor market dynamics [3] - Domestic chip manufacturers are accelerating breakthroughs in performance and capacity, indicating significant potential for domestic AI chip market growth [3][4] Group 3 - Domestic and international computing power demand is expected to resonate positively, with infrastructure demand remaining strong, particularly for domestic computing power and the entire AIDC industry chain [4]

Core Viewpoint - The computer industry has shown strong resilience in AI applications, particularly in sectors like energy and intelligent driving, with a notable performance boost driven by domestic models like DeepSeek [1] Group 1: Industry Performance - The computer industry has ranked high in terms of growth since the beginning of the year, primarily due to the catalyst of domestic large models [1] - The performance of the computing infrastructure and AI applications in specific sectors is expected to continue to show resilience in 2024, with a recovery in the first quarter of 2025 [1] Group 2: Financial Outlook - The 2024 performance is anticipated to continue to bottom out, while the first quarter of 2025 is expected to see a marginal recovery in the computing sector's performance [1] - Cost control measures and AI-enabled business improvements are contributing to early signs of efficiency gains for companies [1] - The cash flow situation in the computing sector is expected to improve gradually due to the issuance of long-term special government bonds and the ongoing progress of local debt [1]

Group 1: R&D Progress - The company has 330 R&D personnel and invested approximately ¥85.6 million in R&D in 2024, achieving 43 software copyrights and 3 invention patents during the reporting period [1][2]. Group 2: Financial Performance - In 2024, the company reported a revenue of ¥1,609,728,713.24 and a net loss of ¥117,992,735.20, with a basic earnings per share of -0.2816 [2][8]. - The first quarter of 2025 showed a revenue of ¥464,316,060.82 and a net profit of ¥22,104,204.93, indicating a positive growth trend [8]. Group 3: Revenue Decline Reasons - The significant decline in net profit in 2024 was attributed to slowed investment in financial client information technology and increased industry competition, leading to a decrease in overall revenue scale and gross margin [2]. - The company also recognized a long-term equity investment impairment of ¥17,047.52 million during the reporting period [2]. Group 4: Business Expansion Plans - The company plans to expand into new business areas, focusing on digital transformation and self-controlled solutions, while actively developing computing power services to create a second growth curve [4][5]. - In 2024, the total contract amount for computing power projects reached ¥468 million, with computing power service revenue of ¥3,048.58 million [4][5]. Group 5: Market Competition Strategies - The company aims to maintain its market position by adhering to a "technology leadership" strategy, enhancing project management systems, and fostering strong partnerships with suppliers and clients [2][6]. - Continuous innovation and talent development are emphasized to keep pace with industry advancements and maintain competitive advantages [6][7]. Group 6: Shareholder Engagement and Value Management - The company is committed to transparent information disclosure and has established a stable dividend policy to ensure reasonable returns for shareholders while supporting sustainable development [7].

郭晨凯 制图 上证指数日K线图 ◎记者 费天元 细分来看，央行购金与投资需求继续构成推动金价上涨的主要力量。今年一季度，全球央行净购黄金 244吨，虽较2024年四季度有所放缓，但仍符合近3年季度购金量的常态水平；全球黄金ETF流入强势反 弹，推动黄金投资总需求同比增长170%，达到552吨，创2022年一季度以来新高；金条和金币需求量仍 保持高位，达325吨，较5年季度均值高出15%，中国是该板块主要增长引擎，其零售投资规模创历史第 二高季度纪录。 此外，在4月底于德国慕尼黑举行的第四届创新数据基础设施论坛上，华为公司副总裁、数据存储产品 线总裁周跃峰发表题为"数据觉醒，AI-Ready数据基础设施加速智能化"主题演讲，并正式发布AI数据湖 解决方案，加速AI行业化落地。 国新证券称，此前华为透露搭载鸿蒙操作系统的个人电脑将于5月正式发布，该产品从内核到应用层实 现全栈自研，标志着国产操作系统首次在PC领域迈出系统性自主可控的关键一步。这不仅是华为应对 外部因素的战略举措，更是其在操作系统生态领域从移动端向全场景延伸的重要里程碑。 贵金属板块延续强势 昨日，A股贵金属板块延续节前的强势表现。截至收盘，申万贵 ...

证券代码：300800 证券简称：力合科技 力合科技（湖南）股份有限公司 2024 年度业绩说明会 投资者关系活动记录表 编号：2025-001 尊敬的投资者，您好！公司 2024 年度实现营业收入 77,388.82 万元，同比较上年同期增长 15.01%；期末总资产为 245,391.64 万元，较上年同期增长 0.19%；归属于上市公司股东 的净利润为 3,981.48 万元，净利润率 5.04%。感谢您的关注！ 5、公司之后的盈利有什么增长点？ 尊敬的投资者，您好！公司将继续巩固水环境监测领域的 发展优势，加快推动"水、气、声、生态"监测业务协同发 展；提升软件服务能力、充分挖掘环境大数据价值；拓展智慧 实验室、工业过程自动化检测、城市生命线智能监测、污水信 息学大检测服务及科学仪器开发等业务领域。同时公司将继续 加强管理，强化全生命周期项目管理能力，优化成本控制，提 升公司经营业绩。感谢您的关注！ | | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现 ...