点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 报告摘要 力止址乔 在 你 身 体空经济:目前能够加动低空产生较为持久行情的催化仍然是规模化基建的落地,而行情的演绎阅是以事件信化为主要推动国京。今年的航心促化则是落在了对应的新政 支持以及相应的项目落地。2025年将成为低空经济从前期规划转向产业落地的核心年份。众多国内eVTOL主机厂载人型号的TC将于26-27年逐渐落地,这付将条中左27年 随后将设新开启规模化运营。相应甚建必不可少。同时国内明确2025年变实现全国低空通信导航系统全覆盖。我们认为整体的低空基建会图貌低空安全进行展开，飞行安 全时应空管平台，数据安全时应飞行服务平台，以及反无及奥地安全时应蓄达及反无装备，无论从国家安全或者商业化运行来看。低空易建设得进入启动阶段。在国家从 23年12月中央经济工作会议将发展新质生产力作为核心任务之一开始，24年低空经济最先实现规模化市局发展。展现了低空在新质生产力中的地位。我们认为低空有望在 十五五规划中有望得到一定的布局,后续财政&政策支持十分可期。 "155"行业有望迎高速发展。2025年《政府工 ...

Core Insights - Anhui Province is showcasing its resilience and vitality in the manufacturing sector by introducing ten leading technologies and products at the 2025 World Manufacturing Conference [1] - The province has transitioned from a traditional agricultural base to a manufacturing powerhouse, emphasizing the importance of digital transformation and innovation in driving high-quality industrial development [5][6] Group 1: Technological Advancements - The conference highlighted advanced technologies such as the lunar in-situ resource additive manufacturing system and intelligent robotics, reflecting Anhui's commitment to innovation [1] - Anhui Hefei presented three AGV series products designed for complex logistics scenarios, demonstrating the province's focus on intelligent manufacturing [3] Group 2: Digital Transformation - Anhui has implemented a policy framework to support the digital transformation of its manufacturing sector, with a total funding of 2.523 billion yuan allocated to various projects [5] - The province has achieved 100% digital transformation initiation among its industrial enterprises, showcasing the effectiveness of its digitalization efforts [6] Group 3: Emerging Industries - Anhui's strategic emerging industries have shown significant growth, with the output value of these industries growing at an average annual rate approximately double that of the overall industrial growth rate [9] - The province is home to a substantial share of national production in various sectors, including 10% of automobiles and 15% of photovoltaic components [8] Group 4: Future Industries - Anhui is actively developing future industries such as quantum technology and deep space economy, with initiatives aimed at fostering innovation and establishing a robust industrial foundation [10][11] - The province aims to create a comprehensive ecosystem for innovation, integrating government, industry, academia, and finance to support the growth of emerging sectors [15]

Core Viewpoint - China's deep space exploration has become a critical point in technological competition, with the "deep space economy" rapidly evolving into a new economic landscape potentially worth trillions of dollars [1][2]. Group 1: Global Deep Space Economy - The global "deep space economy" is projected to reach a scale of one trillion dollars by 2040, driven by the increasing importance of commercial space in national strategic planning [2]. - In 2024 and 2025, "commercial space" was included in China's government work reports, emphasizing the development of emerging industries such as commercial space and low-altitude economy [2]. - The rapid development of commercial space has significantly reduced the cost of entering space, lowering barriers for investment and fostering a complete industrial ecosystem for the "deep space economy" [2][3]. Group 2: Key Industries in Deep Space Economy - The "deep space economy" encompasses various emerging economic activities that support deep space exploration, including technology research and development, product manufacturing, facility construction, scientific exploration, resource development, and related services [4]. - Ten key industries have been identified for the deep space economy, including deep space resource development, deep space internet, deep space energy, deep space biology, deep space transportation, deep space intelligence, deep space construction, deep space tourism, deep space security, and deep space culture [4]. Group 3: Industry Development Initiatives - The deep space exploration laboratory has established a committee for the transformation and industrialization of deep space economy results, focusing on priority development areas [5]. - A collaborative ecosystem has been created, involving investment and financial institutions to establish a deep space industry fund to support industry growth [5]. - An innovation alliance has been formed to facilitate rapid transformation of technological achievements and to connect various stakeholders in the industry [5]. Group 4: Challenges and Support Needs - Despite the high technological content and long-term potential of the deep space industry, there is a significant financing gap that requires more patient capital support [7]. - The deep space industry requires a collaborative approach involving government, industry, research institutions, and financial capital to drive innovation and build a sustainable economic ecosystem [7][8]. - Current policies are improving, with the National Space Administration implementing regulations to support commercial space activities, although there is still a gap in support for long-term capital compared to international standards [8].

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is identified as a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The concept of "one generation of materials, one generation of industry" highlights the foundational role of the new materials industry as the material basis for other industries [3]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [4]. - Recent developments include a significant contract between OpenAI and Oracle worth $300 billion, marking it as the largest cloud service contract globally [5][23]. - The AI cloud market in China reached a scale of 22.3 billion yuan in the first half of 2025, with a projected growth of 148% by 2030 [6][24]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. - The first Deep Space Economy and Industry Development Conference introduced the concept of deep space economy, indicating a shift towards economic empowerment and industrial drive in space exploration [8]. 3. New Energy Sector - Focus areas include photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - Beijing has established a hydrogen energy industry standard system covering the entire supply chain, with 202 standards published as of September 2025 [10]. 4. Biotechnology Sector - Key areas of interest include synthetic biology and scientific services [11]. - A recent publication from China Agricultural University discusses a bacterial spore display system for enzyme stability in the food industry, highlighting its potential applications and optimization strategies [12][13]. 5. Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [14]. - Shanghai has initiated local standards for air pollution prevention in the pharmaceutical industry, aligning with national environmental laws [15]. 6. Industry Rating and Investment Strategy - The new materials sector is expected to enter a prosperous cycle driven by downstream application sectors, maintaining a "Recommended" rating for the new materials industry [16].

Group 1 - The report highlights the emergence of ten key industries in the deep space economy, including deep space resource development, deep space internet, deep space energy, deep space biology, deep space transportation, deep space intelligence, deep space construction, deep space tourism, deep space security, and deep space culture [2][12][16] - The total market capitalization of aerospace and military-related companies listed on the Beijing Stock Exchange reached 75.882 billion yuan as of September 12, 2025, with 19 companies in this sector [19][21] - Companies such as Xingtum Control (920116.BJ), Fujida (835640.BJ), and Chuangyuan Xinke (831961.BJ) are identified as high-growth targets within the aerospace sector, showcasing significant revenue and profit growth [20][29][31] Group 2 - The report indicates that the average weekly decline for five major industries, including high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology, was recorded at -4.59%, -3.82%, -3.15%, -3.25%, and -3.60% respectively [3][37] - The median price-to-earnings (PE) ratios for these industries have also decreased, with high-end equipment at 44.8X, information technology at 80.5X, chemical new materials at 45.7X, consumer services at 61.0X, and pharmaceutical biology at 42.2X [3][41][47] Group 3 - In the technology sector, the median PE ratio for 154 companies decreased from 54.9X to 53.5X, with an overall market capitalization decline from 538.565 billion yuan to 522.836 billion yuan [4][52] - Notable companies in the technology sector include Chicheng Co. (+23.44%), Shuguang Digital Creation (+18.81%), and Shunyu Precision Engineering (+8.07%), which experienced significant stock price increases [4][56] Group 4 - Fujida (835640.BJ) reported a total revenue of 408 million yuan in the first half of 2025, reflecting a year-on-year growth of 7.86%, with a net profit increase of 10.50% [29][30] - Chuangyuan Xinke (831961.BJ) achieved a revenue of 111 million yuan in the first half of 2025, marking an 18.44% increase, and a remarkable net profit growth of 354.24% [31][35] - Xingtum Control (920116.BJ) reported a revenue of 99 million yuan in the first half of 2025, with a year-on-year growth of 21.90% and a net profit increase of 24.26% [24][26]

Group 1 - The company operates in two main business segments: chemical drugs (including raw materials) and traditional Chinese medicine [1] - The chemical drug segment focuses on the research, production, and sales of products such as contrast agents and hypoglycemic agents [1] - The traditional Chinese medicine segment concentrates on the production and sales of products related to central nervous system, heat-clearing and detoxifying, and tonifying categories [1] Group 2 - The company and its subsidiaries are not involved in any deep space economy-related businesses [1]

Group 1 - The company, Jinhai Gaoke (603311.SH), has not yet entered the deep space economy sector [1] - The company will evaluate related opportunities cautiously based on strategic development needs and market environment changes in the future [1] - Any significant progress in this area will be disclosed in a timely manner [1]

Group 1 - The first Deep Space Economy and Industry Development Conference was held in Hefei, Anhui, focusing on the theme "Focusing on Deep Space Economy, Leading Industry Future" [3] - The conference introduced a framework for the concept of deep space economy, outlining ten industry directions including deep space resource development, deep space internet, deep space energy, deep space biology, deep space transportation, deep space intelligence, deep space construction, deep space tourism, deep space security, and deep space culture [3] - It is projected that the global deep space economy will reach a scale of one trillion dollars by 2040 [3] Group 2 - China's deep space exploration is transitioning from technological breakthroughs and scientific exploration to economic empowerment and industrial driving [4] - The deep space economy is expected to become a core engine for cultivating new productive forces and is crucial for upgrading the aerospace sector, fostering innovation, and reshaping spatial patterns [4] - The conference was hosted by the Deep Space Exploration Laboratory, a new research and development institution jointly established by the National Space Administration, the Anhui Provincial Government, and the University of Science and Technology of China [4]

Core Viewpoint - Zhuhai Fengguang (688439.SH) is positioned as a key supplier of high-reliability analog integrated circuit products in China, focusing on signal chain and power management products [1] Group 1: Company Overview - The company has developed multiple products that meet total ionizing dose radiation resistance requirements [1] - Products have undergone radiation resistance and aerospace-related experimental validation [1] - The company’s products are included in customer selection catalogs, indicating their applicability in the deep space economy sector [1]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Humanoid Robots**: Tesla, UBTECH, and other companies involved in humanoid robot development - **Silicon Carbide (SiC)**: Companies like TSMC, NVIDIA, and others in the semiconductor industry - **Solid-State Electrolytes**: Companies like EVE Energy and others in the battery technology sector - **Wind Power**: Companies like Goldwind Technology, Envision Energy, and others in the renewable energy sector - **Satellite Technology**: Aerospace companies like Aerospace Hongtu and others involved in satellite manufacturing and deployment Core Points and Arguments Humanoid Robots - Tesla announced a plan to grant Elon Musk 420 million shares (12% additional equity) to focus on AI and humanoid robot business, aiming to deliver 1 million robots by 2025 [1] - Tesla's Optimus V3 robot features higher integration, lighter weight, and improved intelligence [1] - The company projects that 80% of its future market value will come from robots [1] - UBTECH secured a humanoid robot procurement contract worth 250 million [1] Silicon Carbide (SiC) - NVIDIA plans to switch the substrate material for its next-generation Rubin processors from silicon to silicon carbide to enhance performance [3] - TSMC is collaborating with manufacturers to develop SiC substrate manufacturing technology [3] - SiC has superior thermal conductivity (500 W/mK) compared to silicon (150 W/mK), making it suitable for high-performance applications [3] - The Chinese SiC market is projected to grow significantly, with a market size of approximately 140-150 billion RMB by 2025 [4] Solid-State Electrolytes - The mass production of solid-state batteries is expected to be accelerated, with a target year of 2027 for full-scale production [5] - Solid-state batteries utilize solid electrolytes instead of traditional liquid electrolytes, with three main technology routes: polymer, oxide, and sulfide [6] - Sulfide-based solid-state batteries are expected to dominate the market by 2030, capturing 65% of the market share [6] Wind Power - The wind power industry is experiencing a resurgence, with significant increases in installed capacity and order backlogs [7] - As of mid-2025, the total installed capacity of renewable energy in China reached 2.83 million kW, with wind and solar accounting for 24.99% of total electricity generation [7] - Goldwind Technology remains the top player in the domestic wind power market, with a 14-year consecutive ranking as the leading company in new installations [7] Satellite Technology - Aerospace Hongtu has secured satellite orders worth 3.9 billion RMB, including a strategic cooperation agreement with Pakistan for internet satellite projects [13] - The company is involved in the "Nuwa Constellation," which is China's largest multi-layered remote sensing satellite constellation [13] Other Important but Possibly Overlooked Content - The solid-state battery production equipment market is expected to see significant growth, with companies like Jin Yin Galaxy reporting a surge in orders [9] - Companies are actively pursuing partnerships and collaborations to enhance their technological capabilities in solid-state battery production [11] - The wind power sector is expected to maintain high growth in demand, with companies like Run Da Co. reporting a substantial order backlog [15] - The market for silicon carbide is projected to contribute nearly half of the growth in the Chinese semiconductor market by 2030 [4] This summary encapsulates the key insights and developments across various industries, highlighting potential investment opportunities and risks.