证券研究报告 关注"自主"科技和小金属涨价 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年8月24日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 4 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 数据来源：Wind，东吴证券研究所 一：大盘表现 1. 本周市场回顾 注：本周交易日为8月18日-8月22日 （如无特殊说明）后文同 3 注：本报告所涉及个 ...

在甘肃广袤无垠的荒漠腹地，一座银白色的未来主义建筑拔地而起，宛如科幻电影中的场景，静默而神秘。步入其中，你会被一片灼热的橙红色所包围—— 700摄氏度的熔盐，如同潜伏的火龙，在纵横交错的管道中安静地流淌，散发着令人窒息的热浪。这股热流，不仅仅是炙热的能量，更承载着一个困扰全球 科学家半个多世纪的终极命题的答案。 利用地球储量几乎无限的"钍"元素来发电，一直是科学家们孜孜以求的梦想。然而，这个梦想却始终难以照进现实，原因令人扼腕——最基础、也是最关键 的问题，卡在了材料上：寻觅不到一种能够经受住高温和剧毒熔盐腐蚀的坚固"容器"。 驯服700度的火焰之河 因此，今天故事的主角，并非那座宏伟的反应堆，而是那些看似不起眼的管道。正是中国科学家们呕心沥血研发出的特殊合金材料，如同开启"无限能源"大 门的钥匙，将美国科学家几十年前停留在图纸上的美好蓝图，变成了触手可及的现实。 一道扼住超级大国的材料瓶颈 回溯过往，钍能源的宏伟梦想之所以被搁置了半个多世纪，并非因为核物理理论的深奥难懂，而是败在了材料腐蚀这一"熔"点上，着实令人扼腕叹息。这段 历史，充满了探索的艰辛和失败的泪水。 早在上世纪五十年代，美国率先尝试了钍基熔盐 ...

技术研发方面，岚图汽车坚持高水平科技自立自强，"自研为根、合作为翼"，打造科技实力，构建全产业链创新体系，为发展注入持久动力。岚图汽车 正向开发了具有完全自主知识产权，原生智能电动整车架构"ESSA架构"，打造软件定义汽车、中央集中式SOA电子电气架构"天元架构"，自主开发兆瓦级 品牌超快充桩"岚图VP1000"。 8月22日，岚图汽车正式发布岚海智混技术。作为智能超混800V技术，它以全域800V系统、5C超充以及大电量电池的综合技术方案，在中大型混动车 上实现360-410公里的纯电续航，超过1400公里的综合续航，以及最快12分钟从20%电量充至80%的高充电效率。 8月22日，东风集团股份（0489.HK）发布公告称，岚图汽车将以介绍方式登陆香港联交所。根据公告，本次交易采用"股权分派+吸收合并"的组合模 式，两大核心环节互为前提、同步推进。本次交易通过"腾笼换鸟"，岚图汽车投资价值将进一步锐化，价值发现有望带来岚图估值表现的跃升。 作为东风公司旗下的高端智慧新能源品牌，自诞生以来，岚图汽车在品牌打造、产品推出、技术创新、渠道建设、海外布局等方面实现快速发展。2024 年，岚图汽车实现交付85697辆 ...

市领导林涛、蒋敏参加。 8月22日，民营企业座谈会（新一代信息通信专场）暨全国高校信息通信区域技术转移转化中心 （江苏）建设工作座谈会在紫金山实验室召开。市委书记周红波与民营企业家、高校和金融机构代表座 谈交流，学习贯彻习近平总书记关于民营经济发展的重要论述，研究推动新一代信息通信产业高质量发 展的思路举措。 周红波说，促进技术转移转化，关键在于建立良好的创新生态。市委市政府将充分吸纳大家的意见 建议，进一步优化体制机制，促进科学家、企业家、金融家各展所长、融通互补，强化企业创新主体地 位；引入金融活水，更好发挥政府投资基金的引导作用，带动更多社会资本投早、投小、投长期、投硬 科技；强化平台支撑，整合高校院所、龙头企业各类资源，促进公共服务平台开放共享；扩大场景供 给，持续深化"宁工品推"活动，加快完善"概念验证—场景测试—产品推广"链条；促进人才引育，加大 高层次人才招引和精细化服务力度，着力营造人才发展良好环境。 座谈会上，信息通信区域技术转移转化中心（江苏）汇报了运行情况，与会的企业家、高校和金融 机构代表先后发言，围绕加快分中心建设、推动科技创新和产业创新深度融合，进行了充分深入的讨 论。北京大学、南 ...

Core Viewpoint - The establishment of China's first diesel engine oil D1 standard marks a significant step towards breaking the foreign monopoly in the diesel engine oil standardization field, driven by Weichai Power and supported by Shandong Heavy Industry Group [1][2][3] Industry Context - Despite being the world's largest producer of engines and vehicles, China has relied on the American API standard for diesel engine oil, which has limited the country's development and influence in this area [2] - The establishment of the "Engine Lubricating Oil China Standard Development Innovation Alliance" in 2016, involving 42 organizations including Weichai, aims to create a domestic standard that meets China's unique conditions [2][3] Company Involvement - Weichai Power, as a leading enterprise in the diesel engine industry and a core member of the alliance, has taken a proactive role in developing the D1 standard, emphasizing the importance of having an independent standard for the industry [3][4] - The company has organized a cross-departmental team of experts and collaborated with various research institutions to ensure the successful development of the D1 standard [3][4] Technical Development - The WP13 engine has been selected as the core testing platform for the D1 standard due to its performance and suitability for Chinese operating conditions [5][6] - Weichai has invested over 30 billion yuan in R&D over the past decade, with a focus on building national-level strategic technology platforms and a strong team of over 6,000 high-end R&D talents [7][8] Standardization Process - The D1 standard development process has involved nearly a hundred Weichai personnel over the past ten years, with extensive testing and data analysis to ensure the standard meets the needs of Chinese engines [8][9] - Weichai has contributed to the drafting of multiple industry standards and has supported the establishment of a non-profit third-party certification platform to break the foreign certification monopoly [9][10] Impact on the Industry - The D1 standard is expected to enhance the competitiveness of Weichai's products and improve the overall performance of diesel engines in the market, with oil change intervals increasing from 60,000 kilometers to 120,000 kilometers [10] - The successful implementation of the D1 standard will accelerate the independence of China's diesel engine oil industry from foreign standards, positioning Weichai as a key player in this transition [10]

Core Viewpoint - During the "14th Five-Year Plan" period, China's intellectual property (IP) sector has made significant progress, achieving multiple core indicators ahead of schedule, thereby laying a solid foundation for building a strong IP nation and broadening its pathways [1][2]. Group 1: Institutional Foundation - Intellectual property protection serves as a "ballast" for innovation, with China completing a comprehensive revision of the Patent Law and simultaneously advancing the Trademark Law [1]. - The efficiency of patent and trademark examination has significantly improved, with the average examination period for invention patents reduced to 15.5 months and trademark registration maintained at 4 months, ranking among the fastest globally [1]. - By 2024, the social satisfaction level for IP protection is expected to reach 82.36 points, indicating a qualitative leap in protection levels from institutional provisions to practical effectiveness [1]. Group 2: Empowering Transformation - The vitality of intellectual property lies in its transformation and application, with the industrialization rate of enterprise invention patents rising to 53.3% [1]. - The value added of patent-intensive industries accounts for 13.04% of GDP, demonstrating that innovative achievements are rapidly transitioning from laboratories to production lines [1]. - Breakthroughs in key core technology patents in strategic emerging industries such as artificial intelligence and new energy vehicles are reinforcing technological self-reliance and injecting strong momentum into the development of new productive forces [1]. Group 3: Service Expansion - The national IP public service platform has been launched, providing a smart and efficient "one-stop" service network with 483 national-level public service institutions and 175 municipal-level comprehensive service institutions [2]. - The establishment of graduate-level IP programs has resulted in a talent pool exceeding 1 million, with over 40,000 practicing patent agents, contributing to a robust innovation ecosystem [2]. Group 4: Open Collaboration - China ranks 11th in the "Global Innovation Index Report," leading among middle-income economies, and has maintained the highest number of top 100 global technology clusters for two consecutive years [2]. - Chinese enterprises have won the World Intellectual Property Organization's global awards for four consecutive years, with the highest number of awards among all countries [2]. - IP cooperation relationships have been established with over 80 countries and regions, with the Patent Prosecution Highway (PPH) covering 84 countries, expanding China's international IP cooperation network [2].

科技兴则民族兴，科技强则国家强。"十四五"时期，面对全球新一轮科技革命和产业变革带来的激烈竞 争，我国深入实施创新驱动发展战略，加快推进高水平科技自立自强，基础前沿研究实现新突破，战略 高技术领域迎来新跨越，科技体制改革打开新局面，新质生产力在实践中逐步形成并展示出对高质量发 展的强劲推动力、支撑力。 科技迈上新台阶 "'十四五'时期，我国科技创新基础性制度框架基本确立，国家创新体系整体效能不断提升，推动我国 科技事业不断迈上新台阶。"中国科学技术发展战略研究院科技与产业发展研究所所长陈志表示。 从研发投入看，我国把创新提高到前所未有的重要位置，2024年全社会研发经费投入规模比"十三五"时 期末增长近50%，增量达到1.2万亿元，研发投入强度提高到2.68%，接近OECD（经济合作与发展组 织）国家平均水平，企业研发投入占比超过77%。 从创新成果看，我国因地制宜发展新质生产力，推动科技创新和产业创新深度融合，创新从点状突破到 系统集成加速推进，站上了一个又一个"大国重器"的创新制高点。 仰望星空，中国空间站"天宫"全面建成并转入常态化运营，"嫦娥六号"从月背带回"土特产"；俯瞰大 地，全球第一座第四代核电 ...

0:00 芳烃是什么？为什么它如此重要？让我们走进长江之畔的绿色智能炼化工厂，探寻一场关于"工业粮食 自主"的突围之战，看"国产芳烃"如何破垄断、护碧水。 编者按 千万IP创科普，共筑科技强国梦。为普及科学知识，弘扬科学精神，提高全民科学文化素质，助力实现 高水平科技自立自强，中国科协科普部与人民网联合策划推出"见证科技之路"主题报道，聚焦国家科技 战略政策、重要科技奖项、"卡脖子"关键核心技术等，深入基层一线开展采访调研，推出一批生动鲜活 的科普精品，大力弘扬科学家精神，为建设科技强国汇聚磅礴力量。 ...

Group 1 - The article emphasizes the importance of popularizing scientific knowledge and promoting scientific spirit to enhance the overall scientific and cultural quality of the population, contributing to the goal of achieving high-level technological self-reliance in China [1] - It highlights the collaboration between the China Association for Science and Technology and People's Daily to launch the "Witnessing the Road of Science and Technology" themed report, focusing on national technology strategies, significant scientific awards, and critical core technologies [1] - The introduction of the first domestic intelligent rapid excavation system, "Coal Sea Dragon," is presented as a breakthrough in addressing long-standing challenges in traditional coal mining, establishing a new model for rapid excavation that integrates excavation, support, and transportation [1]

Group 1 - The article emphasizes the importance of popularizing scientific knowledge and promoting scientific spirit to enhance the overall scientific literacy of the population, contributing to the goal of achieving a high level of technological self-reliance and strength in China [1] - The initiative "Witnessing the Road of Science and Technology" is a collaborative effort between the China Association for Science and Technology and People's Daily, focusing on national science and technology strategic policies, significant scientific awards, and critical core technologies [1] - The article highlights the development of the "Coal Sea Dragon," an integrated rapid excavation system for coal mining, showcasing China's capability in autonomous research and development in the mining sector [3]