Core Viewpoint - Guangxi Yuchai Machinery Group Co., Ltd. (Yuchai) is committed to innovation and green development, showcasing its technological strength and determination to lead in the energy transition through the launch of five new energy products at the National Science Workers' Day event [2][3][18] Group 1: New Product Launch - Yuchai introduced five new energy power products covering various sectors including automotive, engineering machinery, shipping, and emerging low-altitude economy [3][5] - The YCK06H hydrogen range extender is the first commercial application of hydrogen range extender technology in China, achieving zero carbon emissions and designed for urban public transport and short-distance cargo vehicles [5] - The YCY30N gas range extender is tailored for medium and heavy-duty trucks, providing high power while significantly reducing fuel consumption and operational costs [5] - The YCK16LM methanol hybrid powertrain is designed for harsh mining conditions, featuring patented corrosion-resistant technology and a 45% reduction in fuel costs compared to diesel engines [5] Group 2: Technological Advancements - Yuchai is actively preparing for the upcoming National VII emission standards, collaborating with national environmental authorities and OEMs to develop testing prototypes [9] - The company has conducted extensive research to predict potential emission limits and analyze the impact of various technological routes on total cost of ownership (TCO) for users [9] - Yuchai emphasizes a diversified fuel technology approach, exploring economic solutions in the commercial vehicle sector, including hybrid systems that combine traditional engines with new energy sources [9][10] Group 3: Commitment to Innovation - Yuchai views technological innovation as fundamental to its survival and development, maintaining high R&D investment and achieving significant recognition in the industry [13][18] - The company has become a leading brand in the hybrid commercial vehicle sector, transitioning from user hesitation to active collaboration, particularly in non-road and natural gas range extender fields [13][18] - Yuchai aims to become a world-class independent power system supplier, focusing on technological breakthroughs and accelerating the transformation of research outcomes [16][18]

Core Insights - In May, Tianhu Technology recorded 21 investment and financing events related to technology innovation and entrepreneurship in Chengdu, indicating a vibrant investment landscape in the region [1][3]. Group 1: Investment Events - Chengdu Hailong Aerospace Technology Co., Ltd. completed angel round financing, focusing on the development of star sensors and magnetic moment devices [2][10]. - Chengdu Zhongke Xingchen Information Technology Co., Ltd. secured equity financing, specializing in satellite mobile communication terminals [2][11]. - Chengdu Xinglu Aerospace Technology Co., Ltd. completed equity financing, engaged in satellite technology integration [2][12]. - Sichuan Jushen Humanoid Robot Technology Co., Ltd. raised tens of millions in angel round financing, focusing on humanoid robots [2][13]. - Chengdu Jiuzhang Zhifang Technology Co., Ltd. completed equity financing, providing technology promotion services [2][14]. - Chengdu Annu Intelligent Technology Co., Ltd. raised tens of millions in seed round financing, focusing on humanoid robot applications [2][15]. - Chengdu Chengfa Kenen Power Engineering Co., Ltd. completed A round financing, specializing in industrial power equipment [4]. - Chengdu Chuangyi Micro-Nano Technology Co., Ltd. completed angel round financing, focusing on specialized instrument manufacturing [6]. - Sichuan Blue Ocean Intelligent Equipment Manufacturing Co., Ltd. completed A round financing, specializing in intelligent equipment for underground engineering [7]. - Chengdu Jingzhan Electronic Technology Co., Ltd. completed A round financing, focusing on power semiconductor chip design [8]. - Sichuan Jinlong Microelectronics Technology Co., Ltd. completed A round financing, specializing in MEMS silicon oscillators [9]. - Chengdu Weikang Biotechnology Co., Ltd. completed equity financing, focusing on biotechnology research [17]. - Chengdu Kerry Medical Technology Co., Ltd. completed tens of millions in Pre-A round financing, focusing on intelligent blood collection robots [18]. - Sichuan Tiannuo Juneng New Energy Development Co., Ltd. completed equity financing, focusing on lithium-silicon anode materials [19]. - Chengdu Hangxin Aviation Equipment Technology Co., Ltd. completed equity financing, specializing in aviation parts manufacturing [21]. - Chengdu Xinghan Aerospace Technology Co., Ltd. completed equity financing, focusing on rocket control systems [22]. Group 2: Market Trends - The majority of financing events were in the seed and angel round stages, indicating a focus on early-stage investments [3]. - The digital economy and electronic information sectors were the hottest investment areas in Chengdu, with nearly 30% of projects related to the digital economy and about 25% related to electronic information [3].

对于美方滥用出口管制措施，中国商务部新闻发言人此前表示，美方行为严重损害中国企业正当权益，严 重威胁全球半导体产供链安全稳定，严重冲击全球科技创新。给别人"下绊子"，不会让自己跑得更快。这 种以单边保护主义手段，妄图围堵、孤立其他国家的做法，终将损害美自身产业竞争力，其结果只能是搬 起石头砸自己的脚。倘若美方一意孤行，继续实质性损害中方利益，中方必将采取坚决措施，维护自身正 当权益。 据环球时报，英国《金融时报》28日报道，美国政府已实质性切断了部分美国企业向中国出售半导体设 计软件的渠道。报道援引知情人士称，受影响企业包括Cadence、Synopsys及Siemens EDA。上述三家 公司未对置评请求作出回应。 《纽约时报》随后报道称，美方还暂停了与喷气式飞机发动机技术及部分化学品销售有关的对华出口。美 国商务部28日回应美国有线电视新闻网（CNN）称，正"审查对华具有战略意义的出口"，"在某些情况 下，商务部已暂停现有出口许可，或在审查期间施加额外的许可要求"。不过，商务部发言人未就具体涉 及哪些公司作出说明。 ...

转自：前瞻产业研究院 本文核心数据：全球中国无人机用微型涡轮喷气发动机市场规模;市场现状;企业市占率等 无人机用微型涡轮喷气发动机的概述 航空发动机按照推力大小可以分为大型、中型、小型和微型发动机，推力不超过100 daN 的发动机通常为微 型发动机。涡轮喷气发动机是航空发动机的一种主要类型，100 daN 以下推力的微型涡轮喷气发动机能为微 小型飞行器提供优质和可靠的动力，它通常由压气机、燃烧室、涡轮等部分组成。 按结构设计及工作原理，微型涡轮喷气发动机可以分为轴流式涡喷发动机、离心式涡喷发动机、回流式涡喷 发动机，其中轴流式涡喷发动机在无人机和通用航空领域占据主导地位。 在市场参与主体上，一般小型及以上(100 daN以上)多为大型央国企主导，推力不超过100 daN微型发动机则 由民企占据主要市场，如玄云动力、中科航星等，部分头部民企也有加紧布局100 daN以上技术，向更高推 力市场进发。 微型涡喷发动机综合结构、燃料、推力等多维度特性，不同设计对应差异化的应用场景(如靶机、军事装 备、航空模型)。微型涡喷发动机的应用场景呈现多元化趋势，覆盖从传统航空到前沿科技领域。未来技术 发展将聚焦轻量化材料(如 ...

分析师还表示："我们此次评级上调或许略显提前，因为我们预计康明斯的产量将在2025年第四季度至 2026年第一季度触底，但我们相信动力系统业务的表现将成为一个重要的对冲因素。" 除了动力系统业务基本面改善之外，分析师还表示，机械设备供应状况三年来首次出现积极拐点。基于 这一趋势，高盛同时将特雷克斯(TEX.US)上调至"买入"评级，并重申对迪尔股份(DE.US)、卡特彼勒 (CAT.US)、联合租赁(URI.US)和Herc Holdings(HRI.US)的"买入"评级。 智通财经APP获悉，高盛将其对美国发动机与动力解决方案提供商康明斯(CMI.US)的股票评级由"中 性"上调至"买入"，目标价由410美元上调至431美元。高盛表示，预计该公司动力系统业务将因新的定 价结构而实现结构性利润提升，且这一趋势将不仅限于数据中心市场。 高盛分析师Jerry Revich表示，康明斯动力系统业务的利润率已从历史上的5%-10%扩大至15%-20%，这 一提升主要受益于基于价值定价的转变，以及大型发电机(包括服务于数据中心)的产能和产品线扩展。 分析师补充称，该业务预计将从数据中心获得15亿美元的销售额。分析师称： ...

中金研究 近年来，国内外头部云计算厂商持续加码AI基建。大缸径发动机是数据中心备用电源柴油发电机组的核心零部件，技术门槛较高，国产化率较低。 我 们认为，当下AIDC建设需求高增，数据中心用柴油发电机组及大缸径发动机迎来量价齐升机遇，全产业链国产替代已成趋势，建议关注自主品牌大缸 径发动机厂商及其供应链厂商。 点击小程序查看报告原文 Abstract 大缸径发动机高壁垒高价值，市场规模广阔。 围绕核心部件气缸，发动机具备缸径、行程、缸数、排量等物理参数，直接影响发动机的动力性与经济性 表现。一般而言，发动机缸径越大、排量越高、马力越大，对应着结构更加复杂、技术难度越高、价值量越大。大缸径发动机是指排量在16L及以上、功 率在550kW及以上且缸径在150mm及以上的发动机，主要用在发电、船舶、工业领域，系高技术壁垒、高价值量的发动机产品。我们测算得到大缸径发动 机2023年全球规模超千亿元人民币。 乘AIDC基建东风，大缸径柴油发动机需求高增。 大缸径发动机是数据中心备用电源柴油发电机组的核心部件，决定柴油发电机组的核心功率。我们产业 链调研得到大缸径发动机占柴油发电机组BOM成本约70-80%。受AI驱动下 ...

Summary of the Conference Call for 应流股份 Company Overview - 应流股份 is involved in multiple sectors including gas turbines, aviation engines, and nuclear power, with a focus on expanding its market presence and enhancing profitability through increased capacity utilization and product development [2][9][10]. Key Industry Insights Gas Turbine Sector - The gas turbine business has seen record revenue and orders, with a forecast upgrade for fiscal year 2025 due to rising electricity demand in Europe, India, and the US, particularly for small to medium-sized gas turbines [2][3]. - Potential signed projects in the gas turbine sector could reach 10 to 20 GW, indicating strong overseas order demand [2][3]. - The supply chain for gas turbine blades is tight, with core suppliers operating at full capacity, which is affecting the availability of blades for gas turbines [2][5]. Aviation Engine Sector - The aviation engine market is experiencing significant growth, driven by domestic demand for large aircraft and opportunities in Southeast Asia [6][12]. - The market size for aviation engines exceeds 100 billion RMB, with strong demand from clients like 吉祥航空, 赛峰, and 罗罗 [12]. - 应流股份 has established strategic agreements with major clients, indicating a robust pipeline for future orders [12]. Nuclear Power Sector - The nuclear power industry has seen a continuous increase in approved projects since 2019, with the share of nuclear energy in total power generation rising from approximately 4% in 2018 to about 5% currently [7][8]. - 应流股份 is well-positioned in the nuclear sector, with expected revenue growth from 4.2 to 5 billion RMB in 2025, reflecting the industry's upward trajectory [15][16]. Financial Performance - 应流股份 has shown a consistent improvement in profitability, with a significant increase in orders, particularly in the gas turbine sector, where total orders reached approximately 1.2 billion RMB [10][11]. - The company’s gross margin has improved, benefiting from capacity release and cost dilution effects [2][9]. - The expected growth rate for the nuclear power sector is between 10% to 20%, with potential for even higher growth [10]. Strategic Developments - 应流股份 has a comprehensive product coverage in gas turbine blades, with over 700 models and more than 100 projects under development [11]. - The company is focusing on domestic substitution opportunities in the heavy-duty segment, which could enhance its competitive position [5]. - The capital expenditure has been steadily increasing, indicating ongoing investments in capacity and technology [13]. Market Outlook - The overall market sentiment for the gas turbine and aviation engine sectors remains positive, with expectations for significant growth in the coming years [10][14]. - 应流股份 is strategically positioned to benefit from both domestic and international market trends, with a focus on expanding its market share in the gas turbine and aviation engine sectors [10][18]. Conclusion - 应流股份 is poised for substantial growth across its key sectors, supported by strong demand, strategic partnerships, and a focus on innovation and capacity expansion. The company’s financial health and market positioning suggest a promising outlook for investors [2][9][18].

主论坛开幕式现场，上海市航空学会副理事长冷劲松致辞指出，在科技强国的召唤和引领下，全国各省 份和重点城市积极响应，已形成差异化产业布局：成都实施《促进航空发动机产业高质量发展专项政 策》；重庆聚焦低空经济，推进巴南航空发动机研发基地、九龙坡无人机产业园等重点项目；沈阳、西 安、广州、德阳等地建成航空发动机与燃气轮机产业集群，形成"研发—制造—测试—服务"全产业链体 系，以待助力国产大飞机翱翔世界。 上海市航空学会副理事长金鸿明表示，大会旨在搭建一个交流平台，促进燃气涡轮行业的专家、学者和 企业之间的沟通与合作。因为"两机"事业的突破，离不开产学研用的深度协同。企业是技术攻关的主 （会议主办方供图） 《中国民航报》、中国民航网 记者胡夕姮 报道：5月27日至29日，由上海市航空学会主办的"2025涡轮 技术大会暨民用航空发动机与燃气轮机展"在苏州国际博览中心盛大举行。 作为国内航空动力与能源装备领域的行业盛会，本届展会以"迈向前沿技术，推动燃气涡轮行业低成本 制造和实现'双碳'"为主题，汇聚300余家领军展商、1.8w平方米主题展区、超8000名专业观众，全面展 示航空发动机与燃气轮机领域的前沿技术、核心部件及 ...

中国通号：中标总计约37.89亿元轨道交通市场重要项目 5月23日晚，中国通号（688009）发布公告称，公司在2025年3月至4月共中标十一个轨道交通市场重要 项目，包括铁路市场8个和城市轨道交通市场3个。以上项目中标金额总计约为37.89亿元，约占该公司 中国会计准则下2024年经审计营业收入的11.67%。因为上述项目跨年分期实施，对2025年当期业绩影 响有不确定性。 资料显示，中国通号成立于2010年12月，主营业务是轨道交通控制系统及其衍生业务，同时开展轨道交 通配套工程施工业务、市政信息化及其配套工程总承包业务和海外轨道交通建设相关业务等。 所属行业：机械设备–轨交设备Ⅱ–轨交设备Ⅲ 新柴股份：拟使用不超过5亿元闲置资金购买理财产品 5月23日晚，新柴股份（301032）发布公告称，公司计划使用不超过5亿元的闲置自有资金购买安全性 高、流动性好、中低风险的结构性存款、收益凭证等理财产品。该计划旨在提高资金使用效率，增加现 金资产收益。 资料显示，新柴股份成立于2007年6月，主营业务是非道路用柴油发动机及相关零部件的研发、生产与 销售。 所属行业：机械设备–通用设备–其他通用设备 5月23日晚， ...

中国航空发动机行业从无到有、从仿制到自主研发，经历了多个发展阶段，如今已具备较强的自主创新 能力，并在国家政策支持下迈向高质量发展。 转自：前瞻产业研究院 行业主要上市公司：航发科技(600391);航发动力(600893);航发控制(000738);应流股份(603308);中航重机 (600765)等 ——中国航空发动机由仿制进入到自主研制阶段 ——航空发动机可分为多个类别 航空发动机以化石燃料作为能源，将化学能转化为机械能、为飞行器提供动力，是飞机、火箭等各类飞 行器的心脏和动力之源，更是整个航空工业的动力之源。航空发动机产业是国家经济的重要分支、国家 安全的重要保障，其综合水平的高低是一个国家综合国力的重要体现。根据推力产生原理、氧化剂来 源、有无压气机等的差异，航空发动机可以分为活塞式发动机、火箭发动机、冲压式发动机、涡轮发动 机等多个类别。 ——行业技术和资金壁垒高 ——不同种类发动机的适用场景有所不同 当前，涡轮风扇发动机以其高效率、低油耗、大推力等优势成为应用最广的航空发动机，广泛装备于各 类型军民用飞行器。不同类型的航空发动机具有不同的适用场景，具体介绍总结如下： | SE ST | 特点 ...