GE航空航天预计全财年经调整后每股收益5.6美元-5.8美元，此前预估5.1美元-5.45美元。 GE航空航天美股盘前涨超5%。 GE航空航天二季度经调整后营收101.5亿美元，预估95.9亿美元。 二季度经调整后每股收益1.66美元，预估1.43美元。 ...

Core Insights - China is making significant progress in becoming a strong nation in intellectual property (IP) during the 14th Five-Year Plan period, focusing on enhancing innovation capabilities and the effective utilization of IP [1][2]. Group 1: Innovation Strength - China is transitioning from being a major importer of IP to a creator of IP, with a notable increase in high-value core patents in strategic emerging sectors such as 5G, AI, aerospace, and new energy vehicles [2]. - As of June 2023, the number of high-value invention patents per 10,000 people reached 15.3, surpassing the 12 target set for the 14th Five-Year Plan [2]. - There are 524,000 domestic enterprises holding effective invention patents, totaling 3.727 million patents, which accounts for 74.4% of the national total, reflecting a 6.1 percentage point increase from the end of the 13th Five-Year Plan [2]. Group 2: Patent Growth by Sector - The top three sectors for growth in effective invention patents are information technology management methods, computer technology, and medical technology, with year-on-year growth rates of 34.1%, 22.7%, and 19.8% respectively, significantly outpacing the average growth rate [3]. - Patent-intensive industries contributed 16.87 trillion yuan in added value in 2023, representing 13.04% of China's GDP [3]. Group 3: Utilization and Commercialization - The transformation of IP into productive forces is emphasized, with initiatives to promote patent commercialization leading to a rise in the industrialization rate of enterprise invention patents from 44.9% in 2020 to 53.3% by 2024 [4]. - The annual import and export total of IP usage fees is projected to increase from 319.44 billion yuan in 2020 to 398.71 billion yuan by 2024 [4]. - The value of Chinese brands among the global top 5,000 reached 1.76 trillion USD, ranking second worldwide [4]. Group 4: International Cooperation - China has established IP cooperation with over 80 countries and regions, with a patent examination highway covering 84 countries, enhancing the innovation environment for foreign enterprises in China [5]. - The country has provided extensive guidance and consultation services to outbound enterprises, helping to reduce litigation costs by 1.32 billion yuan and recover economic losses of 38.04 billion yuan [5]. - China is also promoting green innovation through international cooperation, contributing 12,000 green technologies to the World Intellectual Property Organization [5].

据环球时报援引据印度《经济时报》报道，印度计划研制一款能够打击1.2万公里以外目标的超远程轰 炸机，还将为其配备"布拉莫斯-NG"导弹以及其他先进武器，首架原型机预计将于2035年问世。报道 称，这款轰炸机源于"超远程打击飞行器"项目，标志着印度国防政策的重大转变，从"关注地区"转 向"洲际延伸"。该机将参照俄罗斯的图-160轰炸机和美国的B-21轰炸机，可能采用可变后掠翼设计，从 而节省燃料以及更有效地控制飞行速度。印度希望这款轰炸机的航程能够突破B-21轰炸机9300公里航程 的极限，这意味着它无需空中加油就能打击美国、欧洲、非洲或澳洲的目标。 ...

Core Points - The agreement between the U.S. and Indonesia involves Indonesia paying a 19% tariff while the U.S. pays no tariffs [1] - Indonesia commits to purchasing $15 billion worth of U.S. energy products, $4.5 billion in agricultural products, and 50 Boeing aircraft, including many 777 models [3] - The tariff rate imposed by the U.S. on Indonesia has been reduced from 32% to 19% through negotiations [5] Group 1 - Indonesia is the largest copper exporter, yet it has not received an exemption from the U.S. 50% tariff on all imported copper [3] - The agreement marks a significant achievement for Indonesia, as it is the first Southeast Asian country to reach a trade agreement with the U.S., with Vietnam facing a higher tariff of 20% [5][8] - The deal is seen as a strategic move for Indonesia to access the U.S. market while maintaining its export trade, despite the seemingly unfavorable tariff conditions [8] Group 2 - The U.S. is expected to generate significant tariff revenue, with a potential $300 billion from a minimum 10% tariff on $3 trillion in imports annually [8] - The U.S. government recently reported a rare fiscal surplus of $27 billion in June, the first since 2017, indicating a positive impact from tariff policies [8] - There has been no significant inflation resulting from the tariffs, suggesting that the U.S. may continue to implement tariffs as a regular practice without adverse economic effects [8]

惠誉评级：由于政治关注，欧洲航空航天、国防产业得到加强。 ...

Summary of Diploma (DPLM.F) Trading Update - July 17, 2025 Company Overview - **Company**: Diploma (DPLM.F) - **Industry**: Aerospace, Defense, Energy, Life Sciences, Data Centers Key Performance Highlights - **Quarterly Performance**: Strong performance in Q3, contributing to a long-term track record of sustainable quality compounding [3][4] - **Organic Growth**: Upgraded organic growth forecast from 8% to 10% for the full year; year-to-date organic growth at 10% [3][4] - **Reported Revenue**: Year-to-date reported revenue growth of 12%, with 4% attributed to acquisitions, partially offset by foreign exchange effects [4] - **Operating Margins**: Operating margins remain strong, in line with full-year guidance of 22% [4] Acquisitions - **Recent Acquisitions**: - Acquired Parkinson for £11 million, a sealing solutions business to enhance existing operations in Denmark [5] - Acquired Alpha Laboratories for £28 million, entering high-growth IVD markets in the UK [5][6] - **Growth Expectations**: Expected high single-digit growth rates for both acquired businesses, contributing positively to future organic growth [11] - **Synergies**: Anticipated revenue synergies and cost efficiencies from the integration of acquired businesses into existing operations [12] Market Dynamics - **End Market Support**: Strong support in key markets such as aerospace, defense, and energy; positive trends observed in data centers [3][25] - **Industrial Market Trends**: Improvement noted in the US industrial markets, particularly in aftermarket sales; ongoing recovery in North American steel sector [20][34] - **Challenges in UK Market**: The UK industrial market remains challenging, particularly for seals, with ongoing efforts to improve the RNG business [34] Specific Business Performance - **Windy City Wire**: Performing well, particularly in data centers and digital antenna systems; consistent growth observed [24] - **Peerless**: Strong performance in aerospace, with continued revenue growth and high margins [36] - **Diksa**: Transitioning to professional management, with growth rates improving to mid-single digits [15] Additional Insights - **Acquisition Pipeline**: Long-term acquisition pipeline remains robust, with recent improvements in deal flow observed [20] - **Copper Price Volatility**: Current volatility in copper prices is being managed through pricing models, with expectations of pass-through costs [38][39] Conclusion - **Outlook**: Confidence in delivering sustainable quality compounding for the long term, with a positive view on future growth opportunities and market conditions [6][20]

Core Insights - The aerospace and defense industry is experiencing unprecedented development opportunities, driven by national security needs and technological advancements [1][2] - China's rapid progress in the aerospace sector is attributed to significant government investment in technological innovation and a robust manufacturing supply chain [1] - The shift in focus from quantity expansion to quality improvement in the aerospace sector indicates a maturation of the industry [2] Industry Analysis - The defense budget is steadily increasing, and the military reform benefits are being realized, leading to a clear upward trend in the aerospace industry [2] - China's comprehensive strength in the aerospace field is now at an advanced global level, making it a key area for long-term investment [2] - The integration of military and civilian technologies is enhancing the profitability of private enterprises in the aerospace sector, making them more attractive for investment [2] Investment Opportunities - Ordinary investors are encouraged to focus on the aerospace and defense sectors due to their high certainty and long product life cycles [2] - Investment tools like the 华夏航空航天ETF (Fund Code: 159227) are recommended for a steady and long-term investment approach in this sector [2]

Company Overview - Morning Star Aviation (晨曦航空) reported a closing price of 20.58 yuan as of July 17, 2025, with an increase of 10.76% and a turnover rate of 17.34% [1] - The company has a registered capital of 55010.9546 million RMB and is primarily engaged in the manufacturing of transportation equipment including railways, ships, and aerospace [1][2] Financial Performance - For Q1 2025, the company reported total operating revenue of 329.51 million yuan, representing a year-on-year growth of 149.25% [1] - The net profit attributable to shareholders was 15.21 million yuan, showing a slight decrease of 1.01% year-on-year [1] - The company's non-recurring net profit was 15.54 million yuan, down 1.67% year-on-year [1] - Key financial ratios include a current ratio of 4.645, a quick ratio of 2.899, and a debt-to-asset ratio of 17.24% [1] Market Activity - On the trading day, the net inflow of main funds was 162 million yuan, accounting for 8.52% of the total transaction amount [1] - Large orders saw a net inflow of 12.6 million yuan, making up 6.6% of the transaction amount, while small orders experienced a net outflow of 107.02 million yuan, representing 5.62% of the transaction amount [1] Investment and Intellectual Property - The company has made investments in three external enterprises and participated in 33 bidding projects [2] - It holds four trademark registrations and three patents, along with 16 administrative licenses [2]

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown strong performance, with significant inflows and a notable procurement agreement in the eVTOL sector, indicating a bullish outlook for the aerospace industry [2][3]. Group 1: ETF Performance - As of July 17, 2025, the aerospace ETF Tianhong (159241) increased by 3.19%, with a trading volume of 83.39 million yuan and a turnover rate of 20.71% [2]. - The latest scale of the aerospace ETF Tianhong reached 395 million yuan, with a total of 360 million shares, both hitting record highs since inception [2]. - The ETF has seen a net inflow of 24.46 million yuan over the past four days, indicating strong investor interest [2]. Group 2: Industry Developments - On July 16, a procurement agreement worth 1 billion USD was signed between UAE's Autocraft and China's Shide Technology for 350 units of E20eVTOL, marking the largest single eVTOL order in China to date [2]. - The agreement is expected to deliver the first batch of orders after obtaining the airworthiness certificate from the Civil Aviation Administration of China [2]. Group 3: Military Trade Insights - China Aviation Industry Corporation (AVIC) has emphasized military trade as a core business, establishing a dedicated committee to streamline decision-making processes [3]. - Analysts predict that geopolitical conflicts will enhance the valuation of Chinese military enterprises, with a focus on military trade and new defense industry opportunities [3]. - The military industry is expected to see a gradual recovery in performance in Q2 2025, with an optimistic outlook for industry prosperity [3]. Group 4: ETF Investment Strategy - The aerospace ETF Tianhong closely tracks the National Aerospace and Aviation Industry Index, focusing on key sectors such as fighter jets and satellite industries [4]. - The ETF's constituent companies are well-positioned to benefit from emerging themes like commercial aerospace and low-altitude economy [4]. Group 5: Index Highlights - The index has a high "military content," with 96.24% of its constituents belonging to the defense and military industry, surpassing other military indices [5]. - It also leads in "drone content," featuring companies deeply involved in drone technology, making it the highest in the market [6]. - The index covers the aerospace industry chain comprehensively, with over 73% weight in aviation and aerospace equipment [7]. - The index constituents exhibit stronger technological attributes, aligning with the trend of high-end development in the military and aerospace sectors, achieving a return of 31.68% over the past year [8]. - The forecasted revenue growth for the index in 2025 is projected at 42.73%, exceeding traditional military indices [9].

Core Viewpoint - The European Space Agency (ESA) has announced a collaboration with the UK company Fraser-Nash to develop hypersonic technology through the INVICTUS project, aiming to create a reusable experimental aerospace vehicle capable of horizontal takeoff and reaching speeds of up to 5 Mach (five times the speed of sound) [1] Group 1 - The INVICTUS project is a joint initiative between ESA and Fraser-Nash [1] - The project focuses on developing hypersonic technology for aerospace applications [1] - The targeted flight speed for the experimental vehicle is 5 Mach [1]