Group 1 - The core viewpoint emphasizes the importance of integrated development in the Yangtze River Delta region, highlighting its role as a growth engine and a model for modernization in China [1][5][22] - In 2023, the GDP of the Yangtze River Delta accounted for 24.4% of the national total, projected to increase to 24.7% in 2024 and exceed 25% in the first quarter of 2025 [1][5] - The region is focusing on "integration" and "high quality" development, with collaborative efforts among Shanghai, Jiangsu, Zhejiang, and Anhui [1][3] Group 2 - The Yangtze River Delta is making significant strides in technological and industrial innovation, establishing a network of 150 key laboratories and promoting collaborative research initiatives [3][4] - The region has been recognized for its advanced manufacturing clusters, including a major aircraft manufacturing group that includes over 900 related enterprises [3][4] - The area is home to 26 national-level advanced manufacturing clusters, contributing to a robust industrial ecosystem [3][4] Group 3 - Infrastructure development is crucial for the integration of the Yangtze River Delta, with the railway network exceeding 15,000 kilometers and daily passenger flow surpassing 2 million [7][8] - The launch of new high-speed rail lines enhances connectivity and facilitates smoother market integration [7][8] - Collaborative regulatory frameworks are being established to support a unified national market, with initiatives like the "Credit Yangtze River Delta" project [8][9] Group 4 - The region is actively pursuing ecological and environmental cooperation, with joint efforts in biodiversity protection and water quality improvement [16][17] - The Yangtze River Delta has achieved significant milestones in ecological health, with improved water quality in major lakes and rivers [16][17] - A collaborative approach to environmental governance is being implemented, with cross-province agreements to enhance ecosystem stability [16][17] Group 5 - Public services are increasingly being shared across the region, with over 203 services now available for cross-province processing [18][19] - The establishment of a digital employment service platform aims to facilitate job matching across the Yangtze River Delta [19][20] - The integration of administrative services is enhancing the convenience of living and working in the region [18][19] Group 6 - The Yangtze River Delta is fostering cultural and tourism collaboration, with various initiatives promoting regional tourism integration [21][22] - Events and cooperative agreements among local tourism associations are becoming more frequent, enhancing regional connectivity [21][22] - The region is leveraging its geographical proximity to create shared development opportunities [21][22]

Group 1 - The "Zhejiang Manufacturing Tiangong Ding" award is the highest honor in the manufacturing sector of Zhejiang Province, aimed at promoting high-quality development in manufacturing through innovation and industry integration [1] - Hangzhou and its districts have won this award for three consecutive years, receiving the first batch of "Zhejiang Manufacturing Tiangong Ding" gold awards, indicating significant achievements in industrial and economic growth [1] - A total of 6 cities and 27 counties in the province received the award this year, with 20 locations being recognized for their continuous excellence over three years [1] Group 2 - Hangzhou has made breakthroughs in industrial cluster development, with four clusters recognized as national advanced manufacturing industry clusters, and one cluster achieving a "zero breakthrough" in the 2024 national small and medium-sized enterprise characteristic industry cluster [2] - The city is focusing on new industrialization goals, promoting digital transformation across 6,928 industrial enterprises, and has developed a plan for future industry cultivation in areas like artificial intelligence and new materials [2] - The Hangzhou Economic and Information Bureau emphasizes the importance of continuous innovation and transformation in industries, aiming to drive high-quality development in manufacturing through dual-driven technology and industry innovation [2]

Group 1 - The "Zhejiang Manufacturing Tiangong Ding" list for 2024 was officially released, with Hangzhou Qiantang (New) District winning the gold award for the first time, marking its third consecutive year of recognition [1] - In Q1, Qiantang's industrial added value reached 17.151 billion, with the core manufacturing value of the digital economy at 3.401 billion, growing by 20.5%, ranking first in the city [1] - Qiantang is recognized as the "Industrial Scale No. 1 District" in Hangzhou, contributing significantly to the construction of a global advanced manufacturing base in Zhejiang [1] Group 2 - Qiantang aims for an industrial output value of 400 billion this year and over 500 billion by 2027, focusing on new industrialization and continuous industrial upgrades [2] - The district has established a complete automotive industry ecosystem with major companies like Geely, Ford, and GAC, achieving an output value exceeding 100 billion [2] - Qiantang is also a leader in future industries, with a significant number of provincial-level future industry pilot zones [2] Group 3 - The "Hangzhou Nucleic Acid Drug Valley," the first nucleic acid drug industrial cluster in the province, was established in Qiantang, enhancing the biopharmaceutical sector [3] - Qiantang is accelerating its position in the national biopharmaceutical technology landscape, with 15 projects in clinical and subsequent stages [3] - The district is actively promoting digital, intelligent, and green industrial upgrades, with 47 recognized "future factories" and 266 companies achieving digital level 2.0 [3] Group 4 - Qiantang's R&D expenditure intensity is projected to reach 5.25% in 2024, ranking second in the province, with a significant number of national-level specialized "little giant" enterprises [4] - The semiconductor company Zhongxin Jingyuan has seen steady sales growth in its silicon wafers, filling a domestic supply chain gap [4] Group 5 - Qiantang has the largest higher education park in Zhejiang, with 14 universities and 250,000 students, aiming to create a preferred area for technology transfer and transformation [5] - The district is enhancing collaboration with universities to tackle key technology challenges in fields like biomedicine and integrated circuits [5] - Qiantang has implemented value-added reforms in government services, leading to a continuous double-digit growth in registered market entities [5]

工信部等四部门开展2025年"百场万企"大中小企业融通对接活动，工信部相关司局将以行业龙头企业为依托，组织开展 人工智 能 、大飞机等产业链对接活动。 | 序号 | 拟对接的产业链 | 拟邀请龙头企业 | 拟举办时间 | 拟举办地点 | 负责司局 | | --- | --- | --- | --- | --- | --- | | 1 | 人工智能、机器人、新材料 计、历史经典产业等 | 人工智能、机器人、新材料人工智能、机器人、新材料新能源、医疗设备、工 新能源、医疗设备、工业设计、历史经典产业等领域相关企业 | 2025年6月 | 广东省广州市 | 中小企业局 | | 2 | | 大飞机、航空发动机及燃气 中航工业、中国电科、中国航发、国家电投、中国 | 2025年12月 | 江苏省无锡市 | 装备二司 | | | 轮机 | 商长 | | | | | ਤੇ | 大型邮轮 | 中国船舶、招商局工业 | 2025年12月 | 上海市 | 装备二司 | | ন | 化纤油剂、母粒 | 化纤产业链相关企业 | 2025年11月 | 浙江省 | 消费品工业 | | | | | | | 피 | | ને | 虚拟现实 ...

Investment Rating - The report indicates a positive outlook for the military industry, suggesting that the industry is nearing a bottom and is expected to recover in 2025 [1][2]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, reflecting a year-on-year increase of 1.16%. Key segments such as shipbuilding, aerospace engines, and aviation maintained positive revenue growth [1][2][11]. - The net profit attributable to shareholders in the military sector decreased to 26.655 billion yuan in 2024, a decline of 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [11][12]. - In Q1 2025, the military sector's revenue reached 153.894 billion yuan, up 2.35% year-on-year, with segments like ground equipment and aerospace showing signs of recovery [28][31]. Summary by Sections 1. 2024 Annual Report and 2025 Q1 Review - The military sector's revenue structure shows significant characteristics, with a focus on the recovery of order fundamentals. The shipbuilding sector saw a revenue increase of 10.87%, while ground equipment and aerospace segments are expected to stabilize [11][28]. - The military sector's net profit for 2024 was 26.655 billion yuan, down 38.01% year-on-year, with only the shipbuilding sector showing positive growth [11][12]. 2. Key Target Profit Forecasts and Valuations - Investment strategies suggest focusing on traditional military sectors with expected order recovery, including aerospace engines, shipbuilding, and aviation [3]. - New domains and new qualities are recommended, emphasizing low-cost, intelligent, and systematic characteristics in industries like precision-guided munitions and unmanned systems [3]. 3. Investment Strategy - The report recommends three main investment lines: traditional military sectors, new domains with significant growth potential, and companies with expected asset integration and competitive military trade markets [3]. - Specific recommended stocks include aerospace engine manufacturers, shipbuilding companies, and firms involved in commercial aerospace and low-altitude economies [3]. 4. Market Performance - The military sector's performance is closely monitored, with various companies announcing contracts and showing signs of recovery in the fundamentals of the military sector [46][47].

Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

盘面上，国防军工、通信设备、铜缆高速连接、消费电子等板块涨幅居前，种业、黄金、PEEK材料、休闲食品等板块跌幅居前。 数据显示，国防军工获得逾76亿元主力资金净流入，通信、机械设备均获得超60亿元净流入，电力设备、电子、汽车也均获得超40亿元净流入，纺织服饰 则连续8日获得净流入。基础化工主力资金净流出逾10亿元，房地产、交通运输、钢铁、美容护理也都净流出超亿元。 展望后市，国泰海通指出，相较于过去，政策预期和展望更为连续和稳定。中国股市风险溢价有望系统性下移，而无风险利率下降与资本市场制度改革将 成为增量入市的关键力量。继续看好中国AH股市，把握做多窗口期。 东兴证券认为，基本面和政策面基本明朗，短期外部因素有所缓解，市场不确定性因素下降，风险偏好有望重回升势。随着行情趋于活跃，投资者可提升 一定仓位，参与结构性行情。大科技板块仍是首选，重点关注机器人、人工智能、智能驾驶等方向；其次是消费方向，重点关注以家电、消费电子、汽车 为代表的政策红利方向。 今日，A股继续稳步上升，创业板指收复2000点大关，上证指数、上证50等则再创阶段性新高。上涨个股远多于下跌个股，市场成交萎缩至1.32万亿元。 | 代码 | ...

会上，央行、金融监管总局、证监会三方均围绕稳定市场发布了多项增量政策。包括降准降息、设立5000亿元服务消费与养老 再贷款、降低个人住房公积金贷款利率0.25个百分点、加快出台与房地产发展新模式相适配的系列融资制度、进一步扩大保险 资金长期投资的试点范围、股票投资的风险因子进一步调降10%、全力支持中央汇金发挥类平准基金作用、发布《推动公募基 金高质量发展的行动方案》、新修订的上市公司重大资产重组管理办法和相关监管指引、出台进一步深化科创板、创业板改革 的政策措施等。 一系列重磅政策也刺激了市场的做多热情。发布会召开之际，A股开盘大幅高开。开盘涨幅即超过1%。之后有所回落。截至午 间收盘，上证指数报收3337点，涨幅0.64%。深证成指上涨0.19%。科创50、创业板指上涨0.4%。A股上涨个股3479只，军工、 房地产、银行、非银金融等涨幅居前。通用航空、航母、大飞机等军工主题板块以超5%的涨幅领涨大盘。房地产上涨1.43%、 银行上涨1.19%。 港股方面，截至发稿，恒生指数上涨0.48%；恒生科技指数高开低走，微跌0.22%；恒生中国企业指数上涨0.25%。 吴清表示，对于确受关税政策影响较大的上市公司 ...

扈世民｜中信证券 物流和出行服务首席分析师 S1010519040004 物流｜关税影响探讨（二）：优选内需政策受益的航空、物流和集运龙头 应对外部冲击，政策层近期高度重视"做大做强国内大循环"，采取以旧换新补贴扩 容、特定群体补贴、类"消费券"政策等政策组合提振内需，关注受益内需政策加码的 航空、物流和区域集运龙头。1）航空：面对显著上升的采购成本，我们预计国内各 航司将暂停波音飞机的引进计划，假设从4月9日起国内停止引进波音飞机但保持退出 计 划 ， 则 我 们 测 算 2025/2026 年 三 大 航 的 机 队 增 速 或 降 低 1.5pcts/2.1pcts 至 2.9%/2.9%。若假设延迟波音的退出计划叠加航材采购成本上升，我们预计2025年国 内三大航飞机引进增速或降至1%~2%。关税反制进一步限制航空业供给，票价拐点渐 近，国际油价下跌释放利润空间，关注五一前航空布局机会。2）物流：以旧换新国 补扩容及潜在的消费刺激政策有望传导至需求端，选取品类相关度高的顺周期龙头。 3）区域集运：复盘历史，积极的财政政策有望推动大宗商品需求的修复，2024年内 贸行业CR3接近80%，预计需求变化将传 ...

总之，市场整体氛围较好，题材轮动加速，短线情绪局部强势，黄金、消费、 AI 及机器人成为今日最强主线，虽然权重板块拖累指数表现，但 是题材热度说明游资量化在干活，市场的赚钱效应更能带动散户良性互动，当然题材持续性还得维持更高的成交量和市场活跃度。 | 黄金概念 | | | 工业软件 | 可燃冰 | | --- | --- | --- | --- | --- | | | | | | +1.44% | | +4.05% | | | +3.77% | -1.49亿 | | 33.647 | | | 9.19亿 | | | POE胶膜 | 基引概念 | 天然气 | 汽车芯片 | 生物质能 | | +1.43% | +1.43% | +1.42% | +1.42% | +1.42% | | 1.37亿 | -4178.48万 | | 2.274Z | 4112.51万 | | | | -1.23 Z | | | | 然図获展 | 地熱能 | 旅游概念 | SGDR | 盐湖提锂 | | +1.35% | +1.34% | +1.34% | +1.33% | +1.32% | | -1.06亿 | -5947.34万 | ...