ICBC (E) 中国工商银行 测115分行 " X-DI " 西丽湖后演社 硬 核 科技 筑 基 · 产业 融 合 发 2026/4/2 (星期四) 14:30-17:30 深圳大学城 国际会议中心2楼 EFFITSKE "X-DAY"西丽湖路演社国防科技专场 大容航空航天技术(深圳)有限公司以"深耕试训服务,打造智能蓝 军"为战略定位,以超音速靶机(无人机)作为公司无人智能系统战略的 突破口,同时布局无人车(靶车)和无人船(靶船),探索其他无人智能系 统装备,构建海陆空一体化的试训体系,打造"形神兼备"的智能蓝军。 西安数合信息科技有限公司 14:00-14:30 。 签到 14:30-14:35 ○ 主持人开场 14:35-14:40 @ "X-DAY"西丽湖路演社成果展示 14:40-15:30 。 深度对话:国防科技自主创新与 资本赋能产业转化 15:30-17:30 。 精品项目DEMO (12分钟路演,8分钟投资人Q&A) 西丽湖路演社国防科技专场暨南山区 14:30-17:30 0 产业投资和并购闭门对接会(定向邀请) ·大容航空航天技术(深圳)有限公司 · 西安数合信息科技有限公司 ·中科先 ...

News Highlights - The National Energy Administration approved the cancellation of the safety registration certificate for the dam of the Liulangdong Hydropower Station in Yunnan [2] - Hangzhou, Sanya, and Suzhou have been selected for the United Nations' "Cities Towards Zero Waste" initiative, recognizing their efforts in waste reduction and promoting a circular economy [2] Domestic News - In January and February, the mining industry achieved a total profit of 155.61 billion yuan, a year-on-year increase of 9.9%. The total profit for industrial enterprises above designated size reached 1,024.56 billion yuan, up 15.2% [3] - The national electricity market trading volume in January and February increased by 25.5% year-on-year, totaling 11,925 billion kilowatt-hours [3] Technology and Infrastructure - The construction of the "Deep Sea Floating Island," a major national scientific infrastructure project, has commenced in Shanghai, designed to support various marine research needs [4] - The first domestic megawatt-level liquid hydrogen fuel aviation engine has achieved performance standards, marking a significant advancement in hydrogen turbine technology [4] Automotive Industry - Beijing has initiated the development and application of commercial insurance products for intelligent connected new energy vehicles, aiming to provide risk coverage for specific driving scenarios and hardware losses [5] International News - Russia plans to ban gasoline exports starting April 2026 to stabilize domestic prices amid global oil product price fluctuations [6] - Iran is considering withdrawing from the Treaty on the Non-Proliferation of Nuclear Weapons, citing its ineffectiveness in protecting its nuclear facilities [7] - Ukraine has secured a diesel supply agreement during President Zelensky's visit to the Middle East [7] - Over 600 water quality testing points in Japan have reported exceeding national guidelines for organic fluorine compounds [7] Corporate News - China's first commercial 12-megavolt series accelerator has successfully completed assembly and cold testing, marking a significant milestone in domestic high-end scientific equipment [8]

Core Viewpoint - SpaceX is reshaping traditional underwriting logic on Wall Street with an unprecedented IPO plan, aiming to allocate up to 30% of its shares to individual investors, which is three times the usual allocation [2][3][4]. Group 1: IPO Structure and Strategy - The potential valuation of SpaceX's IPO could reach $1.75 trillion, making it one of the largest public offerings in history [5]. - The allocation of shares to individual investors is designed to stabilize stock prices post-IPO by leveraging Musk's loyal fan base, reducing the likelihood of drastic price fluctuations [4][8]. - Traditionally, only 5% to 10% of shares are allocated to retail investors, highlighting the significance of SpaceX's approach [7]. Group 2: Underwriting and Bank Roles - SpaceX is breaking from the conventional model where large investment banks compete broadly, instead adopting a "track" structure that directs different banks to specific investor groups and regions [13][15]. - Banks have been assigned distinct roles: E*Trade for retail investors, UBS for international markets, and Citigroup for coordinating international distribution [14][21]. - The arrangement emphasizes personal relationships and past collaborations over pure market competition, allowing SpaceX to control its IPO's capital structure and investor composition [15]. Group 3: Investor Sentiment and Market Dynamics - The enthusiasm for the IPO is compared to the excitement surrounding Google's IPO two decades ago, indicating strong demand from a diverse range of investors, from wealthy family offices to smaller investors attracted by Musk's charisma [5][19]. - The strategy is built on a foundation of long-term investor relationships established through Musk's previous ventures, fostering confidence in the upcoming IPO [17][19]. - The current IPO plan is still subject to change, with reports suggesting that the allocation for individual investors could exceed 20% [9].

Core Insights - The current market is experiencing a structural divergence between short-term macro disturbances and long-term industrial trends, with geopolitical conflicts in the Middle East and delayed expectations for Federal Reserve rate cuts suppressing market risk appetite and liquidity expectations [1] - The "new productive forces" centered around aerospace, artificial intelligence, and high-end equipment are accelerating under strong policy support and technological breakthroughs, indicating a solid long-term growth logic for related hard technology assets [1] Macro Environment: Short-term Headwinds from Geopolitics and Policy - The ongoing tensions in the Strait of Hormuz are disrupting global energy supply expectations, tightening the supply-demand balance and pushing international oil prices to high volatility, raising inflation concerns [2] - The Federal Reserve's policy shift has been delayed, with persistent inflation and weak domestic employment data leading to a hawkish stance, pushing market expectations for the first rate cut to the end of the year [2] Industrial Trends: The Certainty Wave of New Productive Forces - Despite macro headwinds, China's industrial upgrade led by technological innovation is entering a fast track under top-level design, with the "14th Five-Year Plan" identifying six emerging pillar industries, including integrated circuits, aerospace, biomedicine, low-altitude economy, new energy storage, and intelligent robotics [3] - The combined output value of these six industries is expected to reach nearly 6 trillion yuan by 2025 and exceed 10 trillion yuan by 2030, with significant resilience in compound growth rates [3] Main Line One: Commercial Aerospace - Accelerating Industry Development - The State Administration of Science, Technology and Industry for National Defense has issued a plan to promote the high-quality and safe development of commercial aerospace, aiming to build a comprehensive industrial ecosystem [4] Main Line Two: AI - From Computing Demand to Application Explosion - The AI industry is rapidly transitioning from cloud computing to end-user applications, creating robust demand in the industrial chain, with significant price increases in AI computing power and intelligent storage products due to supply shortages [5] - The robotics industry is reaching a turning point, with humanoid robots moving from laboratory settings to industrialization, as evidenced by the explosive growth in revenue for leading companies like Yushutech [5][6] Main Line Three: Energy and High-end Equipment Autonomy - The Foundation for Supply Chain Security - In a complex international environment, the autonomy of key energy and core equipment is crucial for industrial development, with domestic breakthroughs in heavy-duty gas turbines and strategic resources like helium gas [7] - The domestic market is experiencing a significant supply-demand gap, with leading companies making progress in the localization of high-end industrial equipment [7] Investment Recommendations: Focus on New Productive Forces - The current macro emotional fluctuations present a good opportunity to invest in hard assets with long-term certainty, suggesting a focus on the "14th Five-Year Plan" new productive forces along three main lines: 1. The entire commercial aerospace industry chain, including rocket manufacturing, satellite production, and launch services [8] 2. Artificial intelligence and robotics, particularly in computing infrastructure benefiting from global AI demand [8] 3. High-end equipment and material autonomy, focusing on key areas like gas turbines and semiconductor manufacturing [8]

Core Viewpoint - The article discusses the "2026 Action Plan for Promoting the Coordinated Development of Manufacturing and Service Industries in Guangdong Province," which aims to enhance the integration of manufacturing and service sectors through various initiatives and policies [2][4]. Group 1: Key Policies and Initiatives - The action plan outlines 21 specific policy measures across six areas to promote the service-oriented manufacturing and manufacturing-oriented services [2]. - It emphasizes the importance of technological innovation, focusing on key core technology breakthroughs and the establishment of a "first-use, then-transfer" service platform to facilitate the transfer and transformation of technological achievements [4][5]. - The plan aims to establish over 200 smart factories and intelligent body factories by the end of 2026, enhancing the manufacturing sector's capabilities [6][7]. Group 2: Financial Support and Innovation - The action plan encourages financial institutions to leverage policies for technological innovation and increase credit support in the tech sector, including the development of specialized financial products [5]. - It aims to enhance industrial design levels by promoting collaboration between design hubs and industrial clusters, and by hosting international design competitions to attract global design resources [4][5]. Group 3: Focus on Emerging Industries - The plan targets emerging industries such as new-generation electronic information, smart connected vehicles, intelligent robotics, integrated circuits, and renewable energy, aiming to implement industrial innovation projects [6][7]. - It highlights the need for advanced technology innovation in future industries, including quantum technology, hydrogen energy, and deep-sea exploration [6]. Group 4: Application Scenarios and Cross-Industry Integration - The action plan promotes the creation of diverse application scenarios through initiatives like "AI + Manufacturing" and the establishment of innovation centers in the Guangdong-Hong Kong-Macao Greater Bay Area [7]. - It encourages the integration of various industries, such as marine equipment with marine ranching and tourism, to foster innovative application scenarios [7].

Investment Rating - The report maintains an "Outperform" rating for the large aircraft industry [1]. Core Insights - The global civil aviation market is recovering from the pandemic, with China's aviation market projected to become a core growth driver, reaching a scale of $1.4 trillion over the next 20 years [2]. - The domestic market is expected to see the delivery of 9,736 aircraft, with a market size of $14,789 billion, accounting for 21.2% of the global aviation market [2]. - The supply side is focused on capacity expansion, while the demand side is experiencing both internal and external growth, with C919 orders exceeding 1,500 aircraft [2]. - The domestic large aircraft industry is approaching a breakthrough in localization, benefiting companies in the supply chain [2]. Summary by Sections 1. Global Civil Aviation Recovery - The global civil aviation industry is returning to normal operations, with passenger traffic expected to grow at an annual rate of 4.73%, reaching 2.52 times the 2024 levels by 2044 [2][17]. - China's aviation market is projected to grow at a rate of 6.12% over the next 20 years, becoming a significant driver of global demand [17][30]. 2. Supply and Demand Dynamics - The supply side is currently limited by production capacity, with C919 deliveries expected to reach at least 28 aircraft in 2026 [2][54]. - The demand side is supported by over 1,500 confirmed orders for C919, amounting to nearly $100 billion [2][57]. 3. Large Aircraft Industry Chain - The large aircraft industry chain is characterized by a "smile curve" distribution of value, with high-value segments concentrated in R&D and key component manufacturing [67]. - The supply chain is structured into three tiers: main manufacturers, subsystem suppliers, and general parts suppliers, facilitating risk sharing and cost reduction [71][77]. 4. Key Aircraft Models - The report highlights the C919, C929, and C909 as the main aircraft models, with C919 positioned for the narrow-body market and C929 targeting the wide-body segment [43][44]. - The C919 has accumulated over 1,500 orders, with significant contributions from major domestic airlines [57][62]. 5. Localization and Supply Chain Benefits - The localization rate for C919 is approximately 65%, with expectations for further increases as domestic engine development progresses [77]. - The supply chain is expected to benefit from the integration of domestic materials and components, enhancing the overall competitiveness of the industry [67][72].

1. Report Industry Investment Rating No relevant content is provided in the given text. 2. Core Viewpoints of the Report - The "15th Five - Year Plan" is of great significance in the process of China's modernization, continuing the "high - quality development" idea of the "14th Five - Year Plan" with adjusted policy priorities in various fields [5][113]. - The report highlights five key points: economic construction returns to the center, the industrial system moves towards the "new", technological innovation is deeply integrated with industries, the domestic demand strategy is strengthened, and the importance of opening - up is significantly increased [5][113]. - For the capital market, investment opportunities can be found in the main lines of industrial upgrading and technological self - reliance, emerging consumption, and green transformation and "anti - involution" [5][113]. 3. Summary According to the Directory 3.1 Past Five - Year Plan Reviews - **Overview**: Since 1953, China has implemented 14 "Five - Year Plans", which can be divided into three periods: the planned economy period (1953 - 1980), the economic transition period (1981 - 2000), and the market economy period (2001 - 2025). Each period has different characteristics and focuses [9][10][11]. - **"14th Five - Year Plan" Results and "15th Five - Year Plan" Goals**: - **"14th Five - Year Plan" Goal Completion**: In economic development, the GDP maintained a high - speed growth with an average annual growth rate of 5.4% from 2021 - 2025, and the urbanization rate reached 67.9% in 2025. In innovation - driven development, the R & D investment increased, the number of high - value invention patents per 10,000 people reached 16, and the digital economy played an important role. In terms of people's livelihood well - being, most indicators improved, but childcare public service supply needs to be strengthened. In the green ecological field, the ecological environment improved, but there were still challenges in structural emission reduction. In security guarantee, both food and energy security goals were exceeded [16][19][20][23][26]. - **"15th Five - Year Plan" Main Goals**: There are 20 main goals. Economic development and innovation - driven indicators remain stable in some aspects but are improved in others. People's livelihood and green - low - carbon indicators are further optimized, and higher requirements are put forward for security guarantee [27][28]. - **Comparison of Major Projects**: The "15th Five - Year Plan" has 109 major projects, 7 more than the "14th Five - Year Plan". The number of major projects related to industries and green - low - carbon has increased significantly [30]. 3.2 Key Highlights of the "15th Five - Year Plan" - **Economic Construction Returns to the Center**: Re - emphasizing "taking economic construction as the center" aims to achieve high - quality development, strengthen the domestic economic foundation, and enhance the ability to cope with external uncertainties [34]. - **Industrial Upgrading and Economic Quality Improvement**: - **Traditional Industries**: The "15th Five - Year Plan" emphasizes the optimization and upgrading of traditional industries, which can reduce homogeneous competition, enhance the autonomy of the industrial chain, and improve the global competitiveness of industries [44][45][46]. - **Emerging and Future Industries**: The importance of future industries is elevated. China has advantages in scale, technology, and strategic positioning. The plan also includes institutional support [51][52][55]. - **Green - Low - Carbon Industries**: The policy shifts from "energy consumption dual - control" to "carbon emission dual - control", with more specific system design, policy coordination, and focus on building a new energy system [59][60]. - **Service Industries**: The policy aims at high - quality and efficient development, including expanding opening - up and promoting the development of productive and living - related service industries [67][68]. - **New Infrastructure System**: The construction idea changes from "scale - oriented" to "efficiency - oriented", with more emphasis on new infrastructure and the digital and intelligent upgrading of traditional infrastructure [74]. - **Real Estate**: The positioning of real estate shifts from an "economic engine" to a "livelihood cornerstone", with policies focusing on optimizing the supply of affordable housing and improving housing quality and service [75]. - **Technological Innovation Focuses on "Self - Reliance and Control"**: The "15th Five - Year Plan" emphasizes original innovation and key core technology breakthroughs, and promotes the integration of technological innovation and industrial innovation. It also focuses on digital China construction to seize the high - ground in global technological competition and cultivate new economic growth points [77][80]. - **Expanding Domestic Demand and Unblocking the Domestic Cycle**: The plan aims to increase the household consumption rate, focusing on four aspects: household consumption propensity, wealth redistribution, income structure, and labor compensation share. It also aims to eliminate obstacles to the construction of a unified national market [84][86][92]. - **Expanding High - Level Opening - up**: The importance of opening - up is further enhanced. The focus is on institutional opening - up, service - oriented opening - up, and maintaining diversified trading partners [102][107][108]. 3.3 Investment Recommendations - For the capital market, investment can be made in the main lines of industrial upgrading and technological self - reliance (such as high - end chips, AI, robots, high - end manufacturing), emerging consumption (such as elderly care, child - bearing, health, culture and tourism, sports, beauty care, IP economy, pet economy), and green transformation and "anti - involution" (such as photovoltaic and chemical industries) [5][113].

Investment Rating - The report maintains a strong rating for the defense and military industry, indicating a positive outlook compared to the broader market [6]. Core Insights - The report emphasizes the importance of marginal changes in the commercial aerospace sector, highlighting three key areas: 1) overseas S and T photovoltaic industry chains; 2) domestic rocket development; 3) satellite industry chain under technological transformation [2][42]. Summary by Sections Commercial Aerospace - The progress of the commercial aerospace industry, represented by SpaceX, continues to exceed expectations, with SpaceX having launched 36 times and confirmed 10,047 operational satellites in orbit as of March 21 [3][42]. - Recommendations for investment include companies such as Lens Technology, Yujing Co., Maiwei Co., Plas, and Liancheng CNC [3][42]. Domestic Rockets - Three core logical frameworks are presented: 1) Macro: Strong transport capacity is a strategic high ground for major powers, similar to GPUs. 2) Mid-level: Objective gaps establish a logic for rocket quantity inflation, with a significant increase expected within five years. 3) Micro: The listing and financing of rocket companies will drive capacity expansion across the entire industry chain, achieving a dual boost in PE and EPS [4][43]. - Suggested companies for investment include Feiwo Technology, Western Materials, Guanglian Aviation, and Meixin Technology [5][44]. Satellite Industry Chain - The acceleration of China's satellite constellation plan is leading to new technological transformations, with developments in flexible solar wings, flexible gallium arsenide battery cells, perovskite batteries, laser communication, and low-cost commercial satellites entering a rapid development phase [8][46]. - Recommended companies include Aerospace Electronics, Gobika, Shanghai Port, Junda Co., Western Testing, Mingyang Smart Energy, and Guangwei Composite [8][46]. Military Industry - The report suggests focusing on companies that are accelerating domestic commercialization and have overseas expansion potential, including: 1) Commercial engines: Aerospace Technology, Hangya Technology, Tunan Co., Aerospace Power, Wanze Co., Yingliu Co., and Aerospace Power [8][46]. 2) Nuclear fusion/nuclear power/high-temperature superconductors: Guoguang Electric, Lianchuang Optoelectronics, Hezhuan Intelligent, Wangzi New Materials, Xuguang Electronics, Aike Saibo, Yongding Co., Hangyang Co., Jingye Intelligent, Weiteng Electric, New Wind Light, and Parker New Materials [8][46]. 3) Drones: Zongheng Co., Aerospace Rainbow, Ruike Laser, Sichuan Electronics, and Xinjinggang [8][46]. Market Performance - The military industry index (801740) fell by 6.26% during the week of March 14-20, underperforming the Shanghai and Shenzhen 300 index, which fell by 2.19% [11][16]. - The report notes that the commercial aerospace sector experienced a smaller decline compared to other segments, indicating resilience in this area [22][16].

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate into a long-term growth phase. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational role of the new materials industry in supporting other sectors [6][18]. Summary by Sections 1. Electronic Information Sector - Focus on semiconductor materials, display materials, and 5G materials [7]. - NVIDIA announced the full production of the world's first Co-Packaged Optics (CPO) switch, Spectrum X, which integrates photonic components directly onto chips, achieving a bandwidth of 409.6 Tb/s to support large-scale generative AI workloads [8][38]. - MediaTek, in collaboration with Microsoft Research, developed a next-generation Active Optical Cable using micro-sized Micro LED light sources, significantly enhancing transmission distance while maintaining high reliability [9][10]. 2. Aerospace Sector - Focus on PI films, precision ceramics, and carbon fibers [11]. - Successful launch of multiple satellites using the Kuaizhou-11 solid rocket, showcasing the capabilities of the rocket in commercial launch tasks [12]. 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [13]. - In February 2026, the National Energy Administration issued 198 million green power certificates, with a significant portion attributed to wind and solar power generation [13]. 4. Biotechnology Sector - Focus on synthetic biology and scientific services [14]. - Research teams have developed a new type of artificial photosynthetic cell that allows industrial microorganisms to efficiently synthesize high-value chemicals using solar energy [16]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorption resins, membrane materials, and biodegradable plastics [17]. - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the energy efficiency of energy-saving equipment, targeting key industries for energy conservation and carbon reduction [18]. Key Companies and Earnings Forecast - The report highlights several key companies with earnings forecasts for 2024 to 2026, including: - Ruihua Tai (688323.SH): EPS forecasted to improve from -0.32 in 2024 to 0.26 in 2026 [19]. - Guangwei Composite (300699.SZ): EPS expected to rise from 0.89 in 2024 to 0.97 in 2026 [19]. - Zhongfu Shenying (688295.SH): EPS projected to increase from -0.14 in 2024 to 0.23 in 2026 [19]. The report emphasizes the potential for the new materials industry to enter a prosperous cycle driven by downstream application sectors [18].

Core Viewpoint - Jeff Bezos is planning to raise $100 billion to establish a new fund aimed at acquiring traditional manufacturing companies in key industrial sectors such as aerospace, semiconductor manufacturing, and defense, with a focus on modernizing and automating these industries through artificial intelligence (AI) technology [2]. Group 1: Fund and Acquisition Strategy - The fund is closely linked to Bezos's AI startup, Project Prometheus, which focuses on developing advanced AI models to address manufacturing and engineering challenges in industries like aerospace and automotive [4]. - The fund aims to acquire traditional manufacturing companies with established industrial foundations, enabling the application of Prometheus AI models to enhance production processes and efficiency [4]. - Bezos has been actively seeking funding support for this initiative, engaging with investment institutions in regions such as Singapore and the Middle East [4]. Group 2: AI Focus and Industry Impact - The new AI company, Project Prometheus, symbolizes inspiration and potential risks, reflecting the ongoing global debate about the risks and rewards of AI technology [7]. - The initiative aims to apply AI in manufacturing and engineering within the computing, automotive, and aerospace sectors, potentially reshaping the landscape of traditional manufacturing [7]. - If the fund successfully launches, the combination of $100 billion in funding and advanced AI technology could significantly accelerate the integration of AI into traditional industries [7]. Group 3: Comparison with Government Initiatives - In contrast to Bezos's private efforts, the Chinese government has implemented policies to promote AI in manufacturing, including a 2026 initiative to enhance the intelligence of equipment manufacturing and various industry sectors [8].