每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 曾健辉） 2025年1至6月份，宝利国际的营业收入构成为：沥青行业占比97.0%，通用航空占比3.0%。 截至发稿，宝利国际市值为40亿元。 每经AI快讯，宝利国际（SZ 300135，收盘价：4.37元）11月18日晚间发布公告称，公司第七届第一次 董事会会议于2025年11月18日在公司会议室召开。会议审议了《关于选举公司第七届董事会下属专门委 员会委员的议案》等文件。 ...

天眼查App显示，11月11日，中电建航空港（四川）建设发展有限公司成立，法定代表人为郭智磊，注 册资本1亿人民币，经营范围包括通用航空服务、公共航空运输、人工智能行业应用系统集成服务、智 能无人飞行器制造等。股权全景穿透图显示，该公司由中国电建（601669）旗下中国电建集团航空港建 设有限公司、中国电建集团成都勘测设计研究院有限公司、中电建西部建设投资发展有限公司共同持 股。 ...

Core Insights - The 2025 China First Low Altitude Cultural Tourism Conference was held in Shenzhen, focusing on the integration of low-altitude economy and cultural tourism, aiming to drive high-quality development in these sectors [1][2] - The conference featured an award ceremony recognizing outstanding contributions from various companies in the low-altitude cultural tourism industry [1] Industry Developments - The event gathered industry elites to explore new opportunities and pathways for the integration of low-altitude economy and cultural tourism [1] - A total of 12 awards were presented across three categories, highlighting achievements in low-altitude scene applications, aircraft manufacturing, and infrastructure support [1] Key Presentations - Notable presentations included topics such as the application of vertical take-off and landing technology in low-altitude cultural tourism, policies and practices for mass aviation consumption, and the creation of urban cultural tourism IP through drone light shows [2] - A roundtable forum discussed how new low-altitude technologies can empower and transform traditional cultural tourism sites, addressing challenges and breakthroughs in this integration [2] Networking and Collaboration - The conference served as an effective platform for communication and collaboration between the low-altitude economy and cultural tourism sectors, establishing benchmarks and development directions for the industry [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3]. Core Insights - The company has achieved a net profit of 229 million yuan in Q3 2025, representing a year-on-year growth of 38%. For the first three quarters of 2025, the company reported a revenue of 11.416 billion yuan, up 0.40% year-on-year, and a net profit attributable to shareholders of 729 million yuan, up 29.38% year-on-year [1][9]. - The automotive lightweight components business continues to optimize customer structure and enhance R&D efforts in aluminum and magnesium alloy applications. The company is also expanding its collaboration with key new energy customers [2][25]. - The general aviation aircraft manufacturing business is focused on innovation, with a strong order book and ongoing development of new aircraft models, including eVTOL and drones. The acquisition of Volocopter's core assets aims to create a commercial ecosystem for urban air mobility solutions [2][26]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.922 billion yuan, down 1.93% year-on-year, and a net profit of 229 million yuan, up 38.14% year-on-year. The gross margin for Q3 was 15.3%, a decrease of 0.4 percentage points year-on-year, while the net margin improved by 1.3 percentage points to 6.6% [1][18]. - For the first three quarters of 2025, the automotive lightweight components revenue was 9.385 billion yuan, a slight increase of 0.02% year-on-year, while the general aviation aircraft revenue was 2.031 billion yuan, up 2.20% year-on-year [9][26]. Business Segments - The automotive lightweight components segment focuses on aluminum and magnesium alloys, with ongoing efforts to enhance production efficiency and optimize product structure for new energy vehicles [25][29]. - The general aviation segment is expanding its market presence with a robust order book and continuous innovation in aircraft manufacturing, including the development of eVTOL and other new aircraft models [2][26]. Future Outlook - The company maintains its revenue forecasts for 2025-2027 at 17.843 billion yuan, 19.328 billion yuan, and 21.098 billion yuan, respectively, with net profits projected at 1.001 billion yuan, 1.201 billion yuan, and 1.405 billion yuan [3][35].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3][35] Core Insights - The company reported a net profit of 229 million yuan in Q3 2025, representing a year-on-year growth of 38%. For the first three quarters of 2025, the company achieved a revenue of 11.416 billion yuan, up 0.40% year-on-year, and a net profit attributable to shareholders of 729 million yuan, up 29.38% year-on-year [1][9] - The company focuses on lightweight automotive components and general aviation aircraft manufacturing, positioning itself as a leader in the low-altitude economy through its eVTOL and other aviation innovations [2][25][28] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.922 billion yuan, down 1.93% year-on-year and 0.14% quarter-on-quarter. The net profit for the same quarter was 229 million yuan, up 38.14% year-on-year and 1.35% quarter-on-quarter [1][9] - The gross margin for Q3 2025 was 15.3%, a decrease of 0.4 percentage points year-on-year and 3.5 percentage points quarter-on-quarter. The net margin improved by 1.3 percentage points year-on-year to 6.6% [1][18] Business Segments - The automotive lightweight components segment generated revenue of 9.385 billion yuan in the first three quarters of 2025, a slight increase of 0.02% year-on-year. The general aviation aircraft manufacturing segment achieved revenue of 2.031 billion yuan, up 2.20% year-on-year [1][26] - The company is enhancing its customer structure and focusing on the development of aluminum and magnesium alloy lightweight applications, while also expanding its collaboration with core new energy customers [2][25] Future Outlook - The company maintains its revenue forecasts for 2025-2027 at 17.843 billion yuan, 19.328 billion yuan, and 21.098 billion yuan, respectively, with net profits projected at 1.001 billion yuan, 1.201 billion yuan, and 1.405 billion yuan [3][35] - The company is actively pursuing opportunities in the low-altitude economy, particularly through the development of eVTOL aircraft and expanding its market presence in urban air mobility solutions [2][28]

Group 1 - The general aviation sector has seen significant gains, with Morningstar Aviation rising over 13%, Zhong Drone increasing over 6%, and AVIC Chengfei up over 4%, contributing to a 1.08% rise in the Southern General Aviation ETF (159283) [1] - The geopolitical uncertainty is expected to increase attention on the military industry, which is poised to benefit from the national strategic deployment as indicated by the "14th Five-Year Plan" [2] - The "14th Five-Year Plan" outlines a new cycle of prosperity for the military industry, with positive statements regarding policy direction and high-quality transformation, which may boost market confidence and consensus [2] Group 2 - The military industry chain's segment density has decreased to a low level, suggesting a favorable environment for growth in the upcoming cycle [2] - The Southern General Aviation ETF (159283) tracks the CSI General Aviation Index, focusing on the aerospace sector within the military industry, and has been receiving continuous net inflows [2]

数据来源于沪深交易所、公开资料等。 11月17日，截至发稿，通用航空ETF华宝（159231）盘中表现平稳，场内价格微涨0.35%。成份股方 面，晨曦航空和天和防务表现最为亮眼，涨幅分别达到7.19%和7.11%，中无人机紧随其后，上涨 3.99%。另一方面，万丰奥威、中信海直和珠海冠宇走势较弱，跌幅分别为1.52%、1.23%和1.0%。 消息面上，11月12日第十五届中国国际航空航天博览会在珠海开幕，首次实现"一展多地"模式，珠海国 际航展中心启用13个展馆，集中展示航空装备领域前沿技术。此外，中国航发在"2025南昌飞行大会"展 出CJ2000等多款发动机，展现民用航空和通用航空动力领域的创新成果，推动航空产业绿色转型。 华福证券指出，11月7日我国首艘电磁弹射型航母福建舰入列，其自主设计的电磁弹射技术达世界先进 水平。当前军工板块市盈率TTM 70.35倍（分位数92.55%），虽短期指数下跌0.47%，但考虑到2025- 2026年十五五计划、建军百年目标及军贸发展等多重催化，行业内外需增长明确，基本面强恢复预期下 配置性价比凸显，新景气周期即将到来。 东北证券指出，国防军工板块基本面逐步复苏，20 ...

Core Insights - A new company, Zigong Low Altitude Research Institute Co., Ltd., has been established with a registered capital of 50 million RMB [1] - The company is wholly owned by Zigong Aviation Industry Investment Group Co., Ltd. [1] - The business scope includes general aviation services, investment activities using self-owned funds, and asset management services for self-owned funds [1] Company Overview - The legal representative of the newly established company is Chen Junliang [1] - The registered capital indicates a significant investment commitment towards the aviation sector [1] Industry Implications - The establishment of this company reflects a growing interest in the general aviation sector in China [1] - The focus on low altitude research and services may indicate potential growth opportunities in the aviation industry [1]

通用航空ETF基金紧密跟踪中证通用航空主题指数，中证通用航空主题指数选取50只业务涉及航空材料及零部件、通航飞行器制造、通航基础设施、通航运 营与保障、通航应用等通用航空相关领域的上市公司证券作为指数样本，反映通用航空主题相关上市公司证券的整体表现。 数据显示，截至2025年10月31日，中证通用航空主题指数(931855)前十大权重股分别为航天电子(600879)、海格通信(002465)、中国卫通(601698)、西部超导 (688122)、华测导航(300627)、中科星图(688568)、航天彩虹(002389)、洪都航空(600316)、中直股份(600038)、光启技术(002625)，前十大权重股合计占比 40.97%。 开源证券指出，低空经济已经迎来从宏观（国家层面产业规划）到中观（各地地方补贴）再到微观（基建主机招标、应用场景打造）的纵向落地，建议关注 低空经济后续板块行情。 截至2025年11月14日 10:33，中证通用航空主题指数(931855)上涨0.24%，成分股晨曦航空(300581)上涨4.32%，航天南湖(688552)上涨3.88%，星网宇达 (002829)上涨3.11% ...

Core Viewpoint - The financing activities of CITIC Haineng (000099) indicate a positive sentiment among investors, with a net buying trend observed over the past three trading days, suggesting a bullish market outlook [1][4]. Financing Summary - On November 13, 2025, CITIC Haineng had a financing buy-in of 22.21 million yuan and a financing repayment of 19.76 million yuan, resulting in a net financing buy of 2.45 million yuan, with a financing balance of 753 million yuan [1]. - The net financing buy for the last three trading days totaled 15.93 million yuan [1]. - The financing balance on November 13 represented 4.54% of the circulating market value [2]. Margin Trading Summary - On November 13, 2025, there were 2,400 shares sold short, with no shares repaid, resulting in a net short sale of 2,400 shares and a remaining short balance of 80,000 shares [3]. - Over the past 20 trading days, there were 12 days with net short sales [3]. Overall Margin Balance - The total margin balance on November 13 was 755 million yuan, reflecting an increase of 2.5 million yuan or 0.33% from the previous day [4]. - The margin balance has shown fluctuations, with a notable increase of 9.76 million yuan on November 12, 2025, indicating varying investor sentiment [4].