证 券 研 究 报 告 励精图治 ——十五五规划十大投资机会梳理 证券分析师： 程翔 A0230518080007 王胜 A0230511060001 傅静涛 A0230516110001 2025.12.06 主要结论 www.swsresearch.com 2 ◼ 2025年9月3日，抗战胜利80周年大阅兵的举行，9月23日，中国国务院总理李强在出席第80届联合国大会相关活动时向全世界庄严 宣示，中国作为负责任的发展中大国，在世贸组织当前和未来谈判中，将不寻求新的特殊和差别待遇。四中全会召开前夕，"钟才 文"系列文章的发布，分别从军事安全、国际责任与国内预期等多个维度共同传递出了一个明确的信号：中国正从全球规则的适应 者，主动转变为共建者与责任承担者。 ◼ 10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》 发布， "统筹发展和安全"贯穿所有领域。科技 部分十五五首次将新兴产业定位为 "支柱产业"，聚焦新能源、新材料等，核心以集群化发展 + 场景规模化落地为路径，还提出 新技术新产品新场景大规模应用示范行动。从覆盖范围角度而言，三中全会聚焦"战略性产业"，"十五五"拓展至"传统-新 ...

"马克龙的访问远非例行外交访问，而是一次考验：两个历史上倾向于战略自主的文明强国，能否 帮助稳定一个正走向分裂的世界。" "北京！非常高兴在布丽吉特和代表团的陪同下，对中国进行第四次国事访问。" 12月3日晚间，法国总统马克龙在社交媒体上如此写道。 当天，马克龙抵达北京，开始对中国进行为期三天的国事访问。 这是马克龙时隔两年半再度访问中国，也是对国家主席习近平在去年中法建交60周年之际对法国进 行历史性国事访问的回访。 在全球局势愈发动荡、欧洲内部对华政策争议不断的大背景下，马克龙此行已不仅是一次惯常的外 交往来，而被视为中法关系以及中欧互动在复杂时代重寻定位的重要时刻。 据新华社报道，在马克龙于12月3日至5日对中国进行国事访问期间，中法双方就加强全球治理、合 作应对全球气候和环境挑战、持续推进和平利用核能领域合作、农业和食品交流与合作、乌克兰局势和 巴勒斯坦局势发表了联合声明。 超80人代表团 马克龙在中国的三天访问行程紧凑且丰富，涵盖了从正式欢迎仪式到企业家互动的多层交流。 据新华社消息，12月4日，习近平在北京为来华进行国事访问的马克龙举行了欢迎仪式。 当天上午，习近平在北京人民大会堂同马克龙举行会谈 ...

美国海军4日发布报告，披露"哈里·杜鲁门"号航空母舰战斗群在执行应对也门胡塞武装袭击商船任务期间发生 的三起导致F/A－18"超级大黄蜂"战机坠机事故的调查结果。 第二起坠机源于甲板操作失误。2025年4月，航母为躲避胡塞武装火力攻击而进行急转弯时，机库内一架"超级 大黄蜂"因机库门未及时关闭，且未将甲板倾斜情况告知正在操作战机入库的士兵，战机开始滑动，最终坠入 海中。调查发现，甲板因作战飞行任务过于频繁，影响了常规清洁工作，导致甲板异常湿滑，战机刹车未有效 启动。同时，负责刹车的士兵"缺乏必要知识和对系统的理解"。 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 第三起发生在2025年5月6日，即美国总统特朗普宣布与胡塞武装停火当天。一架"超级大黄蜂"降落时，用于制 动的阻拦索系统中的连接销因缺失固定部件逐渐移位，最终断裂 ...

IT之家 12 月 5 日消息，2025 全球独角兽企业 500 强大会（2025）于 12 月 3 日在山东省青岛市崂山区举 办。独角兽工程院院长、全球独角兽企业 500 强大会秘书长解树江发布了《2025 全球独角兽企业 500 强 报告》。 该报告由独角兽工程院联合中国人民大学中国民营企业研究中心、清华大学新质生产力研究院、北京隐 形独角兽信息科技院和浙江清华长三角研究院独角兽企业研究中心共同发布。评价标准是： 1.公司估值在 70 亿元人民币（10 亿美元）以上； 2.拥有独创性或颠覆性技术； 3.拥有难以复制的商业模式； 4.成立时间 10 年左右； 5.符合现行政策导向，不存在重大负面舆情。 2025 年全球独角兽 TOP10 估值合计达 13.42 万亿元，较 2024 年激增 107.4%，在 500 强总估值中占比从 21.62% 升至 34.23%。500 强总估值增量的 57%（6.95 万亿元）由 TOP10 贡献，资源向头部高度集聚。 | 排名 | 企业名称 | 估值(亿元) | 所在国家 | 所在城市 | 赛道 | | --- | --- | --- | --- | --- | - ...

Core Insights - The Aerospace ETF (159227) has seen a 1.83% increase as of December 5, with significant gains from holdings such as Guolian Aviation, which rose over 12% [1] - The ETF has experienced a growth of 0.82 billion yuan in size over the past week, indicating strong market interest [1] - Multiple domestic reusable rockets are set for their maiden flights between late November and December, marking a period of technological breakthroughs [1] - Analysts predict that 2025 will be a pivotal year for China's commercial aerospace industry, with advancements in reusable rocket technology and satellite manufacturing leading to increased launch frequency [1] Industry Developments - The successful maiden flight of Blue Arrow Aerospace's Zhuque-3 on November 29, along with upcoming launches from Tianbing Technology and China Aerospace Science and Technology Corporation, highlights the rapid progress in the sector [1] - Wanlian Securities forecasts that the commercial aerospace industry in China will enter a significant acceleration phase in 2025, driven by technological advancements and increased production capacity [1] - The Aerospace ETF closely tracks the National Aerospace Index and is strategically invested in leading military enterprises across various emerging sectors, including large aircraft manufacturing and low-altitude economy [1]

（文章来源：每日经济新闻） 航空航天ETF近一个月规模增长3.76亿元，实现显著增长，最新规模21.39亿元，规模居同指数第一。 截至2025年12月5日14:53 ，A股三大指数全线上涨，上证指数涨0.68%，深证成指涨1.02%，创业板指涨 1.32%。航空航天ETF（159227）上涨2.36%，最新报价1.172元，盘中成交额已达3.06亿元，换手率 14.16%。成分股方面涨跌互现，广联航空领涨10.65%，航天发展上涨10%，上海瀚讯上涨9.29%，海特 高新上涨7.86%，航天晨光上涨6.55%。 航空航天ETF（159227）紧密跟踪国证航天指数，申万一级军工行业占比高达98.2%，堪称全市场"军工 纯度"最高的指数，覆盖航空装备、航天装备、卫星导航、新材料等关键产业链环节，成分股精选军工 领域头部企业，涵盖大飞机研制、低空经济、商业航天等新兴领域。 商业航天概念权重占比高达 56.5%。前十大重仓股中包含了航天发展、中国卫星、航天电子、中航机载、中航高科等行业龙头。 资金流入方面，航空航天ETF近10个交易日内，有6个交易日获资金净流入，合计"吸金"1.33亿元。 万联证券表示，2025年我 ...

Core Viewpoint - The aerospace and defense sector is experiencing fluctuations, with the Aerospace ETF (159227) showing a decline of 1.91% as of 10:30 AM on December 3, despite achieving a record high in both scale and shares since its inception [1] Group 1: Market Performance - The Aerospace ETF (159227) has a current scale of 2.126 billion yuan and 1.851 billion shares, both reaching new highs since its establishment [1] - The ETF recorded a trading volume of 128 million yuan, maintaining its position as the leading fund in its category [1] Group 2: Company Developments - Aerospace Development has achieved 9 consecutive trading limits in 13 days, successfully completing the development and launch of 22 Tianmu-1 satellites, marking a significant milestone in commercial aerospace [1] - Tongyu Communication has also seen a 4-day trading limit, with early investments in commercial aerospace, satellite communication, and advanced manufacturing [1] Group 3: Industry Insights - CITIC Securities highlights that the mass launch phase of China Star Network and G60 Qianfan Constellation, along with the operationalization of Hainan's commercial launch site and rockets, is ushering in a new era for commercial aerospace characterized by high capacity and low costs [1] - The industry is poised for significant growth, with a potential market size reaching trillions, driven by advancements in space computing capabilities [1] Group 4: ETF Composition - The Aerospace ETF (159227) closely tracks the National Aerospace Index, with a military industry composition of 98.29%, making it the highest purity military index in the market [2] - The ETF covers critical industry segments including aerospace equipment, satellite navigation, and new materials, with a significant focus on emerging fields such as large aircraft development and the low-altitude economy, where commercial aerospace concepts account for 51.83% of its weight [2]

Core Viewpoint - The aerospace ETF (159227) has seen a significant increase in its holdings and performance, driven by advancements in China's commercial aerospace sector, particularly with the upcoming launches of reusable rockets and a projected acceleration in the industry by 2025 [1]. Group 1: ETF Performance - As of December 5, the aerospace ETF (159227) rose by 1.83%, with leading stocks such as Guanglian Aviation increasing by over 12% [1]. - The ETF has experienced a growth of 0.82 billion yuan in size over the past week, indicating strong market interest [1]. Group 2: Industry Developments - Multiple domestic reusable rockets are set for their maiden flights from late November to December, marking a period of technological breakthroughs [1]. - Blue Arrow Aerospace's Zhuque-3 completed its first flight on November 29, while Tianbing Technology's Tianlong-3 is scheduled for early December, and the Long March 12甲 by the China Aerospace Science and Technology Corporation is expected to launch in mid to late December [1]. - The year 2025 is anticipated to be a pivotal year for the commercial aerospace industry in China, with significant advancements in reusable rocket technology, satellite manufacturing, and high-density launch missions [1]. Group 3: Industry Outlook - Wanlian Securities predicts that 2025 will mark a critical acceleration period for China's commercial aerospace industry, with a strong resonance between technological breakthroughs and scale expansion [1]. - The aerospace ETF (159227) closely tracks the Guozheng Aerospace Index and is strategically invested in leading companies within the aerospace industry, covering sectors such as large aircraft manufacturing, low-altitude economy, and commercial aerospace [1].

Core Insights - The WISE 2025 Business King Conference aims to anchor the future of Chinese business amidst uncertainty, emphasizing the theme "The Scenery Here is Unique" [1] - The conference is characterized by an immersive experience rather than a traditional industry summit, focusing on trends in technology and business practices [1] Group 1: Technology and Consumption Dynamics - Yang Yi, founder of Jinyu Capital, highlighted the positive cycle of "technology empowering consumption and consumption driving technology" as a key force for China's development [2][5] - Jinyu Capital focuses on investing in technology innovation and improving quality of life, aligning with China's 14th Five-Year Plan [6][7] Group 2: Technological Foundations - China has the largest pool of R&D personnel globally, with 28% of high-level tech talent and 37% of STEM graduates [8] - The country is increasing its R&D investment, projected to reach 3.6 trillion yuan in 2024, accounting for 20% of global R&D spending [9] - China leads in manufacturing output, holding 30% of global manufacturing value, and has made significant breakthroughs in key technologies [9][10] Group 3: Consumer Market Potential - China is the world's largest consumer market, with significant growth in disposable income, which reached 41,000 yuan in 2024, a 46-fold increase since 1990 [12] - The country is expected to surpass the U.S. as the largest consumer market by 2025, with retail sales projected to exceed 50 trillion yuan [13] Group 4: Investment Strategies - Jinyu Capital emphasizes the synergy between technology and consumption, viewing them as coexisting elements that drive each other [14] - The firm has identified opportunities in sectors where technology enhances consumer experiences, such as consumer electronics, retail, health, and food industries [15][16] Group 5: Future Opportunities - The integration of AI in both hardware and software is seen as a significant opportunity for entrepreneurs and investors, with AI expected to reshape consumer experiences and productivity [23][24] - The development of consumer-grade AI hardware and software is anticipated to create new product categories and enhance existing ones, driving market growth [25]

Group 1: Business Focus and Strategy - The company consolidates its core businesses in rail transportation and semiconductor materials while focusing on spatial information services to create a "three-dimensional transportation" scenario [2] - Future development will emphasize low-altitude and low-orbit satellite sectors, with the establishment of a research institute dedicated to key technologies such as drone flight control and airspace management [2][3] Group 2: Semiconductor Materials Business - The semiconductor materials division has achieved full coverage of power device semiconductor materials from 3 to 8 inches, indirectly entering partnerships with global companies like Toshiba and Sony [3] - The company is building an international business footprint through a "3+1" base strategy, collaborating with various facilities to enhance its semiconductor capabilities [3] Group 3: Product Development and Innovation - Key products in the low-altitude sector include the UniTFCC flight control computer, UniPort smart takeoff and landing field, and UniSpace low-altitude service platform, all of which have received high industry recognition [3][4] - The company is increasing R&D investments in MBSE (Model-Based Systems Engineering) software, which has already generated sales revenue and is applicable across various engineering fields [4] Group 4: Safety and Quality Assurance - The company has developed a safety management system for rail transit and low-altitude operations, achieving SIL4 certification for its control chip, which has been applied over 2,000 kilometers in rail transit [6] - A comprehensive quality safety system has been established, including ISO26262 and AS9100D standards, to ensure safety in both rail and low-altitude operations [6] Group 5: Market Potential and Financial Insights - The flight control computer is expected to account for approximately 8%-10% of the overall value of eVTOL (electric Vertical Take-Off and Landing) vehicles, with market growth anticipated as more eVTOLs achieve certification [4] - The company aims to leverage its technological advantages and market positioning to enhance its competitive edge in the low-altitude and semiconductor sectors [4][6]