Group 1 - The company, Avmax Group Inc., a wholly-owned subsidiary of Shanhe Intelligent Equipment Co., Ltd., plans to acquire 16 DHC-8-300 aircraft from Qantas Airways Limited for a total price of approximately $51.14 million, equivalent to about 367 million RMB [2][3] - The acquired aircraft will primarily be used for international regional flight operations, capitalizing on the current recovery in the global aviation industry and increasing demand for regional aircraft due to falling international oil prices [2][3] - The DHC-8-300 aircraft is recognized for its strong performance in short takeoff and landing, making it suitable for operations in high-temperature and high-altitude areas, as well as on unpaved runways [3] Group 2 - The global regional aviation market is expected to show moderate recovery by 2025, with the International Air Transport Association predicting an average aviation fuel price of $86 per barrel, a 13% decrease from 2024, which will enhance profit expectations for airlines [3] - Low-cost airlines and regional carriers are actively ordering or leasing new aircraft to expand their network coverage and seize market opportunities, indicating a trend of growth in the aircraft leasing sector [3]

Core Insights - Inner Mongolia is actively developing the hydrogen equipment manufacturing industry, aiming for high-end, large-scale, and safe production in line with national "dual carbon" goals and regional energy strategies [1][2] Group 1: Industry Development - The hydrogen equipment manufacturing sector in Inner Mongolia is rapidly growing, supported by policies such as the "14th Five-Year Plan for Hydrogen Development" and government notifications for high-quality industry advancement [1][2] - The region is establishing a comprehensive industrial chain covering hydrogen production, storage, transportation, refueling, and application [1][2] Group 2: Project and Investment - As of June 2025, Inner Mongolia is implementing nine key hydrogen equipment projects with a total investment of 2.802 billion yuan, featuring ten product types [2] - The design capacity for hydrogen production equipment is set to increase by 160% to 650 units by the end of 2023, with expectations to exceed 750 units by year-end [2] Group 3: Production Capacity - Solid hydrogen storage devices are projected to reach a capacity of 2,200 units, with hydrogen storage materials at 3,300 tons per year and hydrogen transport pipes at 5,000 tons [2] - The production capacity for hydrogen production power sources is 50 units, with purification and separation devices at 15 units; AEM and PEM electrolyzer capacities are currently at 0.2 GW and 0.25 GW respectively [2] Group 4: Future Plans - Inner Mongolia plans to enhance investment attraction and develop a collaborative ecosystem for the entire hydrogen industry chain, focusing on policy coordination, application scenarios, and technological breakthroughs [2]

Core Insights - Guangdong Province plans to arrange 1,500 key construction projects by 2025, with an annual investment target of 1 trillion yuan [1] - From January to May this year, the investment in key projects reached 452.2 billion yuan, accounting for 45.2% of the annual investment plan [1] - A total of 105 projects, including the second phase of the Hong Kong University of Science and Technology (Guangzhou) and a 10,000-ton carbon fiber project by Donghua Energy (Maoming), have commenced construction [1] Investment Projects - Ongoing projects include the Guanghe High-speed Railway segment from Baiyun Airport T3 to Jiangcun West, the Nansha to Zhuhai (Zhongshan) intercity railway, and the third phase expansion of Guangzhou Baiyun International Airport [1] - Other significant projects under construction are the Shenzhen Outer Ring Expressway (Phase III), Yangjiang Fanshi No.1 offshore wind farm, the second phase of Taipingling Nuclear Power Plant, and the South China Titanium Valley project [1] - The Longma Group's high-end equipment manufacturing base project in Yangjiang is also progressing smoothly [1]

2025 年 7 月 8 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 23,888 | -0.76 | 40.13 | | 恒生国企 | 8,609 | -0.46 | 49.23 | | 恒生科技 | 5,230 | -0.08 | 38.93 | | 上证综指 | 3,473 | 0.35 | 16.75 | | 深证综指 | 2,074 | -0.49 | 12.87 | | 深圳创业板 | 2,130 | -1.57 | 12.63 | | 美国道琼斯 | 44,406 | -0.94 | 17.82 | | 美国标普 500 | 6,230 | -0.79 | 30.61 | | 美国纳斯达克 | 20,413 | -0.92 | 35.98 | | 德国 DAX | 24,074 | 0.58 | 43.71 ...

Core Viewpoint - Today's investment is tomorrow's competitiveness, emphasizing the need to solidify the foundation of industry development while also focusing on the peak [1][4] Group 1: Investment and Economic Growth - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two重" construction projects for 2025, completing a total of 800 billion yuan in project funding for the year [1] - A total of 1,459 projects span various sectors including transportation, agriculture, water conservancy, ecology, energy, and livelihood, indicating a strong commitment to foundational investment for high-quality development [1][2] - Infrastructure investment from January to May this year grew by 5.6% year-on-year, outpacing overall investment growth by 1.9 percentage points, with significant contributions from transportation and water conservancy sectors [2] Group 2: Project Implementation and Mechanism Innovation - "Two重" construction emphasizes the simultaneous advancement of "hard investment" and "soft construction," integrating project investment with institutional reforms to enhance overall industrial efficiency [2][3] - The promotion of models like "wind power and photovoltaic + desertification control" not only serves ecological purposes but also fosters the integration of new energy industries [2] - The focus on improving the industrial supporting environment through key projects related to transportation, logistics, and energy enhances regional industrial capacity and supports sustainable development [3] Group 3: Market Mechanism and Financial Support - The success of "two重" projects relies on leveraging market mechanisms alongside fiscal funding, encouraging private sector participation through PPP models and infrastructure REITs [4] - Policy financial tools, including long-term special bonds and special bonds, are being utilized to support "two重" construction, with 700 billion yuan of the 1 trillion yuan in special bonds for 2024 allocated directly to these projects [4] - The collaborative approach of fiscal, financial, and social capital is emerging as an effective pathway to drive industrial upgrades and stimulate domestic demand [4]

Core Insights - The integration of AI technology with hardware and software in precision manufacturing is becoming a focal point, driving the industry from traditional manufacturing to high-end intelligent manufacturing [1] - Shenzhen's precision manufacturing sector, represented by companies like JieNiu Intelligent Equipment and Hongbai Technology, is undergoing a profound transformation, enhancing competitiveness and reshaping the future landscape of manufacturing [1] Group 1: Company Innovations - JieNiu Intelligent Equipment has developed an automatic loading and unloading four-station detection device that can detect minute deviations in mobile phone components with an error margin of no more than ±0.1 mm, significantly improving production efficiency and product quality [2] - JieNiu's five-axis polishing machine offers full automation and can operate with multiple workstations simultaneously, with prices 40% to 60% lower than similar imported products, showcasing its competitive edge in the market [2] - Hongbai Technology has introduced AI-driven welding equipment, including the world's first AI model quality analysis system for stud welding machines, which enhances quality detection efficiency and reduces inspection time [3] Group 2: AI Integration and Development - The current strategy in Longgang focuses on a dual approach of AI industrialization and industrial AI, aiming to create a closed loop of technological innovation and industrial upgrading [4] - JieNiu has invested in R&D for detection equipment that combines 3D vision algorithms and AI deep learning, significantly improving accuracy and efficiency in detecting defects in ultra-thin glass [4] - Hongbai Technology allocates over 15% of its annual revenue to R&D, continuously utilizing AI tools to adapt products to market demands, solidifying its position in the automotive welding equipment market [4] Group 3: Supportive Ecosystem - Longgang's strategic initiatives, such as R&D subsidies and talent support, provide robust backing for companies to overcome technological barriers and accelerate the domestic production of intelligent manufacturing equipment [5] - Hongbai Technology is expanding into industrial automation and smart home markets, diversifying its growth avenues while maintaining leadership in automotive welding equipment [5] - The local government's "Thick Soil New Sprout" initiative offers comprehensive support in technology, capital, talent, and market access, enabling companies to focus on product development and market expansion [6]

Core Viewpoint - The Chinese environmental equipment manufacturing industry has transitioned from a phase of catching up to leading in certain areas, supported by robust industry scale and advanced technology, as highlighted by the recent release of the "Opinions on Promoting High-Quality Development of the Environmental Equipment Manufacturing Industry" by various government departments [1][2]. Policy Empowerment: Opening New Spaces for Industry Development - Since 2011, the Ministry of Industry and Information Technology has issued several plans that have provided stable expectations for the industry, with the total output value of the environmental equipment industry projected to grow from 270 billion yuan in 2011 to 920 billion yuan by 2024, reflecting an average annual growth rate of 10% [2][4]. Strategic Needs and Opportunities - The release of the "Opinions" addresses the industry's current challenges, including the gap between traditional processes and green low-carbon requirements, and aims to enhance innovation capabilities and promote carbon reduction in traditional equipment [3][4]. Standard Reconstruction: User Evaluation System Leading Quality Supply - The "Opinions" encourage the establishment of a user evaluation-based recommendation list for excellent environmental equipment, addressing the structural contradiction of "low-end crowding and high-end deficiency" in the market [5][6]. International Expansion: Policy Support for Global Market Development - The "Opinions" provide systematic policy support for companies to expand internationally, encouraging the establishment of overseas R&D centers and participation in international standard-setting, with China's share of the global environmental industry value reaching 23.8% in 2022 [7][8]. Layout Optimization: Collaborative Development to Address Regional Imbalance - The "Opinions" offer a policy opportunity for optimizing the industrial layout, with a focus on leveraging regional advantages to develop environmental equipment manufacturing in less developed areas, as evidenced by emerging industrial bases in regions like Sichuan and Jiangxi [9][10].

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced the launch of several specialized indices on July 21, aimed at providing benchmarks for the performance of specialized and innovative small and medium-sized enterprises, thereby guiding capital towards innovation-driven companies [1][2] - The Shanghai Stock Exchange's Sci-Tech Innovation Board Specialized and Innovative Index includes 50 larger "little giant" companies, representing 47.7% of total market capitalization and 41.9% of R&D expenditure among all specialized and innovative securities, with an average R&D intensity of 21.2% [1] - The Shanghai Specialized and Innovative Index consists of 100 larger companies, with 25% from the main board and 75% from the Sci-Tech Innovation Board, covering 54.7% of the market capitalization of specialized and innovative securities in the Shanghai market [1] Group 2 - The CSI Specialized and Innovative 100 Index selects 100 top-ranking "little giant" securities from the Shanghai, Shenzhen, and North markets, covering 33.0% of market capitalization, 20.9% of revenue, 28.8% of R&D expenditure, and 40.0% of net profit among all specialized and innovative listed companies [2] - The Shenzhen Specialized and Innovative Index and the ChiNext Specialized and Innovative Index are based on the Ministry of Industry and Information Technology's list of "little giant" enterprises, selecting 100 companies each, with a weight of 86% and 89% in strategic emerging industries [2] - Projected revenue growth for 2024 is 15% and 14% for the Shenzhen and ChiNext indices respectively, with net profit growth of 6% and 10%, and a compound annual growth rate of R&D expenses over the past three years of 20% and 19% [2]

Transaction Overview - The company plans to acquire 16 DHC-8 300 aircraft from Qantas Airways Limited for a total price of USD 51.1421 million, including tax total of USD 56.2563 million [1][3] - The board approved the transaction with 11 votes in favor, and no votes against or abstentions [1] - The transaction does not require shareholder approval and has no significant legal obstacles [1] Counterparty Information - Qantas Airways Limited is based in Sydney and is the second oldest airline in global operations [2] Asset Details - The transaction involves 16 DHC-8 300 turboprop aircraft manufactured by Bombardier Inc. [2] - The aircraft are free of any mortgages or liens, and all necessary certificates are complete [2] Agreement Terms - A 5% deposit will be paid 60 calendar days before delivery, with the remaining 85% due upon delivery [3] Financial Assessment - The total price, including a 10% VAT, is USD 56.2563 million, which converts to approximately RMB 404.1903 million based on the exchange rate of 7.1848 [3] - The asset valuation report concluded the aircraft's value at USD 64.2477 million as of December 31, 2024, which is higher than the purchase price [3] Strategic Impact - The acquisition will expand Avmax's turboprop aircraft asset base and enhance its competitive advantage in the global regional aircraft leasing market [4] - The company aims to improve asset management capabilities and increase operational revenue through diverse operational models [4] - The funding for the acquisition will come from the company's own funds and bank loans, ensuring no significant adverse impact on the company's financial status [4]

7月7日晚间，中核科技公告称，公司决定终止发行股份购买西安中核核仪器股份有限公司（以下简称中 核西仪）98.87%股份并募集配套资金的交易事项。 公告显示，中核科技筹划本次交易预计构成重大资产重组与关联交易，并且符合其所处行业通过并购重 组方式强化竞争力的发展趋势。 同时，上述交易是中国核工业集团有限公司（以下简称中核集团）将优质资产注入其控股上市公司的重 要举措。据悉，中核科技与中核西仪均由中核集团控制。 官网显示，中核集团是中央直接管理的特大型国有重要骨干企业，也是国家核科技工业的主体，资产规 模约为1.4万亿元。 市场环境与中核西仪有变 中核科技公告称，公司决定终止本次交易事项，主要是当前市场环境及中核西仪的实际情况，相比于本 次交易的筹划初期发生了一定的变化。 交易预案显示，截至2024年9月30日，中核科技的总资产为26.63亿元，净资产为14.91亿元。 2022年、2023年及2024年前三季度，中核科技的营业收入分别为11.49亿元、13.24亿元、6.63亿元，净 利润分别为1.77亿元、1.64亿元、8159.76万元。 | | | | 单位:万元 | | --- | --- | --- ...