2025 年 07 月 17 日 聚焦航天航空行业，兼具稳研发与 高弹性： 万家国证航天航空行业 ETF（159208）投资价值分析 ——指数基金产品研究系列之二百五十 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 白皓天 (8621)23297818× baiht@swsresearch.com 量 化 研 究 请务必仔细阅读正文之后的各项信息披露与声明 权 益 股 票 基 金 告 相关研究 - ⚫ 万家国证航天航空行业 ETF（159208）是万家基金旗下的 ETF 产品，于 2025/4/28 成立， 并于 2025/5/12 正式上市。现任基金经理为贺方舟先生。基金紧密跟踪标的指数，追求跟 踪偏离度和跟踪误差最小化，管理费率 0.50%、托管费率 0.10%。 ⚫ 多重逻辑驱动行业快速发展，把握航空航天两大主线 ...

Core Viewpoint - The collaboration between Jinggong Technology and Longxing Aviation Electronics aims to establish a benchmark for aviation composite material maintenance, enhancing the carbon fiber composite material industry and creating a comprehensive capability in research, manufacturing, testing, maintenance, and repair of composite materials [1][2]. Group 1: Company Overview - Jinggong Technology has over 50 years of equipment manufacturing history and is committed to becoming a leader in high-end specialized equipment technology and promoting industrial upgrades [1]. - Longxing Aviation Electronics, established in August 2020, focuses on the research and manufacturing of domestic civil aviation electronic equipment, with over 140 employees, more than 50% holding master's or doctoral degrees, and nearly 70% being R&D personnel [1]. Group 2: Strategic Collaboration - The partnership will leverage both companies' strengths to accelerate the development of a full-chain capability in composite material maintenance, providing integrated technical support and service assurance for the aviation sector [2]. - The collaboration is seen as a crucial step in building autonomous and controllable aviation composite maintenance capabilities, which is essential for ensuring the safety and resilience of the industrial chain in the context of national strategies for aviation development [2][3]. Group 3: Future Directions - The two companies plan to deepen cooperation in areas such as technology research and development, airworthiness certification, and innovation ecosystem cultivation, contributing to the safety of China's aviation industry chain and promoting the development of the low-altitude economy [3].

Core Viewpoint - The fixed asset investment growth in China has slowed down in the first half of the year due to a decline in manufacturing and infrastructure investments, alongside a significant drop in real estate investment [1][3]. Investment Growth and Structure - In the first half of the year, total fixed asset investment (excluding rural households) reached 24,865.4 billion yuan, with a year-on-year growth of 2.8%, down 0.9 percentage points from January to May; after adjusting for price factors, the growth was 5.3% [1]. - Infrastructure investment grew by 4.6%, a slowdown of 1.0 percentage points; manufacturing investment increased by 7.5%, down 1.0 percentage points; real estate development investment fell by 11.2%, with the decline widening by 0.5 percentage points [1][5]. - Despite the slowdown, the investment structure is improving, with high-tech manufacturing and service investments maintaining rapid growth, and green energy investments seeing significant increases [1][2]. High-Tech and Green Investments - High-tech manufacturing investment grew by 26.3% in aerospace and 21.5% in computer and office equipment manufacturing [2]. - High-tech service investment rose by 8.6%, with information service investment increasing by 37.4% [2]. - Green energy investment surged, with electricity, heat, gas, and water production and supply investment growing by 22.8%, contributing 55.6% to total investment growth [2]. Major Projects and Infrastructure - Major projects under the "Two New" initiative have been effectively supporting investment, with infrastructure investment growing by 4.6%, higher than the overall investment growth [5][6]. - The total investment in projects (excluding real estate) increased by 6.6%, with projects planned to invest over 100 million yuan growing by 5.6% [6]. - The government has allocated over 300 billion yuan to support the third batch of "Two New" construction projects, with a total of 800 billion yuan planned for the year [6]. Real Estate Market Dynamics - The real estate market is experiencing a downturn, with sales and investment declining, leading to a significant drag on overall investment [6]. - The central government is focusing on establishing a new model for real estate development, emphasizing urban renewal and quality housing construction, which could release over 8 trillion yuan in market potential annually [7].

总台记者获悉，当地时间7月17日，以色列国防部与财政部就此前因以伊冲突及"基甸战车"军事行动所 引发的预算分歧达成一致。两部当天共同发表声明，宣布将在2025至2026年期间追加420亿新谢克尔(约 合125亿美元)国防预算。根据协议，该笔资金将用于推进紧急且关键的国防采购项目，补充作战中消耗 的物资储备，并支付因大规模征召预备役士兵而产生的费用。相关拨款将从2025年内开始执行，并在 2026年补足。据悉，由于当前以色列国内政治局势导致2026年度预算尚不确定，因此相关法案尚未正式 获得通过，但各方已就执行框架达成一致。此外，联合声明指出，此项追加预算仅回应了当前阶段的作 战需求，不包括加强边境日常安全方面的额外支出。(央视新闻) ...

Group 1: High-tech Manufacturing Index - The Guosen weekly high-tech manufacturing diffusion index A recorded -0.4, indicating a weakening trend[1] - The diffusion index B stood at 50.6, showing a decline from the previous period[1] - The semiconductor sector's prosperity increased, while aerospace, new energy, and pharmaceutical industries saw a downturn[1] Group 2: Price Trends - The price of 6-amino penicillanic acid decreased to 220 RMB/kg, down by 10 RMB/kg from last week[2] - The price of acrylonitrile fell to 8,150 RMB/ton, a decrease of 50 RMB/ton[2] - The price of dynamic random-access memory (DRAM) rose to $1.5080, an increase of $0.059[2] - The price of lithium hexafluorophosphate dropped to 49,800 RMB/ton, down by 80 RMB/ton[2] Group 3: Policy and Industry Developments - Shanghai issued a plan to build a world-class modern shipbuilding base by 2027, targeting an industry scale exceeding 120 billion RMB[2] - NVIDIA's CEO Jensen Huang visited China for the third time this year, announcing the re-approval of the H20 chip for sale[2] Group 4: Economic Indicators - Fixed asset investment cumulative year-on-year growth is at 2.80%[5] - Retail sales year-on-year growth for the month is at 4.80%[5] - Monthly export year-on-year growth is at 5.80%[5] - M2 money supply growth stands at 8.30%[5] Group 5: Risk Factors - Development and structural adjustments in high-tech manufacturing may lead to indicator failures[3] - Economic policies and industrial policy interventions pose risks[3] - Economic growth slowdown is a potential concern[3]

Market Overview - The market has been consolidating around the 3500-point level, with a slight increase of 13 points today, indicating a relatively strong overall trend [1] - The central bank has been actively injecting liquidity into the market through a continuous net injection of 7-day reverse repos for three consecutive days, suggesting a supportive funding environment [1] Investment Opportunities - Two sectors showing strong performance today are optical modules and printed circuit boards (PCBs), which are expected to remain active in the technology field [2] - The military and pharmaceutical sectors also demonstrated strong activity, with military equipment showing promising performance as earnings reports approach [2] - The pharmaceutical sector, particularly innovative drugs, has been a major driver this month, supported by new standards and batch procurement policies [3] Sector Analysis - The technology sector, including components and innovative drugs, is highlighted as a key area for investment, while also monitoring the potential recovery in real estate and other sectors like steel and energy metals [3] - Caution is advised against chasing small-cap stocks, as they tend to experience rapid price fluctuations [3]

证券代码：688328 证券简称：深科达 公告编号：2025-031 深圳市深科达智能装备股份有限公司 关于召开2025年第三次临时股东会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 股东会召开日期：2025年8月4日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 （一） 股东会类型和届次 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 8 月 4 日 14 点 00 分 召开地点：深圳市宝安区西乡街道龙腾社区汇智研发中心 B 座 10 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 8 月 4 日 至2025 年 8 月 4 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9: ...

关于 2025 年限制性股票激励计划（草案）摘要公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 股权激励方式：第二类限制性股票 ? 股份来源：公司向激励对象定向发行公司 A 股普通股股票 证券代码：688328 证券简称：深科达 公告编号：2025-029 深圳市深科达智能装备股份有限公司 ? 股权激励的权益总数及涉及的标的股票总数：本激励计划拟向激励对象 授予 1,230,000 股限制性股票，占本激励计划草案公告时公司股本总额 94,456,295 股的 1.30%。 一、本激励计划的目的与原则 为了进一步健全公司长效激励机制，吸引和留住优秀人才，充分调动公司员 工的积极性，有效地将股东利益、公司利益和员工个人利益结合在一起，使各方 共同关注公司的长远发展，在充分保障股东利益的前提下，按照收益与贡献匹配 的原则，根据《公司法》《证券法》《管理办法》《上市规则》《自律监管指南》 等有关法律、法规和规范性文件以及《公司章程》的规定，制定本激励计划。 截至本激励计划公告日，本公司不存在其他正在执行的 ...

证券代码：301552 证券简称：科力装备 公告编号：2025-024 河北科力汽车装备股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 为 754,925 股，占发行后公司总股本的 1.11%，具体内容详见公司 2025 年 1 月 配售限售股份上市流通提示性公告》（公告编号：2025-001）。 特别提示： "公司"）首次公开发行战略配售股份； 解除限售的股东户数共计 5 户，限售期为自公司股票首次公开发行并在深圳证券 交易所上市之日起 12 个月； 一、首次公开发行股份概况及股份变动情况 （一）首次公开发行股份概况 经中国证券监督管理委员会《关于同意河北科力汽车装备股份有限公司首次 公开发行股票注册的批复》（证监许可〔2024〕339 号）同意注册，并经深圳证 券交易所同意，公司首次公开发行人民币普通股（A 股）17,000,000 股，并于 2024 年 7 月 22 日在深圳证券交易所创业板上市。 首次公开发行股份前，公司总股本为 51,000,000 股。首次公开发行股份后， 公 司 总 股 本 为 68,000,000 股 ， 其 中 ...

深圳市深科达智能装备股份有限公司 （2）最近12个月内被中国证监会及其派出机构认定为不适当人选； （3）最近12个月内因重大违法违规行为被中国证监会及其派出机构行政 处罚或者采取市场禁入措施； 董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划（草案）的核查意见 深圳市深科达智能装备股份有限公司（以下简称"公司"）董事会薪酬与 考核委员会依据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）、《上市公司股权激励管理办法》（以 下简称《管理办法》）、《上海证券交易所科创板股票上市规则》（以下简称《上 市规则》）、《科创板上市公司自律监管指南第4号——股权激励信息披露》（以 下简称《自律监管指南》）等相关法律、法规、规章及规范性文件和《深圳市深 科达智能装备股份有限公司章程》（以下简称《公司章程》）的有关规定，对公 司《2025年限制性股票激励计划（草案）》（以下简称《激励计划（草案）》） 进行了核查，发表核查意见如下： 实施股权激励计划的情形，包括： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一 ...