商用航空发动机自主可控的重要性在于应对国际供应链风险，特别是美国可能 对中国商用航空发动机实施断供。这一事件催化了中国商用航空发动机自主可 控进程的加速。当前，中国商用航空发动机几乎全部依赖进口，包括国产飞机 C919 使用的 LEAP 发动机。如果断供，将对 C919 产生重大影响。因此，自 主可控成为迫切需求。 中国商用航空发动机市场空间有多大？ 根据测算，未来 20 年全球商用航空发动机市场需求约为 13 万亿元人民币，平 均每年 6,500 亿元人民币。中国市场预计总需求为 2.6 万亿元人民币，平均每 年 1,300 亿元人民币。这些数据反映了巨大的市场潜力。此外，维护费用通常 全球火炸药产能扩张面临瓶颈，美欧等国均面临短缺。欧盟推出 ISIP 法 案增加火炸药产能，美国加大对雷福德和霍尔斯顿弹药厂的投入，但扩 产难度大。 商业航天能力兴起推动国防体系建设，国防部门可购买太空发射能力和 商业星群。美国 Spacex 公司的"星链计划"和"星舰"超重型火箭试 验将极大推动低轨民用和军用星座建设。 Q&A 商用航空发动机自主可控的重要性及其加速的原因是什么？ 高于新机费用，使得整个生命周期内的市场规模更 ...

Group 1 - The domestic internal combustion engine industry is expected to exceed 80 million units in production and over 2.9 billion kilowatts in total power by 2024, with a growth rate of over 10% in the first four months of this year, resulting in a total output value of approximately 600 billion yuan [4] - The National VI emission standards have been a focal point for the industry, with the National VII standards set to be completed by December 2026, aiming for a 50% reduction in VOC emissions for light vehicles and the introduction of a collaborative control mechanism [5][8] - The development of carbon-neutral fuels and efficient engines is gaining traction, with a consensus in the automotive industry that a diversified technological approach is necessary for low-carbon and zero-carbon development [6] Group 2 - The competition to improve engine thermal efficiency is becoming a trend in the industry, although it is not the only indicator of engine advancement, as overall vehicle fuel economy is influenced by various factors [11] - The development of hydrogen internal combustion engines is seen as a viable path to near-zero carbon emissions, with Delphi focusing on mid-pressure hydrogen injection technology for light vehicles and non-road machinery [18][20] - The low-altitude economy is emerging as a significant growth engine, with a market expected to grow rapidly, particularly in urban air mobility and logistics, where hybrid power systems are seen as a key solution to overcome electric vehicle limitations [21][24] Group 3 - The development of high-end V-type turbocharged direct injection engines by FAW Hongqi has reached international advanced levels, indicating significant progress in the domestic engine sector [28] - The industry is encouraged to adopt a global perspective in the development of engines and power systems, particularly in high-power and large-displacement engines, as part of China's strategy to expand its automotive market internationally [30]

在美国发起全球关税战之际，中国重申了对稀土出口的管制措施。稀土作为一种关键的工业原材料，其在多个领域的应用具有深远影响，因此被视为一种战 略资源。稀土材料的特性使其成为典型的双用途资源——无论是在民用还是军用领域，它们都发挥着重要作用。在中国为维护国家安全的背景下，对稀土的 管控显得尤为重要。值得一提的是，中国在稀土提炼产业链上拥有最为完善的体系，因此能够为全球提供大多数稀土材料的精炼，而西方发达国家长期以来 也依赖于中国的稀土进口，包括越来越多的军事装备中都需要使用到中国的稀土材料。 在美国制造F-35闪电II战斗机的过程中，根据美国自己发布的数据，每架F-35战机所需的稀土材料超过400公斤，这使得中国控制稀土材料出口的举措对美国 的情况产生了深远的影响，使其在战术上陷入了相对被动的境地。美国多次指责中国滥用出口管制，但这种指控实际上似乎是在掩耳盗铃。美国为了扼制中 国高科技产业的发展，早已禁止了一系列芯片相关产品、芯片制造设备以及技术的出口。而最近的禁令还进一步扩大至芯片设计软件，试图全面遏制中国的 芯片产业，在关键时刻，美国毫不留情地采取行动。 根据外媒的报道，美国再次采取了针对中国的新措施。美国《纽 ...

Core Viewpoint - Guangxi Yuchai Machinery Group Co., Ltd. (Yuchai) is committed to innovation and green development, showcasing its technological strength and determination to lead in the energy transition through the launch of five new energy products at the National Science Workers' Day event [2][3][18] Group 1: New Product Launch - Yuchai introduced five new energy power products covering various sectors including automotive, engineering machinery, shipping, and emerging low-altitude economy [3][5] - The YCK06H hydrogen range extender is the first commercial application of hydrogen range extender technology in China, achieving zero carbon emissions and designed for urban public transport and short-distance cargo vehicles [5] - The YCY30N gas range extender is tailored for medium and heavy-duty trucks, providing high power while significantly reducing fuel consumption and operational costs [5] - The YCK16LM methanol hybrid powertrain is designed for harsh mining conditions, featuring patented corrosion-resistant technology and a 45% reduction in fuel costs compared to diesel engines [5] Group 2: Technological Advancements - Yuchai is actively preparing for the upcoming National VII emission standards, collaborating with national environmental authorities and OEMs to develop testing prototypes [9] - The company has conducted extensive research to predict potential emission limits and analyze the impact of various technological routes on total cost of ownership (TCO) for users [9] - Yuchai emphasizes a diversified fuel technology approach, exploring economic solutions in the commercial vehicle sector, including hybrid systems that combine traditional engines with new energy sources [9][10] Group 3: Commitment to Innovation - Yuchai views technological innovation as fundamental to its survival and development, maintaining high R&D investment and achieving significant recognition in the industry [13][18] - The company has become a leading brand in the hybrid commercial vehicle sector, transitioning from user hesitation to active collaboration, particularly in non-road and natural gas range extender fields [13][18] - Yuchai aims to become a world-class independent power system supplier, focusing on technological breakthroughs and accelerating the transformation of research outcomes [16][18]

转自：前瞻产业研究院 本文核心数据：全球中国无人机用微型涡轮喷气发动机市场规模;市场现状;企业市占率等 无人机用微型涡轮喷气发动机的概述 航空发动机按照推力大小可以分为大型、中型、小型和微型发动机，推力不超过100 daN 的发动机通常为微 型发动机。涡轮喷气发动机是航空发动机的一种主要类型，100 daN 以下推力的微型涡轮喷气发动机能为微 小型飞行器提供优质和可靠的动力，它通常由压气机、燃烧室、涡轮等部分组成。 按结构设计及工作原理，微型涡轮喷气发动机可以分为轴流式涡喷发动机、离心式涡喷发动机、回流式涡喷 发动机，其中轴流式涡喷发动机在无人机和通用航空领域占据主导地位。 在市场参与主体上，一般小型及以上(100 daN以上)多为大型央国企主导，推力不超过100 daN微型发动机则 由民企占据主要市场，如玄云动力、中科航星等，部分头部民企也有加紧布局100 daN以上技术，向更高推 力市场进发。 微型涡喷发动机综合结构、燃料、推力等多维度特性，不同设计对应差异化的应用场景(如靶机、军事装 备、航空模型)。微型涡喷发动机的应用场景呈现多元化趋势，覆盖从传统航空到前沿科技领域。未来技术 发展将聚焦轻量化材料(如 ...

中金研究 近年来，国内外头部云计算厂商持续加码AI基建。大缸径发动机是数据中心备用电源柴油发电机组的核心零部件，技术门槛较高，国产化率较低。 我 们认为，当下AIDC建设需求高增，数据中心用柴油发电机组及大缸径发动机迎来量价齐升机遇，全产业链国产替代已成趋势，建议关注自主品牌大缸 径发动机厂商及其供应链厂商。 点击小程序查看报告原文 Abstract 大缸径发动机高壁垒高价值，市场规模广阔。 围绕核心部件气缸，发动机具备缸径、行程、缸数、排量等物理参数，直接影响发动机的动力性与经济性 表现。一般而言，发动机缸径越大、排量越高、马力越大，对应着结构更加复杂、技术难度越高、价值量越大。大缸径发动机是指排量在16L及以上、功 率在550kW及以上且缸径在150mm及以上的发动机，主要用在发电、船舶、工业领域，系高技术壁垒、高价值量的发动机产品。我们测算得到大缸径发动 机2023年全球规模超千亿元人民币。 乘AIDC基建东风，大缸径柴油发动机需求高增。 大缸径发动机是数据中心备用电源柴油发电机组的核心部件，决定柴油发电机组的核心功率。我们产业 链调研得到大缸径发动机占柴油发电机组BOM成本约70-80%。受AI驱动下 ...

Summary of the Conference Call for 应流股份 Company Overview - 应流股份 is involved in multiple sectors including gas turbines, aviation engines, and nuclear power, with a focus on expanding its market presence and enhancing profitability through increased capacity utilization and product development [2][9][10]. Key Industry Insights Gas Turbine Sector - The gas turbine business has seen record revenue and orders, with a forecast upgrade for fiscal year 2025 due to rising electricity demand in Europe, India, and the US, particularly for small to medium-sized gas turbines [2][3]. - Potential signed projects in the gas turbine sector could reach 10 to 20 GW, indicating strong overseas order demand [2][3]. - The supply chain for gas turbine blades is tight, with core suppliers operating at full capacity, which is affecting the availability of blades for gas turbines [2][5]. Aviation Engine Sector - The aviation engine market is experiencing significant growth, driven by domestic demand for large aircraft and opportunities in Southeast Asia [6][12]. - The market size for aviation engines exceeds 100 billion RMB, with strong demand from clients like 吉祥航空, 赛峰, and 罗罗 [12]. - 应流股份 has established strategic agreements with major clients, indicating a robust pipeline for future orders [12]. Nuclear Power Sector - The nuclear power industry has seen a continuous increase in approved projects since 2019, with the share of nuclear energy in total power generation rising from approximately 4% in 2018 to about 5% currently [7][8]. - 应流股份 is well-positioned in the nuclear sector, with expected revenue growth from 4.2 to 5 billion RMB in 2025, reflecting the industry's upward trajectory [15][16]. Financial Performance - 应流股份 has shown a consistent improvement in profitability, with a significant increase in orders, particularly in the gas turbine sector, where total orders reached approximately 1.2 billion RMB [10][11]. - The company’s gross margin has improved, benefiting from capacity release and cost dilution effects [2][9]. - The expected growth rate for the nuclear power sector is between 10% to 20%, with potential for even higher growth [10]. Strategic Developments - 应流股份 has a comprehensive product coverage in gas turbine blades, with over 700 models and more than 100 projects under development [11]. - The company is focusing on domestic substitution opportunities in the heavy-duty segment, which could enhance its competitive position [5]. - The capital expenditure has been steadily increasing, indicating ongoing investments in capacity and technology [13]. Market Outlook - The overall market sentiment for the gas turbine and aviation engine sectors remains positive, with expectations for significant growth in the coming years [10][14]. - 应流股份 is strategically positioned to benefit from both domestic and international market trends, with a focus on expanding its market share in the gas turbine and aviation engine sectors [10][18]. Conclusion - 应流股份 is poised for substantial growth across its key sectors, supported by strong demand, strategic partnerships, and a focus on innovation and capacity expansion. The company’s financial health and market positioning suggest a promising outlook for investors [2][9][18].

活动现场，潍柴同期发布WP17T甲醇、WP16NG、WP14T等增程专用发动机。这些产品是潍柴应对智 慧绿色矿山提出的解决方案，融合潍柴先进的柴油发动机技术与高效电驱动技术，提升效率、降低油 耗，同时展现出强大的燃料灵活性和经济性，满足不同应用场景的需求，推动矿山动力绿色转型。此 外，WP17T甲醇发动机是潍柴历时10年、累计投入1.2亿元经费，为宽体自卸车精心打造的行业独有满 足长时间无故障运行的专用甲醇发动机。在产品研发期间，潍柴解决了低温起动、腐蚀、机油乳化、早 燃爆震等10余项行业难题，并申报专利120多项。随着第二代矿山产品的推出，潍柴将凭借更卓越的产 品性能为矿山行业注入全新动力，推动整个行业的技术升级和绿色发展。 发布会上，潍柴动力矿山服务基地正式揭牌。潍柴依托强大的服务网络，推出"多、快、好、省"矿山服 务全套解决方案。潍柴依托5000余家服务站，组建技术、质量、服务在内的矿山专家团队驻矿，并提供 专属服务，免费提供"24小时支持﹢12小时飞行支持"。此外，潍柴针对矿区，设立专属前置库、专属配 件包，提前精准储备，并设立矿山设备配件专属绿色通道，提升供应效率。潍柴建设的培训基地在国内 有8家， ...

股票简称：云内动力 股票代码：000903 编号：2025—030 号 昆明云内动力股份有限公司 鉴于公司 2022 年限制性股票激励计划首次授予部分第二个解除限售期 （2024 年）解除限售条件未成就及 1 名激励对象辞职和 2 名激励对象身故，根 据公司《2022 年限制性股票激励计划（草案）》及相关法律法规的规定，其合计 持有的 14,807,763 股不符合解除限售条件的限制性股票应由公司回购注销，回 购注销股份占公司当前股本总额的 0.7595%。具体内容详见公司于 2025 年 4 月 激励计划首次授予部分第二个解除限售期解除限售条件未成就暨回购注销部分 限制性股票的公告》（公告编号：2025-020 号）。 本 次 回 购 注 销 完 成 后 ， 公 司 股 份 总 数 将 1,949,769,173 股 变 更 为 司深圳分公司提交申请办理后最终完成，最终股本结构变动以实际情况为准。 根据《公司法》等相关法律、法规的规定，公司债权人自接到公司通知书之 日起 30 日内、未接到通知书自本公告披露之日起 45 日内，凭有效债权证明文件 及相关凭证向公司要求清偿债务或提供相应担保。债权人如要求公司清 ...

智通财经APP获悉，投研机构Northcoast Research发布报告，将喷气发动机制造商GE航空航天(GE.US)的 股票评级从"买入"调整为"中性"。该机构分析师克里斯·奥林指出，尽管该公司股价在过去数周内累计 上涨36%并涨超235美元关键价位，但当前估值水平已引发谨慎态度。奥林在研报中坦言，此次股价飙 升"似乎与全球贸易战担忧缓和、航空产业链进口关税影响可控、商用飞机生产透明度提升，以及行业 层面接连释放的积极信号密切相关"，但快速上涨后，风险与收益的天平正在发生倾斜。 奥林建议投资者采取观望策略，待贸易局势进一步明朗及航空业盈利下行风险充分释放后再作决策。他 直言："在诸多悬而未决的问题面前，我们难以继续维持买入评级。" 具体而言，GE航空航天股价已突破Northcoast此前设定的目标价，且涨幅集中体现在短期交易情绪中。 奥林以半开玩笑的语气形容："我们反复检查交易'高度计'，确认其未出现故障。"尽管承认上涨动能强 劲，但他强调，估值快速扩张已削弱长期配置价值，尤其在航空航天供应商与资本市场对行业前景存在 显著认知分歧的背景下。 此次评级调整的核心矛盾集中于三点：首先，股价涨幅已充分消化贸易摩 ...