点击付费阅读，解锁市场最强音，把握投资机会！ 一、 BD出海+医保放量双驱动，2025H1创新药涨幅领跑医药板块，未来还有哪些标的值得重点布 局？机构推出6只潜力最大金股； 二、机器人+商业航天双轮驱动，谐波、灵巧手、传感器全面布局卡位，三条成长曲线兑现高增长， 机构预计2025-2027净利CAGR超30%。 前言 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ ...

近日，成都国星宇航科技股份有限公司（下称"国星宇航"）重新向港交所递交申请材料，再次 冲击上市。 2025年1月27日，国星宇航首次递交港股申请材料，但六个月后未能完成上市流程，按港交所 规定，其于8月25日重新递交材料。 值得关注的是， 在第二次递交上市申请材料前不到一个月，国星宇航完成了最新一轮融资。 招股书披露的融资历程显示，随着国星宇航快速发展，其投后估值也从最早的9500万元，增长 到截至2025年7月末超过67.6亿元。 这意味着，在成立7年多时间里，国星宇航市场估值暴涨 超70倍。 事实上，目前以卫星研制和星座运营为主营的民营商业航天公司，尚无已上市先例。估值暴增 的国星宇航，此次冲刺 "AI卫星第一股" 能否成行，仍有待观望。 让A I算力上天 国星宇航创始人、董事长兼执行董事均为陆川。 记者丨彭新 编辑丨巫燕玲 公开资料显示，陆川出生于1983年，有近20年人工智能、航天及通信工程研究经验，为国家高 层次人才特殊支持计划入选者。其于2006年7月获得电子科技大学通信与信息工程学院通信工 程工学学士学位，后继续深造，于2018年6月获得中国广东工业大学控制科学与工程学工学博 士学位。2019年 ...

9月2日消息，周二，A股三大股指开盘走势分化，其中沪指涨0.04%报3877.09点，深成指跌0.09%报12817.03点，创业板指 跌0.18%报2951.03点，科创50指数跌0.24%报1353.94点；免税店、消费电子、旅游及酒店板块跌幅居前。贵金属、工业母机、 光刻机板块涨幅居前。 盘面上，市场焦点股天普股份（7板）竞价涨停，医疗股济民健康（13天8板）高开0.24%，芯片产业链的万通发展（17天9 板）高开0.97%、建业股份（4板）竞价涨停，环保股德创环保（5板）竞价涨停，算力产业链的合力泰（9天5板）高开2.07%、 江海股份（2板）高开0.44%，商业航天概念股三维通信（3板）高开0.09%，业绩超预期的兆新股份（3板）竞价涨停，机器人 概念股凯迪股份（6天3板）高开0.23%、德新科技（2板）竞价涨停。 ...

Market Overview - The A-share market experienced a positive start in September, with the Shanghai Composite Index and Shenzhen Component Index rising by 0.46% and 1.05% respectively, while the ChiNext Index and STAR Market 50 Index increased by 2.29% and 1.18% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 27.5 trillion yuan, a decrease of 48.3 billion yuan from the previous trading day [1] - Despite the positive market performance, 2,086 stocks declined, with a median increase of 0.51% for individual stocks [1] Index Performance - Among the nine major broad-based indices, the Shenzhen Component Index, CSI 300 Index, ChiNext Index, STAR Market 50 Index, and CSI 500 Index reached new highs in the current market cycle [1] - The Shanghai Composite Index and SSE 50 Index are close to reaching new highs, indicating potential upward momentum [1] Macro Environment - The current macroeconomic backdrop includes global liquidity easing, fiscal expansion in major countries, and a technological revolution in artificial intelligence, combined with a low domestic interest rate environment [2] - The one-year fixed deposit rate has fallen below 1%, contributing to the bullish market sentiment [2] Structural Bull Market - The market is characterized by a structural bull market, with a focus on core sectors that are experiencing or about to experience industrial trends, such as the artificial intelligence industry chain, solid-state batteries, commercial aerospace, innovative pharmaceuticals, humanoid robots, and intelligent driving [4] - Non-bank financials and financial technology sectors are also highlighted as areas of interest, particularly those benefiting from expectations of Federal Reserve rate cuts [5] Key Stocks and Sectors - The AI hardware sector remains strong, with the communication equipment index rising by 4.59%, driven by high growth in AI infrastructure spending [5] - Nvidia's CEO projected global AI infrastructure spending to reach $3 trillion to $4 trillion over the next five years, indicating robust growth potential [5] - The solid-state battery sector continues to perform well, with notable stocks like Guoxuan High-Tech and Hanke Technology seeing significant gains [7] Commodity Market - The precious metals sector, particularly gold and silver, has seen substantial price increases, with COMEX gold prices rising by 0.84% and COMEX silver prices increasing by 1.81% [7] - Industrial metals such as copper and zinc have also experienced price increases, with market participants advised to monitor the futures market for potential breakout signals [7] Future Outlook - The focus remains on whether the Shanghai Composite Index can reach new highs, which would signal the end of recent market fluctuations and a challenge to historical bull market peaks [10] - Investors are encouraged to concentrate on core stocks within leading sectors and avoid blind chasing of high prices [10]

Core Viewpoint - The article emphasizes that the current bull market is positioned favorably, with the market expected to react positively to the anticipated interest rate cuts by the Federal Reserve, which is projected to initiate a global easing cycle [2] Group 1: Macroeconomic Context - The market anticipates an 87% probability of a 25 basis point rate cut by the Federal Reserve in September, which is expected to support the "A-share technology bull market + global easing bull" narrative [2] - The Shanghai Composite Index and Hang Seng Index have shown varying responses to past rate cuts, indicating potential market movements following the upcoming rate decision [3] Group 2: Technology Sector Focus - The article identifies key technology sectors to watch, including AI hardware, semiconductor manufacturing, and commercial aerospace, highlighting the importance of domestic breakthroughs and international market expansion [10][12] - The focus is on two main directions: the competitive landscape between China and the U.S. in technology and the advantages of Chinese companies in international markets [10] Group 3: Domestic Self-Sufficiency - The domestic chip industry is expected to see significant breakthroughs, with multiple IPOs of domestic chip unicorns anticipated in the second half of the year, particularly in the 6G and AI chip sectors [12] - The semiconductor lithography machine sector is also experiencing advancements, with new technologies being developed to support high-end AI chip integration [13] Group 4: Commercial Aerospace Developments - September is marked by a series of planned launches in the commercial aerospace sector, which are expected to validate technological maturity and reduce costs in satellite manufacturing and rocket recovery [14] Group 5: Solid-State Battery Innovations - The article discusses the upcoming mass production of solid-state batteries by various companies, which are expected to enhance energy density and vehicle range significantly [15] Group 6: Strategic Importance of Rare Earths - Rare earth materials are highlighted as critical for military and high-end manufacturing, with China's dominance in the rare earth refining sector providing a competitive edge [17] Group 7: International Market Trends - The article notes that the demand for Chinese machinery and integrated circuits is increasing in emerging markets, despite U.S. attempts to impose tariffs [10] Group 8: Upcoming Events and Market Dynamics - Key events in September include major product launches from Apple and Huawei, which are expected to drive competition and influence supply chain dynamics [21] - The article suggests that the upcoming Federal Reserve meeting and industry exhibitions will be crucial for market sentiment and investment strategies [24]

对待商业航天这一战略新兴产业，应多一份耐心、关心与信心。政府、资本与公众应当共同营造鼓 励创新、包容失败的环境，以建设性态度支持企业在技术突破、成本控制和应用场景上持续探索。商业 航天不仅关乎大国竞争，更是未来经济与社会发展的重要引擎。唯有用理性取代质疑，以支持替代观 望，凝聚信心与耐心，中国商业航天才能真正搏出一片新天地。 政策支持下，我国多家商业航天企业正积极对接资本市场。蓝箭航天、中科宇航已进入上市辅导阶 段，国星宇航作为首家筹备港股上市的商业卫星企业，也已更新招股书。这些企业虽暂未盈利，但凭借 订单获取能力、技术迭代速度和商业化进展，展现出显著成长潜力。 以国星宇航为例，其"卫星即服务"模式初步形成商业闭环，近三年营收与毛利保持增长。今年5 月，该公司成功部署全球首个太空计算星座，单星算力最高达744TOPS，总算力达5P，标志着我国在太 空计算领域取得重大突破。 必须认识到，商业航天仍属高风险、长周期行业，发射失利、技术瓶颈、盈利困难等现象普遍存 在。然而，正是在不断攻坚与试错中，中国商业航天实现了从卫星研制、数据服务到国际市场拓展的多 点进步，成为国家航天体系的有益补充。 近年来，全球商业航天产业 ...

Core Viewpoint - The company is positioned as a leader in EGR and core components for new energy drive motors, with a three-pronged growth strategy focusing on EGR, new energy and precision components, and aerospace robotics [1] Group 1: Business Segments - The company has established a strong presence in EGR, serving major clients such as BYD, Chery, and Geely [1] - In the robotics sector, the company is developing harmonic reducers, tactile sensors, and dexterous hands, with a focus on advanced designs and lightweight products [2] - The harmonic reducer production capacity is expected to reach 70,000 units by Q1 2026, leveraging superior design and materials [1][2] - The company has made a strategic investment in a technology firm to develop high-performance tactile sensors, which have received international recognition [1][2] Group 2: Electric Motor Components - The electric motor components business is transitioning to semi-assembly, enhancing product value and competitiveness [2] - The company has successfully launched its first rotor and stator semi-assembly product in June 2025, following a project agreement with a major client [2][3] Group 3: New Product Launches - The new Wanjie M7 model is set to launch in September 2025, expected to significantly contribute to the company's revenue growth [2] Group 4: Strategic Partnerships and Investments - The company plans to invest approximately 200 million yuan in a new lightweight component production base in Chongqing, focusing on electric vehicle parts [3] - A strategic partnership with Galaxy Aerospace has been established to develop key precision components for commercial aerospace applications, with significant growth in project volume expected [3] Group 5: Financial Projections - Revenue forecasts for 2025-2027 are projected at 3.238 billion, 4.233 billion, and 5.342 billion yuan, with year-on-year growth rates of 35.1%, 30.7%, and 26.2% respectively [4] - Net profit estimates for the same period are 311 million, 419 million, and 513 million yuan, with growth rates of 38.4%, 34.9%, and 22.4% respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is leveraging dual drivers from robotics and commercial aerospace, with comprehensive layouts in harmonic drives, dexterous hands, and sensors [1] - The company has established a three-tier growth curve focusing on EGR systems, new energy vehicle drive motors, and precision components, while actively expanding into aerospace and humanoid robotics [15] Summary by Sections Robotics: Layout of Harmonic Drives, Dexterous Hands, and Sensors - The company has strengthened its position in harmonic drives through its subsidiary, Weihan Intelligent, which focuses on precision harmonic drives and integrated joint actuators [16][19] - A strategic investment in Diedong Technology has been made to develop high-performance visual tactile sensors, which are crucial for robotic applications [29] - The dexterous hand developed by the company features a lightweight visual tactile skin, significantly enhancing performance compared to traditional sensors [35] New Energy Motor Components Business - The company has upgraded its motor core components to semi-assembly, significantly increasing product value and competitiveness [3] - The establishment of a new production base for lightweight components in Chongqing is set to enhance the company's capabilities in the new energy vehicle sector [42] Commercial Aerospace - The company has formed a strategic partnership with Galaxy Aerospace, focusing on the development of core precision components for satellite energy, communication, and control modules [50] - The business volume for satellite modules and drone projects has doubled in the first half of 2025, indicating strong growth potential [52] Financial Forecast - The company is projected to achieve revenues of 32.38 billion, 42.33 billion, and 53.42 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 35.1%, 30.7%, and 26.2% [8][56] - The net profit attributable to shareholders is expected to be 3.11 billion, 4.19 billion, and 5.13 billion yuan for the same years, with growth rates of 38.4%, 34.9%, and 22.4% respectively [8][56] Market Position - The company has successfully integrated into the supply chains of major clients in the automotive and aerospace sectors, enhancing its market presence and competitive edge [7][53] - The company’s stock is currently valued at a PE ratio of 31.6 for 2025, which is competitive compared to similar companies in the industry [56]

格隆汇9月1日丨江顺科技(001400.SZ)于投资者互动平台表示，公司产品可以应用于商业航天领域，但 由于相关客户商业保密要求，可披露信息详见公司相关公告。 ...

Group 1 - The potential for the Federal Reserve to lower interest rates may strengthen a weak dollar environment, catalyzing a new round of growth in resource commodities, particularly precious metals and copper, which could accelerate the performance of the non-ferrous sector [2] - The upcoming product launches from Apple and META in September, focusing on edge AI and AR glasses, may lead to a sustainable trend in edge devices and AI ecosystems, making the consumer electronics sector, especially the Apple supply chain, worth watching [2] - The "anti-involution" trend is expected to reveal three clues: industries with high capital expenditure intensity and signs of marginal reduction; industries showing self-discipline or policy implementation; and industries relying on quotas to continuously improve profit margins [2] Group 2 - The market is expected to maintain a bullish trend, with the Shanghai Composite Index recently surpassing 3,800 points, indicating that the market may not stop here and could reach new highs [3] - The market's upward momentum is supported by the accumulation of profit-making effects and continuous inflow of incremental funds, validating the logic of upward recommendations based on overcoming loss resistance [5] - The market is likely to experience structural rotation, with active trading and policy expectations providing support, while the focus remains on growth sectors that have shown high prosperity in the first half of the year [6] Group 3 - The current market sentiment is high, driven by expectations of a Federal Reserve rate cut and significant upcoming events, leading to increased inflow of incremental funds [7] - The market is characterized by a "healthy bull" environment, where structural rotation among sectors is crucial for sustained growth, with a focus on technology growth sectors [8] - Long-term capital, particularly from insurance funds, is increasing its presence in the A-share market, contributing to the stability of the current "slow bull" market [9] Group 4 - The market is expected to primarily exhibit a volatile trend, with limited space for strong continuation, indicating a preference for structural rotation rather than a broad market rally [10] - The focus on defensive dividend sectors is increasing, as they may provide stability amid tightening funds and pressure from major shareholders [11] - The "slow bull" market is anticipated to continue its upward trajectory, with a focus on maintaining a balanced approach between financial and technology sectors [13][14]