Group 1 - Fengtai District is actively supporting the development of the commercial aerospace industry, with 80% of rockets launched in China being "Fengtai rockets" [1] - The district has established 10 industrial promotion centers and has launched 20 industrial models, focusing on emerging industries such as intelligent manufacturing and low-altitude economy [1] - Fengtai has created the first commercial aerospace shared testing service center in China and has over 80 incubators, housing more than 2,600 technology companies, ranking second in the city [1] Group 2 - Beijing Yuli Technology Co., founded in 2013, specializes in AI hardware development and has incubated over 100 hard-tech companies, helping more than 2,100 innovation entities develop 8,500 smart hardware products [2] - The technology service industry in Fengtai District has seen a revenue growth of over 40% during the 14th Five-Year Plan period, accounting for 14% of the district's GDP, the highest proportion in the city [2]

Core Insights - Shandong province is positioning commercial aerospace as a highly promising new sector for industrial development, with significant support and strategic layout to accelerate its growth [1][5] - The Dongfang Aerospace Port has become China's fifth rocket launch site and the only commercial offshore launch mother port, achieving integration of solid rocket production, testing, and launching [2][3] - The commercial aerospace industry in Shandong has formed three main clusters in Jinan, Qingdao, and Yantai, focusing on satellite research and ground equipment manufacturing, measurement and control services, and offshore launch organization [5] Company Developments - Dongfang Aerospace Port has developed core capabilities in offshore launch services, rocket assembly and testing, and aerospace information services, aiming to establish a comprehensive commercial aerospace industry system [2][3] - The port plans to focus on liquid rocket offshore launches, with the goal of achieving its first liquid rocket launch by the end of the year, thereby filling a gap in China's capabilities [3] - Jinan Steel Group is actively developing the aerospace industry, establishing a spatial layout for manufacturing and testing, and has launched a flexible and intelligent satellite assembly and integration base with a production capacity of 100 satellites annually [4] Industry Trends - The offshore launch capability and frequency of Shandong province rank among the top in the country, contributing to a growing cluster effect in the commercial aerospace industry [1][3] - The commercial aerospace sector encompasses various core areas, including rocket research and development, satellite manufacturing, and launch services, involving numerous upstream and downstream industries such as new materials and precision instruments [3][4]

Core Viewpoint - The rise of the commercial aerospace industry in Shandong is significantly enhancing the daily lives of ordinary people through advancements in rocket launches and satellite applications [2][3]. Group 1: Industry Overview - The commercial aerospace sector encompasses key areas such as rocket research and development, satellite manufacturing, and launch services, involving numerous upstream and downstream industries [2]. - Shandong has established a robust commercial aerospace ecosystem, with key players like Dongfang Aerospace Port and Jinan Steel Group leading in core technologies [2][3]. Group 2: Recent Developments - On September 9, 2023, the Jielong-3 Yao-7 rocket launched from Dongfang Aerospace Port, marking a new record for China's maritime space launches with two launches in one month [3]. - The Dongfang Aerospace Port has successfully supported 18 maritime launch missions and deployed 115 satellites, showcasing its capabilities in the commercial aerospace sector [3]. Group 3: Technological Advancements - The development of low-orbit satellite constellations, such as the Jili Constellation, aims to enhance communication and emergency response capabilities in remote areas, contributing to the reduction of the digital divide [4]. - Jinan Steel Group has transitioned from steel production to satellite manufacturing, focusing on core areas like rocket development and aerospace composite materials [5]. Group 4: Industrial Structure - Shandong's commercial aerospace industry features a complete ecosystem from rocket manufacturing to satellite deployment, with significant production capabilities established [8]. - The province has built multiple testing facilities for commercial rocket engines, enhancing its capacity to support both local and regional aerospace projects [8]. Group 5: Future Prospects - Shandong aims to integrate the Dongfang Aerospace Port into national planning, seeking to attract more significant aerospace projects and enhance its role in the national commercial aerospace launch system [8].

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数收盘均创下历史新高，道指涨617.08点，涨幅1.36%，纳指涨0.72%，标普500指数涨 0.85%；大型科技股涨跌互现，苹果涨超1%，甲骨文跌超6%，奈飞跌超3%；传媒股走强，华纳兄弟探 索涨28%，派拉蒙天舞涨超15%。中概股多数上涨，纳斯达克中国金龙指数涨近2.9%；阿里巴巴涨超 8%，蔚来涨超6%，百度、京东涨超3%，网易、小鹏汽车涨超2%。 2、国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.23%，报3673.40美元/盎司；COMEX白银期货 涨1.12%，报42.07美元/盎司。国际油价集体收跌，美油主力合约跌2.25%，报62.24美元/桶；布伦特原 油主力合约跌1.78%，报66.29美元/桶。欧洲三大股指收盘全线上涨，德国DAX指数涨0.3%报23703.65 点，法国CAC40指数涨0.8%报7823.52点，英国富时100指数涨0.78%报9297.58点。 （二）行业掘金 1、9月11日，阿里云创始人王坚在2025 Inclusion外滩大会上表示，开源模型和闭源模型的选择变成了AI 竞争的关键因素。在人 ...

Core Insights - The Shandong Provincial Government is promoting the "Shandong Good Brand on the Industrial Chain" initiative, focusing on the development of the commercial aerospace industry, particularly in the area of sea-based rocket launches [1] Group 1: Rocket Development - The company has established the largest solid rocket production base in China, with a capacity to assemble 50 rockets annually in a facility covering 320,000 square meters [2] - The company aims to reduce commercial rocket launch costs and provide services that transform designs into products for national commercial rocket companies [2] - The company has successfully supported 18 sea-based launch missions for four types of solid rockets, launching a total of 115 satellites [1][2] Group 2: Satellite and Data Services - The company has launched a large-scale intelligent remote sensing satellite constellation, comparable to Google Earth, and developed a fully domestic "Digital Earth Engine" [2] - A provincial-level new satellite data intelligence computing center has been established, creating a vertical satellite industry system [2] Group 3: Future Plans - The company is focusing on developing sea-based launch capabilities for liquid rockets, with ongoing construction of the liquid rocket assembly and testing facilities [2] - The goal is to achieve the first sea-based launch of a liquid rocket by the end of this year or next year, creating a new advantage in the compatibility and efficiency of solid and liquid rocket launches [2]

Core Insights - The Shandong Province government is actively promoting the commercial aerospace industry, positioning it as a significant growth area for the local economy [1][3]. Group 1: Development Milestones - Shandong successfully completed its first domestic offshore rocket launch in June 2019, marking the beginning of its commercial aerospace industry development [1]. - The province has conducted a total of 18 offshore launch missions, successfully placing 115 satellites into orbit, establishing a leading position in offshore launch capabilities and frequency nationwide [3]. Group 2: Industry Characteristics - The commercial aerospace industry in Shandong exhibits a strong clustering effect, with different cities focusing on specific areas: Yantai on offshore launch organization and rocket manufacturing, Jinan on satellite research and ground equipment manufacturing, and Qingdao on measurement and control services and marine remote sensing applications [3]. - Shandong has achieved a full industry chain layout, covering rocket manufacturing, satellite production, and supporting industries, with significant projects in solid and liquid rocket assembly and satellite production capabilities [4]. Group 3: Supporting Infrastructure - The Oriental Aerospace Port Group possesses the only dedicated offshore rocket launch vessel in China and has established a professional launch support team to efficiently handle various offshore launch needs [5]. - Shandong's rocket engine testing facilities are the largest in the country, with multiple test sites established to meet the testing and validation needs of local enterprises and surrounding regions [5]. Group 4: Future Goals - The province aims to build an internationally leading commercial aerospace industry base by enhancing innovation, improving the industry chain, and increasing support capabilities for high-quality development [5].

Core Viewpoint - The event highlighted the transformation journey of Jinan Steel Group (济钢) as it pivots towards the aerospace industry, leveraging its 67 years of industrial foundation and expertise in manufacturing [3]. Group 1: Industrial Foundation - Jinan Steel Group has a solid industrial foundation with over 3,400 skilled technicians, which serves as the core driving force for producing aerospace products [3]. - The company is building a spatial development layout that includes "Beijing R&D design - Jinan manufacturing testing - Yantai assembly launch" [3]. Group 2: Aerospace Industry Focus - Jinan Steel is focusing on the commercial aerospace industry, particularly in the production and information application sectors, targeting projects related to rockets, satellites, and information applications [3]. - The company aims to create a new highland for the national aerospace industry by attracting leading enterprises in the aerospace sector and establishing a chain cluster of upstream and downstream supporting companies [3]. Group 3: Partnerships and Collaborations - Jinan Steel has established partnerships with major commercial rocket companies and is forming cooperative relationships with satellite enterprises and their associated payload and control companies [3]. - The company is currently developing an intelligent satellite AIT production line with a designed capacity of producing 100-kilogram satellites annually [3]. Group 4: Comprehensive Services - Jinan Steel is optimizing resource allocation to achieve high efficiency, high quality, and low-cost satellite manufacturing, providing a one-stop service for satellite assembly, testing, and experimentation [3]. - The company is also expanding its trade operations towards the aerospace sector, indicating a broader strategic shift [3].

最新发声。 9月10日，上交所副总经理王泊在 "硬科硬客"新质生产力行业沙龙2025年会上透露，自科创板深化改 革"1+6"政策发布以来，科创板已新增受理15家企业IPO申请，其中4家系未盈利企业、1家适用第五套标 准。与此同时，32家科创成长层存量企业展现良好发展动能，今年上半年营收同比增长37.79%，净利润 大幅减亏71.23亿元。 科创板开市六年多来，始终坚守"硬科技"定位，推动板块从资本市场服务科创的"试验田"成长为"示范 田"。截至目前，科创板已汇聚589家上市公司，A股总市值超9万亿元。从产业布局看，科创板已形成"链 群式"发展格局，比如，集成电路领域120家企业实现全链条覆盖，占A股同行业公司数量超六成；在创新 能力方面，科创板更是持续领跑，今年上半年板块整体研发投入超841亿元，是净利润的2.8倍，研发投入 占比中位数达12.61%。 王泊表示，科创板以包容性改革破壁垒，坚持为未盈利硬科技企业打开"资本入口"。自诞生之初就打破传 统上市"盈利门槛"的思维定式，推出"多元上市标准"，首次允许未盈利企业、红筹企业、特殊股权架构企 业登陆A股，为科创企业开辟了针对性的上市通道。今年新改革的"1+6 ...

"十四五"以来，北京持续推动机器人创新发展，出资设立百亿级机器人产业发展基金；组建了多家人形 机器人创新研发机构；积极打造健全的公共服务体系。 央视网消息（新闻联播）：今年是"十四五"收官之年，五年来，北京加快建设国际科技创新中心，围绕 前沿技术领域重点突破，推动科技创新和新质生产力培育取得新进展新成效。 今年的北京，是人形机器人的"国际会客厅"，全球首届人形机器人半程马拉松和首届人形机器人运动会 陆续举办，吸引了全球16个国家广泛参与。 北京在重点前沿领域创新也取得不断突破。上半年，具备手机宽带直连卫星试验验证功能的卫星成功发 射，全市商业航天企业超300家，形成制造、运载、服务的全产业链条，"南箭北星"格局初步形成。 北京还实施了一系列人才政策"组合拳"，构建起吸引、培育、激励和留住人才的良性生态体系。去年9 月，北京中关村学院成立，这也是北京加快建设高水平人才高地的重要举措之一。 "十四五"期间，北京市每年的科研经费投入强度都保持在6%以上，围绕人工智能、商业航天等领域出 台40多项产业政策。北京全市每万人口发明专利较2020年约翻了一番，达到303.5件。北京地区技术合 同成交额较2020年增长45% ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [19]. Core Views - The company reported a revenue of 1.348 billion yuan for the first half of 2025, representing a year-on-year growth of 22.03%, while net profit reached 78.1 million yuan, up 22.82% year-on-year [5]. - The company has adopted a new business segmentation strategy, focusing on "one body and two wings," which includes geographic information as the core and commercial aerospace and low-altitude economy as the wings [7]. - The company has seen significant growth in its commercial aerospace business, achieving a revenue increase of 137.51% in the first half of 2025, with a gross margin of 60.40% [7]. - The company plans to integrate computing infrastructure with aerospace infrastructure during the 14th Five-Year Plan, aiming for comprehensive coverage in the 15th Five-Year Plan through low-altitude economy, commercial aviation, and AI technologies [7]. - The company has invested 317 million yuan in R&D in the first half of 2025, a 38% increase year-on-year, reflecting its commitment to innovation and future growth [7]. Financial Performance - For the second quarter of 2025, the company reported a revenue of 844 million yuan, a year-on-year increase of 22.98%, but net profit declined by 7.02% to 57.33 million yuan [5]. - The company’s gross profit margin for the first half of 2025 was 46.07%, with a diluted return on equity of 2.06% [5]. - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.65 yuan, 0.92 yuan, and 1.55 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 63.81, 44.87, and 26.69 based on the closing price of 41.32 yuan on September 10 [9].