Core Insights - The China Securities Regulatory Commission has expanded the listing standards for the Sci-Tech Innovation Board to include more cutting-edge technology sectors such as artificial intelligence and commercial aerospace, allowing unprofitable companies to access capital markets [1][4] - The commercial aerospace industry in China has evolved from government-led initiatives to market-driven exploration over the past decade, establishing a complete industrial chain covering satellite manufacturing, launch services, and ground applications [1][11] Group 1: Industry Development - The commercial aerospace sector is experiencing a "space gold rush," with multiple companies accelerating their securitization efforts across the entire industry chain, including satellite development and aerospace electronics [3][4] - Key enterprises are actively announcing financing progress or initiating listing procedures, indicating a wave of securitization in this strategic emerging industry [4][5] - By 2024, the number of commercial aerospace-related companies in China exceeded 546, nearly five times that of 2015, with a significant increase in registered companies [12][18] Group 2: Financing and Market Trends - In 2025, the commercial aerospace industry is expected to see a significant transformation, with a focus on technology paths, market trends, and geographic distribution [2][10] - Notable companies like Chengdu Guoxing Aerospace have submitted applications for IPOs, aiming to become the first commercial aerospace stock on the Hong Kong Stock Exchange [5][19] - The financing landscape is vibrant, with companies like Beijing Xingji Glory completing significant funding rounds to support their operational and technological advancements [8][22] Group 3: Technological Advancements - The industry is transitioning from high-cost research projects to predictable return industries, with a clear evolution in the commercial aerospace supply chain [10][11] - Key technologies are undergoing a transformation, moving from isolated communication to integrated networks, with a focus on standardization and industrialization [17][25] - The development of satellite internet is highlighted as a "killer application" in the commercial aerospace sector, supported by advancements in satellite manufacturing and communication technologies [11][12] Group 4: Regional Development and Policy Support - Various regions in China are competing to establish themselves as hubs for commercial aerospace, with Beijing, Shanghai, and Hainan leading the way [28][31] - Local governments are actively supporting the commercial aerospace industry through policies and funding, creating a collaborative environment for innovation and growth [29][33] - The G60 Starlink project in Shanghai exemplifies regional collaboration, aiming to complete a constellation deployment by 2025 [29][31]

Group 1: Automotive Business Overview - The company focuses on high-strength precision fasteners and special connectors, primarily used in automotive engine turbocharging systems, transmission control systems, exhaust systems, and key components in electric vehicles [2] - Future growth points in the automotive sector include expanding exports, developing new customers like NIO and BYD, increasing product categories, and enhancing domestic market share through localization [2] Group 2: Humanoid Robot Business Progress - The humanoid robot segment is a key business direction, with initial small batch orders received, although large-scale orders are not yet achieved due to the industry's nascent stage [3] Group 3: Commercial Aerospace Business Development - The commercial aerospace sector involves manufacturing structural components for rockets, with significant clients including Blue Arrow Aerospace and Tianbing Technology [3] - The estimated value of structural components for a mainstream commercial rocket is around 15 million, with potential increases to 25-30 million after establishing a fuel tank production line [3] Group 4: Competitive Advantages in Aerospace - The company possesses a specialized team with extensive experience in commercial aerospace, alongside financial advantages for equipment purchases and production line construction [3] Group 5: Future of Reusable Rockets - Current domestic technology for reusable rockets is not mature, but the company plans to adapt to future trends in the market, focusing on profitability in the commercial aerospace sector [3] Group 6: Investor Communication - The company ensured transparent communication with investors, adhering to information disclosure regulations to maintain accuracy and timeliness [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scarcity of orbital spectrum drives competition, and the construction of domestic low - orbit constellations has entered an accelerated phase. With limited low - orbit space and spectrum resources and strict deployment time requirements from the ITU, competition for resource locking is intensifying. China is expected to see an accelerated launch of low - orbit satellites from 2025 - 2030. Representative constellations include "Guowang", "Qianfan", and "Honghu - 3". Shanghai Harbor, with its satellite energy system products, is expected to benefit from the accelerated development of low - orbit satellites [5]. - Leading waterproofing companies such as Yuhong, Beixin, and Keshu have raised prices on both civil construction and engineering products. In the context of the industry's "anti - involution", the collective price increase by leading enterprises may promote price recovery, but the degree of price repair remains to be seen due to weak demand [5]. - Investment suggestions include paying attention to companies like Honglu Steel Structure, China Jushi, Punan Co., Ltd., Hainan Huatie, Beixin Building Materials, China National Chemical Engineering, China State Construction, Shanghai Harbor, Sinoma Science & Technology, and Keda Manufacturing [5]. 3. Summary According to the Table of Contents 3.1 Week - Specific Topic: Orbital Spectrum Scarcity Drives Competition, and Domestic Low - Orbit Constellation Construction Enters an Accelerated Phase - **Satellite Orbit Types**: Communication satellite orbits are mainly divided into GEO, MEO, and LEO. LEO can reduce power attenuation and communication delay, simplify terminal design, and is suitable for multi - satellite networking. Compared with GEO, LEO/MEO has smaller delay, and satellites are smaller and lighter, facilitating multi - satellite launches and reducing constellation construction costs and cycles [5][7]. - **Resource Scarcity and Competition**: Low - orbit space and frequency spectrum resources are scarce. The total capacity of low - orbit satellites is about 60,000, and Starlink plans to send 42,000 satellites into low - orbit by 2027, accounting for about 70%. The L, S, C frequency bands are almost exhausted, and the Ku, Ka bands are difficult to coordinate. According to ITU rules, operators need to complete satellite deployment within a specified time to lock resources, intensifying competition [5][11]. - **Policy Support**: Since 2014, China has successively introduced policies to encourage private capital to participate in commercial space activities. In 2023, commercial space was included in strategic emerging industries, and it has been mentioned in the government work reports of 2024 and 2025, indicating strong policy support [16]. - **Global and Domestic Constellation Construction Status**: Globally, SpaceX leads in low - orbit constellation construction, with other countries' enterprises following. In China, constellations like "Guowang", "Qianfan", and "Honghu - 3" have formulated phased launch plans. Although the number of launches in 2024 did not meet expectations, the launch rhythm is expected to accelerate from the second half of 2025 [5][17][23]. 3.2 Profit Forecast and Valuation of Main Covered Companies The report provides profit forecasts, valuations, and investment ratings for multiple companies, including Hainan Huatie, Punan Co., Ltd., China Jushi, etc. EPS, P/E, P/B, and other indicators for 2024 - 2027 are presented, and most investment ratings are maintained [33]. 3.3 Weekly Market Review - **Industry Index Performance**: In the week from June 28th to July 4th, 2025, the building and building materials industries showed certain fluctuations. Among building sub - sectors, the garden engineering index had the highest increase at 2.20%, while among various industries, the steel index had a relatively large decline [38][40]. - **Infrastructure Public REITs Performance**: The report lists the closing prices, 52 - week highs and lows, weekly, monthly, year - to - date, 250 - day, and IPO - since price changes of multiple infrastructure public REITs. The average weekly increase was 1.07%, the average monthly increase was 1.31%, and the average year - to - date increase was 20.99% [46][47]. 3.4 Aggregate Data Tracking - **Real Estate Data**: The report presents data on real estate new construction, construction, completion, sales area cumulative year - on - year growth, land transaction area, and real estate transaction data from 2022 - 2025 [49][58][68]. - **Social Financing Data**: Data on monthly new social financing, new RMB loans, new corporate bond financing, etc., from 2022 - 2025 are provided [78]. - **Infrastructure Investment Data**: The cumulative year - on - year growth rates of narrow - sense and broad - sense infrastructure investment, as well as investment in power, transportation, and water conservancy industries from 2022 - 2025, are shown. The new contract signing data of eight major construction central enterprises from 2022Q1 - 2025Q1 are also presented [88][94]. - **Special Bond Issuance Data**: Data on monthly and cumulative new and replacement special bond issuance from 2022 - 2025 are provided [96]. 3.5 High - Frequency Data Tracking - **Cement Data**: Information on national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization rate, and cement production monthly year - on - year growth rate is presented [107][114]. - **Float Glass Data**: Data on glass spot price, futures price, inventory, and daily melting volume are provided [115][117][119][122]. - **Photovoltaic Glass Data**: Information on soda ash price, 2mm photovoltaic glass price, inventory, and daily melting volume is presented [122][123][125]. - **Glass Fiber Data**: Prices of SMC roving, winding direct roving, injection roving, G75 electronic yarn, and glass fiber inventory are shown [128][129][132][134][138]. - **Carbon Fiber Data**: Data on carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit are provided [135][139][142][146][148][151][152]. - **Magnesia and Alumina Price Data**: Prices of large - crystal fused magnesia and alumina are presented [153][156]. - **Upstream Raw Material Price Data**: Prices of asphalt, waste paper, PVC, and HDPE are shown [159][160][162][163]. - **Physical Workload Data**: Prices of titanium dioxide and acrylic acid, high - machine rental rate, excavator working hours, and asphalt average capacity utilization rate are presented [167][168][170][173].

早 报 精 选 1、 中方在政府采购活动中对自欧盟进口的医疗器械采取相关措施。 2、马斯克宣布成立"美国党"。 3、特朗普称8月1日起实施新关税，最高税率或达70%。 4、央行拟修订人民币跨境支付系统业务规则。 5、住建部：持续巩固房地产市场稳定态势。 2、今年4月3日，沪深北交易所同步发布《程序化交易管理实施细则》，对程序化交 易报告管理、交易行为管理、信息系统管理、高频交易管理等作出细化规定，将于7月 7日开始正式实施。 宏 观 新 闻 1、 财政部发布关于在政府采购活动中对自欧盟进口的医疗器械采取相关措施的通 知，根据有关法律法规，经批准，财政部决定在政府采购活动中对部分自欧盟进口的 医疗器械采取相关措施。采购人采购预算金额4500万元人民币以上的医疗器械时，确 需采购进口产品的，在履行法定程序后，应当排除欧盟企业（不包括在华欧资企业） 参与。 2、商务部新闻发言人就在政府采购活动中对自欧盟进口的医疗器械采取相关措施答记 者问表示，相关措施是为了维护中国企业的合法权益，维护公平竞争的环境。中方措 施只针对自欧盟进口医疗器械产品，在华欧资企业生产产品不受影响。 3、商务部发布公告，根据《反倾销条例》第三十 ...

投资策略 | 定期报告 短期攻势暂缓，中期升势未变 策略周报 20250706 研究结论 ⚫ 全球市场下周或延续震荡 全球降息交易暂歇，下周延续震荡预期：前一周全球市场普涨系交易 9 月的美联储 降息预期，本周全球主要市场除巴西、美国和中国上涨外，整体出现震荡态势，降 息交易暂歇。我们认为美国市场本周全面上涨，并不是交易降息预期，主要是交易 政策不确定性下降，"大而美"法案成功落地短期降低了市场对特朗普政府执政能 力的担心，但这一利好已经落地，政策实际落地效果仍然具有不确定性。美国最新 就业数据公布后，利率期货交易员认为美国 7 月降息预期已微乎其微，9 月降息概率 也从 98%下降到 80%以下。综上我们认为全球市场的上涨或告一段落，下周延续震 荡预期。 风险事件乐观定价充分，预期差逆转压制上涨动力：上周中美推进"伦敦框架" （中方审批管制物项出口、美方松绑限制），市场或因此短期下调了风险评价。但 当前定价或已充分反映对关税战的乐观预期，市场可能会开始担心 9 日事件落地结 果难超预期。随着交易焦点转向 7 月 9 日关税休战到期， 风险评价预期短升将压制 全球市场反弹动能。 ⚫ A 股短期攻势或暂缓，关税 ...

Group 1: Low-altitude Economy - The low-altitude economy is rapidly developing, with Hefei becoming a hub for drone applications, including medical delivery and logistics, with over 200 operational routes established [2][3] - Hefei has gathered over 300 companies in the low-altitude economy sector, covering the entire supply chain from research and development to operation [2][3] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025, indicating significant growth potential [3] Group 2: Commercial Aerospace - The commercial aerospace sector is also gaining attention, with the market size expected to exceed 2.5 trillion yuan [3] - The establishment of the commercial aerospace industrial park in Bengbu is fostering innovation and collaboration among 17 projects, enhancing the production capabilities of rockets [3][4] - Companies like Lingkong Technology are utilizing advanced materials and 3D printing technology to improve the efficiency and cost-effectiveness of rocket components [4][5]

Core Viewpoint - The commercial aerospace sector in China is experiencing significant growth driven by policy support and technological advancements, with a notable increase in market activity and investment opportunities [1][4]. Group 1: Market Activity - The "Lijian No. 2" rocket developed by China Aerospace Technology Co., Ltd. is set for its maiden flight in September 2023, marking a key milestone in commercial space endeavors [1]. - Commercial aerospace stocks have shown strong performance, with several companies reaching their daily price limits and others experiencing gains exceeding 9% [1]. - Since June 2023, there has been a surge in interest in commercial aerospace, with 32 companies related to this sector undergoing institutional research in the past month [1]. Group 2: Technological Developments - The "Lijian No. 2" rocket will play a crucial role in launching the initial test flight of the cargo spacecraft for the manned space station, with components designed for reusability to significantly reduce costs [2]. - Recent technological breakthroughs in the commercial rocket sector include successful flight recovery tests and advancements in reusable rocket systems, enhancing launch efficiency and cost-effectiveness [2][3]. - The transition from single-use to reusable launch systems is expected to optimize costs and improve operational efficiency in the commercial rocket industry [2]. Group 3: Market Size and Growth - The commercial aerospace market in China is projected to grow from a value of 1 trillion yuan in 2020 to approximately 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of 22.9% [4]. - By 2025, the market value is expected to reach 2.8 trillion yuan, indicating robust growth potential in the sector [4]. Group 4: Company Developments - Companies in the aerospace supply chain are increasingly focusing on commercial rockets, with various firms reporting progress in their aerospace-related projects [5][6]. - Specific companies, such as Weihai Guangwei Composite Materials Co., Ltd. and Hunan Feiwo New Energy Technology Co., Ltd., have successfully integrated their products into the commercial rocket sector [6][7]. - Strategic partnerships are being formed between companies to enhance capabilities in rocket structure, storage products, and recovery facilities [7]. Group 5: Investment Opportunities - Industry experts emphasize the need for companies to seize opportunities in the commercial aerospace sector by innovating and overcoming technical challenges related to reusability and efficient engines [8].

中金公司 瞰星链 02 - 商业航天进入发展快车道 20250703 摘要 星网集团高管调整后，新领导班子背景多元化，为后续资源保障、管理 迭代及市场资源整合奠定基础，预计下半年将加速一代系统组网，一代 增强系统招标落地，并推进二代系统建设，总发射规模接近 13,000 颗。 一代及一代增强系统的建设将牵引产业链打磨供应链，实现科研生产模 式转型，并验证关键技术，为更大规模、更具经济性的组网工程奠定基 础。新领导班子的到位将提升管理效率，促进技术进步。 国内卫星制造和组网方面取得显著进展，上海垣信的组网卫星技术问题 已解决，新旺集团的一代星和二代系统试验星发射成功，为后续更大规 模组网奠定基础。 国内火箭发射技术虽有进步，但与 SpaceX 相比仍有差距，尤其在可重 复使用火箭方面。国内企业如航天六院、建元科技、蓝箭等正在积极研 发可重复使用火箭，以降低发射成本。 资本市场对商业航天支持力度加大，北京等国资设立产业基金，科创板 放宽标准支持商业航天企业发展，头部企业预计启动 IPO，表明资本市 场对商业航天持积极态度。 Q&A 国内商业航天产业在近期有哪些积极变化？ 星网集团在今年下半年有哪些具体计划？ 星网 ...

Core Insights - The "Two Zones" initiative in Beijing has achieved significant progress in institutional innovation, industrial development, and optimization of the business environment over the past five years, contributing to high-quality development in the capital [1][6]. Group 1: Institutional Innovation and Business Environment - Haidian District has provided valuable experiences for the national free trade zone through 98 institutional innovation cases, with 4 cases replicated nationwide and 9 cases promoted citywide, establishing a "Haidian Model" [3]. - The implementation of an "all-process online approval" model in Haidian has improved business efficiency by over 30% [3]. - Shunyi District has completed over 200 key tasks related to the "Two Zones" initiative and has formed 16 breakthrough policies and innovative models, achieving an online completion rate of over 95% for district-level approval matters [3][6]. Group 2: Industrial Development - The Yizhuang group has focused on high-end manufacturing and digital economy, achieving breakthroughs in data cross-border, biomedicine, artificial intelligence, and commercial aerospace [4]. - Changping District has developed a globally leading life science valley, with over 10 high-level research institutions and a total of 11 approved innovative drugs, contributing to a comprehensive industrial chain layout [5]. Group 3: Public Services and Talent Development - The Tianzhu Comprehensive Bonded Zone has seen a 95% year-on-year increase in the import of rare disease drugs, with an import value of 21.75 billion yuan, accounting for over 40% of the national total [6]. - Shunyi and Daxing districts are forming a synergistic development force in the biomedical field, enhancing public service systems and creating a talent innovation and entrepreneurship service system [6].

今日早盘，A股整体小幅震荡上扬，上证指数创出年内新高，深证成指创3个月来新高，创业板指、科创 50、沪深300等也微幅飘红，北证50则微幅飘绿，市场成交继续呈现萎缩的趋势。 盘面上，消费电子、航天装备、纺织制造、创新药等板块涨幅居前，渔业、地面兵装、工程机械、可控 核聚变等板块跌幅居前。 元器件、AI手机、PC、苹果概念、无线耳机等消费电子细分领域也放量上攻，博敏电子（603936）、大 为股份（002213）、金安国纪（002636）等强势涨停。 据供应链消息，苹果的折叠iPhone已于6月进入P1（Prototype 1）原型开发阶段，后续会有P2和P3阶段， 预计2025年底有机会走完Prototype的开发流程。 消费电子放量上攻 消费电子概念早间放量高开高走，板块指数涨逾4%，创3个月来新高，半日成交超昨日全天成交。朝阳科 技（002981）、新亚电子（605277）均直线拉涨停，硕贝德（300322）、工业富联（601138）、创益通 （300991）、蓝思科技（300433）等涨幅居前。 在P1到P3阶段，供应链会进行小量试产，再交由iPhone主力组装厂鸿海、和硕进行组装，并检查生产与 产品良 ...