中新网北京11月23日电 2025未来科学城能源谷高质量发展大会在北京市昌平区未来科学城能源谷召 开。本次大会作为2025能源转型大会的重要活动之一，聚焦"央地融合发展、深化协同创新、推动未来 科学城搞活跃升"主题开展纵深讨论，强化各方参与未来科学城能源谷高质量建设发展的向心力。 大会还进行了未来科学城央企研究院"院长联盟"成立仪式。由未来科学城管委会倡导，区域内央企研究 院共同组建未来科学城央企研究院院长联盟，以"共商、共创、共建、共享"为原则，设立联盟理事会、 秘书处、专项工作委员会及职能部门工作组，通过强化协同创新、产学研融合等，搭建专项技术研讨 会、"院长圆桌会议"等多层次交流合作平台，建设科研资源共享平台，推动央企研究院打开院墙搞科 研，促进创新要素高效集聚与优化配置，推动科技创新与产业创新深度融合，深化央地协同与产学研合 作，进一步支持北京国际科技创新中心建设，共同打造面向未来的世界一流科学城。(完) 未来科学城华能新能源基金签约方面。昌平区以政府投资为引领，由未来科学城集团与深圳市国信证券 共同设立北京未来科学城先进能源产业母基金，以"源头活水"助推能源科技创新与产业集聚。本次先进 能源产业母基 ...

Core Points - The company made two announcements on the Australian Stock Exchange this week, one regarding a new order worth $20 million and the other concerning the acquisition of the Interceptor business [1] - The call aims to provide further information about these announcements and an update on the High Energy Laser landscape [1] Announcement Details - The new order received by the company is valued at $20 million, indicating a significant business development [1] - The acquisition of the Interceptor business is a strategic move that will likely enhance the company's capabilities in the High Energy Laser sector [1] Presentation Structure - The presentation will include slides that will be filed on the Australian Stock Exchange and distributed after the call [1] - A Q&A session will be available at the end of the presentation, allowing stakeholders to engage and ask questions [2]

( 图片来源：《澳华财经在线》) CEO抛售引发机构投资者撤出 DroneShield(ASX:DRO)被唱空为"死钱"股 短期难有起色？ 继公司CEO、董事局主席和另一位董事出售近7000万澳元股票后，有股票经纪人表示，机构投资者对热门国防科技 股Droneshield Ltd (ASX股票代码:DRO)已失去兴趣，可能会在很长一段时间内避开这只股票。 据《澳金融评论报》，Bell Potter去年曾受聘于DroneShield，协助其募集总计2.2亿澳元资金，该券商一直看好DRO 的前景，建议客户购买其股票，并在最近再次确认 5.30澳元的目标价。 然而Bell Potter的机构销售交易员在给客户的一份报告中指出在本月3名董事售股后许多大的投资者已选择退出，并 预测"它在2025年剩余时间里不会有任何起色，因而是'死钱'"，机构投资者将"忽视"这只股票。 目前买进的主要是散户，因为他们希望未来几个月能出现"DroneShield的第二轮反弹"。该交易员称，"从长期来看， DRO是个不错的投资选择，但短期内……（反弹）不会很明显。" DroneShield在过去一年中曾上涨超过200%，并于9月底加入AS ...

Core Viewpoint - The recent sell-offs by prominent investors, including Peter Thiel, signal a cautious stance towards the AI market, despite its current strong performance [2][12]. Group 1: Thiel's Investment Actions - Thiel Macro LLC completely exited its investment in Nvidia during Q3, a notable move as Nvidia's market cap surpassed $5 trillion [3][4]. - The fund's total holdings shrank dramatically from approximately $212 million to $74.4 million, indicating a strategic reduction rather than a mild rebalancing [5][10]. - Thiel sold all 537,700 shares of Nvidia, which constituted 40% of his previous portfolio, and also divested from Vistra Energy, which accounted for 19% [4][5]. Group 2: Shift in Investment Focus - The fund established new positions in Microsoft and Apple, buying 49,000 shares of Microsoft and 79,181 shares of Apple [6][7]. - Tesla remains the largest holding at approximately 38.8% of the portfolio, despite a significant reduction of 76% in its shares [8]. - The shift indicates a preference for companies with diversified revenue streams and robust cloud and software services, contrasting with high-valuation chip manufacturers [9][13]. Group 3: Market Sentiment and Comparisons - Thiel has previously warned that the AI hype cycle is outpacing its actual economic benefits, likening it to the 1999 internet bubble [12]. - Other notable figures, such as Jeff Bezos and David Solomon, have echoed concerns about a potential AI bubble and market corrections [14].

Financial Data and Key Metrics Changes - For Q2 FY 2026, the company reported a net loss of $61 million, an improvement from a net loss of $138 million in Q2 FY 2025, primarily due to a favorable service revenue mix, lower depreciation and amortization, and reduced SG&A expenses [5][17] - Revenue grew by 2% year-over-year to $1.1 billion, with adjusted EBITDA increasing by 3% to $385 million, resulting in a 34% adjusted EBITDA margin [15][17] - Free cash flow for the quarter was $69 million, contributing to a trailing 12-month free cash flow of $147 million, marking three consecutive quarters of positive free cash flow [13][16] Business Line Data and Key Metrics Changes - In the Communication Services segment, awards increased by 35% to $1.03 billion, while revenue grew by 1% to $837 million, driven by growth in Aviation and Government Satcom [18][21] - The Defense and Advanced Technologies (DAT) segment saw awards decline by 9% to $467 million, but revenue increased by 3% to $304 million, supported by growth in InfoSec and Cyber [21][23] - Fixed Services and Other revenue decreased by 16% due to a decline in U.S. fixed broadband subscribers, ending the quarter with 150,000 subscribers [20][17] Market Data and Key Metrics Changes - The backlog increased to $3.9 billion, up approximately $140 million year-over-year, despite the sale of the energy system integration business [17][12] - The DAT segment backlog reached a record of $1.2 billion, up 31% year-over-year and 14% sequentially [7][17] - The company noted a significant uptick in interest for commercial mobile space networks, indicating a growing market for direct-to-consumer device connectivity [9] Company Strategy and Development Direction - The company is focused on launching the ViaSat-3 satellites, which are expected to significantly enhance bandwidth capacity and drive growth in Communication Services [7][8] - A strategic review is ongoing regarding capital allocation and the potential separation of government and commercial businesses to enhance competitive positioning [10][29] - The company aims to optimize its capital structure and reduce leverage, targeting a leverage ratio of 3x net debt adjusted EBITDA or lower [14][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth trajectory supported by increased reliance on space-based assets for national security and growing demand for resilient communications [8][24] - The company anticipates continued variability in quarterly performance but expects fiscal 2026 revenue to increase by low single digits year-over-year [23][24] - Management highlighted the potential impact of a U.S. government shutdown on DAT awards and adjusted EBITDA, estimating a delay of up to $100 million in awards [25] Other Important Information - The company plans to spend approximately $1.2 billion in capital expenditures for the year, with a significant portion allocated to the completion of ViaSat-3 [26][28] - The company has moved $175 million in cash from Inmarsat to Viasat, with expectations to transfer a total of $400 million to $500 million over time [28] Q&A Session Summary Question: Update on evaluating the possibility of a split and vertical integration opportunities - Management indicated that they are continuously evaluating options for vertical integration and dual-use systems, with no specific timeline for completion [32][33] Question: Spectrum ownership and monetization strategies - Management confirmed that their spectrum position is substantial and globally coordinated, and they are exploring ways to derive value from it while fulfilling public interest obligations [36][39] Question: Details on the Equatys project and ideal customers - The Equatys project aims to modernize infrastructure for spectrum allocations, with discussions ongoing with regional operators and the European Space Agency [40][43] Question: Backlog growth and recognition cadence - Management emphasized that backlog growth is strong, and they are focused on converting this into future revenue, particularly with the upcoming capacity from Flight 2 [52][54] Question: Defense bookings and demand signals in Europe - Management noted increasing demand for sovereign capabilities in national security, particularly in Europe, and expects this trend to continue [90][91]

Core Insights - L3Harris Technologies, Inc. reported strong third-quarter results for fiscal 2025, leading to an increase in full-year financial guidance [1][4] Financial Performance - Revenue for the quarter was $5.7 billion, reflecting a 7% year-over-year increase and a 10% organic growth, driven by international demand and new program ramp-ups [2] - The operating margin was reported at 11%, with an adjusted segment operating margin of 15.9%, marking the eighth consecutive quarter of year-over-year expansion in adjusted segment operating margin [2][3] - Diluted EPS for the quarter was $2.70, a 10% improvement from the previous year, exceeding estimates by 12 cents [4] Orders and Future Outlook - The company received $6.7 billion in orders during the quarter, resulting in a book-to-bill ratio of 1.2x, indicating strong future revenue potential [4] - The CEO expressed confidence in meeting the 2026 financial framework and achieving long-term profitable growth, supported by a record pipeline and timely investments in key areas [4] Analyst Ratings and Price Targets - Following the earnings call, Susquehanna raised its price target for LHX to $350 from $320, maintaining a Positive rating, while UBS increased its target to $323 from $318, keeping a Neutral rating [5] Stock Performance - L3Harris Technologies has delivered nearly 40% returns year-to-date in 2025, indicating strong market performance [6]

Financial Data and Key Metrics Changes - The company reported $6.6 billion in orders for the quarter, resulting in a book-to-bill ratio of 1.2, with revenue of $5.7 billion reflecting strong organic growth of 10% [14][15] - Segment operating margin was 15.9%, up 20 basis points, marking the eighth consecutive quarter of sequential margin expansion [14][15] - Non-GAAP EPS was $2.70, up 10% year over year, with a pension-adjusted EPS increase of 15% [15] - Free cash flow was approximately $450 million, impacted by temporary customer-related delays in payment, with confidence in achieving 2025 cash flow guidance [15][24] Business Line Data and Key Metrics Changes - Communication Systems (CS) delivered revenue of $1.5 billion, up 6%, driven by international deliveries and next-generation program ramp [15] - Integrated Mission Systems (IMS) revenue was $1.7 billion, up 17% organically due to multiple ISR classified programs ramping [16] - Space and Airborne Systems (SAS) revenue was $1.8 billion, up 7%, primarily driven by increased FAA volume and higher volume in airborne combat systems [16] - Aerojet Rocketdyne achieved organic growth of 15%, marking its second consecutive quarter of double-digit growth, with record revenue driven by higher production volumes [16][17] Market Data and Key Metrics Changes - The company is fully aligned with the U.S. administration's priorities for developing next-generation missile defense architecture, with significant demand for interceptors [6][9] - Aerojet Rocketdyne reached a record financial backlog of $8.3 billion, primarily to support increased demand for solid rocket motors [9] - The company is expanding its domestic manufacturing footprint across multiple states to meet national defense demand [10][11] Company Strategy and Development Direction - The company is focused on transforming its acquisition processes to enable a fast-moving industrial base, emphasizing collaboration and rapid delivery of solutions [5][6] - Investments are being directed towards expanding manufacturing capacity and modernizing facilities to support national security priorities [10][11] - The company is actively partnering with emerging technology firms to co-develop AI-enabled mission systems and resilient communication equipment [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving increased 2025 guidance, with expectations for durable, profitable growth beyond 2026 [6][14] - The ongoing government shutdown and budget challenges are acknowledged as potential headwinds, but management remains focused on execution and readiness [10][83] - The company anticipates strong fourth-quarter cash performance and is prepared to invest and deliver once funding is released [24][10] Other Important Information - The company secured a $2.2 billion award from South Korea for next-generation airborne early warning business jets, reinforcing its position as a leading integrator [18][19] - The Digital Cockpit program, built on Palantir's infrastructure, is being implemented to enhance program management and execution across the company [22][23] Q&A Session Summary Question: Outlook for ISR segment and recent wins - Management noted significant improvements in the ISR segment, with a backlog doubling in 12 months and positive outlook driven by classified program growth [30][31] Question: Managing agility in a large organization - The company has focused on empowering leadership and reducing bureaucracy to maintain agility and responsiveness in partnerships with smaller firms [35][38] Question: Outlook for Golden Dome space-based competitions - Management expressed confidence in capabilities for missile defense architecture and readiness for upcoming competitions, pending government actions [40][41] Question: Growth outlook for Aerojet Rocketdyne - Management indicated significant growth potential for Aerojet Rocketdyne, with expectations for double-digit growth driven by solid rocket motors and space propulsion [66][67] Question: International business expansion and teaming operations - The company is actively partnering globally, with a focus on resilience and interoperability, and is seeing increased international demand [71][73] Question: Multi-year contracts and their impact - Management emphasized the need for multi-year contracts to support significant production ramp-up and align investments with customer needs [90][91]

Financial Data and Key Metrics Changes - AMETEK reported record sales of $1.89 billion, an increase of 11% from Q3 2024 [5] - Organic sales grew by 4%, acquisitions contributed 6 points, and foreign currency translation added 1 point [6] - Operating income reached a record $496 million, up 11% year-over-year, with EBITDA at $592 million, also up 11% [7][19] - Diluted earnings per share increased by 14% to $1.89 compared to Q3 2024 [7] Business Line Data and Key Metrics Changes - The Electronic Instruments Group (EIG) achieved sales of $1.25 billion, a 10% increase, with operating income of $360 million, up 6% [8] - The Electromechanical Group (EMG) saw sales of $646 million, up 13%, with operating income rising 25% to $164 million [9] Market Data and Key Metrics Changes - Overall orders increased by 13% to a record $1.97 billion, with a backlog of $3.54 billion [6] - Sales in the U.S. were up mid-single digits, while international sales increased low single digits, with Europe showing low double-digit growth [34][35] Company Strategy and Development Direction - AMETEK is focusing on strategic acquisitions as a core element of its growth strategy, with an incremental $90 million planned for organic growth initiatives in 2025 [11] - The company is leveraging its operational excellence and global infrastructure to adapt to changing market dynamics [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the automation and engineered solutions markets, despite macroeconomic uncertainties [9][10] - The company anticipates full-year sales growth in the mid-single digits and has raised its earnings guidance for the year [16][17] Other Important Information - AMETEK's effective tax rate decreased to 17.2%, down from 18.8% in Q3 2024, with capital expenditures expected to be around $150 million for the year [20][21] - The company maintains significant financial flexibility with over $2 billion in cash and available credit [22] Q&A Session Summary Question: Insights on key platforms and regions - Management highlighted strong performance in the process market segment and noted that trade uncertainty is causing slower decision-making [31] Question: Comments on tariffs and their impact - Management indicated that tariff renegotiations are causing delays in China, but they remain confident in long-term prospects [36] Question: Update on Paragon's performance - Paragon showed strong double-digit order growth, and management is optimistic about its future profitability [44] Question: Outlook for the process industry - Management noted that process orders are trending up, with expectations for a strong 2026 [72] Question: Update on M&A pipeline - The M&A pipeline remains strong, with active pursuit of high-quality deals across various end markets [114]

Financial Data and Key Metrics Changes - The company reported a quarterly revenue growth of 18% year-over-year, totaling $960 million [20] - Adjusted EBITDA increased by 17% to $117 million, with a quarterly adjusted EBITDA margin of 12.2%, reflecting a slight contraction of 10 basis points from the prior year [21] - Net earnings for the third quarter were $72 million, with diluted EPS rising by 24% to $0.26 [22] - Free cash flow was reported at $77 million for the quarter, significantly up from the prior year [22] Business Line Data and Key Metrics Changes - The Integrated Mission Systems (IMS) segment saw a revenue increase of 34%, driven by strong contributions from Counter-UAS and electric power and propulsion programs [20][21] - The Advanced Sensing and Computing (ASC) segment demonstrated a healthy growth of 9%, attributed to naval network computing, advanced infrared sensing, and tactical radar programs [21] Market Data and Key Metrics Changes - The company secured $1.3 billion in bookings during the quarter, resulting in a book-to-bill ratio of 1.4, with a year-to-date book-to-bill ratio of 1.2 [5] - The total backlog reached a record $8.9 billion, up 8% year-over-year and 20% year-over-year for funded backlog [6][5] Company Strategy and Development Direction - The company is focused on areas of customer priority, including Counter-UAS, shipbuilding throughput, missile production, and electronics modernization [9] - The company is actively working on strengthening its germanium supply chain through recycling initiatives and strategic agreements with partners [10] - The transition in leadership is expected to maintain the company's strategic focus on innovation and growth [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment presents both opportunities and challenges, particularly with ongoing global defense investments [8] - The company remains optimistic about future growth, particularly in the Counter-UAS domain, and expects to see funding flow from the $150 billion defense budget [9] - The company is monitoring the impact of the U.S. government shutdown but has not yet seen significant effects on program execution [8][9] Other Important Information - The company announced a leadership transition, with John Baylouny succeeding Bill Lynn as CEO [11][12] - The company is maintaining a balanced capital allocation strategy, focusing on M&A opportunities while also instituting a dividend [97] Q&A Session Summary Question: How do you expect IRAD spending to trend? - Management expects internal research and development investment to remain at current levels to maintain growth [29] Question: Any updates on foreign military sales activity? - Management anticipates a ramp-up in foreign military sales opportunities, particularly in Counter-UAS and sensor demand [31] Question: Have germanium prices stabilized? - Management indicated progress in solidifying supply for germanium and diversifying the supply base [34][35] Question: Were there any unusually large orders this quarter? - There was increased demand for Counter-UAS and short-range air defense programs, contributing to strong bookings [40] Question: What risks does the extended U.S. government shutdown pose? - The impact is moderate currently, but prolonged shutdowns could lead to delays in awards and payments [42] Question: How do you measure the payback on R&D investments? - R&D investments are expected to open up adjacent markets and growth opportunities, particularly in Counter-UAS and unmanned systems [48] Question: What is the current exposure to Counter-UAS programs? - Approximately 20% of revenues are tied to force protection, primarily from short-range air defense and Counter-UAS programs [50] Question: What is the strategy regarding Hoverfly investment? - The investment aligns with the strategy to bring best-in-breed technologies for elevated sensing and targeting [60] Question: How is the company addressing germanium supply constraints? - The company is utilizing buffer stock and recycling initiatives while developing partnerships for long-term supply [58][59] Question: Any changes to capital allocation thoughts? - The company aims for a balanced capital allocation strategy, focusing on M&A opportunities while maintaining dividends [97]

Financial Data and Key Metrics Changes - The company reported a quarterly revenue growth of 18% year-over-year, totaling $960 million [20] - Adjusted EBITDA increased by 17% to $117 million, with a quarterly adjusted EBITDA margin of 12.2%, reflecting a slight margin contraction of 10 basis points from the prior year [21] - Net earnings for the third quarter were $72 million, with diluted EPS rising by 24% to $0.26 [22] - Free cash flow was $77 million for the quarter, significantly up from the prior year [22] Business Line Data and Key Metrics Changes - The Integrated Mission Systems (IMS) segment saw a revenue increase of 34%, driven by strong contributions from Counter-UAS and electric power and propulsion programs [21] - The Advanced Solutions and Capabilities (ASC) segment demonstrated a healthy growth of 9%, attributed to naval network computing, advanced infrared sensing, and tactical radar programs [21] Market Data and Key Metrics Changes - The company secured $1.3 billion in bookings during the quarter, resulting in a book-to-bill ratio of 1.4, with a year-to-date book-to-bill ratio of 1.2 [4] - The total backlog reached a record $8.9 billion, up 8% year-over-year, with funded backlog growing by 20% [4] Company Strategy and Development Direction - The company is focused on areas of customer priority, including Counter-UAS, shipbuilding throughput, missile production, and electronics modernization [8] - The company is actively working on strengthening its germanium supply chain through recycling initiatives and strategic agreements with partners [9] - The company is positioned to capture growth opportunities in electric power and propulsion technology for future platforms [19] Management's Comments on Operating Environment and Future Outlook - The management noted that the operating environment presents both opportunities and challenges, with continued growth in U.S. and allied defense investments [6] - The company remains optimistic about the future, expecting revenue growth of 10% to 11% for the full year [5] - Management expressed confidence in navigating the complexities of the dynamic market environment while maintaining investment for organic growth [5] Other Important Information - The company announced a leadership transition, with John Baylouny set to become the new CEO [11] - The company is maintaining a balanced capital allocation strategy, focusing on M&A opportunities while instituting a dividend and moderate buyback [156] Q&A Session Summary Question: How do we expect IRAD spending to trend? - Management expects internal research and development investment to remain around mid 3% of revenues to maintain growth [31][32] Question: Any updates on foreign military sales activity? - The company anticipates a ramp-up in foreign military sales opportunities, particularly in Counter-UAS and sensors [35] Question: Have germanium pricing and supply stabilized? - Management indicated progress in solidifying supply for 2026 and diversifying the supply base away from reliance on China [39] Question: What drove the increase in bookings this quarter? - The increase was primarily due to strong demand for Counter-UAS and short-range air defense programs, with a typical flow seen at the government fiscal year-end [52] Question: What is the outlook for the government shutdown's impact? - The impact is currently moderate, but prolonged shutdowns could lead to delays in awards and payments [54] Question: How does the company view the long-term growth prospects in propulsion and missile business? - The company sees significant long-term growth opportunities in propulsion systems for various ship classes and in the missile sector due to increasing demand for advanced sensors [102][106] Question: How does Sage Core fit into the U.S. Army's Next Generation C2 plans? - Sage Core is positioned as a critical component for enabling platforms to operate autonomously and make decisions at the edge of the battlefield [116]