《方案》提出八项重点任务，聚焦巩固提升工业民间投资、扩大特色优势产业民间投资、稳定房地产开 发领域民间投资等方面。贵州计划围绕做优做强数智产业、新型综合能源、新能源新材料、优势矿产资 源精深加工、酱香白酒、先进装备制造"六大产业集群"，纺织服装、生态食品、健康医药"三大特色产 业"和各地主导产业，实施强化比较优势战略，遴选认定一批先进制造业集群并向社会公示。官方将支 持民营企业通过增资扩股、股权转让、合资共设等方式，参与国有重大制造业项目建设。 《方案》明确，要推动民营企业参与"数智贵州"建设。贵州将实施"人工智能＋"行动，推动酱香白酒、 化工、能源等行业领域大模型应用；支持民营龙头企业、链主企业、服务商建设综合性数字赋能平台， 推动跨领域数据融通共用，加快民营企业数字化转型；依托全国一体化算力网络国家(贵州)枢纽节点， 探索算电协同发展机制，鼓励具备条件的民营企业投资建设算力基础设施，加快算力资源规模化、绿色 化发展。 官方提出，贵州将坚持用市场办法、改革举措，持续优化民间投资发展环境，进一步扩大市场准入、打 通投资堵点、破除隐性壁垒，强化项目建设、要素保障和政策支持，推动民间投资提质增效。计划到 2027 ...

Core Viewpoint - The company aims to deepen its low-altitude operation business through regional development and strategic upgrades by leveraging the new management team's expertise in key technologies related to drone assembly and flight control systems [1] Group 1: Company Strategy - The company plans to establish a wholly-owned subsidiary, Jifeng Low-altitude Technology (Yancheng) Co., Ltd., with an investment of 50 million yuan to serve as an investment and operation platform for the low-altitude industry in Yancheng, Jiangsu [1] - The new subsidiary will integrate the company's extensive experience in channel networks, service systems, and terminal promotion within modern agricultural service projects [1] Group 2: Industry Focus - The establishment of the subsidiary is part of the company's strategy to promote regional deep cultivation and strategic upgrades in its low-altitude business [1]

Core Insights - The company reported a total revenue of 1.996 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 23.78%, and a net profit of 101 million yuan, which is a 79.46% increase year-on-year [1] Industry Overview - The modified plastics industry is moving towards high-end domestic substitution, with a projected production of 35.46 million tons in 2025. Currently, the focus is on mid-to-low-end products, but there is potential for upgrading to high-performance and multifunctional materials [1] - The upstream market, including synthetic resins like polypropylene and polyethylene, is expected to maintain a weak oscillation pattern in the short term, while the appliance sector currently shows the highest demand, with the automotive industry anticipated to become a primary growth driver in the medium to long term [1] Company Developments - The company focuses on high-performance modified plastics, which is its largest product category, and has been optimizing its product structure to enhance technical added value, resulting in steady growth in revenue and gross margin [1] - The second major product line is thermoplastic elastomers, where the company is accelerating the development of differentiated product lines to break foreign monopolies and achieve import substitution [1] - The subsidiary, 聚隆复材, is concentrating on large-scale manufacturing of carbon fiber composite components and complete drones, having established a one-stop production line for composite structural parts and complete assembly of various aircraft models [1] - The company has also ventured into new emerging sectors such as robotics, aerospace, and low-altitude economy, collaborating with leading clients for material validation and solutions [2] - A new subsidiary, 江苏聚隆纬伦技术有限公司, was established to advance the research and development of smart robots and the application of company materials in the robotics industry [2] - The company launched a new aircraft structure, the V1000 tilt-rotor hybrid aircraft, which integrates "tilt-rotor + hybrid power" technologies, achieving breakthroughs in lightweight, high strength, and fatigue resistance [2] Financial Projections - The company forecasts revenues of 2.82 billion yuan, 3.08 billion yuan, and 3.23 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 160 million yuan, 220 million yuan, and 250 million yuan for the same years [2] - The expected earnings per share (EPS) are projected to be 1.41 yuan, 1.95 yuan, and 2.24 yuan, with corresponding price-to-earnings (PE) ratios of 25, 18, and 16 times [2] - Given the company's leading position in high-performance modified plastics and unique advantages in applications within robotics, aerospace, and low-altitude economy, a target price of 42.90 yuan is set for 2026, with a "buy" rating assigned [2]

Core Viewpoint - The company Nanjing Julong (300644) is focusing on the manufacturing of carbon fiber composite components and the assembly of drones through its subsidiary, Julong Composites [1] Group 1: Business Focus - Julong Composites has established a one-stop production line that covers everything from composite structural parts to complete drone assembly [1] - The company can provide core components in bulk, including engine nacelles, shells, auxiliary load-bearing layers, section covers, sound-permeable plates, and composite skirts [1] Group 2: Product Offerings - The company is capable of simultaneously completing the assembly and delivery of multi-rotor, tilt-rotor, and composite wing drones [1]

Group 1 - The company Nanjing Julong (300644.SZ) confirmed on September 8 that its subsidiary, Julong Composites, has undertaken the production of drone components and assembly tasks for multiple domestic companies [2] - However, the company clarified that it has not been involved with the specific drone model pd2900 mentioned by the investor [2]

Core Insights - Nanjing Julong reported a total revenue of 1.257 billion yuan for H1 2025, representing a year-on-year growth of 25.75% [2] - The net profit attributable to shareholders reached 57.36 million yuan, up 40.73% year-on-year, while the net profit after deducting non-recurring gains and losses was 55.64 million yuan, reflecting a 43.31% increase [2] - The company's total assets stood at 2.386 billion yuan, a slight increase of 0.14%, and the net assets attributable to shareholders were 986 million yuan, growing by 2.1% [2] Modified Plastics Sector - Nanjing Julong has established itself as a representative enterprise in the modified plastics industry in China, particularly in high-performance nylon materials for automotive and high-speed rail applications [2] - The company has made significant breakthroughs in the research and development of nylon materials for key components in new energy power systems, automotive engines, and high-speed rail [2] - To enhance market competitiveness, the company is actively implementing a global strategy, including establishing a production base in Mexico to expand overseas markets and improve global service capabilities [2] Thermoplastic Elastomers - Nanjing Julong has developed high-performance thermoplastic elastomer materials with characteristics such as low permanent deformation, high-temperature resistance, oil resistance, and aging resistance [3] - The company utilizes a "three-step method" dynamic vulcanization technology to create materials for electric motor sound insulation and communication device sealing, addressing sealing, shock absorption, noise reduction, and sound insulation needs [3] - The thermoplastic elastomer products are widely used in automotive engine systems, air conditioning systems, and interior components, with a project on ultra-low hardness TPV for fiber optic communication equipment sealing included in Jiangsu Province's manufacturing strong province funding project [3] Carbon Fiber Composites - Nanjing Julong's subsidiary focuses on large-scale manufacturing of carbon fiber composite components and complete assembly for drones [3] - The company has established a one-stop production line from composite structure components to complete assembly, capable of providing core components such as engine nacelles, shells, and composite wings [3] - With integrated composite technology and flexible assembly capabilities, the subsidiary has secured contracts with multiple domestic drone companies, leading to a simultaneous increase in component and complete assembly orders, thereby enhancing market share [3]

Financial Performance - The company achieved an annual revenue of 1.04 billion, representing a year-on-year growth of 41.64% [4] - In Q1 2025, the revenue reached 266 million, with a year-on-year increase of 18.87% [4] - The net profit for 2024 was -48.9754 million, indicating a temporary loss due to various factors [4] Research and Development - The company invested 83.1393 million in R&D, a 44.55% increase year-on-year, focusing on new-generation drone platforms [6] - A total of 11 research projects were completed during the reporting period [6] Market Strategy - The company is actively participating in multiple large aircraft development projects, including being a supplier for the C919 and C929 aircraft [5] - The strategic focus includes enhancing production efficiency and expanding market reach to achieve cost reduction and efficiency improvement [6] Production and Sales Growth - Significant increases in sales and production volumes were driven by a notable rise in customer orders [6] - The company has established multiple manufacturing bases in regions like Shenyang, Sichuan, and Xi'an to support business growth [7] Strategic Collaborations - A strategic partnership with Harbin Institute of Technology aims to develop key technologies in low-altitude economy and intelligent manufacturing [7] - The collaboration seeks to integrate research capabilities with industrial production to foster innovation [7]