证券日报网讯1月6日，航天智造（300446）在互动平台回答投资者提问时表示，公司当前业务聚焦于汽 车零部件、油气装备、高性能功能材料这三大领域。对于商业航天等战略性新兴产业，公司会结合自身 技术积累与市场条件，保持关注与研究，寻求合适的市场机会。未来如有进一步资本运作等重大事项发 生，公司将按照信息披露要求及时公告。 ...

Investment Rating - The report suggests a positive outlook for the high-end equipment manufacturing industry in China, emphasizing a "dual-driven" growth model characterized by strong domestic demand and robust international expansion [3][5]. Core Insights - The high-end equipment industry in China is experiencing a structural transformation, with a focus on technological advancements and brand development, leading to increased global market share [3]. - The report highlights two main investment themes: the technological self-reliance driven by AI and the deepening international expansion of Chinese equipment manufacturers [4][5]. - Key sectors to watch include gas turbines, industrial mother machines, controlled nuclear fusion, quantum computing, robotics, and 3D printing, which are expected to drive future growth [4][41]. Summary by Sections Domestic Manufacturing and Investment - Manufacturing investment in China is under short-term pressure, but high-end manufacturing and equipment sectors are emerging as growth engines, with a 1.9% year-on-year increase in manufacturing fixed asset investment [15][19]. - The report notes that high-tech manufacturing and equipment manufacturing sectors maintain high levels of activity despite overall investment slowdowns [15][22]. Export Performance - China's high-end equipment exports are performing well, driven by the global AI investment boom and recovery in demand from developed markets [28][31]. - In the first ten months of 2025, China's exports of electromechanical products reached 13.43 trillion yuan, marking an 8.7% year-on-year increase [28][31]. Technological Self-Reliance - The report emphasizes the importance of technological self-reliance, particularly in sectors like gas turbines and quantum computing, which are expected to see significant growth due to increasing global demand [4][48]. - The global gas turbine market is projected to grow significantly, with sales expected to rise from 44.1 GW in 2023 to an average of 60 GW from 2024 to 2026, reflecting a 36% increase [49][50]. International Expansion - Chinese equipment manufacturers are poised for further international growth, particularly in emerging markets, with sectors like engineering machinery and agricultural equipment expected to see substantial export growth [5][41]. - The report highlights the potential for Chinese companies in the oil and gas equipment sector, particularly in the Middle East, where demand is expected to rise significantly [5][13].

中证报中证网讯（记者 万宇）今年以来，自由现金流策略在A股市场获得越来越多的关注。"自由现金 流，可以理解为企业在支付了所有必要经营开支和未来投资后，真正剩余的可自由支配的现金。总的来 看，自由现金流比净利润更能反映企业为股东创造价值的能力。"广发基金基金经理田文舟介绍，他管 理的广发龙头优选采用自由现金流的策略来选股，对于接下来的投资，他看好上游资源品、出海制造业 等方向。 "基于自由现金流的选股策略在长期有望获得超额收益，体现在产品的投资风格上，可能介于深度价值 和高质量价值之间。"田文舟表示，在广发龙头优选的管理实践中，组合严格遵循企业价值/自由现金流 低于15倍的筛选标准，并致力于挑选行业内的优质龙头公司。基金三季报显示，该产品的持股进一步强 化了对企业自由现金流和全球竞争力的要求，以增强组合的稳健性和长期回报的确定性，在有色、机 械、家电、汽车、新能源等行业配置比例较高。 站在岁末展望未来的市场，田文舟分析，国内方面，三季度经济增长动能虽然有所放缓，但整体仍显韧 性，从2025年全A三季报来看，剔除金融与石油板块后，上市公司盈利显现出企稳复苏态势；海外方 面，预计在通胀未实质性反弹之前，美联储延续降 ...

展望2026年，机械中盘蓝筹公司孕育投资机会 受国内政策支持推动、以及海外份额提升影响，该行认为机械行业总需求平稳增长。与此同时，科技发 展是十五五的重要目标，因此该行认为科技赋能的重要性提升。综合来看，该行认为兼具稳定增长板块 和科技成长潜力的细分行业内的中盘蓝筹公司具有更好的投资机会。从主业增长和新成长潜力等视角 看，该行认为八大细分领域将涌现投资机会，包括锂电设备、工业母机、油气装备、叉车装备、欧美出 海机械、工程机械、煤炭机械、轻工装备等，看好该细分领域中盘蓝筹公司的投资机会。 2025年机械板块稳定增长，反映机械制造实力提升 风险提示 2025年来，在国家的支持下，我国机械装备行业实现持续发展，机械行业实现了稳定的增长，根据统计 局，金属制品、机械和设备修理业营业收入在25年持续增长;根据中国机械联，机械工业景气指数在 2025年处于较高水平。该行认为机械板块的稳定增长反映了我国机械装备制造实力的提升。 智通财经APP获悉，东方证券发布研报称，展望2026年，机械行业总需求平稳增长，且科技赋能的重要 性继续提升，则中盘蓝筹公司更为受益。该行看好机械板块的中盘蓝筹公司投资机会，该行认为锂电设 备、工业 ...

Core Viewpoint - Aerospace Intelligence reported a positive performance forecast for the first three quarters of 2025, with net profit expected to increase by 12% to 24% compared to the same period last year, driven by growth in the automotive parts business and stable performance in the oil and gas equipment sector [5]. Group 1: Financial Performance - The net profit attributable to shareholders is projected to be between 600.19 million and 664.49 million yuan, compared to 535.88 million yuan in the same period last year, reflecting a year-on-year growth of 12% to 24% [5]. - The net profit after deducting non-recurring gains and losses is expected to be between 564.93 million and 631.95 million yuan, up from 478.75 million yuan last year, indicating a growth of 18% to 32% [5]. Group 2: Business Growth Drivers - The automotive parts business has shown significant growth, with revenue increasing by approximately 25% year-on-year, driven by rising customer demand, which has positively impacted overall revenue and profit [3]. - The oil and gas equipment business has maintained stable performance, with operating results remaining largely unchanged from the previous year, demonstrating the company's ability to manage market fluctuations effectively [4].

Core Viewpoint - Aerospace Intelligent Manufacturing expects a net profit attributable to shareholders of 600 million to 664 million yuan for the first three quarters, representing a year-on-year growth of 12% to 24% compared to 536 million yuan in the same period last year [1] Group 1: Financial Performance - The increase in net profit is primarily driven by a 25% year-on-year growth in revenue from the automotive parts business due to rising customer demand [1] - The oil and gas equipment business has maintained a stable performance, with operating results remaining largely unchanged compared to the same period last year [1]

Core Viewpoint - Aerospace Intelligent Manufacturing (300446.SZ) expects a net profit attributable to shareholders of 600.19 million to 664.50 million yuan for the first three quarters, representing a year-on-year growth of 12.00% to 24.00% [1] - The company maintains a steady growth strategy, with operating performance continuing to improve through 2025 [1] Financial Performance - The net profit excluding non-recurring gains and losses is projected to be between 564.93 million and 631.95 million yuan, reflecting a year-on-year increase of 18.00% to 32.00% [1] - The automotive parts business has driven a revenue increase of approximately 25% year-on-year, contributing to overall revenue and profit growth [1] Business Segments - The oil and gas equipment business has shown stable performance, with operating results remaining roughly the same as the previous year [1]

Core Viewpoint - Aerospace Intelligence Manufacturing (300446.SZ) forecasts a net profit attributable to shareholders of 600 million to 664 million yuan for the first three quarters of 2025, representing a year-on-year growth of 12.00% to 24.00% [1] - The company expects a net profit of 565 million to 632 million yuan after deducting non-recurring gains and losses, indicating a year-on-year increase of 18.00% to 32.00% [1] Financial Performance - The company continues to show growth in its operating performance for the first three quarters of 2025 [1] - The automotive parts business is driven by increased customer demand, achieving a revenue growth of approximately 25% year-on-year, which contributes to the overall revenue and profit growth of the company [1] - The oil and gas equipment business maintains a stable performance, with operating results remaining roughly the same as the previous year [1]

Group 1 - The company, Aerospace Intelligence, confirmed that its smart cockpit products, including ambient lights, electric air outlets, and sliding sub-instruments, have achieved mass sales [1] - The company's oil and gas equipment business and high-performance functional materials business involve product exports, while the automotive parts business currently has no direct exports [1] - In the future, the company plans to seize relevant opportunities based on its own development and market conditions [1]

Core Viewpoint - The company has restructured its operations to focus on three main business segments: automotive interior and exterior parts design and manufacturing, oil and gas equipment and engineering, and high-performance materials research and application [1] Group 1: Automotive Business - The automotive parts segment is performing well due to continuous growth in automobile sales, benefiting from the company's scale advantages, customer resources, technological accumulation, and cost control capabilities [1] - The revenue contribution from the automotive parts segment has increased, providing a solid foundation for the company's development [1] Group 2: Future Growth Areas - The company plans to concentrate resources on accelerating the development of oil and gas equipment and high-performance functional materials, actively cultivating new growth points [1] Group 3: Corporate Background - The company's controlling shareholder is Aerospace Seventh Academy, which is part of the Aerospace Science and Technology Group, inheriting the excellent genes of the aerospace industry [1] - The company is committed to promoting the application of aerospace technology in civilian industries while widely applying intelligent technology to upgrade and transform existing main businesses, driving automation and unmanned production [1]