2024年被誉为"中国低空经济元年"，标志着低空经济作为战略性新兴产业迅速崛起。电动垂直起降飞行器（eVTOL）作为低空经济的主力低空飞行 器，需要综合性能更加优异的材料来驱动eVTOL飞行器的性能提升和应用推广，而质轻高强的高性能聚合物及其复合材料将成为首选材料。 芳纶纤维增强热塑性复合材料 则主要以芳纶纸蜂窝复合材料 进行应用，特别适用于需要承受负荷和具备优异透波性能的结构部件。此外，其他夹芯 复合材料如泡沫塑料，因其低密度、缓冲减震、隔音吸音等独特性能，也被应用于低空飞行器的内部结构。 另外，不得不提低空经济赛道的明星材料： PEEK ，相对于铝合金和不锈钢等，PEEK的密度较低，兼具刚性和韧性，能够替代金属，是实现轻量化 及平量化的极佳解决方案。 PEEK复合材料 对比纯PEEK材料性能更加优异，以碳纤维增强PEEK复合材料为例，30%的短碳纤维增强聚醚醚酮复合材料在室温下，拉伸强度比未 增强时增加至少一倍，在 150 ℃下达到三倍。同时，碳纤维的增强在一定程度上能抵御PEEK的热软化，形成转移膜保护接触区域，明显降低磨损 率。 吉林大学在特种工程塑料领域的研发历史悠久且成果丰硕。 吉林大学张云鹤教授 ...

国防军工行业 行业研究 | 深度报告 深海科技锻造战略新引擎 ——深海产业研究系列报告（1） 核心观点 投资建议与投资标的 ⚫ 深海产业兼具战略高度和科技属性，商业化周期长、技术壁垒高，是典型的"长坡 厚雪"赛道。当前阶段建议优先关注以下方向：（1）存在卡脖子风险的关键材料和 部件，如高端传感器（中国海防、中科海讯、长盈通等）、高强度钛合金（西部材 料、宝钛股份、金天钛业、派克新材、航宇科技）、碳纤维复合材料（光威复材、 中简科技、中复神鹰等）；（2）军工应用核心赛道，重点突破水下无人作战装备 （中国船舶、中国动力、湘电股份、天海防务等）；（3）商业化进程最快的深水油 气开发领域（海油工程、迪威尔、杰瑞股份）；（4）通信、数字基础设施建设，如 海底光缆、海底观测网、海底数据中心（中天科技、海兰信等）。 风险提示 ⚫ 政策支持不及预期；技术发展不及预期；生态环境破坏风险；国际法规与地缘政治 风险。 | | 看好（维持） | | --- | --- | | 国家/地区 | 中国 | | 行业 | 国防军工行业 | | 报告发布日期 | 2025 年 08 月 23 日 | | 罗楠 | 021-63325888* ...

Group 1: Core Insights - The article highlights the emergence of "invisible champion" enterprises in Tianjin's Xiqing District, driven by innovation and key technological breakthroughs, which are reshaping regional industrial competitiveness [1][6] - As of mid-2025, Xiqing District has 498 innovative small and medium-sized enterprises, including 221 "specialized, refined, distinctive, and innovative" SMEs and 20 national-level "little giant" enterprises, forming a robust enterprise ecosystem [1][6] Group 2: Technological Advancements - Zhongke Huiyan (Tianjin) Electronics Co., Ltd. has successfully broken the foreign monopoly in autonomous driving perception algorithms and magnetorheological suspension systems through self-research and collaboration with domestic chip companies [2] - Carbon fiber composite materials produced by Carbon Technology are widely used in major national projects, with the company leading the formulation of 19 industry standards and occupying a significant position in the trillion-level infrastructure reinforcement market [3] Group 3: Energy Innovations - Huasheng (Tianjin) New Energy Technology Co., Ltd. is pioneering the development of water-based zinc-iodine batteries as an alternative to lithium and lead-acid batteries, with nearly a hundred research teams following their lead [4] - The innovation ecosystem in Xiqing District is fostering collaboration among new energy material enterprises, injecting green momentum into the regional economy [4] Group 4: Global Expansion - Yike Automation has successfully developed high-precision miniaturized sensors for battery production, overcoming a long-standing reliance on German imports, and is expanding its presence in Europe and North America [5] - The upcoming Shanghai Cooperation Organization summit in Tianjin is expected to open new international market opportunities for local enterprises like Yike [5]

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index in the next six months [4][54]. Core Insights - The military materials index has outperformed the industry, with a growth rate of 3.59% in July, surpassing the industry average by 0.51 percentage points [3][33]. - The report identifies several key drivers for the rapid growth of the military materials sector, including the final year of the 14th Five-Year Plan, increased geopolitical tensions, advancements in new materials technology, and the dual-use nature of military and civilian applications [3][10][12]. - The report anticipates a gradual recovery in the military materials industry, driven by concentrated demand release in 2025 and the increasing certainty of large orders in the sector [10][11]. - The report highlights the importance of multi-functional materials and new manufacturing processes, such as additive manufacturing, which are expected to see rapid development in military applications [14][16]. Summary by Sections Military Materials Industry Analysis - Domestic suppliers need to enhance their technical capabilities and manufacturing efficiency to meet the rapid development of the civil aviation industry [8][29]. - The establishment of specialized production lines for civil aircraft components is expected to accelerate the production of domestic large aircraft [29][30]. Capital Market Status - The military materials index has shown a positive performance, with a notable increase in public fund holdings in military materials [3][34]. - The report notes that the military materials sector has experienced a lag in growth compared to the overall military industry, indicating potential for catch-up [3][10]. Important Investment Logic - The report suggests focusing on companies involved in high-temperature alloys, titanium alloys, and composite materials, which are expected to benefit from the growing demand in both military and civilian markets [18][51]. - The military materials sector is projected to see significant growth in the next few years, with high-end titanium alloys, carbon fibers, and high-temperature alloys expected to reach market sizes of over 200 billion, 300 billion, and 400 billion respectively by 2028 [44][45].

Core Insights - The aerospace industry is experiencing a significant transformation driven by advancements in new materials, particularly composite materials, which are essential for meeting the demands of weight reduction, increased range, and cost efficiency in aerospace applications [1][2][5]. Group 1: Aerospace Material Innovations - The shift from traditional metal materials to advanced composite materials is crucial for the aerospace sector, with carbon fiber composites being highlighted for their lightweight and high-strength properties [2][3]. - The global aerospace composite materials market is projected to reach approximately 428.54 billion yuan by 2029, indicating a robust growth trajectory [1]. - Carbon fiber composites are becoming increasingly important in the aerospace field, with applications in both manned and unmanned aerial vehicles, significantly enhancing performance metrics such as range and fuel efficiency [2][3]. Group 2: Low-altitude Economy and eVTOL Development - The eVTOL (electric Vertical Take-Off and Landing) industry is expected to see a dramatic increase in demand for composite materials, with projections indicating a rise from approximately 500 tons in 2024 to 11,750 tons by 2030, reflecting a growth rate of about 22.5 times [3]. - Companies are forming partnerships to advance the lightweighting of aircraft, which is essential for the development of a comprehensive transportation network that integrates ground and air travel [3]. Group 3: Domestic Innovation and Market Growth - China's aerospace materials sector is in a phase of self-innovation, with increasing domestic production rates of high-end composite and alloy materials, supporting the mass application of domestic aircraft and low-altitude vehicles [4][5]. - The aerospace equipment industry is transitioning from a scale of hundreds of billions to trillions, with new materials playing a pivotal role in this evolution [5]. Group 4: Additive Manufacturing and Future Prospects - The commercial space industry is demanding more complex materials, particularly for reusable rocket technologies, which require materials that can withstand extreme temperatures and conditions [6][7]. - Additive manufacturing (3D printing) is emerging as a key technology in the aerospace sector, enabling the production of complex components while reducing costs and production times [6][7]. - The domestic market for additive manufacturing in the commercial space sector is expected to range between 10.5 billion yuan and 24 billion yuan from 2025 to 2030, highlighting significant growth potential [7].

Investment Rating - The report maintains an "Overweight" rating for the defense materials sector [3]. Core Insights - The defense materials sector has shown significant performance, with the AVIC Securities Defense Materials Index rising by 21.41% year-to-date, outperforming the defense industry index by 3.12 percentage points [2][41]. - Geopolitical tensions, such as conflicts between India and Pakistan and Israel and Palestine, have increased market attention on the defense industry, stimulating the performance of defense materials and related companies [2][41]. - The upcoming commemorative events for the 80th anniversary of the victory in the Anti-Japanese War are expected to further enhance market expectations for the defense industry's performance recovery [2][41]. Summary by Sections 1. Defense Materials Industry Analysis - The defense materials sector is anticipated to gradually recover in 2025, benefiting from the concentrated release of demand as the "14th Five-Year Plan" concludes [8]. - The combination of high-performance materials and 3D printing technology is creating new possibilities for manufacturing [6][33]. - The demand for composite materials is expected to increase due to their multifunctionality in weapon systems [11]. 2. Capital Market Status of the Defense Materials Industry - The AVIC Securities Defense Materials Index has increased by 21.41% since the beginning of the year, significantly outperforming the broader market indices [41]. - The index's price-to-earnings ratio (TTM) has risen by 10.20% since the start of the year, indicating improved investor sentiment [2][41]. - Several defense materials companies have announced major contracts and expansion plans, reflecting a potential turnaround in performance [6][42]. 3. Important Investment Logic - The demand for military materials is expected to remain strong, driven by national defense goals and the need for increased production capacity [48]. - The report highlights the importance of new materials in enhancing weapon performance, with predictions indicating significant growth in the market for high-end titanium alloys, carbon fibers, and high-temperature alloys by 2028 [49][50]. - The report suggests that the integration of advanced manufacturing techniques, such as additive manufacturing, will play a crucial role in the future development of the defense materials sector [12][13].

Core Viewpoint - The article highlights the significant growth and transformation of China's carbon fiber industry, particularly focusing on Jilin Chemical Fiber's impressive sales increase and the shift towards a more integrated and responsive manufacturing model [3][5][10]. Group 1: Industry Growth and Performance - In the first half of 2025, China's carbon fiber industry surpassed previous expectations of "structural oversupply," with Jilin Chemical Fiber's sales increasing by 65% year-on-year, exceeding 25,000 tons, and projected to surpass 56,000 tons for the year [3]. - The production of downstream composite materials and products has grown by 5.9 times, indicating rising capacity utilization and internal absorption capabilities [3]. - Jilin Chemical Fiber's growth is attributed to a product structure adjustment focused on end-user scenarios, moving away from the previous "production determines sales" strategy [3]. Group 2: Manufacturing and Technological Advancements - The choice of technological pathways and internal structural adjustments are crucial for Jilin Chemical Fiber to move beyond the "cyclical carbon fiber manufacturing" paradigm [5]. - The company has achieved a high self-use rate of 91% for precursor materials and 50% for carbonized products, indicating a closed-loop manufacturing capability from raw materials to composite products [5]. - This manufacturing model ensures performance consistency during bulk delivery and provides flexibility to adjust to market fluctuations [5]. Group 3: Industry Collaboration and Policy Support - The article notes that Jilin Chemical Fiber's success is not isolated, as multiple industrial clusters across the country are forming around the vertical integration of carbon fiber production [6]. - Companies like Zhongfu Shenying and Guangwei Composites are establishing integrated platforms from precursor manufacturing to structural design, enhancing their competitive edge [6]. - Local governments are establishing special funds and pilot platforms to support the carbon fiber industry, aligning with the "14th Five-Year Plan" to promote advanced materials [8]. Group 4: Market Trends and Future Outlook - The focus of industry competition is shifting from "single performance indicators" to "system integration adaptability," emphasizing the need for companies to adapt to user processes and provide stable supply [10]. - Chinese carbon fiber is moving away from a "low-end substitution" mindset, developing capabilities to compete with international leaders in mid-modulus and mid-stress composite components [10]. - The carbon fiber industry is entering a "system engineering" phase, requiring companies to focus on core technologies and industry chain integration rather than just capacity and cost [10].

Core Viewpoint - Carbon fiber is recognized as a strategic new material in modern high-tech fields, known for its high performance and cost-effectiveness, making it the preferred material for high-end manufacturing [4][27]. Group 1: Carbon Fiber Characteristics - Carbon fiber has excellent mechanical, thermal, and electromagnetic properties, enabling long-term reliable service in extreme conditions [4]. - The production process of carbon fiber is complex, with multiple critical control points, making mastery of the preparation technology essential for producing high-performance carbon fiber [5]. - The cost-effectiveness of carbon fiber is the key factor for its expansion into downstream market applications, with innovations in production processes aimed at reducing costs [6]. Group 2: Market Demand and Supply - The global demand for carbon fiber reached 118,000 tons in 2021, a year-on-year increase of 10.4%, with China's demand at 62,379 tons, growing by 27.7% [8]. - China has become the largest producer of carbon fiber globally, with a supply rate of 58.1%, despite having started later than Western countries [8]. - The carbon fiber market is driven by multiple sectors, including aerospace, wind energy, automotive, hydrogen energy, and construction, indicating a robust demand landscape [8]. Group 3: Investment Recommendations - Given the high growth potential in sectors such as defense, automotive, wind energy, and hydrogen energy, it is recommended to pay attention to companies like Guangwei Composites, Zhongjian Technology, and others involved in carbon fiber production [9].

Core Viewpoint - Chujiang New Materials (002171) is focusing on the development and manufacturing of advanced materials, particularly in copper-based materials and military carbon materials, aiming to become a competitive platform in the industry [4]. Group 1: Company Overview - Chujiang New Materials specializes in the research and manufacturing of advanced materials, with a dual development strategy focusing on advanced copper-based materials and military carbon materials [4]. - The company's main products include precision copper strips, copper conductor materials, copper alloy wires, precision special steel, carbon fiber composite materials, and special thermal equipment [4]. Group 2: Product Applications - The copper-based materials are utilized in various sectors such as new energy vehicles, photovoltaic energy, power equipment, information technology, consumer electronics, advanced rail transportation, intelligent manufacturing, and national defense [2]. - Specific applications of precision copper strips include automotive connectors, photovoltaic components, LED brackets, cable packaging, and electronic connectors [2]. - High-end copper conductors are used in automotive wiring harnesses, charging station connection lines, robot wiring harnesses, rail transportation cables, and photovoltaic busbars [2]. - The company's products are also applied in the semiconductor integrated circuit manufacturing field, serving downstream electronic components and precision instruments [2]. Group 3: Financial Performance - In Q1 2025, the company reported a main revenue of 13.146 billion yuan, a year-on-year increase of 21.77%, and a net profit attributable to shareholders of 132 million yuan, up 28.45% year-on-year [5]. - The company's net profit after deducting non-recurring gains and losses was 128 million yuan, reflecting a significant year-on-year increase of 73.13% [5]. - The debt ratio stands at 59.48%, with investment income reported at -18.48 million yuan and financial expenses at 55.26 million yuan, while the gross profit margin is 3.4% [5]. Group 4: Market Sentiment and Predictions - Over the past 90 days, four institutions have rated the stock, with three giving a buy rating and one an increase rating, and the average target price set at 13.29 yuan [6]. - Detailed profit forecasts indicate expected net profits of 712 million yuan for 2025, 921 million yuan for 2026, and 1.09 billion yuan for 2027 from various institutions [8].

Core Viewpoint - The article discusses the Fourth Composite Materials Interface Forum, focusing on the latest research and developments in composite materials, particularly in interface design and engineering applications. Group 1: Forum Schedule and Topics - The forum is scheduled from July 16 to July 18, featuring various sessions on composite materials interface design and performance [10]. - Key topics include high-performance carbon fiber composite interface design, low-speed impact damage research, and the latest trends in the carbon fiber industry [3][4]. Group 2: Presenters and Research Highlights - Notable presenters include Yang Xiaoping from Beijing University of Chemical Technology discussing third-generation high-performance carbon fiber composites [3]. - Research on the interface performance enhancement of hemp fiber reinforced resin-based composites will be presented by Qiu Yiping from Donghua University [3]. Group 3: Sponsorship and Collaboration - The forum is sponsored by several companies, including Guangdong Beidou Precision Instruments and Dia-Stron from the UK, indicating strong industry support [5]. - The organizing committee invites academic posters from participants to showcase their latest research findings, with awards for the best posters [5].