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光大证券晨会速递-20250708
EBSCN· 2025-07-08 01:16
2025 年 7 月 8 日 本周国内权益市场涨势延续,各类基金指数均实现正收益,权益类基金净值表现占优, 国内新基市场热度回落。行业主题基金方面,各赛道主题基金净值延续上涨,医药主 题基金净值涨幅重居首位,TMT、国防军工主题基金本周表现相对较弱。股票型 ETF 资金保持流出,资金净流出 208.17 亿元,主要减仓大盘宽基 ETF,港股 ETF 资金持 续显著流入,资金净流入 78.21 亿元。 【金工】市场或转向风格均衡——金融工程市场跟踪周报 20250707 上周 A 股震荡上涨,交易情绪上,截至上周五,主要宽基指数仅上证 50 量能择时指 标维持看多信号。资金面上,股票型 ETF 整体延续止盈状态维持净流出。上周市场 在事件影响下迅速催化"反内卷"主题,光伏、大宗商品表现强势,但后续延续性不 佳。结合市场资金面表现来看,短期市场或转向风格均衡表现,主题方面仍以金融地 产占优。待市场形成上涨合力后,指数在点位方面或能实现重大突破。 行业研究 【有色】电碳价格近 5 个月首次上涨,电解钴价格创近 1 个月新高——金属新材料高 频数据周报(20250630-20250706)(增持) 晨会速递 分析师点 ...
【建筑建材】周专题:轨道频谱稀缺驱动竞赛,国内低轨星座建设步入加速期——建材、建筑及基建公募REITs周报(孙伟风)
光大证券研究· 2025-07-07 08:34
周专题:轨道频谱稀缺驱动竞赛,国内低轨星座建设步入加速期 点击注册小程序 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 通信卫星轨道主要分为地球静止轨道(GEO)、中地球轨道(MEO)和低地球轨道(LEO)。LEO轨道可降 低功率衰减、通信时延并简化终端设计,但需多星组网覆盖。相比GEO,LEO/MEO系统时延更小,且卫星体 积小、重量轻,利于一箭多星发射,降低星座构建成本和周期。低轨空间轨道和频段资源稀缺(低轨容量约6 万颗,星链计划占4.2万颗),L/S/C等优质频段殆尽,Ku/Ka频段协调难度大。根据国际电信联盟(ITU)规 则,运营商需在限定时间内(2年10%、5年50%、7年100%)完成卫星部署以锁定资源,导致竞争加剧。中国 星网"国网"、垣信"千帆"首批星已入轨,蓝箭"鸿鹄 ...
建材、建筑及基建公募REITs周报:周专题:轨道频谱稀缺驱动竞赛,国内低轨星座建设步入加速期-20250707
EBSCN· 2025-07-07 07:04
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].
追梦空天牵手柘飞航空,共推AAM商业化
Guan Cha Zhe Wang· 2025-05-28 03:54
而上海柘飞航空科技有限公司成立于2022年,团队拥有大型商业飞机整机、适航级飞控与航电产品,以及新能源核心供应链背景。公司专注于提供先进航 空核心系统,主要服务商业航空器制造商以及行业内一级系统供应商,为国内先进航空项目提供行业领先的核心机载软件产品和能源系统产品。公司的愿 景是"加速可持续的先进空中交通"。 此次协议签署,进一步落实了双方在飞控系统产品研发、集成测试与试飞验证上的合作,标志着柘飞航空凭借其先进的核心软件产品与高质量的工程服 务,成为追梦空天科技DF3000项目的核心供应商。柘飞航空将为DF3000项目提供全方位支持和保障。DF3000作为国内进度居于首位的长航程低空交通运 输类eVTOL,研制工作再添重要羽翼。 5月27日晚间,混动倾转翼eVTOL企业追梦空天官微发文宣告,日前已与航电飞控软件系统供应商柘飞航空签署《DF3000功能验证机IVOS飞控应用软件 许可使用及开发服务协议》。 公开资料显示,追梦空天成立于2018年,于2024年分别完成国内首次吨级倾转混动eVTOL全流程试飞,以及国内首型倾转旋翼液氢混动eVTOL悬停试 飞,整体研发进度居国内首位。 根据协议,双方将不仅在技术上强 ...