Core Viewpoint - The economic situation in Zhuzhou is showing positive growth, particularly in the manufacturing sector, with a focus on advanced manufacturing and emerging industries driving this progress [1][3]. Group 1: Advanced Manufacturing Development - Zhuzhou's advanced manufacturing sector has seen a significant increase, with the added value of advanced manufacturing growing by 10.7% from January to May, contributing 55.2% to the city's industrial output [3][4]. - The investment structure in Zhuzhou has fundamentally shifted, with industrial investment growth rising from 5.5% to 17.5% since 2020, now accounting for 60.4% of fixed asset investment [3][11]. - The city is committed to a "manufacturing first" approach, integrating manufacturing and research to enhance innovation and productivity [3][4]. Group 2: Emerging Industries Growth - Emerging industries in Zhuzhou are flourishing, with significant growth observed in sectors such as wind power, electronic equipment manufacturing, automotive manufacturing, advanced materials, and biomedicine, all achieving double-digit growth [7][8]. - The city is optimizing its industrial landscape to promote emerging industries, leveraging its industrial foundation and research capabilities to foster new sectors like new energy equipment and industrial software [9][10]. - The successful application of Beidou technology across various fields is a testament to Zhuzhou's ability to convert technological advantages into industrial strengths [9]. Group 3: Industrial Investment and Future Potential - Industrial investment in Zhuzhou has consistently increased, with a notable 17.5% growth this year, indicating strong confidence in the local business environment and future market prospects [11][12]. - The city has attracted significant strategic emerging industry projects, such as the carbon silicon semiconductor equipment production base and the CRRC "dual carbon" industrial park, which are expected to bolster the new industrial landscape [12]. - Zhuzhou's focus on green and low-carbon technologies is evident, with numerous projects recognized for their environmental sustainability, positioning the city for future economic advancements [12].

国防军工行业 行业研究 | 动态跟踪 新型号技术成熟叠加后市场格局改变，航 发产业有望迈入全新发展阶段 核心观点 事件：根据中国航空发动机集团官网，张玉金已任中国航发董事长、党组书记。 投资建议与投资标的 航发集团"一把手"调整，航发产业有望重回高增长轨道，我们认为发动机板块有望迈 入全新发展阶段，市场前景广阔，建议关注以下细分领域标的： 风险提示 ⚫ 航发集团"一把手"任命落地，新一届管理团队成型。张玉金曾任中国航发"两 机"重大专项工程副总指挥，中国航发商发董事长、党委书记，中国商用飞机有限 责任公司党委常委、副总经理等职，于 2024 年 4 月任中国兵器装备集团有限公司总 经理、党组副书记；2025 年 2 月重返中国航发任总经理、党组副书记。中国航发专 注航空发动机、辅助动力、燃气轮机及传动系统的研制维修，开展航空关键材料研 发，其成果作为航空装备 "心脏"，直接决定军民用飞机动力性能，全面配装各类 航空装备，同时服务航天、船舶等领域，为装备性能提升与自主可控提供核心支 撑。该职位距离上任董事长卸任空缺了大约两个月，张玉金本次任职意味着中国航 发重新有了掌舵者，航发产业有望重回高增长轨道。 ⚫ 核心 ...

2025 年 06 月 29 日 行业研究 评级：推荐(维持) 研究所： | 证券分析师： | 李永磊 S0350521080004 | | --- | --- | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 陈云 S0350524070001 | | | cheny17@ghzq.com.cn | [Table_Title] 全球 7nm 及以下产能 2024-2028 CAGR 料达 14%， 我国光伏累计装机破 10 亿千瓦 ——化工新材料产业周报 最近一年走势 核心逻辑 新材料是化工行业未来发展的一个重要方向，正处于下游需求迅速 爆发阶段，随着政策支持与技术突破，国内新材料有望迎来加速成 长期。所谓"一代材料，一代产业"，新材料产业属于基石性产业， 是其他产业的物质基础。我们筛选了支撑人类社会发展的重要领域， 包括电子信息、新能源、生物技术、节能环保等，持续挖掘并追踪 处于上游核心供应链、研发能力较强、管理优异的新材料公司。 1）电子信息板块：重点关注半导体材料 ...

中国航发交付2台AEP100发动机 助力W5000大型货运无人飞机首飞 智通财经6月25日电，中国航发南方、动研所向白鲸航线（常州）科技有限公司交付2台AEP100发动 机，将助力W5000大型货运无人飞机在今年下半年实现首飞。 ...

Core Viewpoint - The AES100 engine, a domestically developed 1000 kW class advanced civil turboshaft engine in China, has received a production license and signed sales contracts, marking a significant milestone in the country's aviation engine industry [1][3]. Group 1: Engine Specifications and Applications - The AES100 engine is characterized by high safety, good economy, easy maintenance, and wide environmental adaptability, suitable for 5-6 ton dual-engine helicopters and 3-4 ton single-engine helicopters, as well as tilt-rotor aircraft for various missions including transport, sightseeing, and rescue [3]. - The production license indicates that the industrial manufacturing capability of the AES100 engine has received airworthiness approval [3]. Group 2: Future Developments and Contracts - In addition to the production license, China Aviation Engine Group has signed sales and leasing contracts for the AES100 engine, which will serve as the core power unit for the 6-ton tilt-rotor unmanned transport platform "Lan Ying R6000," with delivery planned for 2026 [6]. - The industry is rapidly advancing towards a full spectrum of general aviation engines, with multiple domestically developed advanced aviation engines expected to achieve their first flights and certifications within the next year [6]. Group 3: Additional Engine Projects - Based on the AES100, researchers have developed the AEP100, a 900 kW class turboprop engine designed for 3-10 ton drones, which has completed its first flight and meets international performance standards for its class [6]. - A 200 kW class turboshaft engine, the AES20, is also under development for light aircraft, with expected first flight by the end of 2025 and airworthiness certification by 2026 [6].

Core Viewpoint - The AES100 engine has received production certification and signed sales contracts, marking its transition from design and development to mass production, which supports the development of low-altitude equipment [1][6]. Group 1: Engine Specifications and Capabilities - The AES100 engine is China's first 1000 kW class advanced civil turboshaft engine developed according to international airworthiness standards, capable of operating safely and stably under complex conditions such as icing, heavy rain, and strong electromagnetic environments [1]. - This engine can be installed on 5 to 6-ton dual-engine helicopters and 3 to 4-ton single-engine helicopters, as well as tilt-rotor aircraft, for various missions including transportation, sightseeing, patrol, police, and rescue [1][6]. Group 2: Future Developments and Innovations - In addition to the AES100 engine, a new 900 kW turboprop engine named AEP100 has been developed, suitable for 3 to 10-ton drones, which has completed its first flight and meets international performance standards [6]. - A 200 kW turboshaft engine, the AES20, has been developed for lightweight aircraft, expanding capabilities in the 1-ton lightweight helicopter sector [6].

证券代码：000738 证券简称：航发控制 中国航发动力控制股份有限公司投资者关系活动记录表 编号：2025-01 | | □特定对象调研 □分析师会议 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | □媒体采访 √业绩说明会 | | | | | | | | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | | | | | | | | 类别 | □现场参观 | | | | | | | | | | | □其他 | | | | | | | | | | | 百年保险 李翘楚，诚通基金 徐可、孙天智，诚通科创 | | | | | | | 汤思，财通基金 | | | | 吴帆，长江资管 刘舒畅，长江证券 杨继虎，东方证券 | | | | | | | 冯函，东吴证券 | | | | 许牧，东北证券 王风华、黄泽，复星财富 彭豪，方正证券 | | | | | | 黄凯伦，国 | | | | | 家军民融合基金 赵卫、付潇，国调基金 李茜茜，广发证券 | | | | | | 孟祥杰、邱 | ...