2025 年 8 月 27 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 公司点评 时代天使（6699 HK，买入，目标价：86.47 港元）- 海外业务驱动快速增长 时代天使公布强劲的 2025 年上半年业绩，收入同比增长 33%至 1.6 亿美元， 主要受海外业务快速扩张驱动。隐形矫治总病例数达 225,800 例，同比增加 48%，达到此前我们全年预测的 51.7%，高于历史平均约 41%。归母净利率 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 25,525 | -1.18 | 27.24 | | 恒生国企 | 9,149 | -1.07 | 25.50 | | 恒生科技 | 5,782 | -0.74 | 29.41 | | 上证综指 | 3,868 | -0.39 | 15.41 | | 深证综指 | 2,441 | 0.18 | 24.69 | | 深圳创业板 | 2, ...

Group 1: Magnesium Alloy Components - The price of magnesium has fallen below that of aluminum, with decreasing price volatility, making magnesium alloy components increasingly attractive for lightweight applications [1] - The company is a global leader in deep processing of lightweight magnesium alloy materials, with strong competitive advantages in product simulation design, mold design, and die-casting [1] - The product portfolio includes key automotive components such as powertrains, front-end carriers, dashboard brackets, and door inner panels, with a focus on commercializing advanced technologies from overseas [1] Group 2: Raw Material Price Management - The company employs a price linkage settlement mechanism to enhance the proportion of customers under price linkage, optimizing the pricing mechanism to mitigate settlement delays [2] - It utilizes financial tools like hedging to lock in raw material prices, thereby reducing operational risks [2] - Strengthening centralized procurement management and optimizing supplier management systems are key strategies to lower operational costs and enhance product profitability [2] Group 3: Aviation and Low-altitude Economy - The company owns all intellectual property rights for 18 aircraft models and is a leader in the development of fixed-wing electric aircraft and eVTOL solutions [3] - It has established a comprehensive product layout for low-altitude economy, integrating fixed-wing, drone, and vertical take-off and landing (VTOL) aircraft [3] - The company is recognized as a key player in the global general aviation manufacturing sector, contributing to the development of industry standards [3] Group 4: Electric and Hybrid Aircraft Development - The company is actively developing fixed-wing electric aircraft and has successfully tested the eDA40, the world's first electric aircraft with fast-charging capabilities [4] - The HEMEP hybrid multi-engine aircraft is the first of its kind globally, designed to operate with zero emissions and low noise [4] - The eVTOL solutions include various models for urban air mobility, intercity transport, and cargo delivery, with a focus on meeting stringent EASA standards [4] Group 5: Integration and Future Planning - Following the acquisition of Volocopter's core assets, the company aims to integrate resources and enhance operational efficiency across multiple locations [5] - The company plans to advance the commercialization of new aircraft models and establish new bases and delivery centers in response to domestic low-altitude economic opportunities [5] - A multi-scenario product matrix combining fixed-wing, VTOL, and drone technologies is being developed to support diverse transportation needs [5]

一、精准定位赛道：聚焦贵州独有场景 破解交通痛点 支线物流网络：针对农村"最后一公里"难题，建立县镇级无人机配送中心（如邮政、京东试点），聚焦生鲜、农资、医药 冷链配送。参考黔西南州"蜂鸟配送"模式（20个乡镇无人机物流覆盖）。 应急救援网络：联动省应急厅建立山地救援无人机体系（物资投送、伤员转运），可探索耐撞型六旋翼飞行器，在复杂地 形发挥响应速度优势。 激活旅游"上帝视角" 在黄果树瀑布、荔波小七孔等景区推出低空观光航线（如空客CityAirbus电动垂直起降飞机eVTOL），用VR全景航拍舱+解 说系统提升体验；如小飞通航在天河潭推出低空观光项目，带动周边就业及相关产业发展。 开设喀斯特地貌地质飞行研学专线，打造"飞阅贵州"IP。 工业巡检降本增效 构建电网山区巡检联盟（贵阳供电局已用无人机年检500公里线路，效率提升4倍）； 开发矿洞探测无人机+三维建模算法，服务于黔西南州金矿、遵义铝土矿区探测。 二、补强基础痛点：降低产业启动门槛 布局低空"微型基建" 在9个市州各建1个综合低空服务站（起降坪+充电桩+气象站），优先复用现有23个通用机场资源（如安顺黄果树机场）； 沿清水江、乌江流域设置水上起降平台 ...