Aerospace nanotechnology refers to the application of nanotechnology science and engineering conducted at the scale of atoms and molecules (typically below 100 nanometers) to the design, development, and performance enhancement of aerospace systems, including aircraft, spacecraft, satellites, and unmanned aerial vehicles (UAVs). This field involves the use of nanomaterials, nano sensors, nanoelectronics, and nanostructures to improve key aerospace characteristics such as strength-to-weight ratio, thermal resistance, durability, fuel efficiency, stealth capabilities, and system miniaturization.

4D printing in healthcare is defined as the development of stimuli-responsive 3D structures in medical implants. The emerging 4D printing technology reversibly actuates between the programmed shapes of medical implants. 4D printing also involves the use of smart materials for developing objects that can be selfassembled and flexible as well as react to changing conditions.

3D printing, also known as additive manufacturing (AM), refers to the process of creating a solid 3D object from a digital computer-aided design (CAD) file. 3D printing has many applications in the education sector (schools, engineering courses, architecture courses, history courses, graphic design courses, geography courses, and chemistry courses, among others). The technology provides various benefits to students and is being widely used by educational institutions across the world.

Three-dimensional (3D) printing refers to the process of producing a physical object using a virtually designed model. 3D printing materials are the raw materials used to produce such objects. Various types of 3D printing materials are required for different applications.

Food safety testing refers to the scientific analysis and procedures used to ensure that food products are safe for consumption. It involves detecting and measuring contaminants, pathogens, chemical residues, allergens, and other harmful substances that could pose health risks to consumers.

The Geospatial Artificial Intelligence (GeoAI) market represents the integration of geospatial technologies with Artificial Intelligence (AI) to process, analyze, and interpret spatial data in real-time or near real-time. This rapidly growing sector combines Geographic Information Systems (GIS), remote sensing, satellite imagery, as well as AI techniques—such as Machine Learning (ML), deep learning, and computer vision—to extract meaningful insights from location-based data. GeoAI is transforming decision-making across various industries by enabling predictive modeling, automated mapping, and spatial pattern recognition.

C端应用：强化数据积累与核心算法，构建C端应用增长飞轮。在互联网应用中，用户数据和推荐算法是各平台构建壁垒的核心。在用户飞轮方面，C端应用基于AI技术提高推荐模型效率、借助AI功能优化用户体验，从而提高用户参 与度、积累更多用户行为数据，最终反哺推荐算法的优化升级，其中，Duolingo和Spotify聚焦AI功能迭代，Snapchat和Pinterest则在22H2至23H1对推荐模型进行重大升级。对于订阅平台，AI算法和AI功能的引入，能够吸引更多的付费用户，有效提升用户留存和订阅转化率，驱动企业加大AI投入，从而进一步优化用户体验与推荐效率 ，形成良性循环；对于广告平台，C端应用则依托AI工具提升广告自动化能力，持续优化广告推荐系统，带动广告价值提升，吸引更多广告商投放，推动广告收入增长，最终形成用户与订阅/广告业务的双重飞轮。

我们预计：1）建筑：2Q 施工淡季整体实物量表现平淡，除个别专业工程外，预计多数公司营收略降；2）消费建材：工程端压力仍在，零售需求逐月改善；3）水泥&玻璃：实物量整体偏弱，水泥价格松动，浮法玻璃价格震荡转弱；光伏抢装收尾，光伏玻璃需求或有承压；4）玻纤&碳纤：玻纤高端需求景气，企业盈利持续改善；碳纤价格持稳，2Q 企业收入同比降幅有限。

欧洲强车型周期+中性政策周期步入电动车销量快速修复阶段。经测算，为满足 2027 与 2030 年碳排放考核，欧洲电动车渗透率需分别达到 31%/57%，对应当年托底电动车销量 440/767 万辆，2025—2027 年 3 年 CAGR 增速下限有望达 20%。中国锂电产业链抓取欧洲市场崛起机遇，有望实现竞争格局的巩固与突破。推荐全球格局提升：宁德时代、亿纬锂能、国轩高科；中系电动车企海外突围比亚迪（A/H）、零跑汽车（汽车组覆盖）。

2025年6月总结与7月观点展望：6月份半导体行业持续回暖，价格涨幅扩大，关注AI算力、 AIOT、半导体设备和关键零部件等结构性机会。6月份全球半导体需求持续改善，手机、平板保持小幅增长，TWS耳机、可穿戴腕式设备、智能家居快速增长，AI服务器与新能源车保持高速增长，需求在7月或将继续复苏；供给端看，尽管短期供给仍相对充裕，企业库存水位较高，但整体价格仍延续上行态势且涨幅扩大，预计7月供需格局将继续向好。