本文由霍尼韦尔中国总裁余锋《15分钟领导力》所作推荐序： 我有幸受邀为高德威先生的新书《15分钟领导力》作序，这让我回想起2017年刚加入霍尼韦尔的时光。彼时，高德威先生已在霍尼韦尔工作了15年，即将 卸任执行董事长一职。虽然我们初次见面的时间并不长，但他的领导风格与管理理念却让我印象深刻，许多细节至今历历在目。 高德威先生在本书中对成长型领导亦有着墨。成为卓越的领导是一段终身旅程，途中离不开持续学习和独立思考。作为领导者，他始终坚持长期主义，带 领霍尼韦尔从困境中崛起，成为全球高科技标杆企业之一；作为学习者，他定期通过"蓝皮本凝思时刻"广泛涉猎不同领域的知识，追求与时俱进，以专业 和创造性方式进行思考；作为导师，他乐于分享个人的经验与智慧，为团队提供重要指导。这些宝贵的经验从书中展现出来，激励着我在工作中秉持 "教 学相长"的理念，持续学习并将所学传递给团队成员，帮助他们共同成长。 高德威先生的管理理念为霍尼韦尔的持续增长奠定了基础，建立了其作为全球"本土化"商业模式先驱的深厚传统。在我们第一次见面时，他便强调他坚信 国际公司在中国市场开展业务所带来的机遇和价值。霍尼韦尔在中国所取得的成功正是这一信念的有力 ...

HONEYWELL AEROSPACE PARIS AIR SHOW INVESTOR RECEPTION JUNE 15, 2025 NON-GAAP FINANCIAL MEASURES This presentation contains a financial measure presented on a non-GAAP basis. Honeywell's non-GAAP financial measure used in this presentation is Organic sales percent change. Management believes that, when considered together with reported amounts, this measure is useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. This measure should be con ...

Core Insights - Honeywell and Near Earth Autonomy have achieved a significant milestone with the first autonomous test flight of a Leonardo AW139 helicopter, supporting the U.S. Marine Corps Aerial Logistics Connector program [1][2] - The test flight demonstrated the capability of uncrewed, autonomous aircraft to operate in contested environments without pilot intervention, showcasing advanced flight control and decision-making [2][4] Group 1: Test Flight Details - The autonomous test flight occurred in Phoenix, Arizona in May, marking a critical advancement in providing scalable logistics support to the U.S. Marine Corps [2] - Key autopilot modes of the AW139 were directly controlled by Near Earth's autonomy software, demonstrating precise flight control [2] Group 2: Strategic Implications - The successful demonstration opens new possibilities for the U.S. Marine Corps and other helicopter operators, indicating a shift towards uncrewed aircraft for enhanced safety in contested environments [3] - The ALC program aims to develop autonomous aerial logistics systems that minimize personnel risk and enhance supply operation speed and scale [3] Group 3: Future Developments - Future testing will focus on expanding autonomy capabilities, including automated obstacle avoidance and integration into military logistics workflows, aiming for a safer uncrewed delivery system [3] - Honeywell and Near Earth Autonomy are committed to creating an affordable, scalable, and certifiable autonomy solution for future missions [4]

Core Viewpoint - Southwest Airlines is implementing advanced cockpit alert systems across its Boeing 737 fleet to enhance safety and prevent runway errors, reflecting a commitment to pilot and passenger safety [1][4][9] Group 1: Technology Implementation - The airline has equipped over 700 aircraft with SmartRunway and SmartLanding software developed by Honeywell Aerospace Technologies [1] - The systems provide real-time visual and audio alerts during critical phases of flight, including taxi, takeoff, and landing [2] - The technology builds on Honeywell's Enhanced Ground Proximity Warning System, which was previously installed on Southwest's aircraft [2] Group 2: Safety Concerns - The new system aims to prevent frequent and potentially catastrophic errors at US airports, highlighted by a near-collision incident in February involving a Southwest jet [3] - Rising air traffic and a series of high-profile close calls have increased interest in the alert system among airlines [7] Group 3: Industry Adoption - While the technology is certified for various Airbus and Boeing aircraft, many airlines have not activated it despite its availability [5][6] - Airlines have the option to activate the technology, which incurs costs but is not mandated [6] - Some airlines, like Alaska Airlines, have adopted the system, while others rely on manufacturer-specific tools [9] Group 4: Regulatory Environment - The decision to implement the system aligns with renewed regulatory focus on runway safety, with an FAA advisory panel recommending mandatory cockpit alert systems for newly built aircraft [8]

Core Insights - Honeywell announced that Southwest Airlines is activating its entire Boeing 737 fleet with SmartRunway and SmartLanding software to enhance runway safety [1][2] - The SmartRunway and SmartLanding solutions improve flight crew situational awareness during critical phases of flight, providing alerts for speed, altitude, and runway direction [2][3] - Honeywell's next-generation runway safety technology, Surface Alerts (SURF-A), is under testing and expected to be certified in 2026, further enhancing pilot situational awareness [3] Company and Industry Developments - The partnership between Honeywell and Southwest Airlines is strengthened through the implementation of SmartRunway and SmartLanding, continuing a long-standing collaboration [4] - Southwest Airlines emphasizes safety as a core value, with the new software aimed at providing enhanced situational awareness for pilots [5] - Honeywell Aerospace Technologies offers a wide range of products and services across various aircraft and systems, contributing to safer and more efficient aviation [5][6]

（原标题：国防支出浪潮席卷欧洲 霍尼韦尔(HON.US)欲在欧洲开启收购模式） 智通财经APP获悉，聚焦于多元化高科技工业产品设计与制造的美国工业巨头霍尼韦尔(HON.US)表 示，随着欧洲各国计划从今年起大幅提高国防支出并且计划以前所未有的力度强化军事实力，该公司愿 意在欧洲收购更多企业以充实自身业务组合，这也意味着霍尼韦尔在欧洲并购市场趁机数十年后终于开 始对于欧洲公司持收购开放态度。 这家总部位于美国北卡罗来纳州的工业制造巨头将考虑在欧洲各地开展收购活动、大规模业务合作以及 风险投资，霍尼韦尔航空航天技术业务部门首席商务与战略官本·德里格斯在周日表示，精准导航、安 保系统，以及围绕热管理与电气化的核心控制系统等领域，都是霍尼韦尔希望在欧洲市场扩张的重点领 域。 随着"特朗普2.0时代"以来，特朗普领导的美国政府力争大幅减少美国多年以来在北约的高额国防支 出，欧洲各国政府齐心提升国防军工支出，试图减少对于美国政府的"国防军工依赖"，欧洲国防支出自 今年以来可谓激增。 今年欧洲股票市场一些大市值国防股股价的大幅飙升势头，使得国防军工巨头们成为欧股乃至全球股市 今年以来显而易见的最大赢家。从市场定价趋势来看， ...

Core Insights - Honeywell has been selected by Bell Textron Inc. to provide its 36-150 auxiliary power unit (APU) and Honeywell Attune™ system for the U.S. Army's Future Long-Range Assault Aircraft (FLRAA) [1][3] - The 36-150 APU enhances aircraft mission readiness by providing a secondary source of electrical and hydraulic power, while Honeywell Attune™ is a lightweight, low-maintenance thermal management system [2][4] - Honeywell's 36-150 APU has a proven track record with over 10,000 units delivered for various applications, demonstrating reliability and fuel efficiency [3] Product Features - The 36-150 APU is a derivative of a successful model series known for its reliability and fuel efficiency, currently in use in the Army's UH-60 Black Hawk and AH-64 Apache helicopters [3] - Honeywell Attune™ is designed to be up to 35% lighter and 20% more efficient than traditional cooling systems, providing significant advantages in weight, size, and power [4] - The system utilizes Honeywell's Solstice zd refrigerant, making it an environmentally-friendly option for aircraft cooling [5] Strategic Alignment - Honeywell's technologies align with three megatrends: automation, the future of aviation, and energy transition, showcasing the company's commitment to innovation and sustainability [7] - The selection of Honeywell's systems for the FLRAA contract indicates a long-term partnership with the U.S. Army, expected to last beyond 2050 [3]

Core Insights - Honeywell is preparing for significant changes in its Aerospace division, which is expected to become a stand-alone company within approximately one year [2][3] - The company has undergone considerable transformation over the past two years, with new leadership and strategic direction [2] Company Overview - Honeywell is a 100-year-old company that has seen substantial changes in its operations and leadership in the last two years [2] - The presentation at the Paris Air Show is part of Honeywell's ongoing efforts to engage with investors and communicate its strategic vision [2] Aerospace Division - The focus of the event is primarily on Honeywell Aerospace, highlighting its importance to the company's future [2][3] - The transition of the Aerospace division into a stand-alone entity signifies a strategic shift aimed at enhancing operational focus and growth potential [2]

Summary of Honeywell Aerospace Conference Call Company Overview - **Company**: Honeywell (HON) - **Event**: 2025 Conference at the Paris Air Show - **Date**: June 15, 2025 Key Points Industry and Company Transformation - Honeywell Aerospace is set to become a standalone company within a year, indicating significant structural changes ahead [3][4] - The company is focused on three main priorities for 2025: flawless delivery, transformation of Honeywell and Aerospace, and successful spins of Advanced Materials and Aerospace [4][5][8] Financial Performance and Guidance - Honeywell started Q1 2025 strong and expects to maintain guidance despite unforeseen events like tariffs and geopolitical uncertainties [5][6] - The company has made six acquisitions in the last two years, with two specifically enhancing the aerospace portfolio [6][7] Spin-Offs and Acquisitions - The spin-off of Advanced Materials is expected to complete by the end of 2025, with a high probability of on-time completion [9] - A separate management team is overseeing the spin-off processes to ensure focus and efficiency [10][11] Aerospace Business Highlights - Honeywell Aerospace has a diversified portfolio, with 60% of its business in commercial and 40% in defense [19] - The company operates on over 500 aircraft platforms and services over 10,000 customers daily [20] - Recent contracts include significant wins in the defense sector, driven by geopolitical tensions and increased military budgets [35] Market Dynamics and Growth Opportunities - The aerospace industry is experiencing historic original equipment (OE) backlogs, particularly in air transport and business aviation [29] - Honeywell anticipates a mid to high single-digit compound annual growth rate (CAGR) for its aerospace portfolio, driven by coupled growth from flight hours and military missions [28][30] Technological Advancements - Honeywell is investing in advanced technologies, focusing on autonomy, electrification, and enhanced safety features [46][49] - The company has developed several new products that have been selected across multiple aircraft platforms, maximizing return on investment [42][43] Supply Chain and Manufacturing - Over the past three years, Honeywell has secured $70 billion in lifetime contracts, necessitating robust supply chain investments [38] - The company has achieved eleven consecutive quarters of double-digit output growth due to strategic investments in its supply base [39] International Market Focus - Honeywell is expanding its international defense business, with 25% of its defense work now coming from international markets, growing at double-digit rates [35][34] - The acquisition of Civitanavi enhances Honeywell's capabilities in the EU defense market, supporting local manufacturing and technology development [37] Conclusion - Honeywell Aerospace is positioned for significant growth and transformation, leveraging its diversified portfolio, strategic acquisitions, and focus on technological innovation to navigate the evolving aerospace landscape [50]

本周大事件 本周化工市场综述 本周基础化工指数下跌 0.01%，跑赢沪深 300 指数 0.24%。标的方面，本周康宽、硝化棉、碳酸锶、溴素、甲 醇、H 酸相关标的表现较强。基础化工行业，建议关注以下事件，一是产品涨价继续，其中辉隆公布 97%的氯虫苯甲 酰胺预售价格为 32 万元/吨，泰禾将百菌清价格上调至 3 万元/吨；二是中国平煤神马集团 10 万吨/年艾斯安装置投 产，己二腈工艺之争或存在变数；三是利安德巴赛尔公司（LYB）宣布，已与 AEQUITA 达成协议并展开独家谈判，出 售其位于欧洲的部分烯烃和聚烯烃资产及相关业务；四是本周中国钾肥大合同价格顺利达成，价格为 346 美元/吨， 钾肥景气度有望持续，本周市场开始关注估值较低的钾肥标的。 石油化工行业边际变化，本周由于伊朗以色列冲突升级，地缘风险溢价明显上升，进而推动油价明显上升，同 时，也推升了甲醇、碳酸锶、溴素的关注度；整体来说，今年油价走势超市场预期，核心推动因素还是地缘政治。 关税方面，本周主要关注三大事件，一是中美经贸磋商机制首次会议召开，中美原则上达成协议框架；二是美国联 邦上诉法院为特朗普关税"续命"，7 月底将迎关键听证；三是贝森 ...