从企业布局与政策支持来看，通过深化特定场景的定制化解决方案，同步补全起降点、管控系统等新基 建与标准规范、数据服务等软基建，2026年低空经济行业正蓄力奔向高频次、网络化、商业闭环的规模 化运营新阶段。 ● 本报记者 王婧涵 多元路径服务细分场景 "低空经济正从规模化应用早期，迈向深度渗透的关键过渡阶段。"联合飞机集团副总裁孙立业在接受记 者采访时表示。随着技术验证与局部试点成功，如何将蓝图转化为可落地有价值的商业场景，成为整个 行业共同面对的核心命题。多位受访业内人士坦言，尽管前景广阔，但基础设施网络亟待完善、技术迭 代压力大、市场需求需精准对接，仍是规模化运营前的几大挑战。 时代飞鹏则聚焦于构建"三段式"立体物流网络，提出"双1000、双100、双10"战略，产品分别对应省际 支线、城郊转运与城市末端场景。其中，公司飞鹏FP-98"狮子座"大型无人机获得民航局型号合格证并 实现交付，并在跨海、跨湾等特定航线上开展验证。时代飞鹏总经理刘泽峰表示，选择"先物后人"的路 径，是为了通过货运运营积累宝贵的可靠性数据与空域运行经验。 以云圣智能为代表的企业，则深耕工业巡检与城市治理等刚需市场。云圣智能联合创始人朱胜 ...

Core Viewpoint - The A-share listed companies are entering a rapid disclosure period for their 2025 annual performance forecasts, with a notable influence from AI and rising commodity prices on company performance [1][2]. Group 1: Performance Forecasts - A total of 451 A-share listed companies have disclosed their 2025 performance forecasts, with 156 companies expecting positive results [1]. - Among these, 42 companies anticipate a net profit growth of over 100% year-on-year [2]. - Notable companies include DingTong Technology, which expects a revenue of approximately 1.593 billion yuan, a 54.37% increase, and a net profit of about 242 million yuan, a 119.59% increase, driven by AI demand in the communications sector [2]. Group 2: Mining Sector Performance - Mining companies are experiencing significant growth due to rising prices and production volumes of gold and copper [3]. - Luoyang Molybdenum Co. expects a net profit of 20 billion to 20.8 billion yuan, a year-on-year increase of 47.8% to 53.71%, attributed to effective cost control and increased product prices [3][4]. - Zijin Mining anticipates a net profit of approximately 51 billion to 52 billion yuan, a growth of 59% to 62%, with increased production of gold and copper [4]. Group 3: Innovation and Emerging Sectors - Companies in semiconductor, innovative pharmaceuticals, and commercial aerospace sectors are gaining market attention, with many receiving intensive institutional research following their performance forecasts [4][5]. - Haopeng Technology expects a net profit of about 19.5 million to 22 million yuan, a growth of 113.69% to 141.09%, driven by advancements in AI hardware applications [5]. - The pharmaceutical industry is entering a critical phase of innovation and global expansion, with investment opportunities focusing on companies with global competitiveness [5].

Core Viewpoint - The renewable energy industry is transitioning from a phase of rapid expansion to one focused on lean operations and value creation, driven by a fundamental shift in underlying logic from policy dependence to market competition [1][2]. Industry Transformation - The industry is experiencing a shift from "passive income" to "active management," with operational logic evolving from policy reliance to market competition [2]. - The traditional model of merely holding assets is becoming unsustainable due to slowing installation growth and increasing price volatility [2]. - Companies that excel in operational efficiency and can optimize electricity usage will dominate the future of the renewable energy sector [2]. Company Strategy - The company plans to acquire a 70% stake in Youde New Energy, which will become a subsidiary, enhancing its operational capabilities and aligning with its strategic upgrade in the renewable energy sector [2]. - This acquisition is seen as a critical move to inject strong operational capabilities and expand the company's development space in the renewable energy sector [2]. - The company aims to transition from a single "asset holder" to a comprehensive smart energy service provider, integrating "assets + data + services" [2]. AI and Smart Operations - The company is focusing on integrating AI and robotics to enhance its operational efficiency in response to the increasing complexity of renewable energy projects [3][4]. - A strategy has been established to build a smart operation system that combines human expertise, AI, and robotics to optimize data utilization and operational execution [3]. - The company has initiated a Real World Data Collection (RWDC) plan to gather comprehensive data for developing core models in efficiency, fault prediction, and operational decision-making [3]. Efficiency and Performance Goals - AI-driven predictive models are expected to enhance operational efficiency by preventing unplanned downtimes and enabling automated operations [4]. - The company aims to improve asset operation efficiency by over 30% and increase revenue by 3% to 5% by the end of 2026 [5][6]. - The long-term vision includes productizing and platforming smart operational capabilities, exploring a "robot as a service" model to lower industry application barriers [6]. Ecosystem Development - The company emphasizes the importance of creating a collaborative ecosystem rather than merely replacing human labor with AI [6]. - The focus is on establishing a competitive edge through a closed-loop capability of "data—algorithm—execution" and fostering an open ecosystem [6]. - The company plans to collaborate with partners across the supply chain to define new standards for the entire operational process in renewable energy [6].

Core Viewpoint - The company emphasizes its commitment to high-quality development and alignment with national strategies, aiming to leverage opportunities in the evolving securities industry landscape [1][4]. Group 1: Development and Performance - The company has achieved steady improvement in development quality and operational efficiency during the "14th Five-Year Plan" period, aligning with national policies and industry reforms [1][2]. - As of the end of 2024, the company's total assets reached 721.2 billion, a 44.31% increase from the end of 2020, while net assets grew by 23.08% to 130.3 billion [3]. Group 2: Strategic Focus Areas - The company integrates its development with national economic goals, focusing on key areas such as technology finance, green finance, and inclusive finance [2][3]. - In the technology finance sector, the company has established specialized departments and a strategic layout to enhance its competitive edge in critical areas like chips [2]. - The company has facilitated 43.1 billion in equity financing for "dual carbon" and new energy-related enterprises since 2021, and has underwritten green bonds and asset-backed securities totaling 64 billion [2]. Group 3: Innovation and Reform - The company is actively participating in the reform and opening-up of the capital market, enhancing its comprehensive strength and international competitiveness [6]. - It aims to innovate financial products and services to meet the unique needs of technology enterprises, focusing on early-stage investments and supporting strategic emerging industries [5][6]. Group 4: Future Outlook - The company anticipates unprecedented historical opportunities in the securities industry during the "15th Five-Year Plan" period, with a focus on high-quality development and alignment with national strategies [1][4]. - It plans to enhance its international presence, leveraging Hong Kong as a hub to expand into Southeast Asia and globally, thereby increasing its international financial influence [6]. Group 5: Compliance and Culture - The company is committed to strengthening compliance management and risk control as a foundation for high-quality development, ensuring a robust internal control system [9]. - It aims to embed Chinese financial culture into its operations, promoting a sense of social responsibility and enhancing public financial literacy [9].

Group 1 - The A-share market has shown strong performance at the beginning of 2026, driven by a combination of market trends, seasonal factors, and recovery in overseas markets [1][2] - Recent market fluctuations are attributed to the implementation of counter-cyclical adjustment policies and profit-taking in popular sectors, which are considered healthy adjustments that do not alter the overall upward trend [1][2] - The macroeconomic environment is expected to support five key investment themes for the year: the artificial intelligence industry chain, high-dividend assets, anti-involution sectors, domestic demand expansion, and resource sectors [1][5] Group 2 - The spring market rally is historically supported by liquidity and valuation drivers, typically lasting around 57 days, with the current phase still in its early stages [2] - Positive performance in overseas markets, particularly in Japan and South Korea, has significantly boosted investor sentiment in the A-share market [2] - Recent adjustments in the A-share market, including changes in financing margin ratios, are aimed at curbing excessive leverage and maintaining a stable upward trend [2][3] Group 3 - Investment strategies must adapt to changing market conditions, emphasizing the importance of position management and avoiding excessive leverage [3][4] - Investors are encouraged to develop independent judgment capabilities to avoid speculative traps and focus on fundamental research [3][4] - The market is transitioning from a speculative phase to one driven by fundamentals, with a focus on true technological growth and value [3][4] Group 4 - Four strategic recommendations for the pre-Spring Festival period include maintaining moderate positions, adopting a barbell strategy for asset allocation, focusing on specific technology sectors, and enhancing individual stock fundamental research [4] - The artificial intelligence industry chain is expected to shift towards application opportunities in 2026, with a focus on sectors like media and computing [5] - High-dividend assets remain a stable investment choice, with sectors such as white goods, banking, and utilities providing low volatility and steady returns [5] Group 5 - The anti-involution sector is entering a phase driven by fundamentals, with industries like coal, steel, and lithium batteries expected to see improved performance due to industry consolidation [5] - The expansion of domestic demand should focus on new consumption areas such as health, sports, and travel, which are expected to benefit from policy support [5] - Resource sectors, particularly strategic and industrial metals, are anticipated to experience valuation recovery in 2026, presenting potential investment opportunities [5][6]

"那天打开App一看，我的账户给了我一个惊喜！"近日，一位广东投资者向中国证券报记者展示其保险 产品收益页面时说，"买了一个多月，收益率就达到两位数！" 但业内人士提醒，投连险收益上不封顶、下不保底，投资者需要自负盈亏，在市场波动下，盈和亏就像 硬币的两面，随时可能翻转。所以此类保险比较适合对保障要求不高、风险承受能力较高、能长期持有 且具有一定投资经验的人士。 ● 本报记者 薛瑾 "投连险投资账户的'操盘手'一般为保险资管机构或部门，配置思路和保险资管产品的异曲同工。"一位 险资人士告诉记者，投资账户也是按照绝对收益思路构建权益类资产、固收类资产和流动性资产的组 合，进行组合管理，力争在较低回撤的基础上获得持续的超额收益。 一款保险产品，持有一个多月，收益率为何如此之高？记者调研了解到，此类保险产品为投连险，由不 同风险收益特征的投资账户组成，特别是有一些账户如进取型、量化增强型投资账户，会配置较高比例 的权益类资产，如果权益市场表现较好，会让此类投资账户配比较高的投连账户有较好收益。 不同投资账户的"配比"组合 "投连险又称投资连结保险。投连险和万能险都是现在保险市场上比较活跃的理财保险。万能险普及率 比 ...

Core Insights - The insurance industry has shown a stable claims scale for 2025, with major insurers enhancing their protection capabilities and small to medium-sized insurers experiencing significant business growth [1][2] - Critical illness insurance and medical insurance exhibit complementary characteristics, with high claim amounts and high frequency of claims respectively [1] Claims Scale Stability - In 2025, China Life Insurance reported over 62.24 million claims, a year-on-year increase of 7%, with total claims exceeding 100.4 billion yuan, up 10% [1] - Ping An Life had 4.958 million claims totaling 41.51 billion yuan, while Xinhua Insurance reported 5.01 million claims with a payout of 14.7 billion yuan [1] - Smaller insurers like China Post Insurance saw customer service numbers exceed 2.49 million, a growth of over 370%, with claims amounting to 3.2 billion yuan, up over 90% [1] High Claim Amounts in Critical Illness Insurance - Critical illness claims accounted for a significant portion of total payouts, with Ping An Life reporting 261,000 claims totaling over 20.86 billion yuan, representing over 50% of total claims [2][3] - Other insurers like Xinhua Insurance and Zhonghong Insurance also reported critical illness claims as the highest payout category in 2025 [2] High Average Payouts - Zhonghong Insurance reported average payouts for critical illness and death claims at 181,500 yuan and 184,500 yuan respectively [3] - Sunshine Life indicated average payouts for death and critical illness claims at 143,000 yuan and 90,000 yuan respectively [3] - There exists a significant protection gap between critical illness payouts and treatment costs, with China Post Insurance noting an average payout of 100,000 yuan against an average treatment cost of 400,000 yuan for malignant tumors [3] Technology Empowering Claims Service Upgrades - Many insurers have significantly accelerated payout speeds due to technological advancements, with Xinhua Insurance reporting an average processing time of 0.5 days for small medical claims under 5,000 yuan [4] - Ping An Life's "111 Fast Claim" service has improved, with 93% of automated claims being processed within 60 seconds, and the fastest payout occurring in just 8 seconds [4] - China Life Insurance has implemented a "one-day payout" green channel for critical illness claims, allowing eligible cases to be processed on the same day [4] IT Developments in Insurance - Analysts note that insurers are increasingly focusing on IT developments in smart underwriting and claims systems, with leading insurers adopting digital employees and intelligent audits to replace manual processes [5]

Core Viewpoint - The reform of rural banks is accelerating in 2026, with a focus on improving the quality of rural financial supply rather than merely reducing the number of institutions [1][2][3] Group 1: Mergers and Acquisitions - SuNong Bank has announced the absorption and merger of Jiangsu Zhangjiagang Yunnong Commercial Rural Bank, planning to acquire 100% of its shares and convert it into a branch [1] - The acquisition of Zhejiang Anji Jiaoyin Rural Bank by Bank of Communications has been approved, allowing the establishment of multiple branches [2] - Since the beginning of 2026, 53 rural banks have been listed for exit, indicating a trend of consolidation in the sector [3] Group 2: Policy and Industry Demand - The acceleration of rural bank reform is driven by both policy guidance and the inherent needs of the industry [2] - The 2020 notice from the former CBIRC encourages the orderly merger and restructuring of rural banks, allowing larger banks to convert high-risk rural banks into branches [2] - The 2025 Central Document No. 1 emphasizes the need for innovative financing mechanisms for rural revitalization and supports the reform of rural credit cooperatives [2] Group 3: Quality Improvement in Rural Financial Supply - The primary goal of rural bank reform is to enhance the quality of financial services for agriculture, rural areas, and small enterprises [3] - Mergers and restructuring are seen as essential for resolving operational risks and integrating resources, leading to improved competitiveness [3] - Experts suggest that addressing shareholder rights and managing historical bad assets are critical for successful restructuring [3]

Core Viewpoint - The "15th Five-Year Plan" for Shanghai aims to accelerate the construction of a world-class socialist modern international metropolis, emphasizing the importance of the "Five Centers" in enhancing the city's global influence and competitiveness [1][2]. Group 1: Five Centers Development - The "Five Centers" are crucial for Shanghai's modernization, focusing on enhancing the city's capabilities and core competitiveness through innovation and coordinated development [1][2]. - The plan emphasizes the integration of economic, financial, trade, shipping, and technological innovation functions to strengthen global resource allocation capabilities [2]. Group 2: Modern Industrial System - The proposal outlines the construction of a "2+3+6+6" modern industrial system, with advanced manufacturing as the backbone, aiming to create world-class high-end industrial clusters and promote the "Shanghai Manufacturing" brand [2]. - The focus will be on the digital and green transformation of traditional industries, leveraging artificial intelligence to enhance production processes and operational efficiency [3]. Group 3: Leading Industries - Shanghai will accelerate the development of three leading industries, including integrated circuit equipment, innovative pharmaceuticals, and artificial intelligence, to achieve breakthroughs across the entire industrial chain [3]. - The plan highlights the importance of agile layout in key areas such as quantum technology, brain-machine interfaces, and biomanufacturing to foster future growth [3].

同比来看，新房方面，12月份，一线城市新建商品住宅销售价格同比下降1.7%，降幅比上月扩大0.5个 百分点。其中，上海上涨4.8%，北京、广州和深圳分别下降2.4%、4.8%和4.4%。二、三线城市新建商 品住宅销售价格同比分别下降2.5%和3.7%，降幅分别扩大0.3个和0.2个百分点。 二手房方面，12月份，一线城市二手住宅销售价格同比下降7.0%，降幅比上月扩大1.2个百分点。其 中，北京、上海、广州和深圳分别下降8.5%、6.1%、7.8%和5.4%。二、三线城市二手住宅销售价格同 比均下降6.0%，降幅分别扩大0.4个和0.2个百分点。 清华大学房地产研究中心主任吴璟表示，当前房地产市场正经历重大变化，从增量市场为主转向增量市 场和存量市场并重，从数据来看，上海、杭州等城市新房价格整体表现较好。 国家统计局1月19日发布数据显示，2025年12月份，一线城市新建商品住宅销售价格和二手住宅销售价 格环比降幅均收窄。 环比来看，新房方面，2025年12月份，一线城市新建商品住宅销售价格环比下降0.3%，降幅比上月收 窄0.1个百分点。其中，上海上涨0.2%，北京、广州和深圳分别下降0.4%、0.6%和0 ...