《民用无人驾驶航空器系统运行识别规范》则规定了无人机系统应在运行全过程主动报送自身身份、位 置、速度、状态等运行识别信息，从运行识别发送、通信链路传输与接收三个方面提出了详细技术要 求，为无人机系统、运行识别专用接收与处理系统和运行识别信息传输设备的设计、生产、制造、检 测、检验、审定和运行提供了统一技术标准。 中金公司研报指出，面对中国基建市场庞大的运维需求，无人机正重构工程运维服务新生态。从赋能电 网自动化巡检、破解铁路、公路高危巡检难题，到支撑能源管道智能监测、保障电信基站高效运维，无 人机正打破传统基建巡检的空间限制与效率瓶颈，降低人力成本与安全风险，推动基建运维智能化。建 议重点关注低空经济与基建建设战略协同发展催生的投资机会。 据悉，低空经济是以无人机、电动垂直起降飞行器(eVTOL)、直升机、传统固定翼飞机为主体，依托有 人和无人驾驶航空器的综合经济形态，包括载人、载货等在低空范围内的一切经济活动。 当下，低空经济是新质生产力发展的代表性领域之一。数据显示，我国已有969家企业在民用无人驾驶 航空器产品信息系统完成了登记注册，备案产品3191种，超过478万架，全球首款四座电动飞机获颁中 国民航 ...

据悉，低空经济是以无人机、电动垂直起降飞行器(eVTOL)、直升机、传统固定翼飞机为主体，依托有 人和无人驾驶航空器的综合经济形态，包括载人、载货等在低空范围内的一切经济活动。 日前，由中国民用航空局组织编写的《民用无人驾驶航空器实名登记和激活要求》《民用无人驾驶航空 器系统运行识别规范》，经市场监管总局(国家标准委)批准发布。这两项强制性国家标准将于2026年5 月1日起正式实施，促进产业更加安全、健康、有序地发展。 具体来看，《民用无人驾驶航空器实名登记和激活要求》适用于中国境内从事飞行或相关活动的无人机 的实名登记和激活管理，规定了无人机系统、生产者系统、实名登记系统在处理"登记"和"激活"等不同 状态之间的关系、流程和技术要求以及测试方法，并对各系统之间的数据交互作出统一要求。 《民用无人驾驶航空器系统运行识别规范》则规定了无人机系统应在运行全过程主动报送自身身份、位 置、速度、状态等运行识别信息，从运行识别发送、通信链路传输与接收三个方面提出了详细技术要 求，为无人机系统、运行识别专用接收与处理系统和运行识别信息传输设备的设计、生产、制造、检 测、检验、审定和运行提供了统一技术标准。 中金公司研报指 ...

Group 1: Regulatory Developments - The Civil Aviation Administration of China has released two mandatory national standards for civil unmanned aerial vehicles (UAVs), effective from May 1, 2026, aimed at promoting a safer and more orderly industry development [1] - The standards include requirements for real-name registration and activation of UAVs, detailing the relationship, processes, and technical requirements for various systems involved in registration and activation [1] - The operational identification standard mandates UAV systems to actively report their identity, location, speed, and status throughout their operation, providing unified technical standards for design, production, and testing [1] Group 2: Market Opportunities - The drone industry is reshaping engineering operation and maintenance services in China's infrastructure sector, addressing challenges in high-risk inspections and supporting intelligent monitoring of energy pipelines and telecom base stations [2] - The low-altitude economy, encompassing UAVs and eVTOLs, is a significant area of growth, with 969 companies registered and over 478,000 UAVs documented in China [2] - The low-altitude economy is projected to grow at a compound annual growth rate of over 25%, potentially reaching a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [3] Group 3: Policy Support and Industry Growth - Recent policies have intensified focus on the low-altitude economy, with local governments releasing standards for low-altitude communication networks and UAV traffic management [3] - The national "14th Five-Year Plan" emphasizes the development of the aerospace and low-altitude economy sectors, with state-owned enterprises establishing low-altitude economic companies [4] - The market for low-altitude economy is expected to reach a trillion yuan by 2030, with significant investments in infrastructure and technology to support this growth [4] Group 4: Key Players and Innovations - AVIC (Aviation Industry Corporation of China) is a leading player in the aerospace sector, involved in various UAV and aviation-related businesses [6] - ZTE Corporation is advancing its low-altitude sensing technology and has completed pilot projects for 5G-A sensing systems [6] - XPeng Motors has launched a low-altitude flight camp and plans to establish a flying car store, marking a significant step in the practical application of low-altitude economy technologies [6] - GAC Group's GOVY AirJet, a composite wing flying car, has successfully completed its first flight, showcasing advanced technology and performance [7]

Core Insights - Maxxis Tires won the "Cooperation and Collaboration Award" at the 2026 Xpeng Motors Global Partner Conference, highlighting the recognition of its supply chain collaboration value by the OEM [1][11] Group 1: Partnership and Collaboration - Since establishing a partnership with Xpeng Motors, Maxxis Tires has focused on deep collaboration, participating in the development of several key models, including the P7, G6, and G7, creating a comprehensive supply system for mid-to-high-end sedans and SUVs [3][11] - Maxxis has become an important partner in Xpeng Motors' intelligent mobility ecosystem, showcasing the effectiveness of their collaborative efforts [4][11] Group 2: Customized Tire Solutions - For the mid-to-high-end sports sedan Xpeng P7, Maxxis provided the next-generation UHP high-performance tire VICTRA SPORT 6 (VS6), which features FULL TOUCH technology that increases the contact area by 9% and a design that enhances high-speed stability and grip in both dry and wet conditions [7][13] - For the L3 autonomous driving requirements of the Xpeng G7, Maxxis developed the MS2 tire (specification 235/60R18 107V), which utilizes a full silica nano-particle formula and a blade-like water drainage groove design, improving wet braking distance by 12.7% compared to existing industry products, ensuring safety in intelligent driving scenarios [10][17] Group 3: Future Development and Industry Impact - A representative from Maxxis stated that the award reflects the deep cooperation between the two companies, and they will continue to leverage Maxxis' advanced R&D and Industry 4.0 manufacturing systems to enhance collaboration in the field of intelligent driving [10][17] - Industry insiders noted that the ongoing deep collaboration between Maxxis and Xpeng exemplifies a model for upgrading collaboration within the domestic automotive supply chain, setting a benchmark for supply chain cooperation in the industry [10][17]

Core Viewpoint - The Hong Kong stock market saw a rise in smart driving concept stocks, driven by the announcement of China's first L3-level autonomous driving license plate in Chongqing [1] Group 1: Stock Performance - Xiaoma Zhixing-W (02026.HK) increased by over 6% [1] - Other stocks such as Zhejiang Shibao (01057.HK), Hesai-W (02525.HK), XPeng Motors (09868.HK), and Youjia Innovation (02431.HK) also experienced gains [1] Group 2: Industry Development - The issuance of the first L3-level autonomous driving license plate in Chongqing marks a significant milestone in the development of autonomous driving in China [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong's smart driving concept stocks, with notable gains in several companies following the announcement of China's first L3-level autonomous driving license plate in Chongqing [1] Group 2 - Xiaoma Zhixing-W (02026.HK) saw an increase of over 6% in its stock price [1] - Other companies that experienced stock price increases include Zhejiang Shibao (01057.HK), Hesai-W (02525.HK), XPeng Motors (09868.HK), and Youjia Innovation (02431.HK) [1] - The issuance of the L3-level autonomous driving license plate is a significant milestone for the industry, indicating progress in regulatory support for autonomous driving technologies in China [1]

Core Viewpoint - The article highlights the significant market movements in A-shares, particularly the surge in various sectors such as the Hainan Free Trade Zone and semiconductor industry, indicating a bullish sentiment in the market [3][4]. Market Performance - As of midday, the Shanghai Composite Index rose by 0.64%, the Shenzhen Component Index increased by 1.36%, and the ChiNext Index gained 1.8% [3]. - The trading volume in the Shanghai and Shenzhen markets reached 1.19 trillion yuan, an increase of 97.7 billion yuan compared to the previous trading day [4]. Sector Highlights - The Hainan Free Trade Zone sector saw a notable increase of 9.59%, with 22 stocks hitting the daily limit [4]. - Other sectors that performed well include: - Precious metals, up 4.34% - Free Trade Port, up 4.14% - Storage chips, up 3.32% [4]. Notable Stocks - Zhangzhou Development surged to its daily limit, attributed to the "14th Five-Year Plan" proposal focusing on cross-strait integration [5]. - China Duty Free Group's A-shares and H-shares both rose over 10%, following a strong sales performance of 118 million yuan on the first day of customs closure in Sanya [6]. Commodity Movements - Palladium futures on the Shanghai Futures Exchange hit the daily limit, while precious metals like gold and silver also saw significant price increases, with gold surpassing 4,380 USD per ounce [7][10][19].

Core Viewpoint - The report from China Merchants Securities indicates that the high-level autonomous driving sector in China and the U.S. is advancing simultaneously, suggesting that the autonomous driving segment is expected to break out of its recent downturn [1] Group 1: Industry Developments - China's L3 production access has achieved institutional implementation, with a cautious and orderly pace of commercialization [1] - Tesla's Robotaxi testing without safety drivers is progressing, indicating rapid evolution in autonomous driving technology [1] Group 2: Investment Recommendations - The report recommends the following companies for investment: Xpeng Motors-W (09868) and Tesla (TSLA.US) for complete vehicles [1] - For components, the report suggests Horizon Robotics-W (09660) and Hesai Technology-W (02525) [1] - For Robotaxi operations, the recommendation is for Pony.ai-W (02026) [1]

Core Viewpoint - The Hong Kong stock market's new consumption concept stocks have collectively risen, with significant gains observed in companies like Mixue Group, Lao Pu Gold, and Blukoo, indicating a positive trend in the sector [1][5]. Group 1: Stock Performance - Mixue Group (02097) saw a price increase of 4.86%, reaching 414.20 [2][6]. - Blukoo (00325) experienced a rise of 4.26%, with a latest price of 72.20 [2][6]. - Lao Pu Gold (06181) increased by 4.10%, with its stock priced at 685.00 [2][6]. - Other notable performers include Pop Mart (09992) up 3.53% at 199.70, and Wei Long Delicious (09985) up 3.13% at 11.55 [2][6]. Group 2: Company Developments - Mixue Ice City officially opened a store in Hollywood, Los Angeles, on December 20, featuring affordable products like $1.19 ice cream and a localized menu to attract local consumers [2][6]. - The company's international expansion has reached 13 countries, indicating a growing global presence [2][6].

Core Insights - The top short-selling ratios are observed in Sun Hung Kai Properties-R (80016), Anta Sports-R (82020), and JD Group-SWR (89618), all at 100.00% [1] - The highest short-selling amounts are recorded for Alibaba-SW (09988) at 2.008 billion, Tencent Holdings (00700) at 1.701 billion, and Xiaomi Group-W (01810) at 1.183 billion [1] - The highest deviation values are seen in MGM China (02282) at 49.34%, Xiaomi Group-WR (81810) at 46.08%, and Shenzhen Holdings (00604) at 39.03% [1] Top Short-Selling Ratios - Sun Hung Kai Properties-R (80016) has a short-selling amount of 42,700 with a ratio of 100.00% and a deviation of 24.87% [2] - Anta Sports-R (82020) has a short-selling amount of 14,700 with a ratio of 100.00% and a deviation of 17.57% [2] - JD Group-SWR (89618) has a short-selling amount of 20,300 with a ratio of 100.00% and a deviation of 38.44% [2] Top Short-Selling Amounts - Alibaba-SW (09988) leads with a short-selling amount of 2.008 billion, a ratio of 19.61%, and a deviation of 3.66% [2] - Tencent Holdings (00700) follows with a short-selling amount of 1.701 billion, a ratio of 15.61%, and a deviation of 2.97% [2] - Xiaomi Group-W (01810) has a short-selling amount of 1.183 billion, a ratio of 26.97%, and a deviation of 8.81% [2] Top Short-Selling Deviation Values - MGM China (02282) has a short-selling amount of 130 million, a ratio of 57.40%, and a deviation of 49.34% [2] - Xiaomi Group-WR (81810) has a short-selling amount of 6.7943 million, a ratio of 89.71%, and a deviation of 46.08% [2] - Shenzhen Holdings (00604) has a short-selling amount of 3.5736 million, a ratio of 49.93%, and a deviation of 39.03% [2]