Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Insights - The report highlights a divergence in technology market performance between US and Hong Kong stocks during the holiday period, with AI and commercial aerospace sectors showing frequent information catalysts, suggesting continued focus on core industry players [1][6] - The report emphasizes the importance of AI applications and the acceleration of large model iterations, recommending continued attention to companies like Alibaba, Kingsoft, and others in the AI infrastructure space [6] Summary by Sections Holiday Technology Dynamics - During the New Year holiday, US and Hong Kong stock markets exhibited divergent trends, with technology stocks being the main market drivers. Notably, AI and storage chips led the gains, with Micron Technology rising over 10% to reach a historical high, and significant increases in other tech stocks [9] - The Hong Kong market saw a "New Year rally," with the Hang Seng Index rising 2.76% and the Hang Seng Technology Index increasing by 4% [9] Market Performance Review - In the last week of 2025, the computer sector rose by 1.16%, with the top-performing stocks being Yuyin Co., Digital Certification, and others, while the report also lists the top gainers and losers in the market [24]

Investment Rating - The report does not explicitly provide an investment rating for the drone industry Core Insights - The Chinese drone industry has become a strategic emerging industry driven by national strategy, with a leading global market size and a complete industrial chain, transitioning from "manufacturing-led" to "technology-driven and ecosystem construction" [1] - The industry faces multiple challenges, including reliance on imported core technologies, long commercial return cycles, and international compliance and geopolitical risks, with future development focusing on intelligence, greening, airspace digitization, and market diversification [1] Strategic Positioning and Policy Support - The drone industry has rapidly developed under coordinated policy design, airspace management reform, and infrastructure construction, establishing a solid foundation for the large-scale application of the low-altitude economy [2] - The industry is defined as unmanned aerial vehicles operating in low-altitude airspace, which is recognized as a core carrier of the low-altitude economy [2] - A comprehensive policy framework has been established, including mandatory national standards and regulations to support the industry's standardized development [3][4] Market Size and Import-Export Patterns - The global drone market is projected to grow from USD 35.28 billion in 2024 to USD 67.64 billion by 2029, with a compound annual growth rate (CAGR) of 13.90% [5] - The Chinese civil drone market is expected to reach approximately CNY 146.8 billion in 2024, with a forecasted market size exceeding CNY 400 billion by 2030, reflecting a CAGR of 18.3% from 2024 to 2030 [5] - China remains the world's largest drone manufacturer and exporter, with significant growth in both export volume and value [6][7] Industry Chain Structure and Layout - The Chinese drone industry has established a complete industrial chain from upstream core components to midstream manufacturing and downstream application services, showcasing global competitiveness [11] - The upstream sector includes critical components such as flight control systems and sensors, with a high reliance on imports for advanced technologies [13] - The midstream focuses on the research and production of consumer, industrial, and military drones, with leading companies dominating various segments [14] - The downstream application services cover logistics, agriculture, power inspection, and emergency rescue, with significant market shares held by key players [14] Core Challenges and Future Development Trends - The industry faces challenges such as reliance on imported high-end components, high commercialization costs in industrial applications, and complex certification processes [16] - Future trends indicate a shift towards intelligent, autonomous, and green technologies, with eVTOLs emerging as a new avenue for urban air mobility [17][18] - The integration of low-altitude economy and digital infrastructure is expected to enhance operational efficiency and regulatory compliance [18]

证券代码：688248 证券简称：南网科技 公告编号：2025-036 南方电网电力科技股份有限公司 关于公司预计2026年度日常关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 是否需要提交股东会审议：是 ● 日常关联交易对上市公司的影响：本次预计的日常关联交易是基于公司（含合并报表范围内的子公 司）正常生产经营需要所发生的，遵循了公平、公开、公正的市场化原则，交易价格按照市场价格或经 双方协商同意、以合理成本加上合理的利润确定的协议价格进行定价，不存在影响公司持续经营能力、 财务状况、经营成果等情形，没有损害公司股东特别是中小股东利益的情形，不会对关联方形成较大依 赖，也不会对公司的独立性构成影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 南方电网电力科技股份有限公司（以下简称"公司"）于2025年12月26日召开第二届董事会第十八次会 议，审议通过了《关于公司预计2026年度日常关联交易的议案》。关联董事姜海龙、原蔚鹏、薛宇伟、 付一丁回避表决，非关联董事一致审议 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-037 南方电网电力科技股份有限公司 关于首次公开发行股份募投项目结项并将节余募集 资金继续存放募集资金专户管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次结项的募投项目名称：2021 年首次公开发行股份募集资金投资项 目，即"研发中心建设项目"。 本次募投项目结项预计节余募集资金金额为 32,314.03 万元，下一步 计划投资于公司主业经营与研发相关的固定资产项目。 节余募集资金将继续存放于募集资金专用账户接受监管。针对节余募 集资金，公司后续将根据自身发展规划及实际经营需要，按照中国证监会、 上海证券交易所的有关规定，合理规划、妥善安排使用计划，并在实际使用 前按照有关规定履行相应审议程序。 根据《上市公司募集资金监管规则》《上海证券交易所科创板股票上 市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》等有关规定，本事项无需提交董事会、股东会审议。 1 一、募集资金基本情况 经中国证券监督管理委员 ...

证券代码：688248 证券简称：南网科技 公告编号：2025-036 南方电网电力科技股份有限公司 关于公司预计 2026 年度日常关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 南方电网电力科技股份有限公司（以下简称"公司"）于 2025 年 12 月 26 日召开第二 届董事会第十八次会议，审议通过了《关于公司预计 2026 年度日常关联交易的议案》。关联 董事姜海龙、原蔚鹏、薛宇伟、付一丁回避表决，非关联董事一致审议通过。本次关于日常 关联交易预计事项尚需提交公司股东会审议，关联股东广东电网有限责任公司、南方电网产 业发展集团有限责任公司将在股东会上对该议案回避表决。 公司独立董事已就该议案召开专门会议并过半数审议通过，具体决议如下：我们认为 公司 2026 年度日常关联交易预计是公司日常生产经营所需，以市场公允价格为依据，遵循"公 平、公正、公允"的原则，不构成对上市公司独立性的影响，关联方资信良好能够正常履约， 不存在损 ...

Group 1 - Key point 1: The article lists various executives from different companies, indicating a focus on leadership within the industry [2][3] - Key point 2: The companies mentioned span multiple sectors, including transportation, energy, and technology, highlighting a diverse range of industries [2][3] - Key point 3: The presence of executives from both state-owned and private enterprises suggests a mixed economic landscape in China [2][3] Group 2 - Key point 1: The mention of specific individuals such as Wang Jian from CRRC and Li Yan from Fuanna indicates their significance in their respective companies [2] - Key point 2: The inclusion of companies like BYD and Tianqi Lithium reflects the growing importance of electric vehicles and battery materials in the current market [2] - Key point 3: The diversity of sectors represented, from environmental technology to traditional manufacturing, points to a broad spectrum of investment opportunities [2][3]

Group 1 - The Beijing Robotics Industry Association will be established on December 26 [1] - Yushu Technology and Yundongchu Technology won the bid for the Southern Power Grid's multi-legged intelligent inspection robot project [1] - Everbright Tongchuang collaborates with Delos Intelligent to advance AI research on lightweight materials for embodied intelligence [1] Group 2 - UCloud has integrated with Zhiyu GLM-4.7 [1] - Tencent's Yuanbao DeepSeek model usage has increased over 100 times compared to the beginning of the year [1]

Core Viewpoint - The stock of Southern Power Grid Technology Co., Ltd. experienced a decline of 1.84% on December 23, with a trading volume of 144 million yuan, indicating fluctuations in investor sentiment and trading activity [1]. Financing Summary - On December 23, the company had a financing buy amount of 10.83 million yuan and a financing repayment of 13.23 million yuan, resulting in a net financing outflow of 2.40 million yuan [1]. - The total financing and securities balance for Southern Power Grid Technology reached 311 million yuan, with the current financing balance of 306 million yuan accounting for 1.24% of the circulating market value, which is above the 70th percentile of the past year [1]. - In terms of securities lending, the company repaid 2,107 shares and sold 1,476 shares on December 23, with a selling amount of 64,400 yuan, while the securities lending balance was 5.18 million yuan, exceeding the 80th percentile of the past year [1]. Business Overview - Southern Power Grid Technology, established on February 22, 1988, and listed on December 22, 2021, is based in Guangzhou, Guangdong Province, and focuses on clean energy technology and new-generation information technology [2]. - The company's revenue composition includes testing and commissioning services (31.99%), energy storage system technology services (23.42%), smart distribution and power supply equipment (21.51%), smart monitoring equipment (11.11%), robotics and drones (7.23%), and other services (4.69%) [2]. - For the period from January to September 2025, the company reported a revenue of 2.099 billion yuan, a slight decrease of 0.51% year-on-year, while the net profit attributable to shareholders was 287 million yuan, reflecting a growth of 2.52% year-on-year [2]. Dividend Information - Since its A-share listing, Southern Power Grid Technology has distributed a total of 443 million yuan in dividends, with 395 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include the E Fund National Robot Industry ETF, which is the sixth largest shareholder with 5.6186 million shares, and the Huaxia CSI Robot ETF, which increased its holdings by 872,000 shares to 4.6648 million shares [3]. - The Southern CSI 500 ETF is the eighth largest shareholder with 2.4785 million shares, having decreased its holdings by 83,400 shares [3]. - Hong Kong Central Clearing Limited is a new entrant among the top ten shareholders, holding 1.9711 million shares [3].

Core Viewpoint - Nanfang Electric Power Technology Co., Ltd. (南网科技) has experienced a stock price decline of 2.02% on December 23, with a current price of 43.55 CNY per share and a total market capitalization of 24.593 billion CNY. The company has seen a year-to-date stock price increase of 36.84% [1] Financial Performance - For the period from January to September 2025, Nanfang Electric reported a revenue of 2.099 billion CNY, a year-on-year decrease of 0.51%, while the net profit attributable to shareholders was 287 million CNY, reflecting a year-on-year increase of 2.52% [2] - The company has distributed a total of 443 million CNY in dividends since its A-share listing, with 395 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Nanfang Electric was 9,626, a decrease of 13.69% from the previous period. The average number of circulating shares per person increased by 15.86% to 23,727 shares [2] - The top ten circulating shareholders include various ETFs, with notable positions held by E Fund National Robot Industry ETF and Huaxia CSI Robot ETF, indicating a diversified institutional interest [3] Business Overview - Nanfang Electric specializes in clean energy technology and next-generation information technology, providing comprehensive solutions that include "technical services + smart devices." The main revenue sources are testing and commissioning services (31.99%), energy storage system technology services (23.42%), and smart distribution and power supply equipment (21.51%) [1]

Core Viewpoint - In 2025, the number of A-share listed companies controlled by seven major state-owned enterprises in the power sector will increase to 37, with an average of more than five companies per enterprise, following the listings of Huadian New Energy and Southern Network Digital on the Shanghai and Shenzhen stock exchanges [1] Group 1: Company Listings - The number of A-share listed companies controlled by major state-owned enterprises will rise to 37, with State Grid and China Huadian having the most at 7 each [1] - Southern Power Grid's number of listed companies increased to 4 with the listings of Southern Network Technology and Southern Network Digital [1] Group 2: Management Changes - In 2025, there will be significant management changes among the listed companies controlled by the two networks and five major power generation companies, with 131 high-level personnel changes reported across 30 listed companies [1] - Specifically, there were 12 changes in chairpersons and 8 changes in general managers among the listed companies [1] Group 3: Individual Company Changes - State Grid: 36 personnel changes across 7 listed companies, including chairperson and general manager adjustments in four companies [5] - China Huadian: 34 personnel changes across 6 listed companies, with significant changes in chairpersons and general managers in three companies [58] - China Huaneng: 24 personnel changes across 4 listed companies, with new general managers appointed in three companies [38] - National Energy Group: 20 personnel changes across 5 listed companies, including chairperson and general manager changes in three companies [86]