Group 1 - Yongda Automotive shows strong recovery potential in luxury car dealership performance, supported by cash flow and dividend yield attractiveness [1] - The company benefits from BMW's support in new car gross profit, alongside the clearing of inefficient dealerships in the luxury car sector [1] - The new energy business is expected to contribute significantly, with a projected net cash flow exceeding 1.1 billion yuan in the first half of 2025 [1] Group 2 - Tianzhun Technology's core business is experiencing strong growth, but the industry faces cost pressures due to memory shortages [2] - The company focuses on intelligent driving and embodied intelligence, with significant growth momentum [2] - The shortage of high-end DDR5 memory and rising DRAM prices are impacting the cost structure for automotive manufacturers [2] Group 3 - Longsheng Technology has significant untapped potential in the commercial aerospace sector, with its subsidiary positioned in precision welding components [3] - The traditional business remains a core pillar of performance, while the robotics segment has clear long-term growth logic [3] - Yinxun shares are expected to see substantial market value elasticity due to the data center liquid cooling module as a core growth driver [3] Group 4 - Fuda shares have issued convertible bonds, signaling positive developments, with strong performance expected in 2026 due to scarce production capacity [3] - The company is involved in the drafting of national standards for robotic components, with overseas client validation progressing [3] - Tiancheng Self-Control is positioned as a key player in the low-altitude economy, with significant market share potential as the industry matures [3]

2026 年 01 月 21 日 叶传动/分别 邵翼 A0230524120001 shaoyi@swsresearch.com 申万宏源研究微信服务号 本期投资后示: O 永达汽车：豪车经销商业绩触底反弹确定性强，现金流与股息率具备吸引力。公司作为 宝马渠道核心豪车经销商，依托主机厂盈利扶持，经营周期底部复苏信号明确。一方 面，宝马等主机厂保障经销商新车毛利，叠加行业低效门店出清，BBA 等豪车车企亏损 见底；另一方面，新能源业务贡献增量，新车毛利率可观，2025年渠道上量叠加华为系 品牌起量，该业务盈利空间广阔。公司 2025 上半年净现金流超 11 亿元,配置吸引力突 出；后续宝马车型周期下半年落地，业绩弹性拐点将进一步明确，整体观点偏乐观。 相关研究 《整车出海、机器人预期强化;同时关注 业绩确定性白马 -- 2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 天成、福达 周一刻钟，大事快评（W141） 看好 O 天准科技：核心业务高增确定性强，内存短缺引发行业成本压力预警。公 ...

Core Viewpoint - The article emphasizes the significant growth potential and strategic importance of high-performance carbon fiber in the high-end manufacturing sector, particularly in aerospace and military applications, highlighting the advancements and market positioning of Zhongjian Technology (300777.SZ) [3][4]. Industry Overview - The global high-performance carbon fiber market has maintained steady growth over the past five years, with China's market growth rate significantly surpassing the global average. The compound annual growth rate (CAGR) for the global carbon fiber market from 2020 to 2024 is approximately 12%, while China's CAGR exceeds 20% [5]. - Aerospace remains the largest application field for high-performance carbon fiber, consistently accounting for 40%-50% of the global market value. China's demand growth rate for high-performance carbon fiber in the aerospace sector has exceeded 25% over the past five years, with expectations of maintaining a growth rate of 20%-30% in the next 3-5 years [5][13]. Company Profile - Zhongjian Technology, established in 2008, focuses on the research, production, and sales of high-performance carbon fiber. Its core products include the ZT7, ZT8, and ZT9 series, with a strong emphasis on T700 grade and above [8][10]. - The company has a competitive edge in the military special fiber sector, with its products being critical materials for various aerospace equipment, ensuring stable customer relationships and high barriers to entry [10][12]. Market Positioning - Compared to competitors like Guangwei Composite (300699.SZ) and Zhongfu Shenying (688295.SH), Zhongjian Technology differentiates itself by focusing on small tow, high-performance aerospace and military markets, leading in market share within this niche [12]. - The demand for high-performance carbon fiber in the domestic aerospace sector is expected to grow at an annual rate of over 25% in the next 3-5 years, driven by the increasing use of carbon fiber composite materials in aircraft [13][14]. Capacity Expansion - The company plans to address production bottlenecks by expanding its capacity, with two key projects set to add a total of 2,300 tons per year by 2027. This expansion reflects the company's confidence in future market demand [20]. - The expansion projects will focus on high-performance carbon fiber products, particularly the ZT9 series and other advanced materials, which are positioned at the forefront of domestic and international standards [20]. Financial Performance - In the first three quarters of 2025, the company reported revenues of 680 million yuan, a year-on-year increase of 28.5%, and a net profit of 290 million yuan, up 25.5% [21]. - The growth in revenue is attributed to the orderly supply of ZT9 series products and the ongoing progress of key projects, which are expected to significantly enhance the company's capacity for high-end products [21][23].

Core Viewpoint - The Guangdong Provincial Government has officially issued the "Several Policy Measures for High-Quality Development of Transportation Empowered by Artificial Intelligence," aiming to accelerate the integration of AI in the transportation sector and enhance the quality, efficiency, and dynamics of the industry, thereby injecting strong intelligent momentum into the Guangdong-Hong Kong-Macao Greater Bay Area and the province as a whole [1][6]. Group 1: Key Measures - The policy includes 14 specific measures that form a complete closed loop, focusing on core element supply, innovative scenario empowerment, and work mechanism guarantees [1][6]. - By 2026-2027, the policy aims to achieve breakthroughs in several key application scenarios, establishing a national benchmark for the integration of "AI + transportation" [1][6]. Group 2: Core Element Supply - The measures emphasize building a solid foundation for intelligent transportation development through data supply, including the establishment of a comprehensive data resource directory system and the standardization of data across highways, railways, and ports [3]. - A collaborative system for centralized computing power and real-time edge computing will be constructed, leveraging resources from the Shaoguan data center cluster and promoting full coverage of technologies like 5G and Beidou [3]. - Key technologies will focus on developing AI models and intelligent agents specific to the transportation sector, addressing dynamic scene perception and multi-modal data fusion [3]. Group 3: Innovative Scenario Empowerment - The measures cover all transportation sectors, including highways, railways, waterways, ports, civil aviation, and low-altitude applications, promoting the transition of AI technology from pilot applications to large-scale implementation [4]. - Smart highway construction will adopt a new model of "digital surveying + digital design + intelligent construction," while rail transport will optimize passenger flow prediction and capacity allocation through AI [4]. - The policy aims to enhance operational efficiency and safety in airports and ports using AI visual recognition and blockchain technologies [4]. Group 4: Work Mechanism Guarantees - To ensure effective implementation, the measures establish three main work mechanisms: accountability led by the provincial transportation department, collaborative innovation through industry alliances, and optimization of the industrial ecosystem [5]. - A working group will be formed to manage the implementation, requiring local governments and state-owned transportation enterprises to develop their action plans [5]. - The policy also emphasizes the importance of data security management and privacy protection to safeguard AI applications [5]. Group 5: Overall Impact - The introduction of these measures signifies a systematic and large-scale advancement in Guangdong's "AI + transportation" strategy, aiming to transform transportation from traditional operations to intelligent governance and from decentralized operations to collaborative transport [6]. - This initiative is expected to provide a more convenient, efficient, and safe travel experience for the public and serve as a replicable model for the intelligent transformation of the national transportation industry [6].

36氪作为中国最大的新经济媒体平台，过去通过与投资机构、基金合伙人的深度合作，大幅提升企业融资机会。随着新经济不断发展的十年，36氪沉淀和积 累了大量一级市场投资人资源。 「每日路演」是针对优质创业项目开放投资人社群、进行新型的线上闭门路演，持续为创业者与投资人两端提供深度运营服务。to 高潜创业者-高效输出公 司价值亮点+与投资人进行深度交流；to 投资人与投资机构-多维度、低成本对话项目决策人+先一步看到未来，掌握一手资讯，以媒体资源与平台优势助力 创投双端对接。 本期我们精选汇总了三个社群精选路演项目信息。如果您对本文中的项目感兴趣，希望可以对接到项目方，或者如果您手中有好项目需要融资对接更多投资 人，欢迎与我们联系（底部扫码添加运营官，备注项目对接）。 对接项目请扫码添加文章底部专属运营官微信 1.卓世航空 【项目概要】 【融资需求】 Pre-A 轮，3000万-5000万人民币 【项目亮点】 1）黄金赛道-消防应急蓝海市场：精准切入消防应急这一政策支持明确、付费能力强的刚需市场，凭借成熟产品矩阵和服务体系，已验证商业模式的有效 性，展现出在应急消防领域的市场竞争力与发展潜力； 2）15年行业深耕一线 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][12]. Core Insights - Yongda Automotive shows strong recovery signals with cash flow and dividend yield attractiveness, benefiting from support from manufacturers like BMW, and is expected to see significant performance improvements in 2025 [3]. - Tianzhun Technology's core business is experiencing robust growth, but the industry faces cost pressures due to memory shortages, particularly in high-end DDR5 memory [4]. - Longsheng Technology has significant untapped potential in the commercial aerospace sector, with a solid market position in satellite components and a clear growth trajectory in its robotics business [5]. - Yinlun Technology is positioned to benefit from the growth of data center liquid cooling solutions, with expected significant market elasticity by 2027 [5]. - Fuda Co., Ltd. has issued convertible bonds, indicating positive signals for business certainty and valuation support, with a focus on expanding production capacity [6]. - Tiancai Control is strategically positioned in the low-altitude economy, with ongoing efforts to secure key clients and certifications, which could lead to substantial market share gains [6]. Summary by Relevant Sections Yongda Automotive - The company is a key dealer for BMW, showing strong recovery signals with a projected net cash flow exceeding 1.1 billion yuan in the first half of 2025, supported by manufacturer subsidies and a reduction in inefficient dealerships [3]. Tianzhun Technology - The company focuses on intelligent driving and embodied intelligence, with strong growth momentum, but faces challenges from memory supply shortages impacting vehicle production costs [4]. Longsheng Technology - The company has significant growth potential in the commercial aerospace sector, with a strong foothold in satellite components and a clear growth strategy in its robotics business [5]. Yinlun Technology - The company is focusing on data center liquid cooling modules, with expectations for significant market growth by 2027, while also being a key supplier in the robotics sector [5]. Fuda Co., Ltd. - The issuance of convertible bonds at a conversion price of 17.5 yuan signals positive business prospects, with a focus on expanding production capacity and addressing market concerns regarding client structure [6]. Tiancai Control - The company is well-positioned in the low-altitude economy, actively working on client acquisition and technical certifications, which could lead to significant market share in the future [6].

Core Viewpoint - The low-altitude economy in Shanghai is rapidly developing, with nearly 800 registered drone operating companies and approximately 220,000 registered drones, projecting over 3.2 million flights in 2025 [1] Regulatory Framework - The Shanghai Municipal Government has defined the suitable flying airspace for micro, light, and small unmanned aerial vehicles (UAVs) as areas below a true height of 120 meters outside controlled airspace, covering 46% of the city's administrative area [1][4] - The "Interim Measures for the Safety Management of Civil Unmanned Aerial Vehicles" will take effect on February 1, establishing departmental responsibilities and comprehensive regulatory requirements [2] Safety and Compliance Measures - A multi-departmental initiative has been launched to enhance low-altitude flight safety supervision, including the establishment of a "Five Ones" system and supporting measures [1] - The Shanghai Low Altitude Flight Comprehensive Supervision Service Platform will officially launch on February 1, allowing users to complete drone registration, flight declaration, and experience zone reservations through a single app [5] Enforcement Actions - Since the launch of the "black flight" crackdown in August of the previous year, there have been significant reductions in illegal drone flights, with 3,366 cases investigated and a 34.4% increase in voluntary registrations by drone operators [6] - A six-month "Clean Sky" initiative will be implemented to strengthen enforcement against illegal modifications and enhance safety management in designated flying experience zones [6]

专业化场景为技术验证提供了刚需场景和数据支撑，大众化场景则通过市场规模扩张摊薄成本。目 前，国内已有多地开展低空文旅、枢纽接驳等示范运营，随着场景不断丰富，飞行汽车将逐步解决地面 交通拥堵、跨区域通勤效率低等痛点，成为立体交通网络的重要组成部分。 技术瓶颈是飞行汽车规模化的核心障碍，报告指出需重点突破"载荷航程、适航安全、智能驾驶"三 大难题。其中，载荷≥100kg、航程≥100km是规模化应用的基本要求，这需要构建"三大技术域+五大关 键技术"的协同体系，涵盖动力推进、构型总体、安全飞行、智能驾驶、智慧管控等核心方向。 动力技术路线呈现"纯电先行、混动主导、氢能远期"的多元化格局：纯电动力凭借结构简单、成本 可控的优势，成为短途低负荷场景的首选；混合动力将逐步主导中长途、高负荷主流场景，解决滞空时 长和可靠性痛点；氢能动力则在"双碳"目标牵引下，成为远期绿色低碳场景的战略补充。技术落地遵 循"封闭场景验证—开放空域示范—城市立体交通"三阶段逻辑，确保安全与效率的平衡推进。 1月19日，《飞行汽车发展报告2.0：迈向空地一体交通新时代》发布会在北京举行。 据悉，《飞行汽车发展报告2.0》由中国汽车工程学会牵头 ...

Core Viewpoint - The establishment of the Zhejiang private "star chain" is marked by the successful launch of 64 satellites, achieving global communication coverage (excluding the polar regions) and supported by the Geely Satellite Super Factory in Taizhou Bay New Area, which innovates the aerospace industry with automotive manufacturing principles [1][3]. Industry Development - By 2025, Taizhou's low-altitude economy has developed a three-dimensional structure, with Taizhou Bay New Area leading as the only pilot zone for future aerospace industries and low-altitude economic integration in Zhejiang Province, ranking second nationally in industrial activity [3][4]. - The "one star, four machines" industrial concept initiated in 2016 has laid the foundation for Taizhou's aerospace ambitions, attracting key players like the China Aerospace Aerodynamics Research Institute and Geely's Taizhou Starry Sky Intelligent Technology Co., Ltd. [4][5]. Ecosystem and Collaboration - The establishment of a comprehensive industrial ecosystem includes partnerships with leading enterprises, resulting in a strategic ecological co-construction project worth billions in the special aircraft industry [4][5]. - By November 2025, seven projects with a total investment of 2.64 billion yuan were signed, enhancing the full industrial chain from manufacturing to operational services [5]. Technological Advancements - The successful launch of Geely's satellites and other significant projects like the "Tai Zhou" computing satellite and the "Blue Carbon No. 1" marine satellite highlight the region's advancements in aerospace technology [7]. - The integration of drones in various sectors, including agriculture and emergency services, demonstrates the practical applications of low-altitude logistics, significantly improving response times and operational efficiency [8][10]. Future Goals and Investments - Taizhou aims to establish itself as a national-level low-altitude economic comprehensive industrial demonstration zone, targeting an industry scale of 18 billion yuan by 2026 and 30 billion yuan by 2030 [13]. - The region has set up a low-altitude economic industry fund with an initial scale of 1 billion yuan, alongside various other funds to support the entire industrial cycle [13].

"低空经济是引领未来产业变革、培育新质生产力的重要领域，对于拥有独特地理与大数据产业优势的贵阳市而言，抢抓低空经济发展机遇，对于塑造城市 发展新动能、提升综合竞争力具有重要意义。"市人大代表赵敏说。 赵敏指出，当前制约贵阳低空经济高质量发展的主要瓶颈在于体制机制层面。赵敏建议借鉴先进地区经验，以空域管理改革为突破口，以流程优化、权责重 构与数字化治理为核心手段，将分散的试点探索系统集成为可复制、可推广的制度成果与平台能力，着力构建"审批可预期、安全可核查、运营可持续、责 任可追溯"的城市级低空经济治理体系。 一方面建立健全协同管理机制，明确权责与优化流程。成立实体化运作的协调机构。设立常态化的"贵阳市低空经济发展协调领导小组"及办公室，并推动设 立军地民协同的联合办公席位。并制定出台《贵阳市低空经济协同管理工作细则》，清晰界定市发改委(统筹规划)、行业主管部门(如交通局、大数据局、文 旅局等对应场景)、各区(县)政府及园区管委会(落实建设与属地管理)的具体职责、联动机制与议事规则。推行"一站式"审批服务改革：针对企业反映强烈的 审批难题，在市政务服务中心设立"低空经济项目审批专窗"或线上统一入口。制定并公布统 ...