值得一提的是，公司此前在湖南浏阳呈现的"天空之树"成为无人机表演中的一大亮点。此次表演由近 16000架无人机协同完成，其核心亮点在于无人机成功挂载并精准释放烟花，这不仅呈现了绚丽视觉效 果，更集中考验并验证了无人机集群的超大规模控制能力、精确挂载能力及硬件系统在复杂任务下的极 端稳定性。 "天空之树"的成功，正是高巨创新在低空文旅与低空科教两大战略板块技术实力的集中体现。在低空文 旅领域，公司专注于无人机编队表演设备的研发与规模化生产，为大型实景演艺提供核心装备与解决方 案；在低空科教领域，则致力于面向青少年开展无人机操控、多设备协同编程控制等教育，为产业持续 培养未来人才。 业内人士分析，高巨创新凭借在精密制造与集群算法上的深厚积累，正推动低空应用从视觉呈现向更广 泛的产业纵深拓展。随着通信与AI技术的发展，以其为代表的中国低空科技企业，将在全球低空经济 浪潮中扮演关键角色。 本报讯 （记者李雯珊 见习记者张美娜）2026年元旦假期，科技与文旅的深度融合为跨年消费市场增添 诸多亮点：长城上空的千机齐舞、滨海营地的"龙凤呈祥"无人机表演……多地将无人机秀融入文旅场 景。 业内人士分析，无人机表演已成为202 ...

Core Viewpoint - Antai Technology anticipates a decline in its rare earth permanent magnet industry performance in the first half of 2025 due to fluctuations in raw material prices, tariff policies, and market competition, despite a 9.9% increase in new contract amounts [2] Group 1: Financial Performance - The company's performance is expected to be under pressure in the first half of 2025, with a year-on-year decline [2] - New contract amounts have increased by 9.9% [2] - Overall growth is anticipated in the second half of the year [2] Group 2: Production Capacity and Market Position - The current production capacity for magnetic materials is 12,000 tons [2] - The Antai Northern 5,000-ton high-end rare earth permanent magnet product project is in the ramp-up phase [2] - The company is experiencing a steady increase in market share [2] Group 3: Strategic Focus and Development - The company views emerging fields such as humanoid robots and low-altitude economy as key growth areas [2] - High-performance NdFeB magnetic materials are identified as core components for robotic joint servo motors [2] - A dedicated team has been established to focus on product development that meets high performance and consistency requirements for these fields [2] - The company is currently in the market expansion and sample verification stage for related businesses [2] - The company aims to seize opportunities arising from industry explosions [2]

Core Insights - Guangzhou aims to establish itself as a global hub for low-altitude economy and commercial aerospace by 2035, with a focus on developing intelligent aircraft and key enterprises in the commercial aerospace sector [1] Low-altitude Economy - The planning document outlines Guangzhou's ambition to become a manufacturing and design center for low-altitude economy, with applications in various sectors such as agriculture, emergency services, and urban management [1] - The city plans to explore "drone + smart logistics" initiatives, including urban drone delivery and intercity drone transport, to enhance logistics efficiency [2] - Guangzhou has a competitive advantage in the low-altitude economy due to its concentration of high-tech companies, a supportive electric vehicle industry, and established regulatory frameworks [2] Commercial Aerospace - The planning document emphasizes strengthening Guangzhou's capabilities in communication and navigation equipment manufacturing, aiming to capitalize on satellite internet opportunities [3] - The city plans to support the development of a complete industrial chain for the Beidou satellite system, integrating various technologies such as 5G and artificial intelligence [3] - Challenges in the commercial aerospace sector include navigating complex airspace environments and the lack of launch facilities, which need to be addressed for effective development [4] Industry Collaboration and Development - To enhance competitiveness, Guangzhou must focus on integrating various industry segments and fostering collaboration among enterprises [3] - The city is encouraged to provide policy support for commercial aerospace companies and promote capital operations to attract new businesses [6] - Emphasis on research in key areas such as rocket recovery technology is necessary to build a solid technological foundation for the industry [6]

Core Viewpoint - The military industry is experiencing a significant surge, with the military ETF Huabao (512810) showing strong performance as 73 out of 80 constituent stocks rose, and several stocks hitting historical highs [1][9]. Group 1: Market Performance - The military ETF Huabao (512810) opened high and surged over 5.5% during the day, closing up 3.91%, marking four consecutive days of record highs [10]. - The ETF recorded a trading volume of 1.32 billion yuan, the highest in nearly a month, and has seen a steep increase of 13.57% this week, significantly outperforming major indices like the Shanghai Composite Index (+3.82%) and the ChiNext Index (+3.89%) [10][12]. Group 2: Stock Highlights - Notable stocks within the ETF include: - DanGao Technology (688270) with a price increase of 19.00% and a trading volume of 6.128 billion yuan [2]. - Huatai Technology (688281) up by 18.92% with a trading volume of 0.886 billion yuan [2]. - Guocai Zhugong (688543) rising 18.01% with a trading volume of 2.293 billion yuan [2]. - Other significant performers include Guobo Electronics, Western Superconducting, and Aerospace Electronics, all achieving substantial gains [1][10]. Group 3: Catalysts for Growth - The booming military market is driven by multiple factors, including the ongoing development of commercial aerospace under the "Aerospace Power" strategy, which is expected to see the commercial aerospace industry in China reach a scale of 8 trillion yuan by 2030 [4][12]. - The military ETF Huabao (512810) includes 24 commercial aerospace concept stocks, accounting for over 32% of its total weight [4][12]. Group 4: Global Defense Spending Trends - Recent geopolitical developments, such as U.S. President Trump's proposal to increase the U.S. military budget from 1 trillion to 1.5 trillion dollars for the fiscal year 2027, reflect a growing trend of increased defense budgets in the U.S., EU, and Japan, indicating rising complexities and uncertainties in international security [12][14]. - Analysts predict that global military trade demand will continue to grow, with China's military trade market share currently at 5.87%, significantly lower than the U.S. share of 42.64% [6][14].

Core Insights - The low-altitude economy in China is in its initial stage, with the recent issuance of the "Statistical Classification of Low-altitude Economy and Its Core Industries (Trial)" clarifying the concepts and scope of low-altitude economy [1] Group 1: Definition and Scope - Low-altitude economy is not synonymous with flying vehicle economy; it encompasses a comprehensive economic form driven by low-altitude aviation activities, including four major categories: low-altitude manufacturing, low-altitude operations, low-altitude infrastructure and information services, and low-altitude supporting industries, comprising 23 subcategories and 65 minor categories [1] Group 2: Current Applications - Mature applications in the low-altitude economy include agricultural and forestry operations, with the scale of drone applications continuously expanding, significantly improving operational conditions and production efficiency; by November 2025, the number of agricultural drones in China is expected to exceed 300,000, covering over 3 billion acres, and drones have inspected over 4 million kilometers of power lines [2] Group 3: Emerging Opportunities - Potential growth areas in the low-altitude economy include low-altitude logistics, urban governance, and emergency rescue, with low-altitude tourism and aviation sports gradually becoming new consumption growth points; demonstration applications of "general aviation +" are being developed in key regions such as Shanxi, Inner Mongolia, Shanghai, Henan, Hunan, Hainan, and Xinjiang [3]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][44]. Core Insights - The commercial aerospace sector is showing significant momentum both domestically and internationally, shifting focus from mere technological breakthroughs to the integration of technology, ecosystem development, and market applications. Leading companies are enhancing their commercialization capabilities [3][39]. - The report anticipates that the communication industry will experience a period of technological iteration and policy dividends in 2025, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors. The recovery of cellular IoT modules and ongoing construction of communication facilities are expected to create new demands for devices, equipment, and service operations [3][39]. Summary by Sections 1. Communication Industry Market Review - The communication sector index fell by 1.18% over the two weeks from December 26, 2025, to January 8, 2026, underperforming the CSI 300 index by 3.22 percentage points, ranking last among 31 sectors [11][12]. - In January 2026, the communication sector index increased by 0.85%, again underperforming the CSI 300 index by 1.48 percentage points [11][12]. 2. Industry News - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'" [15]. - The first offshore reusable rocket recovery base in China has commenced construction with a total investment of 5.2 billion yuan [21]. - SpaceX's Starlink has connected over 9 million active users across 155 countries, showcasing significant growth from 14.5 million users in December 2021 [22]. 3. Company Announcements - Feiling Kesi plans to indirectly invest in Nanfei Microelectronics, focusing on high-speed network communication interconnect chips, with a total investment of 40.8 million yuan [23][24]. - Guangku Technology expects a net profit growth of 152%-172% for 2025, driven by revenue growth and cost control measures [26]. 4. Industry Data Updates - As of November 2025, the mobile phone user base reached approximately 1.828 billion, a year-on-year increase of 2.20% [27]. - The total number of 5G base stations reached 4.83 million, with a net increase of 579,000 compared to the end of the previous year [36].

Core Insights - The emergence of the "drone flight planner" profession indicates the rapid growth of the low-altitude economy, which is projected to be a trillion-dollar industry [1] - The role of flight planners is crucial for managing complex air traffic involving multiple drones, ensuring safety and efficiency in operations [1][2] - There is a significant talent shortage in this field, with an estimated future demand exceeding one million professionals [1][2] Group 1 - The new profession of drone flight planners is essential for the safe and efficient operation of drones in urban environments, akin to traffic management on the ground [1] - The responsibilities of flight planners include understanding coding, traffic regulations, and adapting to real-time conditions, highlighting the complexity of their role [1][2] - The low-altitude economy is expanding into various sectors, including delivery, surveillance, and agriculture, necessitating a skilled workforce to prevent operational bottlenecks [1] Group 2 - The job of a flight planner is attractive due to good salaries, technological engagement, and the ability to solve real-world problems, but it requires strong responsibility and quick thinking [2] - As air taxis and drone delivery services become more prevalent, flight planners will play a pivotal role in shaping air traffic regulations and urban airspace design [2] - The challenges in this field include the rapid pace of technological change, varying air traffic control policies, and public concerns about noise and privacy, which also present opportunities for innovation [2][3]

李超表示，低空经济属于新兴产业，尚处于起步期。下一步，国家发展改革委将会同有关部门和地 方，以筑牢安全责任底线为前提，按照先载货后载人、先隔离后融合、先远郊后城区的原则，严控风 险，因地制宜有序拓展低空经济应用场景，加快探索形成安全有保障、商业可持续的发展模式。 李超指出，近年来，各有关部门和地方瞄准有效需求、结合发展实际，积极探索发展低空经济应用 场景。当前，农林作业、巡检应用等场景已较为成熟，无人机应用规模不断扩大。比如，截至2025年11 月底，我国农用无人机保有量超30万架，作业面积超30亿亩次，广泛应用于植保、施肥、吊运等场景， 有效助力农业生产提质增效；电力线路无人机巡检里程超400万公里，助力电网安全运行。这些应用场 景在改善作业条件、提高生产效率等方面发挥了积极作用，可以大力推广。 低空物流、城市治理、应急救援等场景，则具备较大发展空间。例如，粤港澳大湾区加速布局低空 物流网络，飞行量快速增长，自2022年至2025年11月底，累计飞行超240万架次；浙江等多地无人机化 身"空中交警"，巡查重点道路路况、高空喊话疏导交通，助力城市交通治理；无人机在多次抗震救灾和 防汛抢险工作中发挥独特优势，有 ...

Group 1: Rare Earth Permanent Magnet Industry - The rare earth permanent magnet industry faced challenges in H1 2025 due to raw material price fluctuations, tariff policies, and market competition, resulting in a year-on-year decline in performance, although new contract amounts increased by 9.9% [2] - The company has a magnetic material production capacity of 12,000 tons, with the AnTai North 5,000 tons high-end rare earth permanent magnet product project currently ramping up production [2] - The company views emerging fields such as humanoid robots and low-altitude economy as key growth areas, focusing on high-performance neodymium-iron-boron magnetic materials essential for robotic joint servo motors [2] Group 2: Tungsten-Molybdenum Industry - In H1 2025, the company faced significant challenges from rising raw material prices and overseas market conditions, achieving new contract amounts of 972 million yuan, consistent with the previous year, while revenue decreased by 18% to 889 million yuan [3] - The net profit was 46.046 million yuan, down 9.4% year-on-year, but the company made strides in high-end medical equipment, achieving a 32.26% increase in new contracts [3] - New product developments in the semiconductor sector showed significant growth, with new contracts for planar display targets and heat sinks increasing by 60.13% and 64.37%, respectively [3] Group 3: Amorphous Industry - The amorphous industry maintained steady growth in 2025, with revenue reaching 508 million yuan, a year-on-year increase of 12.88%, and net profit soaring by 81.8% to 40.64 million yuan [4] - Despite a slight decline in overseas exports, sales of nanocrystalline strip materials continued to grow, with domestic sales of strip materials exceeding 1,800 tons in a single month [4] - The company plans to deepen its focus on the green power distribution field and expand its market share in high-efficiency energy-saving products [4] Group 4: Controlled Nuclear Fusion - In 2025, the company secured contracts for EAST and CRAFT filters, totaling over 100 million yuan, with a significant contract worth 69.9 million yuan for the BEST filter target plate [5] - The company is recognized as a leader in the production of tungsten-copper filters and has a complete closed-loop technology from raw material preparation to final component delivery [5] - The commercial prospects for controlled nuclear fusion are promising, with ongoing global investments and a clear commercialization path, although the timeline is lengthy [5] Group 5: Aerospace Market - The aerospace sector is a strategic emerging industry, with the company maintaining stable orders for its core products, such as tungsten-copper alloys, which are critical for high-temperature structural materials [6] - The company is closely monitoring developments in the commercial aerospace sector but has not yet established any order business in this area [6] - Future plans include providing high-quality materials and solutions for aerospace enterprises as the market evolves [6]

Core Viewpoint - The Wudalianchi Dedu Airport is rapidly enhancing its operational capabilities and infrastructure, contributing significantly to the modernization of the region since the start of the 14th Five-Year Plan [1] Group 1: Airport Operations and Performance - The Wudalianchi Dedu Airport has opened routes to several key tourist cities, including Harbin, Heihe, Mohe, Huma, Beijing, and Shijiazhuang, and has implemented a transfer service via Harbin for efficient travel [3] - In 2025, the airport is projected to handle 1,266 flights, a 51.1% increase year-on-year, with a passenger throughput of 44,369 and a seat occupancy rate of 63.83% [3] - Over the past five years, the airport has cumulatively handled 3,966 flights and nearly 190,000 passengers, significantly improving travel speed and quality for citizens [6] Group 2: Infrastructure and Service Enhancements - Recent upgrades at the airport include renovations of the terminal, optimization of passenger waiting areas, and the establishment of a "care service area" for unaccompanied minors and elderly travelers [5] - Additional mobile service positions have been added at check-in, security, and boarding to enhance the travel experience for passengers [5] Group 3: Economic and Technological Development - The city of Wudalianchi is focusing on low-altitude economy, cultural tourism, and industrial development, leveraging its geographical and infrastructural advantages [6] - The airport has hosted various training and testing events, attracting 27 aviation and emergency communication companies, which supports the integration of manned and unmanned airspace management technologies [6]