Core Viewpoint - The launch of the low-altitude safety product matrix by Zhongke Star Map aims to ensure the healthy and sustainable development of the low-altitude economy through a comprehensive "air-ground integration" defense system [1] Group 1 - The 2025 Shenzhen Low Altitude Development Conference was held on the 14th [1] - The low-altitude safety solution is described as a full-scene safety solution [1] - The product matrix is designed to provide comprehensive protection for the low-altitude economy [1]

Core Insights - Consumption is a key driver of economic growth and is emphasized in the recent policies aimed at expanding domestic demand [2][4][9] - Local governments are actively implementing consumption-boosting policies in response to the national strategy to enhance domestic demand [4][8] Policy Initiatives - Hainan Province has adjusted its vehicle scrapping subsidy policy to promote green consumption and industry upgrades, effective from November 4, 2025 [5] - Jiangsu Province has introduced measures to develop the sports event economy, aiming to stimulate consumption through various event-related activities [6] - Chongqing has issued 18 measures to eliminate restrictive consumption policies across six sectors, including automotive and housing, to release pent-up consumer demand [6][8] Economic Impact - The contribution of final consumption expenditure to economic growth reached 53.5% in the first three quarters, an increase of 9.0 percentage points compared to the previous year [10] - Experts suggest that activating domestic demand and promoting high-quality development requires a dual approach from both demand and supply sides [11][12] Future Recommendations - Future consumption initiatives should focus on institutional openness, technology-driven innovation, and the cultivation of consumption scenarios tailored to local resources [13]

其中，三元锂电池累计装车量107.7GWh，占总装车量18.6%，累计同比下降3.0%；磷酸铁锂电池累计 装车量470.2GWh，占总装车量81.3%，累计同比增长59.7%。从数据来看，磷酸铁锂电池、三元锂电池 市场呈现"八二分"的明确格局。 中经记者 陈茂利 张硕 北京报道 11月12日，中国汽车动力电池产业创新联盟（以下简称"动力电池联盟"）发布统计数据，1—10月，国 内动力电池累计装车量578.0GWh， 累计同比增长42.4%。 这种"八二格局"的形成，是技术、市场、成本和政策多重因素共同作用的结果。 动力电池联盟理事长董扬向《中国经营报》记者指出："磷酸铁锂电池和三元锂电池都可以做到很好的 安全性，目前中国市场上磷酸铁锂电池比例明显高于三元锂电池。磷酸铁锂和三元锂电池各有优势，可 以满足不同层次汽车动力的需求。磷酸铁锂电池成本较低，从原理上安全性略好，缺点是能量密度低， 更适用于中低价位的电动汽车。三元锂电池能量密度高，动力特性也好一些，缺点一是成本相对高；二 是在安全性方面需要做更多的工作，适用于高档高价位的电动汽车。" 市场呈现"八二分"格局 今年1—10月，国内动力电池装车量达578.0G ...

会议现场。 会议现场。 据了解，2025年11月发布的《国务院办公厅关于加快场景培育和开放推动新场景大规模应用的实施意 见》提出，推动海陆空全空间无人体系应用和标准建设，鼓励打造涵盖全空间的文旅、政务、物流、卫 星服务等应用场景，拓展工业生产、城市规划建设治理、综合立体交通、公共服务、安全防护、农业生 产等无人体系应用场景。稳妥有序拓展低空经济等领域应用场景。 合作区执委会副主任李翀强调，全空间智能无人体系是国家层面的重要示范工程，必须站在服务国家战 略的高度扎实推进，各单位要充分认识项目的复杂性与示范意义，强化国有企业担当，确保项目做实做 优、形成标杆。 横琴深合投资有限公司作为项目发标方，在启动会上正式宣布项目中标并致辞，系统回顾项目从概念萌 芽到落地实施两年多的艰辛筹备历程，对各参建单位提出"胸怀国家使命、筑牢安全底线、聚焦琴澳融 合、强化协同作战"四点要求，将项目打造成精品工程、标杆工程，为全国智能无人体系建设提供可复 制、可推广的经验。 中国航空综合技术研究所作为中标方代表，就项目整体工作安排进行详细汇报，明确下阶段任务目标与 实施路径，为项目高质量推进提供技术保障。 南都讯 日前，横琴粤澳深度合作 ...

编辑 岳彩周 校对 穆祥桐 新京报贝壳财经讯（记者林子）11月14日，湘电股份在投资者互动平台表示，公司近期募投项目"航空 电气系统系列化研制及产业化项目"将相关技术与产品拓展至民用航空领域，为包括eVTOL（电动垂直 起降飞行器）、飞行汽车、无人机在内的民用航空飞行器提供相关电气化系统，抢占低空经济发展的战 略机遇。 今年9月24日，湘电股份发布公告称，公司发行了1.50亿股股票，发行对象共有16家，均以现金参与认 购。发行募集资金总额19.99亿元，募集资金净额为19.79亿元。 ...

证券日报网讯振华风光11月14日在互动平台回答投资者提问时表示，公司主要专注于高可靠集成电路市 场的同时，结合发展战略及市场需求正加快布局低空经济、低轨卫星、人形机器人、商业航天、汽车电 子等未来产业。 （文章来源：证券日报） ...

证券日报网讯铂力特11月14日在互动平台回答投资者提问时表示，目前低空经济、无人机、飞机汽车等 领域有较大的轻量化需求及功能提升需求，匹配度较高，涉及金属零部件的加工3D打印有较强的优 势，目前相关工作正在逐步推进。公司将持续关注行业动态、技术发展机会，推动公司研发及市场开 拓。 （文章来源：证券日报） ...

Core Viewpoint - The event highlighted the strategic layout and innovative achievements of Zhongke Xingtu in the low-altitude economy, emphasizing the importance of low-altitude safety and the company's comprehensive product matrix in this field [1][3]. Group 1: Company Overview - Zhongke Xingtu, founded in 2006 and listed on the Sci-Tech Innovation Board in July 2020, is a state-controlled high-tech enterprise invested by the Chinese Academy of Sciences, specializing in geospatial big data processing and application [6]. - The company integrates artificial intelligence, big data, and cloud computing with commercial aerospace and low-altitude economy, creating a space-based and air-based capability service system [6][8]. Group 2: Product Launch - Five products were launched focusing on different needs in the low-altitude sector: - Qihang Low-altitude Planning Platform V1.1 provides intelligent services for airspace designation and route planning [3]. - Yuhang Low-altitude Anti-Interference Platform 2.0 utilizes digital twin and holographic grid technology for optimal control strategies [3]. - Tianyu Low-altitude Intelligent Countermeasure System integrates multiple devices for safe low-altitude flight [3]. - Tianxin Low-altitude Communication App offers precise meteorological services tailored to diverse flying needs [3]. - Tianyan Low-altitude Countermeasure System Simulation provides digital simulation for countermeasure elements [3]. Group 3: Industry Insights - Experts emphasized the role of low-altitude economy in enhancing emergency rescue capabilities, with modern aviation emergency systems becoming a solid barrier for national safety [5]. - High-level safety is crucial for the sustainable development of the low-altitude economy, ensuring innovation can proceed without concerns [5]. Group 4: Strategic Layout - The company has established a strategic plan for low-altitude capability development, focusing on a comprehensive framework that includes low-altitude clouds, testing grounds, and various application scenarios [8]. - As of the 2025 mid-year report, the company continues to build a service system that integrates data, computation, and application, providing high-quality services in the aerospace information sector [8].

北京商报讯（记者 陶凤 王天逸）11月14日，亿纬锂能在互动平台回复投资者称，在低空领域，公司能 提供从电芯到系统的一站式航空级安全解决方案。公司是国内首家通过AS9100D航空航天体系认证的电 池企业，在商用无人机和eVTOL等领域逐步打开局面，成功斩获植保机等商用无人机订单，进一步拓 展了头部客户资源，并联合开发新品，形成更为丰富的产品矩阵。2025年3月，公司收到广东汇天航空 科技有限公司（小鹏汇天）下一代原理样机低压锂电池定点开发通知书。这标志着双方将在低空经济领 域深度协同，为飞行器的产业化进程注入关键动力，共同推动低空经济新生态的构建。 ...

Investment Strategy Report Summary Core Insights - The report highlights the ongoing implementation of a moderately loose monetary policy, with October's CPI showing a year-on-year increase for the first time in several months, indicating a potential shift in inflation trends [1][2][11]. - The report emphasizes the importance of maintaining liquidity in the financial system, with significant increases in social financing and RMB loans, suggesting a supportive environment for economic growth [1][23][26]. News and Commentary - In October, the CPI rose by 0.2% month-on-month and 0.2% year-on-year, with core CPI increasing by 1.2%, marking the sixth consecutive month of growth [1][11]. - The PPI saw a month-on-month increase of 0.1%, the first rise this year, while the year-on-year decline narrowed to 2.1%, indicating improving supply-demand dynamics [1][15][16]. - The People's Bank of China (PBOC) reported a total social financing increase of 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year [1][26][27]. - Real estate prices in major cities continued to decline, with new residential prices in first-tier cities dropping by 0.3% month-on-month and 0.8% year-on-year [1][31][32]. Market Overview - The domestic securities market showed mixed performance, with the Shanghai Composite Index experiencing a slight increase of 0.003%, while other indices like the ChiNext Index fell by 3.01% [2][36]. - Traditional industries are showing signs of recovery, while technology sectors are under pressure, reflecting a shift in market dynamics [2][34]. Investment Recommendations - **Technology Sector**: Companies focused on AI, semiconductor chips, robotics, and deep-sea technology are expected to benefit from the current policy direction aimed at fostering new productive forces [3][45]. - **Non-Banking Financials**: Brokerages may benefit from a slow bull market, while insurance companies could see improved returns on long-term assets [3][45]. - **Precious Metals**: Given the geopolitical tensions and economic uncertainties, demand for gold as a safe-haven asset is expected to grow [3][45]. - **Energy Storage**: The energy storage sector is projected to have significant growth potential driven by policy support [3][45]. - **Machinery**: With the recovery of manufacturing activities post-overseas interest rate cuts, sectors like construction machinery and heavy trucks are recommended for investment [3][46]. - **Domestic Demand**: There is a focus on boosting consumption to expand effective domestic demand, with expectations for increased consumer spending [3][47].