Core Viewpoint - The AES100 engine, developed by China, represents a significant advancement in aviation technology, enabling versatile flight capabilities for tilt-rotor UAVs and breaking foreign monopolies in this sector [1][3]. Group 1: Engine Performance and Capabilities - The AES100 engine is China's first independently developed 1000 kW advanced civil turboshaft engine, featuring high efficiency, low fuel consumption, long lifespan, and high safety, with performance reaching international advanced levels [1]. - The engine has been tested under complex conditions such as icing, heavy rain, and strong electromagnetic environments, ensuring reliable power for 6 to 12-seat helicopters or tilt-rotor aircraft [2]. - The engine's design anticipates the urgent demand for high-performance power in the general aviation market, successfully applied in the Liangying R6000 aircraft [1][2]. Group 2: Future Developments and Applications - The AES100 engine has obtained type certification and production license from the Civil Aviation Administration of China, with potential for future variants including a 900 kW turboprop engine and a 1000 kg thrust turbofan engine [3]. - The engine can support various applications such as cross-regional efficient logistics transportation and point-to-point personnel transport between cities [3]. - Other advancements in Chinese aviation engines include a 3D-printed lightweight micro turbojet engine and a compact 1100 kW gas turbine engine, contributing to the development of low-altitude economy and new transportation models [4].

为低空经济领航者案例征集成果发布现场 活动相关负责人表示，本次案例的发布，旨在搭建一个成果展示、经验交流和产业赋能的服务平台。这 些来自行业最前沿的实践，清晰地勾勒出低空经济解决现实问题、创造经济与社会价值的可行路径，为 本次案例征集活动（2025低空经济"飞凡创新"案例征集）由中国经济信息社和北京航空航天大学经济管 理学院低空经济研究中心、中航证券联合发起，从全国范围内征集了一批具有显著创新性、成熟度和示 范价值的低空经济实践成果，涵盖了低空制造、运营服务、基础设施、融合应用等全产业链关键环节。 经过专家组从创新领先性、应用成熟度、经济社会效益及内容完整性等维度对征集的案例进行评审，遴 选出30个领航者案例（详见附表）。 本次入选的优秀成果呈现出技术驱动性强、应用场景务实、生态构建全面的鲜明特征，申报主体包括领 军企业、科研院所、地方政府及事业单位等，体现了"政产学研用"协同创新的良好态势。 从征集的案例中可以看出，低空经济的创新已逐渐深入渗透至各行各业。在核心技术与装备领域，混合 动力、新材料等前沿探索为飞行器本身带来革新；在运营管理与服务层面，以数字化平台实现空域智能 管控成为普遍趋势；在融合应用方面， ...

Market Overview - The A-share market closed with mixed performance on December 31, 2025, with the Shanghai Composite Index slightly up while other indices like the Shenzhen Component and ChiNext Index saw minor declines, and total market turnover decreased to 2.07 trillion yuan [1] - The Shanghai Composite Index recorded an annual increase of 18.41%, marking the largest annual gain in six years [2] Sector Performance - Sectors such as aerospace equipment, airport services, hotel and catering, and artificial intelligence showed strong gains, while forestry, chemical fiber, consumer electronics, and photovoltaic equipment experienced declines [3] - Notably, the commercial aerospace stock Daye Co., Ltd. (603278) hit a trading limit with a six-day consecutive rise, achieving a transaction volume exceeding 1.9 billion yuan [3] Capital Flow - The defense and military industry attracted over 16 billion yuan in net inflows, while the computer and media sectors saw net inflows of over 7.6 billion yuan and 6.8 billion yuan, respectively. Conversely, the electronics sector faced a net outflow exceeding 11.9 billion yuan [3] Future Market Outlook - Debon Securities suggests that the market may continue a slow upward trend, supported by sufficient liquidity and a growing financing balance exceeding 2.5 trillion yuan, alongside potential foreign capital inflows due to the USD/CNY exchange rate breaking 7 [4] - Huolong Securities anticipates a continuation of the slow bull market, driven by ongoing proactive fiscal policies and moderate monetary easing, with a focus on sectors like artificial intelligence, commercial aerospace, and humanoid robots [4] Airline Sector Insights - The airline sector saw a significant increase, with the index rising 3.32%, reaching a two-and-a-half-year high, driven by strong performance from airlines like China Eastern Airlines and Air China [4] - Data indicates a year-on-year increase of approximately 28% in domestic flight ticket bookings for the New Year holiday, with outbound and inbound bookings also showing growth [4] Ticket Pricing Trends - Average ticket prices for economy class during the New Year holiday are projected to be 669 yuan (excluding tax), reflecting an 8.2% increase compared to the previous year [5] - Guosen Securities predicts that the airline sector may experience a second wave of growth as the Spring Festival approaches, contingent on ticket price performance exceeding expectations [5] Aerospace Sector Developments - Following the introduction of new listing rules for commercial rocket companies, aerospace equipment stocks have surged, with the sector index rising 9.35% to a historical high [5] - The successful testing of reusable rockets is seen as a pivotal moment for the industry, potentially resolving capacity issues and enhancing satellite networking capabilities [5]

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry, indicating a positive outlook for the sector [7]. Core Insights - The mechanical equipment sector has shown strong performance, with the Shanghai Stock Exchange's mechanical equipment index rising by 4.50% from December 21 to December 26, 2025, outperforming the CSI 300 index by 2.55 percentage points [12]. - The low-altitude economy is gaining traction, with the National Development and Reform Commission officially categorizing it as a comprehensive economic form that drives innovation and application in related industries [3]. - The export of engineering machinery from China has seen significant growth, with a total export value of $52.3 billion in November 2025, marking a year-on-year increase of 16.6% [4]. Summary by Sections Weekly Market Review - From December 21 to December 26, 2025, the Shanghai Composite Index increased by 1.88%, the Shenzhen Component Index by 3.53%, and the ChiNext Index by 3.90%. The mechanical equipment sector outperformed the broader market, ranking 6th among 31 sectors [12]. - Sub-sectors such as general equipment, specialized equipment, and automation equipment saw increases of 5.11%, 5.30%, and 5.85%, respectively [12]. Key Sector Data Tracking - The low-altitude economy is being structured with a new statistical classification system, which will aid in policy formulation and regional development [3]. - The engineering machinery sector's export and import data for November 2025 shows a total trade value of $54 billion, with exports growing by 16.6% year-on-year [4]. - The report highlights the competitive advantages of domestic leading enterprises in the engineering machinery sector, supported by favorable supply and demand dynamics [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group [5]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [5].

12月31日，国家发展改革委举行新闻发布会，国家发展改革委政策研究室副主任、新闻发言人李超回应 经济社会领域热点问题。 2026年"两新"政策有三方面新变化 2026年"两新"政策有哪些新变化？ 对此，李超介绍称，2026年"两新"政策重点在设备更新政策惠及面、支持绿色低碳智能产品推广应用、 资金使用监管等方面进行了优化，可以概括为以下三个方面。 一是优化支持范围。设备更新方面，在总体延续2025年支持范围的基础上，主要增加了三个方面的更新 补贴，在民生领域增加老旧小区加装电梯、养老机构设备更新，安全领域，增加消防救援、检验检测设 备更新，消费基础设施方面，增加商业综合体、购物中心、百货店、大型超市等线下消费商业设施的设 备更新。消费品以旧换新方面，进一步集中资源，着力提升覆盖人群广、带动效应强的重点消费品"得 补率"。具体来看，继续实施汽车报废更新和汽车置换更新补贴；继续实施家电以旧换新补贴，支持范 围聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类产品；同时，将数码产品购新补贴拓展为数码 和智能产品购新补贴，支持范围包括手机、平板、智能手表（手环）、智能眼镜和智能家居产品（含适 老化家居产品）。 二是优化 ...

今年的深圳街头，上路送货、打扫卫生的无人小车明显多了起来。这些小车在城市公开道路中稳步行 驶、精准避障，正在成为保障城市运行的重要一环。 21世纪经济报道记者了解到，深圳正在积极抢抓"人工智能+"发展机遇，大力推动功能型无人车在物流 运输行业应用落地，全面建设运行密度大、商业场景丰富、产业生态活跃的功能型无人车应用示范城 市。 与快速攀升的快递业务量相比，大城市的末端运力仍处于相对短缺状态。人机协同、分段履约的创新运 营模式，正在让"人工智能+"深入到城市肌理。 据悉，深圳全市在公开道路运行的功能型无人车投放总数达1218台（其中无人物流车825台），车辆数 在一线城市中位列第一，累计开放运行线路1594条、总里程达5534公里。 为深入解读深圳无人车规模化突破的核心密码，探寻产业未来发展路径，21世纪经济报道专访了深圳市 中安无人系统研究院院长杨鹏。杨鹏从政策支撑、技术迭代、场景供给、成本驱动等维度，剖析了深圳 实现突破的关键因素，并围绕复杂场景下的安全提升、粤港澳大湾区产业协同以及"空天地"无人系统网 络构建等行业核心议题，分享了专业见解。 21世纪经济报道：截至2025年11月，深圳无人车投放量已达12 ...

12月31日，一场载入中国低空经济发展史册的飞行在琼州海峡上演，全国首例吨级无人驾驶航空器跨海 规模化应用验证取得成功。 在这场高技术的"跨海壮举"背后，一个令人瞩目的支持力量来自深圳——华强北街道。这条以"中国电 子第一街"闻名遐迩的街区，正以其独特的产业生态，悄然转型为低空经济的"超级孵化器"。 从"电子元件"到"飞行全程"：全产业链的硬核托举 岁末的海口明珠岛上空，随着指令发出，峰飞"凯瑞鸥"吨级物流飞行器与亿航EH216-S载人飞行器平稳 升空，在复杂海况下历时约20分钟成功跨海，创造了行业新纪录。 这份成绩单离不开华强北深厚产业土壤的滋养与托举。本次飞行的关键协调与保障方——华强北培育的 低空经济代表企业"鹏城低空"，正是从这片土壤中茁壮成长的典型。它如同一颗"总成芯片"，高效调动 了华强北内部从研发设计、核心部件到系统集成、场景验证的完整产业链条，为本次首飞提供了坚实可 靠的技术与产业保障。 华强北已汇聚近 2000家低空经济企业，建成了全国首个无人机全产业链选品中心、首个低空经济服务 站、飞手培训机构、无人机维修基地、赛事培训基地的完整配套体系。在这里，一家初创企业可以在一 周内完成从概念设计到 ...

国家发展改革委组织下达2026年提前批"两重"建设项目清单和中央预算内投资计划，共计约2950亿元，与此同时，批复或核准广州新机场、四川大渡河 丹巴水电站等重大项目，总投资近4000亿元。 国家创业投资引导基金也正式启动运行，由超长期国债出资1000亿元，并采取"子基金+直投"方式，吸引地方和社会资本共同出资，拿出真金白银支持 新质生产力。预计形成超万亿投资规模。 央视网消息：为落实中央经济工作会议部署的重点任务，12月31日上午，国家发展改革委举行新闻发布会，发布一系列重磅政策举措，全力做好今明两 年政策衔接，加快推动消费、投资、产业等领域系列政策出台实施。 记者了解到，国家发展改革委已提前下达明年部分"两重"建设项目清单和中央预算内投资计划。 国家发展改革委表示，"两重"建设方面，强化"两重"性质、坚持自上而下、注重软硬结合，共安排约2200亿元，支持城市地下管网、高标准农田、三北 工程、有效降低全社会物流成本等领域的281个项目，进一步突出"两重"建设的战略性、前瞻性、全局性。 "两新"政策优化实施，优化了制度设计和实施方式，首批625亿元资金快速下达，更精准更普惠，让更多消费者和经营主体享受政策红利。 ...

Core Viewpoint - The company is currently focused on core business areas including infrared thermal imaging, laser sensors, optical components and film coating, and star trackers, while actively pursuing opportunities in high-end equipment manufacturing, low-altitude economy, and satellite internet [1] Group 1 - The company has not yet ventured into 6G-related technologies and business areas [1]

Group 1 - The A-share market closed for 2025 with the Shanghai Composite Index rising by 0.09%, marking an 11-day winning streak and an annual increase of 18.41%, the highest in 10 years [1] - The Shenzhen Component Index fell by 0.58% but recorded an annual gain of 29.87%, while the ChiNext Index decreased by 1.23% with an impressive annual rise of 49.57% [1] - The STAR 50 Index saw an annual increase of 35.92%, and the North Exchange 50 Index rose by 38.8% for the year [1] Group 2 - Various sectors such as computing hardware, non-ferrous metals, banking, battery supply chain, innovative pharmaceuticals, commercial aerospace, and robotics contributed to the Shanghai Composite Index reaching above 4000 points during the year [1] - The CPO Index had the largest gain among concept indices, increasing over 180% cumulatively [1] - In the ETF market, the commercial aerospace sector continued its upward trend, with multiple satellite ETFs rising over 7%, while the low-altitude economy sector also performed well with gains of 4.6% [1] Group 3 - In terms of annual performance, AI hardware and non-ferrous themed ETFs showed remarkable results, with the Guotai Fund Communication ETF, the Fortune Fund Communication Equipment ETF, and the Guotai Fund Mining ETF rising by 125.81%, 121.37%, and 106.11% respectively [2] - The AI hardware sector experienced a pullback, with the Growth ETF and the Double Innovation ETF both declining by 2% [2] - The energy storage battery sector also faced a downturn, with the energy storage battery ETF dropping by 1.97% [2]