Macro Dynamics - The State Council has issued opinions to promote the integration and application of new generation information technologies such as big data, IoT, brain-computer interfaces, and medical robots in healthcare scenarios [2] - The State Council aims to accelerate the development of an all-space unmanned system, encouraging applications in tourism, government services, logistics, and agriculture [3] - The Ministry of Finance plans to implement more proactive fiscal policies to boost consumption and support key sectors through financial subsidies [4] - As of the end of October, China's foreign exchange reserves reached $3.343 trillion, with gold reserves increasing for the 12th consecutive month [5] - The China Securities Regulatory Commission (CSRC) has introduced new regulations for the management of the securities settlement risk fund to enhance risk prevention and internal management [6] Company Dynamics - Ant Group has upgraded its organizational structure, establishing a new health business group to accelerate the development of its healthcare sector as a strategic pillar [14] - The company Deguot has announced plans to terminate the acquisition of 100% equity in Haowei Technology due to difficulties in meeting the demands of all parties involved [18] - Aifeng China reported a 23.91% year-on-year decline in consolidated revenue for the first ten months of 2025, totaling 587 million yuan [19] - Intercontinental Oil and Gas has been investigated by the CSRC for failing to halt trading when its shareholding reached 5% [20][21] - Meihua Biotechnology's controlling shareholder has been sentenced to three years in prison for manipulating the securities market, but this does not affect the company's operations [22] - Yingtang Intelligent Control plans to acquire 100% equity in Guanglong Integration and 80% equity in Aojian Microelectronics, with stock resuming trading on November 10, 2025 [23] - Fangzheng Technology intends to invest 1.364 billion yuan in expanding its production base for high-end PCBs to meet growing demand in AI and cloud computing [24] - ST Changyao has been investigated by the CSRC for suspected false reporting of financial data [25] - Nutag plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on the industrialization of robotics and related components [26] - The actual controllers of Shanshui Technology have undergone a divorce and asset division, resulting in a change of control within the company [28] - Huadian Energy plans to invest 12.043 billion yuan in a wind power project to align with national industrial policies [29] - ST Huatuo has applied to revoke other risk warnings after receiving a penalty notice from the CSRC [30] - Ba Yi Steel has been investigated by the CSRC for suspected violations of information disclosure regulations [31]

正在上海举行的第八届中国国际进口博览会上，前来参观"空中的士"的观众络绎不绝。人声鼎沸的展馆里，新合作、新订单让人目不暇接。 低空经济作为战略性新兴产业，已被纳入"十五五"规划建议。记者在本届进博会现场看到，低空经济发展新空间不断拓展，低空出行新体验 令人期待。 新品亮相 在进博会体验"打飞的" 在御风未来展台，参观者驻足了解如何模拟"搭乘"载人飞行器。新华社记者龚雯 摄 第一次参加进博会的天翎科，展示了一架造型吸睛的eVTOL。"这款机型采用混动增程全倾转涵道翼构型设计，最大航程达600公里，最高巡 航速度360公里/小时，兼具高性能、高安全与低噪声，可承载1名驾驶员与5名乘客。"天翎科现场工作人员介绍，10月已下线全尺寸真机，计划年 内完成首飞。 除了这架真机，天翎科还在进博会上发布了未来计划推出的产品类型，包括商务型、8座型以及医疗型、货运型等，可实现多场景多用途应 用。 在"自动购票机"查看航线价格，模拟预订航班与座位，从进博会所在的国家会展中心（上海）出发，班次密集，随到随走……连续三年参展 的御风未来，今年不仅展示了全新升级版2吨级M1载人飞行器，还搭建了一个"低空出行起降点"，全景模拟城市空中交 ...

Core Insights - Zhenjiang City is implementing a three-year action plan (2025-2027) to enhance the high-quality development of the modern service industry, focusing on reducing logistics costs, financial services for the real economy, and empowering technology services [1] Economic Performance - In the first three quarters, the added value of the tertiary industry in Zhenjiang reached 213.1 billion, with a year-on-year growth of 6.2%, surpassing the city's GDP growth by 0.6 percentage points [1] - The revenue of the regulated service industry increased by 19.1% year-on-year, ranking third in the province, with significant growth in various sectors, including a 40% increase in revenue for resident services and internet-related services [3] Logistics and Transportation - Zhenjiang is enhancing its logistics hub capabilities and constructing a multi-modal transport system, with significant projects like the completion of the Shanghu freight yard and the operational launch of Danyang Port [2] - The city has cultivated eight multi-modal transport operators and opened multiple transport lines, achieving a container multi-modal transport volume of 61,000 TEUs, exceeding annual targets [2] Cultural and Tourism Development - The city aims to integrate cultural and tourism sectors, with A-level scenic spots receiving over 27.6 million visitors, a 25.53% increase year-on-year [4] - The tourism sector contributed significantly to consumption growth, with a 36.05% increase in off-site tourism consumption [4] Consumer Experience Enhancement - The Xijin Ferry historical cultural district has been recognized as a national-level tourism and leisure district, with a 40% increase in surrounding restaurant and accommodation revenues [5] - The city is focusing on diverse consumption scenarios, including night tours and markets, to enhance consumer experiences [5] Low-altitude Economy - Zhenjiang is actively developing its low-altitude economy, launching various projects such as drone inspections and low-altitude tourism routes, with five air tourism routes already operational [7] - Innovative services like drone food delivery have been introduced to improve convenience for residents [7] Business Environment Improvement - The city has been enhancing its business environment through initiatives like the "Huiqi 'Zhen' Xing" action, addressing over 380 business requests and facilitating financial support for various industries [8] - Strategic cooperation agreements worth 28 billion have been signed to boost financial support for service industry enterprises [8]

Core Viewpoint - The report highlights the performance of the CITIC Securities Smart Life Fund, indicating a significant decline in net asset value and unit net value since its inception, with a focus on maintaining a high equity position despite underperformance against benchmarks in the third quarter of 2025 [1][3]. Financial Performance - The CITIC Securities Smart Life Fund A class reported a realized loss of approximately 189.64 million and a profit of about 2.29 million for the period from July 1, 2025, to September 30, 2025 [1]. - The net asset value at the end of the reporting period was approximately 33.94 billion for Fund A and 25.31 billion for Fund C [1]. - The unit net value for Fund A has decreased by 35.86% since inception, 41.11% over the past three years, and 22.55% in the last year [1]. Investment Strategy - The fund maintains a high equity position, with 92.77% of its portfolio in stocks and no bonds held as of the end of the third quarter [2]. - The fund's investment focus is on low-altitude economy sectors, with an optimistic outlook for the A-share market, although it anticipates potential corrections in overvalued stocks [3]. - The fund aims to optimize its investment strategy by adhering to a growth style and selectively choosing quality stocks for its portfolio [4]. Market Outlook - The fund's performance in the third quarter was below its benchmark by 12.23 percentage points, with a unit net value growth of 6.20% [3]. - The fund plans to adjust its investment strategy based on market conditions, emphasizing a more active and flexible approach to portfolio management [4].

Core Viewpoint - The State Council of China has issued an implementation opinion focusing on cultivating and opening up new application scenarios across various sectors, including digital economy, artificial intelligence, and manufacturing, to support high-quality economic development [1][4][9] Group 1: Key Areas of Focus - The implementation opinion identifies 22 key areas for scenario cultivation and opening, covering both emerging sectors like low-altitude economy and traditional industries undergoing transformation [2][5] - It emphasizes the importance of integrating technology, industry, and society through scenario-based approaches, addressing the gap between technological innovation and market application [2][9] Group 2: Specific Sector Applications - In the digital economy, the opinion encourages the exploration of technologies such as the metaverse, virtual reality, and intelligent computing to enhance data utilization and service offerings [4][5] - The artificial intelligence sector is highlighted for its potential in developing high-value application scenarios that meet diverse needs across technology, industry, and governance [4][5] Group 3: Industry Transformation - The manufacturing sector is urged to adopt smart, green, and service-oriented manufacturing practices, with a focus on flexible production lines and digital parks [5][6] - The opinion also addresses the need for innovation in logistics, agriculture, and emergency response systems, promoting the use of unmanned systems and smart technologies [6][7] Group 4: Policy and Structural Support - The opinion calls for enhancing the capacity for scenario application and ensuring fair and efficient resource allocation, alongside policy support and management system improvements [7][9] - It positions scenarios as critical for validating new technologies and products, serving as a bridge between research and market application [9][10]

北京商报讯（记者 张茜琦）11月6日，第八届中国国际进口博览会现场，中智能出行服务平台神州租车 与低空出行领域领军企业沃兰特正式签署战略合作协议。此次合作标志着神州租车在科技创新驱动的出 行生态构建中再迈关键一步——依托自身在地面出行场景的技术积累与网络优势，开启"地面租车+空 中出行"的立体服务探索，为用户提供更高效、多元的未来出行解决方案，持续巩固其科技创新型企业 的行业定位。 根据双方战略协议，在产品整合层面，神州租车平台将结合其深耕旅游场景的经验，面向用户开发"地 面租车+空中通勤/观光"综合解决方案，逐步构建城市空中交通（UAM）网络，同步探索适时采购 eVTOL航空器组建规模化运营机队，构建未来空中出行服务，推动空中出行走向大众化。 作为出行行业科技创新的先行者，神州租车在低空经济领域的布局并非偶然，而是其打造"科技智能出 行体验"核心战略的自然延伸。此次神州租车选择与沃兰特达成合作，正是基于"专业分工、优势互 补"的科技创新逻辑——沃兰特作为国内 eVTOL 领域的领先供应商，其研制的 VE25-100飞行器已于 2025年10月完成我国吨级载客 eVTOL 首次有人驾驶试飞，在航空器研发与技术 ...

Core Viewpoint - The low-altitude economy sector, once anticipated to be a "trillion-level track," is currently experiencing a decline in market interest, despite positive policy signals and potential for significant market growth [1][4]. Group 1: Market Performance - Low-altitude economy stocks have seen a decrease in popularity this year, with previously hot stocks like CITIC Heli and Shenzhen Urban Transport experiencing price declines [1]. - The third-quarter financial disclosures of low-altitude economy companies show that while front-end manufacturers and operators are achieving performance growth, infrastructure construction is lagging, hindering industry transformation [1][4]. Group 2: Company Performance - Wan Feng Ao Wei reported a revenue of 11.42 billion yuan for the first three quarters, a slight increase of 0.4%, with a net profit of 729 million yuan, up 29.4% year-on-year [4]. - EHang Intelligent launched a new eVTOL model, VT35, with a market price of 6.5 million yuan, and reported a revenue growth of 46.7% and a net profit increase of 191.2% for the first three quarters [6][7]. - CITIC Heli achieved a revenue of 1.63 billion yuan, a 9.05% increase, and a net profit of 245 million yuan, up 25.53% year-on-year [7]. Group 3: Infrastructure Development - The progress of low-altitude infrastructure construction has slowed compared to last year, impacting the performance of companies like Sujiao Science and Technology and Shenzhen Urban Transport, both of which reported significant revenue declines [8][9]. - Zhongke Xingtu has made strides in low-altitude digital infrastructure, completing contracts in over 10 cities and achieving a revenue of 2.008 billion yuan, a 10.02% increase [10][11]. Group 4: Future Outlook - The low-altitude economy is at a critical stage of "quantitative accumulation," with potential for becoming a trillion-level market as indicated in the "14th Five-Year Plan," but requires further policy support for infrastructure and scalable scene replication [11].

编者按： 经党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》 已于近日公布，其中提到：实施产业创新工程，一体推进创新设施建设、技术研究开发、产品迭代升 级，加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展。 一是整体资源开发缺乏统筹。尽管国家与地方出台多项支持政策，但部分地区对低空经济的产业内涵与 发展逻辑认知不足，难以将低空经济相关产业与本地资源禀赋、区位条件、市场需求深度结合，导致发 展战略与路径缺乏系统性、针对性与高契合度。最终引发资源统筹缺失或错配、投入产出失衡、产业落 地困难等问题，制约可持续发展。 二是空域资源底数不清。低空空域作为国家重要战略资源，兼具经济属性与稀缺性，是低空飞行活动的 核心承载空间，对地方低空经济发展具有关键支撑与赋能作用。地方发展低空经济的首要任务，是明确 "能否飞、哪里能飞、能飞多高、能飞多远、何时能飞"。若未对低空空域资源开展系统性摸底、评估与 分类划设，则无法掌握上述关键信息，既难以提供低空飞行活动的明确边界与操作依据，也无法为后续 飞行安全管控、低空场景落地、运营效率提升提供基础保障。 三是专业化市场主体缺位。当前 ...

Group 1: Financing and Investment - The company announced the completion of a 300 million RMB B++ round of financing, marking its seventh round of funding since its establishment in 2021 [1][3] - The financing was led by Huaying Capital, Junshan Capital, and PwC Capital, indicating strong investor confidence in the company's growth potential [1][3] - The company secured a total of 700 million RMB in credit from three banks, which will be used for core manufacturing, airworthiness certification, and key technology research and development [7][8] Group 2: Headquarters and Strategic Development - The company officially established its headquarters in Shanghai, which will enhance the development of advanced manufacturing and new materials in the region [2][8] - A strategic cooperation agreement was signed with the Shanghai Municipal Economic and Information Commission and the Minhang District Government, facilitating the establishment of a comprehensive headquarters for R&D, manufacturing, airworthiness certification, and sales [8][9] - The establishment of the headquarters aligns with national strategies for low-altitude economy development, as highlighted in the 2024 government work report [8] Group 3: Product Development and Market Position - The company is focused on the development of the E20 eVTOL, which has completed over 1,000 test flights and features a cruising speed of 320 km/h and a range of 200 km [3][9] - The E20 eVTOL is positioned as a leading product in the low-altitude economy sector, filling a technological gap in the domestic market [3][4] - The company has established deep collaborations with top aviation suppliers to ensure the reliability of key systems, which is crucial for the airworthiness certification process [4][9]

Core Insights - The 15th China (Macau) International Auto Show, the 15th China (Macau) International Yacht Import and Export Fair, and the 14th Macau Business Aviation Exhibition have opened in Macau, showcasing the region's commitment to high-end exhibitions and economic diversification [1][3]. Group 1: Event Overview - The auto show features a theme of "Intelligent Mobility, Green Leadership" with an exhibition area of 50,000 square meters, hosting nearly 50 domestic and international brands such as China CRRC, Dongfeng, and Porsche [3][4]. - The yacht exhibition focuses on "Marine Economy and Leisure Life," covering 55,000 square meters and attracting over 40 renowned brands including Azimut and Leopard [3][4]. - The business aviation exhibition introduces a new low-altitude economy section, showcasing the complete industry chain of business jets and innovative low-altitude economy enterprises [4]. Group 2: Strategic Importance - The events serve as a significant platform for Macau's economic diversification and international exchange, reinforcing Macau's role as a high-end exhibition and trade hub within the Guangdong-Hong Kong-Macau Greater Bay Area [3][4]. - The collaboration between the exhibitions and Hengqin aims to promote economic cooperation and provide a replicable model for the Greater Bay Area's exhibition economy [3][4]. - The exhibitions are expected to inject new vitality into Macau's exhibition industry, transitioning from "scale expansion" to "quality enhancement" and contributing to the development of a modern exhibition ecosystem and a world-class tourism and leisure center [4].