Group 1 - The core viewpoint of the article indicates that China's manufacturing PMI is expected to rebound by 0.9 percentage points to 50.1% by December 2025, returning to the expansion zone, driven by the continuous implementation of policies and pre-Spring Festival stocking [1] - In 2026, with ongoing domestic policy support and measures to reduce competition, the profitability of the manufacturing sector is anticipated to recover, leading to an improvement in overall demand for upstream machinery and equipment [1] - The humanoid robot sector is projected to see significant growth, with domestic shipments expected to exceed 18,000 units by 2025, and a company named Lingxin Qiaoshou completing A++ round financing, becoming the only global company to mass-produce over 1,000 high-degree-of-freedom dexterous hands, capturing over 80% of the global market share [1] Group 2 - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in machine tool manufacturing and key component production to reflect the overall performance of the machine tool manufacturing industry [1] - The index constituents exhibit a small and mid-cap style, primarily concentrated in the machinery equipment sector, while also encompassing listed companies in information technology and raw materials [1]

（文章来源：每日经济新闻） 华创证券认为，在低空经济领域，中美企业最具竞争力，我国企业在eVTOL 领域处于全球领先梯队， 大力推动低空经济发展下，未来在全球巨大市场中，中美有望占据主导地位。 通用航空ETF基金（159230）跟踪国证通用航空产业指数，以低空经济为核心，覆盖航材及基础设施、 飞行器制造、运营服务及场景应用等行业，助力投资人把握低空经济行情，低空经济含量88.26%，商 业航天含量65.32%。 2026年1月5日，三大指数集体走强。盘面上，脑机接口、医疗器械概念领涨，海南自贸区、稳定币概念 领跌，低空经济、商业航天概念相对强势。截至13:40，通用航空ETF基金（159230）涨1.72%，持仓股 航天环宇涨12.67%，海格通信、北斗星通涨停，联创光电、中国卫星、华测导航等股纷纷走强；航空 航天ETF（159227）涨1.25%。 消息面上，1月4日上海印发《上海市关于链接长三角加快建设低空经济先进制造业集群的若干措施》的 通知。其中提到，到2028年，上海低空经济核心产业规模达到800亿元左右，形成低空新型航空器完整 产业链体系。 ...

Core Insights - The low-altitude economy is maturing with detailed policies and increasing investment value in related industries [1][2] Group 1: Policy and Industry Development - Shanghai aims to establish itself as the "world eVTOL capital" with a target of reaching an industry scale of approximately 80 billion yuan by 2028 [2] - The measures emphasize leveraging Shanghai's manufacturing advantages to create a complete industrial chain for low-altitude new aircraft [2] - The low-altitude economy is characterized by the development of eVTOLs and industrial drones, driving innovation across various sectors [3] Group 2: Market Potential and Growth - The low-altitude economy market in China is projected to become a trillion-yuan blue ocean, with a compound annual growth rate exceeding 10% during the 14th Five-Year Plan [3] - By 2030, the general aviation equipment market is expected to reach a trillion-yuan scale, supported by national strategies and local policies [3] - Key application scenarios include low-altitude logistics and tourism, with major eVTOL manufacturers rapidly expanding their orders and market presence [3] Group 3: Investment and Stock Performance - Nearly 70 A-share stocks are involved in the low-altitude economy sector, with significant institutional interest in companies like Sihua Electronics and Guanglian Aviation [4][5] - Ten low-altitude economy concept stocks are predicted to have net profit growth rates exceeding 20% in 2026 and 2027, with five stocks seeing net purchases exceeding 100 million yuan in December 2025 [7][8] - Aerospace Electronics leads with a net purchase of 1.676 billion yuan in December 2025, indicating strong investor confidence in its future growth [7][8]

上海：支持新型航空器适航取证，编制发布低空基础设施建设方案。上海市经济和信息化委员会等部门印发《上海市关于链接长三角加快建设低空经济先进 制造业集群的若干措施》。其中提到，到2028年，上海低空经济核心产业规模达到800亿元左右，形成低空新型航空器完整产业链体系，建设低空经济国家 先进制造业集群，加快迈向比较优势凸显的"世界eVTOL之都"。支持新型航空器适航取证。加大对获得型号合格证（TC）和生产许可证（PC）低空经济产 业链企业的支持力度，对eVTOL、工业级无人机等新型航空器以及发动机、螺旋桨等关键核心零部件，市区给予一次性奖励支持。编制发布低空基础设施 建设方案。分级分类支持建设符合新型航空器需求的大型专业化起降场址、低空智能网联系统等综合性基础设施，鼓励社会资本共同参与。 截至2026年1月5日 13:11，中证通用航空主题指数(931855)强势上涨3.48%，成分股雷科防务(002413)上涨10.04%，海格通信(002465)上涨10.03%，北斗星通 (002151)上涨9.99%，中国卫通(601698)，盟升电子(688311)等个股跟涨。通用航空ETF基金(561660)上涨3.44 ...

Core Viewpoint - Guangwei Composite Materials Co., Ltd. has shown significant stock performance with a 2.00% increase on January 5, 2025, and notable gains over various time frames, indicating strong market interest and potential growth in the composite materials sector [1]. Financial Performance - For the period from January to September 2025, Guangwei Composite achieved a revenue of 1.986 billion yuan, reflecting a year-on-year growth of 4.40%. However, the net profit attributable to shareholders decreased by 32.55% to 415 million yuan [2]. - The company has distributed a total of 2.261 billion yuan in dividends since its A-share listing, with 1.188 billion yuan distributed over the past three years [2]. Stock and Market Activity - As of January 5, 2025, Guangwei Composite's stock price was 40.25 yuan per share, with a total market capitalization of 33.462 billion yuan. The stock has seen a 25.16% increase over the last five trading days and a 34.12% increase over the last 20 days [1]. - The company experienced a net inflow of 6.3623 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of December 31, 2025, the number of shareholders increased to 76,600, with an average of 10,716 shares held per shareholder, a slight decrease of 0.91% [2]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as E Fund's ChiNext ETF reducing its stake by 1.9031 million shares [3].

近年来，低空经济相关政策逐步细化，行业日渐走向成熟。随着行业规模不断扩大，布局相关产业链的 企业投资价值凸显。据数据宝统计，A股涉及低空经济产业链的概念股接近70只。2025年机构调研最频 繁的是四创电子，年内累计获调研38次。广联航空2025年获得16次机构调研，排在第二。机构调研频次 较多的还有亿嘉和、纵横股份、汇嘉时代、中航西飞、国睿科技等。据数据宝统计，从未来增长潜力来 看，根据5家及以上机构一致预测，2026年、2027年净利润增速均有望超20%的低空经济概念股有10 只。这10股当中，2025年12月融资净买入均逾1亿元的有5股，分别是航天电子、航天电器、海格通信、 航发动力、北方导航。（证券时报） ...

Core Insights - The article discusses the evolution of China's low-altitude economy, highlighting a shift from traditional real estate to a new digital asset paradigm involving airspace below 1000 meters, which is expected to become a high-frequency trading asset by 2025 [1][2] Group 1: Low-altitude Economy Development - The low-altitude economy has transitioned from policy relaxation to industrial infrastructure development, marking a significant turning point in 2025 where applications are moving from single-point tests to large-scale clusters [2] - The explosion of the low-altitude economy relies on system-level scheduling capabilities rather than individual operators [3] Group 2: Core Drivers of Low-altitude Market - The core driver of the trillion-level low-altitude market is not merely the extension of the aviation manufacturing industry but rather an AI-driven "air operating system" that manages airspace operations [4] - Key technologies supporting this system include digital twins for airspace management, edge intelligence for autonomous decision-making, and swarm intelligence algorithms for coordinated operations [5] Group 3: Market Dynamics and Future Trends - As the industry matures, strict commercial rules will re-emerge in the low-altitude sector, leading to diminishing profits in hardware manufacturing, similar to the early smartphone market [6] - The future competitive landscape is likely to exhibit a "dumbbell structure," with one end focusing on core algorithms and platforms, while the other end specializes in vertical applications, leaving traditional aircraft manufacturers in a precarious position [7] Group 4: Strategic Focus for Businesses - Companies are advised to shift focus from hardware manufacturing to leveraging AI across traditional industries, including the low-altitude economy [8] - Understanding the data and algorithmic frameworks that underpin operations is more critical than merely achieving higher flight altitudes [9][10] Group 5: Infrastructure and Service Opportunities - The low-altitude economy requires invisible infrastructure, emphasizing the need for computational and communication capabilities, including low-altitude sensing networks and high-precision mapping services [12] - High-frequency vertical service providers that offer comprehensive solutions in high-risk and efficiency-demanding sectors will command premium pricing [12] - The post-operation market surrounding drones is expected to explode, with services like maintenance, AI pilot training, and automated positioning becoming vital segments [12]

本报讯 （记者冷翠华）由全国首个低空经济共保体发起的风险减量实验室近日在重庆正式揭牌。低空经济共保体于2025年 8月9日由19家重庆当地商业保险公司共同成立。风险减量实验室的成立，是该共保体运行四个月以来的又一里程碑事件。 （编辑 汪世军） 下一步，该实验室将聚焦四大发展方向：一是标准引领，开展风险机理溯源，打造"重庆标准、全国通用"的治理样板；二 是数据融合，研发专属风控模型，推动定价向"一机一策"精准跃升，助力企业降本增效；三是科技赋能，利用AI构建"事前画 像、事中预警、事后处置"全流程闭环，强化主动避险；四是生态共建，搭建政企学研开放平台，凝聚产业合力，护航低空经 济高质量发展。 据介绍，该实验室由低空经济共保体理事长单位人保财险牵头筹建，聚焦低空产业链全生命周期风险治理，聚焦开展理论 课题研究、风险机理溯源、行业标准制定、数据价值挖掘及智能风险减量服务创新。实验室通过构建"产学研用"深度融合的创 新生态，有效破解产业发展中的安全痛点，为低空经济提供全链条风险解决方案，着力打造成为具有全国影响力的低空安全治 理策源地与产业发展助推器。 ...

2026.01. 05 本文字数：1428，阅读时长大约2分钟 作者 | 第一财经 金叶子 集聚全国50%以上eVTOL头部企业的上海，再发新政支持低空经济发展。 1月4日，《上海市关于链接长三角加快建设低空经济先进制造业集群的若干措施》（下称"措施"）公 布，提出到2028年，上海低空经济核心产业规模达到800亿元左右，形成低空新型航空器完整产业 链体系，建设低空经济国家先进制造业集群，加快迈向比较优势凸显的"世界eVTOL之都"。 今天公布的措施提出，提升高端制造能级。瞄准主流技术方向，培育和招引10家eVTOL（电动垂直 起降飞行器，Electric Vertical Take-off and Landing）、工业级无人机、新能源通航飞机等整机领 军企业，形成超500架新型航空器批量化制造能力，带动产业链实现新增投资200亿元以上。放大区 域协同优势。强化市区协同和长三角联动，基本建成1个国家级低空新型航空器中试验证平台等。 除 了 今 天 发 布 的 措 施 ， 上 海 已 在 2024 年 发 布 了 《 上 海 市 低 空 经 济 产 业 高 质 量 发 展 行 动 方 案 （2024~2027 ...

Core Viewpoint - The stock price of Zhongyao Holdings has shown fluctuations, with a recent increase of 2.06% but a decline of 6.90% over the past five trading days, indicating volatility in the market performance of the company [1]. Group 1: Stock Performance - As of January 5, Zhongyao Holdings' stock price reached 5.94 CNY per share, with a total market capitalization of 10.265 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 2.06%, a 6.90% decline over the last five trading days, an 8.59% increase over the last 20 days, and a 15.12% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhongyao Holdings reported a revenue of 62.211 billion CNY, reflecting a year-on-year growth of 4.22% [2]. - The net profit attributable to shareholders for the same period was 384 million CNY, representing a significant year-on-year increase of 31.41% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Zhongyao Holdings was 42,000, a decrease of 4.05% from the previous period [2]. - The average number of circulating shares per shareholder increased by 4.22% to 41,112 shares [2]. Group 4: Dividend Distribution - Since its A-share listing, Zhongyao Holdings has distributed a total of 864 million CNY in dividends, with 294 million CNY distributed over the last three years [3]. Group 5: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 10.091 million shares, an increase of 851,000 shares from the previous period [3]. - The Southern CSI 1000 ETF was the ninth-largest circulating shareholder, holding 7.8976 million shares, a decrease of 55,600 shares from the previous period [3].