Key Points - The U.S. military operation in Venezuela resulted in the capture of President Nicolás Maduro and his wife, with the U.S. planning to take control of Venezuela's oil industry [2] - The Hong Kong stock market opened strongly, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index increasing by 4% [3] - The public fund fee reduction reform has been fully implemented, expected to save investors 51 billion yuan annually, with a 20% decrease in comprehensive fund fee rates [4] - Warren Buffett officially retired as CEO of Berkshire Hathaway, continuing as chairman while retaining a significant stake [5] - The National Integrated Circuit Fund increased its stake in SMIC from 4.79% to 9.25% [6] - Baidu plans to spin off its Kunlun Chip business and apply for an IPO in Hong Kong [7] - Tesla reported 1.6361 million vehicle deliveries in 2025, losing the title of the world's top electric vehicle seller to BYD, which sold 2.2567 million vehicles, a 27.86% increase from 2024 [8] - Shanghai aims to develop a low-altitude economy, targeting an industry scale of 80 billion yuan by 2028 [9] - Moutai launched the "i Moutai" channel, with significant sales during the New Year holiday [10] - The State Grid's development plan aims for a new grid platform by 2030, enhancing renewable energy integration and supporting a significant increase in power transmission capacity [11] Brokerage Insights - CITIC Securities highlighted a structural bull market in 2025, driven by a reassessment of China's tech capabilities and external demand resilience, predicting a higher likelihood of market gains in 2026 [12] - Shenwan Hongyuan noted a favorable window for risk appetite, with potential catalysts from upcoming events like the Spring Festival and the Two Sessions [13] - Guojin Securities pointed out that market dynamics are changing, with a focus on fundamental signals and a recommendation for industrial resources and equipment exports [14][15] - Hua'an Securities emphasized the importance of macro policies and the AI industry as key investment themes for the upcoming spring market [16] - CITIC Construction Investment expressed optimism for the cross-year market, focusing on sectors like semiconductors and AI [17] - Cinda Securities suggested a gradual start to the spring market, with a need for economic data to support further index gains [18] - Everbright Securities advised patience regarding the spring market, noting historical patterns in January's performance [19] - Guotai Haitong highlighted the potential for a stable market environment due to favorable liquidity conditions and policy support [20] - Zhongtai Securities recommended cautious optimism for the tech sector, focusing on specific sub-sectors like robotics and commercial aerospace [21] - Galaxy Securities summarized the holiday events and projected a continuation of structural market trends into 2026 [22][23]

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 碳纤维复合材料:eVTOL中的筋与骨 0 www.jyzq.cn (2 全国统一客服电话:95372 | 此文件版权归金元证券股份有限公司所有,未经许可任何单位或个人不得复制,题印。 金 元 证 劳 股份有限公司 DSTATE SECURITIES CO ... LTD. 1.1 eVTOL对于使用材料要求严格 eVTOL中使用材料应满足以下核心需求: | 核心要求 意义 | 具体要求内容 | | --- | --- | | 材料选择中 极致轻量化 的商要考量 | 由于 eVTOL 主要依赖电池供能,其整体性能受限于能源密度, 所以结构材料的轻量化成为提升续航能力和运营效率的关键路 | | | 径。使用碳纤维复合材料,可帮助整机减重约30%-40%,带来 | | 因素 | | | | 约20% 的航程提升,同时有效降低能耗与单位飞行成本 | | 商强度与 安全飞行的 | eVTOL 在起飞、巡航和降落等飞行阶段需承受复杂的气动裁荷、 | | | 报动载荷以及长期循环应力,这对材料的力学性能和结构可靠 | ...

低空经济领域，又迎政策支持！ 1月4日，上海市经信委等部门印发《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。 文件还提到，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。对eVTOL、吨级工业级无人机等 技术创新度高、产业化贡献突出的整机生产制造项目，给予最高不超过1亿元支持。 值得关注的是，在A股市场上，低空经济概念股近期反复活跃，通达信低空经济指数创出历史新高，中国卫 星、广联航空、航天发展持续大涨。接下来，这个板块又会如何演绎？ 来看详细报道！ 事关低空经济！上海重磅发布 1月4日，据上海市人民政府网站消息，为安全有序推进低空经济产业高质量发展，培育壮大新兴产业，链接长 三角建设低空经济先进制造业集群，上海市经济信息化委、虹桥国际中央商务区管委会、浦东新区政府、长宁 区政府、闵行区政府、金山区政府联合制定了《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》（以下简称"若干措施"）。 其中提出，到2028年，上海低空经济核心产业 ...

低空经济赛道迎利好！ 上海市经济和信息化委员会等部门1月4日发布的《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》（以下简称《若干措施》）提到，建设全国领先、世界一流的低空经济先进制造业集 群，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"。 其中提到，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。发挥上海低空经济会客厅作用，积极融入全球低空经济市场，加快低空装备出海应用。 未来低空经济创新中心理事长罗军在接受证券时报记者采访时表示，上海并非国内低空经济发展最早的 城市，但从顶层设计到落地推进的每一步，都踩准了关键节点。与多数城市聚焦自身发展的思路不同， 上海从规划之初便跳出市域范围，将低空经济置于长三角一体化的大框架下布局。上海地域面积有限， 但作为长三角城市群的龙头城市，其辐射带动能力突出。 形成超500架新型航空器批量化制造能力 《若干措施》提到，提升高端制造能级。瞄准主流技术方向，培育和招引10家eVTOL、工业级无 ...

低空经济赛道迎利好！ 上海市经济和信息化委员会等部门1月4日发布的《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》（以下简称《若干措施》）提到，建设全国领先、世界一流的低空经济先进制造业集 群，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"。 其中提到，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。发挥上海低空经济会客厅作用，积极融入全球低空经济市场，加快低空装备出海应用。 未来低空经济创新中心理事长罗军在接受证券时报记者采访时表示，上海并非国内低空经济发展最早的 城市，但从顶层设计到落地推进的每一步，都踩准了关键节点。与多数城市聚焦自身发展的思路不同， 上海从规划之初便跳出市域范围，将低空经济置于长三角一体化的大框架下布局。上海地域面积有限， 但作为长三角城市群的龙头城市，其辐射带动能力突出。 形成超500架新型航空器批量化制造能力 《若干措施》提到，提升高端制造能级。瞄准主流技术方向，培育和招引10家eVTOL、工业级无 ...

低空经济赛道迎利好！ 上海市经济和信息化委员会等部门1月4日发布的《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》（以下简称《若干措施》）提到，建设全国领先、世界一流的 低空经济先进制造业集群，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"。 其中提到，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。发挥上海低空经济会客厅作用，积极融入全球低空经济市场，加快低 空装备出海应用。 未来低空经济创新中心理事长罗军在接受证券时报记者采访时表示，上海并非国内低空经济 发展最早的城市，但从顶层设计到落地推进的每一步，都踩准了关键节点。与多数城市聚焦 自身发展的思路不同，上海从规划之初便跳出市域范围，将低空经济置于长三角一体化的大 框架下布局。上海地域面积有限，但作为长三角城市群的龙头城市，其辐射带动能力突出。 形成超500架新型航空器批量化制造能力 《若干措施》提到，提升高端制造能级。瞄准主流技术方向，培育和招引10家eVTOL、工业 ...

Core Viewpoint - The "Three-Year Action Plan for Expanding Private Investment in Guizhou Province" aims to enhance private investment confidence and stimulate high-quality development of private investment in Guizhou [1][2]. Group 1: Key Measures - The plan outlines 18 measures to optimize the investment environment, expand market access, eliminate hidden barriers, and strengthen project construction and policy support [1]. - By 2027, Guizhou aims for private investment growth to exceed the overall fixed asset investment growth, targeting a private investment share of approximately 42% of total fixed asset investment [1]. Group 2: Focus Areas - Eight key tasks focus on enhancing industrial private investment, expanding investment in advantageous industries, and stabilizing private investment in real estate development [1]. - Guizhou will concentrate on six major industrial clusters, including digital intelligence, new energy, and advanced manufacturing, as well as three characteristic industries such as textiles and health medicine [1]. Group 3: Digital Transformation and Low-altitude Economy - The plan promotes private enterprises' participation in the "Digital Guizhou" initiative, encouraging the application of AI in various sectors and supporting digital transformation [2]. - It also aims to guide private enterprises in developing the low-altitude economy, including investments in aviation batteries and drone manufacturing [2]. Group 4: Investment Facilitation - The plan emphasizes the need to streamline investment project approval processes, with specific timelines for various permits and a total approval time of 35 working days for private investment projects [3]. - It includes measures to promote quality projects with investments over 50 million RMB and encourages financial institutions to increase credit support for private enterprises [3].

Investment Rating - The report rates the construction industry as "Buy" [1] Core Insights - The National Development and Reform Commission has announced a significant investment plan for 2026, with a total of approximately 295 billion yuan allocated for major infrastructure projects, including the Guangzhou New Airport and the Zhanjiang to Haikou ferry project, with total investments exceeding 400 billion yuan [4][3] - The report emphasizes the orderly expansion of low-altitude economic application scenarios, with significant progress expected in housing quality improvement by 2030 [4][3] - The report recommends several companies in emerging sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion, highlighting specific stocks like Yaxiang Integration and China Nuclear Engineering [4][6] Summary by Sections Recent Key Reports - The report discusses the need for high-demand, high-barrier, and high-profit leading companies in the construction industry, focusing on sectors like AI, controlled nuclear fusion, and low-altitude economy [8][10] Key Company Recommendations - Recommended companies include China Construction (dividend yield 5.29%), China Railway (dividend yield 4.81%), and China Communications Construction (dividend yield 3.39%), all of which are expected to benefit from stable growth and government investment [6][4] Macro/Meso/Micro Data Tables - The report includes various data tables that provide insights into the financial performance and projections of key construction companies, indicating a trend of improving cash flow and profitability in certain sectors [6][4] Infrastructure Investment Trends - The report predicts a significant increase in infrastructure investment, with a projected growth rate of 10.9% for broad infrastructure investment in 2025, driven by government policies and funding mechanisms [29][30]

Group 1: AI Hardware and Applications - CES has become a major showcase for cutting-edge AI hardware, with a focus on consumer-grade AI expected to accelerate by 2026, featuring AI-enabled robots and wearable devices [2] - Companies like Zhaowei and Megmeet are showcasing advanced AI products at CES, including a new dexterous hand with 20 degrees of freedom and high-performance AI modules for robotics [2] - The AI medical sector is entering a critical commercialization phase, supported by new policies from Beijing aimed at fostering innovation and product evaluation in AI healthcare [7][8] Group 2: Low-altitude Economy - The low-altitude economy is at a pivotal growth stage, with approximately 30 provinces incorporating it into their 14th Five-Year Plans, indicating strong governmental support [3] - Major eVTOL manufacturers are seeing orders materialize, and the industry is expected to grow significantly over the next 3-5 years as regulatory frameworks and infrastructure improve [3][4] Group 3: Autonomous Driving - Significant advancements in autonomous driving have been reported, with China officially entering the mass production phase for L3 vehicles, marking a regulatory breakthrough [6] - Companies like Haon Automotive are actively involved in the development of intelligent driving systems, collaborating with leading domestic automakers [6] Group 4: AI Model Development - The AI application landscape is shifting towards performance realization and edge computing, with notable advancements in multimodal models like Google's Gemini-3-pro and domestic models like Doubao [9] - The investment logic in the AI industry is transitioning from a focus on computational power to application value, highlighting the importance of software and high-growth edge hardware companies [9]

梦网科技或梦网科技子公司与神州六合就合作开发的第一款产品即重载吊运无人机签订委托技术开发合 同，产品研发总金额为人民币6000万元，款项由梦网科技子公司分阶段向神州六合进行支付，后续梦网 科技子公司与神州六合在具体技术开发合同中约定具体支付方式。 梦网科技（002123）1月4日晚公告，公司与江西神州六合直升机有限责任公司(以下简称"神州六合")于 近日签署了《合作协议》，双方就共同研发和生产重载吊运无人机产品(以下简称"产品")达成合作，产 品的具体规划由公司子公司与神州六合另行签订委托技术开发合同约定，产品研发总金额为人民币6000 万元，款项由公司子公司分阶段向神州六合进行支付。 神州六合成立于1993年，神州六合拥有直升机机电类，航电类，复合材料成型等核心专业技术能力，以 及完整的航空装备研发生产体系，在核心技术领域形成了多项自主知识产权。神州六合主要业务涵盖无 人机、航空模拟器、航空机载设备、地面/舰面保障设备和复合材料制品等，产品广泛应用于边境巡 逻、电力石油巡线、安防监控、反恐应急、快速运输、军用民用直升机模拟飞行训练等多个领域。 根据双方签署的协议，梦网科技与神州六合进行技术及产品合作，共同研 ...