Core Viewpoint - The A-share market has rebounded, with over 4,300 stocks rising, particularly in the commercial aerospace sector, which saw significant gains in related indices and stocks [1] Group 1: Market Performance - The National General Aviation Industry Index (980076) surged by 3.49%, with key stocks like Guanglian Aviation rising over 11% and Hangfa Control hitting the daily limit [1] - The Aviation ETF Huatai (159257) increased by 3.46%, with a latest price of 1.23 yuan, and has shown a cumulative increase of 2.60% over the past month [1] - The Aviation ETF Huatai had a turnover rate of 5.8% during the trading session, with a transaction volume exceeding 10 million yuan [1][3] Group 2: Fund Flows and Growth - The Aviation ETF Huatai experienced a scale growth of 101 million yuan over the past three months, ranking third among comparable funds [3] - The latest net outflow for the Aviation ETF Huatai was 1.206 million yuan, but it attracted a total of 113 million yuan over the past 21 trading days [4] Group 3: Strategic Developments - SpaceX announced the acquisition of AI startup xAI, integrating its rocket and satellite technology with AI capabilities, marking a strategic move towards building a "Space AI Empire" [4][5] - The concept of deploying orbital data centers in space to utilize solar energy for AI processing is seen as a breakthrough in overcoming current data center limitations [4] - The Chinese commercial aerospace sector is focusing on reusable rockets to reduce launch costs and increase frequency, with significant advancements expected in the coming years [5][6] Group 4: Industry Outlook - The Chinese aerospace sector is planning to develop new fields such as space tourism and smart infrastructure, with initiatives like the establishment of the "China Jiuquan Commercial Aerospace Port" [6] - The Aviation ETF Huatai focuses on low-altitude economy, military industry, and commercial aerospace, with defense and military sectors making up 61.6% of its index [7][10] - The low-altitude economy concept stocks account for 53% of the index, indicating strong potential for growth in this area [9][10]

Core Insights - Aerospace and military sectors showed strong performance, with significant gains in aerospace, large aircraft, and satellite internet stocks [1] - The military leader ETF (512710) rose by 4.15%, while the satellite ETF (563230) and aerospace ETF (159392) increased by 3.83% and 3.68% respectively [1] - Major stocks within the military leader ETF, such as Aviation Industry Corporation of China, saw a limit-up increase, and Aviation Power surged over 8% [1] Industry Developments - SpaceX announced the acquisition of xAI, an artificial intelligence company also owned by Elon Musk, indicating a strategic expansion into AI [1] - The State Administration for Market Regulation, along with ten other departments, released the "Low Altitude Economy Standard System Construction Guide (2025 Edition)," aiming to establish a standard system for low-altitude aviation by 2027 and exceed 300 standards by 2030 [1] - The latest government work report from Shanghai emphasizes support for the development of intelligent connected new energy vehicles, aerospace, and satellite internet industries [1] ETF Information - The military leader ETF (512710) closely tracks the CSI Military Leader Index (931066), which includes 30 listed companies involved in military products and services [2]

岁序更替，华章日新。1月16日，中共四川省南充市营山县委十四届十次全会召开。全会听取和讨论了 县委书记敬健受县委常委会委托所作的工作报告，审议通过《中共营山县委关于制定营山县国民经济和 社会发展第十五个五年规划的建议》(以下简称建议)。 全会系统复盘营山在"十四五"发展的坚实足迹，科学锚定"十五五"的战略航向。这场承前启后、谋定未 来的盛会，既彰显了"接续奋斗不折腾"的战略定力，更释放了"干在先、走在前"的奋进姿态，营山正 以"加快融入川东北、渝东北协同发展"总牵引，吹响奋力谱写现代化营山建设新篇章的集结号。 重塑定位 从"区域边缘"到"战略前沿 "地区生产总值年均增速5.5%、连续4年位居全市第一，获评'四好农村路'全国示范县，三甲医院实现零 的突破，工业开票收入突破119.5亿元……""十四五"期间，营山在滚石爬坡中砥砺前行，用一串串硬核 数据，书写了县域经济社会发展的跃升答卷。 五年来，从托底性帮扶圆满完成阶段性目标任务，到营山经开区跻身省级优秀开发区和成渝地区双城经 济圈产业合作示范园区;从顺蓬营一级公路营山段通车，到成达万高铁加速建设;从民生支出占比稳定在 65%以上，到城乡居民收入年均增长4.8% ...

Core Insights - The report highlights a trade agreement between Trump and Modi, reducing tariffs on Indian goods from 25% to 18% [4] - The U.S. government is facing a partial shutdown, leading to the delay of the January non-farm payroll report by the Bureau of Labor Statistics [4] - China's manufacturing PMI for January rose to 50.3, indicating continued expansion in the manufacturing sector [4] Economic Data - The Baltic Dry Index closed at 2148.00, up by 7.29% [5] - The CME Bitcoin futures price decreased by 6.40% to 78720.00 [5] - ICE Brent crude oil price fell by 4.34% to 66.31 [5] - The Hang Seng Index closed at 26775.57, down by 2.23% [5] - The Shanghai Composite Index closed at 4015.75, down by 2.48% [6]

新质生产力是由技术革命性突破、生产要素创新性配置、产业深度转型升级而催生的当代先进生产力。它是天上飞的低空经济忙送货，它是 地上跑的氢能锂电新动力，它是微观看的生命科学解难题，还有那深不可测的量子技术"黑科技"……搞懂这股核心动能，日子过得更通透！ ...

宏观日报 | 2026-02-03 生产行业：1）市场监管总局会同中央空管办、国家发展改革委等十部门联合发布《低空经济标准体系建设指南（2025 年版）》，重点围绕低空航空器、低空基础设施、低空空中交通管理、安全监管和应用场景五大核心领域，建立技 术标准与管理规范融合、国内标准与国际规则融合、强制性标准与推荐性标准融合、基础标准与场景标准融合的"四 维融合"标准供给体系。 服务行业：1）2日，上海收购二手住房用于保障性租赁住房项目工作实质性启动。上海市住建委有关负责人表示， 上海将强化供给与需求匹配、租赁与购置联动，形成"政策引导、市场运作、多方协同、群众得益"的良好格局。 同时，上海还将推动保障性租赁住房筹措模式创新，探索在二手房市场中收购存量住宅，进一步拓宽保障房源筹 措渠道；并通过存量房源收购，有效缩短建设周期，优化区域布局，完善房型结构，加快形成有效供给。 数据来源：iFind，华泰期货研究院 行业总览 上游：1）有色：铝、镍价格回落较多。2）农业：鸡蛋价格小幅回落。3）能源：国际原油价格回升。 2026年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 地产下游回落 中观事件总览 中游： ...

2026年1月29日，新浪财经、第一财经与古井贡酒·年份原浆古20共同携手举办的"为中国经济点赞——企业家之夜"在北京正大中心举行。 这不仅仅是一场年度荣誉盛宴，更是一扇观察中国经济韧性、多元动力与未来方向的窗口。透过企业家们的感言、洞察与愿景，我们得以窥见中国经济在承 压前行中，那些坚实而蓬勃的驱动力。 基石的力量，传统产业的升级与自信 当紫金矿业创始人陈景河在回顾企业成长视频时悄然落泪，全场为之动容。这泪水，不仅是个体创业艰辛与荣耀的抒发，更是中国基础产业在全球竞争中逆 势崛起的缩影。 陈景河直言，西方公司曾控制最优质的矿业资源，但紫金凭借完整的技术能力、强大的探矿能力和每一位艰苦卓绝、富有奉献精神的紫金人，实现了"所向 披靡"。他从一个县级小企业起步，到将海外黄金板块成功分拆上市，市值瞩目，其自信宣言——"现在想不发财都很难"，背后是中国矿业企业在技术、管 理、国际化运营上累积的深厚内功。 智谱董事长刘德兵谈及其AGI（通用人工智能）愿景："让机器像人一样思考"，代表了在人工智能基础层追求终极境界的雄心。小马智行彭军则通过实时连 线无人驾驶车，展现了十年专注Robotaxi，让未来出行更安全高效的务实路 ...

Domestic Market Overview - The domestic market experienced a downward trend, with the Shanghai Composite Index closing at 4015.75 points, down 2.48% [5][10] - The Shenzhen Component Index closed at 13824.35 points, down 2.69%, while the ChiNext Index fell by 2.46% [5][10] - A total of 28 out of 30 sectors in the CITIC index declined, with non-ferrous metals, steel, and coal showing the largest drops [5][10] - The total trading volume of the A-share market reached 26,066 billion, an increase from the previous day [5][10] Overseas Market Overview - All three major U.S. stock indices closed higher, with the Dow Jones rising by 1.05% and the S&P 500 increasing by 0.54% [5][2] - Caterpillar and Walmart led the gains in the Dow, with increases of over 5% and 4% respectively [5][2] - Chinese concept stocks mostly declined, with Xpeng Motors dropping over 8% and TAL Education falling by more than 4% [5][2] News Highlights - The Central Committee of the Communist Party and the State Council approved the "Modern Capital Metropolitan Area Spatial Collaborative Planning (2023-2035)" to develop a world-class metropolitan area centered around Beijing [12] - A joint release of the "Low-altitude Economic Standard System Construction Guide (2025 Edition)" by ten departments aims to establish a comprehensive standard supply system for low-altitude economy by 2027 [13] - The Ministry of Commerce and nine other departments issued the "2026 'Le Gou New Spring' Special Activity Plan" to boost consumer spending during the Spring Festival [14] - The National Healthcare Security Administration announced a notification regarding the supervision of the medical insurance fund for 2026, focusing on high-risk areas [15] - Iran's president ordered the initiation of nuclear negotiations with the United States [16]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The Hang Seng Technology Index fell by 3.36%, while the Hang Seng China Enterprises Index decreased by 2.54% [1][5] - The market turnover decreased to 82.799 billion [1][5] U.S. Market Performance - The U.S. stock market saw gains, with the Dow Jones Industrial Average rising over 500 points, closing up 1.05% at 49,407.66 points [2] - The Nasdaq and S&P 500 also recorded increases of 0.56% and 0.54%, respectively [2] - Over 100 companies in the S&P 500 are set to report earnings this week, including major players like Amazon and Alphabet [2] Investment Opportunities - The report highlights the potential for long-term growth in sectors supported by the "self-reliance in technology" policy, particularly in AI applications, semiconductors, and industrial software [3] - The infrastructure and copper mining sectors, particularly China Railway (0390.HK), are noted for their recent performance, with a weekly increase of 11.0% before a slight pullback [3] - The report suggests continued focus on sectors benefiting from domestic consumption policies, including sports apparel and non-essential services [3] Key Company Insights - China Telecom (0763.HK) is recognized for its comprehensive product line and solutions in the telecommunications sector, despite a slight decline in revenue and net profit for 2024 [10] - The company maintains a high gross margin of 37.91% and is expected to leverage its advancements in computing power to sustain competitive advantages [10] - The projected net profits for 2025 and 2026 are 7.98 billion and 8.81 billion RMB, respectively, indicating a relatively low valuation compared to its earnings potential [10] Market Trends - The report emphasizes the importance of the low-altitude economy, with a guideline established for its standardization by 2027, which is expected to drive demand in this sector [9] - Companies like AVIC (2357.HK) and ZTE (0763.HK) are recommended for their potential in the low-altitude economy [9] - The report also notes the government's initiatives to boost consumer spending during the Spring Festival, which may benefit companies in the automotive and home appliance sectors [9]

据悉，除了此次直升机载人正式通航外，目前，东莞已落地超90个低空应用场景，涵盖物流、消防、电 力、农林等领域。 近年来，东莞依托电子信息、高端装备、新材料等领域的产业优势，已构建起覆盖低空航空器研发制 造、关键零部件配套与飞行服务保障的完整产业链。目前，全市低空经济相关企业约1200家，其中规模 以上企业72家。(完) （文章来源：中国新闻网） 中新网东莞2月3日电 (记者许青青)在2日举行的东莞市城市空中交通网络发布会上，东莞首批10个标准 化直升机起降点正式启用，标志着东莞正式接入粤港澳大湾区低空通航网络，迈入低空通航时代。当日 还同步开通跨镇、跨市载人航线，并推出低空消费券惠民政策。 据发布会介绍，首批起降点分布在南城、万江、松山湖、石排等镇街园区。其中，松山湖悠兰里起降点 路线可空中畅览湖光山色，同时开通多条直达深圳的跨城通勤航线，实现15分钟通达。东莞迎宾馆、东 莞中心公园两大起降点，聚焦高端商务与定制化文旅包机需求，可提供前往深圳多个核心枢纽的快捷航 线，15分钟内尽览同沙生态公园、黄旗山、国贸中心、玉兰大剧院等城市地标。水乡东莞西站起降点与 穗深城际铁路"无缝"衔接，打造湾区首条"低空+城轨"空 ...