Group 1 - The core message of the meetings held by the Yangjiang Municipal Committee is the focus on enhancing the business environment and setting ambitious investment goals for 2023, with a preliminary plan for 158 key construction projects and an annual investment target of 53 billion yuan [1] - Yangjiang aims to sign projects with a total investment exceeding 80 billion yuan for the year, including more than 10 projects with investments over 1 billion yuan each [1] - The year 2026 has been designated as the "Quality Service Year," emphasizing the need for improved standards, increased efforts, and enhanced service mechanisms to better support enterprises and communities [1] Group 2 - Yangjiang plans to develop a modern industrial system characterized by the "4+4+X" model, focusing on actions to revitalize and cultivate key industries [2] - The strategy includes promoting the integration of green energy with new energy storage, advanced materials, equipment manufacturing, and modern agriculture, while also expanding markets for traditional industries like hardware and textiles [2] - The city will invest 2.15 billion yuan in 40 infrastructure projects to enhance the capacity of industrial parks, aiming to ensure the addition of over 40 new projects for industrial transfer [2]

Core Viewpoint - Guangzhou aims to become a "Sky City" by developing its low-altitude economy and commercial aerospace industry, with a target to create a market exceeding 100 billion yuan by 2035 [3][4]. Group 1: Policy and Strategic Framework - The "Guangzhou Plan for Accelerating the Construction of a Strong Advanced Manufacturing City (2024-2035)" emphasizes the development of low-altitude economy and commercial aerospace [3]. - The city has established a foundational support system for urban air traffic, being the first in the country to release guidelines for low-altitude infrastructure construction [4]. Group 2: Industry Structure and Opportunities - The low-altitude industry in Guangzhou shows a structural characteristic of "strong upstream, weak midstream, and hot downstream," indicating a potential for comprehensive industry upgrades [4]. - The city has 4 general/helipads and numerous take-off and landing points, providing a robust network for low-altitude operations [5]. Group 3: Infrastructure and Management - Recommendations include enhancing infrastructure and management systems to ensure safe and efficient low-altitude operations, focusing on technology innovation and airspace reform [6][7]. - A unified management service platform is proposed to achieve integrated control over low-altitude flights, enhancing operational efficiency [8]. Group 4: Urban Integration and Applications - The integration of low-altitude economy into urban life is expected to transform production and lifestyle, enhancing urban governance through drone inspections and emergency response [9]. - The development of low-altitude tourism and cultural projects is encouraged, leveraging the unique ecological resources of regions like Conghua and Zengcheng [10]. Group 5: Ecosystem Development - The formation of a "manufacturing + research + application" ecosystem is accelerating, with calls for increased investment in related fields such as new materials and renewable energy [10].

本报讯 记者吴劲松报道 1月17日，常泓科技产业园奠基仪式在呈贡区吴家营街道举行，标志着这个辐射 南亚东南亚的"汽车全产业链+数字融合平台"项目启动建设。产业园将依托昆明的枢纽优势，聚焦新能 源汽车、智能网联与低空经济三大赛道，打造集研发、智造、展示、交易于一体的产业生态平台。 常泓科技相关负责人表示，今后将构建辐射南亚东南亚的超级集采平台，为整车制造、零部件企业提供 全链路出海解决方案，助力中国企业深耕南亚东南亚市场。 参会嘉宾中国汽车服务业委员会会长王笃洋表示，中国新能源汽车技术全球领先，出海从"可选项"变 为"必答题"。全国工商联汽摩配商会前执行会长李宝民进一步阐释，产业园将推动中国汽车产业从"单 打独斗"转向"生态协同出海"。云南省数字经济开发区投促部相关负责人介绍，入驻常泓科技产业园将 无缝对接优质数字生态，携手共赢，共创未来。 ...

Investment Rating - The report maintains a strong investment rating for the military industry, particularly focusing on the SpaceX supply chain and domestic rocket industry as key investment areas [2][40]. Core Insights - The report highlights the recent decline of the Shenwan Military Industry Index by 4.92% from January 12 to January 16, 2026, while the CSI 300 Index fell by only 0.57%, indicating a relative underperformance of -4.35 percentage points [2][40]. - It emphasizes the importance of focusing on the SpaceX supply chain and domestic rocket industry, which are expected to be the fastest-growing and most inflation-resistant sectors [2][40]. - The report suggests that the SpaceX supply chain is progressing rapidly, with expectations for commercial deployment of Starship and V3 satellites by 2027, leading to significant revenue realization from 2027 to 2030 [3][42]. - The domestic rocket industry is also highlighted as a core area, with plans for breakthroughs in reusable rocket technology and future industry layouts [3][42]. Summary by Sections Market Review - The Shenwan Military Industry Index has seen an 8.04% increase since 2026, outperforming the CSI 300 Index, which increased by 2.20% [15]. - The report notes that various sub-sectors within the military industry have experienced declines, particularly the aerospace sector, which fell by 10.56% [20][14]. Investment Opportunities - Recommended companies in the SpaceX supply chain include Lens Technology, Yujing Co., and Maiwei Co. [3][42]. - Key domestic rocket industry companies to watch include Feiwo Technology, Western Materials, and Silver Bond Co. [3][42]. - Ground terminal companies such as Shengyang Technology and Haige Communication are also highlighted for their potential high revenue realization [3][42]. Financial Insights - The report indicates a net outflow of 2.629 billion yuan from military ETFs during the week, with a decrease in leveraged fund inflows, suggesting a temporary reduction in market volatility [27][32]. - As of January 16, 2026, the military industry index has a TTM price-to-earnings ratio of 85.05, placing it in the 99.61 percentile historically [45][36].

Core Viewpoint - The 9th World Zhejiang Business Forum and the 2025 Shanghai Zhejiang Chamber of Commerce Annual Meeting highlighted the positive development trajectory of Shaoxing, emphasizing high-quality growth and strategic initiatives to enhance regional advantages and innovation capabilities [3][8]. Economic Growth - Since the 14th Five-Year Plan, Shaoxing's economic growth has consistently ranked among the top three in Zhejiang Province and the Yangtze River Delta, with the GDP expected to reach approximately 900 billion yuan last year [3][8]. Regional Advantages - Shaoxing is enhancing its geographical advantages by planning the Hu-Hang-Shao Jin Railway, aiming to create a transportation network that allows for 30-minute access within the city, 30 minutes to Hangzhou, and 60 minutes to Shanghai [3][8]. Technological Innovation - The city has established itself as a national innovation hub and the first "three-in-one" high-quality development pilot zone for education and technology talent in Zhejiang, with 13 universities and a significant increase in R&D investment among industrial enterprises [3][4][8]. Industrial Transformation - Shaoxing's industrial transformation includes the recognition of the Hangzhou Bay modern textile and apparel cluster as a national advanced manufacturing cluster, with the integrated circuit industry generating around 90 billion yuan [4][9]. Business Environment - The implementation of the 5.27 "Love Enterprise Action" has led to over 820,000 market entities and 260,000 businesses, with 80 companies listed on the A-share market, ranking third among similar cities in China [4][9]. Future Directions - Looking ahead to the 15th Five-Year Plan, Shaoxing aims to cultivate new industrial formats, shape new urban forms, activate new population dynamics, and empower cultural vitality through eight major actions, striving to become a model city for integrated development [4][9].

Core Viewpoint - The article emphasizes the significance of the aerospace economy as a new growth engine for high-quality economic development, driven by advancements in commercial space and low-altitude economies, which are reshaping industrial patterns and releasing substantial economic and strategic value [1][4][15]. Group 1: Aerospace Economy Development - The aerospace economy is no longer solely associated with space exploration and national security but has emerged as a key driver of new productive forces, expanding industrial boundaries and creating new economic spaces [4][5]. - The global commercial space market is rapidly expanding, with low Earth orbit-related industries becoming central to this growth, as evidenced by over 10,000 low-orbit satellites deployed by leading companies [5][6]. - The aerospace economy is characterized by high technology, high added value, and high driving force, capable of continuously generating new demand, employment, and output [6][12]. Group 2: Synergy Between Low-altitude Economy and Commercial Space - The low-altitude economy and commercial space are interdependent, forming a synergistic industrial ecosystem that enhances overall productivity [8][9]. - The low-altitude economy has developed a robust foundation of technology and industry, providing valuable applications and operational experiences that support the commercialization of high-altitude and space sectors [9][10]. - The deployment of large-scale satellite constellations will provide essential communication and navigation support for low-altitude operations, facilitating the transition from pilot applications to widespread adoption [10][11]. Group 3: Innovation and Institutional Support - Continuous innovation and ecological optimization are crucial for the sustainable development of the aerospace economy, requiring a focus on core technology breakthroughs and collaborative innovation systems [12][13]. - Institutional innovation and policy support are vital for the healthy development of the aerospace economy, necessitating optimized approval processes and regulatory frameworks to enhance efficiency and reduce operational costs [13][14]. - An open and collaborative industrial ecosystem is essential for unleashing the potential of the aerospace economy, encouraging regional specialization and international cooperation to enhance competitiveness [14][15].

问：当前，我国低空经济处于开局起步阶段。前不久，《低空经济及其核心产业统计分类（试行）》印 发，明确了低空经济及其核心产业的概念和范畴。低空经济等于飞行器经济吗？ 答：无人机、eVTOL（电动垂直起降飞行器）、直升机等是低空经济重要产品，但飞行器经济并不能 与低空经济画等号。低空经济是依托低空航空活动带动相关产业创新和场景应用形成的综合性经济形 态，分为低空制造业、低空运营业、低空基建与信息服务业、低空配套业四大类，既包括飞行器本身， 也包括地面设施建设、金融保险服务等一系列延伸产业，具体有23个中类、65个小类。 据相关部门预测，2025年我国低空经济市场规模约1.5万亿元，到2035年有望突破3.5万亿元。多地近期 积极出台低空经济发展配套措施，不断完善涵盖低空装备制造、基础设施建设、低空运行服务、空域管 理等领域的整体规划，并结合自身资源禀赋形成差异化发展路径。 安全有序发展是关键。据透露，国家发展改革委下一步将会同有关部门和地方，以筑牢安全责任底线为 前提，按照先载货后载人、先隔离后融合、先远郊后城区的原则，严控风险，因地制宜有序拓展低空经 济应用场景，加快探索形成安全有保障、商业可持续的发展模式。 ...

Core Viewpoint - Rizhao City is implementing measures to promote high-quality and full employment, focusing on enhancing employment capacity and addressing structural employment issues while aligning with local economic development needs [3][4]. Group 1: Employment Goals and Strategies - The overall goal is to achieve an annual urban employment increase of over 26,000 by 2030 and over 30,000 high-skilled workers, maintaining overall employment stability [4]. - By 2035, the aim is to create a high-quality employment environment characterized by sufficient job opportunities, optimized employment structure, and effective job matching [4]. Group 2: Employment Capacity and Structural Issues - The strategy emphasizes the need for collaboration between industry and employment, focusing on upgrading traditional industries and developing new ones to create job opportunities [4]. - Policies will be coordinated to integrate high-quality employment into economic and social development plans, establishing an employment-friendly development model [4]. Group 3: Employment Services and Support - A public employment service system will be enhanced, including the establishment of youth employment and entrepreneurship centers and the promotion of a "creation + loan" service model [5]. - The initiative includes upgrading grassroots employment services and implementing a "smart employment" service model to improve information technology in employment services [5]. Group 4: Employment Monitoring and Support for Key Groups - An employment early warning mechanism will be established, including a labor force survey system and a monitoring framework for high-quality employment statistics [5]. - The focus will be on providing comprehensive employment services for key groups, including college graduates and migrant workers, ensuring their job stability [6].

Core Insights - The low-altitude economy is recognized as a highly promising future industry, with significant potential for growth in 2024 and 2025, as highlighted in government work reports and the "14th Five-Year Plan" [1][3] - The eVTOL industry is transitioning from technology validation to commercial implementation, with a focus on long-term strategic planning rather than short-term gains [1][4][5] Industry Overview - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025, marking substantial growth from the previous year [3] - eVTOL is identified as a key vehicle for low-altitude travel, with annual order totals expected to exceed 30 billion yuan by 2025 [3] Market Potential - The low-altitude industry is anticipated to create several trillion-yuan markets, including low-altitude aircraft, infrastructure, and services, each potentially exceeding 1 trillion yuan [4] - The industry emphasizes the importance of long-term planning, with a recommended timeframe of 5 to 10 years for product development and market entry [4][5] Safety and Compliance - Safety is deemed the primary prerequisite for the development of the low-altitude economy, with a focus on operational safety and regulatory compliance [7][8] - The industry faces new safety challenges due to the integration of high-power electrical components and complex urban environments, necessitating a proactive approach to safety from the initial development stages [8] Commercialization Strategies - The industry is encouraged to adopt a "first fly, then scale" approach, starting with manageable applications such as tourism and logistics before expanding to more complex scenarios [10][11] - There is a call for innovative applications in diverse environments, including remote areas, to enhance the value of low-altitude operations [10][11]

Core Viewpoint - The low-altitude economy is recognized as one of the most promising future industry tracks, with significant potential for growth as it transitions from pilot testing to large-scale development by 2025 [1][3]. Group 1: Market Potential - By 2025, the market size of China's low-altitude economy is projected to reach 1.5 trillion yuan, marking substantial growth from the previous year [3]. - The eVTOL sector is expected to see annual order totals exceeding 30 billion yuan by 2025, indicating a golden development period [3]. - The low-altitude economy is anticipated to create several trillion-yuan markets, with three major segments identified: low-altitude aircraft, infrastructure investment, and service development, each potentially exceeding 1 trillion yuan [3][4]. Group 2: Long-term Strategy - Industry experts emphasize the need for a long-term strategic approach, advocating for 5 to 10-year planning cycles to ensure product viability and business model sustainability [1][4]. - Companies are encouraged to abandon short-term speculative mindsets and focus on enduring strategies that withstand market changes over time [3][4]. Group 3: Safety and Compliance - Safety is highlighted as the primary prerequisite for the development of the low-altitude economy, with operational safety and compliance management being core to high-quality industry growth [6][8]. - The National Development and Reform Commission has outlined principles for expanding low-altitude applications, emphasizing risk control and safety [6]. Group 4: Path to Commercialization - The industry is shifting from technology validation to commercialization, with a focus on "flying first" in manageable scenarios such as tourism and logistics to establish commercial viability [10]. - There is a consensus that the majority of low-altitude application scenarios still hold significant growth potential, particularly in established fields like agricultural protection and emergency services [10][11]. - Experts suggest starting with consumer and interest-based applications in controlled airspace to facilitate early testing and operational integration [11].