Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The "15th Five - Year Plan" emphasizes high - quality economic development, with potential continuation of the "14th Five - Year Plan" approach of downplaying specific GDP growth targets. Mid - to long - term, there may be an implicit economic growth target to reach the level of moderately developed countries by 2035 [3][11]. - The priority of "industry" in the "15th Five - Year Plan" has increased, with a shift in industrial development goals and a change in the order of goals, highlighting the precedence of the "industrial ecosystem" [4][14]. - Technological innovation and new - quality productivity remain the main lines of development, with a more proactive stance on technological self - reliance and focus on breaking through "bottleneck" areas [5][17]. - The strategy of expanding domestic demand has been upgraded from "investment - driven" to "emphasizing both people and things", aiming to boost residents' consumption ability and income expectations [6][20]. - Deep - level reforms have entered a new stage of systematic integration, with a focus on stimulating the vitality of various business entities and improving the macro - economic governance system [22]. 3. Summary by Directory "15th Five - Year Plan" Bulletin Emphasizes Economic High - Quality Development - The main goals of the "15th Five - Year Plan" involve multiple aspects such as high - quality development, technological self - reliance, reform, people's livelihood, and national security. Economic development goals may continue the "14th Five - Year Plan" orientation, de - emphasizing specific GDP growth targets [3][11]. - To reach a per - capita GDP of about $25,000 in 2035 from $13,400 in 2024, the nominal GDP growth rate needs to reach 6.3%. Considering a price increase of 1.3% - 1.5% per year, the average GDP growth should be 4.8% - 5.0% [3][12]. "Industry" in the "15th Five - Year Plan" Bulletin's Priority Increase - The "15th Five - Year Plan" Bulletin emphasizes building a modern industrial system, with industrial development goals shifting from "upgrading industrial bases and modernizing industrial chains" to "intelligent, green, and integrated directions". It also adds new expressions about building a modern industrial system with advanced manufacturing as the backbone [4][14]. - The order of goals in the bulletin has changed, with the industrial system taking the first place, indicating a strategic shift from "technology - driven industrial upgrading" to "system - based industrial construction leading technological breakthroughs" [4][15]. Technological Innovation and New - Quality Productivity Remain the Development Main Line - The word "technology" appears 10 times in the bulletin, highlighting the value of technological innovation and the need to lead the development of new - quality productivity [5][17]. - Compared with the "14th Five - Year Plan", the "15th Five - Year Plan" has a more proactive stance on technological self - reliance, aiming to seize the high - ground in technological development and focus on breaking through "bottleneck" areas [5][17]. Expansion of Domestic Demand from "Investment - Driven" to "Emphasizing Both People and Things" - The new statement of "combining people - oriented and thing - oriented investment" in the bulletin is a major upgrade of the domestic demand strategy, aiming to enhance residents' consumption ability and income expectations [6][20]. - Future policies may focus on improving the social security system, promoting high - quality full employment, and perfecting the income distribution system to boost consumption. Specific work includes promoting consumption through various means and making targeted and efficient investments [20]. Deep - Level Reforms Enter a New Stage of Systematic Integration - The "15th Five - Year Plan" aims to build a high - level socialist market economic system, enhance the driving force for high - quality development, and improve the macro - economic governance system [22]. - Given the complex reform environment and overlapping reform tasks with the "15th Five - Year Plan" period, future reforms will focus more on systematicness and synergy, including stimulating the vitality of business entities and improving macro - economic governance efficiency [22]. Potential Industry Trends and High - Quality Tracks - The bulletin provides clues for market exploration of industry trends and high - quality tracks, including high - end and intelligent manufacturing in the modern industrial system, artificial intelligence, low - altitude economy, semiconductors, and new materials in emerging and future industries, photovoltaic and wind power in green transformation, and cloud computing and computing power infrastructure in digital China construction [6][23].

Core Insights - The article emphasizes the strategic layout for future industries, focusing on emerging sectors such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [1] Industry Developments - The National Development and Reform Commission highlights the importance of fostering new and emerging industries, projecting that by 2024, the value added by the "three new" economies will exceed 18% of GDP [1] - The proposal aims to create new pillar industries and accelerate the development of strategic emerging industry clusters, including new energy, new materials, aerospace, and low-altitude economy, which are expected to generate several trillion-yuan markets [1] Future Outlook - The recommendations suggest a forward-looking approach to future industries, indicating that the aforementioned sectors will gain momentum and potentially recreate a high-tech industry landscape in China over the next decade [1]

Group 1 - The Guangzhou Low Economic Trade Fair is scheduled to take place from December 12 to 14, 2025, at the Canton Fair Exhibition Center, focusing on the theme "Innovate Low Altitude, Serve Global Trade" [2] - The exhibition will cover over 60,000 square meters, showcasing new products, technologies, and business models in the low-altitude economy, including eVTOLs, drones, and intelligent robots [2] - The event will feature more than 20 specialized forums, gathering domestic and international experts to discuss industry innovation, challenges, and development paths for high-quality growth in the low-altitude economy [2] Group 2 - The "1+5+N" innovative trade service model was introduced, which includes a comprehensive ecosystem for export trade, five trade ecosystems, and multiple trade matchmaking events [3] - The exhibition has already secured 80% of its exhibition space, attracting leading companies in the low-altitude economy such as EHang, XPeng, DJI, and XAG [3] - The fair is expected to attract over 600 industry chain enterprises and more than 50,000 domestic and international visitors from over 50 countries and regions [3]

每经记者｜吴泽鹏 每经编辑｜魏官红 曾经资本追逐的风口——低空经济，正在回归理性，直面商业化的残酷考验。10月23日，在广州举行 的"2025国际低空经济贸易博览会（广州）/第八届全球无人系统大会（GUSC2025）"（以下简称广州低 贸会）新闻发布会上，《每日经济新闻》记者了解到，当前，低空经济行业存在资本降温、企业普遍亏 损、模式亟需创新、市场需求不足、商业化瓶颈凸显等情况。 例如，针对资本降温，有行业代表援引数据介绍称，今年上半年，低空经济融资事件与金额分别下降了 15.2%和8%，资本更青睐技术可验证、配套能落地的标的，行业从"泡沫时代"转向理性投资。 需要说明的是，蔡明君提到，当前，政策方面也在加强引导，防止低效竞争。据其介绍，国家发改委已 明确要求防止低空产业低效重复建设，强调硬科技与真实场景结合，推动产业务实发展，避免盲目跟风 和资源浪费。 面对这些情况，即将举办的广州低贸会也在寻求角色转变。它不再满足于作为一个传统的技术"秀场"， 而是试图成为一个"解决方案提供商"。 在此背景下，12月12日至14日将在广州广交会展馆举办的广州低贸会，试图扮演"破局者"角色。展会不 仅展示技术，更首次推出"1 ...

Core Insights - The Hongqiao International Central Business District is experiencing rapid development, with significant investment and project attraction [1][2][3] Economic Growth - The GDP of the Hongqiao International Central Business District reached 200.24 billion yuan in 2024, a 67.4% increase compared to the end of the 13th Five-Year Plan [2] - Tax revenue surpassed 50 billion yuan for the first time, with an average annual growth of 16.9% over four years [2] - The total import and export value reached 85.6 billion yuan, with an average annual growth rate of 37.3% over four years [2] - In the first three quarters of 2025, the foreign trade import and export value was 73.63 billion yuan, a year-on-year increase of 15.6% [2] Project and Investment Highlights - A total of 616 key projects with investments exceeding 10 million yuan were introduced in the first three quarters of 2025, amounting to 34.6 billion yuan [2][3] - The district has seen a significant increase in headquarters enterprises, with 56 new city-level headquarters established in the past year, generating over 280 billion yuan in annual revenue [3] Industry Development - Eight characteristic industrial parks were officially launched, focusing on emerging sectors such as health, biomedicine, artificial intelligence, and low-altitude economy [4] - The Hongqiao Low Altitude Economy Industrial Park aims to facilitate industry demonstration and cooperation, enhancing service capabilities [4] Innovation and Technology Transfer - The InnoMatch platform, launched in August 2022, has gathered extensive data on technology and innovation, supporting the transformation of technological achievements [5][6] - The district has accumulated over 700 specialized and innovative enterprises and more than 1,300 high-tech companies, indicating a robust industrial cluster development [6] Internationalization and Service Ecosystem - The Hongqiao International Central Business District is positioned as a key hub for international trade and resource flow, facilitating cross-border movement of goods, capital, talent, and technology [7][8] - The establishment of the Hongqiao International Legal Zone and National Human Resources Service Industrial Park enhances the international service ecosystem for enterprises [8]

Core Insights - The Tianjin North Chao District is focusing on developing two key industries: intelligent equipment manufacturing and biomedicine, while also planning for emerging sectors such as intelligent computing power, low-altitude economy, and robotics [1][2] Economic Growth - In 2024, the economic output of North Chao District is expected to increase by 14 billion yuan compared to the end of the 13th Five-Year Plan, with per capita disposable income reaching 49,600 yuan, an increase of 18,000 yuan [2] - The district has attracted 340 foreign-invested enterprises, including 34 Fortune 500 companies, with significant investments from firms like Flanders and LG Electronics [2] Foreign Investment and Trade - During the 14th Five-Year Plan period, actual foreign investment reached 500 million USD, and the total import and export volume achieved an average double-digit growth annually [2] - Over the past five years, North Chao District has introduced 105 major projects from the capital, with a total investment of 33 billion yuan [2] Industrial Development - The intelligent manufacturing valley has been included as a key platform for industrial cooperation in the Beijing-Tianjin-Hebei region, with over 600 enterprises gathered [2][3] - The district has attracted 558 key projects with domestic investment exceeding 70 billion yuan, forming five hundred billion-level industrial chains in high-end equipment, new energy, and new materials [3] Biomedicine Sector - The biomedicine industry has established a complete industrial chain from research and development to manufacturing, packaging, logistics, and sales, with partnerships like Tianjin Tasly Pharmaceutical and China Resources Sanjiu [3] Technological Transformation - Jiangtian Big Data has transformed from a "steel giant" to a "digital pioneer," investing 12 billion yuan to build the Beijing-Tianjin computing power industrial park [3] - The industrial output value of regulated enterprises has surpassed 140 billion yuan, with an increase of over 30 billion yuan compared to the end of the 13th Five-Year Plan [3]

Group 1: Urban Air Mobility - The vision of convenient intercity air travel is accelerating in Hefei, with the unveiling of the VT35 eVTOL aircraft, capable of a range exceeding 200 kilometers, designed for urban environments [2][3] - Hefei is a pilot province for low-altitude airspace management reform, having established the world's first urban air traffic hub and issued the first operational certificate for passenger-carrying unmanned aerial vehicles [2][3] Group 2: Low-altitude Economy Development - EHang Intelligent, a leader in the low-altitude economy, has established its headquarters for the VT35 series in Hefei, while another local company, Zero Gravity Aircraft, is focused on the mass delivery of its eCTOL aircraft [3] - Hefei has integrated various departments to streamline low-altitude affairs and has published a white paper outlining the development goals and scenarios for the low-altitude economy [3][4] Group 3: Space Exploration and Technology - Hefei is focusing on the development of the aerospace information industry, including low-altitude economy, commercial space, and deep space exploration, with significant advancements in technology and application scenarios [4][5] - The Deep Space Exploration Laboratory in Hefei is working on innovative projects, such as a lunar regolith 3D printing system, which could utilize lunar soil for construction on the moon [4][6] Group 4: Industry Collaboration and Growth - The establishment of the International Deep Space Exploration Society in Hefei marks a significant step in international collaboration in the aerospace field [7] - Hefei's aerospace information industry has seen substantial growth, with over 140 companies in the sector, representing more than 90% of the city's aerospace industry [7][8]

Core Viewpoint - The termination of the IPO process for Zongshen Aviation Power signals a shift in the low-altitude economy, indicating a cooling trend in investment and a need for companies to become self-sustaining after a period of rapid growth and speculation [3][5]. Company Summary - Zongshen Aviation Power, established in 2016, focuses on lightweight piston aircraft engines for various types of aircraft, including drones and rotorcraft [3]. - The company underwent five rounds of financing from August 2020 to May 2023, raising its valuation from 623 million to 2.2 billion yuan, involving 22 industry capital investors [3][4]. - The company faced significant operational challenges, with a reported revenue of 70.34 million yuan in mid-2025, a year-on-year decline of 29.71%, and a net loss of 37 million yuan, a substantial drop of 316.3% [4]. - Zongshen Aviation Power has been on a losing streak for three consecutive years, with net losses of 9.38 million yuan, 43.22 million yuan, and 3.62 million yuan from 2022 to 2024 [4]. - The company was added to the U.S. Treasury's OFAC SDN list in May 2024, complicating its path to IPO [4]. Industry Summary - The overall financing landscape for the low-altitude economy is contracting, with only 15 disclosed financing events in the eVTOL sector in the first half of 2025, compared to 16 events in the second half of 2024 [5]. - The trend shows a shift towards earlier investment rounds, with angel rounds making up 40.4% of financing, indicating a preference for smaller, earlier-stage investments [5]. - Investment institutions are increasingly cautious, focusing on the research capabilities and policy safety of low-altitude economy enterprises [6][8]. - The lack of a commercial closed loop in the low-altitude economy is a significant barrier, with many companies, including leading firms, reporting substantial losses [10]. - Despite the cooling investment climate, there has been a surge in orders for eVTOLs, with over 100 billion yuan in orders reported in the first half of 2025, driven by international demand and financial leasing models [11][13][14]. - The supply chain for low-altitude economy is rapidly developing, with numerous battery manufacturers entering the aviation battery market and companies from the electric vehicle sector expanding into electric control and motor production [16][18].

Group 1: Economic Transition - The "14th Five-Year Plan" achieved a compound annual growth rate of 5.4%, easing the pressure for growth in the "15th Five-Year Plan" period[1] - The transition from "quantity increase" to "quality change" is crucial for the "15th Five-Year Plan" as it aims to reach the goal of becoming a "moderately developed country" by 2035[1] - The future growth model will shift from a single GDP-driven approach to a three-pronged approach of "real GDP + inflation + exchange rate"[1] Group 2: New Quality Productivity - Cultivating new quality productivity will be the central goal of the "15th Five-Year Plan," focusing on upgrading traditional industries and developing emerging sectors[2] - The strategy includes a gradient structure of "traditional upgrades, emerging growth, and future cultivation," emphasizing the importance of new service industries[2] - The service sector is seen as a key area for the implementation of new quality productivity, with a shift from "investment in things" to "investment in people" expected[2] Group 3: Supply and Demand Balance - There are signs of structural and local imbalances in supply and demand, necessitating "anti-involution" policies to address these issues[3] - Short-term interventions may include production limits in key industries, while long-term solutions require systemic reforms to reshape local government incentives[3] - The "15th Five-Year Plan" provides a critical opportunity for reform to address these imbalances[3] Group 4: Factor Market Reform - Market-oriented reforms aim to establish an "effective market" to enhance resource allocation efficiency, which is fundamental for cultivating new quality productivity and addressing "anti-involution" issues[4] - Current challenges include a "dual-track" system in factor markets, which hinders pricing and circulation[4] - The urbanization of agricultural migrant workers is expected to be a foundational logic for the next growth phase, with approximately 250 million people still needing urban household registration[4]

Core Insights - The Hongqiao International Central Business District (CBD) has experienced significant growth in foreign investment, with a year-on-year increase of 71.9% in the first eight months of this year [1] - The total import and export volume in the CBD has averaged a growth rate of 37.3% annually over the past four years [1] - The GDP of the CBD is projected to reach 200.243 billion yuan in 2024, marking a 67.4% increase compared to the end of the 13th Five-Year Plan [1] Investment and Economic Performance - In the first nine months of this year, the retail sales of consumer goods reached 47.01 billion yuan, reflecting an 18.1% year-on-year growth [1] - The total foreign trade import and export volume was 73.63 billion yuan, with a year-on-year increase of 15.6% [1] - The total industrial output value of designated large-scale enterprises was 51.65 billion yuan, showing a year-on-year growth of 19% [1] - A total of 616 key projects with investments totaling 34.6 billion yuan were introduced, alongside the establishment of 7,137 new legal entities, which is an 18.4% increase year-on-year [1] Headquarters and Industry Development - The CBD has introduced and nurtured 56 city-level recognized headquarters enterprises in the past year, with an annual revenue scale exceeding 280 billion yuan [2] - The number of city-level headquarters enterprises in the CBD has increased to 283, up by 210 since 2020 [2] - Eight new industrial park projects have been announced, focusing on emerging sectors such as health, biomedicine, artificial intelligence, and low-altitude economy [2] - The CBD has gathered over 700 specialized and innovative enterprises and more than 1,300 high-tech companies, indicating a robust development in industries like photovoltaic energy storage, biomedicine, and new energy vehicles [2]