2025 年 12 月 01 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：71 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 1、《双融日报》2025-11-28 2、《双融日报》2025-11-27 3、《双融日报》2025-11-26 1、有色金属主题：美元降息提振需求预期，AI 数据中心拉 动边际增量。铜：金融属性叠加矿端紧张、冶炼厂减产，传 统需求韧性+AI 拉动，价格中枢上移。铝：国内产能见顶、 海外增量有限，十五五开局紧平衡强化。相关标的：紫金矿 业（601899）、中国铝业（601600） 2、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6.02%，显著高于 10 年期国债收益率。在经济增 速放缓和市场波动加大时，银行股凭借稳定的分红能力，成 为险资、社保等长期资金的重要配置标的。相关标的：农业 银行（601288）、宁波银行（002142） 3、低空经济主题：2025 亚洲通用航空展定于 11 月 2 ...

配置航空航天ETF天弘(159241)能够高效捕捉主题投资机会。该ETF的样本公司与低空经济、大飞机、卫星 互联网等热门主题高度契合，成分股深度参与商业航天等新兴领域，受益于政策与市场的双重推动。 【热点事件】 1、北京加快推进太空数据中心建设发展 11月27日，北京市多部门联合组织召开"智绘星空胜算在天——太空数据中心建设工作推进会"，发布太空 数据中心建设规划方案，推出太空数据中心创新联合体，探讨太空数据中心建设应用重难点问题，加快推 进北京太空数据中心建设发展。 根据推进会，北京拟在700-800公里晨昏轨道建设运营超过千兆瓦（GW）功率的集中式大型数据中心系 统，以实现将大规模AI算力搬上太空。 2、2025亚洲通航展珠海圆满落幕 拉长时间看，截至11月28日，航空航天ETF天弘(159241)近22个交易日合计"吸金"8114.55万元。 【产品亮点】 截至2025年11月28日收盘，航空航天ETF天弘(159241)换手13.94%位居同类产品第一，成交7373.32万元， 市场交投活跃。跟踪的国证航天航空行业指数(CN5082)强势上涨1.42%，成分股亚光科技(300123)上涨 13.48% ...

Group 1 - The 2025 Asian General Aviation Exhibition concluded with a total contract value exceeding 7 billion RMB, with 837 aircraft (sets) sold [1] - The exhibition attracted 75 international exhibitors from countries including the USA, Canada, Germany, the UK, and France, featuring renowned companies such as Bell Helicopter, Pilatus, and Daher [1] - Notable aircraft showcased included the latest Cavalon model from German Daher and the new SR series G7+ from American Cirrus Aircraft [1] Group 2 - The exhibition not only displayed aircraft hardware but also facilitated collaboration among upstream and downstream enterprises, accelerating the integration of the low-altitude economy industry chain [2] - A diverse matrix of eVTOL products was presented, highlighting the potential of low-altitude economy in urban commuting, intercity transportation, and emergency rescue scenarios, thus moving the industry from experimental stages to commercial implementation [2]

《中国民航报》、中国民航网 记者刘九阳 通讯员冯骥北 报道：近日，国网空间技术公司在湖北仙桃机 场成功开展首期专业化航油保障培训。此次培训以加强直升机航油保障安全、夯实航油保障基础为主 题，旨在提升通航作业安全保障能力，为国家电网稳定运行提供支撑。 实训环节设置了航油质量检查、航油遗洒处理、航油起火施救等多个项目，并创新性地开展了直升机静 态加油与不关车加油训练，高度还原了电力作业争分夺秒的真实场景，提升了保障团队在复杂条件下的 实战能力。 据了解，此次专业化培训分两期进行，旨在全面培养航油保障专业人才。作为国内直升机电力作业领域 的"国家队"，国网空间技术公司深知，运行安全始终是通航发展蓝图中不变的底色。坚实可靠的航油保 障，是开拓更多直升机作业场景、守护电网安全运行的根本前提。未来，国网空间技术公司将朝着构建 一支"高标准、专业化、能打硬仗"的通航油料保障队伍迈出坚实一步，为保障国家电力动脉安全、服务 低空经济高质量发展注入源源不断的专业动能。（编辑：贾昊天 校对：金杰妮 审核：韩磊） （本文图片由国网空间技术公司提供） 本次培训在中国航油通航公司的支持下，围绕通用航空作业特点，系统设置了航油检验、油滤检 ...

本报讯 （记者袁传玺）天眼查App显示，近日，安远县东江源智慧低空综合服务有限公司成立，注册资 本1亿元，经营范围含通用航空服务、公共航空运输、电影摄制服务等。股东信息显示，该公司由安远 县城市发展投资集团有限公司全资持股。 ...

"多方战略合作的顺利落地，展现了公司开放协作、汇聚行业优势资源的发展路径。"沃兰特航空方面表 示，公司正以实际行动，与生态伙伴共同加速eVTOL技术的创新突破与商业化进程，携手推动低空经 济产业生态的繁荣与共赢。 据了解，松正航空动力是天津松正控股子公司，为独立运营的专业化航空动力系统供应商，是行业领先 的电驱动系统制造商，主营业务为eVTOL动力系统产品，主要应用于城市交通、货运eVTOL、低空文 旅、应急消防、工业巡检等细分领域。 沃兰特航空方面表示，此次供应主合同的签署，标志着VE25型号在电动力系统研制与适航审查等方面 取得重要进展。双方将持续深化合作，共同推进VE25-100型号的研制与适航取证进程。 日前，2025年亚洲通用航空博览会在广东省珠海市开幕。《中国经营报》记者从沃兰特航空方面获悉， 在本届博览会上，沃兰特航空展出了VE25-100天行全尺寸飞机，并与中创新航签署战略合作协议，与 松正航空动力签署供应主合同合作协议。 具体来看，基于此次战略合作协议，沃兰特航空将与中创新航围绕VE25-100天行项目展开多维度深度 协同。在技术研发方面，双方将联合开展高强度材料的应用研究与测试，并推进下一 ...

Core Viewpoint - The signing of a purchase agreement for 50 AE200 eVTOL aircraft between Hualong Aviation and WoFei ChangKong marks a significant step towards the commercialization of the "Business Jet + eVTOL" innovative travel model, aiming for large-scale delivery and operation [1][3]. Group 1: Strategic Collaboration - The confirmed order of 50 AE200 aircraft is a key deployment for Hualong Aviation to establish a multi-dimensional transportation network, providing seamless, green, and efficient travel solutions for customers [3]. - Since the strategic cooperation began in 2023 with a preliminary order of 100 aircraft, the collaboration has progressed from product co-development to co-creation of application scenarios and infrastructure [3][6]. Group 2: Safety and Infrastructure - Hualong Aviation plans to integrate its internationally certified safety management system into the future operations of the AE200, establishing a safety barrier that exceeds industry requirements [6]. - The company will leverage its nationwide FBO (Fixed Base Operator) network to plan and construct eVTOL landing points in key business districts, effectively addressing the "last mile" of multi-dimensional travel [6]. Group 3: Market Applications - Hualong Aviation aims to explore diverse application scenarios, including airport express services, intercity shuttles, and tourism, ensuring that operational models align with market demands [7]. - The eVTOL's "point-to-point" air travel model is expected to reduce ground travel time from city centers to airports by 50%, providing unparalleled time value and certainty for customers [7]. Group 4: Aircraft Performance - The selected AE200 model features vertical takeoff and landing, fully electric operation, low noise, a maximum cruising speed of 230 km/h, and a range of 200 km, making it the ideal vehicle for realizing the strategic vision [8].

在展会期间，探索者航空与江西航空研究院签署了战略合作协议，共同推进YM-16的适航取证与商业化 进程。目前，中国民航局已正式受理该机型的型号合格证申请，适航审定工作正在全面推进。探索者航 空表示，将优先推进该机型在西部高原地区的运输与应急救援任务。 随着我国对通航产业支持力度的持续加大，天行者YM-16的市场前景备受期待。探索者航空计划在完成 首批交付后，进一步开拓应急救援、公务飞行等特种任务场景，并开展无人机衍生机型研发，持续打造 中国通航"新名片"。（编辑：贾昊天 校对：许浩存 审核：韩磊） 《中国民航报》、中国民航网 记者刘九阳 报道：11月28日，在2025亚洲通用航空展上，探索者航空工 业有限公司自主研发的天行者YM-16短距起降运输机成为展会焦点。这款专为高原地区设计的国产机 型，以其卓越的短距起降性能和多任务适应能力，吸引了众多专业观众驻足关注。 天行者YM-16由中外团队联合研制，填补了全球9座级高原短距起降运输机的市场空白。该机型采用全 复合材料轻量化设计，适配高原、高温环境，最短起降距离仅需200米，可在简易跑道自由起降。其有 效载荷达1400公斤，能搭载9名乘客或运输轻型装备，实现客货两 ...

Core Insights - The establishment of the Airbus Helicopters Global Maintenance Center in Zhuhai marks a significant collaboration between China Southern Airlines General Aviation (南航通航) and Airbus Helicopters, enhancing service capabilities for helicopter maintenance in China [1][3]. Group 1: Agreement Details - A global maintenance center authorization agreement was signed between China Southern Airlines General Aviation and Airbus Helicopters during the 2025 Asian General Aviation Exhibition [1][3]. - The agreement aims to leverage China Southern Airlines' expertise in helicopter maintenance to provide comprehensive services, including maintenance, repair, training, and distribution of helicopter parts and tools to global customers of Airbus helicopters like the H175 and H160 [3]. Group 2: Strategic Collaboration - China Southern Airlines and Airbus Helicopters have a long-standing strategic partnership, previously collaborating in various areas such as aircraft introduction, helicopter operations, maintenance services, and material support [3]. - The new maintenance center will enhance Airbus Helicopters' global service system, improving customer support response times and service quality in the Chinese market [3]. Group 3: Future Plans - China Southern Airlines plans to strengthen its maintenance capabilities and expand service offerings from basic maintenance to include upgrades, composite repairs, bonded warehousing, localized technical publications, and fleet health monitoring data analysis [4]. - The company aims to invest more resources into technological innovation and industry upgrades, contributing to national energy security, aviation emergency response, maintenance training, and the development of the general aviation and low-altitude industries [4].

Core Viewpoint - The company has strategically positioned itself in the low-altitude economy, focusing on areas such as low-altitude transportation logistics, drone applications, infrastructure, and low-altitude consumption, with a particular emphasis on large drones and eVTOL operations [1] Group 1 - The company has successfully operated the Wing Loong II drone for provincial-level aviation emergency projects [1] - The company has utilized the Scorpion A drone to undertake weather modification tasks for meteorological departments [1] - The company has completed successful trial flights for cargo transport routes using ton-class eVTOL between Shenzhen and offshore oil platforms, as well as between Hefei and Anqing [1]