Core Viewpoint - The establishment of Changsha Low-altitude Economic Development Company marks a significant step in the development of the low-altitude economy in Changsha, with a registered capital of 50 million yuan [1] Company Summary - Changsha Low-altitude Economic Development Company has been registered with a legal representative named Lu Hong [1] - The company is fully owned by Hunan Xiangjiang New Area Development Group Co., Ltd [1] Business Scope - The company's business scope includes general aviation services, public air transportation, civil airport operations, civil aircraft maintenance, and design and production of civil aircraft components [1]

2025亚洲通用航空展将于11月27日至30日在珠海国际航展中心举行。本届展会国际化水平显著提升，共 吸引来自中国、美国、加拿大、德国、英国、法国等21个国家和地区的超300家企业参展。本届亚洲通 航展以"通航新纪元，探索低空无限可能"为主题，创新打造"展览+会议+赛事+活动"四位一体的全方位 新平台，进一步夯实珠海"双航展"品牌。 安达维尔：为民用航空与防务领域的高端装备制造企业，持续为客户提供系统与设备级的产品、服务及 解决方案。 四川九洲：整合聚力低空产业抢滩占位，推出全国首个无人机混合物流运营系统，突破多元感知避让、 智能化测试等低空关键核心技术，服务保障多个地区低空能力建设。 *免责声明：文章内容仅供参考，不构成投资建议 国金证券认为，低空经济市场规模空间巨大，基础设施和飞行器制造两大领域将核心受益。目前低空经 济整体处于发展初期，所需要的基础设施建设既脱胎于传统的通用航空基础设施，又在其基础上对信息 感知和信息处理能力做了较大的提升。 无人机是低空经济主导产业，eVTOL是低空经济重要载体，新型飞行器场景快速拓展空间广阔。技术 成熟度提升下产品研发及取证周期有望缩短，多款产品有望迎来取证，商业化运 ...

Core Points - The signing of a procurement contract for 100 Honghu eVTOL aircraft between Huayu Xianxiang Aviation Technology Co., Ltd. and Changsha Xiangjiang General Aviation Development Co., Ltd. marks a significant milestone in the commercialization of eVTOL technology, with a contract value exceeding 1 billion RMB [1][3] Group 1: Company Overview - Xiangjiang General Aviation is a wholly-owned state-owned enterprise under the Hunan Xiangjiang New Area Development Group, responsible for the construction and operation of Pingtang General Airport and various aviation-related services [3] - The company aims to create a comprehensive low-altitude economic ecosystem, including infrastructure construction, aviation equipment R&D, and various aviation operations such as emergency rescue and logistics [3] Group 2: Strategic Importance - The large-scale procurement is a crucial step in accelerating the development of the low-altitude economic industry cluster in Xiangjiang New Area [3] - The partnership between Xiangjiang General Aviation and Huayu Xianxiang is expected to deepen collaboration in areas such as industrial synergy, technology R&D, and demonstration operations [3] - The collaboration aims to establish Hunan as a national leader in low-altitude flight service systems and facilitate the deployment of Honghu eVTOL in urban air mobility, emergency rescue, and logistics [3]

Core Insights - The low-altitude economy is experiencing strong growth, with expectations for the market size to reach 1.5 trillion yuan by 2025 and potentially exceed 2 trillion yuan by 2030 [3] - Recent government policies are aimed at promoting private investment in low-altitude economic infrastructure and optimizing satellite communication business access [3] - The General Aviation ETF Huabao (159231) is gaining traction, reflecting the positive sentiment in the low-altitude economy sector [1][4] Industry Developments - The Ministry of Industry and Information Technology (MIIT) is actively promoting the development of the civil aviation and low-altitude equipment industries [3] - The State Council has issued measures to encourage private capital participation in low-altitude economic infrastructure construction [3] - The MIIT held its first meeting of the low-altitude industry development leadership group to discuss key tasks for high-quality development [3] Investment Opportunities - The General Aviation ETF Huabao covers 50 constituent stocks, with over 46% from state-owned enterprises and more than 20% from the top ten military industrial groups, focusing on low-altitude economy, large aircraft, military aircraft, commercial aerospace, satellite navigation, and drones [4] - The ETF is positioned as a tool for investors to access the Chinese aviation industry chain, benefiting from both domestic demand and military trade [4]

Core Insights - The low-altitude economy is experiencing strong growth, with projections indicating that the market size in China will reach 1.5 trillion yuan by 2025 and is expected to exceed 2 trillion yuan by 2030 [3][4] - Recent government policies are encouraging private investment in low-altitude economic infrastructure, aiming to create a favorable environment for commercial space and satellite communication projects [3][4] - The Huabao General Aviation ETF (159231) is gaining traction, reflecting the positive sentiment in the low-altitude economy and related sectors [1][4] Group 1: Market Performance - Stocks related to the low-altitude economy, such as Morningstar Aviation, Huazhong Technology, and others, have shown significant gains, with some stocks rising over 6% [1] - The Huabao General Aviation ETF has increased by 3.25%, indicating strong market interest and performance [1] Group 2: Government Initiatives - The State Council has issued measures to promote private investment in the low-altitude economy, including optimizing policies for satellite communication and commercial space projects [3] - The Ministry of Industry and Information Technology (MIIT) is actively working on high-quality development tasks for the low-altitude industry, indicating a structured approach to industry growth [3] Group 3: Investment Opportunities - The Huabao General Aviation ETF covers 50 constituent stocks, with over 46% being state-owned enterprises and more than 20% from major military industrial groups, focusing on key areas like low-altitude economy, large aircraft, and commercial aerospace [4] - The ETF is positioned as a strategic tool for investors looking to capitalize on the growth of China's aviation industry, combining domestic demand and military trade [4]

Group 1 - The A-share index turned positive in the afternoon, with sectors like Pinduoduo, China Shipbuilding, and commercial aerospace leading the gains. The Universal Aviation ETF (159230) rose by 3.4%, with stocks like Leike Defense hitting the daily limit and Chenxi Aviation increasing by 9.82% [1] - The 2025 Hunan (International) General Aviation and Low-altitude Economy Industry Expo was held in Hunan, focusing on the theme "Developing Low-altitude Economy, Leading a Better Life." The expo covered an area of 60,000 square meters and featured over 20 key activities, attracting more than 200 leading enterprises [1] - Hunan has made significant progress in low-altitude economic development, establishing a verification test area of 245 square kilometers and laying out 687 low-altitude application scenarios. Various companies are integrating their technologies and products with sectors like agriculture, culture and tourism, emergency response, and education to capitalize on the low-altitude economic opportunities [1] Group 2 - CITIC Construction Investment Securities highlighted the general aviation industry as an important area of new productive forces, emphasizing its foundational attributes in the low-altitude economy. The industry is expected to experience rapid growth driven by supportive policies, continuous technological breakthroughs, and expanding application scenarios [2] - The industry scale of the low-altitude economy is projected to reach 3.5 trillion yuan by 2035, indicating significant growth potential. Additionally, companies in the general aviation sector that have both military and civilian operations are expected to benefit from increased military trade demand amid a backdrop of de-globalization [2]

成份股方面，晨曦航空、天和防务和海格通信表现最为突出，涨幅分别达到9.16%、6.52%和6.45%。另 一方面，南网科技、华测导航和睿创微纳表现较弱，跌幅分别为0.63%、0.57%和0.43%。 来源：新浪基金 11月24日，截至13时03分，通用航空ETF华宝（159231）盘中表现活跃，场内价格现涨2.1%。 消息面上，11月12日第十五届中国国际航空航天博览会在珠海开幕，首次实现"一展多地"模式，珠海国 际航展中心启用13个展馆，集中展示航空装备领域前沿技术。此外，11月10日我国在海南商业航天发射 场成功发射卫星互联网低轨13组卫星，工业和信息化部此前已完成相关卫星国内频率协调及许可审批， 为卫星互联网项目实施提供支撑。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律 ...

Group 1 - The core viewpoint of the news highlights the active performance of the General Aviation ETF Huabao (159231), which saw a 2.1% increase in intraday trading as of November 24 [1] - Key constituent stocks such as Morningstar Aviation, Tianhe Defense, and Haige Communication showed significant gains, with increases of 9.16%, 6.52%, and 6.45% respectively [1] - The 15th China International Aviation and Aerospace Exhibition opened on November 12, showcasing cutting-edge technologies in the aviation equipment sector across 13 exhibition halls [1] Group 2 - The successful launch of 13 low-orbit satellites for satellite internet from Hainan on November 10 supports the implementation of satellite internet projects [1] - The international environment is becoming increasingly complex, with a long-term trend of intensified great power competition, particularly in the Indo-Pacific region, which is expected to boost the military industry [1] - The military industry is anticipated to experience significant growth due to the 14th Five-Year Plan and the goal of achieving military modernization by 2027 [2] Group 3 - The General Aviation ETF Huabao and its linked funds passively track the General Aviation Index, with the top ten weighted stocks including Wan Feng Ao Wei, AVIC, and Aerospace Rainbow [2] - The military sector is expected to see a recovery in strong demand by 2026, driven by multiple catalysts including domestic and international demand growth [2]

11月21日至23日，2025湖南（国际）通用航空及低空经济产业博览会在长沙举行。三天时间里，20 余场重点活动吸引200余家低空经济领域龙头企业参展，3.2万余名专业观众参会观展，现场签约项目总 投资超44亿元。 一批长沙企业带来最新的产品、技术和场景应用参展，展示了长沙低空经济的硬核实力。近年来，长沙 抢抓发展机遇，积极推进低空经济高质量发展。目前，长沙编制了"1+9+N"低空起降设施网，推出了长 沙低空智联数字综合服务平台，发布了一批低空经济应用场景，全市低空经济初具规模。 打造全国低空经济创新高地 应用场景是低空经济发展的关键。今年，长沙推出低空智联数字综合服务平台，该平台集成城市管理、 交通疏导、环保巡查等多个应用场景，通过无人机智能调度系统赋能城市治理。长沙还同步发布了《长 沙市低空经济应用场景首批清单》，涵盖应急管理、城市消防、文旅消费等10大领域54个细分场景。 打造"研发—制造—运营—服务"生态 低空经济是新质生产力的重要代表。据中国民航局预测，2025年，中国低空经济市场规模将达到1.5万 亿元，到2035年有望达到3.5万亿元。 湖南是全国首个全域低空空域管理改革试点省份。目前湖南已建成 ...

Core Insights - The launch of satellite IoT business trials by the Ministry of Industry and Information Technology marks a significant step towards commercial operations in China's satellite internet sector, expected to enhance market supply and support the growth of commercial aerospace and low-altitude economy [4][5] - The satellite ETF (159206) and general aviation ETF (159378) are leading the market, reflecting strong investor interest in these sectors, with notable gains in constituent stocks [1][4] Industry Developments - The satellite IoT business trials will last for two years, aiming to enrich the satellite communication market and promote the healthy development of emerging industries [4] - The anticipated issuance of licenses is expected to accelerate the entire industry chain towards large-scale development, enhancing communication capacity and reducing latency for applications like direct satellite connections for mobile phones and low-orbit satellite networks for intelligent driving [4] Investment Opportunities - The satellite ETF (159206) focuses on commercial aerospace and satellite communication, with a strong emphasis on satellite manufacturing, which is expected to see rapid growth under the "aerospace power" initiative [4][5] - The general aviation ETF (159378) targets the low-altitude economy and drone sector, benefiting from the rapid development of integrated air-ground-space systems [5] - Both ETFs are the first of their kind in the market, with the satellite ETF having a scale of 1.373 billion and the general aviation ETF at 889 million as of November 21, 2025 [5]