赋能"智慧农业"，支撑骨干企业构建产业生态 低空经济的价值，深深植根于与实体经济的融合。在农业领域，广州极飞科技股份有限公司以无人机为 支点，构建起覆盖农业全周期产品线。建行广州分行营业部通过高效对接，以1亿元的综合授信为起 点，为企业提供了坚实的金融支持，并持续深化合作，成为其重要的结算与合作银行。 转自：新华财经 作为战略性新兴产业，低空经济正成为广东发展新质生产力的重要引擎。在这场从地面向低空拓展的产 业变革中，中国建设银行广东省分行（以下简称"建行广东分行"）以国有大行的前瞻视野与金融担当， 精准滴灌产业链关键环节，为培育低空经济产业高地提供了坚实的金融支撑。 护航"未来出行"，助力飞行汽车驶入量产轨道 当汽车被赋予翅膀，人类的出行方式正迎来新变化。小鹏汇天集团作为国内飞行汽车领域的先行者，其 量产进程备受瞩目。然而，将前沿设计转化为规模化生产，离不开充足的资金保障。 面对企业建设飞行汽车量产工厂的迫切需求，建行广州分行迅速组建专项服务团队。团队深入一线，克 服了新兴行业的诸多挑战，在短短两周内创新完成了低空经济领域固定资产贷款的"三合一"申报流程。 通过高效协同，建行广州分行率先完成审批，成为全球飞 ...

每经记者｜杨建 每经编辑｜彭水萍 ｜2025年12月16日 星期二｜ NO.1 商务部等6部门印发《促进服务外包高质量发展行动计划》加强领军企业培育 12月15日，商务部等6部门印发《促进服务外包高质量发展行动计划》，目标到2030年，培育一批具有 国际竞争力的服务外包龙头企业，建设一批创新能力强、特色优势产业明显的服务外包集聚区，服务外 包数字化、智能化、绿色化、融合化发展水平进一步提升，吸纳就业人数显著增长。服务外包成为创新 提升服务贸易、创新发展数字贸易的重要组成部分。培育一批具有较强国际竞争力的服务外包领军企业 和具有独特竞争优势的中小服务外包企业，引导企业在新兴领域布局产业生态，积极参与全球产业分工 合作。 NO.2 机构：居民资产配置切换迹象显现，资本市场有望迎万亿元潜在增量资金 中金公司研究部分析称，根据中金公司研究部数据，可以反映出居民资金入市的趋势。展望后市，随着 居民资产配置切换，理财产品能给股市带来多少增量资金？据中金公司研究部测算，受益于含权产品发 力，2026年理财机构有望提升权益资产仓位（股票+股混基金）0.8个百分点至2.3%；2027年伴随着理财 权益投研资源的持续投入，仓位有 ...

相关资料显示，双方已联合启动CNAS认证工作，确保测试体系符合国家标准，为飞行汽车产品适航取 证提供权威认证保障，推动行业测试标准与国际接轨。 基地深度融合5G-A通信、卫星互联网与人工智能等前沿技术，构建"空—天—地"一体化协同数字化试 飞保障体系，实现对复杂试飞科目的智能化实时预警与全过程精准化数字化管控。 12月11日，在2025世界无人机大会上，中国低空经济领域迎来里程碑式突破——高域与南方试验场在韶 关市新丰县合作建设的"飞行汽车试飞检测基地"（以下简称"基地"）正式授牌。 此次授牌仪式不仅标志着国内首个路空一体化国家级研发试验检测中心与国内飞行汽车领军企业实现了 深度融合发展，更为我国低空经济与立体交通的产业化进程按下"加速键"。 据了解，本次授牌的飞行汽车试飞检测基地，坐落于韶关市新丰县、占地8600亩的南方试验场。依托优 越空域资源优势，已建成国内首个非标准飞行汽车专用机库，配备多垂直起降点与数条滑行跑道，构建 了完善的起降、停放与地面转运硬件体系。基地深度融合路、空要素，部署了完备的低空智联网设施， 为飞行汽车测试验证搭建高度仿真的未来立体交通场景。 双方联合建立低空飞行器全栈测试技术与测试 ...

智通财经APP讯，瑞立科密(001285.SZ)公告，公司收到国内某知名飞行汽车公司(限于保密要求)的定点 开发通知书。客户选择瑞立科密作为其零部件供应商，为其开发和供应连接与折叠核心零部件，具体产 品供货时间、价格以及供应数量以签订的供应协议及销售订单为准。 ...

瑞立科密：到国内某知名飞行汽车公司的定点开发通知书。 ...

Core Viewpoint - Dongwu Securities maintains a "buy" rating for XPeng Motors (09868), emphasizing its strategy of "range extension + overseas expansion" in the C-end market and leveraging its mass production capabilities to accelerate globalization [1] C-end Market - XPeng's core competitiveness lies in its ability to create mass-market hit products, focusing on range extension with large batteries and efficient range extenders to achieve long pure electric range and leading fuel-to-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while globalization is seen as the second growth curve through localized production, R&D centers, and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with predictions that the market will reach 83.1 billion yuan by 2030, potentially replacing private car travel [2] - XPeng's Robotaxi project is set to launch in the second half of 2026, with pre-production vehicles expected to begin trial operations [2] - The company aims to reshape the billion-dollar mobility market through its self-developed VLA2.0 model, mass production capabilities, and innovative business models [2] Collaboration with Volkswagen - XPeng has successfully upgraded its positioning to that of a smart technology solution provider, deepening its collaboration with Volkswagen from joint development of the G9 platform to co-developing electronic and electrical architectures and core AI chips [3] - Volkswagen's sales in China are projected to exceed 2.6 million units by 2026, with a new energy penetration rate of over 10% [3] - The collaboration will see the launch of two full-size pure electric models in 2026, alongside deep cooperation in EE architecture and charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from deep synergy with its smart vehicle business, with the IRON robot integrating "bionic body" and "AI brain" technologies [4] - The IRON robot features a human-like spine, bionic muscles, 82 degrees of freedom, and a dexterous hand with 22 degrees of freedom, enabling advanced environmental perception, decision-making, and interaction capabilities [4] - Commercial trials for IRON are set to begin in 2026, focusing on services such as guiding, shopping assistance, and patrol [4] Flying Cars - XPeng's next-generation vertical take-off and landing flying car, A868, has entered the test flight phase, achieving over 500 km of range [5] - As of October 2025, XPeng has received 7,000 pre-orders and plans to deliver the A868 globally in the second half of 2026 [5]

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for XPeng Motors (09868), emphasizing its strategy of "range extension + overseas expansion" in the C-end market and leveraging its mass production capabilities to accelerate globalization [1] C-end Market - XPeng's core competitiveness lies in its ability to create mass-market hit products, focusing on large batteries and efficient range extenders to achieve long pure electric range and leading oil-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while aiming for a scale of tens of thousands of deliveries through localized production and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with projections indicating that the market could reach 83.1 billion yuan by 2030 [2] - XPeng's Robotaxi project is set to commence with pre-production vehicles rolling off the line in the second half of 2026, aiming to reshape the billion-dollar mobility market with its self-developed VLA 2.0 model and innovative business model [2] Partnership with Volkswagen - XPeng has successfully upgraded its positioning to that of a smart technology solution provider, deepening its collaboration with Volkswagen from joint development of the G9 platform to co-developing electronic and electrical architectures [3] - Volkswagen's sales in China are expected to exceed 2.6 million units by 2026, with a new energy penetration rate surpassing 10%, as XPeng collaborates on two full-size pure electric models and deepens cooperation on charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from the deep integration with its smart vehicle business, with the IRON robot combining "bionic body" and "AI brain" capabilities [4] - The IRON robot features a human-like spine, bionic muscles, and advanced dexterity, with plans for commercial trials in navigation and shopping services starting in 2026 [4] Flying Cars - XPeng is on the verge of mass production for its next-generation vertical take-off and landing flying car, the A868, which has achieved over 500 km of range during test flights [5] - As of October 2025, XPeng has received 7,000 pre-orders for the A868, with plans for global deliveries in the second half of 2026 [5]

Group 1: C-end Smart Vehicles - The core competitiveness of the company lies in its ability to create mass-market hit products, focusing on both range extension and global expansion [2][14][16] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, with a focus on long-range capabilities and high oil-electric conversion rates [2][22][26] - The global strategy aims for localized production and channel expansion, targeting a significant increase in delivery scale [2][41][44] Group 2: B-end Robotaxi - The company is leveraging favorable policies and technological breakthroughs to differentiate itself in the Robotaxi market, predicting a market size of 83.1 billion yuan by 2030 [3][50][57] - The Robotaxi project is set to launch in the second half of 2026, with plans for mass production and trial operations [3][70][78] - The company proposes a dual-mode approach for Robotaxi, including a fully shared model and a private ownership model, enhancing its competitive edge [3][73][76] Group 3: Partnership with Volkswagen - The partnership with Volkswagen has evolved from joint vehicle development to deeper collaboration on electronic and electrical architecture and AI chip development [4][93][95] - The company is expected to assist Volkswagen in launching two full-size electric models in 2026, with a projected sales volume of over 2.6 million units in China [4][97][101] - The collaboration is anticipated to enhance the company's positioning as a smart technology solution provider [4][92] Group 4: Robotics - The company's robotics division integrates bionic design with AI capabilities, aiming for commercial applications in various service scenarios by 2026 [5][12][29] - The IRON robot features advanced bionic structures and AI systems, enhancing its interaction and decision-making abilities [5][12][29] Group 5: Flying Cars - The company is on the verge of mass production for its new generation of flying cars, with the A868 model entering the test flight phase [6][12] - The flying car has achieved a range of over 500 km, with significant pre-orders already secured [6][12] Group 6: Financial Projections - The company maintains a revenue forecast of 78.5 billion yuan for 2025, with a year-on-year growth of 92%, while adjusting projections for 2026 and 2027 due to policy uncertainties [7][34] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected at -0.71, 1.29, and 3.26 yuan, respectively [7][34]

Core Insights - The company is entering a new phase with its C-end smart vehicle segment, leveraging "range extension and overseas expansion" to enhance its competitive edge in mass-producing popular models [1] - The B-end Robotaxi segment is positioned for growth, with expectations of a market turning point by 2027, potentially reaching a scale of 83.1 billion yuan by 2030 [1] - The partnership with Volkswagen is evolving, positioning the company as a smart technology solution provider, with plans for joint development of electric vehicles and deep collaboration on electronic architecture [2] C-end Smart Vehicle Segment - The company aims to launch seven new models by 2026, covering both pure electric and range-extended vehicles [1] - The focus on local production, R&D centers, and channel expansion is expected to drive the company towards a scale of tens of thousands in deliveries [1] B-end Robotaxi Segment - The company is capitalizing on favorable policies and technological advancements in the Robotaxi market, with a projected market size of 83.1 billion yuan by 2030 [1] - The Robotaxi project is set to begin trial operations in the second half of 2026, with mass production of pre-installed vehicles [1] Partnership with Volkswagen - The collaboration has expanded from initial vehicle development to include joint efforts in electronic architecture and AI chip development [2] - Volkswagen's sales in China are expected to exceed 2.6 million units by 2026, with a new energy vehicle penetration rate above 10% [2] Robotics and Flying Cars - The company's robotics initiative integrates advanced AI with mechanical design, featuring a humanoid structure and high degrees of freedom [2] - The new generation of flying cars, A868, is in the testing phase, with over 7,000 pre-orders and plans for global delivery in the second half of 2026 [2] Financial Projections - The company maintains a revenue forecast of 78.5 billion yuan for 2025, with a year-on-year growth of 92% [3] - Adjustments have been made to the revenue expectations for 2026 and 2027, now projected at 105.8 billion yuan and 151.9 billion yuan respectively, reflecting a year-on-year growth of 35% and 44% [3] - The company is rated as a "buy" based on its transition from automotive to AI technology, with expected earnings per share of -0.71 yuan in 2025, 1.29 yuan in 2026, and 3.26 yuan in 2027 [3]

Investment Rating - The report provides a neutral investment rating for the technology finance sector, indicating a relative performance within -10% to 10% compared to the benchmark index [34]. Core Insights - The report emphasizes the importance of enhancing financial support for technology innovation, as outlined in the State Council's guidance on strengthening financial backing for achieving high-level technological self-reliance and building a strong technology nation [3]. - There is a notable trend of increasing financing activities in the technology sector, with significant records being set in various fields such as AI+AR glasses and Micro LED technology [12][13]. - The report highlights the performance of major indices in November 2025, noting a decline in A-share indices due to weak macroeconomic data and external market influences, while the communication and media sectors showed positive growth [19][29]. Summary by Sections 1. Financing News - Thunderbird Innovation completed a record financing round in the AI+AR glasses sector, marking the highest single financing amount in 2025 [8]. - JBD Shanghai completed over 1 billion RMB in B2 financing, setting a record in the Micro LED micro-display field [9]. - GAC High Domain's flying car project secured 200 million RMB in Pre-A financing, with total financing for the year reaching 500 million RMB [10]. - Dexmal, a company focused on embodied intelligence, announced several rounds of financing totaling nearly 10 billion RMB, indicating strong investor interest in advanced technology [11][12]. 2. Market Performance - In November 2025, major A-share indices experienced declines, with the Shanghai 50, ChiNext, and Sci-Tech 50 dropping by 1.39%, 4.23%, and 6.24% respectively [16]. - The technology growth sectors saw mixed results, with the communication and media industries recording positive growth, while other sectors such as machinery and pharmaceuticals faced declines [19]. 3. Loan Data - As of Q3 2025, the loan balance for technology SMEs reached 3.56 trillion RMB, reflecting a steady increase in financial support for this sector [21]. - The number of technology SMEs receiving loan support also rose, reaching 275,400 by Q3 2025 [24]. 4. IPO Activity - The report notes a stable number of IPOs in the domestic capital market, with the Hong Kong Stock Exchange seeing a peak of 15 IPOs in June 2025 [28]. 5. Overseas Financing - Sakana AI, a Japanese AI startup, raised approximately 20 billion JPY in B-round financing, achieving a post-financing valuation of about 400 billion JPY [13]. - Flexion, a US robotics startup, completed a 50 million USD financing round, with plans to expand its operations [13].