Core Viewpoint - Shanghai aims to establish a low-altitude economy with a core industry scale of approximately 80 billion yuan by 2028, creating a complete industrial chain for new low-altitude aircraft and positioning itself as a leading global hub for eVTOL technology [1][2] Group 1: Development Goals - The measures outline three main objectives: enhancing high-end manufacturing capabilities, leveraging regional collaboration, and strengthening open innovation functions [2] - The plan includes attracting 10 leading companies in eVTOL and industrial-grade drones, achieving a manufacturing capacity of over 500 new aircraft, and generating an additional investment of over 20 billion yuan [2] Group 2: Specific Initiatives - The measures propose 16 specific initiatives focusing on building a research and manufacturing hub for low-altitude equipment, creating an industrial ecosystem, and promoting collaborative efforts in the Yangtze River Delta [2][3] - Financial support is allocated for high-tech projects, with up to 100 million yuan for eVTOL and industrial-grade drone manufacturing, and additional funding for related technological advancements [3] Group 3: Infrastructure and Application - The plan emphasizes the importance of developing low-altitude infrastructure, including specialized takeoff and landing sites and intelligent network systems, with a focus on public safety and operational efficiency [3][4] - It encourages the use of low-altitude aircraft for urban management, emergency response, and environmental monitoring, promoting innovative regulatory frameworks to facilitate these applications [4] Group 4: Regional Policy Trends - Other regions, such as Guangdong, Yunnan, and Guizhou, are also implementing policies to support low-altitude economic development, focusing on safety regulation, core technology advancements, and new application scenarios [5][6] - The low-altitude economy is seen as being at a critical growth phase, requiring a comprehensive policy framework, robust infrastructure, and innovative technologies to drive industry expansion [6][7]

1月4日，上海发布《上海市关于链接长三角加快建设低空经济先进制造业集群的若干措施》，其中明确 提出，到2028年，上海低空经济核心产业规模达到800亿元左右，要有序开展低空经济场景应用。 与之对应的是，业内在应用层面正积极拓展。近日，电动垂直起降飞行器（eVTOL）企业峰飞航空宣 布，旗下2吨级eVTOL"凯瑞鸥"从海南海口明珠岛起飞，仅用9分钟便稳稳降落在广东湛江徐闻港，实现 全国首例吨级无人驾驶eVTOL跨琼州海峡运输场景验证。在低空经济应用场景拓展与产业生态构建层 面，沃兰特等公司也相继宣布与多家企业达成深度合作。 接受中国证券报记者采访的业内人士普遍认为，单个产品的成功和单一场景的繁荣，并非是这片低空领 域的最终答案。低空经济要真正成为驱动城市发展的新引擎，必须升维竞争，这就需要构建更加完整的 产业生态。 事实上，从企业间的"产品竞赛"，升级为区域间的"生态系统协同"，也是上海此次出台政策对行业健康 稳步发展的一个重要指引方向。 ● 本报记者 乔翔 物流场景"率先起飞" 低空经济的生命力在于真实、可使用的应用场景，其中低空物流场景已成为业内企业积极布局的领域。 "应用层面，国内吨级无人驾驶载货eVTO ...

Core Viewpoint - The event held in Chengdu aimed to promote the development of postdoctoral work in Sichuan, focusing on innovation and the transformation of research outcomes through collaboration and project promotion [1][4]. Group 1: Event Overview - The event was co-hosted by multiple government departments and included a review of the achievements in the postdoctoral sector in Sichuan [1]. - It featured two main phases: work promotion and project promotion, emphasizing the themes of review, display, connection, and transformation [1]. Group 2: Project Promotion and Collaboration - Awards were given to outstanding units in the third National Postdoctoral Innovation and Entrepreneurship Competition, with notable projects like "Yao Guang Electromagnetic Comprehensive Simulation Industrial Software" and "Bo Hai Hydrogen Blue" showcased [2]. - A total of 46 innovative postdoctoral projects were presented, with 15 projects participating in live roadshows, facilitating direct interactions between project representatives and over 40 banks and investment institutions [2]. Group 3: Focus on Emerging Industries - The projects highlighted during the event were aligned with Sichuan's strategic focus on emerging and future industries, including artificial intelligence, healthcare, and low-altitude economy [4]. - Postdoctoral teams engaged in in-depth discussions with financial institutions regarding technical details, equity structures, and market expansion strategies, laying the groundwork for future collaborations and project transformations [4]. Group 4: Talent Development and Support - Sichuan has established a comprehensive training platform with 496 postdoctoral stations in key sectors such as AI, aerospace, and biomedicine, contributing to a significant increase in postdoctoral recruitment, totaling over 14,000 individuals [6]. - The province has implemented a five-tier funding system to support postdoctoral initiatives, resulting in substantial growth in financial backing and a retention rate of over 70% for postdoctoral graduates choosing to remain in Sichuan [6].

Group 1 - The core theme for China's economy in 2026 will focus on boosting domestic demand and emphasizing technology development, as external uncertainties persist due to factors like the US-China trade war [2][3][25] - The economic growth target for 2026 is set at approximately 5.0%, which aims to ensure over 10 million new jobs, balancing current needs with long-term goals [6][25] - The potential GDP growth rate is projected to decline to around 4.63% during the 15th Five-Year Plan period (2026-2030), influenced by structural constraints such as an aging population and diminishing capital returns [4][5][6] Group 2 - The government is expected to implement more proactive fiscal and monetary policies, maintaining a fiscal deficit of around 4% and a broad fiscal deficit rate potentially exceeding 10% [7][12] - To address insufficient effective demand, an annual injection of 4 trillion to 5 trillion yuan into the economy is necessary to maintain normal economic circulation [12][25] - The real estate market is anticipated to face significant challenges, with a projected need for approximately 4.58 trillion yuan to normalize unsold housing inventory [9][10] Group 3 - The focus on technology will include significant investments in AI infrastructure, semiconductor manufacturing, and high-end manufacturing sectors, with domestic companies expected to benefit from policy support [21][25] - The consumer market is expected to see a shift towards service consumption, with policies aimed at enhancing consumer environments and increasing household income [19][20] - Structural policies will be necessary to improve income distribution and enhance consumer spending, particularly targeting middle and low-income groups [14][17][25]

Core Viewpoint - Guangzhou's government has issued a plan to accelerate the development of an advanced manufacturing city, focusing on low-altitude economy and commercial aerospace from 2024 to 2035 [1] Group 1: Low-altitude Economy Development - The plan emphasizes the exploration of civil unmanned aerial vehicle (UAV) test zones and the development of new technologies, models, and business formats in the low-altitude sector [1] - Infrastructure construction for low-altitude operations will include hub-type takeoff and landing sites, vertical takeoff points, UAV test flight areas, automated maintenance hangars, and UAV takeoff cabinets [1] - The establishment of intelligent integrated infrastructure will create a network of facilities, airspace, flight routes, and services to support UAV development and manufacturing [1] Group 2: Industry Cultivation and Investment - The plan aims to enhance the cultivation of industries related to new materials, new energy, new processes, navigation, and smart transportation, focusing on key technologies in power systems, flight control systems, safety systems, and composite materials [1] - The Guangzhou Low-altitude Economic Application Demonstration Island will serve as a platform for applications such as "low-altitude + commuting," "low-altitude + tourism," and "low-altitude + emergency," promoting the development of supply chain clusters [1] Group 3: Commercial Aerospace Development - The initiative includes the establishment of a series of advanced launch vehicle industrial bases, focusing on low-cost, high-reliability launch vehicles, internet satellite constellations, and commercial aerospace applications [1] - Key breakthroughs are targeted in new high-thrust, reusable technologies to achieve repeatable and high-density launch capabilities [1] - The plan also involves the development of satellite communication and remote sensing ground terminal equipment, promoting collaboration with next-generation information technologies such as AI, big data, and 5G/6G [1]

Group 1 - The core role of enterprises in technological innovation is emphasized in the recent guidelines from the Central Committee, highlighting the need for innovation resources to concentrate on enterprises [1][3] - The R&D expenditure in China is projected to reach 3.6 trillion yuan, accounting for 2.68% of GDP by 2024, with enterprises contributing over 77% of this investment [2] - The strategic direction to strengthen the role of enterprises in innovation has been consistently reinforced in national policies, indicating a clear commitment to gather innovation resources within enterprises [3][4] Group 2 - The government is shifting from being a "leader" to an "enabler," providing maximum freedom for innovation and creating a supportive ecosystem for future industries [8][9] - Companies like Huasheng Composite Technology have benefited from local innovation platforms that assist in addressing financing and market challenges, showcasing the importance of specialized support for technology transfer [10] - The integration of technology, industry, and finance is being optimized to create a virtuous cycle, with enterprises taking a leading role in original innovation and resource allocation [10]

Core Viewpoint - The military industry ETF, Huabao (512810), has seen a significant increase, reaching a 4% rise and continuously hitting historical highs, driven by a surge in commercial aerospace stocks, with six stocks hitting the daily limit [1][4]. Group 1: Commercial Aerospace Developments - Xinghe Power Aerospace announced plans to launch the "Vesta-1 Sea Launch Type (Remote 7)" commercial rocket soon, which, if successful, could make it the first private aerospace company in China to complete a launch by 2026 [3]. - The construction of China's first offshore reusable rocket production base by Jianyuan Technology has begun, marking a significant milestone in the domestic aerospace industry [3]. Group 2: Investment Strategies and Market Sentiment - Shenwan Hongyuan suggests increasing attention to the military industry, highlighting the contributions of commercial aerospace and low-altitude economy sectors to the recovery of the military industry's fundamentals [3]. - Guolian Minsheng Securities holds a positive outlook for the military industry over the next year, emphasizing the need to track domestic demand recovery and strategic directions such as unmanned equipment and commercial aerospace [3]. Group 3: ETF Composition and Performance - The Huabao military ETF (512810) includes a significant weight of 28.64% in commercial aerospace stocks, with notable holdings such as AVIC Optoelectronics (2.73%) and China Aerospace (2.23%) [5]. - On January 8, the military sector attracted over 15.7 billion yuan in capital inflows, leading the industry in performance [4].

Core Insights - The 2026 International Low-Altitude Economy Expo will take place from July 22 to 25, 2026, at the National Exhibition and Convention Center in Shanghai, with an exhibition area of 100,000 square meters [2][10] - The low-altitude economy is recognized as a new growth engine, with over 30 provinces in China incorporating its development into local government work reports or policies [2][5] - The expo aims to drive the integration of the industry chain, application chain, and ecological chain, promoting high-quality development in the low-altitude economy [6][10] Industry Opportunities - The low-altitude economy is becoming a key area for cultivating competitive advantages and new growth engines, supported by strong policy momentum from the 14th Five-Year Plan [5] - The global low-altitude economy market is expected to exceed $1 trillion by 2030, with China making significant breakthroughs in core components such as batteries and electric control systems [5] Expo Positioning - The expo serves as a comprehensive platform for the entire industry chain, focusing on the practical application of low-altitude scenarios [7][10] - The first expo attracted nearly 300 exhibitors and over 55,200 visitors, including international attendees from 25 countries and regions [6] Exhibition Layout - The exhibition will feature various halls dedicated to low-altitude aircraft, drones, eVTOLs, flying cars, infrastructure, and application scenarios [11][10] - The first two days will be reserved for professional visitors, while the last two days will be open to the public, enhancing engagement through demonstrations and interactive experiences [11] Core Value - Participating companies will gain comprehensive value from brand exposure to commercial conversion, with significant procurement agreements already in discussion, such as a $1.75 billion deal for 500 eVTOLs [13] - The expo will establish a global media network, attracting over 742 media outlets and more than 400 journalists for coverage [13] International Stage - The expo will strengthen collaborations with international organizations and invite exhibitors and buyers from Southeast Asia and Belt and Road Initiative countries [15] - Preparations for the expo are underway, with global low-altitude economy companies actively planning their participation [15]

Core Insights - Shenzhen's foreign trade continues to show steady progress in 2026, with emerging industries, particularly the low-altitude economy, becoming a new engine for export growth [1] - The low-altitude economy is highlighted as a significant representative of new productive forces, leveraging its full industrial chain advantages and diverse product matrix to expand export scale and market coverage [1] Group 1: Low-Altitude Economy Development - The Qianhai-Shekou Low-Altitude Economy Pilot Zone serves as an international drone testing center and a crucial window for Shenzhen's low-altitude economy products to reach global markets, featuring a comprehensive industrial layout from R&D to manufacturing, testing, and application [3] - Various types of drones, including logistics, cargo, and competition models, are gaining prominence in foreign trade, while electric vertical takeoff and landing aircraft are also securing numerous overseas orders due to their technological and cost advantages [7] Group 2: Export Performance and Future Outlook - The low-altitude economy products' export scale is continuously expanding, becoming a new highlight in foreign trade [5] - A drone known as the "flying bicycle" has received 40 orders from over 10 countries and regions, with an additional 200 intention orders [9] - A multi-passenger aircraft dubbed the "air bus" has garnered over a thousand intention orders domestically and internationally, with applications in tourism, short-distance commuting, and industrial inspections [11] - Shenzhen Customs reported that in the first 11 months of 2025, exports of high-tech products exceeded 1.15 trillion yuan, marking a 9.5% year-on-year increase, with low-altitude economy-related products being a significant growth driver [14] - Many companies are experiencing a surge in overseas orders, maintaining full production capacity, and it is anticipated that the export scale of the low-altitude economy will see substantial growth this year [14]

会议指出，全县上下始终牢记省市赋予寿阳的重大使命任务，高扬排头兵旗帜、突出全局性谋划、保持 攻坚战态势、树立项目化思维、坚持人民为中心，综合实力跃升与发展韧性提升相得益彰，产业结构转 型与新旧动能转换融合互促，政府管理效能与市场配置效率有机统一，经济发展进位与民生改善进步并 驾齐驱，圆满完成2025年各项任务，顺利实现"十四五"收官。 见群众所盼，坚持时效导向办成群众所需，优化制度破解发展所难，真正做到治理有方向、服务有温 度、决策有底气。 会议强调，要统筹抓好近期重点工作。严守安全生产底线，开展重点行业领域安全隐患排查整治，加强 烟花爆竹存储、运输、销售、燃放安全管控，积极防范森林火灾，倾力化解信访矛盾，确保社会大局和 谐稳定。关心群众生产生活，抓好节日期间重要民生商品保供稳价、食品安全监管以及供水供电供气保 障，精心做好困难群众救助帮扶和走访慰问。严明清廉过节纪律，深入落实中央八项规定及其实施细则 精神，加强廉洁教育和监督执纪，以严的基调筑牢作风防线。 会议强调，2026年是"十五五"规划开局之年，也是县域经济高质量发展示范县建设起步之年，经济工作 的总体要求是：深入贯彻党的二十大和二十届历次全会精神，坚 ...