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 ...

Core Insights - The Aerospace ETF Tianhong (159241) has shown strong market activity with a turnover of 13.94% and a transaction volume of 73.73 million yuan as of November 28, 2025, outperforming its peers [1] - The CN5082 index tracking the aerospace industry has increased by 1.42%, with notable gains from constituent stocks such as Yaguang Technology (300123) up 13.48%, Aerospace Development (000547) up 10.02%, and Guanglian Aviation (300900) up 6.23% [1] - Over the past 22 trading days, the Aerospace ETF Tianhong has attracted a total of 81.1455 million yuan [1] Product Highlights - The Aerospace ETF Tianhong (159241) effectively captures thematic investment opportunities, aligning with popular themes such as low-altitude economy, large aircraft, and satellite internet, benefiting from both policy and market support [2] Hot Events 1. Beijing is accelerating the development of a space data center, with plans to build a large-scale data center system in the 700-800 km dawn-dusk orbit, aiming to transfer massive AI computing power to space [2] 2. The 2025 Asian General Aviation Exhibition concluded successfully in Zhuhai, showcasing over 170 aircraft and attracting participation from more than 380 companies across 22 countries and regions, with significant growth in exhibition scale compared to previous years [3] 3. China Aviation Engine Group signed cooperation agreements or intent procurement contracts for various general aviation engines totaling over 1 billion yuan during the exhibition [3] Institutional Views - Open Source Securities highlights the introduction of a three-year action plan for commercial aerospace, aiming for high-quality development by 2027, with the upcoming maiden flight of the Blue Arrow Aerospace Zhuque-3 reusable rocket and accelerated satellite internet constellation construction [3]

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。 ...

Core Insights - The 2025 Asian General Aviation Expo has opened in Zhuhai, Guangdong Province, showcasing the VE25-100 Tianxing full-size aircraft by Volant Aviation [1] - Volant Aviation signed a strategic cooperation agreement with Zhongchuang Xinhang and a main supply contract with Songzheng Aviation Power during the expo [1][2] Group 1: Strategic Cooperation - The strategic cooperation agreement will focus on multi-dimensional collaboration on the VE25-100 project, including joint research on high-strength materials and next-generation battery technology [1] - The partnership aims to enhance product safety and technological leadership while promoting sustainable development goals in green aviation, such as battery recycling and carbon footprint management [1] - Both companies plan to establish a network for battery testing, maintenance, and replacement to improve user service experience and enhance brand value [1] Group 2: Supply Collaboration - The signing of the main supply contract signifies significant progress in the development and airworthiness review of the VE25 model's electric power system [2] - Volant Aviation aims to deepen cooperation with partners to accelerate the innovation and commercialization of eVTOL technology, contributing to the prosperity of the low-altitude economy [2]

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]