Core Insights - The Shanghai Municipal Economic and Information Commission, in collaboration with the Hongqiao International Central Business District Management Committee and four districts, has issued measures to accelerate the construction of a low-altitude economy advanced manufacturing cluster in the Yangtze River Delta, targeting a core industry scale of approximately 80 billion yuan by 2028 [1][2] Group 1: Overall Goals - The overall goal is to establish a complete industrial chain for new low-altitude aircraft and to build a national advanced manufacturing cluster for the low-altitude economy, positioning Shanghai as a global hub for eVTOL (electric Vertical Take-Off and Landing) aircraft [1] - The objectives are divided into three dimensions: enhancing high-end manufacturing capabilities, leveraging regional collaboration, and strengthening open innovation functions [1] Group 2: Specific Measures - The measures include 16 specific initiatives focused on building a low-altitude equipment R&D and manufacturing hub, an industrial ecosystem, and facilitating collaborative efforts in the Yangtze River Delta [2] - Support for leading manufacturing projects in eVTOL and industrial-grade drones can receive up to 100 million yuan, while innovative insurance products for low-altitude aircraft testing and commercial applications can receive up to 20 million yuan in subsidies [2] - There is an emphasis on enhancing low-altitude infrastructure cooperation in the Yangtze River Delta, including planning for cross-provincial low-altitude public air routes and facilities [2]

Group 1: Capital Market Insights - Global markets showed overall recovery during the New Year holiday, with Hong Kong's Hang Seng Index rising 2.7%, marking the strongest start in over a decade [2] - The Chinese yuan continues to appreciate, breaking the 7 mark, benefiting Chinese assets due to a weaker dollar and stable economic fundamentals [2] - Major brokerages remain optimistic about the A-share market, predicting a sustained bull market into 2026 [2] - A total of 71 new funds are scheduled for issuance in January, with 44 launching in the first trading week [2] Group 2: Industry Highlights - AI sector sees renewed attention with DeepSeek introducing a new AI model architecture that significantly reduces computing power requirements while enhancing efficiency [4] - The low-altitude economy is set to grow, with Shanghai aiming for a core industry scale of approximately 80 billion yuan by 2028 [4] - The film industry is projected to reach a box office of 51.83 billion yuan by 2025, with a year-on-year growth of 21.95% [4] - The real estate market in Beijing has seen increased viewing and transaction volumes since the implementation of new policies, with daily new home sales rising significantly [4] Group 3: Company Developments - Baidu plans to spin off Kunlun Chip for an IPO, with Goldman Sachs estimating its valuation at up to $16.5 billion, leading to a 10% surge in Baidu's Hong Kong shares [6] - BYD's electric vehicle sales have surpassed Tesla for the first time, with BYD selling 2.25 million units, a 28% increase year-on-year, while Tesla's deliveries are projected to decline by 8.6% to 1.64 million units in 2025 [6] - Ningde Times has repurchased 15.99 million shares for a total of 4.386 billion yuan [7] - DreamNet Technology has partnered with Shenzhou Liuhe to develop heavy-duty drone products [7]

近日，低空经济再迎地方政策重磅加码。上海市政府印发了《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》的通知。《通知》提出到2028年实现低空经济核心产业规模800亿元、培 育10家整机领军企业、形成超500架新型航空器批量化制造能力的目标，并首次提出将上海建设为"世界 eVTOL之都"的战略定位。政策的出台，被视为上海对2024年"低空经济"写入政府工作报告及"十五 五"规划建议的实质性落地，也是长三角区域一体化在低空产业领域的深度实践。 《通知》以"链接长三角"为核心，从产业能级提升、技术创新突破、基础设施共建、场景应用拓展四大 维度提出系统性举措。在核心目标设定上，除800亿元产业规模目标外，上海还计划培育和招引10家 eVTOL（电动垂直起降航空器）、工业级无人机、新能源通航飞机等整机领军企业，形成超500架新型 航空器批量化制造能力，带动产业链新增投资200亿元以上。 【上海：到2028年上海低空经济核心产业规模达到800亿元左右 形成低空新型航空器完整产业链体系】 1月4日，上海市政府印发《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》的通 知。其中提到，到2028 ...

Group 1 - The State Council issued the "Solid Waste Comprehensive Management Action Plan," aiming for significant results in solid waste management by 2030, including a comprehensive utilization of 4.5 billion tons of major solid waste annually and 510 million tons of major recycled resources [3] - The People's Bank of China released the "Non-Bank Payment Institutions Classification Rating Management Measures," which includes seven modules for classification rating, such as corporate governance and user rights protection [3] - The Ministry of Housing and Urban-Rural Development published opinions on improving housing quality, targeting significant advancements in housing standards and construction by 2030 [3] Group 2 - The Chinese Academy of Sciences announced a breakthrough in nuclear fusion research with the EAST device, confirming the existence of a density-free zone in tokamaks, which is crucial for high-density operation [4] Group 3 - UBS Wealth Management stated that advanced manufacturing and technological self-reliance will become new growth engines for the Chinese stock market in 2026, driven by increased R&D investment in the tech sector [6] - Citic Securities reported a positive outlook for the Chinese stock market in 2026, particularly in the technology sector, with expectations of a new systematic market trend [5] - Fidelity International highlighted the strong attractiveness of the Chinese market in 2026, driven by continuous policy support and rapid advancements in local enterprises [5] Group 4 - The Shanghai government aims to develop a low-altitude economy, targeting an industry scale of approximately 80 billion yuan by 2028, establishing a complete industrial chain for new low-altitude aircraft [8] - The report indicated that around 30 provinces have included "low-altitude economy" in their 14th Five-Year Plan, with various regions proposing to develop low-altitude applications [8] Group 5 - Hainan's duty-free sales saw significant growth during the New Year holiday, with sales reaching 712 million yuan, a 128.9% increase year-on-year, following the expansion of the zero-tariff policy [10] - China Duty Free Group is identified as a leading player in the domestic duty-free industry, while Caesar Travel is expanding its duty-free business through partnerships [11] Group 6 - Plentiful orders have been reported by Huazhong Microelectronics, with full operation of its production lines and plans for further investment to increase capacity [18] - The company has achieved significant growth in its third-generation semiconductor business, surpassing 100 million yuan in scale [18]

Core Viewpoint - The integration of technology and industry is a strategic choice for Chengdu's development, emphasizing the need for innovation-driven growth and efficient transformation of technological achievements into market value [2][3]. Group 1: Strategic Importance - Chengdu's "15th Five-Year Plan" positions the city as a significant center for technological innovation and advanced manufacturing, necessitating enhanced hard power [2]. - The focus on integrating technology and industry aims to facilitate the initial stages of technological innovation and the final stages of technology transfer, creating a positive cycle of productivity [2]. Group 2: Implementation Strategies - The city has outlined key tasks for the new year, emphasizing organized innovation, effective transformation, and systematic matchmaking in the integration of technology and industry [2]. - Specific areas of focus include deepening scene innovation, expanding "Artificial Intelligence +", and nurturing emerging industries such as low-altitude economy and digital cultural creation [2][3]. Group 3: Collaborative Efforts - Ongoing initiatives like "Sci-tech Tianfu · Wisdom Gathering in Rongcheng" aim to enhance the efficient matching of supply and demand through collaboration with universities and innovation platforms, resulting in over 400 collaborative projects [3]. - The establishment of a "dual-direction leaderboard" mechanism and the appointment of 500 research personnel to act as "technology vice presidents" in enterprises will further support technological advancements [3].

低空经济赛道迎利好！ 上海市经济和信息化委员会等部门1月4日发布的《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》（以下简称《若干措施》）提到，建设全国领先、世界一流的低空经济先进制造业集 群，到2028年，上海低空经济核心产业规模达到800亿元左右，形成低空新型航空器完整产业链体系， 建设低空经济国家先进制造业集群，加快迈向比较优势凸显的"世界eVTOL之都"。 其中提到，放大区域协同优势。强化市区协同和长三角联动，基本建成1个国家级低空新型航空器中试 验证平台。发挥上海低空经济会客厅作用，积极融入全球低空经济市场，加快低空装备出海应用。 未来低空经济创新中心理事长罗军在接受证券时报记者采访时表示，上海并非国内低空经济发展最早的 城市，但从顶层设计到落地推进的每一步，都踩准了关键节点。与多数城市聚焦自身发展的思路不同， 上海从规划之初便跳出市域范围，将低空经济置于长三角一体化的大框架下布局。上海地域面积有限， 但作为长三角城市群的龙头城市，其辐射带动能力突出。 形成超500架新型航空器批量化制造能力 《若干措施》提到，提升高端制造能级。瞄准主流技术方向，培育和招引10家eVTOL、工业级无 ...

低空经济赛道迎利好！ 上海市经济和信息化委员会等部门1月4日发布的《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》（以下简称《若干措施》）提到，建设全国领先、世界一流的低空经济先进制造业集 群，到2028年，上海低空经济核心产业规模达到800亿元左右，形成低空新型航空器完整产业链体系， 建设低空经济国家先进制造业集群，加快迈向比较优势凸显的"世界eVTOL之都"。 其中提到，放大区域协同优势。强化市区协同和长三角联动，基本建成1个国家级低空新型航空器中试 验证平台。发挥上海低空经济会客厅作用，积极融入全球低空经济市场，加快低空装备出海应用。 未来低空经济创新中心理事长罗军在接受证券时报记者采访时表示，上海并非国内低空经济发展最早的 城市，但从顶层设计到落地推进的每一步，都踩准了关键节点。与多数城市聚焦自身发展的思路不同， 上海从规划之初便跳出市域范围，将低空经济置于长三角一体化的大框架下布局。上海地域面积有限， 但作为长三角城市群的龙头城市，其辐射带动能力突出。 形成超500架新型航空器批量化制造能力 《若干措施》提到，提升高端制造能级。瞄准主流技术方向，培育和招引10家eVTOL、工业级无 ...

低空经济赛道迎利好！ 上海市经济和信息化委员会等部门1月4日发布的《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》（以下简称《若干措施》）提到，建设全国领先、世界一流的 低空经济先进制造业集群，到2028年，上海低空经济核心产业规模达到800亿元左右，形成 低空新型航空器完整产业链体系，建设低空经济国家先进制造业集群，加快迈向比较优势凸 显的"世界eVTOL之都"。 其中提到，放大区域协同优势。强化市区协同和长三角联动，基本建成1个国家级低空新型 航空器中试验证平台。发挥上海低空经济会客厅作用，积极融入全球低空经济市场，加快低 空装备出海应用。 未来低空经济创新中心理事长罗军在接受证券时报记者采访时表示，上海并非国内低空经济 发展最早的城市，但从顶层设计到落地推进的每一步，都踩准了关键节点。与多数城市聚焦 自身发展的思路不同，上海从规划之初便跳出市域范围，将低空经济置于长三角一体化的大 框架下布局。上海地域面积有限，但作为长三角城市群的龙头城市，其辐射带动能力突出。 形成超500架新型航空器批量化制造能力 《若干措施》提到，提升高端制造能级。瞄准主流技术方向，培育和招引10家eVTOL、工业 ...

Group 1: AI Hardware and Applications - CES has become a major showcase for cutting-edge AI hardware, with a focus on consumer-grade AI expected to accelerate by 2026, featuring AI-enabled robots and wearable devices [2] - Companies like Zhaowei and Megmeet are showcasing advanced AI products at CES, including a new dexterous hand with 20 degrees of freedom and high-performance AI modules for robotics [2] - The AI medical sector is entering a critical commercialization phase, supported by new policies from Beijing aimed at fostering innovation and product evaluation in AI healthcare [7][8] Group 2: Low-altitude Economy - The low-altitude economy is at a pivotal growth stage, with approximately 30 provinces incorporating it into their 14th Five-Year Plans, indicating strong governmental support [3] - Major eVTOL manufacturers are seeing orders materialize, and the industry is expected to grow significantly over the next 3-5 years as regulatory frameworks and infrastructure improve [3][4] Group 3: Autonomous Driving - Significant advancements in autonomous driving have been reported, with China officially entering the mass production phase for L3 vehicles, marking a regulatory breakthrough [6] - Companies like Haon Automotive are actively involved in the development of intelligent driving systems, collaborating with leading domestic automakers [6] Group 4: AI Model Development - The AI application landscape is shifting towards performance realization and edge computing, with notable advancements in multimodal models like Google's Gemini-3-pro and domestic models like Doubao [9] - The investment logic in the AI industry is transitioning from a focus on computational power to application value, highlighting the importance of software and high-growth edge hardware companies [9]

Group 1: Economic Transformation and Technological Innovation - The core of China's economic transformation during the "14th Five-Year Plan" period is driven by new productivity, emphasizing the need for technological innovation to overcome development bottlenecks and activate growth momentum [1] - The "2025 Zhitong Finance 8th Investment Annual Conference" focused on the theme of economic transformation and technological breakthroughs, featuring discussions on cross-industry transformation and value investment [1] Group 2: Company Strategies and Innovations - Lianhua Holdings has transitioned from a well-known seasoning brand to the intelligent computing sector, establishing a dual-driven model of "consumption + technology" [3] - The company has launched new products in its seasoning business while also entering the computing rental and AI sectors, achieving nearly 100 million yuan in revenue from its computing rental business by Q3 2025 [3] - Lianhua's strategy includes attracting industry elites and implementing incentive mechanisms to stabilize traditional business while fostering innovation in new sectors [3] Group 3: Industry Challenges and Opportunities - Zero Gravity Aircraft Industry faces challenges in commercializing low-altitude economy due to insufficient airspace resources and infrastructure, with only 512 general airports in China compared to nearly 20,000 in the U.S. [4] - The company advocates for the "green aviation camp" business model to promote low-altitude tourism, utilizing electric new energy aircraft [4] Group 4: Infrastructure and Urban Development - Pacific Construction is evolving from a traditional builder to a city operator, focusing on integrating physical space with cutting-edge industries [5] - The company has initiated projects like a zero-carbon digital economy industrial park in Hebei, showcasing a comprehensive service model from investment to operation [6] Group 5: Financial Innovations and Support for Technology - There is a gap between traditional financial systems and emerging tech companies, as banks typically assess past performance rather than future potential [6] - Banks are adapting by restructuring credit data and incorporating external data to enhance risk control, with digital RMB smart contracts potentially reshaping financial logic [6][7] - The application of digital RMB smart contracts could create a better market environment for hard tech companies and enable precise funding allocation for R&D [7] Group 6: Investment Perspectives - The compatibility of technological originality with industry chain integration is crucial for hard tech survival, with a focus on the ability to transform technology into cost-effective products [8] - The role of the investment institution is to empower rather than take over, fostering trust and collaboration with invested companies and local governments [8]