国元证券近日发布机械设备行业2026年年度投资策略：伴随工程机械出口端实现稳定增长，政策端支持 力度进一步加大，叠加大型工程项目推动构成行业新增长引擎，工程机械明年仍存在较为明确的布局机 会。刀具行业作为机械制造的基础支撑性行业，政策端及行业需求端将持续催化。我们认为，刀具行业 作为半周期+半消费/成长类板块，虽然仍受部分下游需求扰动影响，但当前时点已存在较为明确的布局 机会。 以下为研究报告摘要： 报告要点： 人形机器人：技术传导订单，产业聚焦核心 中国低空经济快速扩张，预计2026年突破万亿，复合增长率约30%。产业结构中，飞行器制造与运营服 务占比55%，供应链、消费与交通等约40%，基础设施空间有待释放。中美领跑全球，中国无人机产业 优势明显，eVTOL商业化加速推进。政策与资本双轮驱动成型，2025年政府工作报告首次提出"安全规 范发展"，发改委设立低空经济司，空域改革深化，六城开展600米以下空域授权试点。30个省份将低空 经济列为重点，深圳建设全球首个eVTOL智能机坪，上海布局跨省航线，北京推进AI+低空巡检。技术 层面，无人机与eVTOL为核心力量，智能化、无人化持续迭代，物流配送、城市交通 ...

"十五五"规划建议提出，要打造新兴支柱产业，加快低空经济等战略性新兴产业集群发展。在江西，近年来随着政策细化落地、技术深度融合、场景加速拓 展，低空经济正加速崛起，从概念探索迈向规模化落地。 记者在江西省赣州市南康区看到，作为全国首个无人机物流配送试点项目所在地，当地建立"无人机+高铁"运输专线，打造纵横交错的空中高速物流网络， 让农产品更快速、便捷地走向市场。 无人机+高铁联运 为乡村发展注入新活力 隆木乡坐拥得天独厚的生态环境，是优质畜禽养殖的天然宝地，但这里山路蜿蜒、沟壑纵横，农产品外运一度是制约农场发展的"老大难"问题。作为全国首 个无人机物流配送试点项目所在地，赣州南康区大胆探索创新，率先建立起无人机运输专线，为深山农产品打通空中出山路。 赣州市南康区隆木乡党委副书记 黎彬：如果他们自己运输，有来回的路费、车油费，还有一些损耗，一天下来，运输等成本要200元左右。无人机运输时间 只要十几分钟，我们核算了一下成本只要十几块钱。 不过，山区气候变幻莫测，初期无人机飞行常因突发的强风、短时强降水等天气状况受到干扰，甚至出现货物延误、设备受损的情况。 这个专业化的气象保障平台，成功打通了气象预警信息与无人机 ...

政策明确规划科旅之家、凤凰城商圈等重点区域起降点建设，重点拓展低空物流、即时配送、应急救援 等实用场景，加速形成"空中观光+民生服务+应急保障"的多元应用生态。通过"政策补贴+市场需求"双 轮驱动，既点燃市民消费热情，更助力企业积累飞行数据、加速技术迭代。 政策明确依托鹏城云脑Ⅲ期、国家超算深圳中心二期等算力设施，为低空大模型训练、海量数据处理提 供支撑；借力自由电子激光、材料基因组等平台，赋能飞行器新材料研发与检测。 同时，强化创新载体联动，支持南方科技大学光明高等研究院、中兵智能创新研究院等大院大所，聚焦 无人系统、关键零部件等领域开展技术攻关，形成"基础研究—中试转化—产业应用"的完整创新链条。 场景落地是政策实施的关键抓手。《措施》延续并升级"低空飞行券"发放机制，涵盖文旅观光、商务出 行、飞手培训三大类别，推动低空消费市场扩容。 来源：深圳新闻网 深圳新闻网2026年1月3日讯（深圳特区报记者 周宏博）近日，《深圳市光明区促进低空经济高质量发 展若干措施》正式发布。作为大湾区综合性国家科学中心先行启动区，光明区立足自身科创与产业优 势，以政策为笔、以创新为墨，在低空经济赛道精准布局，为产业高质量发展 ...

Core Viewpoint - Chengdu's low-altitude economy is rapidly advancing, with companies like WoFei ChangKong making significant strides towards commercializing flying cars by 2026, supported by favorable policies and a robust industrial ecosystem [3][4]. Group 1: Company Developments - WoFei ChangKong is set to conduct small-scale commercial trial operations of its self-developed low-altitude flying vehicles (flying cars) by 2026-2030, aiming to transition from "flying" to "safe flying" [4]. - The company has completed over 400 verification test flights in 2025 and successfully finished the first phase of verification for the AE200-100 production model [4]. - WoFei ChangKong has secured several hundred million yuan in Series C financing and plans to launch its global headquarters base in 2026 [4]. Group 2: Industry Growth - Chengdu has established itself as a hub for low-altitude economy, with 95 core enterprises in the industry chain located in the Chengdu High-tech Zone [5]. - The city has introduced a three-year action plan for high-quality development of the low-altitude economy (2024-2026), supported by substantial financial incentives from local governments [5]. - The integration of artificial intelligence with low-altitude flight is being promoted through the establishment of the first low-altitude intelligent entity innovation center in Sichuan [5].

Core Insights - The low-altitude economy in China is experiencing rapid growth, with the market expected to reach 670.25 billion yuan by 2024 and 1.5 trillion yuan by 2025, potentially exceeding 3.5 trillion yuan by 2035 [5][7]. Group 1: Low-altitude Economy Development - The low-altitude economy is integrating with tourism and logistics, leading to innovative scenarios and applications [5]. - Sichuan-based WoFei ChangKong is focused on the development and commercialization of low-altitude transportation aircraft, with plans to launch 16 low-altitude tourism routes by the end of 2026 [5][6]. - The company has successfully tested routes connecting key tourist destinations, enhancing the operational ecosystem for low-altitude flights [6]. Group 2: Technological and Operational Advancements - The establishment of a collaborative management mechanism between Sichuan and Chongqing aims to streamline low-altitude flight approvals and enhance safety and efficiency [6]. - Drones are being utilized for efficient delivery of government materials, significantly reducing transportation time from over an hour to just 11 minutes [6]. - The North Sichuan General Aviation Industrial Park hosts 64 companies in the low-altitude economy sector, fostering a cycle of technology development, application, and talent cultivation [7]. Group 3: Educational and Talent Development - The Mianyang Flight Vocational College is actively involved in practical projects, providing students with hands-on experience in low-altitude logistics, contributing to the workforce needed for the industry [7]. - The college has organized over 100 student participations in projects since July 2025, supporting the optimization and implementation of low-altitude logistics initiatives [7]. Group 4: Strategic Importance - The low-altitude economy has been recognized as a strategic emerging industry cluster in China's 14th Five-Year Plan, with efforts to transition from technology validation to scenario integration [8]. - Nearly 200 low-altitude routes have been opened, with total flight hours exceeding 100,000, indicating significant operational scale [8].

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Viewpoints - The commercial aerospace industry is expected to enter an explosive growth phase over the next two years, driven by technological breakthroughs and policy incentives. The demand for launch services and satellite networking is anticipated to increase significantly, supported by the U.S. "America First" space policy and China's advancements in rocket launch capabilities [9][21] - The establishment of a dedicated regulatory body, the "Commercial Aerospace Administration," and the rapid acceptance of Blue Arrow Aerospace's IPO indicate accelerated policy and capital support for the commercial aerospace sector [11][22] - The integration of artificial intelligence with commercial aerospace is transforming "space computing" from a concept into a commercial reality, enhancing demand for satellite manufacturing and launch services [12][23] Summary by Sections Industry Overview - The industry comprises 142 listed companies with a total market value of 32,882.43 billion CNY and a circulating market value of 28,949.45 billion CNY [3] Key Developments - The successful launch of the "Fengyun-4C" satellite and the "Long March 7" rocket demonstrates China's growing capabilities in aerospace technology [14][30] - The first operational 30 MW pure hydrogen gas turbine marks a significant milestone in aviation equipment, showcasing advancements in green energy technology [13][28] Market Performance - The defense and military industry index rose by 3.05%, ranking second among 31 major industry sectors, with a current PE(TTM) of 78.4 times [41][48] Investment Opportunities - Recommended companies in the missile and military electronics sector include Hongyuan Electronics, Torch Electronics, and Macro Electronics [24] - In the aerospace engine sector, companies like Aero Engine Corporation of China and supporting firms such as Yingliu Co. and Aerospace Technology are highlighted [25] - For military trade, key players include AVIC Chengfei, AVIC Shenyang, and AVIC Xi'an [26] - In the new domain construction, companies like Guolian Aviation and Superjet Co. are suggested for investment in commercial aerospace [27]

Core Insights - The economic work conference of the municipal government has outlined the direction and blueprint for the city's economic development in 2026, instilling confidence and determination to tackle challenges and strive for progress [1] Group 1: Industry Clusters - The focus is on strengthening three industrial clusters: 1. The ceramic new materials industry cluster, with initiatives to enhance production line upgrades and establish a national highland for ceramic new materials [1] 2. The low-altitude economy industry cluster, which includes a world-class aviation town project with a total investment of 46 billion, covering 67 projects aimed at becoming a hub for general aviation in Northeast China [1] 3. The green energy industry cluster, leveraging national rural energy revolution pilot projects to build a green electricity industrial park and promote key projects like the Rongyuan energy storage power station [1] Group 2: Five Key Breakthroughs - The implementation of five key breakthroughs to create an optimal development ecosystem: 1. Improvement of the business environment through reforms aimed at reducing costs and solving problems for market entities [2] 2. Advancement in data application by establishing a digital ecosystem focused on data assetization and industry digitization [2] 3. Promotion of rural revitalization by enhancing specialty agriculture and expanding income channels for farmers [2] 4. Enhancement of public services in education, healthcare, and elderly care through high-quality project developments [2] 5. Ensuring safety and stability by balancing development with risk prevention to maintain high-quality growth [2]

《中国民航报》、中国民航网 记者冯智君 报道：当国家将低空经济擘画为战略性新兴产业，一片崭新 的天空疆域正随时代之风浩荡展开。湖北，这片享有"九省通衢"美誉、向来敢为天下先的热土，以开拓 进取的锐气，将国家蓝图转化为荆楚实践。2025年的荆楚天空，正加速转变成承载物流、巡检、应急、 观光等多重功能的"立体走廊"。而这，正是湖北精心织就的一张低空"立体网"所呈现的壮阔图景。 当前，多元场景在荆楚大地竞相绽放：在武汉，无人机翱翔于东湖高新区，赋能城市"智理"，勾勒出未 来城市空中管理图景；在宜昌，无人机穿梭于峡江之间，破解秭归柑橙外运与长江船舶物资配送难题； 在十堰，山区库区上空，无人机物流示范航线成为联通城乡的新动脉……"十堰—花湖""天河—花湖"等 货运航线的开通，不仅创新了物流模式，更重塑了物流效率。 截至12月，全省已"飞"出应急消防、物流配送、农林植保、文旅观光、城市治理等多个低空应用场 景。"低空+"的融合效应，正在湖北的青山绿水、城市乡野间，结出惠及民生、赋能产业的累累硕果。 共生：一座生态圈，汇聚产业合力 2025年，在湖北省委、省政府"加强研发、拓展市场、培育龙头"与"三位一体"协同推进的战略指 ...

Group 1 - The central economic work conference emphasizes the integration of investment in goods and investment in people, highlighting opportunities in industries such as artificial intelligence, financial technology, and elder care services due to existing supply gaps [3] - The focus on new production capacities and boosting domestic demand in the 2026 industrial policy suggests that sectors related to artificial intelligence and low-altitude economy, as well as domestic consumption, are worth monitoring [3] - The active capital market is crucial for supporting the development of emerging industries, which in turn promotes employment and enhances the effectiveness of "investment in people" [4] Group 2 - The conference signals a strong emphasis on domestic demand as a primary driver, indicating that expanding domestic demand is both a short-term challenge and a long-term strategic choice [6] - The two main directions for the 2026 economic policy are ensuring "quantitative expansion" through domestic demand and "qualitative improvement" via innovation [6] - The macroeconomic policy for 2026 is expected to be more proactive, with an emphasis on moderately loose monetary policy and more active fiscal policy, aiming for a coordinated macro policy approach [7] Group 3 - The capital market is anticipated to experience a positive trend in 2026, driven by improved operating conditions for listed companies, ample liquidity, and a favorable external environment [9] - Key sectors to watch include technology, electronics, and artificial intelligence, which are expected to present new opportunities [9] - The performance of the artificial intelligence and chip industries in 2025 indicates significant growth potential, with ongoing opportunities in various "AI+" sectors [9]

…… 新兴产业与未来产业 正重塑中国经济的增长坐标 "十五五"规划建议 明确提出 "培育壮大新兴产业和未来产业" 2025年，中国经济 向⌜新⌟而行 低空飞行器划破长空 商业航天赛道形成万亿级生态 人机交互突破想象边界 更让2025年的坚实步伐 成为未来五年产业升级的精彩序章 让我们启动这场"星际巡航" 一同探寻"星标"产业 ↓↓↓ 01 乘势而飞 低空经济爆发式发展 02 太空新基建 商业航天提速 03 新能源 发电装机容量快速增长 总统筹｜祝乃娟 04 脑机接口 规模持续增长 05 人工智能 专利领跑全球，算力扩容提速 06 具身智能 中国市场占全球近三成 回望 2025，群 "星" 闪耀 勾勒产业新图景 2026，再赴 新 程 续写高光！ 策划出品｜经济政声工作室《经济有数》栏目 21创意工作室 执行统筹｜林虹 张星 林军明 策划｜周亦洋 林青云 黄兰雯 视频｜白宇航 谢和洋 实习生吴思远 胡梓颖 李思远 设计｜黎旭廷 文案｜周亦洋 黄兰雯 实习生李茗萱 审校｜陈晶晶 黄志明 ...