大会同期召开了低空经济发展工作委员会年度工作会议。会议总结了低空委2025年度工作成效，表彰了 先进工作者，通过了低空委委员和工作人员的考核和动态调整机制，部署了2026年度重点工作任务。 本次大会以对国家战略的深刻领会、对产业前沿的深入探讨以及对务实合作的有力推动，成功搭建了一 个凝聚共识、汇聚资源、共谋发展的高端平台。与会代表一致认为，在"十五五"规划精神的指引下，通 过全行业的共同努力与深度融合，中国低空经济必将沿着高质量发展的新路径稳步前行，为经济社会和 新质生产力发展注入更为强劲的动能。（编辑：李季威 校对：张彤 审核：韩磊） 中国民航网讯：2026年1月17日，以"融资源、融技术、融资本、融场景、融人才——共筑低空经济高质 量发展新路径"为主题的2026年低空资源和经济发展大会暨低空经济发展工作委员会年度工作会议在北 京市昌平区未来科学城隆重召开。本次大会由中国航空器拥有者及驾驶员协会（中国AOPA）指导，中 国AOPA低空经济发展工作委员会(低空委)主办，北京大学空天信息工程研究中心、北京航空航天大学 低空经济产业与技术研究中心、工信部智库·南航航空产业发展战略研究中心协办，北京帝测科技股份 有 ...

Core Viewpoint - The article highlights the positive signals in the primary market regarding mergers and acquisitions (M&A), emphasizing the establishment of national-level M&A funds and the government's commitment to promoting high-tech industries and expanding domestic demand from 2026 to 2030 [3][4]. Group 1: M&A Market Dynamics - The A-share M&A market is experiencing a significant increase in activity, with a rise in both the frequency and capability of transactions, driven by strategic positioning and chain integration among leading enterprises [4]. - In 2025, a total of 305 listed companies participated in the establishment of 321 industry M&A funds, with a total fundraising scale reaching 297.51 billion yuan, marking a notable increase from 2024 [4]. - Newly established M&A funds are highly concentrated in strategic sectors such as advanced manufacturing, healthcare, artificial intelligence, automotive, new materials, and semiconductors, indicating their role in implementing national industrial policies [4][5]. Group 2: Role of National-Level M&A Funds - The establishment of national-level M&A funds is expected to play a crucial role in promoting industrial upgrades and addressing the needs of local industrial chain integration [5][6]. - The increase in the number of funds and their participation in emerging sectors like aerospace and low-altitude economy reflects a shift towards professional and systematic integration within the technology industry [5]. - M&A funds are positioned as key vehicles for optimizing asset allocation and revitalizing existing assets, with a focus on supporting regional economic development and assisting listed companies in achieving strategic transformations [5]. Group 3: Future Outlook - The year 2025 is anticipated to be a pivotal year for the rise of a new wave of M&A funds, driven by continuous policy encouragement and urgent demands for industrial integration [5][6]. - The establishment of national-level M&A funds is seen as the beginning of a new chapter in the integration of capital and industry within China's capital market [6].

Group 1 - The core viewpoint of the article highlights the successful signing of the Xiamen Juke Qihang Phase II Fund, marking the completion of the first phase and the initiation of the second fund's operations [1] - The Xiamen Juke Qihang Phase II Fund has a scale of 100 million yuan, continuing the strategy of "technology value + industrial synergy" [1] - The fund will focus on strategic emerging industries and future industries, particularly in sectors such as new materials, semiconductors, intelligent manufacturing, and aerospace [1]

Core Viewpoint - The Chinese government is focusing on expanding domestic demand and optimizing supply to achieve a dynamic balance and virtuous cycle in the economy, emphasizing the need for a new economic development model driven by domestic demand and consumption [2][3][4]. Group 1: Economic Strategy - The National Development and Reform Commission (NDRC) is developing a strategic plan for expanding domestic demand from 2026 to 2030, addressing the current issues of insufficient demand and supply [2]. - The strategy aims to strengthen the domestic circulation of the economy, adapting to the trend of demand upgrading and aligning with the new technological revolution and industrial transformation [2]. Group 2: Focus on Real Economy - The emphasis is placed on developing the real economy and constructing a modern industrial system, which is seen as the foundation of China's economic development [3]. - The approach includes fostering new supply through innovation and creating new job opportunities, with a focus on intelligent, green, and integrated development [3]. Group 3: Market Regulation and Competition - The government aims to enhance market vitality by advancing the construction of a unified national market and addressing issues of "involution" in competition [3]. - Measures will be taken to improve market access, ensure fair competition, and regulate prices in key industries to promote a healthy market order [3]. Group 4: Innovation and Development Potential - By 2026, China's economic structure is expected to continue improving, with new productive forces developing steadily and significant potential being released across consumption, investment, technology, and regional development [4]. - New economic growth points are emerging in sectors such as renewable energy, aerospace, and quantum technology, with new energy storage capacity exceeding 100 million kilowatts, accounting for over 40% of the global total [4][5]. Group 5: Regional Innovation and Investment - China has 24 global top 100 innovation clusters, leading the world for three consecutive years, with plans to establish major international technology innovation centers in key regions [5]. - The establishment of national venture capital funds aims to enhance regional investment and innovation, contributing to the creation of a global technology innovation hub [5].

为验证新材料的长期稳定性，团队构建了自动化测试系统，在40天内对材料连续实施1000次"破坏—修 复"循环。每次实验均人为制造50毫米长的分层裂纹，随后触发加热自愈机制，并检测修复后的承载能 力。结果显示，这一材料在经历千次循环后仍保持优异性能，抗断裂能力显著优于传统复合材料，且韧 性衰减极为缓慢，创下自愈次数新纪录。 目前，广泛使用的纤维增强聚合物（FRP）复合材料，因其轻质高强特性，被广泛应用于飞机、汽车、 风力发电机和航天器中。但这类材料长期面临"层间分层"难题，即内部裂纹导致纤维层与树脂基体分 离，严重影响结构完整性。自20世纪30年代以来，这一问题始终制约着复合材料的耐久性，传统FRP设 计寿命通常仅为15年至40年。 团队表示，在实际应用中，材料仅在遭遇冰雹、鸟撞等突发损伤或定期维护时才启动修复程序。据此推 算，此类部件理论上可持续使用达125年以上，甚至在500年内仅需修复4次即可维持功能稳定。这项技 术将大幅降低工业设备的维修成本与能源消耗，减少废弃部件带来的环境污染，对难以返修的航天器具 有革命性意义。 美国北卡罗来纳州立大学科学家研发出一种新型自愈复合材料，可实现上千次自我修复，预计能使飞 ...

Group 1 - The core viewpoint of the article emphasizes the strategic planning and initiatives by the National Development and Reform Commission (NDRC) to promote high-tech industries during the 14th Five-Year Plan period, aiming for a strong economic start [1][3] - By 2026, the economic structure of China is expected to continue improving, with new development momentum emerging from consumption, investment, technology, and industry, indicating significant growth potential [1][3] - New economic growth points are emerging in sectors such as renewable energy, new materials, aerospace, quantum technology, and biomanufacturing, with new energy storage installations exceeding 100 million kilowatts, accounting for over 40% of the global total [1][2] Group 2 - The integration of innovation, industry, and talent is accelerating, supported by a complete industrial system and a large-scale market of over 1.4 billion people, with over 5 million graduates in science, technology, engineering, and mathematics each year [2] - The digital economy is projected to reach a value of 49 trillion yuan by 2025, representing approximately 35% of GDP, creating substantial market opportunities [2] - China has 24 global top 100 innovation clusters, with the "Shenzhen-Hong Kong-Guangzhou" cluster ranking first globally, and the establishment of international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area [2]

Core Viewpoint - The Chinese economy is poised for significant growth and transformation, with a focus on leveraging its super-large market potential and fostering innovation to drive new economic momentum as it enters the 14th Five-Year Plan period in 2026 [1][3]. Group 1: Economic Structure and Growth Potential - The economic structure of China is expected to continue improving, with development momentum shifting towards new sectors, leading to a favorable overall development trend [1]. - Key growth areas include new technologies and products in sectors such as renewable energy, aerospace, quantum technology, and intelligent manufacturing, which are anticipated to drive substantial economic growth [3]. Group 2: Innovation and Talent Integration - The integration of innovation, industry, and talent is accelerating, supported by a complete industrial system and a large population, which provides a robust talent pool of over 5 million graduates in science, technology, engineering, and mathematics each year [4]. - The digital economy is projected to reach a value of 49 trillion yuan by 2025, accounting for approximately 35% of GDP, indicating significant market expansion opportunities [4]. Group 3: Regional Innovation and Development - China boasts 24 of the world's top 100 innovation clusters, with the "Shenzhen-Hong Kong-Guangzhou" cluster ranking first globally, highlighting the country's strong position in global innovation [4][5]. - The establishment of international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is part of a strategic initiative to enhance regional innovation capabilities and foster new industries [5].

Summary of the Conference Call Industry Overview - The focus is on the military industry, particularly in the context of China's military modernization and export potential, with two key areas of interest: domestic large aircraft and high-end military trade [2][3][4] Key Points and Arguments Domestic Large Aircraft - The domestic large aircraft, specifically the C919, is highlighted as a significant player in the market, aiming to compete with Airbus and Boeing [5][6] - The C919 has completed the third phase of certification for the European market, with expectations to finalize all certifications by mid-2027 [6][7] - The aircraft has already achieved over 4 million safe flights domestically, indicating operational success [7][8] - Future production targets for the C919 are projected to reach 200 to 400 units by 2030 to 2035, supported by a robust supply chain [8][9] - The development of derivative models, such as high-altitude and extended-range versions, is underway to meet diverse customer needs [9][10] Military Trade - The export of advanced military aircraft, such as the FC-1 (also known as the JF-17 or Thunder), is seen as a catalyst for expanding China's military trade [13][19] - The demand for the FC-1 from countries like Pakistan is expected to enhance China's military supply chain and promote further exports of advanced military equipment [13][19] - Upcoming defense exhibitions in Saudi Arabia and Singapore are anticipated to serve as platforms for showcasing China's military capabilities and fostering international military trade relationships [20][21] Investment Strategy - The investment strategy emphasizes a focus on companies that can create long-term value, particularly those involved in the second growth curve, which includes new business areas like commercial aerospace and military exports [4][5] - The military industry is characterized by a shift towards bottom-up stock selection, with a focus on individual companies that demonstrate potential for growth and profitability [4][5] Additional Important Content - The military industry is experiencing structural changes, with three main segments identified: military trade, military-to-civilian transitions, and domestic military equipment construction [3][4] - The military trade sector is expected to benefit from increased global military spending, particularly as geopolitical tensions rise [16][17] - The U.S. defense budget is projected to increase significantly, which may further stimulate global military trade dynamics [16][17] - The conference also discussed the importance of technological advancements in military equipment and the need for a comprehensive military industrial base to support these developments [17][18] Company-Specific Insights - Torch Electronics is highlighted for its growth potential in specialized electronic components and new materials, with a focus on military applications [23][24] - The company is recognized as a leading supplier of multilayer ceramic capacitors (MLCC) in the military sector, with plans for expansion into new materials for aerospace and missile applications [25][26] - Torch Electronics has implemented multiple employee stock incentive plans to align the interests of management and employees, which is expected to support long-term growth [26][27] This summary encapsulates the key insights from the conference call, focusing on the military industry, investment strategies, and specific company developments.

Group 1 - The A-share market experienced a collective decline on January 20, with the aerospace sector undergoing a correction. The Aerospace ETF (159227) fell by 2.77%, with a trading volume of 410 million yuan, maintaining its position as the leading fund in its category [1] - Aerospace ETF has reached a latest scale of 3.034 billion yuan, solidifying its status as the largest in its category [1] - The China Securities Regulatory Commission (CSRC) announced that the commercial aerospace company, China Aerospace Science and Technology Corporation, has completed its counseling work and entered the acceptance phase, marking a significant IPO progress for the company [1] Group 2 - According to Open Source Securities, under supportive policies, the pace of listings for private rocket companies is accelerating, with expectations for a "policy + technology + capital" triple resonance in the domestic commercial aerospace sector by 2026 [1] - The aerospace ETF closely tracks the National Aerospace Index, covering leading companies across the entire industry chain, including fighter jets, aircraft engines, rockets, missiles, satellites, and radars, aligning perfectly with the strategic direction of "integrated air and space" [1] - The top ten holdings of the aerospace ETF include industry leaders such as Aerospace Development, China Satellite, Aerospace Electronics, AVIC Aircraft, and AVIC High-Tech, with a high commercial aerospace content of 70.19% [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the aviation industry, specifically focusing on the C919 aircraft developed by COMAC (Commercial Aircraft Corporation of China) and its recent evaluation by the European Union Aviation Safety Agency (EASA) [1] Core Insights and Arguments - EASA has completed the compliance flight evaluation of the C919 in Shanghai, awarding it a "good performance" rating, which is a significant milestone for the aircraft's international airworthiness certification [1] - This achievement greatly enhances the certainty of the C919 entering the global mainstream market, shifting market focus from long-term concepts to near-term realizations [1] - The market will now concentrate on the acceleration of the C919 delivery schedule and the domestic substitution process for high-value components such as engines and onboard systems [1] Additional Important Content - The successful evaluation by EASA is expected to act as a catalyst for the C919's market entry, indicating a shift in the industry's dynamics [1] - Companies to watch in relation to this development include AVIC Xi'an Aircraft Industrial Group (中航西飞) and Guizhou Aviation Industry Group (广联航空), which may benefit from the advancements in domestic manufacturing capabilities [1]