每日金句 你 在 创业路上遇到的问题和想法 ， 都可以找吴老师聊聊 。 中国成功的公司，就是要在别人看不起的赛道当中深耕，小赛道才有大机会。 打不赢的地方一分钱也不要花，打得赢的地方要敢于孤注一掷。 江南春丨分众传媒董事长 黑马营25期结业课程导师 这里认真推荐你： 报名 「吴世春·西安出行活动」 1月23日-25日 ， 吴世春将亲自带队 100家企业家 ， 去陕西西安线下游学 ， 走进科技制造 产业，打开万亿赛道蓝海。 希望所有支持吴老师的人 ， 一如既往的相信他、支持他，大家 一起 加油！ 活动详情如下 ↓↓↓ 吴世春导师亲自带队 走进科技制造产业 升级数字文旅体验 探索产业生态协同 打开万亿赛道蓝海 如果你是 优质的项目，吴老师也会果断投 你 。 机器人、航空航天、高端装备、新材料、新能源、 科技演费、Al+产生的创出者看过来! 你将收获 1场 产业重做的深度链接之旅 掌握资本热捧赛道的核心逻辑,了解底层破局密码,占据产 业制高点 百位 硬核创业者同行 与100位创业精英思维碰撞,让合作现场发生,让问题当 场解决 带队导师 ·阳明心学践行者、被称为"最懂创业者"的知名天使投资人 ·累积管理基金规模超10 ...

南都讯 记者钟丽婷 南都N视频记者从空中客车获悉，截至2025年11月30日，中国民航机队中需按监管 部门和空中客车要求采取预防性措施的A320系列飞机均已按照适航指令和空客技术文件完成相关工 作。所有运营中的A320系列飞机执行的航班运行平稳正常。 日前，空中客车对近期一起涉及A320系列飞机的事件进行分析后发现，强烈的太阳辐射可能会破坏一 些影响飞行控制系统正常运行的关键数据。空中客车于北京时间2025年11月29日凌晨发布紧急运营商通 告（AOT），要求运营商立即采取预防性措施，安装适用的软件或更换硬件，以消除潜在的安全隐 患，确保机队安全飞行。 全球范围内，可能受此影响的6000架飞机中的绝大多数也已完成相关工作，空客正在支持相关航司推动 剩余不足百架飞机尽快投入运营。 ...

2025年11月26日，在布鲁塞尔欧盟总部举行的闭门会议刚刚结束，一则突如其来的消息立即在全球范围内引发热议。欧盟27国联合向美国递交了一份备忘 录，表示愿意在经贸领域全面配合美方，甚至不惜主动切断与中国的相关合作，以此换取美国在钢铝关税问题上的让步。然而，这份充满"示好"意味的声明 还未完全冷却，特朗普团队却突然向中国释放友好信号，宣布重启部分中美贸易合作谈判，并准备简化中国商品进入美国的流程。这样的突然反转，让欧盟 27国瞬间陷入尴尬，被全球视作"用力过猛却被晾在一边"的典型例子。 事情之所以会发展成这样，源头在于美国不断加码的钢铝关税压力。美国方面近期 透露，将进一步扩大钢铝关税的征收范围，这无疑直接击中了欧洲制造业的要害。因为钢铁和铝材是欧洲汽车、机械制造、航空航天等主要产业最关键的基 础材料，美国的关税政策已经对欧洲相关企业造成巨大冲击。为了促使美方做出让步，欧盟27国可谓是竭尽全力。自今年年初以来，欧盟对美国的投资增长 了超过1500亿欧元，而美国在欧洲液化天然气进口市场中的份额也从45%飙升到60%。即便如此，欧盟仍担心不够，干脆把"中国牌"作为最终筹码，在谈判 中不断强调所谓"共同竞争对手"， ...

（文章来源：每日经济新闻） 有机构分析称，近年来，我国商业航天在政策牵引、技术突破与市场驱动下，以全产业链协同创新，完 成了历史性的跨越。商业航天司牵头推进"卫星互联网"等重大基础设施建设，2027年前将形成大规模星 座组网，上游卫星制造、中游发射订单有望增长。并且，统一监管缩短审批周期，批量生产、批次发射 成为常态，卫星单颗成本有望下降。商业航天司的成立不仅提供了政策确定性，更有望触发产业链"需 求-成本-应用"的正向循环，商业航天板块有望迎来业绩与估值的双升。 资料显示，航空航天ETF天弘（159241）跟踪指数一键配置航天装备、国产大飞机、低空经济、军工信 息化等概念股，是军工行业的细分领域，标的指数99%属于国防军工行业，相比其他军工类指数占比更 高，纯度更高，更细分，更符合当下市场关注，在军工类指数ETF中投资价值更高。 A股今日震荡走强，军工板块表现亮眼！光启技术、航天发展涨停，亚光科技、国科军工、雷电微力涨 超4%。受重仓股上涨影响，航空航天ETF天弘（159241）所跟踪的国证航天航空行业指数今日高开高 走涨约2%。 消息面上，近日，国家航天局宣布已设立"商业航天司"，作为专职监管机构，负责统 ...

Core Viewpoint - The commercial aerospace sector in China is experiencing significant growth, driven by government initiatives and increasing market activity, particularly highlighted by the performance of the aerospace ETF (159227) [1][2]. Group 1: Market Performance - On December 1, A-shares saw a collective rise, with the aerospace ETF (159227) opening high and increasing by 2.04%, achieving a trading volume exceeding 2 billion yuan, making it the largest in its category [1]. - The aerospace ETF (159227) reached a new high in size at 2.108 billion yuan, marking it as the largest aerospace-themed ETF in the market [1]. Group 2: Government Initiatives - The "14th Five-Year Plan" has officially included the goal of becoming a "strong aerospace nation," indicating a strategic focus on the aerospace industry [1]. - The National Space Administration has released the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)," aiming for significant growth and efficient collaboration within the industry by 2027 [2]. Group 3: Industry Outlook - The establishment of the Commercial Aerospace Office will effectively integrate various departmental functions, marking the formal inclusion of commercial aerospace into national regulatory frameworks [1]. - The aerospace sector is expected to benefit from the deepening of military-civilian integration, accelerated construction of low-orbit constellations, and the expansion of the global space economy [2]. - The aerospace ETF (159227) closely tracks the National Aerospace Index, with a high concentration of military industry stocks, covering key areas such as aerospace equipment, satellite navigation, and new materials, with a significant focus on commercial aerospace concepts [2].

华西通信指出，国家加速推动商业航天建设，有望助力卫星互联网应用有望加速落地。自8月以来相关 部门表示会发放卫星互联网牌照，卫星互联网商业运营迈出关键的第一步，有望推动全产业链向规模化 加速迈进。 消息面上： 1、11月25日，国家航天局公布《国家航天局推进商业航天高质量安全发展行动计划（2025—2027 年）》，计划到2027年基本实现商业航天高质量发展。 2、国家航天局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产业迎来专职 监管机构，未来将持续推动我国商业航天高质量发展，产业链有望全线受益。 格隆汇12月1日｜继上周五商业航天板块尾盘拉升后，今日该板块延续涨势，航空航天ETF涨2.13%。 商业航天板块上周以来频频异动，背后是产业、政策催化不断： 相关产品，及截至发稿涨跌幅： 打包空天军工核心力量：航空航天ETF(159227)，+2.13%，规模居同标的第一，近20日净流入超3.7亿 元，指数商业航天概念权重占比超50%，成份股包含光启技术（超材料隐身技术）、中航沈飞（歼击机 整机制造）、航发动力（航空发动机）、中航成飞（无人机系统制造）、长城军工（兵装集团弹药及智 能武器系统）等 ...

Group 1 - The core viewpoint is that the aerospace industry in China is experiencing significant growth, driven by the establishment of a dedicated regulatory body for commercial aerospace and strong performance in the stock market [1] - The CN5082 aerospace index rose by 1.78%, with notable increases in constituent stocks such as Aerospace Development (000547) up 9.99%, Yaguang Technology (300123) up 8.01%, and Guangqi Technology (002625) up 7.95% [1] - The recent Asia General Aviation Exhibition concluded with a total contract value exceeding 7 billion RMB, involving 837 aircraft [1] Group 2 - The Aerospace ETF (159227) closely tracks the CN5082 index and has a high concentration of military industry stocks, covering key sectors such as aerospace equipment, satellite navigation, and new materials [2] - The ETF includes leading companies in the military sector and encompasses emerging fields like large aircraft development and commercial aerospace [2] Group 3 - Looking ahead to 2026, China Galaxy Securities highlights several trends: the underestimated long-tail effect of military trade, accelerated equipment intelligence, reassessment of supply chain security premiums, and an upcoming phase of demand confirmation and capacity reserve in the military sector [1]

Core Insights - The 2025 "Top Listed Companies Reputation List" has completed its evaluation process and will announce the winners on December 12 during the "14th Annual Conference on Listed Companies Development and Hainan Free Trade Port Opportunities Exchange Conference" [1] Economic Context - Despite global uncertainties such as geopolitical conflicts and slowing economic growth in developed countries, China's economy has shown resilience with a GDP of 101.5 trillion yuan, reflecting a year-on-year growth of 5.2% in the first three quarters of 2023 [2] - The integration of innovation and industry is highlighted, with advancements in artificial intelligence, robotics, aerospace, and autonomous driving contributing to economic development [2] Capital Market Developments - The A-share market has experienced an upward trend, with the Shanghai Composite Index rising approximately 16% year-to-date, while the ChiNext Index and the Sci-Tech Innovation 50 Index have surged by 42% and 34% respectively [3] - The capital market is undergoing reforms, including the establishment of a "growth layer" on the Sci-Tech Innovation Board and tailored listing standards for emerging industries on the ChiNext Board, enhancing support for innovative enterprises [2][3] Evaluation Process - The evaluation process for the reputation list involved multiple stages, including public nominations, sentiment screening, data model assessments, and expert reviews, ensuring a comprehensive and rigorous selection of companies [3] - The evaluation aims to discover value and promote long-term growth through a fair and transparent ranking system, benefiting investors, listed companies, and the overall capital market [4][5] Significance of the Reputation List - The reputation list serves as a bridge between companies and the market, helping to clarify industry value logic and contributing to the healthy development of the capital market [4] - The final results will reflect the comprehensive strength and market reputation of listed companies, showcasing those that excel in both reputation and value [5][6]

Core Insights - The first batch of seed unicorn enterprises in Sichuan includes 33 companies recognized for their strong innovation, rapid growth, and broad acceptance in the capital market [1][2] - These seed unicorns are characterized by their alignment with national and provincial strategic development directions, focusing on key industries such as electronic information, aerospace, biomedicine, and advanced materials [1][2] Company Characteristics - The selected companies demonstrate significant technological capabilities, with examples like Chengdu Zhongke Aoge Biotechnology Co., which has made breakthroughs in xenotransplantation, and Jingyi Semiconductor Co., which has over 50 invention patents [2] - The total financing amount for the 33 companies is nearly 10 billion, with a combined latest valuation of 39.6 billion [2] - Sichuan Yingmu Technology Co., specializing in wearable and virtual reality devices, completed over 150 million in "B+ round" financing, while Tongrui Biopharmaceutical (Chengdu) Co. secured over 100 million in "A+ round" financing [2] Support and Development Strategies - The government is implementing a comprehensive nurturing plan for seed unicorns, focusing on technology breakthroughs, open scenarios, financial support, product development, talent cultivation, and policy guidance [3] - Emphasis is placed on core technology development, with companies like Jingyi Semiconductor investing over 70 million in R&D, accounting for about 20% of their revenue [3] - Open application scenarios are crucial for promoting the commercialization of new technologies and products, allowing companies to optimize their offerings based on market needs [3] Industry Impact - The announcement of the first batch of seed unicorns has encouraged more companies to apply, enhancing their access to innovative resources and fostering collaboration with local universities and industry partners [4] - Companies are aiming to deepen cooperation within the Sichuan industrial collaborative innovation framework to better integrate their technologies into the market [4]

Group 1: Major Asset Restructuring Announcements - Jia Rong Technology plans to acquire 100% of Hangzhou Lanran through a combination of share issuance and cash payment, with a fundraising target of up to 1 billion yuan [2][3] - Kai Zhong Co. intends to purchase 60% of Anhui Tuosheng's equity, also through share issuance and cash payment, with the transaction expected to constitute a major asset restructuring [4][6] - Both companies' stocks will resume trading on December 1 [1][4] Group 2: Business Focus and Strategic Implications - Jia Rong Technology specializes in membrane separation technology and aims to enhance its capabilities by integrating Hangzhou Lanran's ion exchange membrane technology, thereby expanding into new markets such as lithium battery materials and biomedicine [3][4] - Anhui Tuosheng focuses on automotive rubber-based elastic damping and sealing components, which are critical for improving NVH (Noise, Vibration, Harshness) performance in vehicles, indicating a strategic move to strengthen automotive industry positioning [5][6] Group 3: Changes in Control and Shareholding - After the share transfer, the controlling shareholder of Chao Zhuo Hang Ke will change to Hubei Investment Capital, with the actual controller becoming the Hubei State-owned Assets Supervision and Administration Commission [7][8] - Hua Feng Co. will see its controlling shareholder change to Chen Yun following a share transfer agreement, with a significant portion of shares being transferred at a price of 15 yuan per share [8][9]