Core Viewpoint - The control of Chaozhuo Aerospace is set to change hands to Hubei Provincial State-owned Assets Supervision and Administration Commission through a share transfer agreement, marking a significant shift in ownership and strategic direction for the company [2][4][10]. Group 1: Share Transfer Details - Chaozhuo Aerospace announced a share transfer agreement on November 28, where the current controlling shareholders will sell 20.93% of the company's shares to Hubei Jiaotong Investment Co., Ltd. at a price of 41.16 yuan per share, totaling 772 million yuan [2][6][11]. - Following the transfer, Hubei Jiaotong Investment will become the new controlling shareholder, and the actual controller will change to the Hubei Provincial State-owned Assets Supervision and Administration Commission [7][10]. Group 2: Strategic Implications - The change in control is seen as a strategic move to support Chaozhuo Aerospace's expansion in a competitive market, as the current ownership structure and business scale are insufficient to meet the rapid growth demands of the industry [10][18]. - Hubei Jiaotong Investment, as a wholly-owned subsidiary of a large state-owned enterprise, is expected to provide significant resources and support for future financing, mergers, and acquisitions, enhancing the company's growth potential [11][17]. Group 3: Financial Context - The share transfer price represents a 20% discount compared to the last trading price of 51.45 yuan per share, reflecting the challenges faced by Chaozhuo Aerospace in maintaining its market valuation [11][18]. - Despite a steady revenue growth since its listing, Chaozhuo Aerospace's financial performance has been volatile, with a projected revenue of just over 400 million yuan in 2024 and a net profit of less than 13 million yuan [10][17].

【11月30日A股缩量，商业航天板块尾盘拉升，航空航天ETF天弘表现亮眼】本周五，A股继续缩量， 商业航天板块尾盘强势拉升。航空航天ETF天弘(159241)跟踪的指数收涨1.42%，本周累计上涨2.78%， 终结周K线四连阴。该ETF标的指数是全市场军工含量和"含航量"最高的军工指数，"航空装备+航天装 备"权重合计超67%，与热门主题契合，权重股含航发动力等央企龙头。近期，商业航天板块利好不 断。国家航天局设立商业航天司，业务逐步开展；发布《推进商业航天高质量安全发展行动计划 (2025~2027年)》，商业航天纳入国家总体布局。此外，商业航天企业积极推进IPO，6月18日至11月27 日，6家企业IPO辅导备案获地方证监局受理。中信证券称，商业航天司成立将整合职能，提升卫星产 业统筹协调及关键环节推进效率。航空航天ETF天弘(159241)跟踪的指数9月1日 - 11月21日累计回调 13%，回调充分，且回调期内资金净流入1.28亿元。该ETF今年5月29日上市以来份额新增2.74亿份，增 长率达144%。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 本文由 Al 算法生成,仅作参考,不 ...

Group 1 - The core issue revolves around the conflict between Germany and France regarding the leadership role in the Future Combat Air System (FCAS) project, which could jeopardize Germany's aircraft manufacturing industry if France's demands are met [1][3] - The FCAS project, estimated at around €100 billion, involves collaboration between France, Germany, and Spain, with Dassault Aviation seeking to dominate the fighter jet segment, while Airbus is responsible for drones and AI cloud technology [3] - Germany's aerospace industry association warns that allowing France to be the sole decision-maker in the fighter jet development would lead to Germany's industrial dependency on France, potentially using German taxpayer funds to consolidate European aerospace under French control [3] Group 2 - The project has been delayed by a year due to the strong stance taken by Dassault, which has expressed a willingness to proceed independently rather than continue collaboration with Airbus [3] - German Defense Minister Pistorius indicated that a decision on the future direction of the project must be made in the coming weeks, with a commitment to reach a conclusion by the end of the year [3]

法国当地时间11月28日，欧盟航空安全局EASA颁布紧急适航指令，要求立即停飞所有的涉及的空客320飞机。 这份紧急适航指令是源自空客向EASA报告相当数量A320系列客机因飞行控制软件易受强烈太阳辐射影响，需要紧急停飞，并 实施现有软件和/或硬件防护方案，确保机队飞行安全。空客方面表示，约有6000架客机受到影响，将进行紧急维修。 有报道称空客将召回6000架A320飞机。但空客中国方面向21世纪经济报道表示此表述不正确，涉及的飞机只需本地进行软件调 整即可。 空客进行的初步技术评估确定受影响的 ELAC 故障可能是促成因素。如果未纠正，此状况在最坏情况下可能导致未指令的升降 舵移动，从而超过飞机的结构能力。为了应对此潜在不安全状况，空客发布了 AOT，提供安装可服役的ELAC的说明。 欧盟EASA适航当局解释称，之所以要求涉及的多款A320飞机紧急停飞，因为一架空客A320飞机最近经历了未指令且有限的俯 冲事件。自动驾驶在整个事件中保持接通，伴随短暂且有限的高度损失，其余飞行正常。 空客11月28日也发布一份声明，解释了一下此事由来，指出空客A320飞机需要紧急更换一种易受太阳辐射影响的飞行控制软 件，强 ...

法国当地时间11月28日，欧盟航空安全局EASA颁布紧急适航指令，要求立即停飞所有的涉及的空客320飞机。 这份紧急适航指令是源自空客向EASA报告相当数量A320系列客机因飞行控制软件易受强烈太阳辐射影响，需要紧急停飞，并 实施现有软件和/或硬件防护方案，确保机队飞行安全。空客方面表示，约有6000架客机受到影响，将进行紧急维修。 有报道称空客将召回6000架A320飞机。但空客中国方面向21世纪经济报道表示此表述不正确，涉及的飞机只需本地进行软件调 整即可。 欧盟EASA适航当局解释称，之所以要求涉及的多款A320飞机紧急停飞，因为一架空客A320飞机最近经历了未指令且有限的俯 冲事件。自动驾驶在整个事件中保持接通，伴随短暂且有限的高度损失，其余飞行正常。 空客进行的初步技术评估确定受影响的ELAC故障可能是促成因素。如果未纠正，此状况在最坏情况下可能导致未指令的升降舵 移动，从而超过飞机的结构能力。为了应对此潜在不安全状况，空客发布了AOT，提供安装可服役的ELAC的说明。 空客11月28日也发布一份声明，解释了一下此事由来，指出空客A320飞机需要紧急更换一种易受太阳辐射影响的飞行控制软 件，强烈的太 ...

1、 国家金融监督管理总局办公厅发布关于银行业保险业做好香港大埔火灾金融保障服务有关工作的通知。其中提到，在港中资银行要加大金融服 务力度，帮助受影响客户渡过难关。 结合受影响客户的实际情况，酌情提供延迟还款等安排。相关银行机构要大力支持灾后恢复重建，满足防火救 灾、生产运输、民生保障等企业信贷需求，依法合规高效办理信贷审批。在港中资银行、保险公司要结合实际情况，采取开辟绿色通道、简化业务 程序等方式快速启动应急措施，及时满足受灾居民的应急支取、银行卡折补发、保险理赔等金融需求。央行宏观审慎管理局发布的《关于开通跨境 人民币捐赠绿色通道的通知》提出，为全力配合做好香港大埔火灾人员搜救、伤员救治、善后安抚等工作，确保境内捐赠资金零延迟到账，人民银 行支持商业银行建立跨境人民币捐赠绿色通道。商业银行无需审核单证材料，可凭境内机构、个人付款指令，将捐赠款项直接划转至大埔宏福苑援 助基金账号。 1、 中共中央政治局就加强网络生态治理进行第二十三次集体学习 。中共中央总书记在主持学习时强调，网络生态治理是网络强国建设的重要任 务，事关国家发展和安全，事关人民群众切身利益。要健全网络生态治理长效机制，着力提升治理的前瞻性 ...

Core Viewpoint - The European Union Aviation Safety Agency (EASA) issued an emergency airworthiness directive requiring the immediate grounding of all affected Airbus A320 aircraft due to concerns over flight control software vulnerability to strong solar radiation [1][4]. Summary by Sections Emergency Airworthiness Directive - EASA's directive was prompted by Airbus reporting that a significant number of A320 series aircraft were affected by flight control software that could be compromised by intense solar radiation, necessitating urgent grounding and implementation of existing software and/or hardware protective measures to ensure fleet safety [1][4]. Technical Assessment and Background - A recent incident involving a JetBlue A320-200 aircraft, which experienced an uncommanded and limited dive, raised alarms. The automatic pilot remained engaged during the event, leading to a brief altitude loss before normal flight resumed. Initial technical assessments by Airbus indicated that a fault in the Elevator and Aileron Control (ELAC) system could be a contributing factor [4][6]. - Airbus confirmed that the A320 aircraft requires urgent replacement of a flight control software susceptible to solar radiation, which could damage critical data necessary for flight control. Airbus proactively contacted aviation authorities to implement preventive measures [4][6]. Impact on Airlines - Reports suggested that Airbus would recall over 6,000 A320 aircraft globally. However, Airbus China clarified that this statement was inaccurate, as the software update could be performed locally without sending the aircraft back to Airbus headquarters in France [1][6]. - As of the end of November 2025, China has a total of 2,015 A320 aircraft, representing 48.3% of the total civil aviation fleet, distributed among 24 airlines [6][7]. - Industry experts indicated that while there would be some impact on operations, the majority of aircraft could resolve the issue through software updates, with minimal aircraft requiring software replacement. The software upgrade process is estimated to take about two hours [7].

欧盟的如意算盘打得不可谓不精明，但美国却完全不买账。美国商务部长卢特尼克与贸易代表格里尔在会晤中，对欧盟的"效忠"姿态毫无兴趣，而是直接抛 出了核心诉求：要求欧盟重新审视其《数字市场法》和《数字服务法》，在执行过程中充分考虑美国科技企业的利益。卢特尼克甚至许下空头支票，声称只 要欧盟拿出"平衡"的数字监管体系，就能吸引高达1万亿美元的投资。这一幕让欧盟代表团措手不及，欧盟委员会负责贸易的谢夫乔维奇会后坦言，他从未 预料到美国会将数字规则与钢铝关税如此紧密地捆绑在一起。 欧盟的困境在于，数字监管法规是其在国际舞台上赖以生存的重要资本。欧盟技术专员维尔库宁早已明确表示，这些法规将会坚定不移地实施，绝不放松。 近期，欧盟正是依据这些法规对亚马逊和微软启动了反垄断调查，此前还曾对谷歌处以高达29.5亿欧元的天价罚单。如果为了换取美国的关税让步而妥协， 不仅会严重损害欧盟的监管权威，还会破坏其内部市场的公平竞争。这种进退两难的境地，使得欧盟27国的"中国牌"显得格外苍白无力——既想讨好美国， 又不愿放弃自身的核心利益，最终只能将第三方的利益作为赌注。 更令欧洲各国始料未及的是，特朗普的"献礼"来得如此之快。美欧谈判结束 ...

Core Insights - The National Development and Reform Commission predicts that China's GDP will exceed 140 trillion yuan by 2025, marking a significant milestone in the country's economic history [1][12] - China's GDP growth rate is projected to be around 5% in 2024, nearly double the global average of approximately 3%, positioning China among the top economies in terms of growth [1][10] - In terms of global contribution, China accounts for about 17% of the world's economy while contributing nearly 30% to global economic growth, indicating its increasing influence on the global stage [4][12] Economic Growth and Projections - By 2024, China's GDP is expected to reach approximately 134.9 trillion yuan, translating to about 18.92 trillion USD, with a slight increase to around 18.95 trillion USD in 2025 [2][4] - The nominal growth rate in yuan terms is anticipated to be around 3.5%, despite the depreciation of the yuan against the dollar affecting the USD-denominated GDP figures [2][4] Global Economic Position - China is projected to contribute 26% to global GDP growth in 2024, leading all major economies, with India and the US following at 15.2% and 11.3% respectively [4][12] - The increase in GDP from 134.9 trillion yuan in 2024 to 140 trillion yuan in 2025 represents an economic output greater than the entire annual GDP of Poland [4][12] Sectoral Developments - High-tech manufacturing in China is expected to grow by 8.9% in 2024, significantly outpacing overall industrial growth [5] - The electric vehicle sector continues to thrive, maintaining its position as the global leader in production and sales for ten consecutive years [5] - The semiconductor self-sufficiency rate has surpassed 70%, reflecting advancements in domestic production capabilities [5] Trade and Employment - China's total goods trade is projected to reach a record 43.8 trillion yuan in 2024, with a notable increase in trade with countries involved in the Belt and Road Initiative [6] - The country added 12.56 million urban jobs in 2024, indicating a robust employment landscape across various sectors [6] Comparative Analysis - In 2025, the US GDP is expected to exceed 30.4 trillion USD, with a growth rate of around 2%, while Germany, Japan, and India are projected to have GDPs of 5 trillion USD, 4.4 trillion USD, and over 3 trillion USD respectively [7] - The combined GDP of China and the US will surpass the total GDP of all countries ranked third to twentieth, highlighting the significant economic weight of these two nations [7] Future Considerations - Despite the positive growth indicators, challenges such as income disparity, environmental issues, and an aging population remain pressing concerns for China's economic future [9][14] - The transition towards a more balanced and sustainable growth model is underway, with a focus on domestic consumption and innovation in high-tech industries [11][12]

1 0000 经济观察网 程久龙"上市三年半不到就卖壳给国资，也算各得其所。"11月28日深夜，一位湖北资本市场资深人士在微信朋友圈评论感叹。 其评论的事件，源于当晚上市公司超卓航科（688237.SH）发布的一则公告——上市公司控股股东、实际控制人拟将该公司实际控制权转让给湖北国资旗下 的湖北交投资本投资有限公司（以下简称"交投资本"）。 若此项交易顺利完成，湖北省国资委将成为超卓航科新的实际控制人。值得关注的是，超卓航科于2022年7月在上交所科创板上市，为湖北襄阳当地首家科 创板上市企业，上市至今尚不足三年半。 本次协议转让完成后，超卓航科控股股东将由李光平、王春晓、李羿含变更为交投资本，公司实际控制人将由李光平、王春晓、李羿含变更为湖北省人民政 府国有资产监督管理委员会。 公开资料显示，超卓航科专注于定制化增材制造、机载设备维修、航空零部件研发制造，致力为高端制造领域提供解决方案，建立了集工艺研发、技术攻 关、产品定制、设备供应于一体的发展模式，业务覆盖航空航天、电力电气、海洋防腐、汽车工业、新能源等众多领域。 该公司亦是是国家级高新技术企业和专精特新"小巨人"企业。 超卓航科在其官网宣称，公司冷喷涂 ...