2025年12月19日，本应是美团无人机业务一次对外"交代成绩"的节点。 按照原定安排，这是一场对媒体开放的年终沟通活动。但在临近举办时，公关侧不再对外沟通，最终流 出的信息只剩下零散的官方表述。 这并不常见。 尤其考虑到三个背景： 其一，无人机是当前政策高度关注的低空经济赛道；其二，这是美团内部推进多年的核心自 研项目；其三，从时间点看，本应是一场"年度成果展示"，而不是探索期的内部交流。 作为高度依赖骑手体系的平台，美团的任何自动化尝试都天然带有公共议题属性。在当前的社会语境 下，"技术是否替代就业"远比"技术是否先进"更容易成为讨论焦点。 高调展示无人机配送能力，容易被解读为对现有履约人力的潜在冲击，甚至引发不必要的情绪对立。相 比之下，保持克制、弱化传播，将无人机限定在高风险、高难度或特殊场景下的补充方案，更符合美团 对自身社会角色的长期认知。 但如果只盯着"发布会宣不宣传"，反而容易看偏。 真正值得注意的是——发布会虽然被按下了"静音键"，但业务本身释放的信息，并不算差。 美团无人机已经跑出了明确的运营数据：在多个城市形成稳定航线，累计商业订单数达到数十万量级， 自研机型拿到了全国低空物流运营许可， ...

Core Viewpoint - The development of China's low-altitude economy is accelerating from policy framework establishment to industrial implementation, driven by national guidelines and local policies, with a focus on unmanned transportation and low-altitude security [1][11]. Group 1: Policy and Market Dynamics - The National Development and Reform Commission has outlined core principles for low-altitude economic development, emphasizing a phased approach starting with cargo transport before moving to passenger transport and expanding from suburban to urban areas [1]. - Cities like Chongqing and Shenzhen are actively implementing industrial policies and capital is increasingly directed towards low-altitude security and unmanned transportation sectors [1][10]. - The first China Low-altitude Media Conference highlighted the transition of low-altitude technology from performance tools to integral components of urban digital infrastructure [1][4]. Group 2: Technological Advancements - Shenzhen Damo Dazhi Control Technology Co., Ltd. has evolved its drone technology from manual performances in 2016 to a semi-automated drone in 2022, with plans for a fully automated system by 2025 [2]. - The V4 system is designed to automate the entire process from transportation to charging, achieving a reliability rate close to 99.999% [5][8]. - The industry is moving towards a collaborative development model characterized by safety, automation, intelligence, and networking [2][4]. Group 3: Business Model Exploration - The future revenue model for low-altitude visual economy is expected to be a composite of hardware, software, content, and operations, with a focus on sustainable operational and revenue-sharing models [9]. - Successful case studies in Shenzhen and Chongqing demonstrate the potential for creating a commercial ecosystem that integrates aesthetic appeal with significant advertising value [9][10]. - The shift from project-based income to a sustainable urban media network is seen as crucial for the long-term viability of low-altitude media [9][10]. Group 4: Industry Challenges and Future Outlook - The transition from temporary flight management to regular usage poses challenges, particularly in terms of safety and the need for multi-departmental collaboration [4][11]. - The industry must address structural barriers related to airspace management, safety standards, and the validation of business models to fully realize the potential of low-altitude technology [11]. - The next three years may see breakthroughs in establishing city-level, regular low-altitude digital media systems, which could redefine advertising and urban information dissemination [10][11].

Group 1: Technological Innovation and Development - Technological innovation is identified as the core driving force for high-quality development, with advancements in AI models, chip self-research, and space exploration marking significant progress [2] - The "14th Five-Year Plan" emphasizes significantly improving the level of technological self-reliance and strength as a primary goal for economic and social development [2] - The VLBI (Very Long Baseline Interferometry) tracking system is highlighted as a national key technology, crucial for deep space exploration missions like the Tianwen-2 [3] Group 2: Drone Technology Advancements - The successful first flight of the world's first 6-ton tilt-rotor unmanned aerial vehicle, the Lan Ying R6000, represents a significant breakthrough in drone technology, allowing seamless transitions between vertical takeoff and high-speed flight [4] - The drone industry is evolving from concentrated efforts to diversified applications, with increasing integration into various sectors such as agriculture and logistics [5] Group 3: AI Development and Open Source Models - China's AI large models have gained global recognition through open-source initiatives, significantly contributing to the acceleration of new productive forces and high-quality development [6] - The open-source models have led to a rapid industrialization of AI, allowing companies to focus on data retraining and application innovation, thus reducing costs [7] Group 4: Humanoid Robotics Innovations - The development of humanoid robots by Yushu Technology has faced challenges but has achieved significant milestones, including successful dynamic balance and rapid response capabilities [8][9] - Humanoid robots are expected to become a universal technology platform, integrating AI and sensor technologies to enhance their applications in daily life and production [9] Group 5: Chip Development and Breakthroughs - The company has achieved significant progress in GPU (Graphics Processing Unit) development, maintaining a "one generation per year" research and development pace, and has successfully launched four generations of GPU architectures [10][11] - The focus on building a complete software ecosystem alongside GPU technology aims to enhance overall performance and compatibility, contributing to the national strategy for high-quality development [11]

Market Overview - On the first trading day of 2026, the Shanghai Composite Index rose by 1.38% to 4023.42 points, while the Shenzhen Component Index increased by 2.24% and the ChiNext Index by 2.85%. The total trading volume in the Shanghai and Shenzhen markets reached 2.55 trillion yuan. The leading sectors included media, pharmaceuticals, and electronics, while oil and petrochemicals, banking, and transportation lagged behind [2][7] - The Hong Kong Hang Seng Index saw a slight increase of 0.03%, closing at 26347.24 points, while the U.S. major indices all closed higher, with the Dow Jones Industrial Average rising by 1.23% to a record high of 48977.18 points [2][7] Important News - Premier Li Qiang emphasized the need to enhance innovation and development advantages during his research in Guangdong, advocating for the improvement of industrial ecosystems and the exploration of effective business models for new technologies such as robots and drones [3][8] - A joint announcement from nine departments, including the Ministry of Commerce, implemented actions to promote green consumption, focusing on enhancing the supply of green products and encouraging the purchase of electric vehicles and certified green appliances [3][8] Industry Insights Media Industry - The New Year's Day box office exceeded 740 million yuan, marking a significant increase of 61.01% compared to the previous year. The extended holiday period allowed for a diverse range of films to cater to audience preferences, with major sequels leading the box office [9][10] - The total number of screenings during the New Year's holiday reached 1.417 million, with a notable increase in audience attendance, particularly on January 1, which saw a 14.20% year-on-year increase [10][12] - Major IP sequels like "Zootopia 2" and "Avatar 3" demonstrated strong box office resilience, contributing significantly to the overall market performance [12] Gaming Industry - In December 2025, a total of 147 game titles received approval, with 144 domestic and 3 imported games. The total number of game approvals for the year reached 1771, a 25.07% increase from 2024 [13][14] - The game "Seven Realms Dream" is highlighted for its unique "national style" theme and innovative gameplay mechanics, indicating a competitive landscape in the MMO sector for 2026 [14][15] Tourism Industry - The 2026 New Year's holiday saw 142 million domestic trips and total spending of 847.89 billion yuan, benefiting from the extended holiday period compared to the previous year [16][17] - The tourism market experienced a boost due to various factors, including the popularity of winter sports, the appeal of Hainan's free trade zone, and increased interest in outbound travel [18][19] - The outlook for 2026 remains positive, with expectations for further growth in the tourism sector driven by favorable policies and consumer confidence [19]

"九天苍穹"无人航空通用平台项目总师 李明 西安工程大学产业发展与投资研究中心主任 王铁山 大型通用无人机，被视为高端装备领域技术门槛高、系统复杂度大的代表性产品。对其的研发制造能力，在 一定程度上体现一国在关键核心技术和工程体系上的综合实力。加快实现高水平科技自立自强，离不开一批 能够在关键领域实现原创突破的标志性成果。 2025年12月11日，我国自主创新、性能位居世界前列的大型通用无人机"九天苍穹"在陕西成功首飞。从启动 试制到顺利首飞，该项目仅用了24个月，超过80%的核心零部件由陕西制造。这一突破，不仅填补了国内大 型通用无人机市场空白，还以较高的本地配套率、较完整的产业链条，展现了我国高端装备研制体系的新突 破。 来源：陕西日报 本报记者 刘坤 郝颖 访谈嘉宾 陕西无人装备科技有限责任公司董事长兼总经理 曹江 李明："九天"的技术创新，核心体现在"通用化、模块化、重载化"三条技术路线的系统集成上。这不是单点 性能的突破，而是围绕大型通用无人机平台能力进行的整体设计。我们采用"通用平台+模块化任务载荷"的设 计理念，在一个基础平台上，通过标准化接口配置不同任务载荷，实现多场景应用需求。"九天"翼展2 ...

在政策与技术双重驱动下，低空经济正成为提升治理效能、保障民生、激发商业活力的新基建。随着低 空空域管理改革深化，此类企业将持续推进无人机多样化应用，推动低空经济从飞起来到用得好，最终 实现成网络的跨越。 记者 陆一平 摄影报道 在安吉县杭垓镇，一张由无人机构成的"低空高速网"正在运转。浙江探诺科技公司部署32个空中停靠 站，为低空经济从概念验证走向规模化运营提供范本。 该公司创始人张羽泽带领的团队，不仅入选"南太湖精英计划"，还拥有14项核心专利，涵盖空中停靠 站、混合动力飞行器等技术。无人机可自动巡查山林、河道、农田等，效率提升数十倍。在交通不便的 地区，无人机还能投送急救物资，搭建"空中生命线"。 （来源：湖州日报） 转自：湖州日报 ...

Group 1 - The conflict between Russia and Ukraine remains intense, with both sides engaged in a significant drone warfare escalation as of the beginning of 2026 [1][3] - Russia's military reported that in the past 24 hours, they targeted 148 sites related to Ukraine's military-industrial complex, including drone production and training facilities [3] - Ukraine's military reported that from January 4, 18:00, Russia launched attacks using 9 missiles and 165 drones, with Ukrainian defenses successfully intercepting or suppressing 137 drones [4] Group 2 - The Ukrainian military is rapidly increasing its drone capabilities, with a large-scale procurement of up to 300,000 drones, leading to more frequent attacks on Russian deep targets [6] - Russia is enhancing its drone and anti-drone capabilities, including the establishment of a production facility for the "Geranium-2" long-range suicide drone to achieve standardization and mass production [8] - The overall battlefield situation indicates that Russian forces are on the offensive while Ukrainian forces are in a defensive position, with significant costs for Russia in their attacks [10]

Group 1 - The "14th Five-Year Plan" emphasizes the cultivation and growth of emerging industries, particularly focusing on the low-altitude economy as a strategic emerging industry cluster [1] - The financial sector is accelerating the development of the low-altitude economy, with the Guangdong Financial Regulatory Bureau and other departments issuing policies to support this growth [1][3] - The low-altitude economy market in China is projected to exceed 3.5 trillion yuan by 2035, indicating significant growth potential [1] Group 2 - Hangzhou Jimu Zhikong Technology Co., Ltd. focuses on agricultural drone applications and has over 320 patents, serving more than 30 countries with a cumulative operational area of 200 million mu [2] - The company faces challenges in financing due to high R&D costs and a lack of sufficient collateral, necessitating long-term loan products that align with its 3 to 5-year R&D cycle [2] - Financial institutions are innovating their loan approval and risk control models to accommodate the unique needs of technology companies, including dynamic risk assessment models that consider various factors beyond financial data [2][3] Group 3 - Financial support for the low-altitude economy is characterized as a comprehensive set of measures rather than a one-time assistance, requiring strategic patience and resource empowerment [3] - Various financial products and services, such as "equity-loan-debt-lease" models, are being introduced to meet diverse financial needs within the low-altitude economy [3] - The China Bank has developed a financial service plan with 12 specific measures to support the high-quality development of the low-altitude economy [3] Group 4 - Financial institutions are encouraged to continue playing a supportive role while adhering to risk compliance, innovating products and services to inject financial vitality into the low-altitude industry [4] - Banks should enhance their risk assessment capabilities and focus on supporting financially stable and creditworthy enterprises to foster a transparent financing environment [4] - Collaboration among financial regulators, civil aviation departments, research institutions, banks, insurance companies, and enterprises is essential for promoting healthy industry development [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688297 证券简称：中无人机 公告编号：2026-001 中航（成都）无人机系统股份有限公司 关于股份回购进展公告（更正后） 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 一、回购股份的基本情况 中航（成都）无人机系统股份有限公司（以下简称"公司"）于2025年4月25日召开第五届董事会第二十 八次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》。2025年6月25日，公司 召开2025年第一次临时股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式进行股份回购，回购股份拟用于员工持股计划或股权激励。 回购资金总额不低于人民币10,000万元（含），不超过人民币20,000万元（含），回购价格不超过60.52 元/股，回购股份期限为股东会审议通过本次股份回购方案后12个月。 具体内容详见公司于2025年4月26日在上海证券交易所（www.sse.com.cn）披露的《中 ...

Group 1 - Gree Electric Appliances has committed to not raising prices on household air conditioners and has no plans for "aluminum replacing copper" [1] - This decision may put short-term pressure on the company but is expected to strengthen brand premium and user loyalty in the long run, benefiting the high-end market [1] Group 2 - In 2025, the South China Grid's "West-to-East Power Transmission" is projected to reach a record high of 2,616 billion kilowatt-hours, exceeding 311 billion kilowatt-hours compared to 2020 [2] - This increase will support electricity load in Guangdong, reduce manufacturing electricity costs, and accelerate the rise of clean energy, solidifying the energy foundation for regional high-quality development [2] Group 3 - A medium-sized composite wing drone developed by a company in Zhongshan has recently received a type certificate from the Civil Aviation Administration of China, marking it as the first unmanned aerial product globally to meet airworthiness requirements in its category [3] - This achievement is expected to enhance Zhongshan's position in the drone industry chain and promote the localization of core components such as flight control and power systems, aiding the rapid development of the low-altitude economy in the Pearl River Delta [3] Group 4 - In December 2025, the number of building sale contracts in Hong Kong reached 8,999, reflecting a year-on-year increase of 63.3% and a month-on-month increase of 26.4% [4] - The total value of contracts was 65 billion HKD, with a year-on-year increase of 52% and a month-on-month increase of 11.3%, driven by factors such as US interest rate cuts, favorable conditions for Hong Kong stocks, and an influx of high-level talent [4] Group 5 - The Shenzhen Component Index closed at 13,828.63 points, up 2.24% [5] Group 6 - The top gainers in the Shenzhen market included *ST Tianlong at 5.39 CNY with a rise of 20.04%, Zhite New Materials at 13.42 CNY with a rise of 20.04%, and Daoshi Technology at 26.99 CNY with a rise of 20.01% [6] - The top losers included Qidi Design at 11.67 CNY with a drop of 16.74%, Anlian Ruishi at 76.00 CNY with a drop of 13.64%, and Shandong Zhanggu at 9.62 CNY with a drop of 10.01% [6]