航空航天ETF（159227）紧密跟踪国证航天指数，申万一级军工行业占比高达98.2%，堪称全市场"军工 纯度"最高的指数，覆盖航空装备、航天装备、卫星导航、新材料等关键产业链环节，成分股精选军工 领域头部企业，涵盖大飞机研制、低空经济、商业航天等新兴领域，商业航天概念权重占比高达54%。 11月26日，A股三大指数低开高走，先后翻红，航空航天ETF（159227）再度调整，截止9点48分，跌幅 1.75%，成交额已达6222万元，持仓股中仅光启技术、纳睿雷达上涨，长城军工、航天发展、中国海 防、天和防务等跌幅居前。 消息面上，国家航天局印发《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）》。 行动计划指出，扩大政府采购。加大力度推动政府部门公益需求统筹，完善政府采购服务机制，推动商 业运载火箭、商业卫星、商业发射场、商业测运控设施等商业能力参与国家航天任务，鼓励各级政府部 门扩大商业航天服务采购。 中泰证券表示，商业航天产业正进入新一轮高速发展期，我国商业航天企业数量已超过600家，商业航 天发射工位合计25个（在运营18个、在建7个），GW星座组网发射明显提速，可回收火箭技术即将进 ...

Core Viewpoint - The Ministry of Industry and Information Technology of China has announced the creation of national emerging industry development demonstration bases, aiming to establish around 100 demonstration parks and 1,000 demonstration enterprises by 2035 to promote the healthy and orderly development of emerging industries [1][2]. Group 1: Demonstration Bases - The demonstration bases will include both parks and enterprises, focusing on key emerging industries such as new generation information technology, new energy, new materials, biotechnology, high-end equipment, intelligent connected vehicles, green environmental protection, low-altitude equipment, and aerospace [1]. - The initiative aims to create benchmarks in emerging industries, providing a robust support system for the development of new productive forces [1]. Group 2: Industry Insights - Various parks have already established strong clusters in specific sectors, such as advanced manufacturing, industrial internet, and new energy vehicles, indicating a growing specialization in these areas [2]. - To ensure the demonstration bases serve their intended purpose, it is crucial to select the right leading industries, provide solid public services, and implement strict assessment and evaluation measures [2]. Group 3: Long-term Impact - The demonstration bases are expected to gather innovative resources and industrial elements, promoting collaboration in tackling key core technologies and enhancing the security of industrial supply chains [3]. - Over time, as these bases develop and mature, they will foster a tiered industrial cluster pattern across the country, nurturing globally competitive leading enterprises and specialized small and medium-sized enterprises, thus transforming China from an industrial power to an industrial stronghold [3].

截至2025年11月25日收盘，航空航天ETF天弘(159241)换手18.14%，位居深市同类产品第一，成交9732.01 万元，市场交投活跃。跟踪的国证航天航空行业指数(CN5082)下跌0.46%。成分股方面涨跌互现，航天发 展(000547)领涨3.37%，国博电子(688375)上涨3.16%，上海瀚讯(300762)上涨2.70%。 3、天弘基金直击亚洲通航展！ 拉长时间看，截至11月25日，航空航天ETF天弘(159241)近17个交易日合计"吸金"4402.10万元。 【产品亮点】 航空航天ETF天弘(159241)跟踪的国证航天指数精准覆盖了空天产业链。其中，航空装备与航天装备的权 重合计超过73%，是全市场"含航量"最高的军工指数。其前十大重仓股包括航发动力、中航沈飞、中航成 飞等央企龙头企业，既具备核心资产的稳定性，又拥有中小市值的成长弹性。 【热点事件】 1、国家新兴产业发展示范基地创建工作启动，聚焦低空装备、航空航天等领域 近日，工业和信息化部印发通知，启动国家新兴产业发展示范基地创建工作。示范基地面向2035年和"十 五五"时期国家发展战略，聚焦新一代信息技术、新能源、新材料、生物 ...

Core Insights - The Ministry of Industry and Information Technology has initiated the creation of national emerging industry development demonstration bases, focusing on key sectors such as new generation information technology, new energy, new materials, and high-end equipment [1] - In October, high-tech industry sales revenue in China grew by 13.6% year-on-year, with both high-tech service and manufacturing sectors maintaining double-digit growth [1] - The State Council's recent policy aims for deep integration of artificial intelligence with six key sectors by 2027, positioning the digital economy as a significant growth driver by 2030 [1] Industry Performance - High-tech service industry sales revenue increased by over 10% year-on-year [1] - High-tech manufacturing sales revenue also saw a similar growth rate, indicating robust performance across these sectors [1] - Specific sectors such as integrated circuits, industrial robots, and drone manufacturing reported significant year-on-year sales growth of 32.5%, 41.7%, and 38.4% respectively [1] Policy and Strategic Direction - The State Council's "Artificial Intelligence +" action plan outlines measures to enhance foundational capabilities, aiming for extensive integration of AI into key sectors by 2027 [1] - By 2030, the digital economy is expected to become a crucial growth engine for economic development, with a vision for a fully digital economy and smart society by 2035 [1] - There is a recognized need to enhance self-sufficiency in areas potentially subject to foreign control, such as advanced computing chips and large-scale computing facilities [4]

成渝绵低空经济走廊由国家军民两用技术交易中心、中国民用航空飞行学院、西南大学（重庆）产 业技术研究院等单位共同发起，旨在发挥成渝绵三地低空基础设施互联、产业协同、政策互通等优势， 促进技术、人才、资金、数据在三地顺畅流动，为构建具有全国影响力的低空经济产业集群提供重要支 撑。 会上，绵阳无人机产业协会、成都航空航天产业联盟、重庆市无人机产业协会共同签署成渝绵低空 产业创新平台合作协议，三方将在标准共建、资源共享、企业对接等方面深化协作，包括联合制定区域 性技术标准与运营规范，推动空域、测试、人才等资源优化配置，建立常态化产业链供需对接机制，加 速形成覆盖研发、制造、运营、培训及服务的区域一体化低空产业生态等。 11月25日，"创新金三角·智汇科技城"低空产业创新发展大会在成都举行。会上，成渝绵低空经济 走廊启动共建，成渝绵低空产业创新平台合作协议签署，多项低空产业合作项目签约落地。 同时，绵阳低空安防基地项目、潼域低空森防项目等多个低空产业合作项目签约落地，涵盖区域安 防体系建设、森林防护、文旅融合等领域的创新应用。 四川已将低空经济纳入全省重点发展的15条产业链，多措并举建圈强链，加快产业发展。作为全国 首 ...

Core Viewpoint - The Ministry of Human Resources and Social Security has announced a pilot program for the integration of human resources services and manufacturing industries, with Xi'an being the only selected city in Shaanxi Province [1][2] Group 1: Pilot Program Details - A total of 39 cities have been selected for the pilot program, focusing on key areas in manufacturing [1] - The program aims to address the human resources supply shortfall that restricts manufacturing development and enhance the utilization of human resources in the manufacturing sector [1] Group 2: Focus Areas and Goals - Xi'an will concentrate on key manufacturing sectors such as intelligent manufacturing, electronic information, new materials and new energy, aerospace, and biotechnology [1] - The city plans to cultivate specialized human resources service institutions and develop industrial parks and public service platforms that integrate human resources services with manufacturing [1] Group 3: Future Plans - By the end of 2027, Xi'an aims to establish a human resources service alliance targeting 19 key industrial chains in the manufacturing sector [2] - The city plans to create over five "advanced manufacturing recruitment and employment coalitions" covering key industries and set up human resources service liaison stations in more than three major industrial parks [2]

近日，首届本土版"选择法国"峰会在巴黎举行，近200家法国本土企业参会。与以往主要面向外国投资 者的"选择法国"峰会不同，本届峰会由法国政府专为本土企业打造，旨在表彰在法国开展生产、创新并 创造就业岗位的企业，向产业界传递明确的政策稳定信号。 法国官方数据显示，本届峰会共宣布151项投资，总金额达304亿欧元。其中92亿欧元用于全新项目，涉 及能源、绿色工业、环境、数字技术、健康、化工、交通、农业食品、消费品、航天、旅游等多个领 域；其余资金则对应企业过去一年内已作出的投资承诺。在一系列项目中，法国电信企业伊利亚特集团 将与法国电力集团、基础设施基金英弗拉维亚合作，投资40亿欧元建设超大型数据中心，规划装机容量 达数百兆瓦，建成后将跻身欧洲规模较大的计算中心之列。人工智能云服务初创企业塞斯特斯计划追加 15亿欧元，用于扩建其位于德龙省阿利克桑的数据中心，助力法国人工智能领域算力建设。 德里什堡集团将启动7个金属与电子废弃物回收项目，总投资1.3亿欧元，投产后预计创造约200个就业 岗位。航空航天制造商赛峰集团将在安省投资逾4.5亿欧元建设碳制动器工厂，巩固法国在航空航天关 键零部件领域的优势。食品企业达能宣布 ...

当前，法国企业界对部分政策前景存在担忧。针对企业界的顾虑，法国政府在峰会上多次强调工业战略 的连续性。法国经济、财政和工业、能源与数字主权部部长莱斯屈尔表示，当前面临的困难并不意味着 再工业化进程放缓，再工业化是一项需要长期推进的结构性工作。"'选择法国'不只是一句口号，更是 一种发展方式和政府与企业的共同承诺。" （文章来源：人民日报） 法国官方数据显示，本届峰会共宣布151项投资，总金额达304亿欧元。其中92亿欧元用于全新项目，涉 及能源、绿色工业、环境、数字技术、健康、化工、交通、农业食品、消费品、航天、旅游等多个领 域；其余资金则对应企业过去一年内已作出的投资承诺。在一系列项目中，法国电信企业伊利亚特集团 将与法国电力集团、基础设施基金英弗拉维亚合作，投资40亿欧元建设超大型数据中心，规划装机容量 达数百兆瓦，建成后将跻身欧洲规模较大的计算中心之列。人工智能云服务初创企业塞斯特斯计划追加 15亿欧元，用于扩建其位于德龙省阿利克桑的数据中心，助力法国人工智能领域算力建设。 德里什堡集团将启动7个金属与电子废弃物回收项目，总投资1.3亿欧元，投产后预计创造约200个就业 岗位。航空航天制造商赛峰集团将在 ...

Economic Challenges - The U.S. economy is facing unprecedented challenges, with national debt projected to exceed $38 trillion by 2025, raising concerns about fiscal sustainability [1] - The fiscal deficit for the first half of 2025 reached $1.3 trillion, marking the second-highest half-year deficit in history [1] Debt and Interest Costs - Rapid accumulation of debt has increased interest expenses, with projected interest costs for FY2025 expected to surpass $1 trillion, exceeding defense budget allocations [3] - The Federal Reserve's quantitative tightening has led to a rise in the yield curve, with the 10-year Treasury yield peaking at 4.58%, significantly higher than similar bonds in Germany and Japan [3] Global Investor Sentiment - Investor confidence in U.S. Treasuries is waning, leading to increased selling of U.S. debt and a shift towards safe-haven assets like gold [5] - China's gold reserves have increased for eight consecutive months, reaching 2,298.5 tons by June 2025, as part of a strategy to diversify away from dollar risk [5] De-dollarization Trends - A noticeable trend towards de-dollarization is emerging, with BRICS nations playing a pivotal role in promoting local currency settlements, reducing the dollar's share in trade to below 5% [5][7] - The international trade landscape is shifting, with ASEAN countries prioritizing reduced reliance on the dollar and India establishing currency swap agreements with Malaysia and the UAE [7] Renminbi Internationalization - The internationalization of the Renminbi is accelerating, with the CIPS system connecting 1,427 institutions across 109 countries, achieving a settlement share of 48% in the first half of 2025, surpassing the dollar's 47% [8] Geopolitical Risks and Financial Pressure - Tensions in the Taiwan Strait are amplifying economic frictions, with the U.S. Congress passing legislation that allows for the review of Chinese entity assets, linking geopolitical risks to financial pressures [9] - The U.S. is increasingly using financial tools to exert pressure, with a systematic framework for asset reviews that has expanded to include over 412 Chinese companies in 2025 [11][14] Regulatory Measures and Impact - The introduction of the "50% rule" aims to prevent sanctioned companies from acquiring goods through subsidiaries, utilizing advanced tracking technologies [12] - The U.S. has expanded its scrutiny of Chinese investments, with significant implications for Chinese billionaires holding U.S. assets, particularly in real estate and stocks [12][16] Financial Sanctions and Responses - The diversification of financial sanctions has intensified risks, isolating Chinese entities from the U.S. financial system and prohibiting transactions [14] - The introduction of the "FIGHT China Act" aims to prevent U.S. investments in critical Chinese technologies, reflecting a deeper focus on investment scrutiny [14][16] Market Reactions and Shifts - The U.S. is experiencing a shift in investment patterns, with Chinese investors diversifying their portfolios towards Europe and Asia, resulting in a capital transfer of approximately $30 billion [20] - The geopolitical landscape is influencing investment decisions, with increased scrutiny on Chinese investments in the U.S. and a growing trend of asset relocation [20][21]

跨国企业:2025年1-9月在华投资 5737.5 亿深耕多赛道 【11月25日消息,全球外资下行,中国仍是"投资 热土"】 2025年1-9月,中国吸收外资5737.5亿元 人民币,跨业深耕新能源汽车、航空航天等核心赛 道。欧洲飞机制造企业天津总装基地累计交付近800 架飞机,其在华布局版图不断扩展,贯穿飞机全生 命周期。德国汽车零部件巨头十年在华投资超600亿 元,南昌30亿元轻型商用车电驱桥系统生产基地加 速落地。"投资中国"是长期合作共赢、深度本土 融入,跨业扎根中国分享红利,中国为全球投资者 提供机遇。 【11月25日消息，全球外资下行，中国仍是"投资热土"】2025年1 - 9月，中国吸收外资5737.5亿元人民 币，跨业深耕新能源汽车、航空航天等核心赛道。欧洲飞机制造企业天津总装基地累计交付近800架飞 机，其在华布局版图不断扩展，贯穿飞机全生命周期。德国汽车零部件巨头十年在华投资超600亿元， 南昌30亿元轻型商用车电驱桥系统生产基地加速落地。"投资中国"是长期合作共赢、深度本土融入，跨 业扎根中国分享红利，中国为全球投资者提供机遇。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...