Core Insights - Guangzhou's low-altitude economy is transitioning from policy guidance to industrialization, marked by significant developments from local companies [1][3] - The commercialization of eVTOL (electric Vertical Take-Off and Landing) faces challenges in airspace management and technical standards, necessitating digital solutions for effective regulation [2][3] Industry Developments - Local companies like XPeng and GaoYu are making strides in low-altitude vehicle testing and production, with XPeng's "land aircraft" completing its first test flight and GaoYu's factory preparing for trial production [1][4] - The integration of research, testing, and production facilities in Guangzhou is creating a complete cycle for low-altitude vehicle development, facilitating the transition from technology to mass production [3][4] Application Scenarios - The low-altitude economy in Guangzhou is expanding across six major sectors, including logistics, passenger transport, public services, and agriculture, with 93 demand scenarios and 115 supply scenarios identified [5][6] - Notable advancements include the establishment of drone delivery routes by major logistics companies and the development of low-altitude business routes connecting cities in the Greater Bay Area [5][6] Policy Framework - Guangzhou has integrated low-altitude economy into its "12218" modernization strategy, establishing a clear policy matrix to support industry development and market demand [7][8] - The city has implemented regulations and support measures to create a stable legal environment for low-altitude economic activities, including the "Guangzhou Low-altitude Economy Development Regulations" [7][8] Future Directions - Despite progress, there is a need to strengthen operational services and technical research, particularly in battery technology and flight control algorithms, to enhance competitiveness [9] - The industry must focus on developing third-party flight service companies and improving service systems to complete the industrial chain from research and manufacturing to operational services [9]

作为改革开放的前沿城市与创新之城，深圳立足国家经济特区定位，凭借政策先行优势、浓厚创新氛围 与坚实产业基础，在低空经济这一新兴领域展现出强劲的发展趋势，正全力打造以"无人机之都"为代表 的全球低空经济发展新高地，为新质生产力培育注入强劲动能。 科技创新与平台建设双轮驱动 公共服务领域亮点纷呈 全国首个"空地一体"城市救护项目在深圳落地，无人机搭载AED设备提升紧急医疗响应效率；南方电网 深圳供电局部署126台无人机机巢，实现超大城市3600多公里输电线路自主巡检全覆盖。 聚焦科技创新与平台建设 深圳着力提升低空经济核心竞争力。全球首个低空三维多物理场耦合引导风洞已在深圳落地，为中小型 低空飞行器提供了"高逼真"风场与气候耦合试验条件；以"揭榜挂帅制"攻关关键技术，大疆运载无人机 FC30作为全球首款在珠峰运输的民用运载无人机，在海拔6000米、-30℃低温环境中飞越昆布冰川，创 下民用运载无人机飞行最高纪录。 作为"无人机之都"，来自深圳的无人机翱翔在世界的天空。近年来，深圳低空经济产业规模快速增长。 截至今年9月，全市低空经济企业已超过1900家，2025年前三季度低空经济与空天产业集群增加值 253.91 ...

嘉兴恩赫信息科技有限公司总经理张磊同样是低空经济领域创业者，在苏州、嘉兴都落地公司，2024年 因参加嘉兴创新创业大赛被引入当地，后续会持续拓展在当地的市场。 （原标题：长三角打造世界级创新雁阵：上海领头，多极点支撑） 21世纪经济报道记者柳宁馨 实习生蒋瑛芙 杭州报道 对不少新兴产业创业企业而言，在科创实力较强的长三角综合布局，已经成为企业长远发展的方向。 酷飞（浙江）飞行器技术有限公司主要做近地飞行器及eVTOL的研发与生产，该企业CEO李伟毕业于 南京航空航天大学，后选择来杭州创业。李伟曾告诉21世纪经济报道记者，企业在南京、杭州都有落 地，未来研发与产品销售会在长三角多城布局。 今年的中央经济工作会议提出，建设北京(京津冀)、上海(长三角)、粤港澳大湾区国际科技创新中 心。"十四五"规划纲要也提出支持北京、上海、粤港澳大湾区形成国际科技创新中心。 当前，上海（长三角）国际科技创新中心的建设，正在从单一城市扩展至城市群。上海继续发挥龙头带 动作用，苏浙皖的创新优势也逐步兴起，形成多极点格局。在长三角，多极点创新体系如何协同分工、 提升国际竞争力？城市群、都市圈内的创新外溢和协同有哪些典型路径？ 上海社科 ...

Economic Indicators - The cumulative increase in social financing scale for the first eleven months of 2025 reached 33.39 trillion yuan, an increase of 3.99 trillion yuan compared to the same period last year [1][8] - The increase in RMB loans for the first eleven months was 15.36 trillion yuan [1][6] - As of the end of November, the broad money supply (M2) stood at 336.99 trillion yuan, reflecting a year-on-year growth of 8% [1][6] - The narrow money supply (M1) was 112.89 trillion yuan, with a year-on-year increase of 4.9% [1][6] - The cash in circulation (M0) amounted to 13.74 trillion yuan, showing a year-on-year growth of 10.6% [1][6] Policy Initiatives - A joint notice was issued by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau to enhance collaboration between commerce and finance to boost consumption [1][14] - The notice emphasizes support for key areas of consumption, including goods, services, and new consumption models, proposing 11 policy measures to stimulate demand [14][46] Real Estate Market - In November, the new residential sales prices in first-tier cities decreased by 0.4% month-on-month, with a year-on-year decline of 1.2% [1][16] - The decline in new residential prices in second and third-tier cities was 0.3% and 0.4% respectively, indicating a slight narrowing of the decline [16][48] International Developments - The Bank of Japan raised its policy interest rate by 0.25 percentage points to 0.75%, marking the highest level since September 1995 [19][20] - In the U.S., the Consumer Price Index (CPI) for November rose by 2.7% year-on-year, lower than expected, leading to increased market expectations for a potential interest rate cut by the Federal Reserve in January [21][21]

随着 2026年临近，展望未来一年宏观经济与资本市场运行环境，一方面，稳增长政策仍将持续落 地，经济数据预计有望逐步改善，从而为本轮慢牛、长牛行情提供基本面支撑；另一方面，我国经济 转型仍在持续推进。 在"十五五"规划中被重点强调的科技创新方向，包括芯片半导体、人工智能、低空经济、固态电 池、生物医药以及人形机器人等领域，仍将是未来经济增长的重要亮点。 在整体工业增加值增速相 对偏低的背景下，这些新兴产业已呈现出较为明显的增速回升态势，预计在2026年仍将延续较快增 长趋势。因此，科技牛行情更偏向于中长期机会，而非短期主题炒作，在以科技创新为主导的经济增 长模式下，科技类资产仍值得长期关注。 与 2025年科技股"一枝独秀"的结构性行情相比，2026年的市场环境更有可能呈现出板块轮动加 快、参与面扩大的特征， 市场形态或更接近全面牛市。 指数层面，有望在前期高点之上进一步拓展 运行空间，新能源、消费白马、有色金属、军工等板块也可能逐步活跃，带动整体赚钱效应改善。 年底的阶段性调整并不会改变 A股市场慢牛、长牛的总体趋势，其本质更多是通过震荡出清短期浮 筹，为下一阶段行情积蓄动能。回顾全年，人工智能相关科技板块 ...

一架架无人机灵活穿梭于高空，高效完成幕墙清洗、咖啡配送等工作，绿色能源加持的氢动力无人机演 示载货运输，系留无人机与车辆协同联动，展现应急通讯及侦测智能化新方案……上海浦东软件园三林 园内，一幅低空产业多元应用场景的全新图景正徐徐铺展，生动体现了低空科技在不同领域的实践价值 与商业化潜力。 12月19日，"协同致远·未来已来"上海浦软低空经济产业服务平台发布会成功举行。浦东新区科技和经 济委员会副主任王纲，浦东新区三林镇党委副书记、镇长王震东，上海浦东软件园股份有限公司党委书 记、总经理聂影，上海浦东软件园股份有限公司党委委员、副总经理、上海浦东软件园三林园发展有限 公司董事长虞俭，中国航空器拥有者及驾驶员协会秘书长陈国华共同启动上海浦软低空经济产业服务平 台，为浦东低空经济发展按下"加速键"。浦东新区首个低空经济综合性产业展示馆——上海浦软低空经 济展示馆同时揭幕。 聚焦战略前沿，发布产业服务平台 为进一步推动低空产业生态链协同发展，上海浦软低空经济产业服务平台将聚焦场景应用、产业协同、 资本赋能与人才培育四大功能，已引入一批合作伙伴、合作基金、入驻企业及培训基地。会上，复能科 技、柘飞航空、御风未来、捷信 ...

上海浦东软件园目前已集聚近60家低空领域企业，涵盖基础芯片、传感器、测量导航、数据设施等多个 环节，形成全链条协同发展态势。 上海浦东软件园发布上海浦软低空经济产业服务平台，为浦东低空经济发展按下"加速键"。 12月19日举行的上海浦软低空经济产业服务平台发布会上，浦东新区科技和经济委员会副主任王纲表 示，低空经济是培育新质生产力的关键领域，已被列为浦东未来产业发展的战略前沿。当前，浦东新区 围绕高端制造、技术赋能、支撑体系、基础设施四大维度系统谋划、统筹推进，希望上海浦软低空经济 产业服务平台充分发挥资源聚合与协同赋能作用，成为低空技术创新的"孵化器"、场景应用的"试验 田"和企业成长的"加速器"，为浦东低空经济高质量发展注入新动能。 目前，园区已迎来一批优质低空经济创新项目的集中落地，林洋航空、国斯航空、先飞翼航空、志茗航 空、云际飞行、灵曜宇航、巨中投资等7家企业，成为首批入驻园区低空孵化器的代表，业务覆盖低空 基础设施建设、智能航空器研发、卫星应用开发、低空文旅投资等关键环节，进一步丰富低空经济产业 谱系，为创新成果转化奠定了坚实基础。 上海浦东软件园股份有限公司党委书记、总经理聂影表示，依托区位优势 ...

上海浦东软件园已集聚近60家低空领域企业，全链条协同发展 "上海浦东软件园-玄风无人机浦东培训基地"也正式揭牌。该基地致力于打造集无人机技术培训、实操 考核、职业资质认证于一体的专业化人才培养平台，由上海浦东软件园旗下浦软学院与行业企业玄风航 空联合运营，为低空经济持续输送高素质应用型人才。 上海浦东软件园发布上海浦软低空经济产业服务平台，为浦东低空经济发展按下"加速键"。 目前，园区已迎来一批优质低空经济创新项目的集中落地，林洋航空、国斯航空、先飞翼航空、志茗航 空、云际飞行、灵曜宇航、巨中投资等7家企业，成为首批入驻园区低空孵化器的代表，业务覆盖低空 基础设施建设、智能航空器研发、卫星应用开发、低空文旅投资等关键环节，进一步丰富低空经济产业 谱系，为创新成果转化奠定了坚实基础。 12月19日举行的上海浦软低空经济产业服务平台发布会上，浦东新区科技和经济委员会副主任王纲表 示，低空经济是培育新质生产力的关键领域，已被列为浦东未来产业发展的战略前沿。当前，浦东新区 围绕高端制造、技术赋能、支撑体系、基础设施四大维度系统谋划、统筹推进，希望上海浦软低空经济 产业服务平台充分发挥资源聚合与协同赋能作用，成为低空技 ...

Core Insights - 36Kr, as China's largest new economy media platform, has significantly enhanced financing opportunities for enterprises through deep collaboration with investment institutions and fund partners, accumulating a wealth of primary market investor resources over the past decade [1] - The "Daily Roadshow" provides a new type of online closed-door roadshow for high-quality entrepreneurial projects, facilitating deep operational services for both entrepreneurs and investors [1] Project Summaries - **Yuyou Technology**: Focuses on AI-driven new material prediction models, aiming to redefine material R&D paradigms. The project seeks A-round financing of 25-70 million RMB, highlighting a paradigm-level technological breakthrough that reduces R&D cycles by 80% and costs by 70% [3][4] - **Blue Vector**: Develops eVTOL aircraft and aviation software, seeking Pre-A round financing of 100 million RMB. The V30 model meets high safety standards and is designed with a software-defined aircraft concept [6] - **Millis Control**: A leading company in line-controlled steering systems, seeking Pre-A round financing of 50 million RMB. The founding team has experience in developing national standards and has a strong technical background [8][9] - **Bai Shi Electronics**: Specializes in third-generation semiconductor materials, seeking B+ round financing of 100 million RMB. The company has a high yield rate for its silicon carbide products and has established a complete R&D and production center [10] - **Zhongke Guosheng**: A pioneer in bio-based materials, focusing on the innovation and industrialization of furan-based chemicals. The project seeks B round financing of 100-150 million RMB, boasting a unique continuous process that significantly reduces production costs [12][13] - **Hanhai Juneng**: The first commercial company in China focusing on controllable nuclear fusion technology, seeking Pre-A round financing of 200 million RMB. The project has achieved significant milestones in developing a linear field-reversed configuration fusion device [15][16]

Core Insights - The city of Wuhan is focusing on investment promotion to support the development of a modern industrial system, emphasizing traditional industry transformation, emerging industry growth, and future industry competition [1] - The 2025 Wuhan Investment Promotion Conference showcased 10 representative projects that commenced this year, highlighting the city's commitment to attracting investment [1] Investment Projects - The Jiangcheng Laboratory Advanced Packaging Comprehensive Experimental Platform and Industrialization Base project aims to enhance Wuhan's innovation and industrialization capabilities in the advanced packaging sector, positioning it as a key player in the global semiconductor industry [2] - The Zhongchuang Innovation航PACK project marks the fourth investment by Zhongchuang Innovation in Wuhan within five years, reflecting the company's confidence in the local business environment and development potential [2] - The Fowo Pharmaceutical headquarters and innovative drug R&D production base project focuses on developing next-generation small molecule anti-tumor drugs, with leading products for lung and breast cancer treatment [2] Strategic Industry Development - The Jinggong Technology Carbon Fiber Composite New Materials project targets high-end markets such as aerospace and new energy vehicles, aiming to create a complete carbon fiber industry chain [4] - The Swedish Autoliv Wuhan R&D Center project represents a significant achievement in attracting global high-end innovation resources, enhancing Wuhan's capabilities in automotive safety research and development [4] - The China Automotive Research New Energy and Intelligent Connected Vehicle Technology Innovation and Testing Research Base project will serve as a comprehensive technology innovation platform for the commercial vehicle sector [4] Emerging Economic Sectors - The Hanyang Zao Low-altitude Ecological Center Phase I project is a leading initiative in the low-altitude economy, attracting key enterprises and promoting strategic emerging industry clusters [4] - The Wuhan Qingshan Wanyuan Zhongchuang City project aims to create a smart new industrial park, exemplifying urban renewal and industrial upgrading [5] - The Alibaba Central China Headquarters project represents a shift from traditional single-entity investment to ecosystem cluster investment, attracting nearly 40 upstream and downstream ecological enterprises [5] - The Luzhou Ecological City Cultural Tourism and Commerce Complex project has become a popular destination, receiving nearly 300,000 visitors in four months, showcasing the integration of culture, tourism, and commerce [5] Overall Investment Landscape - The concentration of these projects illustrates Wuhan's achievements in attracting investment over the past year and outlines the city's industrial development trajectory, reinforcing traditional advantages while actively pursuing new sectors such as digital economy, low-altitude economy, biomedicine, and new materials [5]