据央视新闻报道，2 0 2 5年4月2日，美国政府宣布对中国输美商品征收"对等关税"。美方做法 不符合国际贸易规则，严重损害中方的正当合法权益，是典型的单边霸凌做法。 根据《中华人民共和国关税法》、《中华人民共和国海关法》、《中华人民共和国对外贸易 法》等法律法规和国际法基本原则，经国务院批准，自2 0 2 5年4月1 0日1 2时0 1分起，国务院 关税税则委员会对原产于美国的进口商品加征关税。有关事项如下： 一、对原产于美国的所有进口商品， 在现行适用关税税率基础上加征3 4%关税。 商务部将斯凯迪奥公司等11家美国企业列入不可靠实体清单 据央视新闻报道，商务部今日（4日）发布不可靠实体清单工作机制关于将斯凯迪奥公司等11 家美国企业列入不可靠实体清单的公告。为维护国家主权、安全和发展利益，根据《中华人民 共和国对外贸易法》《中华人民共和国国家安全法》《中华人民共和国反外国制裁法》等有关 法律，不可靠实体清单工作机制依据《不可靠实体清单规定》第二条、第八条和第十条等有关 规定，决定将斯凯迪奥公司等11家实体列入不可靠实体清单，并采取以下处理措施： 一、禁止上述企业从事与中国有关的进出口活动； 二、现行保税 ...

Group 1: Tariff Measures - The Chinese government announced a 34% tariff on all imported goods originating from the United States, effective from April 10, 2025, at 12:01 PM [2][4] - Existing tax exemption policies remain unchanged, and the newly imposed tariffs will not be eligible for reduction or exemption [3] - Goods that have already been shipped before April 10, 2025, will not be subject to the new tariffs if they arrive between April 10, 2025, and May 13, 2025 [4] Group 2: Export Controls - The Ministry of Commerce and the General Administration of Customs announced export controls on seven categories of medium and heavy rare earth materials, effective immediately [6] - The export control measures aim to safeguard national security and fulfill international obligations, reflecting China's commitment to maintaining global peace and regional stability [6] - The Ministry of Commerce has placed 16 U.S. entities under export control, prohibiting the export of dual-use items to these entities due to potential threats to China's national security [8] Group 3: Unreliable Entity List - The Ministry of Commerce has added 11 U.S. companies, including Skydio Inc., to the unreliable entity list, prohibiting them from engaging in import and export activities related to China [10][14] - These companies are restricted from making new investments in China, as part of measures to protect national sovereignty and security [11][12] Group 4: WTO Dispute - China has filed a lawsuit with the World Trade Organization (WTO) against the U.S. for imposing "reciprocal tariffs," arguing that such actions violate international trade rules and harm legitimate rights of WTO members [15][16]

Investment Rating - The report maintains an "Add" rating for the company [3] Core Views - The company experienced significant revenue decline in 2024, with total revenue of 685 million yuan, a year-on-year decrease of 74.28%, primarily due to market demand fluctuations and delays in key customer procurement plans [1][7] - The company is expected to recover significantly in 2025, with projected revenue of 3.375 billion yuan, representing a year-on-year growth of 393% [8] - The company is focusing on technological innovation and increasing R&D investment to maintain its industry position despite the challenges faced in 2024 [7] Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -539.16 million yuan, a year-on-year decrease of 117.82% [1][8] - The gross margin improved by 13.10 percentage points to 32.05% in 2024, benefiting from product delivery structure adjustments and cost reduction efforts [7] - The company’s inventory reached a historical high of 2.62 billion yuan by the end of 2024, an increase of 164.91% from the beginning of the year [7] Future Projections - The forecast for net profit attributable to shareholders for 2025 is 290 million yuan, with a corresponding PE ratio of 91 [7][8] - The company anticipates a significant increase in military trade deliveries in 2025, with expected sales to related parties reaching 1.4 billion yuan, accounting for 45% of similar business [7] - The company is actively preparing for production and inventory buildup to meet future demand [7] Market Position and Product Development - The company showcased new models at the 15th China International Aviation and Aerospace Exhibition, enhancing its drone collaborative system [7] - The "Wing Loong" and "Cloud Shadow" series drones have been integrated into a comprehensive operational system, demonstrating improved combat effectiveness [2][7]

导 语：这是新战争的第一步。 不过，这次行动也暴露出一些初期问题。特别是地面无人机在应对地形方面遇到了困难。而尽管无 人机承担了战斗任务，但良好的领导力、周密的计划以及熟练的无人机操作员仍然至关重要，这支 接受过美国培训的旅指出。 五小时的行动结束后，专注于地面无人机的安德烈·科帕奇中尉（Lt. Andriy Kopach）疲惫不堪，只 想睡觉。后来，随着国际公司和政府开始就此次攻击提出问题，其意义才逐渐清晰。 "然后我开始想，是的，这确实是一次大规模的、非常特别的行动。"他说，"这是新战争的第一 步。" 乌克兰哈尔科夫——黎明后不久，在一片被积雪覆盖的森林中，一辆四轮无人机在泥泞中向目标驶 去：一个俄罗斯地堡。它最终抵达并爆炸。 更多的无人机紧随其后。 其中一些在陆地上移动，包括装有机枪或携带炸药的无人机；还有一些通过空中飞行，投掷弹药并 提供战场的视野。 去年12月，乌克兰人协调使用无人陆地和空中载具的规模是前所未有的，这标志着战争进入了一个 新的阶段：至少在战争初期阶段，人类被大量移出了前线战场。 乌克兰战争导致无人机战争的迅速演变，双方都在不断创新，试图占据上风。尽管美国对乌克兰的 军事援助和情报共享 ...

Group 1 - The low-altitude economy is expected to continue its growth trajectory into 2025, with significant investments and projects underway [1][4] - The total estimated investment for the first phase of the low-altitude new infrastructure project in Shaoxing City is 2.05 billion, marking a record for public bidding in the low-altitude economy sector [3] - The low-altitude economy in China reached a scale of 505.95 billion in 2023, with a growth rate of 33.8%, and is projected to reach 1.5 trillion by 2025 and 3.5 trillion by 2035 [4] Group 2 - Several low-altitude economy companies have secured orders this year, accelerating their product commercialization process, with notable contracts signed for eVTOL aircraft [5] - Over 320 stocks in the A-share market are related to the low-altitude economy concept, with an average increase of 16.66% this year, significantly outperforming the Shanghai Composite Index [5] - A total of 53 stocks in the low-altitude economy sector are expected to see net profit growth rates exceeding 20% in 2025 and 2026, including major players like Changan Automobile and Aihua Group [6]

Core Viewpoint - The article discusses the recent trend of major companies in China, such as DJI and Midea, implementing mandatory off-work policies to reduce costs and improve efficiency, reflecting a broader shift in corporate culture away from the "996" work schedule [3][5][20]. Group 1: Company Actions - DJI has initiated a "no overtime" policy, where employees are encouraged to leave the office by 9 PM, and this has been in effect since late February [4][11]. - Midea has also enforced strict controls on overtime, with a directive from its chairman to simplify work processes and limit after-hours meetings and communication [3][12]. - Other companies like Miniso and Haier are following suit, emphasizing the reduction of formalities and the implementation of a two-day weekend policy across all departments [15]. Group 2: Financial Performance - Midea's overseas market growth has outpaced domestic growth, with its overseas revenue accounting for over 40% of total income in the first half of 2024 [13]. - Midea's total revenue for the first half of 2024 was approximately 217.27 billion, a 10.3% increase from the previous year [14]. - The manufacturing sector remains the largest contributor to Midea's revenue, with HVAC products making up 46.7% of total revenue [14]. Group 3: Industry Context - The shift away from the "996" work culture is becoming more pronounced as companies face economic pressures and seek to enhance operational efficiency [5][20]. - The article highlights that the trend of reducing working hours and simplifying processes is not limited to China, as similar movements are observed in other countries, particularly in Europe and Japan, where labor regulations are becoming stricter [18][19].

目前，西方世界措手不及：韩国和⽇本面临出生率危机，其制造能力陷入困境； 欧洲⼯业部门正被中国取代，且自身无法产生动力；而美国则专注于其他 市场及获取海外廉价生产，与此同时，中国的制造能力⽇益增强，机器⼈技术也正蓬勃发展。 图片来源： SemiAnalysis 中国机器⼈本土化进程正在顺利推进。本土企业正在占领全球最大市场，市场份额接近 50% ，而 2020 年仅为 30% 。虽然中国制造商目前在低端市场与西 方巨头并驾齐驱，但我们的供应链审查使我们相信，本土企业正开始接管高端市场。 宇树 的崛起体现了这一转变：市场上唯一可行的⼈形机器⼈宇树 G1 现已完全摆脱了美国组件。 图片来源： SemiAnalysis 行动的号角已经吹响：美国与西方在机器⼈技术革命浪潮中的抉择 在当今时代，行动的号角已经吹响，这关乎着美国以及整个西方世界的未来走向。 我们正站在⼯业社会非线性变革的初期临界点上，一场前所未有的技术 革命浪潮正席卷而来，而美国所立足的根基却在风雨中摇摆不定。 自动化与机器⼈技术正以惊⼈的速度掀起一场深刻的革命，这场革命将彻底改变所有制造业及关键任务行业的面貌，实现全面自动化。这些智能机器⼈系 统，它们不 ...

证券研究报告|行业专题报告 低空经济专题策略报告：改革推进，上下游迈向高质量发展 华西中小盘&建筑建材 戚舒扬：SACNO:S1120523110001 侯钧皓：SACNO:S1120524100003 金兵：SACNO:S1120520110001 2025年3月10日 请仔细阅读在本报告尾部的重要法律声明 核心逻辑: • 低空经济助推经济结构转型升级，市场空间巨大 低空经济有助于推动经济结构的转型升级，有望成为中国经济增长的新引擎。根据《国家立体交通网络规划纲要》预测，到 2035年中国低空经济产业的市场规模有望突破6万亿元。 • 空域改革继续推进，为低空发展提供有力保障 2023年12月国家空管委组织制定了《国家空域基础分类方法》将中国空域分为两级七类；2024年12月，国家发展改革委低空经 济发展司正式亮相，负责拟订并组织实施低空经济发展战略、中长期发展规划。空域改革的推进消除了低空经济发展的堵点， 也为行业的未来发展提供了有力的支持和保障。 • 央地政策部署加快，低空试点城市有望进一步扩大 中央和地方陆续将"低空经济"有关内容写入政府工作报告2025年重点工作，并规划了时间表和路线图。在第一批6个低 ...

3月2日，比亚迪携手大疆在深圳举办智能车载无人机系统发布会。 （比亚迪发布会视频截图） 比亚迪公司董事长兼总裁王传福在发布会上宣布，比亚迪和大疆共同研发的智能车载无人机系统正式命名 为"灵鸢"。 关于无人机技术的解决方案，王传福表示，比亚迪从2016年就开始做内部的探索和尝试。经过比亚迪和大 疆双重的技术测试和一系列的安全认证后，"灵鸢 " 实现了量产，这也使得比亚迪成为全球首家量产车载 无人机的车企。 据比亚迪集团高级副总裁、汽车新技术研究院院长杨冬生介绍，"灵鸢"智能车载无人机系统通过"先进架 构、先进硬件、先进算法"，运用全球首创的智能停机坪方案，融合了无人机定位模块、车顶摄像头、定 制两用手柄等多个硬件，不仅能实现动态起降、一键返舱、智能跟飞，还能实现自动快充。 "灵鸢"车载智 能机库停机坪展开后0.29㎡，机库厚度21.5cm，最高车高<2.05m。 此外，"灵鸢"无人机舱内置图传天 线、定位模块与风速仪，支持25km/h以下车速下的无人机动态起降，以及2km内的无人机自动返回。 据了解，比亚迪旗下全品牌将搭载"灵鸢"系统，包括王朝、海洋、方程豹、腾势、仰望。其中，"灵鸢"换 电版主要搭载在仰望品牌 ...

敢于冒险。 作者 I 刘博 报道 I 投资界PEdaily 有多少投资人在为错过宇树而遗憾？ 这几天，一张聊天截图流传甚广，内容直观呈现了一家创业公司早期融资的窘境——2019年，正寻求 融资的宇树科技，将一份商业计划书发给了投资人，直接被婉拒。 这样一幕并非意外。一位宇树科技的老股东也发文透露，2023年想募集一只宇树的专项基金，找了很 多资金方沟通，都表示不感兴趣，最后这只基金愣是没募集起来。"时隔一年，当宇树出圈之后，大 家又回过头来找我们。" 此情此景，正如"当年的你爱搭不理，现在的我你高攀不起。"这也引发外界好奇： 当初是谁给了宇树 科技第一笔钱？ 他给了王兴兴第一笔钱 " 怎么看上海大学王兴兴同学做的 XDog ？ " 这是20 16年知乎上的一个帖子。彼时的王兴兴刚从上海大学硕士毕业，他做出的机器狗XDog在2 015 年创业大赛中拿到了奖金，一度让他萌生辍学创业的想法。随后，他找了创业大赛认识的几位投资 人，但没有人愿意投，创业的念头也随即打消，转身去了大疆工作。 直到20 16年8月，王兴兴才拿到第一笔投资，金额2 00万元人民币，也才有了宇树科技后面的故事。在 《晚点La t ePost》 ...