Core Insights - The company, Yingboer (300681.SZ), has officially become a supplier for Germany's VOLOCOPTER, providing development services for the electric propulsion system of the XPro aircraft [1] Group 1: Company Developments - Yingboer will supply development services specifically for the electric propulsion system of the XPro aircraft [1] - VOLOCOPTER focuses on the development of eVTOL (electric Vertical Take-Off and Landing) aircraft, aiming to provide innovative solutions for urban air mobility [1]

Core Viewpoint - Understanding the "14th Five-Year Plan" is essential for identifying future investment opportunities and risks in the Chinese economy [1][3]. Group 1: Policy Direction - The "14th Five-Year Plan" emphasizes transformation, aiming for China to shift from a "follower" to a "leader" in high-quality development, with a focus on technological self-reliance and innovation [3]. - Key sectors highlighted include new energy, new materials, low-altitude economy, quantum technology, and brain-computer interfaces, indicating a shift towards innovation and green growth [3]. Group 2: Investment Strategies - Long-term investors are advised to focus on three main areas: hard technology (integrated circuits, artificial intelligence, aerospace), green transformation (new energy, environmental protection), and upgrading traditional industries (steel, machinery) that align with technological advancements and green standards [4]. - The emphasis is on selecting companies with genuine technology and performance, rather than chasing short-term market trends [4]. Group 3: Economic Focus - The shift in focus from GDP to national income signifies a commitment to increasing citizens' earnings and consumption, which will benefit sectors related to quality consumption, healthcare, and the digital economy [3].

Core Viewpoint - Guanglian Aviation is leveraging its long-term expertise in composite material molding technology to advance research and development in carbon fiber circular chains and related fields, aiming for future applications in high-end equipment manufacturing sectors such as marine engineering and mining equipment [2] Group 1 - The company has made progress in research and development, resulting in multiple invention patent authorizations [2] - Guanglian Aviation is focused on the transformation of technological achievements to lay a foundation for high-quality development [2] - The company is committed to continuous investment in R&D to expand its application space in various industries [2]

Group 1 - GAC Toyota's sales vice president denied rumors about discontinuing multiple fuel vehicle models, stating the information is false [1] - The company is reportedly facing market speculation regarding the potential discontinuation of two main fuel vehicle models by 2026 [1] Group 2 - Ant Group's AI assistant "Lingguang" achieved over 500,000 downloads within three days of its launch, ranking seventh on the App Store overall chart and first in the free tools category [2] Group 3 - Airbus announced the initiation of the second phase of its share buyback program, which aims to support future employee stock ownership and incentive plans, with a maximum buyback limit of 4.14 million shares [3] Group 4 - Yann LeCun, Meta's chief scientist, announced his departure to start a new company focused on Advanced Machine Intelligence, aiming to revolutionize AI capabilities [4] Group 5 - Xiaomi's automotive division announced the production of its 500,000th vehicle, with expectations to exceed 400,000 deliveries in 2025 [5] Group 6 - The U.S. government plans to launch an initiative called "Genesis Mission" to enhance AI development, emphasizing its importance comparable to historical projects like the Manhattan Project [6] Group 7 - Google plans to invest $2 billion in building a data center in Turkey, as announced by the Turkish Vice President [7] Group 8 - Singapore-based fintech company RockFlow completed a new funding round of several million dollars, led by Ant Group [9] Group 9 - The Thai Ministry of Finance is considering increasing the VAT rate from 7% to 8.5% in 2028, contingent on economic recovery [10] Group 10 - The Chinese Chemical and Physical Power Industry Association is set to issue a notice to regulate pricing in the lithium iron phosphate industry, aiming to combat ongoing losses and price competition [11] Group 11 - The Ministry of Finance and the Ministry of Industry and Information Technology in China are seeking public opinions on the draft standards for government procurement of new energy vehicles [12] Group 12 - Indonesia is in discussions with Singapore and Malaysia to establish a trilateral data center collaboration [13] Group 13 - China's first green hydrogen coal chemical project has commenced market operations, showcasing a successful model for the green transformation of the coal chemical industry [14]

天津东丽：聚焦培育新质生产力 助力产业能级提升 "十四五"期间，天津市东丽区扩大开放合作，落地乌兹别克斯坦海珀中国区贸易总部、荷兰艾曲西中国 总部、玉湖冷链(天津)交易中心等重点外资项目41个，实际利用外资6000万美元，实现外贸总额620亿 元人民币。(完) 来源：中国新闻网 编辑：熊思怡 广告等商务合作，请点击这里 中新网天津11月20日电 (江莹)20日，天津市东丽区召开新闻发布会，聚焦"十四五"期间天津东丽经济技 术开发区(以下简称"东丽经开区")强龙头、育产业、延链条，聚力发展主导产业，加快培育新兴产业和 未来产业，实现产业能级的显著提升。 图为新闻发布会现场。(天津市东丽区供图) 会上，东丽区副区长李全利介绍，五年来，东丽经开区累计新引进市场主体3500余家，先后落地了电装 电机新能源汽车逆变器、中汽新能源检测基地等一批高质量项目，已形成新一代汽车技术、航空航天新 材料、医疗器械、检验检测四个主导产业，并建成新能源汽车动力系统国家中小企业特色产业集群和新 能源汽车关键零部件、高端诊疗设备2个市级特色产业主题园区。同时，东丽经开区还加快新兴产业项 目落地，先后引入了中汽中心智能网联科技创新基地、天瞳 ...

Core Viewpoint - The Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly released the "Top Ten Key Projects for Measurement Support of New Quality Productivity Development in 2025," focusing on industries such as integrated circuits, artificial intelligence, and new energy, aiming to overcome key measurement technology bottlenecks and enhance the self-sufficiency and security of the industrial chain [1][2]. Group 1: Key Projects Overview - The first batch of key projects includes ten initiatives aimed at addressing critical measurement technology issues in strategic sectors such as information technology, artificial intelligence, aerospace, and new energy [2][4]. - A total of 124 applications were received, with ten projects selected after multiple rounds of expert evaluations [4]. Group 2: Specific Project Highlights - **Integrated Circuits**: The project led by the China National Institute of Metrology focuses on the measurement and standardization of semiconductor chip packaging circuit dimensions, introducing innovative scanning technologies and establishing a dedicated standard system for packaging circuit detection [5]. - **Quantum Technology**: The project aims to enhance the measurement capabilities of cold atom absolute gravimeters under motion, addressing core challenges and supporting national defense and economic development [5]. - **Artificial Intelligence**: This project will establish a measurement testing platform for intelligent perception, focusing on key technologies such as AI data benchmarks and uncertainty assessment of intelligent algorithms [5]. - **New Generation Information Technology**: The project addresses the measurement capabilities for 400G/800G optical communication, filling gaps in high-speed transmission standards necessary for 5G/6G networks [6]. - **New Materials**: The project focuses on calibration technology for superhard materials, providing foundational support for the industry and enhancing China's global competitive position [7]. - **High-end Equipment**: This initiative aims to develop nanometer-level industrial CT detection technology, reducing reliance on imported equipment and supporting high-quality development in the semiconductor and integrated circuit industries [7]. - **Aerospace**: The project will create a measurement testing platform for low-altitude wind fields, facilitating applications in various sectors such as agriculture and emergency rescue [8]. - **Instruments and Meters**: This project focuses on developing high-end multifunctional standard sources to support the growth of the instrument and meter industry [8]. - **Biomedicine**: The project aims to develop portable measurement devices for medical isotopes, addressing current gaps in measurement technology [9]. - **New Energy**: This initiative will establish a measurement technology standard system for carbon capture, utilization, and storage (CCUS), aiming for international comparability and recognition [9].

深度对话交流，凝聚合作发展共识 活动期间，还专门举行了青年企业家圆桌对话交流活动，促成双方 围绕具体项目与合作意向进行了深入磋商。市商务局贸促会秘书长张体伟就我市产业布局、营商环境和 优惠政策进行了重点推介，为后续合作奠定坚实基础。两地企业家代表畅所欲言，分享创业心得与发展 经验。青年企业家们一致认为，粤港澳大湾区的资本、技术、管理优势与河南的产业基础、市场空间、 区位交通优势具有高度的互补性，合作潜力巨大。此外，考察团还参观了"只有河南·戏剧幻城"，在沉 浸式的文化体验中，领略了厚重的中原文化魅力，增强了情感联结。 搭建青春桥梁，服务经济发展大局 此次活动不仅是一次经贸考察，更是一次思想的交融和青春的联 动。下一步，团郑州市委将继续发挥组织优势，积极搭建各类交流平台，扎实推进青年发展友好型标杆 城市建设，深化人才资源引聚，吸引更多优秀项目汇聚郑州、落地郑州，为促进区域经济协作注入青春 动能，为推动郑州高质量发展贡献青春力量。 聚焦产业前沿，感知郑州发展脉动 考察团一行深入郑州核心产业板块，全方位了解产业发展态势。从 汉威科技的多维传感器，到郑州三磨所的超硬材料研发；从三全食品的现代化生产线，到蜜雪冰城的全 ...

除了华盛顿州，俄勒冈州和加利福尼亚州也在加大与中国的合作。俄勒冈州的参议长瓦格纳在10月率团 访问中国，行程安排得非常密集，走访了广东、北京、四川等10个城市。在与中国高层会谈时，他直接 表示，美中地方合作非常重要。俄勒冈州议会甚至早在9月就通过了一项决议，要求进一步深化与中国 的经贸合作，避免联邦政府的不确定性影响本州的经济利益。俄勒冈州2024年对中国的出口额近80亿美 元，其中蓝莓、车厘子等农产品在中国市场的热销，使得该州的经济与中国的合作变得更加紧密。 加利福尼亚州在对华关系方面的独立性也很强。2024年，加州州长纽森曾因联邦政府的关税政策与特朗 普政府对立，直接将其告上法庭，要求为加州争取更多自主权。纽森公开表示，加州与华盛顿特区的理 念完全不同。加州在与中国的合作方面一直积极推进，2024年对中国的出口高达310亿美元，这不仅促 进了当地经济发展，也吸引了大量投资。加州与中国的合作领域不仅限于贸易，还包括气候变化、绿色 科技、新能源等领域。 美国各州绕过联邦政府直接与中国开展交流的现象，正在成为越来越多人的关注焦点。过去，人们常常 关注美国总统和国会的动态，但如今，地方政府也渐渐成为影响中美关系的 ...

Core Viewpoint - BNP Paribas Exane initiates coverage on 12 U.S. aerospace and defense companies, suggesting selective investment due to pressures in commercial aviation and anticipated growth in defense spending by 2026 [1] Commercial Aviation - The firm prefers parts and subsystem suppliers over large OEMs, favoring companies like Raytheon (RTX.US), TransDigm (TDG.US), and AeroVironment (AVAV.US) with positive ratings, while giving a negative outlook on Boeing (BA.US) and GE Aerospace (GE.US) [1][3][4][5] Defense Sector - Exane expects U.S. budget decisions in 2026 to drive demand, listing Lockheed Martin (LMT.US), Northrop Grumman (NOC.US), and AeroVironment (AVAV.US) as preferred picks [1] Company Ratings - **AeroVironment (AVAV.US)**: Outperform, positioned at the core of U.S. defense priorities with expected double-digit growth in its AxS segment [1] - **TransDigm (TDG.US)**: Outperform, with anticipated profit margin improvements in 2026 and 2027, and a projected special dividend of $100 next year [2][3] - **Raytheon (RTX.US)**: Outperform, expecting improved output from Collins Aerospace and growth in Pratt & Whitney [4] - **GE Aerospace (GE.US)**: Underperform, with concerns over declining aftermarket revenue and increasing losses in the GE9X project [5] - **L3Harris Technologies (LHX.US)**: Neutral, with limited room for valuation expansion despite benefits from missile defense projects [6] - **Boeing (BA.US)**: Underperform, with overly optimistic expectations on aircraft production and cash flow [7] - **Lockheed Martin (LMT.US)**: Outperform, driven by missile projects and international demand [8] - **Kratos Defense (KTOS.US)**: Neutral, with high valuation concerns despite broad defense technology coverage [9] - **General Dynamics (GD.US)**: Outperform, with expected improvements in various sectors including Gulfstream jets and shipbuilding [10] - **Northrop Grumman (NOC.US)**: Outperform, with anticipated growth in multiple projects as they transition to procurement phases [11] - **Howmet Aerospace (HWM.US)**: Outperform, with strong performance in pricing and market share [12] - **Heico (HEI.US)**: Neutral, with cautious outlook due to high valuation and potential slowdown in acquisitions [13]

四大产业齐发力！航空航天、生物医药、先进材料、生态环保五年来跨越式增长，营业收入最高增长14倍！四川发展（控股）公司以实绩擦亮国企名片。 "十四五"期间四川发展（控股）公司以产业为根基，以资本为纽带，打造一流国有资本投资运营公司，书写高质量发展的壮丽新篇。本期让我们一起走进 四川发展（控股）公司的"十四五"答卷。 "十四五"以来，公司围绕打造一流国有资本投资运营公司的发展愿景，全力以赴拼经济、搞建设，集中精力抓效益、谋发展，承压前行，克难奋进，推动 高质量发展迈上新台阶。 截至2024年底，先进材料产业板块资产总额达318.4亿元，较2020年增长约6倍；全年实现营业总收入93.7亿元，较2020年同期增长近14倍；全年实现利润 总额7.6亿元，较2020年同期增长约8倍。 截至2024年底，航空航天产业板块资产总额达127.3亿元，较2020年增长65.6%；全年实现营业总收入23.4亿元，较2020年同期增长约4倍。 加快夯实产业发展平台，成功完成炼石航空定增控股工作，并推动其实现摘星摘帽，为发展航空高端制造奠定坚实基础；旗下引领资本控股并购富江工 业，培育打造航空航天装备锻造领域标杆企业。 截至2024 ...