报告要点： 国元证券近日发布机械行业周报：2025年11月23日至11月28日，上证综指上涨1.40%，深证成指上涨 3.56%，创业板指上涨4.54%。其中申万机械设备上涨3.91%，相较沪深300指数跑赢2.26pct，在31个申 万一级行业中排名第7。细分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化设备分 别涨4.70%/4.28%/1.20%/3.27%/3.61%。 以下为研究报告摘要： 机械设备板块：2025年10月升降工作平台出租率指数为660点，环比略降3.8%，同比上涨4.6%。总体看 10月份各机型环比出租率指数有涨有跌，其中20~24m机型出租率指数环比跌幅最大，达到8.7%， 14~16m以上机型环比涨幅最大，达到3.1%。我们看好后续工程机械行业仍将维持稳步增长态势。 机械设备：出口链板块，我们建议关注巨星科技、泉峰控股、九号公司等；工程机械板块，我们建议关 注三一重工、徐工机械、安徽合力等；工业母机板块，我们建议关注华中数控、科德数控、恒立液压 等。 风险提示 全球宏观经济增长不及预期风险；企业经营状况低于预期风险；原料价格上升风险；汇率波动风险；竞 争格局加剧 ...

Core Viewpoint - The low-altitude economy in Hainan is expected to have a bright future, driven by favorable policies and a supportive business environment [1][2]. Group 1: Policy and Business Environment - The company relocated to Hainan due to significant policy advantages, including land, talent, and financing support [2]. - The Hainan Free Trade Port is set to officially launch full island closure, enhancing global connectivity and facilitating international industrial chain layout [2]. - The Haikou National High-tech Zone provides a streamlined process with dedicated personnel for project support, improving efficiency in material preparation and inter-departmental coordination [2]. Group 2: Project Development and Goals - The company signed an agreement to develop the first low-altitude economic technology industrialization project in Hainan [2]. - Plans include accelerating the construction of a low-altitude economy industrial base and establishing regular cross-sea cargo operations [2]. - The goal is to attract upstream and downstream enterprises to Hainan, creating a competitive low-altitude economy industrial cluster with both technological and cost advantages [2].

Core Insights - The key mission for the future is to develop industries, ensuring that each enterprise's growth is supported by its own strength and core technology, as well as a conducive development environment [1] Group 1: Industrial Development - Jiading has established three major identities: a historical cultural city, an international automotive city, and a technology satellite city, focusing on the development of intelligent connected new energy vehicles, integrated circuits, and biomedicine as part of its "14th Five-Year Plan" [1] - A number of leading autonomous driving companies have settled in Jiading, showcasing the latest achievements in the automotive "new four modernizations" [1] - The biomedicine industry is being developed according to a planning framework of "one axis, one town, two valleys, and two areas," aiming to create a highland for the city's biomedicine industry [1] Group 2: Future Industry Layout - Jiading is actively pursuing future industries in areas such as future intelligence, future energy, future materials, future health, and future space [1] - The Jiading New City is focusing on the integration of industry and city, with key industries including industrial internet, low-altitude economy, high-end medical care, green low-carbon, and financial technology [3] - The Jiading Industrial Internet Park is recognized as a benchmark and pilot park for industrial internet in Shanghai, providing ample cooperation opportunities with manufacturing enterprises [3] Group 3: Investment and Development - The leadership expresses a strong desire for more listed companies to invest and develop in Jiading New City, highlighting the progress in landscape, ecology, and branding over the past 20 years [4] - Confidence and patience are identified as two key factors for future listed companies, with Jiading New City committed to providing convenience in land, talent, and policies for enterprises [4]

Core Viewpoint - The Zhejiang Provincial Committee emphasizes the integration of advanced manufacturing clusters to promote the upgrading of traditional industries, the growth of emerging industries, and the scientific layout of future industries [1] Group 1: Traditional Industry Upgrading - The initiative aims to implement "tenglong huan niao" (transformation) and "phoenix nirvana" actions to deepen the construction of national traditional manufacturing upgrade demonstration zones [1] - There will be a strong push for technological transformation, equipment updates, and ecological upgrades in traditional industries to enhance quality and technical capabilities [1] - Key industries such as green petrochemicals, textiles and apparel, electrical machinery, and home appliances will be prioritized for quality upgrades to strengthen their competitive positions [1] Group 2: Emerging Industry Development - The plan focuses on building new pillar industries, accelerating the development of clusters in artificial intelligence, new materials, new energy, aerospace, low-altitude economy, and biomedicine [1] - A future industry investment growth mechanism will be established to explore various technological routes, typical application scenarios, feasible business models, and market regulation rules [1] - Key areas for future industry development include humanoid robots, brain-machine interfaces, brain-like intelligence, quantum information, and biomanufacturing [1] Group 3: Service Industry Enhancement - The implementation of high-quality development projects in the service sector will be prioritized, aiming to improve the integration of modern services with advanced manufacturing and modern agriculture [1] - The initiative will promote the specialization and high-end extension of productive services and enhance the quality and diversity of life services [1]

Core Insights - The article outlines the future job market in China over the next five years, emphasizing the impact of industrial upgrades, technological changes, and demographic shifts on employment opportunities [1][3][53] Emerging Industries - The "Suggestions" document highlights the cultivation of emerging industries such as new energy, new materials, aerospace, and low-altitude economy, which are expected to create new job opportunities across the entire industrial chain [6][56] - The low-altitude economy alone is projected to have a talent gap of 1 million for drone operators, with the market expected to exceed 1 trillion yuan by 2030 [6][57] - Various roles are identified across the low-altitude economy, including equipment designers, flight control engineers, and data analysts, reflecting a trend of integration between manufacturing and services [7][58] Digital Economy - The rise of AI and digital technologies is transforming traditional jobs, leading to the creation of high-value new roles while displacing repetitive labor [12][63] - The AI sector is expected to see significant growth, with job postings increasing by 3% and job seekers by 39% in the first three quarters of 2025 [12][63][64] - The demand for AI-related positions, such as AI product managers and engineers, is surging, with growth rates of 178% and 26% respectively [12][63] Service Sector - The service industry is anticipated to absorb more labor, particularly in health, elderly care, and domestic services, driven by rising consumer demand [15][66] - The elderly care sector is experiencing a job growth rate of 29.2%, with specific roles like caregivers and rehabilitation therapists seeing significant demand [15][66] - The service sector's employment share is expected to rise from over 48% to around 55% in the next five years, reflecting a shift towards more specialized and standardized service roles [17][67] Flexible Employment - The flexible employment landscape is diversifying, with over 84 million new employment forms emerging, providing opportunities for various skill levels [21][71] - The government is focusing on promoting high-quality employment and improving social security for flexible workers, including establishing protections for new employment forms [22][72] Cross-Border Employment - The expansion of cross-border e-commerce is creating diverse job opportunities, with a projected 45 million jobs created in this sector by 2030 [25][77] - There is a growing demand for talents proficient in international trade and local market knowledge, particularly in small and medium enterprises [25][77] Rural Revitalization - New agricultural entrepreneurs are emerging, driving innovation and income growth in rural areas, with significant contributions to local economies [30][81] - The government is promoting rural modernization and encouraging talent to engage in rural development, aiming to enhance local employment opportunities [30][81] Cultural Industry - The cultural sector is evolving, with a strong demand for talents who can blend cultural storytelling with technological skills, such as VR/AR developers and cultural creative engineers [34][35] - The cultural industry is projected to generate substantial revenue, with a focus on integrating technology and culture to create new job opportunities [34][35] Green Jobs - The green economy is expanding, with new roles in renewable energy and sustainability expected to grow significantly, including positions like energy storage operation managers [42][43] - The government is emphasizing the need for multi-disciplinary talents in the green sector, anticipating a doubling of job opportunities in this field [42][43] Regional Employment - Employment patterns are shifting from urban-centric to a more balanced regional distribution, with emerging cities attracting talent due to their industrial strengths [47][48] - The government's regional development strategies are expected to create a more equitable job market across various regions, promoting local employment opportunities [47][48][49]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The report highlights that Chongqing aims to become a strong city for low-altitude economic development, supported by a new policy document that includes 17 measures across three areas to foster innovation and growth in the low-altitude economy [2][4][9] - The low-altitude economy is expected to drive the entire industry chain, with upstream focusing on raw materials and core components, midstream on drones and supporting equipment, and downstream on aviation management and information technology [2][9] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and exceed 2 trillion yuan by 2030, indicating significant growth potential [9] Summary by Sections Policy Measures - The policy measures include four demand-side initiatives to create low-altitude demonstration scenarios, seven supply-side initiatives to support industrial innovation, and six measures to enhance the low-altitude security system [9] - This policy follows previous initiatives aimed at managing low-altitude airspace and identifying application scenarios, indicating a comprehensive approach to developing the low-altitude economy in Chongqing [9] Industry Development - The report notes that multiple regions in China are forming low-altitude industry clusters, with significant progress in areas like Xinjiang, the Guangdong-Hong Kong-Macau Greater Bay Area, and the Yangtze River Delta [9] - The low-altitude economy is transitioning from pilot demonstrations to large-scale implementation, with emerging business models in drone logistics, passenger travel, and low-altitude tourism [9] Market Outlook - The low-altitude economy is recognized as a strategic emerging industry in China, with rapid development and a shift from equipment technology catch-up to leading positions in certain areas [9] - The report suggests focusing on the entire low-altitude economy supply chain, particularly in aviation information technology and air traffic management sectors [9]

Core Insights - The article highlights the significant developments in the low-altitude economy sector, emphasizing the establishment of regulatory frameworks and the growth potential of the market, projected to reach 1.5 trillion yuan by 2025 and over 2 trillion yuan by 2030 [1][2]. Regulatory Developments - The Central Air Traffic Control Office has strengthened the construction of low-altitude management systems, introducing new regulatory documents to enhance the management framework [1]. - The new regulations include the "Functional Requirements for National and Provincial Low-altitude Flight Comprehensive Supervision Service Platforms (Version 1.0)" and "Information Interaction Specifications for National and Provincial Low-altitude Flight Comprehensive Supervision Service Platforms (Version 1.0)" [1]. Market Growth - The low-altitude economy market in China is expected to grow significantly, with 969 companies registered in the civil unmanned aerial vehicle product information system, covering 3,191 types of products and over 478,000 aircraft [1]. - The first four-seat electric aircraft has received a type certificate from the Civil Aviation Administration of China, indicating advancements in the industry [1]. Company Developments - Peak Fly Aviation launched a zero-carbon water airport solution, integrating it with eVTOL aircraft to create a comprehensive low-altitude economic solution [2]. - EHang Intelligent Holdings successfully completed the first urban manned flight of its EH216-S unmanned aerial vehicle in Doha, Qatar, marking a significant milestone in the Middle East [2]. - A new joint venture, Chongqing Saihong Technology Co., Ltd., was established to focus on the research and manufacturing of low-altitude logistics and manned aircraft [2]. Industry Events - The China (Jiangxi) Aviation Industry Conference attracted nearly 900 representatives from various aviation enterprises and research institutions to discuss new development paths for the aviation industry [3]. - The 2025 Hunan (International) General Aviation and Low-altitude Economy Industry Expo featured over 200 leading companies, with total project investments exceeding 4.4 billion yuan [3]. - Archer Aviation acquired control of Hawthorne Airport for $128 million, positioning it as a strategic hub for air taxi networks and AI testing [3].

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The establishment of the Commercial Aerospace Administration is expected to accelerate the development of the commercial aerospace industry in China, simplifying approval processes and promoting high-quality growth [6][45][55]. - The report highlights the recent rebound in the computer sector, which saw a 3.14% increase, ranking 13th among major industries in the Yangtze River region [2][4][14]. - Key areas of focus include the construction of a national integrated data market, advancements in space computing capabilities, and the development of the low-altitude economy [5][18][37]. Summary by Sections National Integrated Data Market - The National Data Bureau aims to build an open, shared, and secure national integrated data market, enhancing the data industry ecosystem and stimulating market vitality [10][21]. - The data trading market is projected to grow significantly, with an estimated market size of 2,840.9 billion by 2025 and potentially exceeding 7,159 billion by 2030, reflecting a compound annual growth rate of 20.3% [25][27]. Space Computing - Beijing plans to establish a large-scale space data center in the 700-800 km twilight orbit, aiming to leverage solar energy for AI computing [28][30]. - Multiple projects are underway to develop space computing capabilities, with significant advancements expected in the coming years [30][36]. Low-Altitude Economy - Chongqing has introduced policies to foster the development of a high-quality low-altitude economy, with 17 measures aimed at supporting innovation and market demand [37][44]. - The low-altitude economy is anticipated to reach a market size of 15 trillion by 2025 and over 20 trillion by 2030, driven by policy support and industry growth [44].

中央纪委国家监委网站 李张光 北京市海淀区纪委监委深化"室组地企"联动监督机制，加强对地区高新产业发展情况的监督检查。图为该区纪检监察干部在中关村科学城数据集团走访了解 情况。姜颖 摄 党的二十届四中全会强调，加快高水平科技自立自强，引领发展新质生产力。发展新质生产力是推动高质量发展的内在要求和重要着力点，事关中国式现代 化建设全局。纪检监察机关如何做实做细政治监督，为因地制宜发展新质生产力提供坚强保障？我们采访了三位地方纪委监委主要负责同志。 本期嘉宾 江苏省昆山市纪委监委聚焦低空经济发展强化日常监督，推动优化营商环境。图为该市花桥经济开发区纪检监察干部在低空经济产业园走访了解相关情况。 孙施昕 摄 梁经军：我们坚持"深学习、实调研、抓落实"，深化对新质生产力的规律性认识，着眼各部门各地区的职责使命、功能定位、发展目标，深入一线开展调研 监督，精准掌握政策落实堵点、企业发展难点，着力把"问题账单"变成"成果清单"。坚持把政治监督融入日常、抓在经常，以推进校区、园区、城区"三区 联动"发展为落脚点，与上海交通大学纪委、华东师范大学纪委同向发力，向大零号湾管理委员会派出监督专员，用好约谈提醒、列席会议、联合整治 ...

Core Insights - The "Baijing Chuangxiang" scenario docking conference was held in Bao'an District, Shenzhen, focusing on the establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Application Scenario Innovation Center for Intelligent Manufacturing [1][2] - The center aims to leverage Bao'an's manufacturing base and application resources to develop new fields and high-value scenarios in technologies such as artificial intelligence, industrial internet, big data, and cloud computing [1][2] Group 1 - The conference attracted over 760 companies, releasing more than 500 scenario opportunities and capabilities, with over 60 companies signing agreements on-site [2] - More than 150 companies showcased over 500 new technologies and products, covering various fields including intelligent manufacturing, artificial intelligence, low-altitude economy, and unmanned systems [2] - The government-led scenarios included 288 opportunities, focusing on social governance, public services, and industry applications, while enterprise application scenarios totaled 220, targeting sectors like smart terminals and semiconductor industries [2] Group 2 - Bao'an District has nearly 560,000 enterprises, with around 5,600 above-scale manufacturing companies, covering all 31 major categories of manufacturing [2] - The district features a comprehensive transportation hub with nearly 400 square kilometers of land and 175 square kilometers of sea, integrating multiple transportation modes [2] - Bao'an has proposed to become a "benchmark city for fully open scenarios," aiming to open over 100 innovative application scenarios and release more than 1,000 new technologies, products, and solutions [2]