【导读】国务院办公厅印发《关于进一步促进民间投资发展的若干措施》 中国基金报记者 晨曦 盘后又有大利好！ 11月10日，中国政府网显示，国务院办公厅印发《关于进一步促进民间投资发展的若干措 施》（以下简称《若干措施》），提出13项针对性政策举措，意在进一步激发民间投资活 力、促进民间投资发展。 扩大准入方面，《若干措施》提出，对需报国家审批（核准）的具有一定收益的铁路、核电 等重点领域项目，鼓励支持民间资本参与并明确持股比例等要求；对具备条件的项目，民间 资本持股比例可在10%以上。 《若干措施》要求，对各地方规模较小、具有盈利空间的城市基础设施领域新建项目，鼓励 民间资本参与建设运营。引导民间资本有序参与低空经济领域基础设施建设，积极支持有能 力的民营企业牵头承担国家重大技术攻关任务。 《若干措施》提到，清理不合理的服务业经营主体准入限制；规范实施政府和社会资本合作 新机制，修订分类支持民营企业参与的特许经营项目清单；坚决取消招标投标领域对民营企 业单独设置的不合理要求。进一步加大政府采购支持中小企业力度。 打通堵点方面，《若干措施》要求，保障民营企业在电力并网运行、油气管网设施使用、运 力资源调配等方面的 ...

Core Viewpoint - The Chinese government has introduced a series of measures to stimulate private investment, particularly in key sectors such as railways, nuclear power, and low-altitude economy, aiming to enhance the participation of private capital in these areas [2][3]. Group 1: Policy Measures - The State Council has released 13 targeted policy measures to invigorate private investment, focusing on expanding access, addressing bottlenecks, and strengthening support [2]. - The measures encourage private capital participation in state-approved projects, particularly in profitable sectors like railways and nuclear power, with specified shareholding requirements [2][3]. - Private investment is being directed towards low-altitude economy and commercial aerospace, with support for capable private enterprises to lead major technological initiatives [2][3]. Group 2: Investment Environment - Historically, sectors like railways and nuclear power have been dominated by state-owned capital, but new policies are designed to open these sectors to private investment, allowing for a more active role [3]. - The introduction of a minimum shareholding requirement for private capital in nuclear projects has already seen participation from 10 private enterprises in five projects, with ownership stakes exceeding 10% [3]. Group 3: Addressing Challenges - The measures aim to safeguard the rights of private enterprises in areas such as electricity grid access and resource allocation, while also promoting the establishment of significant pilot platforms for innovation [3][4]. - Financial institutions are encouraged to set annual service targets for private enterprises, ensuring their reasonable credit needs are met [4]. Group 4: Financial Support - The government is increasing support for eligible private investment projects through central budget investments and new policy financial tools, with a total of 500 billion yuan allocated to support over 2,300 projects [4]. - A project database has been established to promote private investment, with over 12,282 projects currently being recommended to private capital, amounting to a total investment of 10.27 trillion yuan [4]. Group 5: Current Investment Trends - Recent statistics indicate a decline in private investment, with a 3.1% year-on-year decrease in private fixed asset investment during the first three quarters of the year [6]. - Despite the challenges posed by international conditions and the real estate market, the long-term outlook for private investment remains positive, supported by ongoing government efforts to enhance the investment environment [7].

Market Overview - The A-share market shows a divergence with the main board strengthening while the ChiNext board remains under pressure, with the Shanghai Composite Index successfully reclaiming the 4000-point mark [2] - Market sentiment is fluctuating, with over 3300 stocks closing in the green, and the total trading volume in the Shanghai and Shenzhen markets reaching 2.17 trillion, an increase of 175.4 billion from the previous trading day [3] Economic Indicators - The strong performance of consumer sectors such as food and beverage, liquor, and tourism is attributed to the rebound in October's CPI and core CPI data, signaling a recovery in domestic demand and boosting confidence in economic stabilization [3][4] - The Ministry of Finance has reiterated its commitment to continue implementing special actions to boost consumption, providing policy support to these sectors [4] Policy Outlook - The release of the "14th Five-Year Plan" marks the beginning of a new five-year economic and industrial development framework, which will serve as a foundation for future policies and provide a starting point for the policy tone leading up to 2026 [5][7] - Key areas of focus include industrial structure upgrades, technological self-reliance, and boosting domestic consumption [8][10] Sector Focus - For industrial structure upgrades, attention should be directed towards sectors such as mining, chemicals, machinery, and shipbuilding [11] - In terms of technological self-reliance, sectors like new energy, new materials, low-altitude economy, artificial intelligence, integrated circuits, and industrial mother machines are highlighted [11] - The domestic consumption boost should focus on retail, social services, food and beverage, and certain new consumption areas [11] Market Trends - The TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are expected to remain the main themes of the bull market [12] - Historical trends indicate that the current market may be in the second phase of a multi-stage rally, with significant potential for growth [14] Investment Opportunities - In the TMT sector, key areas of interest include AI and storage, with AI driving technological innovation and industry transformation, while storage is expected to benefit from sustained demand due to AI [15][16] - In advanced manufacturing, focus areas include humanoid robots, liquid cooling, solid-state batteries, and PCB, with significant developments anticipated in 2026 [17][18] Future Market Dynamics - The market is expected to enter a phase of intense policy expectation, with domestic policies centered around the "14th Five-Year Plan" and the upcoming Central Economic Work Conference, while international policies will be influenced by U.S.-China relations and potential policy shifts from the U.S. midterm elections [21] - Key upcoming events include annual performance forecasts and quarterly reports, which will further validate industry conditions [22]

Core Viewpoint - The State Council has issued measures to stimulate private investment, highlighting 13 targeted policy initiatives to enhance the role of private capital in China's economic development [1][2]. Group 1: Expansion of Access - Encouragement for private capital participation in key sectors like railways and nuclear power, with specified shareholding requirements [1] - Support for private investment in smaller urban infrastructure projects with profit potential [1] - Promotion of private capital involvement in low-altitude economy and commercial space sectors [1] Group 2: Addressing Bottlenecks - Protection of private enterprises' rights in areas such as electricity grid access and oil and gas pipeline usage [2] - Support for the establishment of major pilot platforms by private enterprises to enhance industry influence [2] - Encouragement for digital empowerment initiatives for small and medium-sized enterprises (SMEs) [2] Group 3: Strengthening Support - Increased financial support for eligible private investment projects through central budget investments and new policy financial tools [3] - Banks are required to set annual service targets for private enterprises to meet their reasonable credit needs [3] - Promotion of real estate investment trusts (REITs) for private investment projects in infrastructure to enhance liquidity [3] Group 4: Quality Development - Emphasis on the need for local governments to provide better services and guidance for private investment [4] - Development of a long-term mechanism combining legal protection, policy incentives, and optimized services for private capital [4] - The measures signal a strong commitment to supporting the growth of the private economy, aiming for high-quality economic development [4]

Group 1: Metropolis - Metropolis completed a $500 million equity financing and secured an $1.1 billion loan facility, aiming to monetize offline space access through computer vision and payment infrastructure [1] Group 2: Ripple - Ripple raised $500 million in financing led by traditional Wall Street giants like Citadel Securities, marking a shift in institutional interest towards blockchain financial infrastructure [2] - The financing aims to support the expansion of its compliant stablecoin RLUSD, transitioning from a cross-border payment network to a full-stack financial infrastructure [2] - Ripple holds over $80 billion in nominal value of XRP tokens, with some investors viewing the company as a special purpose acquisition company (SPAC) due to its substantial asset pool [2] Group 3: 时的科技 - 时的科技 announced a B+ round financing and secured a bank credit of 700 million yuan, symbolizing strategic support for the low-altitude economy [3] - The company aims to compete with international giants by focusing on tilt-rotor technology and has signed a letter of intent for 100 E20 aircraft with ICBC [3] Group 4: 众凌科技 - 众凌科技 completed a 400 million yuan C round financing, highlighting confidence in domestic alternatives for critical materials in the semiconductor display industry [4] - The company achieved mass production of a 20μm thick FMM used in OLED screens, breaking overseas monopolies in core materials [5] Group 5: 雷鸟创新 - 雷鸟创新 completed a C round financing, raising a total of 800 million yuan in 2025, setting a record in the AI+AR glasses sector [6] - The funds will be used for core technology development and global market expansion [6] Group 6: 中通云仓 - 中通云仓 completed a 200 million yuan A round financing to enhance its smart warehousing network and supply chain systems [7] - The company focuses on integrated supply chain services for e-commerce platforms and has over 200 warehouses nationwide [7] Group 7: 蔚能电池 - 蔚能电池 successfully raised 670 million yuan in C round financing, attracting local state-owned capital [8] - The funds will be used to expand battery asset scale and enhance lifecycle management technology [8] Group 8: 九章云极 - 九章云极 completed a 300 million yuan D1 round financing, supported by state-owned and market institutions, to advance its AI foundational software strategy [9] - The company provides comprehensive AI foundational services and has a significant presence in key industries [9] Group 9: 深朴智能 - 深朴智能 announced a total of 200 million yuan in seed and seed+ round financing within three months, reflecting strong market interest in embodied intelligence [10] - The funds will focus on developing algorithms and hardware for embodied robots [10] Group 10: Douzone Bizon - Douzone Bizon received a strategic investment of approximately $930 million from EQT, aimed at accelerating its market expansion in ERP systems and digital transformation services [11] - The company specializes in ICT solutions for enterprises, including ERP implementation and cloud computing [11]

在扩大准入方面，对需报国家审批（核准）的具有一定收益的铁路、核电等重点领域项目，鼓励支持民 间资本参与并明确持股比例等要求；对各地方规模较小、具有盈利空间的城市基础设施领域新建项目， 鼓励民间资本参与建设运营；引导民间资本有序参与低空经济、商业航天等领域建设，积极支持有能力 的民营企业牵头承担国家重大技术攻关任务；清理不合理的服务业经营主体准入限制；规范实施政府和 社会资本合作新机制，修订分类支持民营企业参与的特许经营项目清单；坚决取消招标投标领域对民营 企业单独设置的不合理要求；进一步加大政府采购支持中小企业力度。 在打通堵点方面，保障民营企 业在电力并网运行、油气管网设施使用、运力资源调配等方面的合法权益；鼓励支持民营企业加快建设 一批具有较强行业带动力的重大中试平台，支持国有企业、高等院校、科研院所面向民营企业提供市场 化中试服务；支持民营龙头企业、链主企业、第三方服务商建设综合性数字赋能平台，深入实施中小企 业数字化赋能专项行动，支持更多民营中小企业加快数字化升级改造。 在强化保障方面，加大中央预 算内投资、新型政策性金融工具等对符合条件民间投资项目的支持力度；银行业金融机构应制定民营企 业年度服务目 ...

Core Insights - The 8th China (Jinan) New Kinetic Energy Innovation and Entrepreneurship Competition was held on November 8, featuring 18 units from the commercial aerospace and low-altitude economy sectors [1] - A total of 16 key projects in commercial aerospace and low-altitude economy, along with 2 industrial funds, were signed, with a planned total investment of 7.768 billion yuan for the projects and a total scale of 10 billion yuan for the funds [1] Investment Projects - The 16 key projects are set to attract a total investment of 7.768 billion yuan [1] - The projects focus on advanced manufacturing and information technology related to the aerospace information industry [1] Industrial Funds - Jinan City initiated a 5 billion yuan first phase of a 50 billion yuan aerospace information industry fund, aimed at attracting leading companies in the aerospace information sector to Jinan [1] - A 10 billion yuan first phase of a 50 billion yuan low-altitude economy industry fund was also established, focusing on complete machine manufacturing, core components, low-altitude operations, and innovative services [1]

Core Insights - The report highlights significant developments in the low-altitude economy, particularly the establishment of a headquarters and manufacturing base by a technology company in Shanghai, which aims to centralize R&D, manufacturing, certification, and sales [2] Group 1: Company Developments - On November 6, a technology company signed a strategic cooperation agreement with the Shanghai Municipal Economic and Information Commission and the Minhang District Government, announcing the establishment of its headquarters and manufacturing base in Shanghai Minhang [2] - The company secured a credit line of 700 million yuan and signed a procurement agreement for 100 E20eVTOL aircraft with ICBC Financial Leasing, alongside completing a 300 million yuan B++ round of financing [2] - This strategic move is expected to enhance the advanced manufacturing industry chain in the Yangtze River Delta and explore a model of "Shanghai R&D, global application" [2] Group 2: Industry Orders and Collaborations - At the 8th China International Import Expo, Volant Aeronautics signed agreements with several companies, securing a total of 95 eVTOL orders worth 2.375 billion yuan [2] - The company also received a high-level commercial confirmation order for eVTOL passenger transport, along with a deposit of several million yuan [2] - Additionally, Yufeng Future showcased its upgraded passenger eVTOL product M1 and signed a letter of intent for 200 aircraft orders worth over 2 billion yuan, with plans for 100 aircraft to be used in domestic and international low-altitude transportation networks [2] Group 3: Industry Trends and Projects - On November 8, Jinan signed contracts for eight low-altitude economy projects, including the AS700 manned airship delivery center and industrial drone manufacturing base, covering the entire chain from aircraft R&D to infrastructure and application scenarios [2] - The AS700 airship delivery center is expected to fill the gap in high-end manned aircraft manufacturing in the northern region, supporting low-altitude tourism and emergency command scenarios [2] - The report suggests that the low-altitude economy is witnessing vertical implementation from macro (national industrial planning) to micro (infrastructure bidding and application scenario development), recommending attention to subsequent market trends in the low-altitude economy [2]

Core Insights - The strategic cooperation between Changchun Jingyue High-tech Zone and Fengfei Aviation Technology aims to develop a large eVTOL operational demonstration area and urban air traffic system, focusing on intercity logistics and aerial passenger transport [1][2][3] Group 1: Strategic Cooperation - The partnership will expand low-altitude economic applications in a phased manner, prioritizing cargo transport before passenger transport, and ensuring safety [1] - Changchun Jingyue High-tech Zone will procure eVTOL products such as the Kerry O V2000CG and Shengshi Long V2000EM to enhance logistics and air transport capabilities [1] - Fengfei Aviation Technology plans to establish an eVTOL assembly line in Changchun, which will include marketing, test flights, after-sales service, maintenance, and training [1][2] Group 2: Industry Development - Changchun Jingyue High-tech Zone has been recognized as a founding city in the national "Smart Unmanned System City Alliance" and is a pilot for the "Low-altitude Economy Regulatory Sandbox" [2] - Fengfei Aviation Technology, established in 2017, is a global eVTOL technology company that has achieved significant milestones, including the first ton-level eVTOL airworthiness certification and a record 250 km cross-sea flight [2] - The collaboration includes partnerships with various institutions to enhance low-altitude economic infrastructure, data configuration, application scenarios, and industry standards [3]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector [1] Core Insights - The report highlights the acquisition of Dongjin Aviation Technology by Suzhou Planning, emphasizing the strategic importance of integrating ground and airspace planning capabilities to create a competitive air-ground integrated solution [3][14] - The report notes significant collaborations and orders announced by multiple eVTOL companies during the China International Import Expo, indicating a growing interest and investment in the low-altitude economy [33][40] - The report suggests that the low-altitude economy is entering a rapid development phase, with a focus on infrastructure and digitalization [22][47] Summary by Sections Industry Overview - The low-altitude economy sector includes 121 listed companies with a total market capitalization of approximately 34,574.89 billion [1] - The Huachuang Transportation Low Altitude 60 Index has shown a year-to-date increase of 16.1%, although it experienced a weekly decline of 1.4% [54][55] Acquisition Details - Suzhou Planning plans to acquire 100% of Dongjin Aviation Technology for a total transaction price of 250 million, with a share issuance price of 17.97 per share [6][8] - The acquisition aims to enhance the capabilities of both companies in low-altitude digitalization and infrastructure construction [14][21] Financial Performance - Dongjin Aviation Technology reported revenues of 37.51 million, 45.67 million, and 23.19 million for the years 2023, 2024, and the first half of 2025, respectively, indicating a growth trajectory in low-altitude infrastructure [22][23] - Despite the revenue growth, Dongjin Aviation Technology remains in a loss position, with a loss of 3.46 million in the first half of 2025 [22][24] Market Developments - The report identifies key players in the low-altitude economy, including manufacturers, supply chain participants, and digitalization firms, suggesting a comprehensive approach to investment in the sector [62][63] - The report emphasizes the importance of large-scale application scenarios and market awareness in enhancing the perception of the low-altitude economy [47][53]