Market Overview - On December 31, 2025, the Shanghai and Shenzhen indices experienced mixed performance, with a total trading volume of CNY 2.07 trillion, a decrease of approximately CNY 90 billion from the previous trading day[1] - The market showed stability despite more stocks declining than rising, with notable gains in the aerospace, media, real estate, and non-ferrous metals sectors, while telecommunications, agriculture, and electronics faced declines[1] - The total trading volume for the year exceeded CNY 400 trillion, marking a year-on-year growth of over 60%, achieving a historical high[3] Sector Performance - The aerospace sector is rapidly regaining strength, with leading stocks reaching new highs and increasing trading volumes, indicating a sustained upward trend[1] - The non-ferrous metals sector is also performing steadily, supported by historical price increases in precious metals and a weak US dollar, suggesting a potential for long-term growth[1] - The top three sectors for net capital inflow on December 31 were aerospace equipment, military electronics, and advertising marketing, while the semiconductor, components, and photovoltaic equipment sectors saw the largest outflows[4] Regulatory Developments - The Ministry of Transport has initiated measures to promote the integration of public transportation data with enterprise data, aiming to enhance efficiency across various sectors, including logistics and green technology[5] - New regulations for green product certification have been introduced, covering 122 product categories and involving over 8,000 certified enterprises, marking a significant shift towards comprehensive regulatory oversight[7] Economic Indicators - The price of live pigs increased by 1.7% month-on-month in late December 2025, reflecting ongoing trends in agricultural pricing[8] - Natural gas consumption in November 2025 was reported at 36.28 billion cubic meters, a year-on-year increase of 5.1%, although total consumption for the first eleven months showed a slight decline of 0.1%[8] Investment Insights - The recent regulatory changes in fund sales fees aim to enhance investor returns by capping service fees for equity funds at 0.4% and for index and bond funds at 0.2%, promoting a shift towards long-term holding[12][14]

"十四五"期间，我国低空装备产业产值年均增速10%以上 据工业和信息化部消息，"十四五"期间，我国低空装备产业规模不断扩大，产业产值保持年均10%以上的增 速。传统通航装备研制应用稳步推进，累计有70余款国产装备完成适航取证；18款民用无人机获得适航批 准，在研吨级无人机近30款、电动垂直起降飞行器近70种。截至2025年12月30日，已有1081家企业完成登记 注册，备案产品3623种、超529万架。 山东预计2025年GDP超10万亿元 据山东省人民政府官网，近日，山东省省长周乃翔通过《走向世界》杂志、《金桥》杂志等媒体平台向海内 外朋友发表二〇二六年新年贺词。周乃翔在新年贺词中指出，2025年山东坚定实施扩大内需战略，着力稳就 业、稳企业、稳市场、稳预期，全省经济保持稳健向好、进中提质良好态势，预计地区生产总值超过10万亿 元，成为全国第三个、北方第一个过10万亿元省份；工业、消费、进出口等指标增速均好于全国平均水平、 好于预期，经济大省挑大梁作用更加凸显。 2025年国家铁路总收入首次突破1万亿 1月4日，中国国家铁路集团有限公司（以下简称国铁集团）工作会议在北京召开。 会议提到，2025年，国铁集团 ...

本报记者 李雯珊 见习记者 张美娜 1月4日，据工业和信息化部数据，"十四五"期间，我国低空装备产业规模不断扩大，产业产值保持年均10%以上的增速。 截至2025年12月30日，已有1081家企业完成登记注册，备案产品3623种、超529万架。 中信建投研报表示，未来中国低空经济市场将成为万亿元蓝海。《通用航空装备创新应用实施方案（2024—2030年）》明 确提出，到2030年我国将形成万亿元级通用航空装备市场规模。 国研新经济研究院创始院长朱克力在接受《证券日报》记者采访时表示，我国低空装备产业正处于蓬勃发展的阶段，企业 应完善装备研发制造体系，尤其要加速核心零部件的国产化替代进程；加大低空场景应用创新投入，通过人工智能、智能传感 技术的融合，提升装备性能与作业安全，以夯实竞争优势，抢占产业发展新赛道。 中关村物联网产业联盟副秘书长袁帅向《证券日报》记者表示，近年来，低空经济应用场景持续拓展，带动无人机物流、 低空旅游、应急救援等细分领域实现快速发展。市场对低空装备及配套服务的需求攀升，也带动了低空装备产业规模扩张。 在此背景下，低空装备产业链上下游企业积极行动，抢抓低空经济高速发展的战略机遇。其中，核心 ...

央视网消息：记者从工业和信息化部获悉，"十四五"期间，我国低空装备产业规模不断扩大，产业 产值保持年均10%以上的增速。 ...

近日，工业和信息化部办公厅印发《制造业中试标准体系建设指南(2025版)》。其中提到，到2027年累 计制修订标准50项以上，到2030年累计制修订标准100项以上，建成涵盖基础通用、关键技术和行业应 用的先进制造业中试标准体系，引领制造业中试创新发展。重点领域涵盖智能网联新能源汽车、低空装 备等。 ...

Core Insights - The low-altitude equipment industry in China is experiencing significant growth and innovation, showcasing substantial development potential [1] - The projected output value for low-altitude equipment in 2024 is approximately 52 billion yuan, with an average annual growth rate of over 10% during the 14th Five-Year Plan period [1] - The industry is diversifying, with nearly 30 types of ton-class drones and over 70 types of electric vertical take-off and landing aircraft currently in development [1] Industry Development - As of now, there are 977 registered companies in the civil unmanned aerial vehicle (UAV) information system, with 3,222 products filed and 17 types of civil drones approved for test flights [1] - The emphasis on safety is paramount, with experts highlighting the need for comprehensive safety planning and coordination in the development of low-altitude economic-related industries [1] Risk Management - A risk-based refined management approach is suggested due to the diverse application scenarios of drones, which leads to varying risks [2] - It is recommended to implement differentiated safety management standards based on population density in different areas to ensure risk control [2] Competitive Advantage - The establishment of a regionally concentrated low-altitude economic industry is advised to create a one-stop service capability, allowing for cost-sharing and avoiding detrimental competition between cities [2]

在顶层政策的指引下，各地方也纷纷积极布局。举例来看，《北京市促进低空经济产业高质量发展行动 方案（2024-2027年）（征求意见稿）》指出，要将低空经济培育为引领京津冀协同发展的先导示范产 业，将北京市打造成低空经济产业创新之都、全国低空经济示范区。《武汉经开区低空经济产业集聚区 建设实施方案》提出，到2027年，产业集聚区初步建立，产业链条持续优化，技术创新能力不断增强， 低空飞行基础保障体系基本完善，低空应用场景丰富多元，实现低空经济高质量提升，为全区经济社会 发展做出重要贡献。 此外，深圳发布《低空经济产业促进条例》，规划到2026 年建成1200个起降点、1000条航线，实现"2 小时同城、4小时跨城"物流圈；安徽发布《加快培育发展低空经济实施方案(2024-2027年)》，打造全国 低空经济发展高地；内蒙古加速培育呼包鄂低空经济圈，建设2个示范区和3个产业集聚区；重庆：计划 到2027年新建成1500个通航起降点，实现"乡乡通"。截至目前，京津冀、长三角、珠三角、成渝经济圈 已形成了研发、制造、应用全链条产业集群，为低空经济健康发展奠定了坚实基础。 企业的积极性同样高涨。以汽车企业为例，众多企业已 ...

Core Viewpoint - China is set to promote the safe and healthy development of the low-altitude equipment industry, enhancing its development path across multiple levels as part of the "14th Five-Year Plan" [1] Group 1: Industry Development - The 2025 Low Altitude Equipment Industry Innovation Development Conference in Inner Mongolia released five research reports, including a roadmap for power battery technology and a development path for low-altitude intelligent networking systems [3] - The energy density of mass-produced power battery systems is expected to reach 220-250 watt-hours per kilogram by 2025 and to exceed 330-400 watt-hours per kilogram by 2030 [3] - A framework for the low-altitude equipment industry standard system has been proposed, covering seven areas including low-altitude aircraft and infrastructure [3] Group 2: Technological Integration - The integration of new energy and next-generation information technology with the low-altitude equipment industry is accelerating, presenting new opportunities and showcasing significant potential for development [5] - Key technologies such as aviation power batteries and flight control systems will be the focus, along with safety operation technologies like low-altitude intelligent networking [9] Group 3: Strategic Initiatives - The Ministry of Industry and Information Technology plans to strengthen top-level design, focusing on intelligent, green, and integrated development to enrich the product spectrum of low-altitude equipment [7] - There will be an emphasis on building a high-level industrial supply chain and cultivating advanced industrial clusters to support the high-quality development of the low-altitude economy [7] - The approach will prioritize logistics transportation, agricultural operations, emergency rescue, and short-distance passenger transport, with a phased implementation strategy for applications like cargo drones and agricultural protection machines [9]

Core Insights - China is set to promote the safe and healthy development of the low-altitude equipment industry, focusing on multiple aspects to improve the development path of the industry [1][3] Group 1: Industry Development Plans - The Ministry of Industry and Information Technology (MIIT) has released several research reports, including a roadmap for power battery technology for low-altitude aircraft, aiming for energy density of 220-250 Wh/kg by 2025 and 330-400 Wh/kg by 2030 [1] - A framework for the standard system of the low-altitude equipment industry has been proposed, covering seven areas including low-altitude aircraft, infrastructure, and test flights [1] Group 2: Technological Integration and Opportunities - The integration of new energy and next-generation information technology with the low-altitude equipment industry is creating new opportunities, indicating a positive development trend and significant potential for the industry [3] Group 3: Strategic Focus and Goals - The MIIT plans to enhance top-level design with a focus on intelligence, greenness, and integration, aiming to enrich the product spectrum of low-altitude equipment and build a high-level industrial and supply chain [5] - Key technologies such as aviation power batteries and flight control systems will be prioritized, along with the promotion of application demonstrations for low-altitude equipment in logistics, agricultural operations, emergency rescue, and short-distance passenger transport [7]

Core Viewpoint - The Ministry of Industry and Information Technology of China has announced the creation of national emerging industry development demonstration bases, aiming to establish around 100 demonstration parks and 1,000 demonstration enterprises by 2035 to promote the healthy and orderly development of emerging industries [1][2]. Group 1: Demonstration Bases - The demonstration bases will include both parks and enterprises, focusing on key emerging industries such as new generation information technology, new energy, new materials, biotechnology, high-end equipment, intelligent connected vehicles, green environmental protection, low-altitude equipment, and aerospace [1]. - The initiative aims to create benchmarks in emerging industries, providing a robust support system for the development of new productive forces [1]. Group 2: Industry Insights - Various parks have already established strong clusters in specific sectors, such as advanced manufacturing, industrial internet, and new energy vehicles, indicating a growing specialization in these areas [2]. - To ensure the demonstration bases serve their intended purpose, it is crucial to select the right leading industries, provide solid public services, and implement strict assessment and evaluation measures [2]. Group 3: Long-term Impact - The demonstration bases are expected to gather innovative resources and industrial elements, promoting collaboration in tackling key core technologies and enhancing the security of industrial supply chains [3]. - Over time, as these bases develop and mature, they will foster a tiered industrial cluster pattern across the country, nurturing globally competitive leading enterprises and specialized small and medium-sized enterprises, thus transforming China from an industrial power to an industrial stronghold [3].