[Table_Summary] 1、【策略研究】：中观景气延续分化，元旦文旅景气显著增长，出入境需求增长亮眼；科技硬件、 化工/有色等周期资源品延续涨价；地产耐用品景气磨底。 [汤蔚翔 Table_Authors] (分析师) 国泰海通晨报 2026 年 01 月 08 日 国泰海通证券股份有限公司 研究所 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 方奕(分析师) 021-38031658 fangyi2@gtht.com S0880520120005 陶前陈(研究助理) 0755-23976164 taoqianchen@gtht.com S0880125070014 张逸飞(分析师) 021-38038662 zhangyifei@gtht.com S0880524080008 策略观察：《元旦文旅景气增长，科技周期延续涨价》2026-01- 07 元旦文旅景气增长，科技周期延续涨价。上周（12.29-01.04）中观景气表现分化，值得关注： 1）元旦旅游出行景气同比改 ...

低空经济爆发催生刚性需求 反无人机产业迎千亿蓝海 低空经济的蓬勃发展与安全风险的同步攀升，构成了反无人机产业的核心增长逻辑。数据显示，我国实 名登记无人机总数已突破272.6万架，累计飞行时长超2400万小时，但非法飞行导致的机场航班延误、 关键设施受扰等事件年均增长30%以上。这种"成长的烦恼"催生了巨大的安全防护需求，研究机构认为 2024年我国反无人机市场规模已达20亿元，到2035年有望成长为千亿级产业。 政策层面的持续加码为产业发展注入强心剂。从《国家综合立体交通网规划纲要》首次纳入"低空经 济"，到中央经济工作会议将其列为战略性新兴产业，再到30个省份出台专项支持政策，我国已构建 起"国家引导、地方落实、企业主导"的产业发展生态。在技术演进方面，反无人机系统正从单一探测 向"侦、扰、控"一体化协同演进，AI驱动的精准识别与软杀伤技术成为主流，而解决方案也从单点装备 向体系化升级，区域级"低空防护罩"成为市场竞争的核心赛道。星网宇达相关负责人在接受采访时表 示："低空经济越是繁荣，安全底线越要筑牢，这正是反无人机产业的历史性机遇。" 技术自研+产品矩阵 构筑核心竞争壁垒 随着低空经济连续两年写入政府 ...

Group 1: Lithium Plus Minerals and Moonlight Resources - Lithium Plus Minerals (ASX: LPM) announced the acquisition of the high-potential Clermont gold project in Queensland from Diatreme Resources (ASX: DRX) through its 44.7% owned entity, Moonlight Resources [3] - Moonlight Resources now holds approximately 5,200 square kilometers of mining rights across Northern Territory, New South Wales, and Western Australia, including promising rare earth and uranium exploration rights in the MacDonnell Ranges [3] - The acquisition is expected to enhance Moonlight's asset portfolio, focusing on gold and critical mineral exploration, with resource definition anticipated to be completed soon [5] Group 2: Lynas Rare Earths - Lynas Rare Earths Ltd (ASX: LYC) announced a fully underwritten equity financing plan to raise AUD 750 million to expand rare earth production capacity [8] - The financing aims to capitalize on government interventions that have led to a 40% increase in rare earth prices over the past month, with Lynas's market capitalization rising nearly 80% [8] - Lynas's CEO emphasized the importance of securing sufficient resources to leverage market opportunities as the company prepares for growth [8] Group 3: Electro Optic Systems Holdings - Electro Optic Systems Holdings Limited (ASX: EOS) announced its successful bid as a systems integration partner for the Australian Defence Force's LAND 156 project, leading to a 13.88% increase in its stock price [12] - The project is part of a AUD 1.3 billion investment plan over the next decade aimed at developing advanced counter-drone capabilities [12] Group 4: Invictus Energy - Invictus Energy Ltd (ASX: IVZ) established a strategic partnership with Al Mansour Holdings, backed by a member of the Qatari royal family, to support the commercialization of the Cabora Bassa gas project [14] - The partnership includes a plan for AMH to acquire 19.9% of Invictus and provide up to USD 500 million in future financing [14] - Following the announcement, Invictus's stock surged by 145.28% [14] Group 5: McPherson's Limited - McPherson's Limited (ASX: MCP) reported a 3.9% decline in revenue to AUD 139 million and a net loss of AUD 16.6 million for the fiscal year ending June 30 [17] - The company is transitioning to a lighter asset model to drive future growth [17] Group 6: Neuren Pharmaceuticals - Neuren Pharmaceuticals (ASX: NEU) reported a net profit of AUD 15 million for the first half of the 2025 fiscal year, an increase of 87.5% year-on-year, driven by revenue from its core product DAYBUE [21][22] - The company is advancing its second candidate drug, NNZ-2591, with significant progress in clinical development for various rare neurodevelopmental disorders [24] - Neuren's cash and short-term investments reached AUD 300 million, providing a strong financial foundation for future research and market expansion [25] Group 7: Fortescue Metals Group - Fortescue Metals Group (ASX: FMG) reported a 41% decline in net profit to USD 3.4 billion (AUD 5.24 billion) for the fiscal year, with revenue down 15% to USD 15.54 billion [28] - The company is focusing on green hydrogen and decarbonization projects as part of its future strategy [28] Group 8: Sigma Healthcare - Sigma Healthcare Ltd (ASX: SIG) reported a 41% increase in EBITDA to AUD 903.4 million following its reverse acquisition of Chemist Warehouse [32] - The company plans to cut costs by AUD 100 million, exceeding its initial target of AUD 60 million [32]

Group 1 - The article emphasizes the importance of timely and professional information analysis in investment decisions, particularly focusing on significant events, industry chain companies, and key policy interpretations [1] - Multiple companies are responding to the layout of liquid cooling business, with one company already utilizing its liquid cooling products in IDC and energy storage temperature control fields [1] - A company is developing products for anti-drone applications, including a robotic dog that is currently in the trial production stage [1]

Core Viewpoint - The frequent incidents of unauthorized drone flights ("black flights") have raised significant public safety concerns, prompting the government to emphasize the establishment of a low-altitude safety regulatory system and the need for real-name registration of drones [2][4][5]. Group 1: Regulatory Developments - The National Development and Reform Commission has called for the establishment of a low-altitude safety regulatory mechanism to clarify safety oversight responsibilities and enhance governance capabilities [2][5]. - The consensus among central departments and ministries is that "no safety, no low-altitude" is crucial for the development of the low-altitude economy [4][5]. - A recent report indicated that by the end of 2024, there will be 1.619 million registered drone users in the industry, with a 98.5% increase in registered drones compared to 2023 [5]. Group 2: Safety Challenges - Unauthorized drone flights pose serious threats to national defense, public safety, and aviation order, with multiple incidents disrupting airport operations in recent years [5][6][7]. - There have been 15 recorded incidents of drone-related injuries in the agricultural sector alone from August 2020 to July 2025, highlighting the risks associated with drone usage [6]. - Criminal activities involving drones, such as theft and drug trafficking, have raised alarms about their potential misuse [6][7]. Group 3: Industry Perspectives - Experts emphasize the urgent need for a comprehensive safety regulatory and defense system for drones to ensure the sustainable development of the industry [8][11]. - The current regulatory framework is seen as relatively clear, but many operators still fail to comply with regulations, citing high approval costs and political pressures [9][10]. - The lack of effective detection and counter-drone infrastructure poses significant challenges to enhancing drone defense and regulatory capabilities [10][12]. Group 4: Market Opportunities - The integration of "drone countermeasures" into the national low-altitude safety regulatory system is expected to create new opportunities for the counter-drone industry [11]. - The global market for drone defense systems is projected to reach over 500 billion yuan by 2030, with urban low-altitude management systems expected to account for around 300 billion yuan [11]. - Despite the potential of the counter-drone market, the industry faces challenges such as a lack of talent and resources, with only a few private companies capable of independent research and development [12][13]. Group 5: Recommendations for Development - There is a call for the government to support the development of the drone defense and regulatory industry, particularly for private enterprises, to ensure safety and compliance [13]. - Experts suggest that the government should lead the establishment of comprehensive regulatory standards for drone defense as part of urban low-altitude management [13].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the low-altitude logistics sector, particularly involving drones and counter-drone technologies [1][2][4]. Core Insights and Arguments - The National Postal Bureau of China has emphasized the development of drone technology for branch transportation and last-mile delivery, aiming to enhance the low-altitude economy in postal and express services [1][2]. - There is an exploration of cross-province and intercity drone transportation to scale up last-mile delivery applications, improving service efficiency and customer experience [3][4]. - Low-altitude logistics can be categorized into last-mile logistics (within 20 km) and branch logistics (50-500 km), with small multi-rotor drones used for last-mile delivery and fixed-wing drones for longer distances [4]. - A comprehensive drone delivery network is being established, as outlined in the "General Aviation Equipment Innovation Application Implementation Plan" released in March 2024 [4]. - Meituan has received the first nationwide low-altitude logistics coverage operational certificate in April 2025 [4]. Related Companies and Investment Opportunities - **Logistics Drone Companies**: - Guanglian Aviation (supplier for Baijing Airlines) - Zongshen Power (suppliers for Tengdun, Rainbow, and Zhong UAV) - Zongheng Co. (engaged in drone logistics demonstration applications) - Green Energy Huichong (heavy-duty drones in collaboration with China Post) - Aerospace Rainbow (YH1000 logistics drone first flight) [5]. - **Other Low-Altitude Economy Companies**: - Shenzhen Urban Transport - Sichuan Chuang Electronics - Lais Information - Wanfeng Aowei [5]. Additional Important Insights - The Ukrainian National Security Bureau reported the deployment of 117 FPV drones to attack multiple airports in Russia, destroying several strategic bombers [6]. - The tactic employed by Ukraine involves concealing drones in modified containers, which are then delivered to specified locations by unsuspecting truck drivers, showcasing a low-cost and high-concealment strategy that may increase global focus on drone technology and countermeasures [6][7]. Related Companies in Counter-Drone Technology - **Drone Companies**: - Zongshen Power (aviation piston engines) - Aerospace Electronics - Zhong UAV - Aerospace Rainbow - Guanglian Aviation - Zongheng Co. [7]. - **Counter-Drone Companies**: - Sichuan Chuang Electronics - Lianchuang Optoelectronics - Aerospace Nanhu - Guorui Technology - Lais Information - Sichuan Jiuzhou [7].