上工申贝：公司持有上海飞人科技股权，后者专注碳纤维轻型飞机研发。 纵横股份：公司在多地打造低空数字经济应用场景。 国开证券认为，新修订的《民用航空法》，将通用航空基础设施网络作为公共基础进行统筹建设，并推 动建设低空飞行监管服务平台，有利于缓解当前我国物理与数字基础设施滞后的瓶颈。此外，通过鼓励 应用拓展与新兴市场培育，充分激发低空经济多元市场主体的内生活力，从而为构建可持续的商业模式 奠定基础。随着相关扶持政策的不断细化以及应用场景的不断延展，低空经济产业链有望迎来价值重 估。 公司方面，据上证报表示， *免责声明：文章内容仅供参考，不构成投资建议 第二届中国eVTOL创新发展大会将于2026年1月15日至16日在上海召开，主题为"创新领航，智启 eVTOL新商业时代"，聚焦电动垂直起降飞行器(eVTOL)技术突破与商业化落地。 *风险提示：股市有风险，入市需谨慎 ...

1月9日，上海市人民政府办公厅发布《上海市支持先进制造业转型升级三年行动方案(2026—2028年)》 (以下简称《行动方案》)，加快构建以先进制造业为骨干的现代化产业体系。 发展先进制造业，是推动高质量发展、培育发展新质生产力的重大举措。开年以来，已有上海、广州等 多地出台相关政策，发力支持先进制造业，发展壮大新兴产业。 国研新经济研究院创始院长朱克力向《证券日报》记者表示，各地密集出台政策支持先进制造业发展， 培育商业航天、人形机器人等新兴产业，将为地方经济与产业发展注入强劲动能，产生多维度积极影 响。 地方版方案陆续出炉 杭州市人民政府办公厅1月5日发布的《杭州市制造业加快发展三年行动计划(2025—2027年)》(以下简称 《行动计划》)明确，到2027年，规上工业增加值总量达5300亿元、年均增长6%以上，工业增加值占 GDP比重22%以上。 值得注意的是，推动新兴产业壮大发展成为各地的重点布局方向。 上海发布的《行动方案》中明确，积极引导企业投资布局低空经济、商业航天、具身智能、生物制造、 智能终端等新兴领域，加速电动垂直起降飞行器(eVTOL)、商业火箭、人形机器人等创新产品突破产业 规模化发展 ...

Group 1: Government Policies and Economic Measures - The State Council, led by Premier Li Qiang, has announced a package of fiscal and financial policies aimed at boosting domestic demand, emphasizing the importance of coordinating fiscal and monetary policies to enhance their effectiveness and encourage social capital participation in consumption and investment [1] - The Ministry of Finance and the State Taxation Administration will cancel the VAT export tax rebate for photovoltaic products starting April 1, 2026, and will reduce the VAT export tax rebate rate for battery products from 9% to 6% during 2026, before completely eliminating it in 2027 [2] Group 2: Employment and Economic Indicators - In December, the U.S. non-farm payrolls increased by 50,000, falling short of the expected 70,000, while the unemployment rate decreased to 4.4%, better than the anticipated 4.5% [3] - Traders are betting that the Federal Reserve will pause interest rate cuts, with expectations of a cumulative reduction of about 50 basis points by 2026 [3] Group 3: Industry Investigations and Developments - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee is conducting an investigation into the competitive landscape of the food delivery platform industry, addressing issues such as excessive subsidies and price competition that are impacting the real economy [4] - Shanghai has launched a three-year action plan to support the transformation and upgrading of advanced manufacturing, focusing on emerging sectors like low-altitude economy and humanoid robots [5] Group 4: Market Trends and Investment Opportunities - The price of rare earth concentrates has been raised for the sixth consecutive quarter, with Baotou Steel and Northern Rare Earth announcing price adjustments for the first quarter of 2026 [6] - Elon Musk's xAI plans to invest over $20 billion in building a data center in Mississippi to meet the rising demand for computing power driven by generative AI [10] - The AI sector is seeing significant investment opportunities, particularly in chip design and manufacturing, with companies like Cambrian, Haiguang Information, and SMIC being highlighted for their potential [10] Group 5: Corporate Announcements and Financial Performance - China Merchants Bank announced a cash dividend distribution of approximately 25.55 billion yuan for the first half of 2025 [12] - Luzhou Laojiao plans to distribute around 2 billion yuan in dividends for the mid-2025 period [12] - Several companies, including Jian Kai Technology and Huati Technology, are facing shareholder reductions, while others like Zhongchuan Defense and Greenland Holdings are projecting significant losses for 2025 [17]

根据GlobalMarketInsights预测，预计到2029年，全球通用航空器市场规模将达到402亿美元，期间复合 年增长率预计为4.72%。在中国，通用航空在基础设施建设、机队规模扩展以及应用结构优化上展现出 巨大潜力，尤其在短途运输和公务包机等高附加值细分市场中有望实现突破性发展。此外，随着新型航 空器技术的日益成熟，购机成本、能源消耗、人员费用及运维开支均有望降低，这将进一步改善低空运 营的商业经济效益，逐步走向"先货物后乘客、先独立后融合、先郊区后城市中心"的发展模式。（场外 联接基金：A 类025692，C 类025693） 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 风险提示：基金有风险，投资需谨慎。 1月9日，A股市场窄幅波动，国防军工、传媒、低空经济板块涨幅靠前。截至11点15分，通用航空ETF 南方(159283.SZ)涨4.55%，航天电子涨9.09%。国信证券分析表明，我国通用航空当前正迎来政策支 持、技术进步与市场需求增长的三重驱动效应。首先，随着低空经济被提升至国家战略层面，相关政策 推动了空域管理改革及基础设施建设的发展；其次，在技术领域，国内企业通过国际并购等方式深 ...

Core Insights - The "14th Five-Year Plan" emphasizes the construction of a modern industrial system as a primary strategic task, marking a shift from isolated technological breakthroughs to systematic industrial upgrades [4][10] - The new energy industry is transitioning from focusing on installed capacity to establishing a "source-network-load-storage" collaborative system, emphasizing dynamic balance between production and consumption [4][18] - The aerospace sector is developing a dual-driven model of national engineering and commercial spaceflight, with large aircraft industrialization and commercial spaceflight jointly promoting the scale and capability of the industrial chain [4][35] - Future industries such as 6G and quantum technology place China in the global leading tier of R&D, aiming to seize the high ground in technology standards and industrial ecosystems through forward-looking layouts [4][61] - The transformation of traditional industries emphasizes not only greening and intelligentization but also explicitly promotes "service-oriented manufacturing," guiding the manufacturing sector to extend services throughout the product lifecycle [4][93] Emerging Pillar Industries - The cultivation of emerging pillar industries is positioned as a core strategy for high-quality development, with a focus on sectors like aerospace and low-altitude economy that have industrialization foundations [14][35] - The new energy sector is expected to maintain a leading global position, with installed capacity projected to reach 1.41 billion kilowatts by the end of 2024, accounting for 83% of new installations [18][20] - The new materials industry is rapidly growing, with a total output value expected to exceed 8 trillion yuan by 2024, although about 30% of key high-end materials still rely on imports [29][30] Future Industries - Future industries represent cutting-edge directions, with a focus on quantum technology, biomanufacturing, hydrogen energy, brain-computer interfaces, and embodied intelligence [61][62] - The quantum technology sector is expected to grow significantly, with the global market projected to reach nearly 1 trillion USD by 2035, driven by advancements in quantum communication and measurement [64][66] - The biomanufacturing industry is anticipated to maintain rapid growth, with a total scale of approximately 1.1 trillion yuan, although it faces challenges in high-end industrial strains and precision technology [69][70] Traditional Industries - The modernization of traditional industries is crucial for maintaining competitiveness in global industrial division, with a focus on enhancing the self-controllability of industrial chains [93][94] - The transformation of traditional industries includes promoting digitalization and green initiatives, as well as extending manufacturing into service-oriented solutions [93][94] - The integration of emerging technologies into traditional industries is expected to create a resilient modern industrial system, laying a decisive foundation for achieving the goal of becoming a manufacturing powerhouse by 2035 [96]

《民用无人驾驶航空器系统运行识别规范》则规定了无人机系统应在运行全过程主动报送自身身份、位 置、速度、状态等运行识别信息，从运行识别发送、通信链路传输与接收三个方面提出了详细技术要 求，为无人机系统、运行识别专用接收与处理系统和运行识别信息传输设备的设计、生产、制造、检 测、检验、审定和运行提供了统一技术标准。 中金公司研报指出，面对中国基建市场庞大的运维需求，无人机正重构工程运维服务新生态。从赋能电 网自动化巡检、破解铁路、公路高危巡检难题，到支撑能源管道智能监测、保障电信基站高效运维，无 人机正打破传统基建巡检的空间限制与效率瓶颈，降低人力成本与安全风险，推动基建运维智能化。建 议重点关注低空经济与基建建设战略协同发展催生的投资机会。 据悉，低空经济是以无人机、电动垂直起降飞行器(eVTOL)、直升机、传统固定翼飞机为主体，依托有 人和无人驾驶航空器的综合经济形态，包括载人、载货等在低空范围内的一切经济活动。 当下，低空经济是新质生产力发展的代表性领域之一。数据显示，我国已有969家企业在民用无人驾驶 航空器产品信息系统完成了登记注册，备案产品3191种，超过478万架，全球首款四座电动飞机获颁中 国民航 ...

Group 1: Regulatory Developments - The Civil Aviation Administration of China has released two mandatory national standards for civil unmanned aerial vehicles (UAVs), effective from May 1, 2026, aimed at promoting a safer and more orderly industry development [1] - The standards include requirements for real-name registration and activation of UAVs, detailing the relationship, processes, and technical requirements for various systems involved in registration and activation [1] - The operational identification standard mandates UAV systems to actively report their identity, location, speed, and status throughout their operation, providing unified technical standards for design, production, and testing [1] Group 2: Market Opportunities - The drone industry is reshaping engineering operation and maintenance services in China's infrastructure sector, addressing challenges in high-risk inspections and supporting intelligent monitoring of energy pipelines and telecom base stations [2] - The low-altitude economy, encompassing UAVs and eVTOLs, is a significant area of growth, with 969 companies registered and over 478,000 UAVs documented in China [2] - The low-altitude economy is projected to grow at a compound annual growth rate of over 25%, potentially reaching a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [3] Group 3: Policy Support and Industry Growth - Recent policies have intensified focus on the low-altitude economy, with local governments releasing standards for low-altitude communication networks and UAV traffic management [3] - The national "14th Five-Year Plan" emphasizes the development of the aerospace and low-altitude economy sectors, with state-owned enterprises establishing low-altitude economic companies [4] - The market for low-altitude economy is expected to reach a trillion yuan by 2030, with significant investments in infrastructure and technology to support this growth [4] Group 4: Key Players and Innovations - AVIC (Aviation Industry Corporation of China) is a leading player in the aerospace sector, involved in various UAV and aviation-related businesses [6] - ZTE Corporation is advancing its low-altitude sensing technology and has completed pilot projects for 5G-A sensing systems [6] - XPeng Motors has launched a low-altitude flight camp and plans to establish a flying car store, marking a significant step in the practical application of low-altitude economy technologies [6] - GAC Group's GOVY AirJet, a composite wing flying car, has successfully completed its first flight, showcasing advanced technology and performance [7]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the acceleration of building a modern industrial system, focusing on nurturing strategic emerging industries and developing new production capabilities, with low-altitude economy being a key area of development [1] Group 1: Low-altitude Economy Development - The low-altitude economy is rapidly integrating into various production and life scenarios, expanding its application from urban governance to logistics, emergency rescue, and maritime inspection [14][18] - Guangdong has opened over 700 drone logistics routes, covering multiple sectors such as agricultural protection, marine inspection, security monitoring, and medical emergency [18] - The low-altitude economy in Guangdong has reached a scale of over 100 billion, with more than 2,000 drone manufacturing companies and over 15,000 related enterprises, accounting for over 30% of the national low-altitude economic industry chain [31] Group 2: Technological Innovations and Applications - Innovations in low-altitude applications are accelerating, with drone logistics routes being utilized for efficient delivery, such as packages flying directly from factory rooftops to customs supervision areas [16] - The integration of electric vertical takeoff and landing (eVTOL) aircraft into the market is progressing, with companies like EHang and Huitian Aerospace establishing production bases for eVTOLs [20] - The development of low-altitude applications is benefiting from the complete industrial chain in Guangdong, with technologies from the electric vehicle sector being transferred to low-altitude aircraft [29] Group 3: Safety and Governance - The "14th Five-Year Plan" highlights the importance of safety and governance capabilities for sustainable industry development, prompting Guangdong to build a comprehensive low-altitude flight protection system [32] - The province is enhancing its airspace management mechanisms to ensure safe and orderly low-altitude operations, with ongoing tests for new drone routes [36] - A low-altitude flight comprehensive management service platform is being developed to monitor the status of flying vehicles and streamline airspace approval processes [41]

Group 1 - Robo.ai Inc. received a strategic investment of $300 million led by Burkhan Capital on September 30, 2023 [1] - The funding will support the commercialization of Robo.ai's core products, including autonomous vehicles, smart commercial vehicles, electric vertical takeoff and landing aircraft (eVTOL), logistics robots, and smart interconnected systems [1] - Robo.ai has previously invested in the decentralized physical infrastructure network (DePIN) platform Arkreen to establish its strategic presence in the Web3 sector [1] Group 2 - Burkhan Capital LLC, based in Miami, recently signed a $15 billion strategic cooperation memorandum with the Saudi government, covering key minerals, artificial intelligence, and semiconductors [1] - The investment reflects a shared vision between Robo.ai and Burkhan Capital, aiming to promote deep integration of global smart technology [1] - Robo.ai's CEO Benjamin Zhai stated that the financing will enhance the company's innovation strategy and financial stability, demonstrating strong market confidence in the direction of "AI software, smart hardware, and intelligent assets" [1] Group 3 - Robo.ai aims to build a leading global artificial intelligence robotics network platform by unifying AI operating systems and empowering ecosystems through blockchain technology [2] - The collaboration between Robo.ai and Burkhan Capital signifies deep synergy in the field of smart technology [2]

Core Insights - The second Public Safety Technology Equipment Exhibition opened in Lianyungang, Jiangsu Province, showcasing advanced technologies aimed at enhancing public safety governance capabilities [1][2][4] Group 1: Exhibition Overview - The exhibition theme is "Safety Sharing, Development Co-integration," focusing on breaking regional barriers in safety resources and promoting international cooperation in public safety technology [1][2] - This year's exhibition expanded to over 13,000 square meters, inviting 60 leading domestic companies in the public safety sector, compared to 45 companies last year [2] - The exhibition covers five core areas: criminal technology, police protective equipment, transportation tools, counter-terrorism rescue, and command communication [2] Group 2: Featured Technologies - Notable technologies include a machine dog capable of launching an electromagnetic net to capture suspects and an electric vertical takeoff and landing aircraft (eVTOL) [1][5] - The "Jiechuang Howling Dog" integrates ground and aerial capabilities, designed for search and rescue, emergency material transport, and equipped with AI infrared vision for enhanced rescue operations [5][6] - Various drone products were showcased, with applications in law enforcement, including features like loudspeakers and flashing lights for quick target identification and violation prevention [5] Group 3: Industry Trends - The low-altitude economy in China is projected to reach a market size of 3.5 trillion yuan by 2035, highlighting the growing importance of low-altitude safety [7] - Shanghai Tejin Information Technology Co., Ltd. presented a drone management product system that integrates AI and big data for comprehensive low-altitude safety management [7]