（来源：中国航空报） 本报讯2026年新春伊始，航空工业天飞迎难而上、主动作为，克服机场维修整治、保障条件受限等实际 困难，在外场一线顺利完成直升机新春第一飞，以昂扬姿态开启新一年科研生产与维修保障任务。 （周安娜） 随着引擎轰鸣，直升机扶摇而起、翱翔蓝天，顺利完成全部试飞科目，天飞2026年新春第一飞圆满成 功。此次试飞不仅检验了装备性能与外场维修保障能力，更开创异地维修试飞新模式，进一步提升了维 修保障能力。 新征程，新起点。天飞将牢记航空报国、航空强国初心使命，以开局即冲刺的奋斗姿态，全力以赴完成 各项任务，为航空工业高质量发展贡献坚实力量。 ...

"福特"号航母驶入地中海，隐身战机在约旦部署，美军在中东地区进行了近期最大规模的兵力集结，摆 出作战姿态。 美国智库凯托学会高级研究员凯瑟琳·汤普森说，这看起来像是在为一场更持久的冲突做准备。 武力威慑对谈判产生负面影响 美国总统特朗普日前表示，他正考虑对伊朗进行"初步有限军事打击"，以迫使伊朗接受美方在核协议方 面的要求。伊朗总统佩泽希齐扬2月21日表示，尽管敌人制造种种问题，给伊朗造成伤害，但伊朗人民 绝不会屈服于敌人的霸凌和胁迫。 总台军事评论员魏东旭认为，伊朗和美国间接谈判仍在持续的背景下，美国在中东部署大规模进攻性作 战力量，势必对谈判产生负面影响，也会让各方质疑其谈判诚意。无论是有限打击，还是大规模远程火 力互袭，都会让中东陷入更大的危机之中。在谈判中寻求危机解决之道，才是维护地区和平与稳定的最 优方案。 2月20日，"福特"号航母与1艘护航驱逐舰出现在直布罗陀海峡附近。有消息称，"福特"号航母已进入地 中海。有分析指出，"福特"号航母进入地中海之后，与此前部署到中东地区的"林肯"号航母，构成夹击 态势。同时，美军已向约旦增派隐身战机以及F-15战斗机、直升机和无人机等。 总台军事评论员魏东旭认为 ...

"平时数量的三倍"！美媒：卫星图像显示60余架美军攻击机驻扎在约旦一基地 据美国《纽约时报》当地时间20日报道，最新卫星图像和飞行追踪数据显示，数十架美国军机驻扎在位 于约旦中部的穆沃费格萨勒提空军基地。《纽约时报》称该基地已成为美方为可能对伊朗发动的打击进 行筹划的关键枢纽。 20日，约旦一军事基地左侧及顶部可见战斗机，右侧可见直升机。图源：美媒报道配图 《纽约时报》称，20日拍摄的图像显示，穆沃费格萨勒提空军基地停放着60余架攻击机，数量大约是平 时驻扎战机数量的三倍。飞行追踪数据显示，自15日以来，至少有68架运输机降落在该基地。更多战斗 机可能停放在掩体下。 疑似部分 的图像显示出在约旦部署的部分F-35隐形战斗机。图源：美媒报道配图 报道援引匿名约旦官员消息称，美军在此部署飞机和装备，是两国达成的防务协议的一部分。 当地时间 战斗机被掩体遮挡。图源：美媒报道配图 报道称，卫星图像还显示，与以往常见机型相比，该基地出现了更多先进战机，包括F-35隐形战斗机。 图像中还可见多架无人机和直升机。此外，士兵们还安装了新的防空装置，以预防该基地受到伊朗导弹 攻击。 20日拍摄 的图像显示出新的防空装置。图源： ...

Core Viewpoint - The news highlights a man's experience of flying a helicopter from Nanjing to his hometown for the New Year, emphasizing the practicality and efficiency of using general aviation for travel [1]. Group 1: General Aviation - The individual, Mr. Jiang, has 8 years of experience in general aviation and aims to promote the concept of general aviation through his actions [1]. - The helicopter flight covered a distance of 206 kilometers in just over 50 minutes, significantly reducing travel time compared to road travel, which could take up to four to five hours due to traffic congestion [1]. Group 2: Regulatory Compliance - Mr. Jiang mentioned the necessity of obtaining approval for temporary takeoff and landing sites, as well as submitting a flight plan to ensure legal compliance for the flight [1]. - He plans to organize flight experience activities for local residents, having already applied for airspace around the destination within a 2-3 kilometer radius, while emphasizing adherence to legal regulations [1].

Core Viewpoint - AVIC (中航科工) is a holding company in the aerospace high-tech industry, with a market capitalization of HKD 33 billion (approximately CNY 29.3 billion) and a low P/S ratio of 0.34, indicating potential undervaluation despite its stable revenue growth [3][4][14]. Group 1: Company Structure and Valuation - AVIC is primarily a holding platform with its actual controller being the Aviation Industry Corporation of China, holding 57.05% of shares [7]. - The company has nine first-level subsidiaries, including four listed companies: AVIC Helicopter, AVIC Aircraft, Hongdu Aviation, and AVIC Optoelectronics, which contribute significantly to its revenue [9][19]. - The valuation method using P/S is deemed inappropriate due to the varying ownership stakes in subsidiaries, suggesting a weighted sum of subsidiary market values for a more accurate assessment [14][15]. Group 2: Financial Performance - In 2024, AVIC's revenue is projected to be CNY 869 billion, with a net profit of CNY 21.87 billion, resulting in a PE ratio of 13.4 for 2024 and 15.66 for 2025 [3][18]. - The company experienced a revenue increase of 11.43% in the first half of 2025, but a decline in net profit by 23.78%, indicating potential challenges ahead [18][21]. - The overall gross margin decreased from 22.5% in 2024 to 20.22% in 2025, primarily due to a decline in the profitability of the aviation support systems segment [21]. Group 3: Business Segments and Growth Potential - AVIC's strategic layout includes three main business areas: helicopters, trainer aircraft, and aviation support systems, with a focus on R&D investment [12][22]. - The company is involved in the C919 large passenger aircraft project, contributing to various components, which may enhance its market position in the civil aviation sector [24]. - Despite the potential of the low-altitude economy, the stock price remains stable due to market perceptions and the company's specific business focus, which is not directly aligned with the broader aerospace and satellite trends [26][28].

Core Insights - The new foreign trade models and business formats are invigorating Jiangsu's open economy, breaking traditional trade boundaries and expanding high-quality development opportunities [1] Cross-Border E-Commerce - Cross-border e-commerce is rapidly developing and becoming a core engine for Jiangsu's foreign trade transformation, with a projected 42.8% year-on-year increase in import and export value by 2025 [2] - In Yancheng, Tmall International's bonded warehouse is processing an average of 15,000 orders daily during the New Year shopping festival, enabling fast delivery of imported goods to consumers in Jiangsu and Zhejiang [2] - The logistics cost for cross-border e-commerce has been reduced by 20 yuan per kilogram, with a 20% improvement in transportation efficiency through dedicated logistics channels [2] - Companies like Benrui Environmental Technology in Kunshan are successfully exporting customized furniture globally through B2B cross-border e-commerce [2][3] Market Procurement - Small and micro businesses in Jiangsu are leveraging market procurement trade to turn small products into significant global businesses, with a 14.7% year-on-year increase in market procurement export value projected to reach 20.59 billion yuan by 2025 [4] - Changshu has established a mature "sell globally" ecosystem, optimizing service mechanisms and creating a one-stop service platform for market procurement [4] Bonded Maintenance - Bonded maintenance is emerging as a new engine for Jiangsu's industrial chain upgrade, allowing companies to extend their value chain at lower costs [5][6] - The Suzhou Customs is actively supporting businesses in expanding their bonded maintenance product categories and has successfully guided companies in high-tech sectors to innovate [6] - The bonded R&D policy is providing new momentum for high-tech enterprises, allowing for tax exemptions on R&D materials and enhancing efficiency [6]

Core Insights - The central provinces of China are focusing on "stabilizing growth and expanding domestic demand" as key priorities in their 2026 government work reports, with a projected GDP nearing 30 trillion yuan for 2025 [1][2] - The concept of "emotional value" and "emotional economy" has emerged as a significant trend in consumer behavior, prompting these provinces to innovate in consumption and investment [1][2] Economic Growth and Investment - Henan leads the central provinces with a GDP growth rate of 5.6%, while Hubei, Anhui, and Jiangxi also report growth rates exceeding 5% [1] - The provinces are enhancing their investment in sectors like water conservancy and logistics to strengthen their roles as key hubs in the domestic and international economy [3][5] New Consumption Trends - Provinces are actively cultivating new consumption growth points such as the "first release economy," "exhibition economy," and "silver economy" to meet evolving consumer demands [2] - Specific initiatives include promoting local business innovations and developing diverse consumption scenarios to stimulate economic activity [2] Industrial Development - The central region aims to establish a modern industrial system with a focus on new energy, new materials, and high-tech industries [5][6] - Hubei is working on a world-class integrated storage and computing industry base, while other provinces are advancing projects in electric vehicles, lithium batteries, and aerospace [5][6] Infrastructure and Project Development - Significant infrastructure projects are being prioritized, with Hunan announcing 389 key projects totaling 2 trillion yuan in investment [3] - The provinces are also focusing on enhancing their logistics and transportation networks to facilitate economic growth and connectivity [3][5]

Core Insights - China's low-altitude economy is rapidly developing, with a focus on leveraging Guangxi's unique natural resources and proximity to ASEAN to enhance the low-altitude tourism industry [1][2] Group 1: Industry Development - Guangxi has natural advantages for low-altitude tourism, with key attractions like the Li River and Beihai Silver Beach connecting quality tourism resources [1] - Several low-altitude tourism projects have been established in cities such as Nanning, Guilin, and Beihai, with Yangshuo County hosting 9 low-altitude flight companies expected to receive over 630,000 tourists by 2025 [1] - Recommendations include establishing a low-altitude tourism economic pilot zone along the Li River and creating a network of takeoff and landing points for helicopters and electric vertical takeoff and landing vehicles [1] Group 2: Challenges and Recommendations - The low-altitude tourism industry in Guangxi faces challenges, prompting suggestions to form a low-altitude tourism alliance and simplify approval processes for airspace usage [1][2] - There is a call to encourage private investment in the construction and operation of low-altitude tourism infrastructure [1] - Product innovation is emphasized, with proposals for developing low-altitude photography, skydiving, and aerial wedding services, as well as creating key tourism routes [2] - The establishment of the Guangxi (Guilin) Low-Altitude Tourism Research Institute and supportive policies for low-altitude industry development are part of the strategic initiatives [2]

责任编辑：王奕博 据悉，该直升机生产基地不仅是"一带一路"国家战略项目，也是长三角发展重点项目。近年来，随着直 升机生产研发的不断加码，基地最初的电力设施已无法满足当前生产研发的需求，电力增容工作刻不容 缓。 1月26日，嘉兴恒创集团所属平湖通用公司在浙江正阳航空集团有限公司直升机生产基地成功实施搭接 送电。 为确保此次搭接送电高质量完成，平湖通用公司结合基地复杂的环境，为航空产业相关企业定制了全链 条供电方案。据悉，此前，浙江正阳航空集团提交申请新增容量3200千伏安。接到增容申请后，平湖通 用公司对正阳集团所属商用直升机研发中心及产业协同创新中心项目搭接送电。该公司施工人员严格按 照工作流程和操作规程进行作业，主要对主备电源点10千伏丰强6号环网柜正阳航空1号变一级支线间 隔、10千伏科创6号环网柜备用4间隔进行施工作业，各小组间紧密配合，全力保障搭接工作顺利进行。 ...

（来源：中国航空报） 刘宏福 当45架直升机以"米秒不差"的精度飞过天安门广场时，航空工业直升机所专项保障团队的队员们盯着电 视屏幕上的画面，激动得热泪盈眶。经过数月攻坚，最终实现空中护旗"零故障、零失误"。悬挂党旗、 国旗和军旗以及巨幅标语的直升机平稳飞行轨迹背后，是党组织带领团队突破技术瓶颈、攻克保障难题 的无声坚守。 专项任务启动后，现场迅速成立装备保障队联合临时党委，下设两个党支部。工业部门由直升机所牵头 成立第二联合临时党支部，包括48名正式党员和2名预备党员。临时党支部坚持"任务推进到哪里，组织 就覆盖到哪里"的原则，打破单位壁垒建立党小组，确保每个库区、每个技术环节都有党员牵头。"党员 +群众"结对，50名党员与业务骨干形成责任共同体，在机群编队调试、摄录设备安装等关键环节建立 党员责任区。临时党委定期组织专题学习，传达集团公司的决策部署和指示精神，开展思想动态调研， 为团队注入强大精神动力。 "烽火党员突击队""罗阳青年突击队"冲锋在前，针对旗帜标语缠绕、摄录设备晃动干扰等问题，开展党 员"揭榜挂帅"攻关。党员技术骨干带领团队反复验证技术方案，通过百余次模拟测试优化编队飞行参 数，最终实现护旗 ...