【大河财立方 记者 陈薇】5月26日，美团发布2025年第一季度业绩报告。美团一季度实现营收866亿元（人民币，下同），同比增长18%。其中，美团闪购 累计交易用户数超5亿，非餐饮品类即时零售日单量已突破1800万单。 2025年第一季度，美团核心本地商业营收增长18%至643亿元。其中，外卖业务用户黏性和购买频次进一步提升。美团为连锁餐饮品牌创新提供的"品牌卫星 店"模式，本季度已助力480多个品牌开出3000家高品质的品牌卫星店，为用户提供了多元的优质外卖供给，也有效助力品牌商户探索新的增长机遇。 | | 未經審核 | | | | | --- | --- | --- | --- | --- | | | 截至下列日期止三個月 | | | | | | 2025年3月31日 | | 2024年3月31日 | | | | 佔收入 | | | 估收入 | | | 金額 | 目分比 | 金額 | 自分比 | | | (人民幣千元,百分比除外) | | | | | 核心本地商業 | 13,491,480 | 21.0% | 9.698.847 | 17.8% | | 新業務 | (2.273.267) | (10.2% ...

金元证券发布低空经济周报：本周低空经济指数涨2.22%，相对涨幅1.84%，日均成交额 174.78亿元（近一年67.72%分位），市盈率（TTM）达84.97倍（近一年93.54%分位），本 周日均主力净流入额0.1亿元。较上周而言，本周成交额小幅回升，主力资金转为净流入。 以下为研究报告摘要： 板块行情回顾： 本周低空经济指数涨2.22%，相对涨幅1.84%，日均成交额174.78亿元（近一年67.72%分 位），市盈率（TTM）达84.97倍（近一年93.54%分位），本周日均主力净流入额0.1亿元。 较上周而言，本周成交额小幅回升，主力资金转为净流入。 个股表现： 本周涨幅前五个股为新晨科技、万丰奥威、国睿科技、星源卓镁、应流股份；跌幅前五 个股为威海广泰、谱尼测试、晨曦航空、广电计量、川大智胜。 行业动态： 1、广州低空经济产业发展公司登记成立。2、浙江11地开启低空经济"先飞"试点。3、 航天时代飞鹏有限公司FP-981C-BE飞行器TC适航审定获公开征求意见。4、美团自研第四代 无人机近日通过民航局审查，获得了全国首张低空物流全境覆盖OC。 政策动态： 1、中科星图：中科星图旗下中科星图智慧科技 ...

制造成长周报（第 11 期） 优于大市 特斯拉计划五年内量产百万台机器人，小鹏首次展示全尺寸机 器人 Iron 证券研究报告 | 2025年04月28日 行业动态：人形机器人-4 月 23 日，特斯拉计划在五年内实现年产 100 万台 Optimus；4 月 23 日，小鹏首次公开展示全尺寸人形机器人；4 月 21 日，智元发布具身智能一站式开发平台；4 月 22 日，荣耀成立新公司 含智能机器人销售业务；4 月 22 日，智元机器人发布并开源仿真评测工 具；4 月 25 日，首届具身智能机器人运动会在无锡开幕；低空经济-4 月 22 日，美团自研第四代无人机获运营合格证；4 月 25 日，杭州召开 "2025LDTC 低空经济与科技创新大会"。 政府新闻：人形机器人-4 月 22 日，国家发改委联合多地设立千亿级 AI 母基金。 公司动态：人形机器人-4 月 21 日，荣泰健康与傲意科技达成战略合作； 4 月 21 日，英搏尔与丰立智能发布公告签署战略合作；4 月 25 日，卡倍 亿与小鹏汽车开展机器人线缆技术合作交流；4 月 25 日，卡倍亿与小鹏 汽车开展机器人线缆技术合作交流；低空经济-4 月 23 ...

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1]. Core Insights - The low-altitude economy sector is gaining significant attention from the national level, with policies being implemented to support the development of new energy aircraft and the promotion of drones. The sector is expected to form a trillion-level industry scale [6][20]. - The low-altitude economy index has underperformed the broader market, with a decline of 0.20% during the reporting period, lagging behind the Shanghai Composite Index by 1.96 percentage points [6][13]. - Six flying cars were showcased at the Shanghai Auto Show, highlighting advancements in urban air mobility [21]. Summary by Sections Market Review - The low-altitude economy index decreased by 0.20%, underperforming the Shanghai Composite Index by 1.96 percentage points and the CSI 300 Index by 1.18 percentage points during the period from April 14 to April 27, 2025 [6][13]. Policy Dynamics - On April 25, ten departments, including the Ministry of Transport, issued guidelines to enhance support for new energy aircraft and promote the application of drones. This includes establishing airworthiness certification systems for new energy aircraft [19][20]. - The low-altitude economy is recognized as a typical representative of new productive forces, with plans to create a trillion-level industry [20]. Industry Dynamics - The Shanghai Auto Show featured six flying cars, including the Hongqi "Tianran 1," which boasts a flight range of 200 km and a maximum speed of 150 km/h [21]. - Meituan's self-developed fourth-generation drone received the first nationwide low-altitude logistics operation certificate, enabling regular commercial operations across major cities [24]. - The first low-altitude version of "Didi" was launched in Jinan, marking a significant step in the digital platform for low-altitude economy applications [25]. Important Company Announcements - Zhonghe Technology reported a total revenue of 2.024 billion yuan in 2024, a decrease of 12.96% year-on-year, and established a subsidiary focused on low-altitude business development [50]. - Yingboer achieved a revenue of 2.430 billion yuan in 2024, reflecting a growth of 23.77% year-on-year, with significant advancements in low-altitude economic sectors [51]. - The company Lai Si Information reported a revenue of 1.610 billion yuan in 2024, a decrease of 3.94% year-on-year, focusing on low-altitude urban transportation systems [52].

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry as of April 27, 2025 [1]. Core Insights - The low-altitude economy sector has received significant attention from the national government, with policies aimed at promoting the development of new energy aircraft and the application of drones. The sector is expected to form a trillion-level industry scale [6][20]. - The low-altitude economy index has underperformed the broader market, with a decline of 0.20% during the reporting period, lagging behind the Shanghai Composite Index by 1.96 percentage points [6][13]. - Six flying cars were showcased at the Shanghai Auto Show, highlighting advancements in urban air mobility [21]. Summary by Sections Market Review - The low-altitude economy index decreased by 0.20%, underperforming the Shanghai Composite Index by 1.96 percentage points and the CSI 300 Index by 1.18 percentage points during the period from April 14 to April 27, 2025 [6][13]. Policy Dynamics - On April 25, ten government departments issued guidelines to enhance support for the development of new energy aircraft and promote the application of drones. This includes establishing airworthiness certification systems for new energy aircraft [19][20]. - The low-altitude economy is recognized as a typical representative of new productive forces, with plans to create a trillion-level industry [20]. Industry Dynamics - The Shanghai Auto Show featured six flying cars, including the debut of Hongqi's "Tianran 1," which boasts a range of 200 km and a top speed of 150 km/h [21]. - Meituan's self-developed fourth-generation drone received the first nationwide low-altitude logistics operation certificate, enabling regular commercial operations across major cities [24]. - The first low-altitude "Didi" platform was launched in Jinan, marking a significant step in the digitalization of the low-altitude economy [25]. Important Company Announcements - Zhonghe Technology reported a 12.96% decrease in total revenue for 2024, while also establishing a subsidiary focused on low-altitude business development [50]. - Yingboer achieved a 23.77% increase in revenue for 2024, with significant advancements in electric propulsion systems for low-altitude applications [51]. - The company Zongheng Communication reported a 22.54% increase in revenue, entering the low-altitude economy sector with a focus on intelligent air traffic management [52].

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local government policies, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various companies showcasing eVTOL products at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfu Ovi (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The first low-altitude economic fund in Sichuan province has been registered, focusing on eVTOL manufacturing [34] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - Xinnengda has partnered with Aerospace Feipeng to enhance drone performance with high-performance batteries [37] - Jinfeng Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - Yinheng has delivered a prototype electric propulsion system for EHang's new model [41] - Jifeng Technology's controlling shareholder has changed to the actual controller of Shenzhen United Aircraft Technology Co., which specializes in drone development [43]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local governments, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various products showcased at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfeng Aowei (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The Shanghai Auto Show featured over 15 companies showcasing eVTOL products, indicating a shift towards commercialization [31] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - XWanda has partnered with Aerospace Feipeng to integrate high-performance batteries into eVTOL systems [37] - Jindun Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - YH Technology has successfully delivered the first domestic eVTOL simulator [39] - Yingboer has completed prototype delivery for a new model in collaboration with Yihang Intelligent [41]

RimeData 来觅数据 . 全面的一级市场数据平台 以下文章来源于RimeData 来觅数据 ，作者来觅研究院 ⌜ 投融概况 ⌟ 截至2025年4月25日18:00，本周融资事件共89起（不包括并购、定增），较上周增加了22起，融资金额总计约45.71亿元（谨慎估计），较上周减少了 12.28亿元。在所有融资事件中，本周融资金额在亿元及以上的融资事件有15起，较上周减少了2起。本周公开退出案例27个，较上周增加了2个。另外， 本周有110家机构参与了一级市场投资，较上周增加了13家。 请读者留意，本周有30起融资事件未公布准确的融资金额，出于谨慎考虑，笔者做了暂取较小值处理，涉及金额至少8.19亿元，约占融资总额的17.92%。 另外，因融资事件的延迟披露，本期周报仅收录了本周五18:00前公开披露的融资事件，可能导致统计分析与实际情况存在细微偏差，感兴趣的读者可以 登录Rime PEVC平台获取全量融资事件、被投项目及深度数据分析。 本周已披露金额的融资事件68起，较上周增加了18起，融资金额区间分布结构与上周有明显变化，本周500万以下的融资事件7起，较上周增加5起；500 万-1000万（含1000 ...

A股复盘 | 中国红 / 2025.04.22 合约，上午涨幅均超1000%。 啊啊啊，昨天的文章被删了，我也没写什么太大尺度的内容吧！ 文章开始之前，允许我骄傲一下下！请看下图 虽然路透这标题一股浓浓的冷嘲热讽，但是作为内容数据提供商，我还是有点子 开心的！ 宝纸们啊，多看我的复盘内容，保准不错过任何一个小作文。 接下来我们准备整一个平台内容三天体验活动，敬请期待！ 金价真是八匹马都拉不回来了，一路冲到了3500美元/盎司。 还记得之前写得高盛他那些国际投行的预测嘛？ 高盛将2025年底的黄金价格预测从3300美元/盎司上调至3700美元/盎司，预计 波动区间为3650至3950美元/盎司，并设定上行尾部风险情景目标价为4500美 元。 瑞银将黄金价格预测上调至3500美元，指出中国市场无论是机构还是散户投资者 都有强劲的购买潜力——国内投资情绪非常乐观，并显示出被压抑的需求正在释 放。 不过鉴于这些网红UP（精准反指）一个个开始都开始入手黄金了，是不是得适度 获利了结了？ 据上证报报道，今日，黄金价格继续大涨，引发了期权市场"末日轮"效应。其 中，沪金2505购888最大涨幅9800%，沪金2505购89 ...