日本外务大臣茂木敏充12月23日在记者会上公布了2026财年外务省预算草案。草案显示，2026财年，日本政府计划加速向他国提供武器装备。 根据预算草案，"政府安全保障能力强化支援"机制（OSA）的规模将被大幅扩充，预算金额将达到181亿日元（约合8.15亿元人民币），较2025财年的81亿 日元大幅上涨。 2024财年，日本将该机制的预算金额提升至50亿日元，2025财年进一步上涨至81亿日元，支援对象国名单也从4个国家扩大至8个国家。 专家解读：日本欲通过隐蔽渐进政策组合推动军事扩张 根据现行"防卫装备转移三原则"运用指南，日本向其他国家出口的防卫装备原则上仅限于救援、运输等5种以后勤用途为主的装备类型。然而，在日本首相 高市早苗上台后，日本执政联盟大力推动取消对武器出口的5种类型限制。专家表示，日本政府正通过渐进、隐蔽但高度连贯的政策组合，意图推动全面放 开武器出口范围，推动军事扩张。 中国社科院日本研究所政治研究室助理研究员 孟明铭：日本不断扩大"政府安全保障能力强化支援"的规模，其选择具有高度的针对性。该机制名义上提供 非杀伤性装备，比如巡逻艇、雷达、通信系统等，但实质上是通过低敏感度的介入，逐渐构建 ...

今年以来，江苏组织开展低空制造产业先进技术产品创新应用场景案例征集，鼓励低空制造产业链 企业与应用单位联合推进应用场景落地，共发掘优秀案例项目18项。省内低空制造企业积极推进新技术 新产品研发和应用：整机制造方面，研发形成消防灭火、水上、驱鸟等一批特色无人机产品，在全国多 地广泛应用；平台及基础设施方面，打造出多种无人机管理系统和低空飞行管理平台等，系统性支撑多 地区治理管理；关键系统及零部件方面，培育形成一批飞控系统、通信系统以及高端材料，为产业链提 供有力支撑。 省工信厅相关负责人表示，下一步将持续完善低空制造产业创新生态，推动更多先进技术产品在应 急救援、智慧物流、低空文旅等场景中落地应用，让低空经济成为全省培育新质生产力的重要增长点。 全省低空制造产业先进技术产品创新应用对接活动日前在南京白下高新区举办。活动发布《江苏省 2025年低空制造产业先进技术产品创新应用案例》，并启动《江苏省低空制造产业技术路线图》编制工 作。 活动期间，南京航空航天大学张洪海教授就低空经济建设实践探索进行主题分享；南京莱斯、江苏 数字鹰、拓恒技术、星逻智能、南京土星等5家企业代表分享低空产品研发制造和应用场景建设方面的 经 ...

本报讯(记者付奇)全省低空制造产业先进技术产品创新应用对接活动日前在南京白下高新区举办。活动 发布《江苏省2025年低空制造产业先进技术产品创新应用案例》，并启动《江苏省低空制造产业技术路 线图》编制工作。 活动期间，南京航空航天大学张洪海教授就低空经济建设实践探索进行主题分享；南京莱斯、江苏数字 鹰、拓恒技术、星逻智能、南京土星等5家企业代表分享低空产品研发制造和应用场景建设方面的经验 做法；省航产集团、南京交投集团、无锡低空产发公司、苏州航产集团发布低空场景建设规划和需求。 自由交流环节，企业、高校、政府部门及应用单位围绕核心技术攻关、场景资源共享、项目合作落地等 展开洽谈，达成多项合作意向。 今年以来，江苏组织开展低空制造产业先进技术产品创新应用场景案例征集，鼓励低空制造产业链企业 与应用单位联合推进应用场景落地，共发掘优秀案例项目18项。省内低空制造企业积极推进新技术新产 品研发和应用：整机制造方面，研发形成消防灭火、水上、驱鸟等一批特色无人机产品，在全国多地广 泛应用；平台及基础设施方面，打造出多种无人机管理系统和低空飞行管理平台等，系统性支撑多地区 治理管理；关键系统及零部件方面，培育形成一批飞控 ...

受积极影响的板块 今日A股商业航天板块再度掀起狂热涨停潮，成为高端制造与前沿科技赛道的绝对焦点，呈现"龙头秒 板、梯队爆发"的极致活跃格局。板块核心标的东方通信表现尤为震撼，强势点燃板块情绪引擎；航天 长峰、顺灏股份、再升科技、四创电子等细分领域标的紧随其后纷纷涨停，形成多点开花的上涨态势， 进一步放大板块赚钱效应。从交易层面看，板块整体成交额较前一交易日翻倍增长，Wind数据显示， 截至收盘商业航天主题基金单日净值平均上涨4.2%，北向资金对板块核心标的净买入合计达9.8亿元， 资金进场迹象极为明确，反映出市场对商业航天产业政策红利与成长潜力的高度认可。 国家设立商业航天司，顶层制度迎来里程碑突破：据新华社2025年12月1日报道，国家航天局已正式设 立商业航天司并开展相关业务，这是我国商业航天领域首个国家级专职监管机构。浙商证券指出，该举 措标志着行业从"政策培育期"迈入"规范发展期"，将显著优化发射审批、牌照发放等流程，降低企业制 度性交易成本，为产业规模化发展提供确定性支撑。 全球产业规模破6000亿，中国增速领跑全球：雪球2025年12月7日发布的《2025全球航天产业价值白皮 书》显示，2025年 ...

现场，南京航空航天大学张洪海教授就低空经济建设实践探索进行主题分享，南京莱斯、江苏数字鹰、 拓恒技术、星逻智能、南京土星等5家企业代表分享了低空产品研发制造和应用场景建设方面的经验做 法，江苏省航产集团、南京交投集团、无锡低空产发公司、苏州航产集团发布了低空场景建设规划和需 求，供需双方进行精准对接。活动期间，江苏省内低空制造重点企业现场展示了先进技术产品及场景案 例，与低空建设需求方进行深入对接。 扬子晚报网 12 月 11 日讯（记者 徐兢）全省低空制造产业先进技术产品创新应用对接活动近日在南京 市白下高新区举办。活动发布了《江苏省2025年低空制造产业先进技术产品创新应用案例》，并启动 《江苏省低空制造产业技术路线图》编制工作。 今年，江苏省工信厅按照《省政府办公厅关于加快推动低空经济高质量发展的实施意见》《省工业和信 息化厅关于印发加快推进低空制造产业高质量发展行动方案的通知》等文件部署，组织开展低空制造产 业先进技术产品创新应用场景案例征集，鼓励低空制造产业链企业与应用单位联合推进应用场景落地， 共发掘优秀案例项目18项。江苏省内低空制造企业大力推进新技术新产品研发和应用落地，取得较为突 出的创新成 ...

Core Viewpoint - The opening of the modernized section of Line 1 of the Mexico City Metro marks a significant milestone for the project, showcasing the successful completion of a comprehensive upgrade that enhances connectivity in the metropolitan area [2][3]. Group 1: Project Overview - The Mexico City Metro Line 1 project includes four main components: track renovation and maintenance services, station platform reinforcement, replacement of the train signaling system, and supply of 29 new rubber-tired metro vehicles [2]. - The project has been recognized as the most important modernization effort in the history of the Mexico City Metro, with the entire line now operational after five years of extensive renovations [2][3]. Group 2: Technical Details - The upgraded Line 1 spans 18.83 kilometers with 20 stations, serving approximately 243 million passengers annually, making it a crucial transit line for Mexico City [3]. - All systems of the renovated Line 1 have been replaced, including tracks and power systems, and the introduction of 29 new energy-efficient trains positions it among the most advanced metro lines globally [3]. Group 3: Business Model and Strategy - China CNR has been promoting the "System+" business model, which focuses on providing integrated lifecycle solutions supported by digitalization and intelligence [4][5]. - The "System+" model aims to reduce investment costs, shorten construction periods, and enhance operational efficiency, thereby attracting investment in transportation infrastructure [4][5]. Group 4: International Business Performance - In 2023, China CNR signed new international orders worth approximately 298.6 billion, marking a 6.99% year-on-year increase, with international business orders reaching about 58.4 billion, a 14.73% increase [5]. - Despite a decrease in new international orders in 2024, the volume remains high compared to the past decade, indicating a strong position in the overseas market [6].

Core Insights - The transportation industry serves as a clear window into the progress of urban intelligence, with China's urban passenger volume reaching 1,067.97 billion trips by the end of 2024 [1] - The demand for smarter and more efficient solutions is driven by persistent issues such as congestion and safety hazards, prompting urban managers to seek advanced technologies [1] - JiaDu Technology Group Co., Ltd. has established itself as a leader in AI-driven transportation solutions, focusing on "smart rail transit + smart urban transportation" [1][3] Industry Overview - The Chinese urban transportation system is entering a new phase of digital intelligence upgrade, with "smart rail transit and smart urban transportation" at its core [2] - National policies, such as the "14th Five-Year Plan" and the "Guidelines for the Development of Smart Urban Rail Transit," support the acceleration of smart rail transit system construction [2] - The market for smart urban transportation systems has grown from 62.8 billion yuan in 2020 to an estimated 83.6 billion yuan in 2024, with projections to reach 147.1 billion yuan by 2029 [2] Company Positioning - JiaDu Technology has over 30 years of experience in the smart transportation sector, leveraging proprietary AI models and industrial control technologies [3] - The company has developed a comprehensive product ecosystem covering the entire lifecycle of rail transit systems, including core products like AFC, PSD, ISCS, and communication systems [4] - JiaDu Technology's solutions have been implemented in 45 cities, covering over 110 metro lines and more than 2,200 stations, accounting for one-third of the total metro mileage in China [5] Technological Advancements - The company has created the world's first AI smart station in collaboration with Guangzhou Metro, enhancing operational efficiency and passenger experience [4] - JiaDu Technology's IDPS urban traffic brain solution integrates AI, digital twins, and big data, providing comprehensive governance capabilities across major urban areas [5] - The company's revenue from smart urban transportation solutions reached 2.321 billion yuan by the end of 2024, reflecting a year-on-year growth of 16.75% [6] Competitive Edge - JiaDu Technology's dual-core technology system includes the "Traffic JiaHong" operating system and the "JiaDu ZhiXing" large model, addressing industry challenges such as data silos and operational inefficiencies [7] - The company has a robust R&D team exceeding 2,700 personnel and has filed over 2,000 patents, establishing a strong technological barrier [7] - JiaDu Technology has been recognized in the "2024 Hurun China AI Top 50" and won a silver medal at the 50th Geneva International Exhibition of Inventions, highlighting its innovative capabilities [8] Future Outlook - The company aims to solidify its leading position in the smart transportation industry through its differentiated strategic positioning and advanced technological strength, especially following its anticipated listing on the Hong Kong Stock Exchange [9]

Core Viewpoint - The company has entered into two significant electromechanical engineering contracts for the approved road expansion project, which will enhance its competitiveness in the toll road industry [1][2]. Group 1: Contract Details - The company signed an electromechanical engineering contract with Guangdong Xinyue for a total contract value of RMB 422 million [1]. - Another contract was signed with Beijing Gongke Feida for a total contract value of RMB 289 million [1]. - Both contracts pertain to a road section approximately 68.861 kilometers long, covering the construction of toll systems, monitoring systems, communication systems, and power supply systems [1]. Group 2: Strategic Importance - The execution of these contracts is part of the approved road expansion project, aimed at improving traffic capacity and service levels [2]. - This initiative aligns with the company's strategic goal to strengthen its core competitiveness in the toll road sector [2].

香 港 聯 合 交 易 所 有 限 公 司 及 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 申 請 版 本 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 申 請 版 本 全 部 或 任 何 部 分 內 容 而 產 生 或 依 賴 該 等 內 容 而 引 致 的 任 何 損 失承擔任何責任。 PCI Technology Group Co., Ltd. 佳都科技集團股份有限公司 （「本公司」） （在中華人民共和國註冊成立的股份有限公司） PCI Technology Group Co., Ltd. 佳都科技集團股份有限公司 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊發， 僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、 接納並向本公司、本公司的聯席保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或 ...

Core Viewpoint - Hubbell Incorporated (NYSE:HUBB) is recognized as a strong American industrial company, with a recent recommendation to hold rather than buy due to its significant price increase [1]. Company Overview - Hubbell Incorporated designs, manufactures, and sells a diverse range of electrical products, including wiring devices, lighting fixtures, industrial controls, communication systems, and utility infrastructure products [1]. - The company has shifted its portfolio focus from traditional commercial construction markets to the power grid and utility markets, which now account for over two-thirds of its sales [1]. Recent Developments - The appointment of a new CFO has been noted, indicating potential changes in company strategy or operations [1]. - Heartland Advisors initiated a new Quality Value position in Hubbell during the second quarter of 2025, highlighting its status as a leading electrical component manufacturer [1]. Strategic Actions - Over the past decade, Hubbell has implemented self-help actions to reduce exposure to construction spending cycles by simplifying its product offerings and consolidating 15% of its footprint [1]. - The company has rationalized underutilized assets, creating flexible capacity to target faster-growing markets [1].