开源证券指出，低空经济已经迎来从宏观（国家层面产业规划）到中观（各地地方补贴）再到微观（基建主机招标、应用场景打造）的纵向落地，建议关注 低空经济后续板块行情。 大国之翼，大展鸿图！通用航空ETF华宝（159231）及联接基金（A类：024766；C类：024767）标的指数全面覆盖『军用新质战斗力+民用新质生产力』50 只成份股，其中央国企含量超46%，十大军工集团含量超20%，涵盖低空经济、大飞机、军用飞机、商业航天、卫星导航、无人机等热门领域，重点布局技 术壁垒和商业化核心环节（飞行器制造），是内需+军贸共振下一键配置中国航空产业链的利器。 数据来源：沪深交易所 风险提示：通用航空ETF华宝被动跟踪国证通用航空产业指数，该指数基日为2012.6.29，发布日期为2012.12.28，指数成份股构成根据该指数编制规则适时 调整，其回测历史业绩不预示指数未来表现。本文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息 和交易动向。基金管理人评估的该基金风险等级为R3-中风险，适宜平衡型（C3）及以上的投资者，适当性匹配意见请以销售机构为准。任何在本文出现的 信息（包 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 大国之翼，大展鸿图！通用航空ETF华宝（159231）及联接基金（A类：024766；C类：024767）标的 指数全面覆盖"军用新质战斗力+民用新质生产力"50只成份股，其中央国企含量超46%，十大军工集团 含量超20%，涵盖低空经济、大飞机、军用飞机、商业航天、卫星导航、无人机等热门领域，重点布局 技术壁垒和商业化核心环节（飞行器制造），是内需+军贸共振下一键配置中国航空产业链的利器。 值得关注的是，近期，低空经济产业利好消息不断。近日，国务院办公厅印发《关于进一步促进民间投 资发展的若干措施》。其中提到，引导民间资本有序参与低空经济领域基础设施建设。在商业航天频率 许可、发射审批过程中，一视同仁对待民间投资项目，优化卫星通信业务准入政策。此外，国务院办公 厅印发《关于加快场景培育和开放推动新场景大规模应用的实施意见》。其中提到，稳妥有序拓展低空 经济等领域应用场景。另外，近日，工信部召开低空产业发展领导小组第一次全体会议，研究部署推动 低空产业高质量发展的重点任务。 开源证券指出，低空经济已经迎来从宏观（国家层面产业规划）到中观（ ...

成份股方面，晨曦航空、天和防务和海格通信表现最为突出，涨幅分别达到9.16%、6.52%和6.45%。另 一方面，南网科技、华测导航和睿创微纳表现较弱，跌幅分别为0.63%、0.57%和0.43%。 来源：新浪基金 11月24日，截至13时03分，通用航空ETF华宝（159231）盘中表现活跃，场内价格现涨2.1%。 消息面上，11月12日第十五届中国国际航空航天博览会在珠海开幕，首次实现"一展多地"模式，珠海国 际航展中心启用13个展馆，集中展示航空装备领域前沿技术。此外，11月10日我国在海南商业航天发射 场成功发射卫星互联网低轨13组卫星，工业和信息化部此前已完成相关卫星国内频率协调及许可审批， 为卫星互联网项目实施提供支撑。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律 ...

Group 1 - The low-altitude economy concept is leading the market, with companies like China Satellite hitting the daily limit, and Aerospace Hongtu, Tianyin Electromechanical, and Huali Chuantong rising over 6% [1] - The General Aviation ETF Huabao (159231) has seen an increase of over 2%, focusing on low-altitude economy, large aircraft, military-civil integration, and commercial aerospace [1] - The Ministry of Industry and Information Technology has proposed commercial trials for satellite IoT services, promoting the application of low-orbit constellation technology [2][3] Group 2 - The 7th Tianjin Airshow showcased the capabilities of domestic helicopters and the potential of the low-altitude economy, with the Z-20T assault helicopter making its debut [3] - The military industry is experiencing three growth curves driven by domestic demand, the construction of an information-based combat foundation, and a surge in military trade demand [3] - The General Aviation ETF Huabao and its associated funds cover 50 constituent stocks, with over 46% from state-owned enterprises and over 20% from the top ten military industrial groups, focusing on key areas like low-altitude economy and commercial aerospace [3]

Core Insights - The article highlights the dominance of gold and the significant rise in equity markets, particularly driven by the AI and technology sectors, as a key investment theme for 2025 [1][2] Group 1: Investment Strategies and Product Offerings - Huabao Fund has strategically positioned itself in the AI sector with flagship products like the ChiNext AI ETF (159363) and the Sci-Tech Innovation AI ETF (589520), forming the "Huabao AI+" team [1][3] - The total management scale of the "Huabao AI+" team has exceeded 26 billion yuan, with continuous inflow of funds into key products like the ChiNext AI ETF and the Hong Kong Internet ETF [2][9] - The upcoming launch of the Hong Kong Information Technology ETF (159131) aims to capture the hard technology leaders in the Hong Kong market, further expanding the "Huabao AI+" team's investment landscape [1][5] Group 2: Market Trends and Performance - The ChiNext AI ETF (159363) is the first ETF to track the ChiNext AI Index, closely linked to overseas data center investments, thus capitalizing on the AI investment wave [3][4] - The Sci-Tech Innovation AI ETF (589520) focuses on large-cap AI companies in the Sci-Tech Innovation Board, reflecting a strong emphasis on domestic core technologies [4][10] - The performance of related ETFs has been robust, with the Smart Manufacturing ETF (516800) showing a cumulative increase of 49.24% in the first three quarters of 2025 [4][9] Group 3: Sector Focus and Future Outlook - Huabao Fund is actively exploring opportunities in various AI applications, including financial technology, general aviation, and electronics, indicating a broad investment strategy [8][9] - The financial technology ETF (159851) and general aviation ETF (159231) are designed to tap into emerging sectors with high growth potential, such as low-altitude economy and digital infrastructure [8][9] - The article suggests that while the AI sector remains promising, short-term adjustments may occur, and a "buy on dips" strategy could be favorable for investors in the tech sector [10][11]

Core Insights - The article highlights the dominance of gold and the significant rise in equity markets, particularly driven by the AI and technology sectors, as a key investment theme for 2025 [1][12] - Huabao Fund has strategically positioned itself in the global technology sector, focusing on the entire AI industry chain through its "Huabao AI+" product lineup [1][2] Investment Strategy - Huabao Fund has launched flagship products such as the ChiNext AI ETF (159363) and the Sci-Tech Innovation AI ETF (589520), which cover various segments from upstream computing power to downstream AI applications [1][4] - The upcoming launch of the Hong Kong Information Technology ETF (159131) aims to capture the performance of leading hard-tech companies in Hong Kong, further expanding the "Huabao AI+" strategy [1][6] Product Performance - The total management scale of the "Huabao AI+" product lineup has exceeded 26 billion yuan, with continuous inflows into key products like the ChiNext AI ETF and the Hong Kong Internet ETF [2][11] - The ChiNext AI ETF (159363) is noted for its strong correlation with overseas data centers and is the first ETF to track the ChiNext AI Index, making it a trendsetter in the market [4][5] Market Trends - The article emphasizes the growing interest in AI applications across various sectors, including financial technology and general aviation, as investors seek to capitalize on the potential productivity enhancements brought by AI [9][10] - The performance of ETFs such as the Smart Manufacturing ETF (516800) has been notable, with a reported increase of 49.24% in the first three quarters of 2025 [5][11] Competitive Landscape - The competition among domestic internet giants in the large model AI space is highlighted, with significant investments from companies like Alibaba and Tencent [8] - Huabao Fund's Hong Kong Internet ETF (513770) has surpassed 10 billion yuan in scale, reflecting its successful strategy in the rapidly evolving AI landscape [8][11]

Group 1 - The low-altitude economy concept is gaining momentum, with significant stock price increases for companies like Lais Information (up over 7%), Zhuhai Guanyu, and Nanjing South Network Technology (both up over 6%) [1] - The General Aviation ETF Huabao (159231) has seen a price increase of 2.37%, indicating strong market interest in low-altitude economic investments [1] - The 11th Air Force Aviation Open Day and Changchun Aviation Expo took place from September 19-23, showcasing various companies targeting the eVTOL sector with developed or in-progress products [1][3] Group 2 - Open Source Securities highlights that the low-altitude economy is being implemented from macro (national planning) to micro (local subsidies and infrastructure) levels, suggesting a focus on the sector's future market performance [3] - Southwest Securities notes that national strategies are increasingly focusing on the low-altitude economy, with local governments introducing development policies and state-owned enterprises forming low-altitude companies [3] - The General Aviation ETF Huabao covers a broad index of 50 stocks related to military and civilian aviation, with over 46% of its holdings in state-owned enterprises and over 20% in major military industrial groups, emphasizing its strategic positioning in the aviation industry [3]

Group 1 - The Shanghai Composite Index surged past 3800 points, with low-altitude economy and military aviation sectors showing strong performance, particularly Aerospace Hongtu which rose by 16% [1] - Companies such as Nanfang Technology and Yingliu Co. saw increases of over 9%, while Zhuhai Guanyu rose by over 8% [1] - The General Aviation ETF Huabao (159231) experienced a 2.44% increase, potentially ending a four-day decline [1] Group 2 - The low-altitude economy is gaining traction, with significant capital inflow into general aviation, totaling 52.16 million yuan over the last 10 trading days for the ETF [2] - A recent conference highlighted the establishment of a low-altitude industry technology finance base in the Yangtze River Delta, aimed at enhancing regional resource collaboration [2] - The Civil Aviation Administration of China predicts that the market size of the low-altitude economy will reach 1.5 trillion yuan by 2025, growing to 2 trillion yuan by 2030 and 3.5 trillion yuan by 2035, indicating a significant industry opportunity [3] Group 3 - The General Aviation ETF Huabao (159231) and its associated funds cover 50 constituent stocks, with over 46% being state-owned enterprises and over 20% from the top ten military industrial groups, focusing on key areas like low-altitude economy and commercial aerospace [3] - The ETF is positioned as a strategic tool for investing in China's aviation industry, benefiting from both domestic demand and military trade [3]

Group 1 - The low-altitude economy and military aviation sectors are experiencing a downturn, with stocks such as Tianyin Electromechanical, Huali Chuantong, and Haige Communication dropping over 5% [1] - The General Aviation ETF Huabao (159231) has seen a net inflow of 75.92 million yuan over the last 10 trading days, indicating strong investor interest despite recent price fluctuations [3] - The Ministry of Industry and Information Technology has released 19 measures to promote the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [3] Group 2 - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025, 2 trillion yuan by 2030, and 3.5 trillion yuan by 2035, highlighting its potential as a significant economic growth driver [4] - The General Aviation ETF Huabao (159231) covers 50 constituent stocks in the military and civilian aviation sectors, with over 46% from state-owned enterprises and over 20% from the top ten military groups, focusing on key areas like low-altitude economy and commercial aerospace [4] - The Anhui Provincial Finance Department has issued 45.6 billion yuan in special bonds, with 1.86 billion yuan allocated for low-altitude economic infrastructure in Hefei, marking a pioneering investment approach in this sector [3]

Group 1 - The low-altitude economy and military aviation sectors experienced a downturn, with companies like China Satellite dropping over 7% and others like Nanwang Technology and Aerospace Hongtu falling more than 5% [1] - The General Aviation ETF Huabao (159231) saw a net inflow of 73.38 million yuan over the last 10 trading days, indicating strong investor interest despite recent declines [3] - China's low-altitude equipment product count exceeds 4 million units, with rapid development in unmanned, electric, and intelligent low-altitude equipment [3] Group 2 - The General Aviation ETF Huabao covers 50 constituent stocks related to military and civilian aviation, with over 46% of its holdings in state-owned enterprises and more than 20% in major military groups [4] - The Chinese Civil Aviation Administration predicts that the market size of the low-altitude economy will reach 1.5 trillion yuan by 2025, 2 trillion yuan by 2030, and 3.5 trillion yuan by 2035, highlighting its potential as a significant economic growth driver [3]