广州市黄埔区低空经济产业联合会(以下简称"联合会")第一届第一次会员大会暨基金推介活动日前在大 湾区(黄埔)低空经济产业创新中心举行。这场"低空经济新年第一会"，为黄埔区火热的低空经济按下"加 速键"。 本次大会上，除了选举联合会首届理事会与监事会，还重磅推介了两大产业基金——低空经济科创母基 金和直投基金，逾80家相关企业参加会议。 当前，黄埔区将低空经济与航空航天作为培育新质生产力的关键抓手，全区集聚低空经济产业上下游核 心企业50余家，产业规模约150亿元。 2025年7月，广州开发区交投集团及下属企业低空产业发展公司正式成立了联合会。本次大会上，14家 单位入选首届理事会。 选举结束后，广州开发区产业基金投资集团有限公司在现场进行推介，四家银行同步开展路演分享。据 悉，广州开发区产业基金投资集团是该区目前唯一一家"科创母+直投资金"的专业化基金公司，基金管 理规模超180亿元。本次推介也意味着该公司官宣未来将重点关注低空产业领域，为行业带来金融"活 水"。 长期关注黄埔低空产业发展的中大咨询产业研究院院长王世英认为，产业完善的生态环境、上下游产业 链协同融合，是黄埔低空产业发展最大的优势。联合会则提供 ...

[Table_Main] 行业研究|工业 证券研究报告 工业行业策略报告 2025 年 12 月 31 日 [Table_Title] 成长周期轮动，主题复苏并驱 ——机械设备行业 2026 年年度投资策略 [Table_Summary] 报告要点： 人形机器人：技术传导订单，产业聚焦核心 展望 2026年，投资机会围绕整机、关键零部件与核心模组、能力演进路 径方向三条主线展开。①整机端，关注已进入量产或明确具备持续订单 来源的人形机器人厂商，海外以特斯拉、Figure、1X Technologies 为代 表，国内关注宇树、智元、优必选、小鹏等具备一定量产能力且经过订 单验证的企业或产品表现优异企业。②零部件层面， 2025 年核心模组 形态基本定型，2026 年直线关节与旋转关节等核心执行模组有望在整机 量产推进过程中迎来订单放量，同时供应商体系逐步收敛，行业格局优 化与主机厂放量形成共振。③人形机器人能力演进将沿两条路径并行推 进，一方面是"大脑"层面泛化能力的持续优化，提升跨任务与跨场景 适应性；另一方面作为通用具身智能落地关键约束的末端执行器，在耐 久性、稳定性与工程化成熟度上的迭代进展，将直接影响 ...

Core Viewpoint - The Guangdong High Domain Technology Co., Ltd. is leveraging its automotive experience and aviation safety standards to develop a new paradigm for low-altitude flying vehicles, aiming to create a safe and reliable transportation ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Company Insights - The founder of Guangdong High Domain Technology, Su Qingpeng, emphasized the company's commitment to utilizing resources from the Greater Bay Area to promote low-altitude tourism and regional transportation [1] - The company is focused on building an open and win-win three-dimensional travel ecosystem that includes physical, operational, and industrial ecologies [1] - The goal of the company is to achieve technological benefits for the general public, indicating a strong emphasis on accessibility and inclusivity in its innovations [1]

12月18日，海南自由贸易港将迎来全岛封关运作的历史性时刻。值此关键节点，12月11日至13日，每日 经济新闻与海南国际经济发展局联合主办的2025第十四届上市公司发展年会暨海南自贸港开放机遇交流 大会系列活动在海口举行。 当前，中国贸易顺差已突破万亿美元大关，出海成为经济增长的核心引擎之一。新背景下，企业出海如 何超越传统模式？在12月12日举行的主题为"新出海范式：产业链协同与中国优势的全球再造"的圆桌对 话上，南山铝业董事长吕正风、吉峰科技董事长田刚强、盛新锂能总经理邓伟军三位产业代表，与主持 人方正证券研究所副所长李鲁靖展开深度对话。 《每日经济新闻》记者现场了解到，中国企业出海已从"产品与成本"的竞争，跃升为"产业链能力与标 准体系"的协同输出。从铝业巨头的全链条海外产业园，到农业科技企业的"低空经济生态"出海，再到 锂电巨擘以ESG（环境、社会和公司治理）标准链接全球客户，一幅以"中国优势全球再造"为蓝图的出 海新画卷正在展开。 这场圆桌对话，不仅揭示了龙头企业们的战略升维，也为海南自贸港封关后如何成为出海"超级枢纽"提 供了关键注脚。 中企新出海范式：从单点突破到产业链与标准协同 宾坦岛位于印度 ...

Core Insights - The General Aviation Exhibition has expanded its indoor exhibition area by nearly 20,000 square meters compared to previous years, showcasing multiple aircraft for the first time, providing a rich experience for attendees [1] Industry Summary - The increase in exhibition space indicates a growing interest and investment in the general aviation sector, reflecting positive trends in the industry [1] - The introduction of several new aircraft models at the exhibition highlights innovation and advancements within the aviation industry, potentially attracting more stakeholders and investors [1]

Core Viewpoint - The 2025 Jingdezhen Low-altitude Industry Ecological Exhibition gathered over a hundred enterprises to promote the development of low-altitude economic clusters [1]. Group 1: Event Overview - The exhibition showcased various flying vehicle exhibits, attracting significant audience interest [3][11]. - Exhibitors presented supporting aviation products, including terrain vehicles, highlighting the diversity of the low-altitude industry [5]. - The event featured educational drone exhibits aimed at youth, indicating a focus on fostering future talent in the industry [7]. Group 2: Audience Engagement - Attendees participated in obstacle course competitions for drone pilots, enhancing interactive experiences at the exhibition [9]. - The exhibition served as a platform for audience engagement, with many visitors taking photos and sharing their experiences [13].

Core Viewpoint - The article discusses the significant investment opportunities in the aerospace sector following the elevation of the "Aerospace Power" strategy in China's policy framework, indicating a shift from theme-driven investments to a focus on fundamental industry growth [2][11][12]. Group 1: Policy and Strategic Importance - The "Aerospace Power" strategy has been recognized as a core national strategy, alongside manufacturing and quality power, indicating a substantial increase in policy support for the aerospace industry [11][14]. - The "14th Five-Year Plan" emphasizes the acceleration of strategic emerging industries, including aerospace, which is expected to drive demand and investment in the sector [15][19]. Group 2: Market Dynamics and Investment Logic - The investment logic in the aerospace sector is transitioning from short-term thematic investments to long-term fundamental-driven investments, supported by policy, technology, and market dynamics [14][18]. - Current industry fundamentals are improving, with high gross margins and growth potential, suggesting that the sector is moving towards value-driven investment [17][18]. Group 3: Commercialization and Growth Potential - The commercialization of aerospace is expected to accelerate, with significant growth in demand anticipated in the coming years, particularly in satellite communication and general aviation [20][23]. - The aerospace industry is currently in a recovery phase, with leading companies showing improved performance and clearer paths from orders to earnings [18][19]. Group 4: Investment Strategies - Investors are advised to consider index-based investment tools to participate in the aerospace sector, given the complexity and high risk associated with individual stock selection [26][27]. - The current market conditions present a favorable window for long-term investment in the aerospace industry, with significant growth potential driven by policy support and technological advancements [25][26]. Group 5: Risks and Challenges - The aerospace sector faces high risks due to rapid technological changes and the need for significant R&D investment, which may impact the industry's growth trajectory [19][29]. - The potential for increased competition and the challenges of technology iteration are highlighted as significant risks for investors in the aerospace sector [29][30].

Core Insights - The conference "Gathering Strength Together to Control the Sky" was successfully held in Suzhou, focusing on low-altitude economic industry cooperation and the strategic partnership signing with Anhui Yunshu Zhihang Technology Co., Ltd. [1] - Yunshu Zhihang aims to provide safe and efficient low-altitude economic solutions through end-to-end innovative products and systematic services, emphasizing the importance of both "ecology" and "products" in their development model [1][2] - The company plans to leverage a "ground take-off and landing network" and a "unified control network" to promote deep integration of diverse scenarios, creating a trustworthy data space and intelligent collaborative system [2] Company Strategy - Yunshu Zhihang's development model is driven by a dual approach of "ecology + products," with a focus on ensuring the safe and efficient operation of low-altitude economies [1] - The company has defined its development path as "ecology-driven, integrated development, prioritizing products over people," aiming to validate products in specific fields before expanding to broader applications [1] - The collaboration with China Ordnance Industry Group Xi'an Aisheng Technology Group represents an innovative partnership model between state-owned enterprises and local companies [2]

Core Viewpoint - The "14th Five-Year Plan" is entering a critical policy window, with increased market attention on its implications for capital markets and industry development [2][11]. Group 1: Historical Positioning of the "14th Five-Year Plan" - The "14th Five-Year Plan" is a key phase for achieving the 2035 long-term goals, bridging the previous and upcoming plans [3][12]. - It is also crucial for completing the reform tasks set by the 20th Central Committee by 2029, with over 300 important reform measures proposed [3][12]. Group 2: Important Directions for Capital Markets During the "14th Five-Year Plan" - Key areas of focus include digital technology (AI, 6G, quantum technology), space economy (low-altitude economy, commercial aerospace, deep-sea technology), high-end manufacturing (embodied intelligence, aerospace technology, solid-state batteries), domestic consumption (new consumption, quality upgrades), and healthcare (innovative drugs, high-end medical devices) [4][9]. Group 3: Capital Market Performance Characteristics During Previous Five-Year Plans - Historical data shows that A-share indices have generally risen during five-year plans, with the Shanghai Composite Index showing varied performance: -44.0%, +141.9%, +26.0%, -1.9%, and +13.3% across different plans [5]. - The "14th Five-Year Plan" period has seen a steady increase in A-share resilience and risk resistance, with a market capitalization exceeding 100 trillion yuan [5]. Group 4: Market Outlook for the "14th Five-Year Plan" - The "14th Five-Year Plan" is expected to create opportunities in the context of global monetary system restructuring, AI trends, and China's manufacturing advantages [8][9]. - The capital market is anticipated to exhibit a "long-term" and "steady" trend, supported by government emphasis on capital market development and favorable macroeconomic conditions [9]. Group 5: Industry-Specific Insights - **Digital Technology**: The AI industry is expected to accelerate, with significant advancements in AI applications and quantum technology development [18][19]. - **Space Economy**: The commercial aerospace sector, particularly satellite internet, is poised for growth, supported by government policies and technological advancements [19][20]. - **High-End Manufacturing**: The sector is expected to benefit from technological innovations and policy support, with a focus on embodied intelligence and solid-state batteries [21][24]. - **Domestic Consumption**: New consumption trends are emerging, with a shift towards personalized and quality-driven consumption patterns [25][26]. - **Healthcare**: The innovative drug and high-end medical device sectors are projected to grow significantly, driven by supportive policies and market demand [28][29].

Group 1 - The 2025 BRICS New Industrial Revolution Partnership Forum was held in Xiamen on September 16-17, featuring the "BRICS Exhibition" which showcases cooperation in the new industrial revolution among BRICS countries [1] - The "BRICS Exhibition" has been successfully held for four consecutive years since 2021, becoming a significant event for displaying new products, technologies, and applications in the new industrial revolution [1] - The total exhibition area for this year's "BRICS Exhibition" reached 10,000 square meters, with three main exhibition areas: BRICS Innovation Base 5th Anniversary Achievements, Innovative BRICS, and Green BRICS [1] Group 2 - The BRICS Innovation Base 5th Anniversary Achievements area showcased substantial results from collaborative efforts among various provinces and cities, featuring nearly 200 achievements from 29 representative enterprises in four key sectors: new energy, integrated circuits, new displays, and artificial intelligence [1] - The Innovative BRICS area highlighted advanced innovations from China, including drones, aircraft, humanoid robots, and the deep integration of Beidou technology with the low-altitude economy [1] - The Green BRICS area focused on showcasing cutting-edge technologies and application solutions in wind energy, hydrogen energy, and solar energy [1]