央视网消息：除了飞行表演，今年通用航空展的室内展区更是较往届增加了近2万平方米，多款航 空器更是首展首秀，让观众大饱眼福。 ...

超百家企业齐聚2025景德镇低空产业生态展 助力低空经济集群发展 图为2025景德镇低空产业生态展现场。 吴敏 摄 图为观众观看飞行器展品。 吴敏 摄 图为无人机飞手穿越障碍赛现场。 吴敏 摄 图为观众观看飞行器展品。 吴敏 摄 图为观众在展会打卡。 吴敏 摄 来源：中国新闻网 图为参展商为观众介绍航空配套产品地形车。 吴敏 摄 图为针对青少年入门教育级别无人机展品。 吴敏 摄 编辑：熊思怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

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]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The military trade market is significantly influenced by geopolitical factors, with advanced weaponry impacting national military capabilities and political dynamics. The U.S. and its allies dominate global military trade exports, accounting for 64.10% and 78.06% of total exports in the periods 2015-2019 and 2020-2024, respectively [2][34] - The global military trade market is characterized by high concentration, with the top ten exporting countries accounting for 89.70% of total exports from 2015-2019 and 88.60% from 2020-2024. The U.S. and France are the top two exporters in the latter period, with a combined share of 52.60% [2][34] - China's military trade share is expected to increase in the long term, aligning with its manufacturing capabilities and international influence, despite currently holding only 3.9% of the global military trade market in 2024 [2][34] Summary by Sections Military Trade Overview - Military trade, or arms trade, is a unique sector closely tied to geopolitical and military strategies, reflecting national interests and political continuity [12] - The United Nations defines military trade as the transfer of military equipment between countries, which plays a crucial role in regulating international political relations [12] Global Military Trade Landscape - According to SIPRI, global military trade has experienced stable growth, with total trade increasing from 80.82 billion TIV in 1950 to 289.38 billion TIV in 2024, reflecting a compound annual growth rate of 1.72% [30] - The military trade market has undergone three significant fluctuations since 1950, with the most recent period (2002-present) showing a recovery in trade volumes due to increased global tensions and military spending [30] Major Military Exporting Countries - The top five military exporting countries from 2015-2019 were the U.S., Russia, France, China, and Germany, with the U.S. maintaining a dominant position [34] - The military trade export figures for the U.S. rose from 503.68 billion TIV in 2015-2019 to 609.49 billion TIV in 2020-2024, marking a 21.01% increase [35] China's Military Trade Situation - China's military trade has seen fluctuations, with exports decreasing from 88.62 billion TIV in 2015-2019 to 83.85 billion TIV in 2020-2024, a decline of 5.38% [35] - The report highlights that China's military trade is expected to grow due to increasing geopolitical conflicts and the country's enhanced military capabilities [2][34]

Core Viewpoint - The report emphasizes the significant role of military trade in shaping geopolitical dynamics and national security, highlighting that military equipment exports are deeply intertwined with political interests and international relations [2][4]. Group 1: Overview of Military Trade - Military trade, or arms trade, is defined as the transfer of military equipment between countries, reflecting political, military, and diplomatic strategies [19]. - The military trade market is characterized by high concentration, with the top ten exporting countries accounting for 89.70% of global military trade from 2015-2019 and 88.60% from 2020-2024 [4][38]. - The primary military trade products include aircraft, missiles, naval vessels, and specialized vehicles, with aircraft consistently representing over 40% of the market share [4][38]. Group 2: Global Military Trade Landscape - The United States and its allies dominate global military trade, accounting for 64.10% and 78.06% of exports in the periods 2015-2019 and 2020-2024, respectively [2][42]. - The top five military exporting countries from 2015-2019 were the United States, Russia, France, China, and Germany, with France surpassing Russia in the subsequent period due to a decline in Russian exports [4][38]. - The global military trade market has experienced three major fluctuations since 1950, with a compound annual growth rate of 1.72% from 80.82 billion TIV to 289.38 billion TIV [37][38]. Group 3: Military Trade Dynamics - The military trade sector is influenced by geopolitical tensions, particularly in the Asia-Pacific and Middle East regions, which are the primary importers of military equipment [4][38]. - Recent trends show a decline in Russian military exports by 63.90% due to sanctions and the ongoing conflict in Ukraine, while countries like Italy have seen significant increases in their military trade [42]. - The report indicates that military trade is not merely an economic activity but a strategic tool for nations to exert influence and maintain security balances [2][41].

Group 1 - The core index of the aerospace and military industry, the China Securities Aerospace and Military Integration Index, experienced a slight decline of 0.06%, closing at 2045.92 points with a trading volume of 13.86 billion yuan [1] - Over the past month, the index has increased by 5.31%, by 7.83% over the last three months, and by 6.40% year-to-date [1] - The index includes leading companies related to the aerospace and military integration strategy, covering sectors such as aircraft, power and control systems, early warning systems, weapon systems, C4ISR systems, military digitalization, and aerospace materials [1] Group 2 - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (9.35%), Aero Engine Corporation of China (7.0%), AVIC Optoelectronics (6.99%), AVIC Xi'an Aircraft (5.36%), AVIC Aircraft (4.07%), Aerospace Electronics (3.8%), Haige Communications (3.66%), Ruichuang Micro-Nano (3.48%), AVIC Chengfei (3.47%), and Western Superconducting (3.24%) [1] - The index's holdings are primarily from the Shanghai Stock Exchange (56.09%) and the Shenzhen Stock Exchange (43.91%) [2] - The industrial sector constitutes 72.33% of the index holdings, followed by materials (13.27%), information technology (8.07%), and communication services (6.33%) [2] Group 3 - Public funds tracking the aerospace and military industry include Penghua China Securities Aerospace and Military Integration C and Penghua China Securities Aerospace and Military Integration A [3]

Core Insights - In May 2025, the low-altitude economy sector experienced 20 financing events, totaling 1.173 billion RMB, marking the second-highest financing month of the year after March [2][16] Financing Overview - A total of 14 financing events in May were from early-stage rounds (Angel and A rounds), accounting for 70% of the total [5] - The most frequent financing rounds were Angel rounds (8 events) and A rounds (6 events), leading the first tier, while B, C+, D, D+, E rounds, and strategic investments each had 1 event, placing them in the second tier [5] Regional Distribution - Nine regions across the country participated in financing activities, with the focus on Guangdong, Jiangsu, Beijing, and Zhejiang, which collectively accounted for 70% of the events [8] - Jiangsu, Beijing, and Sichuan saw an increase in financing events compared to April, with Jiangsu and Sichuan each adding 1 event and Beijing adding 2 [8] - Guangdong and Jiangsu led with 4 events each, while Zhejiang and Beijing had 3 events each, and Sichuan had 2 events [8] Financing Amounts - In May, there was 1 financing event at the billion RMB level (5% of total), 7 events at the million RMB level (35%), and 12 events with undisclosed amounts [11] - Compared to April, both the number and amount of financing increased, with million RMB financing remaining a popular tier [11] Sector Focus - Financing hotspots in May were concentrated in the upstream and midstream sectors, including areas such as aviation engines, optoelectronic devices, low-altitude safety systems, and eVTOLs [14] - The downstream sector included aerial digital imaging and integrated scenario service providers, indicating a diversified trend across the entire industry chain [14] Notable Financing Events - Key financing events included: - Yunsheng Intelligent raised 500 million RMB in a D round [15] - Shangfei Aviation and Weifen Zhifei each raised several million RMB in Angel rounds [15] - Muwu Intelligent, an aerial digital imaging service provider, also secured funding in an A round [15] Conclusion - Overall, the financing situation in the low-altitude economy in May showed an increase compared to April, with the number and amount of financing being the second strongest of the year after March [16]