Core Viewpoint - The recent procurement agreement for 18 AS700 manned airships signifies a breakthrough in the industrialization of domestic airship technology, reflecting strong market recognition of Chinese-made airships [1][3]. Group 1: Procurement Agreement - The Aviation Industry Special Flight Research Institute has signed a procurement agreement for 18 manned airships with Zhejiang Airspace Integration Low-altitude Industry Development Co., Ltd, highlighting the market's confidence in domestic airship products [1]. - The agreement follows a series of discussions and assessments regarding the commercial operation and sustainable profit models for the AS700 airship, culminating in a comprehensive consensus with local government [3]. Group 2: Delivery and Production - The first AS700 airship was successfully delivered to Shaoxing Jian Shui Technology City in November, marking the completion of the initial delivery phase and the transition to mass production orders [5]. - The entire process from research and development to delivery and operation of the domestic manned airship has been fully integrated, paving the way for future production and operational enhancements [5]. Group 3: Future Development and Applications - The Aviation Industry Special Flight Research Institute aims to leverage this opportunity to accelerate product optimization and expand its industrial layout, targeting diverse application scenarios such as aerial tourism, urban security, aerial surveying, emergency rescue, and customized educational programs [5]. - The goal is to promote technical standards and operational models across more regions, fostering a win-win ecosystem and contributing to the formation of a national low-altitude economic industrial cluster, thereby linking the upgrade of manufacturing with high-quality local economic development [5].

近日，大疆长三角配套产业园项目成功签约落地浙江省绍兴市越城区，从达成框架协议到正式签约仅耗 时百余天，体现了"绍兴速度"和"越城效率"。在越城，一片广袤的"天空蓝海"正加速形成。 作为浙江省首批低空经济"先飞区"试点之一，越城区持续优化完善政策布局，并在省级层面的关注与推 动下，不断明确方向、凝聚合力。而今，这片天空下的产业框架日益坚实：总投资20.5亿元的全域低空 新基建项目全速推进，华东地区首架AS700载人飞艇正式交付越城，浙江省低空公共安全技术研发基地 这一被誉为"全省低空公共安全最强大脑"的平台也落子于此。 从关键部件到整机制造，从基建设施到智慧管控，一条覆盖研发、制造、基建、场景的全产业链正加速 成形，中大型无人机"绍兴造"的梦想正随着一个个项目的落地而展翼成真。在低空经济这一新兴产业的 强劲带动下，越城区成体系推进、全环节先行，持续向"高"而攀，书写"从芯出发、向天而行"的新篇 章。 稳平台，筑牢"天地一体"安全底座 搭平台、建体系、定标准，是越城区抢占低空经济赛道的首要任务。2024年以来，越城区建成绍兴低空 经济综合服务中心，落地9个特色平台，为低空经济发展筑牢根基。 绍兴低空经济综合服务中 ...

Group 1 - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the consumption and regulation of renewable energy, emphasizing the development of high-efficiency and low-cost photovoltaic and wind power technologies, and the pilot construction of ultra-large power deep-sea wind turbines [2] - The Ministry of Industry and Information Technology plans to accelerate the cultivation of application scenarios in key areas such as 5G, artificial intelligence, robotics, and industrial internet [2] Group 2 - China successfully launched 13 low-orbit satellites for satellite internet on November 10, 2025, using the Long March 12 rocket, marking a successful mission [3] Group 3 - The Guangdong Provincial Development and Reform Commission aims to expand major application scenarios in areas such as unmanned systems, deep-sea resource development, and intelligent manufacturing [4] Group 4 - The eighth China International Import Expo concluded with an intended transaction amount of $83.49 billion, a 4.4% increase from the previous year, setting a new historical high [5] Group 5 - Domestic gasoline and diesel prices will increase by 125 and 120 yuan per ton respectively, starting from November 10, 2023, with an average increase of 0.10 yuan per liter for 92 and 95 gasoline and 0 diesel [7] Group 6 - The AS700 manned airship, known as the "Sky Whale," has been officially delivered to Shaoxing, Zhejiang, marking the first delivery of this type in East China [9] Group 7 - Meituan has launched its first AI IDE product, CatPaw, which is now in public testing, featuring intelligent programming capabilities [10] Group 8 - Japan's labor shortage is projected to result in an economic loss of 16 trillion yen (approximately $104 billion) in 2024, highlighting the impact of an aging population on the economy [12] Group 9 - Rumble has signed a merger agreement with German AI company Northern Data, aiming to expand its cloud business and accelerate international expansion [16] Group 10 - Subaru plans to reassess its 1.5 trillion yen (approximately $99.5 billion) electrification investment plan, focusing on cost savings and reallocating some investments towards hybrid and internal combustion engine vehicle development [17]

Group 1 - Blue Origin is set to execute its first NASA mission with the "New Glenn" rocket, challenging SpaceX's dominance in the space industry [2] - Nvidia's CEO has requested TSMC to increase 3nm wafer capacity by 50% to meet surging demand for Blackwell AI chips, raising monthly production from 100,000-110,000 to approximately 160,000 wafers [2] - The AS700 manned airship, developed by China Aviation Industry Corporation, has been delivered to Zhejiang Province, marking the first of its kind in East China [2] Group 2 - Global smartphone panel shipments increased by 8.1% quarter-on-quarter in Q3 2025, driven by the iPhone 17 series and other major brands, with an expected annual total of 2.243 billion units [2] - China successfully launched 13 low-orbit satellite internet satellites using the Long March 12 rocket, marking a significant achievement in satellite internet deployment [2]

·10日，外交部发言人就日本首相高市早苗发表涉台错误言论，暗示武力介入台海可能性表示：中方敦促日方立即停止干涉中国内政，停止挑衅越线，不要 在错误的道路上越走越远。 央视网消息：每天8点，央视网为您梳理24小时内发生在咱们身边的大小事儿。 ·教育部办公厅发布关于进一步减轻中小学教师非教育教学负担若干措施的通知。（详情→） ·第八届进博会按年计意向成交额突破834亿美元。 ·台风"凤凰"移入南海，广东启动防风Ⅳ级应急响应。 ·我领馆证实：一中国渔船在韩国附近海域倾覆，2人获救9人失踪。 ·华东地区首架AS700载人飞艇正式交付，这是我国首个按适航规范研制、拥有完全自主知识产权的载人飞艇。 ·我国成功发射卫星互联网低轨13组卫星。 ·国家疾控局：12月中下旬和1月初，或出现流感疫情高峰。 ·一项新研究发现，坚持轻度运动即可预防阿尔茨海默病。 ·距今约2.8亿年！山西阳泉矿区发现远古银杏化石。 ·海昏简牍经文保修复数量更新为5795枚。 ·11月10日24时起，国内汽、柴油零售限价每吨分别上调125和120元。 ·江苏队在第十五届全国运动会男子四人双桨决赛中夺得冠军，这是十五运会开幕式后产生的首枚金牌。 ·美参议院 ...

Core Viewpoint - The delivery of the AS700 manned airship marks a significant milestone for the aviation industry in East China, showcasing advancements in domestic aerospace technology and the potential for commercial operations in the future [1][3]. Group 1: Product Overview - The AS700 manned airship, developed by the China Aviation Industry Corporation's Special Aircraft Research Institute, is the first manned airship in China designed according to airworthiness standards and possesses complete independent intellectual property rights [3]. - The airship measures 50 meters in length, has a maximum range of 700 kilometers, and can carry up to 10 people [3]. - It is characterized by its ability to fly slowly at low altitudes, providing a safe and reliable experience for tourists to enjoy scenic views from an optimal altitude of 100 to 300 meters [3]. Group 2: Future Plans - The AS700 airship will undergo flight verification in the Yuecheng District to advance its commercialization process [3]. - There are plans to open the airship to the public next year, indicating a move towards operational readiness and potential market introduction [3].

Group 1 - The purchase tax for new energy vehicles in China will be halved starting January 1, 2024, shifting from full exemption to a 50% reduction, which is expected to stimulate a new wave of consumption in the market due to the upcoming traditional sales peak [2] - The current market environment is characterized by a policy shift that poses new challenges for the new energy vehicle sector, as the benefits from previous incentives are diminishing [3] Group 2 - Guojin Securities highlights that the current market trend is shifting towards high certainty sectors, with a focus on power equipment and chemicals, as the energy transition involves a complex process across the entire industry chain [3] - The report indicates that the revaluation of Chinese assets is underway, with significant opportunities arising from the short-term rebound in power equipment and chemical sectors [3] Group 3 - The first China (International) Robot Debate Competition showcased advancements in cognitive decision-making and large model applications, with 14 teams participating in a machine vs. machine format, enhancing the competitive aspect of the event [4] - The event reflects the growing capabilities of AI in logical reasoning and language processing [4] Group 4 - China Chengtong Development Group announced the appointment of new executive directors following a restructuring, indicating potential shifts in corporate governance and strategy [5][6] Group 5 - The AS700 manned airship, known as the "Sky Whale," has been officially delivered in East China, marking a significant step towards the commercial operation of manned airships and the development of the low-altitude economy [7] Group 6 - Meta has denied allegations of generating significant revenue from fraudulent advertisements, claiming that the actual amount is lower than reported, despite internal documents suggesting that around 10% of its revenue could be linked to such ads [8][9] - The controversy surrounding Meta highlights the scrutiny faced by tech giants regarding their advertising practices [9] Group 7 - Nvidia's CEO has requested TSMC to increase wafer supply to meet the strong demand for AI, indicating robust growth in the AI sector and the need for enhanced production capabilities from suppliers [9] Group 8 - As of November 7, 2023, 92 new stocks have been listed on the A-share market this year, reaching 92% of last year's total, with a notable first-day doubling rate of nearly 88% [10] - The data indicates a significant increase in new listings, particularly in the ChiNext board, which accounted for approximately 31.5% of the new stocks [10] Group 9 - A new database of over 10,000 human images has been developed to assess and correct biases in AI visual tasks, representing a step towards more reliable AI systems [10] Group 10 - The Shenzhen Shui Bei market, a major gold wholesale market, is experiencing a slowdown in activity, attributed to the recent implementation of new gold tax policies [10] Group 11 - The sales revenue of Pang Dong Lai has surpassed 20 billion yuan, reflecting a 30 billion yuan increase compared to the previous year, with supermarkets leading in sales performance [11] Group 12 - The Consumer Price Index (CPI) for October has shown a year-on-year increase of 0.2%, indicating positive signs of inflation and improved pricing in various sectors [12]

开源证券近日发布电力设备行业低空经济行业周报：11月6日，时的科技与上海市经信 委、闵行区政府签署战略合作协议，宣布总部及制造基地落户上海闵行，实现研发、制造、 适航取证、销售交付全功能总部化。同时，公司获7亿元授信，与工银金租签署100架 E20eVTOL采购协议，并完成3亿元B++轮融资。 以下为研究报告摘要： 进博会上多项低空经济订单签约，时的科技总部落户上海 （1）订单签署：11月6日，时的科技与上海市经信委、闵行区政府签署战略合作协议， 宣布总部及制造基地落户上海闵行，实现研发、制造、适航取证、销售交付全功能总部化。 同时，公司获7亿元授信，与工银金租签署100架E20eVTOL采购协议，并完成3亿元B++轮融 资。该布局将带动长三角先进制造产业链集聚，探索"上海研发、全球应用"模式。在第八届 进博会上，沃兰特航空与北京亦庄国际融资租赁、神州租车、迪拜IC Leasing等企业签署协 议，累计获得95架eVTOL订单，总金额达23.75亿元。同时拿下高等级商用客运eVTOL第四 个商业确认订单并获订金数千万元。御风未来展示升级后的载客型eVTOL产品M1，并与中 银金租等企业签署200架意向订单，总 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing significant growth, with multiple orders signed at the China International Import Expo, indicating strong market demand and potential for future expansion [17][19] - Strategic collaborations, such as the partnership between Shenzhou Car Rental and Volant, are enhancing the integration of ground and air transportation services, which is expected to improve operational efficiency and customer experience [23] - The establishment of manufacturing bases and headquarters in Shanghai by companies like Shizhi Technology is expected to drive the development of the advanced manufacturing industry in the Yangtze River Delta region [25] Summary by Sections 1. Weekly Sector Review - The average weekly change for the low-altitude economy sector was +0.3%, with Wanzhe Co. leading the gains at +30.3% [4][10] - The top five gainers included Wanzhe Co. (+30.3%), Keli Co. (+17.5%), and Yunlu Co. (+16.1%), while the top five losers included Hangxin Technology (-17.2%) and Lingnan Holdings (-10.6%) [10][12] 2. Industry Dynamics - Shenzhou Car Rental and Volant signed a strategic cooperation agreement to develop a "ground + air" commuting solution, marking a significant step in the integration of transportation services [23] - On November 8, Jinan signed contracts for eight low-altitude economic projects, including the AS700 manned airship delivery center, which will support low-altitude tourism and emergency command scenarios [24] 3. Individual Company Developments - Shizhi Technology announced the establishment of its headquarters and manufacturing base in Shanghai, securing a 700 million yuan credit line and signing a procurement agreement for 100 eVTOLs [25] - Volant signed agreements for 95 eVTOLs at the Import Expo, totaling 2.375 billion yuan, and secured a high-level commercial passenger eVTOL order [26] - Yufeng Future showcased its upgraded passenger eVTOL product and signed intention orders for 200 eVTOLs, exceeding 2 billion yuan in total [27]

Core Insights - Hubei's Jingmen City has achieved significant industrial transformation during the 14th Five-Year Plan, with high-tech manufacturing's share increasing from 5.45% to 16% and the number of billion-dollar enterprises doubling from 2 to 6 in three years [1] - The city has adopted a "chain thinking" approach to enhance industrial resilience and promote collaborative development across various sectors [2] Group 1: Industrial Development Strategies - Jingmen has shifted from a traditional "single-point investment" model to a "cluster rise" strategy, establishing a modern industrial system with four pillar industries: green chemicals, new energy materials, automotive and intelligent equipment manufacturing, and agricultural products processing [2] - The automotive sector has seen a significant investment of 6 billion yuan from Great Wall Motors, leading to a production value increase from 18.24 billion yuan in 2022 to 52.46 billion yuan in 2024 [2] - The new energy materials sector has also thrived, with a total output value of 85.21 billion yuan in 2024, marking a 28.6% year-on-year growth [3] Group 2: Traditional and Emerging Industries - Traditional industries are being revitalized through innovation, such as the transformation of Jingmen Petrochemical's production capabilities, which is expected to increase specialty oil production capacity from 790,000 tons to 1,367,000 tons by 2026 [3] - Emerging industries are scaling up, with the electronic information sector projected to reach a production value of 50.77 billion yuan in 2024, representing a 43.9% share of the city's industrial output [6] Group 3: Digital Transformation - Digital technology is being integrated into the manufacturing process, with 153 small and medium-sized enterprises undergoing digital transformation, achieving a digital coverage rate of 78% in large-scale industries [7] - The establishment of an industrial internet platform aims to enhance connectivity across the supply chain, facilitating real-time monitoring and optimization of operations [8] Group 4: Future Industry Development - Jingmen is positioning itself as a leader in the low-altitude economy, with a dedicated industrial park and plans to develop a full ecosystem for low-altitude vehicles, targeting a revenue of over 2 billion yuan by 2030 [6] - The city aims to strengthen its competitive edge in advanced manufacturing and renewable energy sectors, with a focus on high-quality industrial development [9]