Industry Overview - The low-altitude economy is a crucial sector in China's strategic emerging industries, transitioning from pilot exploration to large-scale and standardized development, with an urgent need for improved institutional frameworks [1] - A national-level standard system for the low-altitude economy has been officially released, laying a solid institutional foundation for high-quality industry development [1] Standardization and Regulatory Framework - The "Guidelines for the Construction of Low-Altitude Economic Standard System (2025 Edition)" was jointly issued by ten government departments, aiming to establish a basic standard system by 2027 and over 300 standards by 2030 [1][4] - The guidelines aim to clarify technical rules and market expectations across the low-altitude economy industry chain, removing barriers to large-scale development caused by standardization issues [2] Company Developments - Zhejiang Wanfeng Aviation (002085) has acquired core assets from German eVTOL company Volocopter, integrating advanced technologies to create a multi-scenario product matrix including fixed-wing, vertical take-off and landing aircraft, and drones [2] - Zhejiang Jindun Wind Power Co., Ltd. has established a wholly-owned subsidiary to focus on the research and industrialization of ducted fans, achieving successful ground performance and reliability verification [3] - SF Holding (002352) has launched the first "air-ground collaborative" smart logistics operation center in Shenzhen and is expanding its low-altitude logistics network in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Future Outlook - The new Civil Aviation Law of the People's Republic of China will take effect in July 2026, further supporting the low-altitude economy [4] - The "four-dimensional integration" standard system established by the guidelines will align with new policies, providing safety, efficiency, and collaboration to support the large-scale development of the low-altitude economy [4]

Core Viewpoint - The company has established a global manufacturing and sales service system, with significant growth in overseas revenue and profitability from its subsidiaries in Europe and Mexico [2] Group 1: Company Expansion - The company set up wholly-owned subsidiaries in Europe and Mexico in 2017 and 2018 [2] - The overseas revenue for the first half of 2025 reached 200.42 million yuan, accounting for 51.39% of the company's total revenue [2] Group 2: Clientele and Market Position - The company serves as a primary supplier for automotive clients, including major brands such as Volkswagen Group, Caterpillar, and Stellantis [2] - The overseas clients include various passenger and commercial vehicle brands, indicating a strong market presence [2]

1月24日，静安里·新里天地风貌商业街区品牌揭幕盛典落幕。招商蛇口与华发股份双强联袂，携AArt、 WeCycle、Msblack、上下四大志同道合的品牌伙伴，以"檐下新赏 风貌新潮"为约，在这片沉淀着海派 百年风华的土地上，共同开启了城市更新与品质生活的崭新篇章。 以城市更新之笔，绘就海派商业新图景 招商蛇口与华发股份，两位深耕上海的城市共建者，以双强之力，为静安里·新里天地注入百年风貌底 蕴与现代高奢所往的价值基底。 招商蛇口上海公司第一事业部副总经理李刚在致辞中，深度解读了"江河三里"的战略布局——从弘安里 到桐安里再到静安里，三座风貌巨著以江河为纽带，串联起上海的历史与繁荣，共同引领人居迈入"藏 品级"时代。 而静安里与一街之隔的弘安里形成天然联动，构建起近10万平方米的苏河风貌区城市更新集群，弘安里 奠定高端基底，静安里则以苏河风貌区历史建筑开放浓度最高的场域，诠释"风貌商业街区里的风貌纯 墅"，让海派生活的繁华肌理完整重现。在规划上，项目延续百年南市北里的原生格局，南市约9000㎡ 石库门风貌商业沿武进路铺展，清水红砖、复古檐角完整保留海派基因，未来将汇聚高端零售、艺术展 览、文化沙龙等多元业态， ...

文案：王枫 夏烨；美编：杨廷 ...

Core Insights - CES Asia 2026 will be held in Beijing from June 10 to 12, 2026, focusing on building a global AI technology showcase and cross-industry collaboration hub [2] - Over 200 companies from 28 countries and regions will participate, with international exhibitors accounting for over 40%, creating a top-tier innovation matrix in the Asian tech industry [3] Industry Trends - The exhibition will highlight three core breakthrough areas: large model innovation, embodied intelligence, and cross-industry integration, showcasing cutting-edge AI technologies and application results [4] - The event will feature the first compliant results following the implementation of China's national standard for large AI models, with major models like Huawei's Pangu and iFlytek's Spark being presented [4] Company Highlights - Major companies such as NVIDIA will showcase their new AI chip solutions based on the Blackwell architecture, while SK Telecom will present its 519 billion parameter "A.X K1 teacher model" [3] - Huawei will demonstrate its latest 5G+AI industrial solutions, which have achieved large-scale cooperation across multiple industries, significantly enhancing production efficiency [3] Collaboration Opportunities - CES Asia 2026 aims to create a comprehensive cross-industry cooperation system covering technology, capital, and market, with over 50 international professional purchasing groups expected to attend [6] - The event will host over 50 high-end parallel forums, inviting global tech leaders and industry experts to discuss the integration paths of AI with various sectors [6] Market Positioning - The exhibition is positioned as a strategic opportunity for companies to secure market positioning in the competitive global AI landscape, with over 80% of core exhibition spaces already booked [7] - The event serves as a critical platform for global tech companies to connect with the Asian market and achieve value growth, potentially reshaping the competitive landscape of the Asian AI industry [7]

转自：成都日报锦观 锚定新坐标 实干启新程——邛崃奋力书写"十五五"高质量发展新篇章 围绕上述目标，邛崃明确了四大发展重点：在产业发展上，聚焦智能化、绿色化、融合化方向，深化工业立市、制造强市，壮大新能源新材 料、食品饮料、邛酒、医药医械、现代种业等主导产业；在交通枢纽上，统筹推进"五轨五高五快"交通体系建设，做强成都西部空铁公多式联 运物流枢纽，提升联结滇藏、联通泛亚战略通道功能；在城乡融合上，构建"中心城区+特色镇街+和美乡村"梯次衔接的组团城镇体系，推动 新型城镇化与乡村全面振兴深度融合；在民生生态上，持续推进污染防治攻坚，加快建设教育强市、医疗强市，完善社会保障体系，让发展成 果更多更公平惠及全体人民。 站在承前启后的历史节点，邛崃市立足自身禀赋，锚定"四个城市"建设目标，以"近悦远来"营城理念为指引，践行"兴业、开放、引流"发展战 略，擘画了一幅产业兴、城市强、民生暖、生态优的高质量发展蓝图。 科产融合发力 激活产业新动能 中国酒业梦工场。 （易兴顺 摄） 春潮涌动启新程，实干笃行显担当。2026年是"十五五"规划开局之年，近日召开的邛崃市两会明确了全年地区生产总值增长5.8%的主要预期目 标，系统 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing significant negative growth, with retail sales of passenger vehicles dropping by 28% year-on-year in the first half of January 2026, and wholesale sales declining by 35% [1][19] - The report emphasizes the need for supportive policies to stimulate market recovery and highlights the potential for growth in the overseas electric vehicle market due to favorable policies in countries like Canada and Germany [3][4] - The report suggests that the domestic market may rebound following the implementation of supportive policies, which could positively impact leading brands [4] Summary by Sections Market Overview - As of January 1-18, 2026, retail sales of passenger vehicles in China reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, retail sales of new energy vehicles were 312,000 units, reflecting a 16% decline year-on-year, and wholesale sales were 348,000 units, down 23% [1][19] Policy Developments - Canada announced plans to import 49,000 electric vehicles from China, significantly reducing tariffs from 100% to 6.1% [3] - Germany introduced a new subsidy program for electric vehicles, offering up to 6,000 euros to families purchasing new electric cars, effective from January 1, 2026 [3][44] - The UK government has launched a substantial subsidy program for electric trucks, with a total budget of 318 million pounds [48] Investment Opportunities - The report highlights the potential for Chinese new energy vehicles to expand into overseas markets, driven by favorable international policies [4] - It suggests that the recovery of the domestic automotive market could benefit leading brands significantly [4]

Investment Rating - The industry investment rating is "Positive" [3] Core Insights - The retail sales of passenger cars in China from January 1 to 18 reached 679,000 units, representing a year-on-year decline of 28% compared to the same period last year and a 37% decrease from the previous month [20] - The actual shipment of humanoid robots by Yushu Technology is expected to exceed 5,500 units in 2025, with over 6,500 units of the main body expected to be mass-produced [20] - The A-share automotive sector outperformed the market, with a weekly increase of 2.51%, while the CSI 300 index fell by 0.62% [4][10] Market Performance - The automotive sector in A-shares outperformed the broader market, ranking 14th among the Shenwan first-level industries [4][10] - The passenger vehicle segment saw a decline of 1.60%, with Jianghuai Automobile and Haima Automobile leading the gains [4][7] - The commercial vehicle segment increased by 3.69%, with Weichai Power and King Long Automobile leading the gains [4][18] - The automotive parts segment rose by 3.85%, with New Coordinates and Tieliu Co. leading the gains [4][19] Key Industry News - The Ministry of Industry and Information Technology has outlined the next steps for humanoid robots, focusing on breakthroughs in large models and joint technology [20] - Tesla announced its new mission to build a world of amazing abundance [20] - GAC Aion and Didi Autonomous Driving have jointly launched the Robotaxi R2, which has officially been delivered [20] - Canada has reduced tariffs on electric vehicles imported from China to 6.1%, allowing a quota of 49,000 vehicles in the first year, gradually increasing to 70,000 over five years [21] Recommendations - For complete vehicle manufacturers, it is recommended to pay attention to BYD, Geely Automobile, Great Wall Motors, and others [4] - For commercial vehicles, focus on China National Heavy Duty Truck Group, FAW Liberation, and Weichai Power [4] - For automotive parts, consider companies like Songyuan Safety, Fengmao Co., and Ningbo Gaofa [4]

Investment Rating - The investment rating for the mechanical equipment industry is "Positive" (maintained) [1] Core Insights - The humanoid robot sector is showing structural strength with a clear upward trend, as indicated by the recent index movements and increased trading volume [5][14] - Key drivers for the humanoid robot industry include Elon Musk's announcement at Davos regarding the public sale of Optimus by the end of 2026 or early 2027, the debut of the "Magic Atom Robot" at the 2026 Spring Festival Gala, and the verification of mass production capabilities by Yushutech with an expected shipment of over 5,500 units in 2025 [6][15] - The industry is transitioning from technology validation to mass production, establishing a solid foundation for long-term growth [6][15] Summary by Sections Humanoid Robot Sector - The humanoid robot index has entered a phase of oscillating upward movement, outperforming the CSI 300 index with a 0.82% increase [5][14] - The top five performers in the humanoid robot sector for the week include New Coordinates (36.30%), Weichuang Electric (12.31%), and Top Group (11.30%) [5][14] Magic Atom Robot - The "Magic Atom Robot," developed by Chasing Technology, will showcase its capabilities at the 2026 CCTV Spring Festival Gala, marking a significant step in public recognition and market penetration for humanoid robots [20][28] - The performance of the Magic Bot Z1 and Magic Dog robots will be tested in a live environment, demonstrating their advanced motion control and interaction capabilities [21][24] Focus on 2026 Production - The humanoid robot industry is expected to transition from "0-1" to "1-10" in 2025, focusing on technological convergence and certainty in production [35] - The anticipated mass production and commercialization in 2026 will shift the focus to order fulfillment and capacity building, with key beneficiaries identified in various segments such as structural components and motors [42]

Group 1 - The company, Zhou Steel, operates the world's first 5600mm ultra-wide plate production line, which is a core equipment for producing high-quality special steel plates, with a maximum width of 5300mm and thickness of 300mm [1][4] - The production line is fully operational and features remote intelligent control across multiple processing stages, enhancing efficiency and precision in steel production [1] - Zhou Steel's strategic location near the Shenqiu Port allows for significant cost savings in transportation, with water transport costing approximately 22 yuan per ton compared to 110 yuan per ton by rail [3][5] Group 2 - Zhoukou has developed a modern inland port system, "One Port, Ten Areas, One Core," which is the largest and most capable inland port cluster north of the Yangtze River, facilitating economic transformation from "channel economy" to "economic channel" [3][5] - The port has opened 43 domestic and international shipping routes, including 19 foreign trade routes, expanding the cargo distribution range to cover nine provinces in central and western China and major global trade zones [3] - The province's plan aims for the total scale of the coastal industry to exceed one trillion yuan by 2030, with more than nine coastal industrial clusters expected to emerge [5]