低空经济专题研究 2025 年 3 月 3 日 行业指数相对沪深 300 表现 2800 3000 3200 3400 3600 3800 4000 4200 4400 6000 7000 8000 9000 10000 11000 12000 13000 14000 15000 2024-02-19 2025-02-19 低空经济指数 沪深300 相关报告 低空经济行业周报（第八周） 低空经济行业周报（第七周） 低空经济行业周报（第六周） 证券分析师：李景星 执业证书编号： S0370522090001 公司邮箱：lijingx@jyzq.cn 联系电话：0755-23832812 低空经济周报（02.24-03.02） —民航法修订在即，促进低空经济发展相关内容写入修订 草案 评级：增持（维持） ⚫ 板块行情回顾： 本周低空经济指数跌 2.60%，相对涨幅-0.38%，日均成交 额 410.14 亿元（近一年 156.08%分位），市盈率（TTM）达 82.40 倍（近一年 75.52%分位），本周日均主力净流入额- 8.90 亿元。较上周而言，本周成交额大幅上升，估值维持 高位，主力资金净流入转向净流出 ...

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index decreased by 2.60% this week, with an average daily trading volume of 41.014 billion yuan, indicating a significant increase compared to the past year [3][11]. - The sector's price-to-earnings ratio (TTM) stands at 82.40, reflecting a high valuation level [3][11]. - There was a net outflow of 890 million yuan from major funds this week, contrasting with the previous week’s inflow [3][11]. Market Performance - The top five performing stocks this week include Green Energy Wisdom, XPeng Motors-W, Jilin Chemical Fiber, Nairui Radar, and Funeng Technology, while the worst performers are Zongshen Power, Zhongke Star Map, ZTE Communications, Shangong Shenbei, and Aerospace Hongtu [4][15]. - The report highlights a significant increase in trading volume, with a year-on-year increase of 156.08% [3][11]. Industry Dynamics - A total of 20 projects were signed at the Guiyang Low-altitude Economy Industry Launch Conference, with a total investment of 10.55 billion yuan [5][21]. - The Shanghai Pudong New Area has initiated the construction of a low-altitude transportation system [5][26]. - The first flight of regular low-altitude logistics operations in northern islands has been successfully conducted [5][31]. Policy Developments - The Sichuan Provincial Office has issued key tasks for the low-altitude economy industry chain for 2025, aiming to stabilize logistics routes and enhance infrastructure [6][36]. - The upcoming revision of the Civil Aviation Law includes provisions to promote the development of the low-altitude economy [6][38]. Key Company Developments - EHang has announced a strategic partnership with Jianghuai Automobile and Hefei Guoxian Holdings to establish a joint venture for manufacturing low-altitude aircraft [7][39]. - A collaboration between Xiangyuan Cultural Tourism and XPeng Huitian aims to create a comprehensive business model for low-altitude tourism [7][40]. - BYD and DJI have launched an intelligent vehicle-mounted drone system, enhancing their product offerings in the low-altitude economy [7][40].

低空经济专题研究 2025 年 3 月 3 日 行业指数相对沪深 300 表现 2800 3000 3200 3400 3600 3800 4000 4200 4400 6000 7000 8000 9000 10000 11000 12000 13000 14000 15000 2024-01-18 2025-01-18 低空经济指数 沪深300 相关报告 低空经济行业月报（2025 年一月） 证券分析师：李景星 执业证书编号： S0370522090001 公司邮箱：lijingx@jyzq.cn 联系电话：0755-23832812 低空经济行业月报（2025 年二月） —全国两会在即，30 省份政府工作报告将"低空经济"列 为重点工作，各地产业动作频频 评级：增持（维持） ⚫ 板块行情回顾： 本月低空经济指数涨 10.73%，相对涨幅 8.82%，大幅跑赢沪深 300 指数，日均成交额 319 亿元（近一年 121%分位），市盈率（TTM） 达 80.34 倍（近一年 75%分位），日均主力资金净流入额-4.04 亿 元。较上月而言，本月成交额大幅提升（上月日均 182 亿元），估 值进一步抬升，主力 ...

低空经济专题研究 2025 年 3 月 3 日 行业指数相对沪深 300 表现 2800 3000 3200 3400 3600 3800 4000 4200 4400 6000 7000 8000 9000 10000 11000 12000 13000 14000 15000 2024-01-18 2025-01-18 低空经济指数 沪深300 ⚫ 政策动态： 相关报告 低空经济行业月报（2025 年一月） 证券分析师：李景星 执业证书编号： S0370522090001 公司邮箱：lijingx@jyzq.cn 联系电话：0755-23832812 低空经济行业月报（2025 年二月） —全国两会在即，30 省份政府工作报告将"低空经济"列 为重点工作，各地产业动作频频 评级：增持（维持） ⚫ 板块行情回顾： 本月低空经济指数涨 10.73%，相对涨幅 8.82%，大幅跑赢沪深 300 指数，日均成交额 319 亿元（近一年 121%分位），市盈率（TTM） 达 80.34 倍（近一年 75%分位），日均主力资金净流入额-4.04 亿 元。较上月而言，本月成交额大幅提升（上月日均 182 亿元），估 值 ...

电子行业周报-关注消费类电子公 司-20250106 行业周度报告-关注自主可控相关 公司-20250113 行业周度报告-关注业绩预增的公 司-20250120 应用的公司-20250210 应用的公司-20250217 发展的公司-20250224 证 券 研 究 报 告 证券分析师：黄宜忠 执业证书编号：S0370623080003 公司邮箱：huangyizhong@jyzq.cn 联系电话：0755-83025184 电子行业 行业周度报告 —关注受益 AI 发展的公司 2025 年 3 月 3 日 评级：增持（维持） 上周国内电子行业（申万一级）下跌 4.87%，近 10 年估值分 位数为 79%，海外半导体指数亦出现调整。个股来看，涨幅明显， 其中表现较好的为翱捷科技-U、芯原股份、卓翼科技、ST 华微等。 行 业 点 评 报 告 根据全球半导体观察资讯，DRAM 市场依旧延续前周趋势，整 体需求仍集中在 DDR5 SK Hynix 2Gx8-5600 颗粒，价格持续高涨。 DDR4/DDR3 颗粒需求表现维持疲弱态势。NAND Wafer 现货市场买气 持续升温，Wafer 市场不仅低容量产品 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - 2024 is identified as the inaugural year for the low-altitude economy, with the industry still in its early stages facing various challenges such as unclear development directions, lack of standards and regulations, insufficient infrastructure, and application scenarios yet to be developed [5][11] - A significant number of local governments have issued specific policies to support the low-altitude economy, categorized into two types: "Action Plans" and "Several Measures," both typically spanning three years until 2026/2027 [5][11] - The total planned industry scale across 22 provinces that have released "Action Plans" amounts to 1.71 trillion yuan, with nearly 100 core enterprises and over 8,000 industry chain companies identified [7][11] Summary by Sections Section 1: Action Plans - 22 out of 31 provincial-level administrative regions have released "Action Plans," focusing on industry scale, core enterprise cultivation, industry chain composition, take-off and landing sites, general airports, route development, flight volume, and application scenario development [7][9] - Key regions leading the low-altitude economy development include the Greater Bay Area, Yangtze River Delta, and Sichuan-Chongqing region, with ambitious targets set [7][9] - The planned industry scale in key provincial-level administrative regions includes 3 trillion yuan for Guangdong, 500 billion yuan for Shanghai, and 1 trillion yuan for Beijing [8][9] Section 2: Several Measures - Local governments are providing substantial financial support through various measures, including tax incentives, infrastructure funding, and operational subsidies for low-altitude economy enterprises [13][16] - Specific financial support includes zero tariffs on certain aviation-related imports, tax reductions, and direct funding for infrastructure projects [13][16] - The measures also encompass operational subsidies for different types of aircraft, with specific rates for eVTOL and drone operations [14][16] Section 3: Rapid Industry Actions - The low-altitude economy is witnessing swift actions and project launches driven by policy guidance, with a focus on cultivating the aircraft industry chain, including manufacturing, certification, and sales [17][18] - Major players in the eVTOL sector are actively developing new aircraft, with expectations for significant advancements in certification and operational readiness by 2026-2027 [18]

行 业 点 评 报 告 请务必仔细阅读本报告最后部分的免责声明 -1- 曙光在前 金元在先 风险提示：分析及结论基于过往历史数据推断，历史数据的局限 性可能影响结论的准确性，对未来投资决策仅作参考。定增价格 通常较市价有折扣，但若市场大幅下跌，参与者的持股可能面临 亏损。定增股份有锁定期，期间无法出售，若市场流动性差，解 禁后可能难以及时变现。政府政策或监管要求的变动可能影响定 增的审批和实施。宏观经济波动可能影响公司业绩和股价表现。 2025 年 2 月 18 日 定增市场简析 —买在政策放松，行情启动期 A 股定向增发市场的发展与政策制度紧密相连，二者之间存 在着极为深刻的互动关系，政策是推动市场发展的核心驱动力。A 股定增市场经历过起步阶段、扩展阶段、规范阶段、优化阶段。 政策制度从多方面对定增市场进行影响，如发行条件与门 槛、定价机制、资金用途、投资者结构、市场流动性等。 随着注册制的不断深化，审核权进一步下放至交易所，这一 举措极大地提高了审核效率。企业能够更快地完成定增融资流程， 抓住市场发展机遇。 证券分析师：黄宜忠 执业证书编号：S0370623080003 公司邮箱：huangyizhong ...

Investment Rating - The report maintains an "Overweight" investment rating for the computer industry [3]. Core Insights - The computer industry has shown a significant recovery post-Spring Festival, outperforming the CSI 300 index by nearly 20 percentage points as of February 17, 2025 [5][11]. - The DeepSeek concept has gained substantial market traction, leading to a surge in capital inflow into related stocks, with the industry capturing the highest market share, surpassing the electronics sector [5][21]. - The report highlights the resurgence of interest in software and IT services, with the industry’s market share reaching a 10-year high, indicating potential overheating in some segments [5][27]. Summary by Sections 1. Independent Market Performance - From December 2024 to January 13, 2025, the computer industry index fell by 16.47%, underperforming the CSI 300 index by nearly 11% [10]. - Post-January 13, the computer industry began to recover, with a notable increase in performance after the Spring Festival [11]. 2. Market Heat and Share - The computer industry’s market share has surpassed that of the electronics sector, achieving the highest market share in the market [18][21]. - The software development and IT services sectors have regained prominence, with significant capital flow back into these areas post-Spring Festival [28][30]. 3. Key Events: DeepSeek's Impact - DeepSeek's launch of its self-developed model R1 has created significant buzz in the global tech industry, leading to a surge in trading volume within the A-share market [33]. - The innovations from DeepSeek, particularly in MoE and MLA technologies, have reduced reliance on high-end GPUs and lowered operational costs significantly [34][42]. 4. Emerging Opportunities in AI - The report identifies AI all-in-one machines, particularly those based on DeepSeek technology, as a new growth area, with advantages in rapid deployment, efficient resource utilization, and enhanced data security [57][58]. - Companies such as Inspur Information, Zhongke Shuguang, and Unisplendour are highlighted as key players in the all-in-one machine segment [63].

Investment Rating - The report rates the electronic industry as "Overweight" (first-time rating) [1] Core Insights - DeepSeek has achieved three major breakthroughs in algorithm efficiency, significantly reducing memory usage and inference latency while maintaining model performance [1][2] - The optimization of algorithms does not diminish the value of the computing power industry but rather restructures demand, leading to a multi-tier growth engine in the trillion-level computing power market [1][29] - The demand for high-performance computing chips remains strong due to the continuous expansion of model parameters and training data [1][35] Summary by Sections Breakthroughs in DeepSeek Architecture - DeepSeek optimizes from input processing to computation and output stages, enhancing computing efficiency while reducing redundant calculations [2] - The introduction of a KV cache mechanism reduces inference complexity significantly, leading to lower resource consumption [2][5] - The Multi-Head Latent Attention (MLA) technology reduces KV cache space by over 90% while maintaining performance [5] Efficiency Improvements - The DeepSeek-V3 model activates only about 5.5% of parameters per token, significantly lowering computational load [8][10] - The GRPO algorithm allows for high-level reasoning capabilities without the need for supervised fine-tuning, achieving better performance with reduced training costs [21][25] Market Demand and Growth - The report predicts that the global advanced packaging revenue will grow from approximately $37.8 billion in 2023 to $69.5 billion by 2029, with a compound annual growth rate of 11% [1] - The demand for advanced packaging technologies, such as 2.5D and 3D packaging, is expected to rise as traditional methods face limitations [1][51] Investment Recommendations - The report suggests focusing on key players in the 2.5D/3D packaging technology, including equipment manufacturers and OSAT companies [1]

低空经济行业周报（第七周） 证券分析师：李景星 执业证书编号： S0370522090001 公司邮箱：lijingx@jyzq.cn 联系电话：0755-23832812 证 券 研 究 报 告 行 业 点 行业指数相对沪深 300 表现 评 周 报 相关报告 本周低空经济指数跌 0.6%，相对涨幅-1.09%，日均成交额 314.5 亿元（近一年 124.07%分位），市盈率（TTM）达 80.32 倍（近一年 79.08%分位），本周日均主力净流入额-3.25 亿元。较上周而言，成交额有所提升，估值进一步提升， 主力资金净流出持续。。 个股表现： 本周涨幅前五个股为上工申贝、中化岩土、中国联通、安 达维尔、中信海直；跌幅前五个股为宝钛股份、小鹏汽车 -W、卧龙电驱、威迈斯、中兴通讯。 行业动态： 1、长春发布国内首个低空行业大模型"紫东长空"。2、 江苏南京市低空飞行服务平台（1.0 版本）上线公测。3、 成都市低空经济和商业航天产业集群重大项目集中签约 暨现场推进活动举办：总投资额超 500 亿的 47 个低空经 济和商业航天产业集群重大项目签约亮相。 低空经济行业周报（第六周） 低空经济行业周报（第 ...