Core Insights - The aviation equipment sector experienced a rise of 1.85% on October 24, with Tongyi Aerospace leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance Summary - Tongyi Aerospace (920642) closed at 18.10, with a significant increase of 21.97% and a trading volume of 291,500 shares [1] - Shengnan Technology (920006) saw a rise of 4.65%, closing at 29.27 with a trading volume of 59,300 shares [1] - Filihua (300395) increased by 4.14%, closing at 81.54 with a trading volume of 436,600 shares [1] - Other notable performers include: - Paike New Materials (605123) up 3.97% to 72.75 [1] - Morningstar Aviation (300581) up 3.81% to 16.62 [1] Capital Flow Analysis - The aviation equipment sector saw a net inflow of 737 million yuan from institutional investors, while retail investors experienced a net outflow of 765 million yuan [2] - The top stocks by net inflow from institutional investors include: - Filihua (300395) with a net inflow of 48.7 million yuan [3] - Aviation Power (600893) with a net inflow of 61.02 million yuan [3] - Morningstar Aviation (300581) with a net inflow of 42.65 million yuan [3]

Core Viewpoint - Jiangxi Zongheng Dapeng Drone Technology Co., Ltd. has been established, focusing on drone technology and geographic remote sensing information services [1] Company Summary - The new company is wholly owned by Zongheng Co., Ltd. (688070) through indirect holdings [1] - The registered capital of the new company is 10 million yuan [1] - The business scope includes pilot training for civil aircraft, manufacturing and sales of intelligent unmanned aerial vehicles, and geographic remote sensing information services [1]

Core Viewpoint - Recently, Jiangxi Zongheng Dapeng Drone Technology Co., Ltd. was established, indicating growth in the drone technology sector in China [1] Company Summary - The company is registered with a capital of 10 million yuan, reflecting a significant investment in the drone industry [1] - The legal representative of the company is Wang Chen, suggesting a centralized leadership structure [1] - The business scope includes pilot training for civil aircraft, manufacturing and sales of intelligent drones, and geographic remote sensing information services, highlighting a diverse operational focus [1] - The company is wholly owned by Zongheng Co., Ltd. through indirect shareholding, indicating a strong backing from an established entity in the industry [1]

电力设备 电力设备 低空经济行业周报（第三十八期）：纵横股份已中标 近 2 亿低空数字经济领域业务，陕西成立省属低空企 业聚焦交通场景运营 ——行业周报 2025 年 10 月 19 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-10 2025-02 2025-06 电力设备 沪深300 相关研究报告 《欧洲电动车销量月报（2025 年 9 月）：9 国新能源车维持高增长，英法 意陆续启动电车补贴—行业点评报 告》-2025.10.16 《充电桩"三年倍增"行动方案落地， 有望开启新一轮投资周期—行业点评 报告》-2025.10.16 《固态电池行业周报（第十八期）： 中科院物理所研发阴离子调控技术解 决固态电池界面问题，中国企业亮相 北美电池展展示固态电池全链条技术 —行业周报》-2025.10.12 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 纵横股份已中标近 2 亿低空数字经济领域业务，陕西成立省属低空企业聚焦 交通场景运营 （1）行业动态：10 月 17 日，2025 陕西交通创新 ...

二、本次股份协议转让过户登记完成情况 证券代码：688070 证券简称：纵横股份 公告编号：2025-048 成都纵横自动化技术股份有限公司 关于股东协议转让公司部分股权完成过户登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 成都纵横自动化技术股份有限公司（以下简称"公司"）收到公司股东通知， 股东王陈先生、陈鹏先生、任斌先生与四川发展证券投资基金管理有限公司（代 表"四川资本市场纾困发展证券投资基金合伙企业（有限合伙）"）（以下简称 "川发纾困发展基金"）协议转让公司股权事宜已完成过户登记手续。具体情况 如下： 一、本次协议转让基本情况 2025 年 8 月 26 日，公司股东王陈先生、陈鹏先生及控股股东任斌先生与川 发纾困发展基金签署了《股份转让协议》，拟将三方合计持有的 4,900,000 股公 司无限售流通股（占公司总股本的 5.59%）通过协议转让方式以每股 46.568 元的 价格转让给川发纾困发展基金，转让总价为 22,818.32 万元。其中：王陈先生协 议转让 340 万股股份，占公司总股本的 ...

Market Overview - The low-altitude economy sector increased by 1.77% compared to the previous trading day, with Zhenyu Technology leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Notable gainers in the low-altitude economy sector included: - Nongyu Technology (300953) with a closing price of 178.03, up 11.28% and a trading volume of 100,500 shares, totaling 1.716 billion yuan [1] - Guangdian Jigu (002967) closed at 20.97, up 10.02% with a trading volume of 256,900 shares, totaling 518 million yuan [1] - Huajian Group (600629) closed at 33.85, up 10.01% with a trading volume of 849,400 shares, totaling 2.737 billion yuan [1] - New Clean Energy (605111) closed at 40.13, up 10.01% with a trading volume of 920,300 shares, totaling 3.651 billion yuan [1] Capital Flow - The low-altitude economy sector experienced a net outflow of 27.7962 million yuan from institutional investors, while retail investors saw a net inflow of 785 million yuan [2] - The capital flow for specific stocks showed: - Chang'an Automobile (000625) had a net inflow of 651 million yuan from institutional investors, while retail investors had a net outflow of 386 million yuan [3] - New Clean Energy (605111) had a net inflow of 650 million yuan from institutional investors, with retail investors experiencing a net outflow of 270 million yuan [3] - Siwei Tuxin (002405) had a net inflow of 158 million yuan from institutional investors, while retail investors had a net outflow of 983 million yuan [3]

Investment Rating - The report rates the commercial drone industry with a strong growth outlook, projecting a market size increase from 131.44 billion RMB in 2025 to 306.97 billion RMB by 2029, with a compound annual growth rate (CAGR) of 23.62% [46]. Core Insights - The commercial drone industry focuses on creating commercial value and enhancing operational efficiency through specialized equipment and integrated solutions [4][5]. - The market growth is driven by technological advancements, cost-effectiveness, and the emergence of new application scenarios such as low-altitude logistics and cultural tourism [4][49]. - The industry is characterized by high technical barriers compared to consumer drones, with a focus on long-term service cooperation rather than one-time sales [11][14]. Industry Definition - Commercial drones are defined as unmanned aerial vehicles designed to provide specialized services to enterprises and institutions, focusing on commercial value creation rather than personal entertainment [5]. Industry Classification - The commercial drone industry can be categorized into various application scenarios, including aerial photography, logistics delivery, agricultural protection, inspection and surveying, medical rescue, commercial performances, and derived commercial services [6]. Industry Features - The core demand of commercial drones is centered on "commercial value transformation," with a focus on addressing customer pain points [12]. - The technology requirements are higher than those for consumer drones, necessitating customized configurations and integrated solutions [13]. - The transaction model leans towards long-term service agreements, enhancing customer retention and profitability through ongoing service fees [14]. Development History - The industry has evolved through three main phases: the nascent phase (1990-2011), the startup phase (2012-2017), and the rapid development phase (2018-present), with significant technological advancements and market validation occurring in each stage [15][19]. Industry Chain Analysis - The industry chain consists of three segments: upstream (core components and key technology supply), midstream (drone manufacturing), and downstream (industry applications and operational services) [21][22]. - Upstream developments include advancements in materials and energy sources, such as carbon fiber and hydrogen technology, which enhance drone performance and reduce costs [23][30]. - Midstream challenges include limitations in battery energy density and signal transmission technology, which affect operational efficiency [24][38]. - Downstream applications are primarily in agricultural protection and surveying, with logistics delivery showing significant growth potential [43][44]. Market Size and Growth Drivers - The commercial drone market is expected to grow significantly, with agricultural protection projected to reach 30.93 billion RMB by 2025, accounting for 25% of the overall market [48]. - New application scenarios, such as low-altitude logistics and environmental monitoring, are expected to inject vitality into the market [49]. - The rise of the "Drone as a Service" (DaaS) model is lowering entry barriers for small and medium enterprises, further expanding the market [50].

Core Viewpoint - The "Tian Zhi Quantitative Core Selection" fund has experienced significant losses, with a reported decline of 13.39% this year, marking a trend of consecutive annual losses over the past four years, each exceeding double digits [5][27]. Fund Performance - The fund's turnover rate has been exceptionally high, reaching over 1000% since August 2023, indicating frequent trading of its top holdings [14]. - The fund's net asset value has fluctuated significantly, with a reported net asset change rate of 374.38% as of June 30, 2025, despite the overall decline in performance [8]. Fund Management - The fund has undergone management changes, with five different fund managers, each contributing to poor performance rankings [19]. - The previous manager, Xu Jiahan, is noted for making high-risk investments, leading to substantial losses during his tenure [11][23]. Investment Strategy - The fund's investment strategy has been criticized for chasing high-performing stocks, particularly during periods of market volatility, which has exacerbated losses [16][27]. - The current manager, Li Shen, has shifted the fund's focus towards value stocks, particularly in the financial and public utility sectors, but has struggled to capitalize on market rebounds [25][27]. Market Context - The fund's performance is set against a backdrop of broader market trends, with significant fluctuations in growth and value sectors, impacting overall investment strategies [30][34]. - Despite the fund's poor performance, there has been an influx of retail investor interest, leading to an increase in the fund's C share scale from 2 million to 7 million [28].

Group 1 - Hebei Tianma Zongheng Aviation Technology Co., Ltd. has been established with Duan Yijun as the legal representative [1] - The company's business scope includes IoT technology services, sales of intelligent unmanned aerial vehicles, sales of service consumer robots, and wholesale of sports goods and equipment [1] - The company is jointly held by Jingxing Aviation Investment Technology Co., Ltd. and Shenzhen Zongheng Drone Technology Co., Ltd., a wholly-owned subsidiary of Zongheng Co., Ltd. [1]

Core Insights - The rapid urbanization in China has led to an increase in high-rise buildings, raising the demand for enhanced fire safety measures [1][3] - Traditional fire ladders are often limited in height, making it difficult to reach fire sources in high-rise buildings, while fire drones are emerging as a crucial supplement to modern firefighting systems [1][3] - The market for high-rise firefighting drones in China is projected to reach 27.571 billion yuan in 2024, representing a year-on-year increase of 36.8% [1][8] Industry Overview - High-rise firefighting drones are designed for emergency rescue tasks in high-rise buildings, equipped with various firefighting devices and sensors to improve efficiency and safety [3][4] - The industry is supported by national policies promoting low-altitude economy and smart city development, alongside advancements in artificial intelligence and sensor technology [1][6] Market Dynamics - The market for high-rise firefighting drones is characterized by a diverse competitive landscape, with domestic companies like Zongheng and Weihai Guangtai leveraging local technology advantages [9][10] - The industry has not yet established a dominant leader, resulting in low market concentration and the continuous entry of small and startup companies [9] Development Trends - Future high-rise firefighting drones are expected to evolve towards greater intelligence and autonomy, enhancing decision-making capabilities and operational efficiency [11] - The application scenarios for these drones are expanding, with potential uses in pre-disaster warnings and hazard inspections, forming a comprehensive service system [12] - Government support for the drone industry is anticipated to increase, alongside the development of relevant standards to ensure compliance and promote healthy industry growth [13]