Core Insights - The event "Discussing the Future, Everyone Talks About Development" was held in Shijiazhuang, focusing on the integration of low-altitude economy and circular economy, as well as the layout of the general aviation industry [1][3] Industry Overview - The Shenzhen UAV Industry Association has adopted a "exhibition + service + standards" model, leading to a drone industry output value exceeding 100 billion yuan, accounting for half of the national market [3] - The World Drone Conference, organized by the association, has been held eight times, attracting over 300,000 representatives from more than 140 countries and regions, with the 2024 conference set to showcase over 4,000 new drone systems [3] Regional Development - Jiexing County has natural advantages for developing the low-altitude economy, including convenient transportation and superior airspace resources, and has established strategic cooperation with a global industrial drone company [3][4] - The county government plans to optimize resource allocation and provide green channels for low-altitude economy enterprises, aiming to cultivate new productive forces in the industry [4] Strategic Initiatives - The association aims to bridge advanced technology and industrial chain resources from Shenzhen to support Jiexing County in implementing the "drone + industry scenario" concept [4] - The dialogue during the holiday period is expected to inject new momentum into the development of the low-altitude economy in Jiexing, positioning it as a benchmark in the coordinated development of the low-altitude economy in the Beijing-Tianjin-Hebei region [4]

□本报财经全媒体中心记者 陈诗昂 9月26日，作为第十五届河南投洽会产业合作交流活动之一，通用航空和低空经济合作交流会如期举 行。会议聚焦低空经济新兴业态，搭建合作交流新平台，共享产业发展信息、加强产业项目合作，全面 壮大我省低空经济产业群链规模。 低空是"流动的金矿"，航材国创高铁材料研究院有限公司已经决定来河南"掘金"。公司总经理宋晓辉介 绍，4月初首次对接，5月底便在安阳汤阴就重型飞艇产业园项目签约。"几个月来，被安阳打动，接下 来将加紧工作，力争项目早日落地。"他说。 科创板上市公司纵横股份以警用安防合作为切入点，率先在安阳部署复合翼无人机无人值守机库系统， 显著提升城市公共安全管理水平。"河南发展低空经济的天时、地利、人和三要素均已齐备。我们愿以 先进的技术、产品及生态能力，全心融入河南及安阳低空经济发展大潮。"公司副总经理骆海洋说。 "低空领域的开放与繁荣，必须建立在绝对安全的基石之上。"蓝天实验室低空反制领域专家赵拥军认 为，面对新挑战，低空安全技术要变"被动监管"为"主动预警与协同"，实现"融合感知"，通过数字孪生 模型赋能智能决策，推进标准与法规的同步演进。 中国民航大学临空经济研究中心主任 ...

Investment Rating - The industry rating is "Outperform the Market" [6][54]. Core Insights - The low-altitude economy sector is currently experiencing a period of stagnation, with expectations for a rebound driven by industry catalysts and supportive policies [4][29]. - The focus for the low-altitude industry this year is on infrastructure development and the implementation of drone applications, which are seen as essential for the sector's growth [5][30]. - The market is awaiting significant policy support and advancements in the industry, with local governments actively working on practical measures such as airspace planning and low-altitude flight management [4][29]. Summary by Sections Market Review - The Wind Low Altitude Economy Index decreased by 0.55% this week, ranking 164 out of 338, underperforming the market as the Shanghai Composite Index rose by 0.21% [3][13]. - The top five gainers in the A-share and Hong Kong stock markets included: Kaizhong Co. (up 15.44%), Xingwang Yuda (up 11.84%), Shencheng Transportation (up 10.13%), Aerospace Nanhua (up 5.99%), and Zongheng Co. (up 5.78%) [3][16]. Industry Dynamics - Recent developments include strategic partnerships and policy announcements aimed at fostering the low-altitude economy, such as the signing of a cooperation agreement between Hefei City and a helicopter company, and the release of support policies for low-altitude economic development in Shanghai [33][36]. - The Guangdong low-altitude economy has reached a scale of over 100 billion, with more than 15,000 related enterprises, accounting for over 30% of the national low-altitude economy industry chain [37]. Investment Strategy - The report suggests focusing on infrastructure companies such as Les Information and Suzhou Planning, as well as drone-related companies like Jifeng Technology and Henghe Precision [6][32]. - The low-altitude industry is seen as having the potential for a rebound, with the right conditions and catalysts expected to drive growth in the coming months [4][29].

Market Overview - The aviation equipment sector increased by 0.67% on September 24, with Zongheng Co. leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Zongheng Co. (688070) closed at 57.10, rising by 8.06% with a trading volume of 29,800 lots and a transaction value of 163 million yuan [1] - Other notable performers included: - Hitec High-tech (002023) at 12.33, up 3.44% [1] - Aviation New Technology (300424) at 15.59, up 2.84% [1] - Western Superconducting (688122) at 58.49, up 2.60% [1] Capital Flow - The aviation equipment sector saw a net inflow of 57.50 million yuan from institutional investors, while retail investors contributed a net inflow of 29.80 million yuan [2] - However, speculative funds experienced a net outflow of 355 million yuan [2] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Guangqi Technology (002625) with a net inflow of 21.20 million yuan from institutional investors [3] - AVIC Shenyang Aircraft (600760) with a net inflow of 97.23 million yuan [3] - AVIC Power (600893) with a net inflow of 49.86 million yuan [3]

Group 1 - The low-altitude economy concept is experiencing strong fluctuations, with several companies showing significant stock price increases [1] - Shangong Shenbei has seen its stock price rise and hit the upper limit, while Guangyang Co. previously reached a trading limit [1] - Companies such as Zongheng Co., Shangluo Electronics, Lais Information, and Xingwang Yuda have all increased by over 6% [1]

Group 1 - The core viewpoint of the news is that Zongheng Co., Ltd. has seen a significant increase in its stock price, rising by 5.11% to 55.54 CNY per share, with a total market capitalization of 4.864 billion CNY [1] - Zongheng Co., Ltd. specializes in the research, production, sales, and services of industrial drone-related products, with its main business revenue composition being 68.97% from drone systems, 13.69% from drone services, 9.13% from other sources, and 8.20% from drone accessories [1] Group 2 - Dongcai Fund has a significant holding in Zongheng Co., Ltd., with its flagship fund, Dongcai Value Start Mixed Initiation A (018096), holding 13,000 shares, representing 6.48% of the fund's net value [2] - The fund has experienced a loss of 12.71% this year, ranking 8162 out of 8173 in its category, and a loss of 10.11% over the past year, ranking 7995 out of 7996 [2] - The fund manager, Luo Shen, has been in position for 225 days, with the fund's total asset size at 30.0017 million CNY and a best return of 10.86% during his tenure [2]

Group 1 - The core viewpoint of the news is the performance and market position of Chengdu Zongheng Automation Technology Co., Ltd., which saw a stock price increase of 5.27% to 54.09 CNY per share, with a total market capitalization of 4.737 billion CNY [1] - The company specializes in the research, production, sales, and services of industrial drone-related products, with its main business revenue composition being: 68.97% from drone systems, 13.69% from drone services, 9.13% from other sources, and 8.20% from drone accessories [1] - Zongheng shares are held by the Noan Fund, specifically the Noan Jingxin Mixed Fund, which has a holding of 35,800 shares, accounting for 4.38% of the fund's net value, ranking as the tenth largest holding [2] Group 2 - The Noan Jingxin Mixed Fund, managed by Li Yuliang, has achieved a year-to-date return of 50.59% and a one-year return of 81.28%, ranking 912 out of 8244 and 1105 out of 8066 respectively [2] - The fund has a total asset size of approximately 39.41 million CNY, with a best return of 197.09% and a worst return of -86.55% during Li Yuliang's tenure of over 10 years [3]

Core Viewpoint - Equity incentives are becoming a norm in the domestic capital market, serving as an important mechanism for listed companies to improve internal governance [1] Group 1: Overview of Equity Incentives in Sichuan - As of September 17, there are 179 A-share listed companies in Sichuan, with 9 companies implementing equity incentives this year, involving over 1,250 individuals [1] - All 9 companies that have implemented equity incentives are private enterprises, indicating that private companies are the main force behind the promotion of equity incentives in Sichuan [1] - The companies implementing equity incentives span multiple industries, with the defense and military industry being the most concentrated, having 4 companies, followed by the pharmaceutical and biotechnology industry with 2 companies, and the computer, construction decoration, and basic chemical industries with 1 company each [1] Group 2: Specific Companies and Their Incentive Plans - Chengdu XianDao set the grant date for its restricted stock incentive plan as September 15, 2025, granting 1,052,200 shares at a price of 13.99 yuan per share to 102 eligible recipients [1] - Kangtong Medical confirmed the grant date for its restricted stock incentive plan as July 22, 2025, granting 1,230,000 shares at a price of 10.01 yuan per share to 80 eligible recipients [2] - Huatu Shanding determined the initial and reserved grant dates for restricted stocks as July 15, granting a total of 3,049,480 shares at a price of 32.76 yuan per share to 338 individuals [3] - Jiachitech granted 1,187,000 shares of the second category of restricted stocks to 62 eligible recipients on June 3, at a price of 27.86 yuan per share [4] - Junyi Digital set June 20 as the grant date, granting a total of 7,000,000 stock options to 45 eligible recipients at an exercise price of 19.07 yuan per share [5] - Aileda granted 2,814,000 shares of the second category of restricted stocks to 220 eligible recipients on May 16, at a price of 9.25 yuan per share [8] - Zongheng Co. granted 1,735,000 shares of the second category of restricted stocks to 95 eligible recipients on April 17, at a price of 21.68 yuan per share [9] - Qiaoyuan Co. granted 739,700 shares of restricted stocks to 229 eligible recipients on February 27, with a price of 17.64 yuan per share [10]

Market Performance - The aviation equipment sector rose by 0.87% on September 17, with *ST Guandian leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Notable gainers included: - *ST Guanqu with a closing price of 4.85, up 5.21% with a trading volume of 59,400 shares and a turnover of 28.69 million yuan [1] - Maxinlin at 61.80, up 4.29% with a trading volume of 54,500 shares and a turnover of 335 million yuan [1] - Guangqi Technology at 48.76, up 3.99% with a trading volume of 513,800 shares and a turnover of 2.487 billion yuan [1] - Other stocks with positive performance included Huayin Technology, Hangfa Technology, and Feilv Technology, all showing increases in their closing prices and trading volumes [1] Fund Flow Analysis - The aviation equipment sector experienced a net outflow of 217 million yuan from institutional investors, while retail investors saw a net inflow of 204 million yuan [2] - The top stocks by net inflow from retail investors included Guangqi Technology and Feilv Technology, indicating strong retail interest despite institutional outflows [3] Summary of Key Stocks - Guangqi Technology had a significant net inflow of 128 million yuan from institutional investors, while experiencing a net outflow of 10.16 million yuan from speculative funds [3] - Feilv Technology also saw a net inflow of 124 million yuan from institutional investors, with a notable outflow from retail investors [3] - Other stocks like Haita High-tech and Hangfa Technology showed mixed fund flows, with varying levels of institutional and retail interest [3]

Core Viewpoint - The low-altitude economy in China is experiencing rapid growth, with the overall market size surpassing 500 billion yuan in 2023, and is projected to reach 1 trillion yuan in the near future, driven by market demand and supportive policies [1][11]. Summary by Sections Low-altitude Economy + Inspection Overview - The low-altitude economy + inspection refers to economic activities utilizing low-altitude aircraft such as drones and helicopters for various inspection tasks below 1,000 meters, with potential extensions up to 3,000 meters [3][4]. - This sector is characterized by the integration of advanced technologies like AI, blockchain, and VR/AR for real-time monitoring and data management [3]. Market Size and Growth - The market size for the low-altitude economy + inspection is estimated to be approximately 53.62 billion yuan in 2024, with expectations to grow to 120 billion yuan by 2025 [1][11]. - The overall low-altitude economy market is projected to reach about 670.25 billion yuan in 2024, with forecasts of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [4][5]. Policy Support - The Chinese government has introduced a series of policies to support the development of the low-altitude economy, including the inclusion of low-altitude economy in national planning and specific implementation plans for innovation in general aviation equipment [5][6]. - Key policies include financial support for critical technologies and products, aiming to enhance the industry's growth and technological capabilities [5]. Industry Chain - The low-altitude economy + inspection industry chain includes upstream hardware (materials, chips, engines), midstream manufacturing and services, and downstream applications in sectors like security, environmental protection, and energy [6][7]. - Chips are identified as a core component, essential for flight control, data processing, and communication in drones and eVTOLs [9]. Key Enterprises - Major companies in the low-altitude economy + inspection sector include DJI, Chengdu Zongheng Automation Technology Co., and several others specializing in industrial drones and related technologies [12][13]. - These companies are leveraging their technological expertise to provide innovative solutions across various applications, including public safety and environmental monitoring [12][13]. Development Trends - The industry is witnessing a trend towards increased technological integration and intelligence, with advancements in AI and machine vision enhancing operational capabilities [14]. - Application scenarios are diversifying, expanding from traditional inspections to areas like smart city management and emergency response [15]. - There is a significant enhancement in system integration and platform services, providing comprehensive solutions from data collection to intelligent analysis [16].