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]

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]