Core Viewpoint - The launch of the low-altitude safety product matrix by Zhongke Star Map aims to ensure the healthy and sustainable development of the low-altitude economy through a comprehensive "air-ground integration" defense system [1] Group 1 - The 2025 Shenzhen Low Altitude Development Conference was held on the 14th [1] - The low-altitude safety solution is described as a full-scene safety solution [1] - The product matrix is designed to provide comprehensive protection for the low-altitude economy [1]

Core Viewpoint - The event highlighted the strategic layout and innovative achievements of Zhongke Xingtu in the low-altitude economy, emphasizing the importance of low-altitude safety and the company's comprehensive product matrix in this field [1][3]. Group 1: Company Overview - Zhongke Xingtu, founded in 2006 and listed on the Sci-Tech Innovation Board in July 2020, is a state-controlled high-tech enterprise invested by the Chinese Academy of Sciences, specializing in geospatial big data processing and application [6]. - The company integrates artificial intelligence, big data, and cloud computing with commercial aerospace and low-altitude economy, creating a space-based and air-based capability service system [6][8]. Group 2: Product Launch - Five products were launched focusing on different needs in the low-altitude sector: - Qihang Low-altitude Planning Platform V1.1 provides intelligent services for airspace designation and route planning [3]. - Yuhang Low-altitude Anti-Interference Platform 2.0 utilizes digital twin and holographic grid technology for optimal control strategies [3]. - Tianyu Low-altitude Intelligent Countermeasure System integrates multiple devices for safe low-altitude flight [3]. - Tianxin Low-altitude Communication App offers precise meteorological services tailored to diverse flying needs [3]. - Tianyan Low-altitude Countermeasure System Simulation provides digital simulation for countermeasure elements [3]. Group 3: Industry Insights - Experts emphasized the role of low-altitude economy in enhancing emergency rescue capabilities, with modern aviation emergency systems becoming a solid barrier for national safety [5]. - High-level safety is crucial for the sustainable development of the low-altitude economy, ensuring innovation can proceed without concerns [5]. Group 4: Strategic Layout - The company has established a strategic plan for low-altitude capability development, focusing on a comprehensive framework that includes low-altitude clouds, testing grounds, and various application scenarios [8]. - As of the 2025 mid-year report, the company continues to build a service system that integrates data, computation, and application, providing high-quality services in the aerospace information sector [8].

证券日报网讯中科星图11月14日在互动平台回答投资者提问时表示，二级市场股价受市场情绪、行业情 况、投资偏好等因素的影响。未来，公司将持续通过提升经营业绩、优化公司治理、加强信息披露、增 强投资者沟通等多维度推动价值实现。敬请投资者注意投资风险，理性决策。 （文章来源：证券日报） ...

Core Insights - Zhongke Xingtou Co., Ltd. won a bid for a low-altitude economic digital infrastructure project in Hanzhong City for 295 million yuan, focusing on the entire low-altitude economic industry chain [1] - The project aims to establish a comprehensive low-altitude service platform and digital twin center, covering various applications such as emergency rescue and low-altitude logistics [1][2] - Hanzhong City is positioning itself as a model for low-altitude economic development, integrating infrastructure, application scenarios, and policy support [2][3] Group 1 - The project will be headquartered at the Tianhan Grand Theatre and will cover nine counties and two districts, with a planned construction period of three years [1] - The initiative will create a "smart low-altitude" city brand, attracting leading companies in the low-altitude economy to establish an efficient management service system [2] - Zhongke Xingtou plans to leverage the Belt and Road Initiative to develop new models for low-altitude economic applications, focusing on a full-chain system from planning to operation [2][3] Group 2 - In terms of infrastructure, Zhongke Xingtou will assist in planning airport networks and implementing tiered airspace management [3] - The company will develop public service platforms for low-altitude flight and inspection, aiming for an integrated regulatory system [3] - Future efforts will focus on integrating low-altitude management into a systematic operation, contributing to the national low-altitude economic development [3]

Core Insights - The commercial aerospace sector in China is experiencing significant stock price movements, with companies like Shanghai Huguang and Shanghai Port Bay hitting the daily limit, and Aerospace Intelligent Equipment rising by 16.57% following a successful satellite launch [1] - The successful launch of 13 low-orbit satellites using the Long March 12 rocket on November 10 marks a pivotal moment for China's commercial aerospace industry, which is expected to see a dual breakthrough in technology and scale by the end of 2025 [1] - The 27th China International High-tech Achievements Fair will take place from November 14-16, showcasing advancements in aerospace technology and products, including reusable rockets and other systems [1] Market Growth - China's commercial aerospace market is projected to grow from approximately 0.38 trillion yuan in 2015 to 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of about 22% [2] - If the market continues to grow at a rate of 25%, it is expected to approach 10 trillion yuan by 2030, indicating substantial growth potential [2]

Core Viewpoint - Zhongke Xingtu has successfully won a bid for the "Hanzhong Low-altitude Economic Digital Infrastructure and Supporting Scenario Construction Project" with a bid amount of approximately 295 million yuan, marking a significant expansion in the low-altitude economy sector and reflecting a shift from policy-driven to technology-driven development in China's low-altitude economy industry [2][3][4]. Group 1: Project Overview - The project has a total investment of 299.95 million yuan and a planned construction period of 1,095 days (three years), with funding sourced from various channels including special bonds, long-term special treasury bonds, central budget investments, policy financial tools, bank loans, and corporate self-raised funds [3]. - The project includes the construction of low-altitude flight infrastructure, route development, flight service operations, and the establishment of a digital twin platform, aiming to create a comprehensive "air-ground" integrated network covering nine counties and two districts in Hanzhong [3][4]. Group 2: Company Strategy and Financial Performance - Zhongke Xingtu's low-altitude strategy is encapsulated in its "1+2+N+M" framework, which emphasizes the use of digital twin technology and aims to empower multiple industry scenarios through demonstration projects in various cities [4]. - The company's financial results indicate a positive impact from its low-altitude projects, with a reported revenue of 2.208 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.02%, and a net profit of 146 million yuan, reflecting a growth of 0.54% [4]. Group 3: National Expansion and Market Position - Since 2025, Zhongke Xingtu has expanded its low-altitude economic initiatives across nearly twenty cities, establishing a market presence that includes offline contracts in almost twenty cities and online services in over sixty cities [6]. - The company's differentiated approach to regional needs has allowed it to effectively integrate low-altitude infrastructure with urban governance, enhancing safety and generating economic benefits [6]. Group 4: Industry Transformation - The low-altitude economy is transitioning from being policy-driven to technology-driven, with Zhongke Xingtu's comprehensive product system and collaborative ecosystem providing pathways for systematic implementation [7]. - The establishment of integrated infrastructure in the Hanzhong project requires the integration of advanced technologies such as satellite communication and AI, positioning Zhongke Xingtu as a key player in the evolving low-altitude economy market, which is projected to exceed one trillion yuan [7].

Group 1 - Zhongke Xingtou's stock increased by 5.06%, reaching 43.00 CNY per share, with a trading volume of 503 million CNY and a turnover rate of 1.50%, resulting in a total market capitalization of 34.747 billion CNY [1] - The company, established on January 20, 2006, and listed on July 8, 2020, is located in the Beijing Shunyi District and specializes in software sales, data services, technology development, integrated machine products, and system integration [1] - The revenue composition of Zhongke Xingtou includes: 53.46% from civil geographic information, 27.46% from special geographic information, 14.34% from commercial aerospace, 4.73% from low-altitude economy, and 0.01% from other sources [1] Group 2 - Noan Fund holds a significant position in Zhongke Xingtou, with its Noan Research Selected Stock Fund (320022) owning 346,600 shares, accounting for 3.57% of the fund's net value, making it the second-largest holding [2] - The Noan Research Selected Stock Fund has a total scale of 423 million CNY and has achieved a year-to-date return of 24.96%, ranking 2277 out of 4216 in its category [2] - The fund manager, Tang Chen, has been in charge for 2 years and 329 days, with the fund's total assets amounting to 1.317 billion CNY, achieving a best return of 73.92% during his tenure [3]

Core Viewpoint - Zhongke Star Map has won a bid for the "Hanzhong City Low-altitude Economy Digital Infrastructure and Supporting Scenario Construction Project" with a bid amount of approximately 295 million yuan [1] Group 1: Project Overview - The project includes the construction of low-altitude flight infrastructure, route development, flight service operation and maintenance, and the establishment of a low-altitude flight service platform and low-altitude middle platform [1] - It also involves the construction of supporting facilities such as low-altitude communication, navigation, monitoring, and countermeasures [1]

格隆汇11月12日｜中科星图以约2.95亿元的投标报价，成功中标"汉中市低空经济数字化基础设施及配 套场景建设项目及投资、建设与运维（合伙人）"项目。项目涵盖低空飞行基础设施建设、航线开发、 飞行服务运维、搭建低空飞行服务平台与低空中台，建设低空通信、导航、监视、反制等基础设施及配 套设施。另外，11月14日，"2025深圳低空发展大会暨中科星图低空安全创新成果发布"将于深圳国际会 展中心举行，将发布中科星图低空安全产品矩阵，并举行湾区总部落地签约、战略签约仪式。 ...

Market Performance - The IT services sector increased by 0.75% on November 10, with Junyi Digital leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Top Gainers in IT Services - Junyi Digital (301172) closed at 24.02, up 8.39% with a trading volume of 167,600 shares and a transaction value of 403 million yuan [1] - Qianfang Technology (002373) closed at 11.36, up 6.17% with a trading volume of 741,100 shares and a transaction value of 836 million yuan [1] - Haoyun Technology (300448) closed at 7.71, up 6.05% with a trading volume of 448,500 shares and a transaction value of 338 million yuan [1] Top Losers in IT Services - Guozi Software (920953) closed at 38.48, down 4.11% with a trading volume of 44,900 shares and a transaction value of 174 million yuan [2] - Lupu Information (920748) closed at 54.98, down 3.54% with a trading volume of 32,100 shares and a transaction value of 181 million yuan [2] - Shenzhou Information (000555) closed at 19.05, down 2.56% with a trading volume of 1,393,800 shares and a transaction value of 2.714 billion yuan [2] Capital Flow Analysis - The IT services sector experienced a net outflow of 899.7 million yuan from institutional investors, while retail investors saw a net inflow of 931 million yuan [2][3] - Major stocks like Qianfang Technology and Junyi Digital had significant net inflows from retail investors despite overall sector outflows [3]