Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [50]. Core Insights - EHang Intelligent has launched the new long-range manned eVTOL model VT35, designed for mid-to-long-distance travel scenarios, promoting the development of the low-altitude economy [3][4]. - The VT35 has a maximum design range of approximately 200 kilometers and a top speed exceeding 200 kilometers per hour, with a standard price of 6.5 million RMB in the Chinese market [10][8]. - The report emphasizes the importance of the "14th Five-Year Plan" in catalyzing the low-altitude economy, highlighting the need for top-level design and planning to further stimulate industry development [15][16]. - The Huachuang Transportation Low Altitude 60 Index decreased by 5.5% this week but has increased by 15.5% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which rose by 14.7% [24][25]. Summary by Sections Industry Overview - The low-altitude economy is identified as a representative industry of new productive forces, with significant government support and planning expected to enhance its development [15][17]. - The report outlines four major application scenarios for the low-altitude economy: tourism consumption, passenger transport, logistics, and production operations [18][19]. Key Companies and Investment Opportunities - The report suggests focusing on key segments within the industry, including: 1. **Manufacturers**: EHang Intelligent for eVTOL, Wan Feng Ao Wei for general aviation aircraft, and Xirui for general aviation manufacturing [33]. 2. **Supply Chain**: Yingboer for electric drive systems and Zongshen Power for aviation engines [33]. 3. **Low-altitude Digitalization**: Companies like Lais Information and Sichuan Jiuzhou are highlighted for their roles in digital infrastructure [33]. 4. **Low-altitude Infrastructure**: Radar companies such as Guorui Technology and Sichuan Aerospace are noted for their contributions to safety systems [33]. 5. **Operations**: Companies like CITIC Heli and Xiangyuan Culture are mentioned for exploring commercial applications in low-altitude operations [33]. Market Performance - The Huachuang Transportation Low Altitude 60 Index's performance is detailed, showing a weekly decline of 5.5% but an annual increase of 15.5%, indicating resilience compared to broader market indices [24][25]. - Individual stock performances are highlighted, with notable gainers and losers over the week and year, reflecting market volatility and investment opportunities [26][27]. Future Research Directions - The report indicates that from January 2024, a focused research initiative on the low-altitude economy will commence, covering 12 key companies and their potential for growth [34].

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]

低空经济正在从0到1起步，空管龙头莱斯信息虽战略布局较快，但受主营业务拖累，上半年业绩承压严 重。 最新财报显示，今年1~6月，莱斯信息营收4.57亿元，同比下降28.37%，归母净利润-0.31亿元，同比下 降473.5%。 莱斯信息董秘王旭在10月13日的业绩交流会上解释，"因公司客户项目执行特点且采用终验法确认收 入，上半年主要投入项目设计、开发等环节，多数项目将在下半年验收，主营业务收入的季节性较为明 显。"主业承压 道路交通运输、民航交通、城市治理是莱斯信息三大主业。按去年年报，三大主业营收占比分别为 41.68%、38.88%、16.72%。 根据最新专业报告数据，2024年我国城市智能交通市场总规模约559亿元人民币，是近年来城市智能交 通市场投资的首次下滑。在产业边际影响下，莱斯信息上半年营收大降。 对此，王旭回应，一方面聚焦主责主业加速市场推广，推进重点项目落实，另一方面强化内控管理，提 高项目实施效率，优化成本管控效能，提升盈利能力。近年研发投入持续增长，主要系公司与以科技创 新为核心引擎，突破行业发展关键技术，持续培育行业领先的系列拳头产品，加快新质新域前沿新品研 发，为产业转型升级注入 ...

Group 1 - The core point of the news is that Lais Information's stock price dropped by 5.09% to 87.89 CNY per share, with a trading volume of 332 million CNY and a turnover rate of 5.61%, resulting in a total market capitalization of 14.367 billion CNY [1] - Lais Information Technology Co., Ltd. is based in Nanjing, Jiangsu Province, and was established on July 16, 1988. The company went public on June 28, 2023, and specializes in providing comprehensive solutions for civil command information systems, primarily targeting air traffic management, urban road traffic management, and urban governance [1] - The revenue composition of Lais Information includes 86.62% from information system development and construction, 10.39% from operation and technical services, 2.55% from product sales, and 0.44% from other sources [1] Group 2 - Among the top ten circulating shareholders of Lais Information, a fund under Jinying Fund, specifically Jinying Technology Innovation Stock A (001167), entered the list in the second quarter, holding 570,000 shares, which accounts for 0.88% of the circulating shares. The estimated floating loss today is approximately 2.6847 million CNY [2] - Jinying Technology Innovation Stock A (001167) was established on April 30, 2015, with a latest scale of 3.19 billion CNY. Year-to-date returns are 41.4%, ranking 1035 out of 4220 in its category, while the one-year return is 65.13%, ranking 387 out of 3857. Since inception, the fund has achieved a return of 154.39% [2]

Group 1 - The core viewpoint of the news is that 莱斯信息 experienced a decline in stock price, dropping by 5.09% to 87.89 CNY per share, with a trading volume of 3.32 billion CNY and a turnover rate of 5.61%, resulting in a total market capitalization of 143.67 billion CNY [1] - 南京莱斯信息技术股份有限公司, established on July 16, 1988, and listed on June 28, 2023, specializes in providing comprehensive solutions for civil command information systems, primarily targeting air traffic management, urban road traffic management, and urban governance [1] - The company's revenue composition includes 86.62% from information system development and construction, 10.39% from operation and technical services, 2.55% from product sales, and 0.44% from other sources [1] Group 2 - From the perspective of major fund holdings, 方正富邦基金 has one fund heavily invested in 莱斯信息, specifically the 方正富邦创新动力混合A (730001), which reduced its holdings by 2,000 shares in the second quarter, now holding 43,000 shares, accounting for 7.43% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has a total scale of 22.37 million CNY and has achieved a year-to-date return of 10.21%, ranking 5829 out of 8162 in its category, with a one-year return of 27%, ranking 3578 out of 8015 [2]

Core Viewpoint - The low-altitude economy is in its initial stages, with the leading air traffic management company, Lais Information, facing significant performance pressure due to its main business operations despite rapid strategic layout [1][2]. Financial Performance - In the first half of the year, Lais Information reported revenue of 457 million yuan, a year-on-year decline of 28.37%, and a net profit attributable to shareholders of -31 million yuan, a year-on-year decrease of 473.5% [2]. - The company attributed the revenue decline to the execution characteristics of client projects and the use of the completion method for revenue recognition, leading to a seasonal impact on main business income [2]. Business Segments - Lais Information's main business segments include road transportation, civil aviation, and urban governance, with revenue contributions of 41.68%, 38.88%, and 16.72% respectively, according to last year's annual report [4]. - The urban intelligent transportation market in China is projected to reach approximately 55.9 billion yuan in 2024, marking the first decline in investment in recent years [4]. Market Outlook - The company anticipates continued downward risks in urban intelligent transportation market investments due to stricter project approval processes and a focus on essential needs [4]. - However, Lais Information believes that the acceleration of urbanization and ongoing demand for traffic safety regulation will sustain market investments in areas such as safety hazard management and congestion control [4]. Research and Development - Despite significant losses, Lais Information increased its R&D expenditure to 71 million yuan in the first half of the year, a year-on-year growth of 3.93%, with an R&D expense ratio of 15.56%, up by 4.84 percentage points [5]. - The company aims to balance technology investment with short-term profit recovery by focusing on core responsibilities, enhancing project implementation efficiency, and optimizing cost management [5]. Low-altitude Economy Strategy - Lais Information is actively pursuing opportunities in the low-altitude economy, with projects in Hubei Province, Nanjing, Yangzhou, and Wencheng County [6]. - The company plans to enhance its core competitiveness and accelerate market layout and product system construction to capitalize on new industry opportunities [6]. Trade and Supply Chain - The company has indicated that the impact of U.S.-China trade uncertainties is manageable, as imported products constitute a small portion of overall procurement, and many have domestic alternatives [7]. - Lais Information will focus on accelerating new technology development and product validation to support national strategic initiatives and enhance governance capabilities [7].

Core Viewpoint - The stock of Nanjing Lais Information Technology Co., Ltd. has shown a positive trend with a 4.74% increase year-to-date and a market capitalization of 14.843 billion yuan as of September 30 [1] Company Overview - Nanjing Lais Information Technology Co., Ltd. was established on July 16, 1988, and went public on June 28, 2023. The company specializes in providing comprehensive solutions for civil command information systems, focusing on air traffic management, urban traffic management, and urban governance [1] - The main revenue sources are: 86.62% from information system development, 10.39% from operation and technical services, 2.55% from product sales, and 0.44% from other sources [1] Financial Performance - For the first half of 2025, Lais Information reported a revenue of 457 million yuan, a year-on-year decrease of 28.37%, and a net profit attributable to shareholders of -31.27 million yuan, a decline of 473.50% [2] - Since its A-share listing, the company has distributed a total of 132 million yuan in dividends [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 2.22% to 9,573, with an average of 6,776 circulating shares per person, an increase of 8.34% [2] - The top ten circulating shareholders include notable funds, with changes in holdings observed among several key investors [3]

Core Viewpoint - The stock of Nanjing Lais Information Technology Co., Ltd. has shown a positive trend, with a year-to-date increase of 8.31% and a recent surge in trading volume, indicating strong market interest and potential growth in the information technology sector focused on traffic management solutions [1][2]. Company Overview - Nanjing Lais Information Technology Co., Ltd. was established on July 16, 1988, and went public on June 28, 2023. The company specializes in providing comprehensive command information system solutions primarily for civil aviation air traffic management, urban road traffic management, and urban governance [1]. - The company's revenue composition includes 86.62% from information system development, 10.39% from operation and technical services, 2.55% from product sales, and 0.44% from other sources [1]. Financial Performance - For the first half of 2025, Lais Information reported a revenue of 457 million yuan, a year-on-year decrease of 28.37%, and a net profit attributable to shareholders of -31.27 million yuan, reflecting a significant decline of 473.50% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 132 million yuan in dividends [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 2.22% to 9,573, while the average circulating shares per person increased by 8.34% to 6,776 shares [2]. - The top ten circulating shareholders include notable funds, with changes in holdings observed among several key investors, indicating a dynamic shareholder landscape [3].

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。 重要内容提示： ●会议召开时间：2025年10月13日(星期一)下午14:00-15:00 ●会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 登录新浪财经APP 搜索【信披】查看更多考评等级 本次投资者说明会以网络互动形式召开，公司将针对2025年半年度的经营成果及财务指标的具体情况与 投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025年10月13日 （星期一） 14:00-15:00 （二） 会议召开地点：上海证券交易所上证路演中心（网址：https://road show.sseinfo.com/） （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 ●会议召开方式：上证路演中心网络互动 ●投资者可于2025年9月26日 （星期五） 至10月10日 （星期五）16:00前登录上证路演中心网站首页点 击"提问预征集 ...

Core Viewpoint - The general aviation ETF (159378) is experiencing active trading with a notable increase in its component stocks, particularly Zhuhai Guanyu, which rose over 8% [3] Group 1: Market Performance - As of September 24, the general aviation ETF (159378) increased by 2.13% [3] - Zhuhai Guanyu's stock surged by 8.41%, with a trading volume of 44.93 million and a transaction value of 1.086 billion [4] - Other notable stocks include Lais Information (+5.13%), Zhenxin Technology (+4.20%), and Wan Feng Aowei (+3.45%) [4] Group 2: Industry Events - The 2025 Shenzhen eVTOL Industry Development Conference and Low Altitude Economy Exhibition commenced on September 23, featuring over 300 leading companies and innovative institutions [5] - The eVTOL exhibition area showcased advanced eVTOL aircraft, including flying cars and various rotorcraft designs [5] Group 3: Economic Outlook - The low altitude economy is projected to exceed 1.5 trillion by 2025 and could reach between 3.5 trillion to 6 trillion by 2035, becoming a core growth driver for economic transformation [6] - Despite a relative stagnation in the low altitude economy sector this year, it remains a significant direction for new productive forces, with expectations of increased funding and high industry prosperity [6] Group 4: Investment Tools - The general aviation ETF (159378) is the first and largest ETF product in its category, focusing on the low altitude economy and drones, serving as a valuable tool for investing in this sector [6][8] - As of September 23, the general aviation ETF had a scale of 1.137 billion [8]