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].

Core Points - Sichuan Jiuzhou's stock price has dropped 4.1% on October 17, reaching 15.22 CNY per share, with a trading volume of 475 million CNY and a turnover rate of 2.97%, resulting in a total market capitalization of 15.567 billion CNY [1] - The stock has experienced a continuous decline for four days, with a cumulative drop of 7.76% during this period [1] Company Overview - Sichuan Jiuzhou Electric Co., Ltd. is located in Mianyang, Sichuan Province, and was established on November 28, 1991, with its listing date on May 6, 1998 [1] - The company's main business includes research and development, manufacturing, and sales of smart terminals, air traffic control products, and microwave radio frequency technologies [1] - The revenue composition of the main business is as follows: smart terminal products 63.76%, air traffic control products 24.84%, microwave radio frequency 9.25%, other 1.09%, and property management 1.06% [1] Shareholder Information - Among the top ten circulating shareholders of Sichuan Jiuzhou, a fund under Yongying Fund holds a significant position [2] - Yongying Low Carbon Environmental Smart Selection Mixed Fund A (016386) reduced its holdings by 3.8314 million shares in the second quarter, now holding 12.761 million shares, which accounts for 1.25% of the circulating shares [2] - The fund has incurred a floating loss of approximately 8.2946 million CNY today and a total floating loss of 16.334 million CNY over the four-day decline [2] Fund Performance - Yongying Low Carbon Environmental Smart Selection Mixed Fund A (016386) has a current scale of 177 million CNY and has achieved a year-to-date return of 7.66%, ranking 6234 out of 8160 in its category [2] - Over the past year, the fund has returned 24.52%, ranking 3914 out of 8021 in its category, while since its inception, it has experienced a loss of 10.02% [2] - The fund manager, Hu Ze, has been in position for 2 years and 136 days, with a total asset scale of 2.639 billion CNY, achieving a best fund return of 104.18% and a worst fund return of 4.66% during his tenure [2]

Core Viewpoint - Sichuan Jiuzhou's stock price has shown fluctuations, with a year-to-date increase of 12.03% but a recent decline of 2.03% in the last five trading days, indicating potential volatility in the market [1] Financial Performance - For the first half of 2025, Sichuan Jiuzhou achieved a revenue of 1.854 billion yuan, representing a year-on-year growth of 5.53%, and a net profit attributable to shareholders of 73.07 million yuan, up 7.85% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 547 million yuan, with 307 million yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 7.63% to 97,500, while the average circulating shares per person increased by 8.26% to 10,487 shares [2] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among various funds [3] Market Activity - The stock experienced a net inflow of 1.1258 million yuan from major funds, with large orders accounting for 15.29% of total buy orders and 14.79% of total sell orders [1] - Sichuan Jiuzhou has appeared on the "Dragon and Tiger List" once this year, with a net buy of 318 million yuan on February 25 [1]

Group 1 - The Mianyang Science City Gongrong Jiuzhou Equity Investment Fund Partnership has been established with a total investment of 1 billion yuan, focusing on private equity investment, investment management, and asset management activities [1][2]. - The fund is co-funded by Sichuan Jiuzhou Investment Holding Group Co., Ltd. and the wholly-owned subsidiary of Industrial and Commercial Bank of China, ICBC Financial Asset Investment Co., Ltd. [1][2]. - The fund is registered as a limited partnership and is currently active, with a business term extending until October 14, 2025 [2][3]. Group 2 - The equity structure shows that Sichuan Jiuzhou Investment Holding Group Co., Ltd. holds a 69.90% stake with a subscribed capital of 699 million yuan, while ICBC Financial Asset Investment Co., Ltd. holds a 29.90% stake with a subscribed capital of 299 million yuan [3][4]. - The fund is managed by Gongyin Capital Management Co., Ltd., which is a state-owned enterprise [4].

Group 1 - The Mianyang Science and Technology City Gongrong Jiuzhou Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 1 billion yuan [1] - The business scope includes private equity fund activities such as equity investment, investment management, and asset management [1] - The fund is jointly funded by Sichuan Jiuzhou Investment Holding Group Co., Ltd. and the wholly-owned subsidiary of Industrial and Commercial Bank of China, ICBC Financial Asset Investment Co., Ltd. [1]

Market Performance - The black home appliance sector rose by 0.65% on October 15, with *ST Gauss 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 - Key stocks in the black home appliance sector showed varied performance, with *ST Gauss closing at 8.62, up 2.01%, and Sichuan Changhong at 10.10, up 0.80% [1] - Other notable stocks included Chenyiy Smart at 35.58, up 1.74%, and Zhaochi Shares at 6.22, up 1.47% [1] Capital Flow - The black home appliance sector experienced a net outflow of 60.26 million yuan from institutional investors, while retail investors saw a net inflow of 60.80 million yuan [1] - Detailed capital flow data indicated that Hisense Visual had a net inflow of 6.49 million yuan from institutional investors, while Sichuan Jiuzhou faced a net outflow of 13.22 million yuan [2]

Core Points - A new private equity fund named Mianyang Science and Technology City Gongrong Jiuzhou Equity Investment Fund Partnership (Limited Partnership) has been established with a total investment of 1 billion RMB [1][2] - The fund is managed by Sichuan Jiuzhou Junhe Private Fund Management Co., Ltd. and ICBC Capital Management Co., Ltd. [1][2] - The fund's business scope includes private equity investment, investment management, and asset management activities [1][2] Company Information - The fund was registered on October 14, 2025, and is classified as a limited partnership [2] - The registered capital is 1 billion RMB, and it is required to complete registration with the Asset Management Association of China before commencing operations [2] - The main operating location is in the Innovation Center, Mianyang Science and Technology City New District, Sichuan Province [2]

Group 1 - The Ministry of Industry and Information Technology has announced the first batch of national-level manufacturing digital transformation promotion centers, with 62 entities selected nationwide, including four from Sichuan, ranking third among all provinces [1] - The selected entities in Sichuan are Chengdu Industrial Investment Group Co., Ltd., Dongfang Electric Corporation Dongfang Turbine Co., Ltd., Sichuan Changhong Electronics Holding Group Co., Ltd., and Sichuan Jiuzhou Investment Holding Group Co., Ltd. [1] - The manufacturing digital transformation promotion center serves as a key platform for promoting the "smart transformation and digital upgrade" of the manufacturing industry, with Chengdu Industrial Investment Group responsible for operating the Sichuan Smart and Green Development Promotion Center [1] Group 2 - Dongfang Electric Corporation Dongfang Turbine Co., Ltd. is the first in the industry to achieve a four-level certification for both intelligent manufacturing capability and digital transformation maturity [2] - Sichuan Changhong Electronics Holding Group Co., Ltd. focuses on the electronic information manufacturing industry, leveraging over 60 years of industry experience to enhance digital technology applications across the entire industry chain [2] - Sichuan Jiuzhou Investment Holding Group Co., Ltd. is developing a comprehensive digital transformation service capability across four sectors: electronic components, smart terminals, IoT devices, and industrial models, aiming to serve the Chengdu-Chongqing region and nationwide [2]

Market Overview - The Shanghai Composite Index fell by 0.19% on October 13, with six industries experiencing gains, led by non-ferrous metals and environmental protection, which rose by 3.35% and 1.65% respectively [1] - A total of 381.69 billion yuan in net outflow of capital was observed across the two markets, with nine industries seeing net inflows [1] Industry Performance - The household appliances industry declined by 1.74%, with a net outflow of 6.07 billion yuan in capital [2] - Within the household appliances sector, 94 stocks were tracked, with 13 rising and one hitting the daily limit, while 80 stocks fell [2] - The top net inflow stock in the household appliances sector was Midea Group, with a net inflow of 359 million yuan, followed by Sichuan Jiuzhou and Hisense Visual, with inflows of 11.89 million yuan and 10.34 million yuan respectively [2] Capital Flow Analysis - The household appliances sector had five stocks with net outflows exceeding 50 million yuan, led by Sanhua Intelligent Control, Haili Shares, and Zhao Chi Shares, with outflows of 354 million yuan, 90 million yuan, and 72 million yuan respectively [2] - The capital flow ranking for the household appliances industry showed significant outflows from stocks such as Sanhua Intelligent Control (-5.23%), Haili Shares (-2.16%), and Zhao Chi Shares (-3.78%) [3][4] Notable Stocks - Midea Group had the highest net inflow in the household appliances sector, while stocks like Sanhua Intelligent Control and Haili Shares faced substantial outflows [2][3] - Other notable stocks with significant capital outflows included Stone Technology (-5.20%), Rongtai Health (-6.35%), and Longdi Group (-0.65%) [3][4]

电力设备 2025 年 10 月 12 日 低空经济行业周报（第三十七期）：零重力飞机完成 近 3 亿元 A+++轮融资，四川九洲拟参设 5001 万元 低空经济股权投资基金 ——行业周报 电力设备 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 《低空经济行业周报（第三十六期）： 中国移动主导首个低空经济共享设备 标准立项，多地低空经济支持政策持 续出台—行业周报》-2025.10.7 《固态电池行业周报（第十七期）： 中伟股份与厦钨新能战略合作，卫蓝 新能源获 D+轮融资引入绿色能源等 战投—行业周报》-2025.10.7 《固态电池行业周报（第十六期）： 中汽新能全固态电池计划 2026年装车 一汽示范车型，当升科技固态锂电正 极材料已实现 10吨级批量出货—行业 周报》-2025.9.28 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 零重力飞机完成近 3 亿元 A+++轮融资，四川九洲拟参设 5001 万元低空经济 股权投资基金 （1）行 ...