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]

Market Overview - The engineering consulting services sector experienced a decline of 0.22% on October 13, with Huatuo Shanding leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Performers - China Ruilin (603257) saw a significant increase of 10.01%, closing at 75.41 with a trading volume of 62,000 shares and a transaction value of 451 million yuan [1] - Hualan Group (301027) rose by 8.48%, closing at 19.31 with a trading volume of 187,500 shares and a transaction value of 350 million yuan [1] - Shenzhen Urban Transport (301091) increased by 3.44%, closing at 35.80 with a trading volume of 181,700 shares and a transaction value of 629 million yuan [1] Underperformers - Lituchuanxie (300492) decreased by 3.00%, closing at 69.25 with a trading volume of 18,100 shares and a transaction value of 126 million yuan [2] - Baojian Design (920427) fell by 2.30%, closing at 14.86 with a trading volume of 17,100 shares and a transaction value of 25.24 million yuan [2] - XD Zhongjie Design (603017) dropped by 2.12%, closing at 10.17 with a trading volume of 106,400 shares and a transaction value of 108 million yuan [2] Capital Flow - The engineering consulting services sector saw a net inflow of 29.22 million yuan from institutional investors, while retail investors experienced a net outflow of 144 million yuan [2][3] - Major stocks like China Ruilin and Huatuo Shanding had varying net inflows and outflows, indicating mixed investor sentiment [3] Detailed Stock Performance - China Ruilin had a net inflow of 54.09 million yuan from institutional investors, while retail investors had a net outflow of 30.18 million yuan [3] - Hualan Group experienced a net inflow of 11.51 million yuan from institutional investors, with a net outflow of 15.62 million yuan from retail investors [3] - The overall trend indicates a preference for institutional investment in certain stocks while retail investors are pulling back [3]

Core Viewpoint - The report from Guosheng Securities highlights Deep City Transportation as a leading player in Shenzhen's state-owned transportation planning, emphasizing its ongoing transformation into a smart transportation comprehensive service provider [1] Company Overview - Deep City Transportation has maintained its position as the leading transportation planning and design firm in Shenzhen, benefiting from the empowerment of its controlling shareholder [1] - The company is actively involved in key municipal projects, including Shenzhen's comprehensive transportation "14th Five-Year Plan" and the planning for the fifth phase of the rail transit construction [1] Business Transformation - The company is expanding into emerging fields such as low-altitude economy, vehicle-road-cloud integration, and transportation-energy convergence [1] - In 2024, the company's new quality business orders are expected to increase by 138% year-on-year, with the revenue share from smart transportation rising from 7% in 2017 to 56% [1] - The compound annual growth rate (CAGR) for the smart transportation segment is reported at 61% [1] Strategic Initiatives - Deep City Transportation is deeply involved in the construction of Shenzhen's low-altitude infrastructure, establishing a full industry chain for low-altitude "investment-construction-operation" [1] - The vehicle-road-cloud initiative is entering a rapid development phase, indicating promising growth prospects for the business [1] Investment Rating - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth trajectory and strategic direction [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is a leading player in Shenzhen's transportation planning and is transitioning into a comprehensive smart transportation service provider, with significant growth in its smart transportation business [1][4]. - The low-altitude economy is expected to see rapid growth due to supportive policies, with infrastructure demand anticipated to increase significantly [2][3]. - The company is deeply involved in the low-altitude construction in Shenzhen, establishing a complete "investment-construction-operation" industrial chain [3]. - The "Vehicle-Road-Cloud" initiative is gaining momentum, with expected industry growth and the company launching various smart transportation applications [4]. Summary by Sections Company Overview - The company, originally established as Shenzhen Urban Transportation Center in 1993, has undergone several transformations, becoming a state-owned enterprise in 2006 and listed on the Shenzhen Stock Exchange in 2021 [14]. - It has shifted focus towards smart transportation services, with a significant increase in the revenue contribution from this sector, rising from 7% in 2017 to 56% in 2024 [18]. Low-Altitude Industry Participation - The company is a core participant in Shenzhen's low-altitude industry, with over 70% of its revenue generated from this region [3]. - It has been involved in formulating national standards and has developed the first intelligent integrated low-altitude system in the country [3]. Vehicle-Road-Cloud Development - The "Vehicle-Road-Cloud" initiative is projected to reach a total industry output value of 2.6 trillion yuan by 2030, with the company launching the first city-level vehicle-road-cloud platform in Shenzhen [4]. Financial Analysis and Forecast - The company is expected to see a recovery in its financial performance, with projected net profits of 106 million yuan in 2025, 115 million yuan in 2026, and 123 million yuan in 2027 [4]. - The company has experienced a decline in traditional planning and design demand, but new business contracts have surged, indicating a potential stabilization in revenue [22][24].

Core Insights - The Shenzhen state-owned enterprise reform concept index rose by 1.85%, ranking 6th among concept sectors, with 20 stocks increasing in value, including Shen Zhen Zhen Ye A and Shen Sai Ge reaching the daily limit [1][2] Group 1: Stock Performance - Shen Zhen Zhen Ye A and Shen Sai Ge both hit the daily limit, with increases of 10.05% and 9.96% respectively [3] - Other notable gainers include Shen Fang Zhi A, which rose by 7.14%, and Guo Xin Securities, which increased by 5.94% [1][3] - The stocks with the largest declines included Yi Ya Tong, Shen Shen Fang A, and Te Fa Information, which fell by 2.20%, 2.18%, and 2.15% respectively [1][4] Group 2: Capital Inflow - The Shenzhen state-owned enterprise reform sector saw a net inflow of 420 million yuan, with 12 stocks receiving net inflows [2] - Guo Xin Securities led the net inflow with 349 million yuan, followed by Shen Sai Ge and Shen Zhen Zhen Ye A with inflows of 96.78 million yuan and 87.05 million yuan respectively [2][3] - The highest net inflow ratios were observed in Shen Sai Ge at 24.59%, Guo Xin Securities at 12.04%, and Shen Cheng Jiao at 10.83% [3]

Core Insights - The Shenzhen state-owned enterprise reform concept index rose by 1.85%, ranking 6th among concept sectors, with 20 stocks increasing in value, including Shen Zhen Zhen Ye A and Shen Sai Ge hitting the daily limit [1][2] Group 1: Stock Performance - Shen Zhen Zhen Ye A and Shen Sai Ge both reached their daily limit, with increases of 10.05% and 9.96% respectively [3] - Other notable gainers included Shen Fang Zhi A, which rose by 7.14%, and Guo Xin Securities, which increased by 5.94% [1][3] - The stocks with the largest declines included Yi Ya Tong, Shen Shen Fang A, and Te Fa Information, which fell by 2.20%, 2.18%, and 2.15% respectively [1][4] Group 2: Capital Flow - The Shenzhen state-owned enterprise reform sector saw a net inflow of 420 million yuan, with 12 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow [2][3] - Guo Xin Securities led the net inflow with 349 million yuan, followed by Shen Sai Ge and Shen Zhen Zhen Ye A with net inflows of 96.78 million yuan and 87.05 million yuan respectively [2][3] - The highest net inflow ratios were observed in Shen Sai Ge at 24.59%, Guo Xin Securities at 12.04%, and Shen Cheng Jiao at 10.83% [3]

Market Overview - The engineering consulting services sector increased by 0.96% on October 10, with Huajian Group leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Top Performers - Huajian Group (600629) closed at 29.74, up 5.09% with a trading volume of 1.0814 million shares and a transaction value of 3.097 billion [1] - Deepwater Planning Institute (301038) closed at 25.76, up 3.87% with a trading volume of 99,500 shares and a transaction value of 256 million [1] - Shenzhen Urban Transport (301091) closed at 34.61, up 2.91% with a trading volume of 149,900 shares and a transaction value of 516 million [1] Underperformers - Hualan Group (301027) closed at 17.80, down 7.34% with a trading volume of 183,800 shares and a transaction value of 336 million [2] - Zhongjie Design (603017) closed at 10.59, down 2.58% with a trading volume of 206,200 shares and a transaction value of 218 million [2] - Taiji Industry (600667) closed at 8.76, down 2.12% with a trading volume of 2.4624 million shares and a transaction value of 2.148 billion [2] Capital Flow - The engineering consulting services sector experienced a net outflow of 265 million from institutional investors, while retail investors saw a net inflow of 225 million [2][3] - The top net inflows from retail investors were observed in Deep City Transport (301091) with a net inflow of 634.58 million [3] - The main net outflows were from Huajian Group (301027) with a net outflow of 466.14 million from retail investors [3]

Core Viewpoint - Shenzhen Urban Transportation Planning and Design Research Center Co., Ltd. is focusing on urban transportation solutions, with a notable decline in revenue and a slight increase in net profit year-on-year. Group 1: Company Overview - The company was established on January 14, 2008, and went public on October 29, 2021, located in Longhua District, Shenzhen, Guangdong Province [2] - The main business areas include urban transportation solutions based on big data analysis, covering planning consulting, engineering design, and smart transportation [2] - Revenue composition: Big data software and smart transportation 56.27%, planning consulting services 25.03%, engineering design and testing 17.75%, others 0.95% [2] Group 2: Financial Performance - For the first half of 2025, the company achieved operating revenue of 415 million yuan, a year-on-year decrease of 10.63%, while the net profit attributable to the parent company was -9.40 million yuan, an increase of 2.62% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 90.99 million yuan, with 42.84 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders is 29,400, a decrease of 8.07% from the previous period, with an average of 17,942 circulating shares per person, an increase of 8.78% [2][3] - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 2.54 million shares, a decrease of 72,500 shares from the previous period [3] Group 4: Market Activity - On October 9, the company's stock price increased by 0.57%, with a trading volume of 309 million yuan [1] - Margin trading data shows a net margin buy of -10.26 million yuan on the same day, with a total margin balance of 457 million yuan, which is 2.57% of the circulating market value, indicating a low level compared to the past year [1] - The company had a high level of short selling, with a short selling balance of 1.05 million yuan, exceeding the 70th percentile of the past year [1]

Core Viewpoint - Shenzhen Chengjiao Zhican Technology Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on IoT technology development and sales, AI hardware sales, and information system integration services [1] Company Summary - The newly established company is fully owned by Shenzhen Chengjiao (301091) [1] - The registered capital of the company is 20 million yuan [1] - The business scope includes IoT technology research and development, sales of IoT devices, sales of AI hardware, and information system integration services [1]

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].