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 Viewpoint - The company plans to utilize up to 100 million yuan of temporarily idle raised funds for cash management to enhance fund efficiency and returns [1] Group 1 - The plan has been approved by the board of directors and is valid for 12 months [1] - Funds can be used in a rolling manner within the approved limit [1] - The company will select investment products with high safety, good liquidity, and capital protection commitments to ensure no impact on fundraising projects and normal operations [1]

Group 1 - The company, Shen Cheng Jiao, announced that its second board meeting will be held on October 17, 2025, in Shenzhen, focusing on the proposal to use idle raised funds for cash management [1] - The meeting will adopt a combination of on-site and remote voting methods [1] Group 2 - Lin Yuan, a notable figure in the investment community, expressed confidence in the market despite recent losses, emphasizing that he will continue to invest in the liquor sector, which he views as a "happy demand" [1] - He also mentioned that investments in technology stocks have caused him significant concern [1]

国信证券股份有限公司关于深圳市城市交通规划设计研 究中心股份有限公司使用闲置募集资金进行现金管理的 核查意见 国信证券股份有限公司（以下简称"国信证券"、"保荐机构"）作为深圳 市城市交通规划设计研究中心股份有限公司（以下简称"深城交""公司"）首 次公开发行股票并在创业板上市的持续督导机构，根据《证券发行上市保荐业务 管理办法（2025 年修正）》《上市公司募集资金监管规则》《深圳证券交易所 创业板股票上市规则（2025 年修订）》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作（2025 年修订）》等有关法律法规和规 范性文件的要求，国信证券对深城交使用闲置募集资金进行现金管理的事项进行 了核查，发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意深圳市城市交通规划设计研究中心股 份有限公司首次公开发行股票注册的批复》（证监许可[2021]2756 号）同意注册， 公司首次公开发行人民币普通股（A 股）股票 4,000 万股，每股面值为人民币 1 元，每股发行价格为人民币 36.50 元，募集资金总额为人民币 146,000.00 万元， 扣除发行费用（不 ...

证券代码：301091 证券简称：深城交 公告编号：2025-037 深圳市城市交通规划设计研究中心股份有限公司 关于使用闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳市城市交通规划设计研究中心股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日召开了第二届董事会第二十次临时会议，审议并通过了《关于使用 闲置募集资金进行现金管理的议案》，在确保不影响募集资金投资计划正常进行 和募集资金安全的情况下，同意公司使用额度不超过人民币 10,000 万元（含本 数）的闲置募集资金进行现金管理，用于投资安全性高、流动性好、满足保本要 求的投资产品，有效期自公司第二届董事会第二十次临时会议审议通过之日起 12 个月内。在上述使用期限及额度范围内，资金可以循环滚动使用。现将具体 情况公告如下： 一、募集资金基本情况 2021 年，经中国证券监督管理委员会批复核准注册，公司首次公开发行股 份募集资金总额为人民币 146,000.00 万元，扣除发行费用（不含增值税）人民币 8,128.96 万元后，募集资金净额为人民币 1 ...

证券代码：301091 证券简称：深城交 公告编号：2025-038 深圳市城市交通规划设计研究中心股份有限公司 第二届董事会第二十次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳市城市交通规划设计研究中心股份有限公司（以下简称"公司"）第二 届董事会第二十次临时会议通知已于 2025 年 10 月 14 日以电话和电子邮件等方 式送达全体董事，本次会议于 2025 年 10 月 17 日在深圳市龙华区龙华设计产业 园总部大厦 12 层会议室以现场结合通讯表决方式召开。本次董事会会议应出席 董事 7 人，实际出席董事 7 人，公司高级管理人员列席了本次会议。本次董事会 会议由董事长林涛先生主持，会议的通知、召集、召开和表决程序符合《中华人 民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。经各位董事认真审议，会议形成了如下决议： 二、董事会会议审议情况 证券代码：301091 证券简称：深城交 公告编号：2025-038 体内容详见公司指定信息披露媒体《证券时报》《证券日报》《中国 ...

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].