Core Insights - The engineering consulting services sector saw a slight increase of 0.12% on November 13, with Hualan Group leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Hualan Group (301027) closed at 19.85, with a rise of 8.59% and a trading volume of 228,700 shares, amounting to a transaction value of 444 million yuan [1] - Other notable performers included: - Zhaobiao Co. (301136) at 14.22, up 3.80% [1] - Huayang International (002949) at 14.93, up 1.91% [1] - Youan Design (300983) at 24.95, up 1.51% [1] Capital Flow - The engineering consulting services sector experienced a net outflow of 209 million yuan from institutional investors, while retail investors saw a net inflow of 168 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - Notable net inflows from retail investors included: - Shanshui Bide (300844) with a retail net inflow of 1.17 million yuan [3] - Tongji Technology (600846) with a retail net inflow of 731,830 yuan [3] - Conversely, significant net outflows from institutional investors were observed in: - Huatu Shanding (300492) with a net outflow of 1.43 million yuan [3] - Jianyan Design (301167) with a net outflow of 459,910 yuan [3]

Core Viewpoint - Shenzhen Urban Transportation Planning and Design Research Center Co., Ltd. has shown a decline in revenue and net profit for the first nine months of 2025, indicating potential challenges in the urban transportation sector [2][3]. Financial Performance - For the period from January to September 2025, the company reported operating revenue of 671 million yuan, a year-on-year decrease of 13.96% [2]. - The net profit attributable to the parent company was 43.07 million yuan, down 27.24% year-on-year [2]. Shareholder and Market Activity - As of October 20, 2025, the number of shareholders decreased to 31,100, a reduction of 0.69% from the previous period [2]. - The average circulating shares per person increased by 0.69% to 16,933 shares [2]. - The company has distributed a total of 90.9976 million yuan in dividends since its A-share listing, with 42.8376 million yuan distributed in the last three years [3]. Trading and Financing Data - On November 11, the company's stock price increased by 1.29%, with a trading volume of 232 million yuan [1]. - The financing buy-in amount for the day was 28.0375 million yuan, while the financing repayment was 19.8408 million yuan, resulting in a net financing buy-in of 8.1967 million yuan [1]. - The total financing and securities lending balance reached 472 million yuan, with the financing balance accounting for 3.07% of the circulating market value, indicating a high level compared to the past year [1].

Group 1 - Shenzhen Zhide Low-altitude Operation Service Co., Ltd. has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Wang Xiao [1] - The business scope includes digital technology services among other areas [1] Group 2 - The company is 40% owned by Shenzhen Urban Transportation Group through equity penetration [1]

Core Viewpoint - Shenzhen Zhide Low-altitude Operation Service Co., Ltd. has been established with a registered capital of 20 million RMB, focusing on AI application software development, intelligent unmanned aerial vehicle sales, IoT device sales, and internet information services [1] Company Summary - The newly established company is backed by Shenzhen Urban Transportation Planning and Design Research Center Co., Ltd. and other shareholders [1] - The registered capital of the company is 20 million RMB, indicating a significant investment in the low-altitude operation sector [1] Industry Summary - The company operates in the emerging fields of artificial intelligence, unmanned aerial vehicles, and IoT, which are expected to see growth due to increasing demand for advanced technology solutions [1]

Core Insights - The low-altitude economy index decreased by 0.04% this week, with a relative increase of -0.86%, and the average daily transaction amount was 242.05 billion yuan, maintaining a high price-to-earnings ratio (TTM) of 117.49 times, while the average daily net inflow of main funds was -4.45 billion yuan [1][2]. Market Performance - The top five performing stocks this week were Putian Technology, Aerospace Huanyu, Shangluo Electronics, Yiwei Lithium Energy, and Funeng Technology; the bottom five were Aerospace Hongtu, Hangxin Technology, Wolong Electric Drive, Yingboer, and Shenzhen Urban Transport [3]. Industry Dynamics - The State Council's office issued opinions on accelerating the cultivation of scenarios and promoting large-scale applications in the low-altitude economy sector [4]. - The Shenzhen integrated land and air intelligent networked comprehensive transportation testing base has officially commenced operations, marking a significant step for Shenzhen in becoming the "global low-altitude economy capital" [4]. - Jinan has established a 10 billion yuan aerospace (low-altitude) industry fund [4]. Policy Developments - The Guangzhou Development and Reform Commission is soliciting opinions on the "Guangzhou Measures for Promoting High-Quality Development of the Low-Altitude Economy Fund Management (Draft for Comments)" [5]. Company Developments - Times Technology signed a strategic cooperation agreement with ICBC Financial Leasing, which plans to purchase 100 E20eVTOL aircraft from Times Technology [6]. - Yufeng Future received 200 intention orders for the M1 model series aircraft from domestic and international clients, totaling over 2 billion yuan [7]. - Volant Aviation signed multiple cooperation agreements, including orders for 95 eVTOL aircraft with a contract value of 2.375 billion yuan [8]. - AVIC Aircraft signed a cooperation agreement with Times Technology to collaborate on eVTOL core system research and development, airworthiness standards, and supply chain strengthening [8].

Summary of the Conference Call for 深城交 Industry and Company Overview - 深城交 is transitioning into a low-altitude intelligent network service platform, focusing on hardware products such as signal machines, edge computing gateways, and multifunctional lamp poles [2][3][4] - The company is establishing a comprehensive low-altitude tower network and leveraging Shenzhen's hardware ecosystem to incubate new infrastructure products [2][3] Core Points and Arguments Product Development and Services - The company has categorized its products into three main types: 1. **Low-altitude and intelligent network infrastructure hardware**: This includes signal machines, edge computing gateways, and multifunctional lamp poles, which are continuously being updated [3] 2. **Intelligent network and low-altitude transport vehicles**: This includes manned and unmanned vehicles, with a 2000 square meter testing facility established in Longhua, Shenzhen [3][4] 3. **Urban facility inspection equipment**: This includes inspection drones, robotic dogs, and other devices aimed at enhancing urban governance and infrastructure safety through AI detection [4][5] International Market Expansion - 深城交 is actively pursuing international markets, having secured software orders worth approximately 40-50 million in the UAE and participating in projects in Saudi Arabia, Hong Kong, and Singapore [5][6] Organizational Changes - The company has restructured its internal organization to adapt to new business needs, hiring ID hardware and AI talent while encouraging traditional staff to transition to new roles [6][7] Financial Outlook and Market Expectations - The company anticipates a cautious investment approach, focusing on hardware procurement and delivery, with plans to complete approximately 300 million in low-altitude orders in 2025 [3][10] - Factors affecting new order acquisition include unclear top-level policies, restricted airspace, and immature technology [11] Future Development Opportunities - The company believes that clearer national policies and infrastructure development could accelerate growth in the low-altitude sector [12][13] - The company is involved in various national planning initiatives related to low-altitude transport, indicating future support for this emerging industry [13] Smart Network Progress - In the smart network sector, the company has completed the construction of an autonomous driving test site in Pingshan and is focusing on unmanned logistics to create a networked operation across Shenzhen [14] International Business Model - 深城交's international business model revolves around productization and comprehensive solutions in urban governance and smart transportation, with a focus on Southeast Asia and the Middle East [15] Financial Performance and Future Projections - The company experienced a decline in performance in the first three quarters of the year due to environmental impacts and the transition from traditional to new business models [16] - Future performance will depend on securing funding for new projects, with a cautious outlook for 2026 [17] Other Important Insights - The company is exploring opportunities in the smart city and transportation sectors, leveraging its experience in Shenzhen to expand internationally [15] - The emphasis on AI and core technology development aims to maintain competitive advantages while reducing production costs through outsourcing [7][8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing significant growth, with multiple orders signed at the China International Import Expo, indicating strong market demand and potential for future expansion [17][19] - Strategic collaborations, such as the partnership between Shenzhou Car Rental and Volant, are enhancing the integration of ground and air transportation services, which is expected to improve operational efficiency and customer experience [23] - The establishment of manufacturing bases and headquarters in Shanghai by companies like Shizhi Technology is expected to drive the development of the advanced manufacturing industry in the Yangtze River Delta region [25] Summary by Sections 1. Weekly Sector Review - The average weekly change for the low-altitude economy sector was +0.3%, with Wanzhe Co. leading the gains at +30.3% [4][10] - The top five gainers included Wanzhe Co. (+30.3%), Keli Co. (+17.5%), and Yunlu Co. (+16.1%), while the top five losers included Hangxin Technology (-17.2%) and Lingnan Holdings (-10.6%) [10][12] 2. Industry Dynamics - Shenzhou Car Rental and Volant signed a strategic cooperation agreement to develop a "ground + air" commuting solution, marking a significant step in the integration of transportation services [23] - On November 8, Jinan signed contracts for eight low-altitude economic projects, including the AS700 manned airship delivery center, which will support low-altitude tourism and emergency command scenarios [24] 3. Individual Company Developments - Shizhi Technology announced the establishment of its headquarters and manufacturing base in Shanghai, securing a 700 million yuan credit line and signing a procurement agreement for 100 eVTOLs [25] - Volant signed agreements for 95 eVTOLs at the Import Expo, totaling 2.375 billion yuan, and secured a high-level commercial passenger eVTOL order [26] - Yufeng Future showcased its upgraded passenger eVTOL product and signed intention orders for 200 eVTOLs, exceeding 2 billion yuan in total [27]

Core Viewpoint - The engineering consulting services sector experienced a decline of 1.21% on November 7, with Zhongshe Consulting leading the drop. The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1]. Group 1: Market Performance - The engineering consulting services sector saw a net outflow of 667 million yuan from main funds, while retail investors contributed a net inflow of 422 million yuan [2][3]. - Notable stock performances included N Zhongcheng, which surged by 170.08% to close at 38.54 yuan, and Zhongshe Consulting, which fell by 4.08% to close at 8.47 yuan [1][2]. Group 2: Individual Stock Analysis - The top gainers in the sector included: - N Zhongcheng: 38.54 yuan, +170.08%, 114,800 shares traded, 462 million yuan in transaction value - Zhongda An: 14.97 yuan, +2.67%, 44,300 shares traded, 6.61 million yuan in transaction value [1]. - The top losers included: - Zhongshe Consulting: 8.47 yuan, -4.08%, 173,600 shares traded, 153 million yuan in transaction value - Shanshui Bide: 49.33 yuan, -3.44%, 9,767 shares traded, 49.16 million yuan in transaction value [2].

Core Viewpoint - Shenzhen Urban Transportation Planning and Design Research Center Co., Ltd. has experienced a decline in revenue and net profit for the first nine months of 2025, indicating potential challenges in the urban transportation sector [2]. Financial Performance - For the period of January to September 2025, the company reported operating revenue of 671 million yuan, a year-on-year decrease of 13.96% [2]. - The net profit attributable to the parent company was 43.07 million yuan, reflecting a year-on-year decline of 27.24% [2]. Shareholder and Market Activity - As of November 6, the company's stock price fell by 2.62%, with a trading volume of 214 million yuan [1]. - The financing buy-in amount on November 6 was 25.60 million yuan, while the financing repayment was 33.68 million yuan, resulting in a net financing outflow of 8.08 million yuan [1]. - The total balance of margin trading and securities lending reached 469 million yuan, with the financing balance accounting for 3.02% of the circulating market value, which is below the 50th percentile level over the past year [1]. Business Overview - The company, established on January 14, 2008, focuses on urban transportation, providing comprehensive solutions based on traffic big data analysis [2]. - The revenue composition includes 56.27% from big data software and smart transportation, 25.03% from planning consulting services, and 17.75% from engineering design and testing [2]. Dividend Distribution - Since its A-share listing, the company has distributed a total of 90.99 million yuan in dividends, with 42.84 million yuan distributed over the past three years [3]. Shareholder Structure - As of October 20, the number of shareholders was 31,100, a decrease of 0.69% from the previous period, while the average circulating shares per person increased by 0.69% to 16,933 shares [2]. - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders as of September 30, 2025 [3].

Core Viewpoint - The Shenzhen 15th Workers' Technological Innovation Competition and the 2025 Shenzhen Skills Competition, focusing on quality transformation and innovation, successfully concluded with participation from 38 enterprises and awards distributed to top teams [1][3][7]. Group 1: Competition Overview - The competition is recognized as one of the largest and most professional skill competitions in the field of high-end quality talent in China [3]. - It is based on various standards including the "Chief Quality Officer System" and is the first of its kind in South China to adopt a team competition format [3]. - A total of 38 teams from different enterprises registered, with 28 advancing to the finals [3]. Group 2: Event Execution - Participants showcased their skills with enthusiasm, and the judging panel evaluated their presentations, knowledge application, and responses under pressure [5]. - The event featured a team of nine experienced experts from the quality industry as judges [3]. Group 3: Awards and Recognition - The winning team from ZTE received the first prize, while teams from Skyworth, Shenzhen Planning Institute, and Hangsheng won second place, and teams from Daya Bay Nuclear Power, Gongkan Group, Xinhui Group, and Longcheng Group secured third place [7]. - Prize money of 10,000 yuan, 8,000 yuan, and 4,500 yuan was awarded to the top three teams, along with certificates of honor [7]. - Winning participants meeting specific criteria will be recommended for the "Shenzhen Craftsman Cultivation Program" [7]. Group 4: Future Initiatives - Over the past decade, Shenzhen has promoted the establishment of the Chief Quality Officer system as a key strategy for enhancing quality at the city, chain, and enterprise levels, cultivating over 13,000 Chief Quality Officers and implementing the system in more than 5,000 enterprises [7]. - The competition aims to stimulate quality workers' enthusiasm for skill development and will continue to enhance its foundation and improve various aspects of the event [7].