本次电话会议仅服于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权专载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位尊敬的投资者大家早上好我是新生宏观段超欢迎大家来参加我们今天的电话会议那么今天呢也是我们第109期的2024年的宏观长话电话会议了在每个工作日我们力求为大家带来及时深度的宏观分享最近一段时间呢我们会看到宏观的整个的数据和事件是比较多的对于海外来看昨天晚上的美联储一期会议其实也释放了九月份降息的一个信号 打开了一定的空间对于国内来看呢在经济数据还相对偏弱的情况之下最近政治局会议和国常会对于后续的政策上面部署也陆续的一个增加这些呢其实也带来了一定负检偏好修复的一个空间 在今天早上这个时间我们的同事于长青将会为大家对最近公布的中国环境数据片埋带来一些深入的这样的分析接下来这个时 ...

Financial Data and Key Metrics Changes - The Chinese government has placed significant emphasis on the development of the low-altitude economy, highlighting its strategic importance in national development and the need for a robust low-altitude safety management system [2][9] - The low-altitude economy is seen as a critical area for investment, with companies benefiting from advancements in manned spaceflight [8][24] Business Line Data and Key Metrics Changes - Yihang Intelligent has become the first globally to apply for and receive the operational certificate (OC certificate) for unmanned aerial vehicles, marking a significant step in the low-altitude economy [3][11] - The commercial and industrialization pace in the low-altitude sector has exceeded expectations, particularly in the main manufacturers and financial intelligence sectors [4][12] Market Data and Key Metrics Changes - The low-space industry is expected to show long-term investment value, with a potential second wave of market activity following a period of adjustment [7][21] - Key regions for low-altitude industry development include Guangdong, Anhui, Jiangsu, and the Sichuan-Chongqing area, which have strong industrial clusters and diverse application scenarios [19] Company Strategy and Development Direction - The focus is on core companies in the general aviation sector, particularly those with advanced technology and product lines, as investment opportunities in the A-share market [4][13] - Local governments play a crucial role in the development of the low-altitude economy, especially in promoting the construction of general aviation airports [14] Management's Comments on Operating Environment and Future Outlook - The management emphasizes the importance of a comprehensive low-altitude safety management mechanism for the healthy development of the low-altitude economy [10] - The market environment is currently favorable for dividend assets, with adjustments seen as buying opportunities [22] Other Important Information - The low-altitude economy is viewed as a significant area of focus, with related companies expected to benefit from developments in manned spaceflight [8][24] - The discussion highlighted the importance of top-level design and government investment in the low-space industry [7] Q&A Session Summary Question: What are the key drivers for the second wave of the low-altitude economy? - The second wave is driven by a recent meeting of the Central Political Bureau emphasizing the need for modern air traffic management and the healthy development of the low-altitude economy [9] Question: How does the development of the low-altitude economy relate to traffic safety? - The healthy development of the low-altitude economy is closely linked to the establishment of a comprehensive low-altitude safety management mechanism [10] Question: What are the latest developments of Yihang Intelligent in the low-altitude sector? - Yihang Intelligent has successfully applied for the OC certificate, which will accelerate the standardization of unmanned aerial vehicle operations [11] Question: Why are main manufacturers considered important in the low-altitude economy? - Main manufacturers are now seen as core investment focuses due to the accelerated pace of commercialization in the low-altitude economy [12] Question: What regions should be prioritized for low-altitude industry development? - Regions such as Guangdong, Anhui, Jiangsu, and Sichuan-Chongqing are highlighted for their strong industrial foundations and potential for low-altitude development [19]

各位投资者大家早上好我是华春莹赵云吴亦凡欢迎大家收听我们本期的这个周四早餐车那今天的话核心其实汇报两个内容第一呢是低空经济那低空经济第二轮行情的判断有哪些第二呢是红利资产在昨天在调整那这个是不是一个很好的机会那因为这个低空和红利是我们今年重点购买的方向那这个从上周末其实开始我就建议关注低空经济第二轮的这个潜力要起来了那最多也连续讲了这个三天那整个低空的这个系统性的这个情况呢我们今年其实汇报很多次了 那这次为什么第二轮他起来他有几个和之前不同那我们就要讲一下编辑的一些非常重要的变化那首先呢就是昨天午后被这个突然拉起来是因为我们看到了这个新闻就在这个这个这个中央政治局的这个第16次的经济学习啊7月3号下午然后是就推进现代滨海空防建设进行的学习那总书记就发表了重要讲话讲话当中其实提到了要做好国家空中交通管理工作促进低空经济健康发展 那优化人民防空建设模式构建现代人民防空体系他在这个话当中提到了整个的空管以及这个低空经济那这个里面就和我们今年在年初的时候我们讲低空经济为什么非常重要就低空经济它不只是一个商业经济的这个概念它其实还有整个政治经济那在我们整个国家这个低空为什么要发展是因为在整个低空领域当中我们需要构建一个 ...

Summary of Low Altitude Economy Conference Call Industry Overview - The low altitude economy is receiving strong support from national policies, particularly with the introduction of airspace management regulations and the draft implementation plan for general aviation equipment, indicating the government's increasing focus on this sector [1][4][6] - The low altitude economy has been identified as a new growth engine during the National People's Congress, leading to a rapid initiation phase for the industry [1][4] Key Points and Arguments 1. **Policy and Market Development** - National policies are driving expectations in the low altitude economy, with local governments beginning to implement supportive measures [1][2] - The government work report includes low altitude economy initiatives, suggesting increased investment in related infrastructure such as airports and air traffic control systems [1][4] 2. **Infrastructure and Government Procurement** - Local governments are ramping up understanding and construction of relevant infrastructure, with expectations for quick tendering processes to boost the industry [1][4] - Government procurement is heating up, with leading companies experiencing full order books, particularly in the low altitude and new energy vehicle sectors [1][4] 3. **Industry Chain and Leading Enterprises** - The low altitude industry chain, including drones and aircraft, is viewed as a strong investment direction, transitioning from speculative trading to order-based trading [1][3] - The industry is expected to see significant growth in performance, with government procurement and tourism groups as primary buyers [1][4] 4. **Local Policies and Pilot Programs** - Local governments are actively nurturing low altitude economy enterprises, encouraging technological innovation and expanding application scenarios [2][4] - The pilot model from the ground up helps reduce risks and accelerates technological and standard iterations [2][4] 5. **Market Space and Economic Impact** - The low altitude economy is projected to reach a market size of over one trillion by 2030, with a strong GDP driving effect [2][5][6] - The sector's leverage effect is significant, with a market space of approximately 500 billion expected by 2023 [6][7] 6. **Operations and Future Outlook** - The launch of low altitude manned routes is accelerating, with expectations for more routes to be operational by the end of the year [2][10] - The logistics commercialization in high-value product applications is anticipated to grow rapidly, with low transportation costs [2][10] Additional Important Insights - The low altitude economy is characterized by a combination of top-down and bottom-up approaches, with significant involvement from local governments [4][5] - The industry is entering a phase where speculative trading is shifting towards actual order fulfillment, indicating a more mature market [3][13] - The development of airspace management regulations and the implementation plan for general aviation equipment are critical policy variables influencing the sector [4][6] - The infrastructure for low altitude operations is still underdeveloped, presenting both challenges and opportunities for growth [7][11] - The consensus among enterprises regarding participation in the low altitude economy is rapidly forming, which is expected to accelerate the industry's development [12][13]

Summary of Conference Call Company/Industry Involved - The conference call involves a financial platform, specifically mentioned by a representative named Li Cong [1]. Core Points and Arguments - The call is set to begin shortly, indicating a formal discussion with investors [1]. Other Important but Possibly Overlooked Content - There is a brief wait time mentioned before the official start of the call, suggesting a structured approach to the meeting [1].

低空经济近况交流 主讲：KYZQ 行业研究员 电新研究员： 低空近期涨的不错，回顾复盘，2 月涨到 5 月，5 月开始回调两个月，近期催化有所 上涨。 近期事件回顾，7 月 10 号成立低空经领导小组。民航局随后成立了促进地空经济发 展工作领导小组，组长是由民航局局长宋志勇担任。小组主要的职责是包括落实党中央、 国务院关于促进低空经济发展的一些决策部署。统筹民航局促进集中经济发展的各项工作 包括说对后面研究确定内部推进低空经济发展的一些工作方案、安排等。当时盘面没有太 大变化。 7 月 12 号，苏州发布全国首个低空空中交通规则方案。主要是为了维护更好的维护 整个低空飞行的活动安全。苏州率先做出么举措去探索研究，制定了全国首部地方性的地 空。空中交通规在 7 月 13 号苏州市的低空经济沙龙上正式发布。在规格层面，有一些城 市领头开始做这么一件事情。 上周亿航 OC 证获得受理，之前市场预期在六月份拿到，但是现在稍微推迟一下，预 示着后面运营端会有一些具体的航线能够落地。 7 月 26 号，苏州无锡全国首条空中巴士航线正式开通。通行时间从原来的 50 分钟压 缩到十分钟，直升机最低票价 500 块钱/人。收条 ...

低空经济 1 空管系统 莱斯信息 纳睿雷达 中科星图（未来两年增速 40%所有 40pe 4.8-5 个亿利润不包含低空 业绩兑现稳健 ） 航天电子 (边海 边防 激光通讯终端 资产剥离 无人机业绩增长 ) 策略 标志性节点 产业端边际变化 具体落实 国防 适航证 机构协调推进 空管系统 26 年 万亿规模 年化 20%增幅 基建先行 军工企业参与 研发系统 5-6 个试点城市 地区投资 ...

参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 好 尊敬的各位投资者 大家晚上好我是圣安机械团队的王柯那么今天我们多个行业包括我们军工策略还有我们机械三个行业联合为大家分享一下地方经济最新的一个变化情况尤其是针对这次我们说政治局的集体学习涉及到的边海空防的这么一个提法并且再一次提到了要 做好国家空中交通管理工作促进低空经济健康发展的这么一个提法那么我们说领导对于低空的应该是再次的提及并且在相对来讲高级别的这么一个国防会议上是有非常大的深意的所以我们这次联合了我们军工的 莫沙王老师 我们策略的冯毅老师还有我们技术团队的何佳霖我们来进行一个集中的解读我们深谙整个的这个地工团队也是市场上最早挖掘地风经济最早推荐飞行汽车的相关团队所以我们在这个位置认为整个的从催化剂的烘托以及产业的进程还有8月份马上到来的全国N个城市的这么一个试炼进程都已经是 现在贤圣这个位置建议高度关注低空经济接下来的一段时间的这个行情那么首先呢就请我 ...

这一个问题所以 目前的摄像头没有办法去很完整的呈现,所以也跟各位做个说明。今天的主题是中国平衡长远目标与经济周期之间的一个挑战。我们会由三中全会的政策信号谈起,谈到中国领导人的一个长远目标,最后提到对投资者来说股市汇市利率的一个投资建议。今天这个录影的时间大概是35到40分钟,后续会有大概20分钟左右的一个问答环节。 再把时间交给分析师前的一些提醒。一般来说,您是通过GoToWebinar的电脑来收听此录影。另外,本场也将以专场的方式在进门采经录影过程中,您可以随时在控制面板中提出您的问题,中文或英文都可以。时间允许之下,分析师将尽可能在线回答您的问题,来不及回答的问题将后续以有限的方式回复您。最后,在收听过程中,若发生任何技术层面的问题,都可以在线与我们联系,我们将尽力协助解决。司马老师,那我现在就把时间交给你。 谢谢你Jeremy 不好意思大家我今天这个摄像头不好 下次一定打开那我觉得这次的这个网络直播呢我觉得与其跟大家谈这个对三中全会的解读呢我觉得不如跟大家分享一下我们解读这个全会精神以及刚刚结束的这个政治局会议的这么一个分析框架另外呢也分享一下 我们是怎样通过这个框架来得到对目前宏观环境以及金融市场的 ...

更多热点资讯、精选研报、业内观点可点击进入萝卜投资—AI 推荐订阅 盘前热点干货 7 月 30 日 摘要：该栏目以资讯、研报为抓手，盘点可能引发行情异动的宏观数据、行业事件、 重要政策及热门研报。该栏目仅汇总梳理热点事件，不涉及股票投资推荐，仅供投资 者参考。 一、最新事件 1、VR/AR 主要逻辑：国内 AR 产品大卖； 驱动因素：事件驱动 国内 AR 智能眼镜企业 ARokid 发布新品 AR Lite，该品在 7 月 25 日上市直播，5 万人在 线围观 Rokid AR Lite 开售。据公众号量子位报道，发布后一天不到，全渠道订货已破万。 2、苹果 AI 手机 主要逻辑：Apple Intelligence 初版落地； 驱动因素：事件驱动 美东时间 7 月 29 日周一，苹果发布了 Apple Intelligence 的第一个版本 iPhone AI。 iPad 和 Mac 也有类似的版本。由于新软件首先只在 iOS 18.1 的开发者测试版中发布，所以 只有支付了 99 美元的注册开发者才能使用这个 iOS 18.1 测试版。 3、自动驾驶 主要逻辑：北京高级自动驾驶示范区 3·0 中标候选人公 ...