Tianyin Electromechanical(SZ:300342) Jin Rong Jie·2025-12-23 16:52Core Viewpoint - The low-altitude economy and commercial aerospace sectors are experiencing significant activity driven by both policy and industry developments, indicating a potential investment opportunity in these emerging markets [2]. Group 1: Low-altitude Economy - The low-altitude economy is recognized as a national strategic emerging sector, benefiting from dual drivers of policy and industry support [2]. - National policies, such as the establishment of the "Low-altitude Flight Comprehensive Supervision Service Platform," are accelerating the standardization of airspace management [2]. - Local governments in regions like Chongqing, Liaoning, and Zhejiang are actively releasing special policies to promote infrastructure and pilot projects in the low-altitude economy [2]. - The expansion of low-altitude operational entities, such as the establishment of the Changsha Low-altitude Industry Development Company, is contributing to the growth of the sector [2]. - The emergence of industry funds, like the 1 billion yuan low-altitude economy fund in Ningbo, is facilitating the "manufacturing + operation" collaborative development across the entire value chain [2]. Group 2: Commercial Aerospace - The successful first flight of the Zhuque-3 rocket marks a new stage in the exploration of reusable commercial aerospace, with upcoming launches of various rockets expected to further enhance the industry [2]. - The acceleration of satellite constellation construction is anticipated, driven by the resolution of bottlenecks in the industry, leading to an explosion in application scenarios [2]. - The Southern General Aviation ETF tracks the CSI General Aviation Theme Index, which encompasses core sectors such as low-altitude economy, satellite internet, aerospace equipment manufacturing, and aviation logistics, positioning it to benefit from the full-cycle dividends of emerging industries [2].