中信建投：低空经济处于规模化发展关键窗口期 产业有望实现良好增长

Core Insights - The development of the low-altitude economy is a national strategic priority in China, emphasizing the need for a comprehensive policy framework and infrastructure support [1][3] - The low-altitude economy is defined as a new economic form centered around low-altitude flight activities, integrating technologies such as unmanned driving and low-altitude intelligent networking [1] - The industry is currently at a critical window for scaling up, with expectations for significant growth in the next 3-5 years due to advancements in certification, pilot scenarios, and infrastructure [1][3] Policy Framework - China has established a multi-layered policy framework for the low-altitude economy, characterized by top-level design, regional collaboration, and technological innovation [1] - Local policies are tailored to specific regional conditions, focusing on key breakthroughs [1] Industry Chain - The low-altitude economy industry chain is extensive, covering upstream raw materials and core components, midstream aircraft manufacturing and ground systems, and downstream diverse application scenarios [2] - Upstream includes the development and production of critical components like batteries, motors, and control systems; midstream focuses on manufacturing low-altitude aircraft such as drones and eVTOLs; downstream applications span logistics, commuting, tourism, agriculture, surveying, and emergency services [2] Infrastructure and Technology - There is a need to enhance the systematic and forward-looking nature of the policy framework to address challenges such as fragmented airspace management and the need for improved approval efficiency [3] - Infrastructure development must accelerate, including the establishment of hard infrastructure networks and the promotion of low-altitude digital infrastructure and smart management [3] - eVTOLs are identified as key vehicles for industry development, requiring breakthroughs in technology and the completion of the industry chain for commercial viability [3]