交通运输行业专题研究：低空经济产业链（一）-探索立体交通体系，拥抱万亿蓝海市场

Investment Rating - The report recommends a "Buy" rating for the low-altitude economy sector, highlighting the potential for significant growth and investment opportunities in this emerging market [3]. Core Insights - The low-altitude economy is identified as a trillion-yuan blue ocean market, with a current scale exceeding 500 billion yuan in 2023 and projected to reach 2 trillion yuan by 2030 [2][14]. - The industry is characterized by a strong domestic manufacturing logic, particularly in the eVTOL (electric Vertical Take-Off and Landing) segment, which is expected to replace traditional helicopters [15][19]. - The development of the low-altitude economy is still in its early stages, with key drivers being policy support and infrastructure improvement [2][30]. Summary by Sections 1. Low-altitude Economy: A Trillion-Yuan Blue Ocean Market - The low-altitude economy encompasses activities within a vertical height of 1,000 meters, with significant potential for growth in manufacturing, infrastructure investment, and low-altitude service operations [10][12]. - The industry is currently dominated by low-altitude aircraft manufacturing and operational services, contributing nearly 55% to the economic scale [11]. 2. Key Driving Factors: Policy Support and Infrastructure Development - Since 2023, central government policies have increasingly focused on the low-altitude economy, with over 60 relevant policies issued by various departments [31][34]. - Infrastructure development is crucial, with a focus on communication, navigation, and monitoring systems to ensure safe operations [35][36]. 3. Development Path: Overcoming Current Challenges - The industry faces challenges such as small scale, limited application scenarios, and underdeveloped infrastructure, but these are expected to improve with ongoing policy and infrastructure enhancements [3][30]. - The establishment of government-led funds and the integration of manufacturing and financing are anticipated to accelerate industry growth [3]. 4. Investment Recommendations - The report suggests focusing on companies like Zhongxin Haizhi, Shenzhen Airport, Huaxia Airlines, and SF Holding, which are well-positioned to benefit from the growth of the low-altitude economy [3]. 5. Financial Analysis of Key Companies - Shenzhen Airport (000089.SZ) has a current price of 6.63 CNY with a target value of 8.23 CNY, rated as "Hold" [4]. - SF Holding (002352.SZ) is currently priced at 36.13 CNY with a target value of 39.80 CNY, also rated as "Hold" [4].