国防军工行业专题报告：各地低空经济发展白皮书-按图索骥——构架低空从政策端到产业链的桥梁（系列之三：华中、西南、西北、东北篇）

Industry Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [2] Core Views - Low-altitude economy is experiencing rapid development under policy support, with continuous improvements in regulatory frameworks [4] - Local governments are actively responding by formulating development strategies tailored to regional characteristics [4] - Regional industrial clusters are being leveraged to build low-altitude economy hubs, with notable progress in provinces like Jiangxi and Guangdong [4] - Investment recommendations focus on key areas such as airspace planning, air traffic control informatization, 5G infrastructure, eVTOL aircraft, and drone systems [4] Regional Summaries Central China - Hunan Province: Aims to become a national low-altitude economy demonstration province, targeting over 20 large-scale enterprises and a total output value of 160 billion yuan by 2025 [10] - Sunward Intelligent (002097.SZ): A leader in underground engineering equipment, with a growing aviation business segment and a strategic partnership with Volkswagen for flying car development [11][12][13] - Hubei Province: Wuhan and Shiyan are actively promoting low-altitude economy development through policy incentives and infrastructure investments [15][16][17] - Aerospace Nanhu (688552.SH): A major supplier of air defense early warning radar systems, though facing short-term performance pressure due to delivery delays [18][19][20] Southwest China - Sichuan Province: Plans to build 20 general airports and over 100 vertical take-off and landing points by 2027, aiming for comprehensive coverage of regional airports [22] - AVIC UAV (688297.SH): A specialized company in high-end UAV systems, with significant revenue growth from 2018 to 2022, though facing a slight decline in 2023 [24][25][26] - Zongheng UAV (688070.SH): A market leader in industrial UAVs, focusing on low-altitude digital economy applications, though profitability remains under pressure [27][28][29][30] - Sichuan Jiuzhou (000801.SZ): A traditional air traffic control and military enterprise, with stable revenue but declining profitability [32][33][34] Northwest China - Shaanxi Province: Released a development plan for the low-altitude manufacturing industry, aiming for comprehensive industrial upgrading by 2027 [46] - AECC Aviation Power (600893.SH): China's leading aero-engine manufacturer, with steady revenue growth and a focus on military and civilian applications [46][47] - Tianhe Defense (300397.SZ): A high-tech enterprise specializing in military-civilian dual-use technologies, with a focus on low-altitude airspace management [48][49][50] Northeast China - Liaoning Province: Shenyang aims to establish a low-altitude economy ecosystem by 2026, with over 100 related enterprises and an industry scale of 3 billion yuan [51] - Heilongjiang Province: Plans to build 46 A2-level general airports by 2025, with a focus on general aviation industry development [51][52] - AVIC Helicopter (600038.SH): A leading helicopter manufacturer in China, with a diverse product portfolio and ongoing development of eVTOL aircraft [52][53] - Guanglian Aviation (300900.SZ): An aerospace manufacturing company expanding into the UAV market, with steady revenue growth but declining profitability due to increased R&D investment [53][54]