军工行业国新办财政部发布会点评：专项债支持可期，低空经济有望乘风而起

Investment Rating - The report maintains a "Recommended" rating for the defense and military industry [3] Core Insights - The Ministry of Finance plans to expand the use of special bonds to support strategic emerging industries, which is expected to accelerate the development of new productive forces [2] - Strategic emerging industries are crucial for cultivating new growth drivers and gaining competitive advantages, with their value added accounting for over 13% of GDP in 2023, projected to exceed 17% by 2035 [2] - The low-altitude economy, as a representative of new productive forces, is anticipated to experience significant growth opportunities, with its market size reaching 505.95 billion yuan in 2023 and expected to grow at a compound annual growth rate (CAGR) of 28.1% to 1,064.46 billion yuan by 2026 [2] Summary by Sections Low-Altitude Economy Development - The low-altitude economy is characterized by high technological content and innovation, representing a major shift in transportation and contributing to economic transformation [2] - The report highlights the need for government-led initiatives to establish standardized low-altitude infrastructure to address current challenges in the sector [4] - There is a strong commitment from both central and local governments to develop the low-altitude economy, with 29 provinces including it in their 2024 work plans [4] Investment Opportunities - The low-altitude economy is projected to be a trillion-yuan market, with recommendations for investment across various segments including manufacturing, operations, and infrastructure [5] - Specific companies to watch include: - Aircraft manufacturing: AVIC (中直股份), Aerospace Electronics (航天电子) - Power systems: AVIC Power (航发动力), Wolong Electric (卧龙电驱) - Airspace management: Zhongke Xingtou (中科星图), Lais Information (莱斯信息) [5]