国防军工行业：建设招标加速，低空经济从预期迈向现实

Investment Rating - The industry rating is "Buy" as of October 14, 2024 [1]. Core Insights - The report emphasizes the acceleration of construction tenders and the transition of the low-altitude economy from expectation to reality, with a significant increase in the number of tenders related to low-altitude economic projects compared to the previous year [1]. - The report highlights the government's ongoing support for low-altitude economic policies and the establishment of various local government initiatives to promote infrastructure and commercial pathways in this sector [1]. - The number of government tenders related to low-altitude economy projects increased from 39 in the first nine months of 2023 to 108 in the same period of 2024, indicating a strong focus on infrastructure development [1]. - The report suggests that companies involved in the low-altitude economy are actively participating in tenders, with project numbers increasing by 157% and project amounts increasing by 2071% year-on-year in the first half of 2024 [1]. Summary by Sections 1. Top-Level Policy Support - Continuous top-level policy support is noted, with multiple mentions of low-altitude economy development in central government meetings and reports, indicating a strategic focus on this emerging industry [6][7]. - The report outlines various national policies aimed at promoting low-altitude economic development, including the establishment of demonstration zones and the integration of low-altitude economy into broader economic strategies [6][8]. 2. Government Procurement Growth - There is a notable increase in government procurement related to low-altitude infrastructure, with a focus on construction projects that support the low-altitude economy [1][3]. - The report details the growth in tender amounts and numbers across different regions, particularly in East and South China, where the average tender amount reached 73.31 million CNY in 2023-2024 [1]. 3. Company-Level Developments - The report identifies key companies in the low-altitude economy sector, recommending attention to leading firms in various segments such as infrastructure, materials, and complete systems [1][2]. - Companies like Zhongke Xingtou, Guorui Technology, and Donghua Testing are highlighted for their roles in the low-altitude economy, with significant increases in their tender participation [2]. 4. Investment Recommendations - The report advises focusing on leading companies within the domestic low-altitude economy supply chain, particularly those involved in infrastructure and technology development [1][2]. - Specific companies are recommended for investment based on their strategic positioning and growth potential in the low-altitude economy sector [1].