国防军工行业：低空经济系列（四）低空智联网，感受“天空之城”的每一次脉搏

Investment Rating - The report rates the defense and military industry as "Buy" for specific companies and "Hold" for others, indicating a positive outlook on the sector's growth potential [3]. Core Insights - The low-altitude communication system is identified as the foundational infrastructure for the digitalization of the low-altitude economy, with current infrastructure being relatively weak. The basic scenarios for low-altitude communication can be categorized into command control communication, data transmission communication, and auxiliary access communication, each with varying requirements for bandwidth and latency [2][17]. - The perception capabilities required for low-altitude flight are more complex than those for traditional civil aviation due to the increased environmental complexity. Key aspects include obstacle avoidance, navigation and positioning, and meteorological services [2][26]. - Current technological pathways for low-altitude communication and perception include ADS-B, 5G-A, surveillance radar, and navigation systems centered around Beidou. These technologies are crucial for enhancing low-altitude traffic management and communication capabilities [2][19]. - The report anticipates that the integration of various technologies and the development of satellite internet and millimeter-wave technology will empower low-altitude communication and perception in the medium to long term [2][5]. Summary by Sections Introduction - The realization of communication, navigation, and surveillance (CNS) functions is a core goal for constructing low-altitude infrastructure, which is essential for the development of the low-altitude economy [13][14]. Communication Needs - The demand for low-altitude communication is evolving, with applications expanding to include command control, data transmission, and auxiliary access. Different scenarios require specific performance metrics, such as Mbps-level upload rates and low latency [17][19]. Perception Requirements - Low-altitude flight necessitates advanced perception capabilities, including obstacle avoidance, which is critical for ensuring safety in complex environments. The need for high-precision navigation and reliable meteorological services is also emphasized [26][27]. Technological Pathways - The report outlines key technologies for achieving low-altitude communication and perception, including ADS-B for air traffic management, 5G-A for integrated sensing and communication, and advanced radar systems for monitoring low-altitude targets [2][19]. Outlook - The report reviews the iterative upgrades of the UTM system by NASA, highlighting that multi-modal monitoring data and communication capabilities are key drivers for enhancing low-altitude traffic management. It suggests that policy planning at the provincial level will accelerate technological development [2][5]. Investment Recommendations - The report recommends focusing on leading companies in the domestic low-altitude industry, including those in air traffic management and materials, as well as manufacturers of complete systems and core subsystems [2][3].