华创交运：低空经济周报（第26期）：“低空经济+消防救援”：空间有多大？建议关注绿能慧充

Investment Rating - The report maintains a "Buy" recommendation for the low-altitude economy sector, particularly focusing on the integration of low-altitude applications in emergency rescue services [2]. Core Insights - The report emphasizes the significant market potential of the "low-altitude economy + fire rescue" sector, driven by government policies encouraging the enhancement of aviation emergency rescue capabilities [21][23]. - It highlights the expected growth phase in 2025, where order volume is anticipated to increase, suggesting a focus on manufacturers, engine suppliers, and radar technologies in the low-altitude infrastructure [49][50]. Summary by Sections 1. "Low-altitude Economy + Fire Rescue": Market Potential - Government policies are promoting the construction of aviation emergency rescue forces, as outlined in the "14th Five-Year Plan" for national emergency systems [17][21]. - The report estimates a substantial market space for low-altitude applications in fire rescue, projecting the need for approximately 466 to 2756 low-altitude flying systems across various levels of fire rescue bureaus [23][24]. - The report suggests that long-endurance, heavy-load drones have significant application potential in this sector [24]. 2. Low-altitude Economy Index Performance - The Huachuang Transportation Low-altitude 60 Index experienced a slight increase of 0.2% this week, with an overall annual increase of 35.9% [43][44]. - The index's performance is compared to other major indices, indicating a stronger growth trajectory in the low-altitude sector [44]. 3. Investment Recommendations - The report categorizes the low-altitude economy's development into four phases: logic, product, order volume increase, and mergers & acquisitions, with a focus on the upcoming phase driven by order volume [49][50]. - Key recommendations include monitoring manufacturers and engine suppliers, as well as radar technologies that are expected to see increased demand in the new low-altitude infrastructure [49][50]. - Specific companies to watch include Wanfeng Aowei, Zhongchuan Aviation, and Zongshen Power, which are positioned to benefit from the anticipated growth in the low-altitude economy [52][60].