国防军工两会系列点评：地方两会“话”军工：关键词低空经济和商业航天

Investment Rating - The report maintains a "Recommended" rating for the defense and military industry [1]. Core Insights - The report highlights the increasing focus on low-altitude economy and commercial aerospace as key areas for investment in 2025, with significant growth in the number of provinces prioritizing these sectors [4]. - The low-altitude economy is entering a phase of implementation, with various provinces accelerating investments and infrastructure development, indicating a potential explosive market worth trillions [4]. - The commercial aerospace sector is experiencing rapid advancements, particularly in satellite constellation networks, with significant production capabilities expected to be realized by mid-2025 [4]. - The integration of AI in military applications is anticipated to transform the defense industry, with substantial market demand projected for military robotics and related technologies [4]. Summary by Sections Low-altitude Economy - In 2025, the low-altitude industry is expected to see substantial investments, with Guangdong planning to create a comprehensive development platform and other provinces enhancing their low-altitude infrastructure [4]. - The report notes that the low-altitude economy is becoming a focal point for many provinces, with a significant increase in the number of regions engaging in low-altitude exploration compared to 2024 [4]. Commercial Aerospace - The report indicates that the commercial aerospace sector is on a fast track, with Beijing and Shanghai leading in satellite network development and production capabilities [4]. - By 2025, the commercial satellite industry is projected to enter a dual-driven phase, with both supply and demand sides contributing to growth [4]. AI Empowerment in Military - The report discusses the transformative potential of AI technologies in the defense sector, with military robotics expected to see increased deployment and market penetration [4]. - The anticipated market demand for military robotics is projected to reach billions annually, driven by advancements in technology and industry participation [4]. Investment Recommendations - The report suggests a diversified investment approach across four dimensions in the low-altitude economy, including whole machine manufacturers, airspace management, low-altitude perception, and operations [4]. - For commercial aerospace, the focus is on satellite manufacturing and the supply chain for commercial rockets, with specific companies recommended for investment [4]. - In the AI and military sector, companies involved in AI applications and military robotics are highlighted as potential investment opportunities [4].