Ping An Securities·2025-03-05 03:46Investment Rating - The report suggests a positive investment outlook for the low-altitude economy, highlighting significant government support and infrastructure development opportunities [3][5][6]. Core Insights - The low-altitude economy is experiencing rapid growth driven by continuous policy support and substantial project investments, with over 120 billion yuan in public bidding projects reported since 2024 [3][27]. - The establishment of the Low Altitude Economy Administration indicates a more structured approach to managing and promoting the low-altitude economy [6][11]. - The report emphasizes the necessity of building foundational infrastructure, including takeoff and landing sites, low-altitude intelligent networks, and communication/navigation facilities to ensure safe low-altitude operations [3][30]. Summary by Sections 1. Policy and Industry Dynamics - Since early 2024, low-altitude economy policies have been increasingly emphasized at the national level, with over 50 provinces and cities releasing action plans targeting a trillion-yuan industry scale [3][21][27]. - The report notes that the establishment of the Low Altitude Economy Administration is a significant step towards enhancing the organizational framework for low-altitude economic development [6][11]. 2. Infrastructure Planning - The report categorizes low-altitude infrastructure into three main types: takeoff and landing sites, low-altitude communication/navigation facilities, and air traffic management systems [30]. - It predicts that by 2035, investments in general airports and various takeoff platforms will reach approximately 1.8 trillion yuan [3]. 3. Intelligent Network Development - The report highlights the importance of developing a low-altitude intelligent network to ensure the safe operation of low-altitude activities, requiring advanced technology and system capabilities [3][30]. 4. Communication and Monitoring Facilities - The report stresses the urgent need for low-altitude communication and monitoring facilities, particularly focusing on 5G-A, radar, and Beidou systems as critical areas for investment [3][30]. 5. Investment Recommendations - The report recommends focusing on companies involved in low-altitude air traffic management, data services, and infrastructure development, suggesting specific companies for investment consideration [3][27].