航天航空与国防深度报告：万亿低空启航，智联基建先行

Investment Rating - The report maintains a "Positive" investment rating for the low-altitude economy sector [9] Core Insights - The low-altitude economy is positioned as a strategic emerging industry, with rapid development expected due to central and local policies [6][17] - The industry scale is projected to exceed one trillion yuan by 2026, driven by new elements, technologies, and applications [6][17] - The low-altitude infrastructure market is anticipated to surpass one trillion yuan by 2035, with a focus on digital, networked, and intelligent features [8][37] Summary by Sections Low-altitude Economy Overview - The low-altitude economy involves civil manned and unmanned aircraft operating below 1000 meters, integrating various commercial and public service activities [6][17] - As of 2023, the industry scale reached 505.95 billion yuan, with a year-on-year growth of 33.8% [17][22] Policy Support - Central policies are enhancing airspace reform and regulatory frameworks to support the low-altitude economy [21][23] - Local governments are actively developing specific plans and establishing industry funds to accelerate the sector's growth [26][27] Infrastructure Development - Infrastructure is critical for the expansion of the low-altitude economy, with significant investments planned across various regions [7][34] - The report highlights the importance of a low-altitude intelligent network system to support high-density and frequent flight demands [8][34] Market Potential - The potential market for low-altitude infrastructure is projected to exceed one trillion yuan over the next decade, with traditional and new players expected to thrive [8][28] - The report emphasizes the need for advanced technologies in communication, navigation, and monitoring to ensure safe low-altitude operations [8][34] Regional Development Goals - Various provinces have set ambitious targets for their low-altitude economy, with some aiming for industry scales exceeding 300 billion yuan by 2026 [27][28] - The establishment of low-altitude industry funds across multiple regions is expected to provide substantial financial support for the sector [28][30]