低空经济行业双周报：顶层指导明确，低空板块进入爆发前夜

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry as of March 16, 2025 [1]. Core Insights - The low-altitude economy sector is on the verge of a significant breakthrough, supported by clear top-level guidance and government policies aimed at promoting its development [5][15]. - The low-altitude economy index increased by 7.09% during the reporting period, outperforming major indices such as the Shanghai Composite and CSI 300 by 4.12 and 4.10 percentage points, respectively [5][9]. - Key partnerships and projects, such as the collaboration between BYD and DJI on the "Lingyuan" drone system, highlight technological advancements and integration within the industry [18][20]. - Significant investments in low-altitude infrastructure, such as the 20.5 billion yuan project in Shaoxing, mark a pivotal shift from pilot exploration to comprehensive implementation [20]. Summary by Sections Market Review - The low-altitude economy sector outperformed the market, with notable increases in relevant indices [5][9]. - The government has emphasized the importance of developing low-altitude economic applications in its 2025 work report, indicating a strong policy backing [15][16]. Policy Dynamics - The 2025 government work report outlines initiatives to foster the low-altitude economy, including large-scale application demonstrations of new technologies [15]. - Local governments, such as Zhengzhou and Hubei, have introduced substantial financial incentives to support low-altitude economic enterprises, with rewards reaching up to 20 million yuan [16][17]. Industry Developments - BYD and DJI launched the "Lingyuan" drone system, which integrates drone technology with vehicles, showcasing innovation in the sector [18][19]. - The first portable relay drone by the State Grid has been deployed, enhancing inspection efficiency by 200% [21]. - SF Express has signed a contract to purchase 100 large unmanned transport aircraft, indicating a growing trend in logistics applications [22]. Important Company Announcements - EHang completed its first flight in Mexico, expanding its operational footprint to 19 countries [29]. - WanFeng Aowei announced the acquisition of Volocopter for 10 million euros, aiming to accelerate its development in the low-altitude sector [30].