低空经济双周报01：全国低空一张网启动，关注后续两会政策催化-2025-02-25

Investment Rating - The report gives an investment rating of "Recommended" for the low-altitude economy sector, marking its first coverage [4][5]. Core Viewpoints - The "National Low-altitude Traffic One Network" project has been initiated, with a focus on subsequent policy catalysts from the upcoming Two Sessions. The establishment of the low-altitude management department by the National Development and Reform Commission at the end of December 2024 is expected to lead to a clear development roadmap for the low-altitude economy, making 2025 a potential landmark year for its implementation [4][9]. - The report highlights that 30 provinces have included "low-altitude economy" in their government work reports for 2025, indicating strong governmental support and potential policy catalysts for the sector [4][9]. - The report anticipates that advancements in airspace reform, infrastructure expansion, and the commercialization of diverse scenarios will be key drivers for the industry's growth [4][9]. Market Performance - The low-altitude economy index increased by 5.63% over the past two weeks, outperforming the broader market indices, with the Wind All A index rising by 3.76% and the CSI 300 by 2.20% [10][11]. - The top five performing stocks in the low-altitude economy sector during this period were Changyuan Donggu (+37.57%), Shangong Shenbei (+28.02%), Xinzhi Group (+25.10%), Longxin General (+19.37%), and Xingyuan Zhuomei (+13.75%) [10][11]. Industry Dynamics - The "National Low-altitude Traffic One Network" project was officially launched on February 14, 2025, aiming to standardize the national low-altitude traffic network command platform and ground flight service facilities [16]. - Suzhou plans to start construction of a general airport in 2025, with an expected completion and operation date by the end of 2026, as part of a broader investment in transportation infrastructure [16][17]. - Chengdu signed 47 major low-altitude economy projects with a total investment of 51.936 billion yuan, further promoting the development of the low-altitude economy and commercial aerospace industry [18]. - The "Purple East Sky" low-altitude model was launched in Changchun, enhancing the city's low-altitude economic capabilities through advanced data processing technologies [19]. Company Developments - Fengfei Aviation received an order for 12 large eVTOL aircraft from Hanyang Investment Development Group, with a total contract value of 157 million yuan [21]. - Kobit announced that its entire series of drones has integrated with the DeepSeek model, significantly improving dynamic modeling efficiency by 300% [21]. - XinJie Energy completed a 27 million yuan A+ financing round, which will be used for the development and commercialization of solid-state lithium metal batteries for eVTOL applications [21]. Investment Recommendations - The report suggests focusing on various segments within the low-altitude economy: 1. Manufacturing: Zongshen Power, Wanfeng Aowei, Wolong Electric Drive, Yingboer, Green Energy Huichong, and AVIC [5]. 2. Infrastructure: Lais Information, Huase Group, Sichuan Jiuzhou, Zhongke Xingtou, Xincheng Technology, Shenzhen Urban Transport, and Sujiao Science and Technology [5]. 3. Operations: CITIC Haze, Xiyu Tourism, and Xiangyuan Culture and Tourism [5].