Southwest Securities·2025-03-30 14:14Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude economy sector is expected to accelerate as policies continue to be implemented at both national and local levels, transitioning from concept incubation to large-scale application [6][22] - The low-altitude economy index has underperformed the market, with a decline of 4.80% during the reporting period, lagging behind the Shanghai Composite Index by 2.81 percentage points [14] - Significant investments and strategic partnerships are being formed, such as a 20 billion RMB credit agreement between EHang and Guangzhou Bank to enhance the competitive edge in the low-altitude economy [27] Summary by Sections Market Review - The low-altitude economy index decreased by 4.80%, underperforming major indices [14] - The national and local policies are increasingly supportive, with initiatives to develop low-altitude logistics and tourism [6][19][21] Policy Dynamics - The Chongqing Development and Reform Commission is soliciting applications for low-altitude economic scenarios, focusing on infrastructure and operational capabilities [19] - Guangdong Province aims to establish a modern comprehensive transportation network by 2027, including low-altitude transportation [20] - The State Council supports the development of international consumption centers, including low-altitude logistics routes [21] Industry Dynamics - Shandong Province issued 11.539 billion RMB in special bonds to support low-altitude economic projects, including a 50 billion RMB investment in the Weihai High-tech Zone [22][24] - Wuhan has launched 24 low-altitude trial routes, enhancing short-distance transport and tourism [22] - The establishment of the Inner Mongolia Low-altitude Economy Innovation Center aims to drive technological innovation in the sector [33] Important Company Announcements - EHang signed a strategic cooperation agreement with Guangzhou Bank to promote the high-quality development of the low-altitude economy [27] - The TD550D unmanned helicopter received the first type certificate in China, showcasing advancements in the industry [29] - The launch of the AI drone CW-20E by Zongheng Technology highlights innovation in low-altitude applications [39]