KAIYUAN SECURITIES·2025-05-11 03:23Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The low-altitude economy is experiencing significant development, with macro-level national planning, local subsidies, and micro-level infrastructure and application scenarios being established [20][21] - The average increase in A-share related stocks in the low-altitude economy was +4.9% from May 6 to May 9, 2025, with notable performers including Lihang Technology (+21.6%) and Andavil (+18.2%) [4][12] - The report suggests focusing on three major segments of the low-altitude economy: manufacturing, infrastructure, and operations, with recommended stocks including Wolong Electric Drive and Green Energy Huichong [21] Summary by Sections 1. Weekly Sector Review - The low-altitude economy sector is guided by policies exploring application scenarios and building supporting systems, with ongoing project implementations and commercialization progress [19][20] - The recent geopolitical tensions have led to military-related stocks performing well, influencing the low-altitude sector positively [12][14] 2. Industry Dynamics - Volant has secured an order for 100 eVTOL aircraft from China Bank, along with a credit line of no less than 1 billion yuan [25] - The Ministry of Human Resources and Social Security announced the addition of 17 new professions related to drone operations [28] - The Guangxi Meteorological Bureau has introduced plans to enhance meteorological support for the low-altitude economy by 2027 [29] - The establishment of the "Hua Xia National General Aviation Industry ETF" aims to capture the growth of the low-altitude economy [32] 3. Individual Stock Dynamics - Zongheng Co. won a bid for a low-altitude digital economy project worth 106 million yuan [36] - Lais Information successfully won a project for a military-civilian collaborative operation system in Hubei [37] - Xiaopeng Motors' application for the production license of its X3-F flying vehicle has been accepted by the Civil Aviation Administration [35]