“九天”首飞在即，低空智能网联加速布局

Investment Rating - Industry Rating: Recommended [4] Core Insights - The report emphasizes the acceleration of low-altitude intelligent network layout and the normalization of satellite constellation launches, which are expected to catalyze the application of low-altitude economy [2][13] - The "Jiutian" drone is set to make its maiden flight, with potential applications in logistics and aerial photography, paving the way for urban transportation and emergency rescue in the medium to long term [2][16] - The report highlights the strategic importance of low-altitude intelligent networks as a digital foundation for low-altitude economic development, ensuring efficient regulation and safe operations in an open airspace [8][12] Summary by Sections 1. "Jiutian" Drone Maiden Flight - The "Jiutian" drone features a wingspan of 25 meters, a maximum takeoff weight of 16 tons, and a maximum payload of 6 tons, with capabilities for various types of munitions [6][7] - The drone is designed by the Aviation Industry Corporation of China and is expected to complete its maiden flight by the end of June 2024 [6][7] 2. Low-altitude Intelligent Network Layout - The National Development and Reform Commission plans to promote policies for high-quality development of the low-altitude economy by 2025, including the research and layout of low-altitude intelligent networks [8][12] - The report outlines a three-tier architecture for the low-altitude intelligent network, including airborne terminals, data support layers, and application systems [11] 3. Investment Logic and Beneficiary Stocks - The report recommends continuous investment in the low-altitude sector, highlighting companies like China Telecom, China Mobile, and China Unicom for their roles in low-altitude intelligent network infrastructure [2][16] - Other beneficiary stocks include ZTE Corporation, Tongyu Communication, and Haige Communication, which are involved in various aspects of the low-altitude and satellite communication industries [2][16]