Huafu Securities·2025-09-28 09:04Investment Rating - The industry rating is "Outperform the Market" [6][54]. Core Insights - The low-altitude economy sector is currently experiencing a period of stagnation, with expectations for a rebound driven by industry catalysts and supportive policies [4][29]. - The focus for the low-altitude industry this year is on infrastructure development and the implementation of drone applications, which are seen as essential for the sector's growth [5][30]. - The market is awaiting significant policy support and advancements in the industry, with local governments actively working on practical measures such as airspace planning and low-altitude flight management [4][29]. Summary by Sections Market Review - The Wind Low Altitude Economy Index decreased by 0.55% this week, ranking 164 out of 338, underperforming the market as the Shanghai Composite Index rose by 0.21% [3][13]. - The top five gainers in the A-share and Hong Kong stock markets included: Kaizhong Co. (up 15.44%), Xingwang Yuda (up 11.84%), Shencheng Transportation (up 10.13%), Aerospace Nanhua (up 5.99%), and Zongheng Co. (up 5.78%) [3][16]. Industry Dynamics - Recent developments include strategic partnerships and policy announcements aimed at fostering the low-altitude economy, such as the signing of a cooperation agreement between Hefei City and a helicopter company, and the release of support policies for low-altitude economic development in Shanghai [33][36]. - The Guangdong low-altitude economy has reached a scale of over 100 billion, with more than 15,000 related enterprises, accounting for over 30% of the national low-altitude economy industry chain [37]. Investment Strategy - The report suggests focusing on infrastructure companies such as Les Information and Suzhou Planning, as well as drone-related companies like Jifeng Technology and Henghe Precision [6][32]. - The low-altitude industry is seen as having the potential for a rebound, with the right conditions and catalysts expected to drive growth in the coming months [4][29].