低空经济与核聚变能，十五五规划方向明确

Investment Rating - The report maintains a "Recommendation" rating for the transportation and public utilities industry, indicating an expected outperformance of the industry index by over 5% in the next 3-6 months [19]. Core Insights - The report highlights the clear direction of the "14th Five-Year Plan" focusing on emerging pillar industries, particularly low-altitude economy and nuclear fusion energy, which are expected to create trillion-level markets [5]. - The emphasis on low-altitude economy development is reiterated through various government reports and initiatives, showcasing its strategic importance [5]. - The report identifies two major highlights: the cluster development of low-altitude economy and the potential for a trillion-level market, which is seen as a strong encouragement for industry participants [5]. - The report outlines four key application scenarios for low-altitude economy over the next 3-5 years, including tourism, passenger transport, logistics, and production operations [5]. - The report also discusses the expected acceleration in capital expenditure for nuclear fusion projects, predicting a peak in project tenders over the next 3-5 years with an estimated investment of 146 billion yuan [5]. Industry Overview - The transportation and public utilities industry consists of 121 listed companies with a total market capitalization of approximately 3368.47 billion yuan [2]. - The industry has shown absolute performance of 1.8% over the past month and 7.5% over the past six months, while relative performance has been -0.3% and -15.7% respectively [3][4]. - The report emphasizes the importance of low-altitude digitalization and infrastructure construction as foundational elements for the healthy development of the low-altitude economy [5]. Key Companies and Valuation - The report provides a detailed analysis of 12 key companies across five segments of the low-altitude economy, including manufacturers, supply chain, digitalization, infrastructure, and operations [8]. - Notable companies mentioned include WanFeng AoWei, Xirui, and YiHang Intelligent, with projected significant changes in their market valuations and profit margins over the next few years [8].