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Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - On December 19, Meituan held a significant event in Shanghai to launch its 2025 drone low-altitude air network, showcasing various new drone products and systems, marking the entry of drone delivery into a phase of scaled operations [2][6]. - Drone delivery is gradually becoming a more efficient resource distribution method, attracting major players like Meituan, Shansong, Taobao, JD.com, and SF Express to invest in this sector. As technology matures, low-altitude delivery is expected to become an important supplement to future logistics [12]. - The establishment of a comprehensive logistics system for urban low-altitude delivery is anticipated to redefine logistics by expanding the physical boundaries of urban logistics and transitioning from ground to aerial delivery [12]. Summary by Sections Event Description - The report details the launch of Meituan's integrated logistics system for urban low-altitude delivery, which signifies the transition to large-scale operations in drone delivery [6]. Event Commentary - Meituan's drone delivery service has expanded significantly since its inception in 2017, now operating 65 routes across multiple cities and completing 740,000 commercial orders. The company aims to increase the number of routes to over 200, with daily order volumes exceeding 10,000 [12]. - The operational cost of Meituan's fourth-generation drone can be as low as 1,400 yuan per month, representing a 75%-90% reduction compared to human labor costs. The efficiency of drone delivery is significantly higher, with a reported 7-fold increase in delivery speed in complex scenarios [12]. - The report suggests that the low-altitude delivery industry is poised for rapid development, with a recommendation to focus on the entire low-altitude economy supply chain, particularly in the fields of aviation information and air traffic management [12].