华创交运|低空经济周报（第61期）：国家安全视角再论无人机攻与防；航空强国系列建议关注商发产业链-20260111

Investment Rating - The report maintains a "Buy" recommendation for the transportation industry, particularly focusing on the low-altitude economy and drone sectors [2]. Core Insights - The report emphasizes the growing importance of drones in modern warfare, highlighting their low cost and high efficiency, with global military drone spending expected to grow from $14.9 billion in 2025 to $28.6 billion by 2034, at a CAGR of 7.5% [4][8]. - It suggests a focus on companies involved in drone manufacturing and military applications, such as Aerospace Rainbow and Zhongyun Drone, as well as industrial drone representatives like Zongheng Co. and Green Energy Huichong [4][13]. - The report also discusses the urgent need for anti-drone systems, estimating a global market potential of $63 billion by 2025, with a CAGR of 11-13% from 2025 to 2030 [15][16]. Summary by Sections Industry Overview - The transportation industry includes 121 listed companies with a total market capitalization of ¥34,170.25 billion, representing 2.69% of the overall market [2]. - The absolute performance of the industry over the past 12 months is 9.0%, while relative performance has decreased by 16.9% [2]. Drone Warfare and Anti-Drone Systems - Drones are increasingly recognized as a new force in modern warfare, with significant applications in recent conflicts [5][6]. - The report highlights the successful test flights of new drone models, such as the Rainbow-7 and the "Jiutian" drone, showcasing advancements in China's drone capabilities [11][12]. - The anti-drone market is driven by both military and civilian needs, with a focus on protecting critical infrastructure [15][16]. Aviation Industry and Engine Manufacturing - The report identifies the aviation engine sector as a critical area for investment, noting that China is still in the early stages of developing its civil aviation engines, with a market penetration of less than 1% [19][20]. - It recommends focusing on the commercial aviation engine supply chain, including key players like Aero Engine Corporation of China and its suppliers [21][24]. Market Performance - The Huachuang Transportation Low Altitude 60 Index increased by 7.6% over the past week and year, outperforming major indices like the CSI 300 [28][30]. - Notable stock performances include Aerospace Electronics, which saw a 35% increase, and Haige Communication, which rose by 27% [33][34]. Investment Recommendations - The report suggests a multi-faceted approach to investment, focusing on various segments of the low-altitude economy, including manufacturers, supply chains, and digital infrastructure [38][39]. - Key companies to watch include Wan Feng Ao Wei, Xie Rui, and Zhongyun Drone, among others, as they are positioned to benefit from the growth in low-altitude applications and infrastructure [39][46].