五部门新发通导监政策，低空经济蓄势待发

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The low-altitude economy is poised for significant growth, supported by recent policy initiatives aimed at enhancing communication and navigation infrastructure [6][9]. - The report highlights the importance of integrating new technologies such as AI and big data into the low-altitude industry, which is expected to improve operational efficiency and safety [6][9]. - The government aims for a 90% coverage of ground mobile communication networks for low-altitude public air routes by 2027, indicating strong future demand for related technologies and services [6]. Summary by Sections Policy Developments - Multiple policies have been introduced since 2026 to support the low-altitude economy, including guidelines for establishing a standard system and enhancing infrastructure [8][10]. - The Shanghai and Shenzhen governments have set ambitious targets for the low-altitude economy, including a projected industry scale of 80 billion yuan by 2028 [8][10]. Investment Opportunities - Key companies to watch include: - Suzhou Planning: Plans to acquire Dongjin Aviation Technology, which specializes in air traffic management systems [14][16]. - Brilliant Technology: Engaged in eVTOL certification processes and has a strong order backlog, indicating robust growth potential [20][22]. - Deep City Transportation: Focused on low-altitude design consulting and infrastructure, with projects across multiple cities [24][26]. Market Trends - The number of registered drones in China is expected to reach 2.177 million by 2024, reflecting a 71.8% year-on-year increase, which underscores the rapid growth of the low-altitude sector [10][11]. - The number of general airports has increased to 475, indicating a growing infrastructure to support the low-altitude economy [12].