华创交运 低空经济周报（第66期）：连续三年写入政府工作报告，入选十五五重大项目工程，低空经济步入建设提速年

Investment Rating - The report maintains a positive outlook on the low-altitude economy, which has been included in government work reports for three consecutive years and is recognized as a key emerging industry [3][5][6]. Core Insights - The low-altitude economy has been elevated to a strategic emerging industry, with significant government backing as seen in the 2024 and 2025 government work reports, emphasizing the need for robust development and application of new technologies [5][6]. - The report anticipates that 2026 will be a year of accelerated construction in the low-altitude economy, focusing on four application scenarios, two new infrastructure projects, and five industry chain segments to identify investment opportunities [7][21]. - The report highlights key companies with clear competitive advantages, including market leaders such as WanFeng AoWei, ZongShen Power, and YiHang Intelligent, as well as smaller market caps like FuLin YunYe and ZongHeng Co [7][22]. Industry Overview - The low-altitude economy is part of the "14th Five-Year Plan" with 109 major projects, including low-altitude equipment and infrastructure development [4][8]. - The report emphasizes the importance of integrating new technologies in the low-altitude sector, which is expected to drive growth and innovation [5][6]. Market Performance - The Huachuang Transportation Low Altitude 60 Index experienced a 0.9% decline this week but has risen 4.8% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which increased by 0.7% [13][15]. - Notable stock performances include ZongShen Power with a 20% increase and YiHang Intelligent with a 14% increase this week [16][17]. Investment Recommendations - The report suggests focusing on various segments of the low-altitude economy, including manufacturing, supply chain, digitalization, and operational aspects, to explore commercial opportunities [21][22]. - Key recommended companies include WanFeng AoWei for its dual focus on general aviation and eVTOL, and ZongShen Power for its strong growth in traditional and emerging sectors [22][23].