通信行业快报：5G-A与低空经济结合，通信空口技术逐渐落地

Investment Rating - The report maintains an investment rating of "Outperform" with a target of leading the market by more than 10% over the next six months [5]. Core Viewpoints - The report emphasizes the integration of 5G-A technology with the low-altitude economy, highlighting the importance of 5G-A applications in various sectors such as smart transportation and low-altitude economic activities [1][2]. - It notes that the low-altitude economy market is expected to grow significantly, with projections indicating a market size of 25 trillion yuan in 2022 and an anticipated scale of over 60 trillion yuan by 2035 [1]. - The report identifies key companies in the sector, including China Mobile, China Unicom, China Telecom, ZTE Corporation, and others, recommending a "Buy" rating for these stocks [1][4]. Summary by Sections Industry Overview - The report discusses the recent policy developments in Shenzhen aimed at promoting the low-altitude economy, including the implementation of the "Shenzhen City Rapid Broadband Pioneer City 2024 Action Plan" [1]. - It highlights the expected growth in the drone industry, with projections of 26 million commercial and industrial drones by 2035, alongside a significant increase in the number of drone pilots [1]. Technological Developments - The report details advancements in drone navigation solutions, particularly the combination of GNSS and INS systems, which enhance the robustness and dynamic performance of drone navigation [2]. - It mentions the successful tracking tests conducted by China Unicom using 26GHz millimeter-wave frequency bands, achieving centimeter-level precision in drone tracking [2]. Market Dynamics - The report outlines the current demand structure for drones across various industries, with surveying and geographic information accounting for 30%, agricultural protection for 26%, and security monitoring for 12% [1]. - It emphasizes the role of regulatory frameworks in facilitating the growth of the drone industry, noting the implementation of the "Interim Regulations on the Flight Management of Unmanned Aerial Vehicles" [1]. Recommended Stocks - The report suggests focusing on stocks of major telecommunications companies and drone manufacturers, including China Mobile, China Unicom, China Telecom, ZTE Corporation, and others, all rated as "Buy" [4].