通信：政策加码低空基建，空天地一体网络融合加速

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry, indicating a projected investment return exceeding the CSI 300 Index by more than 10% over the next six months [1][3]. Core Insights - The report highlights the acceleration of low-altitude infrastructure development and the integration of air and ground networks, driven by new policies from various government departments aimed at establishing a trillion-yuan market by 2030 [1]. - By 2027, the plan includes scaling up applications in aviation emergency rescue and logistics, with urban air traffic expected to achieve commercial operation [1]. - The report emphasizes the collaborative efforts between central and local governments to support the low-altitude economy, with significant policy updates and pilot projects underway [1][2]. Summary by Sections Industry Overview - The report discusses the implementation of the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)" aimed at creating a replicable model for low-altitude economic applications by 2027 and establishing a new development model characterized by high-end, intelligent, and green aviation by 2030 [1]. Policy Developments - Continuous updates to central policies since 2010 have laid a foundation for low-altitude economic development, with recent regulations such as the "Interim Regulations on the Flight Management of Unmanned Aerial Vehicles" coming into effect in January 2024 [1]. Market Potential - The report projects that by 2035, the scale of the national low-altitude economy could exceed 6 trillion yuan, driven by the integration of general aviation equipment into various sectors of production and daily life [1]. Key Companies to Watch - The report suggests monitoring companies involved in low-altitude networks, navigation, radar modules, airborne systems, aircraft, and supporting infrastructure, including China Mobile, ZTE, and EHang Intelligent [2].